Join me today for Episode 928 of Bitcoin And . . .
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Topics for today:
- nostr as a Mixer?
- China's Surprise Rate Cut Bleeds Markets
- Fold to go Public on NASDAQ
- BlockFi to Begin Creditor Distributions Soon
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[00:00:03]
Unknown:
Good morning. This is episode 928 of Bitcoin and coming to you live from the Colorado compound high up in the San Juan Mountains. I don't know. I'm somewhere around 7000 feet, something like that. Well over a mile high. Yes, siree. And it's been raining here too. It's been really, really awesome, mushroom hunting weather. I gotta tell you, man. It's we're going out today because it rained. Oh, god. It rained a good long while, one of these mountain monsoon rains yesterday and that generally means that in this time of year, the next day is gonna be prime mushroom hunting season. Now I don't eat these things. I I keep wanting to, I keep thinking I've identified, you know, the, yeah. An edible mushroom or a choice mushroom. But, man, I mean, all it takes is one mistake.
And and that's it. Then you're burnt. You're done. You're you're in a hole in the ground, and you're never coming back. And that's that gets gets me a lot of ire from people that know how to identify mushrooms. They I don't know. Tell me that I'm, like, I don't know, scaring small children by saying that, you know, one one mistake can kill you, but I I don't see how that's not true. Hunting mushrooms is it can be a dangerous business if you do not know what you're doing. Actually, it is a dangerous business if you don't know what you're doing. And you can have all the field guides that you want. You can take mycology classes.
Somewhere along the way, it it becomes kind of self evident to you that you know how to identify mushrooms well enough that you can pick them and eat them. I'm not there yet, so I just go out to enjoy the forest and look at all the pretty colors that the mushrooms give. Because up here in San Juan mountains, it is very colorful when the mushrooms start blooming. All right. So we got some news for today. We got Albi in the news. Coinbase, clearly Bitcoin is making moves. And I don't think that the move to the downside was all all just sell side pressure coming from the finality of people realizing that they got their their Bitcoin back from, Mt. Gox.
Not sure, but we've got some other rough roads ahead. Block 5 is in the news. And I will do a little bit of futures and commodities out of CNBC, just so we get a hold of what's going on in the market. We got fold, we got a nutshell coming up. Unify wallet is been announced and, some news about a bit acts in case any of you guys were wondering, whether getting a bit acts was useful. We'll, we'll find out why it kind of kinda is. Alright. So let's get into this one, the full no. No. We're gonna do Albie first. Albie opens a wait list for what's called Albie hub, a one click lightning node. So this is by Shinobi, but it's shorter, so it shouldn't be too terribly technical.
Albi is officially launching the wait list for their new product, Albi Hub. The hub is a one click install lightning node application that aims to make self custodial lightning use as painless as possible. Users can sign up to join the waitlist here. And where is here? It is a link that goes to get albie.com/waitlist. AlbiHub integrates a one click lightning node, a self custodial lightning wallet, and an app store that enables easy connection between a user's Lightning Wallet and other applications such as Domus, Stacker News, podcast apps, and external lightning wallets to control their nodes with.
Easy migration from Albi's web wallet to Albi Hub is supported. There will also be an Albi Hub cloud plan for 21,000 satoshis per month to easily spin up an AlbiHub instance run-in the Albi cloud. The plan includes live channel management support and setup support and access to the Albie Buzz community. Albie Hub will also be made available DIY tool to install on your own desktop or server. It will even be possible to run Yes on a Raspberry Pi 0. AlbyHub was developed to remove the friction in running your own self custodial lightning node. Given the dominance of custodial lightning solutions in the space currently, the goal of AlbiHub is to make it as painless as possible for users to manage their own lightning funds in a self custodial environment, making them a truly sovereign lightning user.
Michael Beumann, the founder of Albi had this to say, quote, at Albie, we always focused on building tools and protocols to natively use the Lightning Network on the web like the Albie extension, which changed the way lightning is used in web browsers. Yeah. It actually did. I mean, that's that he's not full. He's not blowing smoke up your ass. The Alby extension did a did a lot for, lightning use, in browsers. It it it's amazing. If you're not using get Alby, you probably should at least check it out. Just I'm just saying it makes it get alb makes a whole bunch of stuff really, really easy. Continuing with albihub, we are now taking Lightning Network self custody to the next level by rethinking the utility behind running a lightning node.
What does a node and wallet look like that can integrate with any Bitcoin powered app with just a few clicks? With AlbiHub, users now have endless possibilities for self sovereign payments on the web without the technical overhead. And again, they're asking to join the wait list. Now, I have joined the wait list. Even though that I'm a long time Albie user, I have to join the wait list. There is no grandfathering here. But, again, just just to be clear about what the Albie extension in in web browsers has done, One of the things that it's done for me is not only has it made lightning us a breeze to use, but when they integrated nostr and Noster Keys, it made it insanely easy to use Lightning every day, all day long and get so used to it, you don't even realize that you're using it.
I am a hardcore lightning user. I I like, for instance, now when I put these shows up, into, pod home dot f m, it's already preset that get albie gets 1% of everything that's streamed to me. And my, what I mean by that is my get Albie wallet address gets 1% of all the sats that are streamed to me or anybody that's boosted me. And that way, if I'm not connected, because I'm not connected to my node, my lightning node at home, I can monitor to see if people are streaming me sats. So if I get at least one sat, you know, every minute, I know somebody is actually streaming and I can see that from my GetAlby. I don't actually have to monitor my lightning note to see if I'm getting streams or boosts because it's coming through through, my get albie extension.
90 the other 99% goes to the actual lightning note itself. So in a way, I'm just using the get Albie extension to monitor whether or not anybody's listening to my show. That's a use case that I I don't really think the guys over at Albi kind of thought about. But this is the way that organically, you get systems in place that do some really awesome things. And now I've I've whenever I zap somebody on Noster, it's coming out of my Get Albi wallet, which is connected to the browser. So if you haven't tried get Alby, honestly, you should at least take a look at it. Just do that. Just take a look at it and, and let your imagination run wild from there. Alright. So now on to UK.
Zoltan Vardi from Cointelegraph tells us that Coinbase UK has been fined $4,500,000 for, quote, high risk customer onboarding. Pay to play, dude. It's a racket. The whole world has just become some kind of stupid grift racket bullshit. Anyway, Coinbase's United Kingdom arm was fined $4,500,000 by a British regulator for breaching a voluntary agreement regulate or related to user onboarding. In 2020, Coinbase Payments Limited, which is part of the Coinbase group, entered a voluntary agreement with Britain's Financial Conduct Authority that would prevent it from onboarding customers considered high risk by the regulator. Yet, the Coinbase group has allegedly onboarded 13,400 and 16 customers that the FCA has considered high risk and offered cryptocurrency services to them, which was also prohibited by the agreement.
The British regulator Finecoin based group, 4,500,000 for repeatedly breaching the agreement. The lack of controls raises potential money laundering risks according to Therese Chambers, joint executive director of enforcement and market oversight at the FCA, who said in the July 25th statement, quote, Coinbase Group controls has significant weaknesses and the FCA told it so, which is why the requirements were needed. Coinbase Group, however, repeatedly breached those requirements. This is increased the risk that criminals. My God, criminals. What are we going to frick it do? Could use Coinbase Group to launder the proceeds of crime.
We will not tolerate such laxity, which jeopardizes the integrity of our markets, end quote. Oh, fuck off. The British regulators decision could mean more scrutiny for other cryptocurrency exchanges in the region and lead to platforms seeking more crypto friendly regulatory jurisdictions. The British regulators decision could mark the start of a wider crackdown on cryptocurrency service providers in the country. The FCA Fine Coinbase's UK ARM Under the Electronic Money Regulations 2011. In a particularly concerning sign for the crypto industry, this fine marks the first instance that the FCA has taken any enforcement actions based on this particular act.
The regulator added that the breaches went undiscovered for the past 2 years due to a lack of initial monitoring practices for the firm's voluntary agreement. Only 0.34% of customers onboarded by Coinbase qualified as these high risk individuals in the British regulators purview, which were, quote, unintentionally onboarded according to a statement shared by Coinbase. CBPL, this is a quote, unintentionally onboarded some customers between October 30, 2020 October 1, 2023, representing a mere 1 third of 1 percent of customers onboarded who were classified as high risk under the terms of the v req.
And this led to the FCA's investigation and subsequent action, end quote. Moreover, the investigation didn't focus on crypto asset transactions, but on the firm's e money transmitter services. The statement also wrote, CBPL has been authorized by the FCA since 2017 as an e money institution and provides e money and payment services to customers located in certain jurisdictions. As a result, CBPL is not authorized by the FCA to conduct crypto asset transactions for customers and the FCA's investigation did not look at any crypto asset transactions. The British regulator said that the Coinbase's or Coinbase's CBPL qualified for a 30% discount on the fine since it agreed to solve the matter. What the hell is that?
A 30% discount on a fine. Oh, this is bullshit. I look, I'm not I'm not a friend of Coinbase by any stretch of the imagination, but this is just grift. That's all this is. These the the it now appears to me that all regulators are just licensed criminal action to be able to collect and extort money out of private individuals, private businesses, and public individuals and their businesses. That I I used to think that regulations, you know, kinda helped, you know, keep people, you know, from not doing, like, really, really insane shit. But the regulation or the regulatory environment in at least in the West has just become nothing but a mafia.
A 30% discount on a fine that, honestly, Coinbase could've that that's probably their budget for toilet paper for the entire company offices on all their continents. $4,500,000 to Coinbase is nothing. It's absolutely nothing. It means nothing. And that tells me that the only reason they got fined is that FCA wanted a little bit of cash. And they gave him a 30% discount too. How nice. That was very nice of them. Alright. Let's continue on. Bitcoin and stocks have are bleeding. And this is sort of what I'm saying about it. This may not really be sell side pressure from Mount Gox releasing coins because China rate cuts has signaled a panic and treasury yield curve steepens. This is out of CoinDesk.
Omkar Godbold is riding let's get it down here. Risk asset slid on Thursday as China's second, count them, 2nd interest rate cut in a week sparked concerns of instability in the world's 2nd largest economy. Bitcoin fell almost 2% since midnight UTC to around 64,000 and shitcoin number 1 dropped more than 5%, dragging the wider shitcoin market lower. The CoinDesk 20 index, a measure of the broader shitcoin market, lost 4.6% in 24 hours. In equity markets, Germany's DAX, France's CAC, the CAC, and the eurozone's euro stocks 50 fell over 1.5%.
And futures tied to the tech heavy Nasdaq 100 were slightly lower after the index's 3% slide on Wednesday, according to datasourceinvesting.com. Early Thursday, the People's Bank of China announced a surprise off schedule cut in its 1 year medium term lending facility rate to 2.3 percent from 2.5, injecting 200,000,000,000 won, which is about $27,500,000,000 US of liquidity into the market. That's the biggest reduction since 2020. The move, along with similar reductions in other borrower borrowing rates earlier this week, shows some urgency among policymakers to shore up growth after its recent third plenum offered little hope of a blue boost.
Data released earlier this month showed China's economy expanded by 4.7% in the second quarter at an annualized pace, but much weaker than the estimated 5.1% expected and slower than 1st quarter's 5.3%. Quote, equity futures are stable after yesterday's bloody session that shook views across all asset classes. Elan Salat, senior global strategist at Merrick Solutions, said in a note shared with CoinDesk, quote, the decision by the PBOC to cut rates in a surprise move only added to some sense of panic. Merix Solutions, a division of a global financial platform, Merix, specializes in creating and distributing customized derivative products and issuing crypto linked structured products.
Salat noted that the ongoing steepening of the US Treasury yield curve as a threat to risk assets, including cryptocurrencies, echoing CoinDesk's reporting from earlier this month. The yield curve steepens when the difference between long duration and short duration bond yields increase. This month, the spread between the 10 year and the 2 year treasury yields has risen by 20 basis points to negative 0.12 basis points, mainly due to stickier 10 year yields. The so called deinversion or re steepening from inversion or negative spread has historically coincided with risk aversion. Quote, for me, the biggest concern is the shape of the US yield curve, which continues steepening.
The 2 10 year curve is not only minus 12 bps inverted compared to the minus 50 bps just last month. The recent moves have been led by rising back end 10 year yields and falling short end ones, Salat said. And that's a sign markets expect the Fed to cut rates but see stickier inflation and expansionary fiscal policy as growing risks, Salat said. So if I'm looking at the if I'm looking at the markets yesterday and and honestly a little bit into this morning, I've it's a lot of red and it ain't it's gold and all precious metals, all cryptocurrencies, the Dow, the S and P, the Nasdaq.
I mean, you name it, dude. It was bleeding out yesterday, especially yesterday afternoon, right around, markets closing at 3:30, eastern time. But maybe we'll have some sunnier weather ahead or not because BlockFi is set to return its Bitcoin and shitcoin number 1 to customers, And here's how it's going to work. This is Matt DeSalvo. And failed crypto lending firm BlockFi will, this month, start paying former customers back in crypto following its ignominus, or however you pronounce that damn word, fall last year. Hold on. It's It's cough time. Yeah. Brewing some good coffee.
The administrator of the BlockFi wind down said this week that it had achieved the best possible outcome for customers. But if you're a creditor, how do you get your money back? Well, first, you're gonna need a Coinbase account. The fallen crypto firm is using America's biggest and honestly crappiest exchange to distribute funds that disappeared following Block 5 collapse last year. Quote, upon instruction from BlockFi, Coinbase will continue to attempt to distribute crypto assets on a weekly to monthly basis while this program is active, provided that the creditor has an eligible account with Coinbase, the exchange says on its website.
Each creditor's Coinbase information must be the same as their BlockFi credentials, as BlockFi customers cannot use someone else's account to retrieve their funds. Well, duh. Coinbase adds that it will not make distributions to non US customers, so be aware. Although it has been working tirelessly with the joint liquidators of BlockFi International to figure out a repayment plan for such creditors, Customers expecting a crypto repayment will first receive an email from BlockFi before receiving a Coinbase notification about the deposit.
Former BlockFi customers hoping to get cash back will have their claims handled separately by financial advisory firm Kroll and their payment processing partner, Digital Disbursements. If you remember, BlockFi went bust. It was one of the many cuss, companies that did just get wiped. They got they got their ass just handed to them. And BlockFi wasn't alone. You had FTX, You had a couple of banks. You had all manner, especially if crypto companies, just get tangled up in that whole FTX thing, and we are not out of the woods yet. We're not out of the woods. I keep telling people that this isn't over. Mt. Gox is just now getting over after 10 freaking years.
We have FTX to to go through too. Alright? And BlockFi is one of the first pennies to drop on that shit. Anyway, BlockFi, a New Jersey company, had over $1,200,000,000 in assets tied up in crypto behemoth FTX and its trading arm, Alameda Research, before they both collapsed. The administrator said that the sale of Block 5's claims against FTX at a substantial premium to their face value recovered the funds to repay customers. Alright. So what what does this mean? It means that the BlockFi kinda was hanging out in the background because I was saying, okay. Well, what's after Mount Gox? What this was, like, before we left to come up here to Colorado. I was saying, what comes next? What what are the gotchas that were that we have forgotten about? Because, you know, here comes Mt. Gox. Everybody's freaking out. German you know, the German government decided to sell out, you know, their the German citizenry for a a penance. It's just sad.
And I started asking the question, what else are we missing? And BlockFi is one of the things that we're missing because it's not going to be just BlockFi. It's a whole family of companies that failed because they were directly connected to the ecosystem of FTX and Alameda Research. So if we go through and we look at the names of all the companies that are going to have to start repaying because they're in chapter 11, then we're going to have we're we're looking at some sell side pressure for the, upcoming time being. I I just I wish I could blow smoke up your ass and and and just hand out fucking rainbows and sunshine to everybody, but that's that's just not going to happen. It's just not because it could be sad.
I mean, it could be sad. I don't know. But it it either event if you're if you're not going to huddle, if you're if you're just going to continuously be scared in this in this environment, then you're probably in the wrong environment. I honestly don't think anybody should go back to fiat land because I don't think that that shit's safe at all. There's nothing about fiat world that makes me warm and fuzzy. Now that's definitely one that gives me a bad feeling. Fiat just the whole thing about it, the whole world, it's collapsing.
We're going through growing pains. That's the difference here. So I really, honestly, I kinda wouldn't be I wouldn't be all set to to sell because check this shit out. Let's go to CNBC and futures and commodities and get a a sense of what's going on over there in legacy land. Oil is down almost a full point to $76 and 82¢ for West Texas Intermediate. Brit, North Sea, down just over a point to 8087. Natural gas down just over a point to $2.9 per 1,000 cubic feet. Gasoline is down 0.86 percent to $2.43. And like I was trying to tell you, all of your shiny metal rocks save copper are bleeding red.
Gold down almost 2 points to 2,370. Silver down 4.7%. Platinum is down 2a half. Palladium is down 3%. Now, ag having a bit better day, mainly mixed, but mostly green. Sugar is up and is our biggest winner today. 3.35 to the upside, and our biggest loser today is chocolate. Still struggling, 4.74 to the downside. Looks like live cattle are up 0.07%, but lean hogs are down a half, and feeder cattle are down 0.17. So there you go. Now the Dow is actually up a quarter of a point today, but the S and P still remains red. Point 1 percent to the downside as is the Nasdaq.
It is a third of a point down, but the S and P mini is back up by 0.6. So maybe we'll see some recovery in fiat land. But, again, I don't recommend it from for anybody. Now from yesterday's episode, the first episode ever of Bitcoin and to be recorded live in Colorado, I've got Henry gqj boosting me a 1,000 sets and says that's for mister Flippers. David, please spare him. No. I'm gonna whack, whack, whack, whack. I wanna whack that baby seal. Now the bird with 500 says, enjoy your trip and take some time for yourself. Thank you. I appreciate that. Pies with 420 says, cheers. God's death, 237 says, thank you, sir. No. Thank you. And God's death with another 237 says, fan you, sir, because he misspelled it. So there you go. That's all the boost that I got from yesterday's show.
Man, I'm gonna go out hunting some baby seals because it's time to go clubbing. Maybe we'll do it with Fold because Fold is set to list on the Nasdaq. Goddamn. We just why can't we get away from legacy land? What what why okay. Whatever. Fold is set to list on Nasdaq with over 1 1,000 BTC and corporate treasury. Let's give them a round of applause, people. Mhmm. Now let's get into this one out of no bullshit. Bitcoin, Fold Incorporated is preparing to go public through a blank check company founded by SPAC veteran, Betsy Cohen. The proposed deal with Nasdaq listed FTAC Emerald suggest a valuation of $365,000,000 for the company.
Let's see. Okay. Financial company, FOLD, and Emerald Acquisition Corporation have entered into a definitive agreement providing for a proposed business combination that will result in FOLD becoming a publicly listed company on the Nasdaq. Quote, the transaction implies a pre money equity valuation 4 fold of 365,000,000. It is anticipated that post transaction Fold will have more than 1,000 BTC on its consolidated balance sheet. FOLD expects to use the proceeds to accelerate the growth of FOLD's operations and treasury as was stated in a press release.
The deal has been unanimously approved by the boards of directors of both FTAC Emerald and Fold itself. It's expected to close in the Q4 of this year pending regulatory and shareholder approvals. Quote, we've stacked over a 1000 Bitcoin into our treasury and we intend to stack 1,000 more. We're turning fold into an unstoppable Bitcoin accumulation machine for our customers and future shareholders, said Fold CEO Will Reeves on Twitter, quote, looking forward, Fold will continue to build on Bitcoin with a road map that envisions value added credit, lending, and insurance solutions. Our products are designed to enhance the savings and the financial freedom of our community.
Our business philosophy aligns full with the growth of Bitcoin through unique and accessible financial products designed by Bitcoiners for Bitcoiners, added the company's, CEO. Fold and FTAC Emerald will host so sorry, host a joint investor conference call to discuss the proposed transaction today. Oh, but, actually, that was yesterday, Wednesday, July 24th. So that whole thing is over. It'll be interesting to see what they actually said. Okay. Moving on to nutshell. Let's get this one. Nutshell version 0.16.0, new binary token format, multi nut payments, e cash fees, and more.
Nutshell is a chummy and e cash wallet and meant for Bitcoin Lightning based on the Cashew protocol. Big one, nutshell, 0.16.0 released with a ton of new features, announced Cali. This major release includes new features, bug fixes, performance improvements, and protocol updates. Highlights include a new smaller binary token format, enhanced coin selection for the wallet, support for e cash fees, web socket updates, multi net payments, and more. Quote, the multi net era has begun. Oh my god. As more mints adopt this feature, users will soon be able to make lightning payments that originate from different mints at once.
Pretty nuts. Get it? Whatever. It works great. Improves reliability and enables a truly multi mint e cash UX. Nuts and bolts added the developer and nuts and bolt nut and bolt in both those words are all in all caps. So I guess the NUT is going to be whatever. I don't know. Sorry. It's I'm not used to doing these shows this early in the morning. So bear with me. There's a new binary token format. The protocols introduced a new binary cashew token v4 format with prefix cashewb, which saves around 40% of the space compared to the previous token format, the one that began with cashewa. The nutshell wallet will produce token v 4 tokens by default now.
The nutshell wallet has been upgraded with a significantly enhanced coin selection algorithm, enabling users to perform more transactions offline while minimizing future fees by limiting swaps with a mint. This improvement boosts the wallet's utility, speed, privacy, and reduces the need for communication with the mint. Nutshell now supports fees for e cash transactions according to changes in the nut o two. I okay. So that's what n u t is like a VIP, I guess. It it it it I guess it's like a specification. Fees are determined by the number of e cash inputs to a transaction.
Warning. Wallet support for fees is still in active development. Enabling fees will break compatibility with most wallets in their current cash you protocol recently introduced WebSocket subscriptions The Cashew protocol recently introduced WebSocket subscriptions in Nut 17, which allows wallets to get notifications for state changes of mint quotes, melt quotes, and e cash spent states, and the witness used for unlocking a locked token. Multi nut payments. The nutshell mint now supports multishale payment or multinet payments with the lnd back end. C nut 15 to find out more. And this feature is also still experimental.
A lot of work has been made to extract the Mint state from memory into the database in preparation for parallel deployments in a Kubernetes cluster. I guess I pronounced that right. This will enable multiple Mint instances to run on the same database, allowing Nutshell to scale and process significantly more transactions. Let's see. Is there anything else that needs to go on? No. That's about that's about it. That'll be interesting. But honestly, this other one is really interesting. The Unify wallet version 0.0.2 Pay Join over Nasr.
Unify Wallet is an early, very early, but functional version of a BIP 78 over Nostr PayJoin wallet available on macOS and iOS. Quote, Unify Pay Join Wallet version 0.0.2 is available for testing, in test flight on both macOS and iOS, announced fully noted. Each invoice creates an ephemeral just this is the this is the sentence that you need to listen to of all the sentences that I'm saying. Each invoice creates a one time use, otherwise known as a femoral noster key pair for transmitting PSBTs via encrypted direct messages. Connect to your node locally or via tour. Let's just read it one more time.
Every invoice creates a one time noster key pair for transmitting a PSBT or partially signed Bitcoin transaction via encrypted mess direct messages and connect to your node locally or via Tor. Dev disclaimer. The project is in very early stages, likely to change significantly in the future. It is pre alpha and has not been tested by anyone but myself. So the key features are that seed data is always encrypted before being stored on the local device. Pass phrase compatible functionality is limited on main net launches in demo mode where you are already connected to a signet wallet over tour To add to your hold on. To add your own node, just navigate to config, export the RPC credentials to your bitcoin.conf, and restart your node.
Create you can create wallets and config. When running on macOS, you may be prompted for keychain usage. This is because Unify stores the encryption key on your key chain. Test creating and receiving standard and pay join transactions for the best user experience used with a local Bitcoin core node running. So the ability to send a partially signed Bitcoin transaction with a one time nostril spinning up of a nostril key pair just for that one transaction, it's an it's the first thing that comes to mind for me is untrackable, untraceable.
I mean, it's almost, I dare say, that what we might be able to see come fall out of this is a mixing service that is an entire network. Not not a node on a network, not not of sending it to, you know, this this, you know, mixer, like, or tornado cache or something like that. No. No. No. No. The entire Nostra network becomes the has the potential now to become a mixer. Now I may be wrong about that. I may be very, very wrong about that. But if I'm even remotely correct, how do you shut down an entire network? How who who comes after what?
Or what comes after who? How do you know what the hell is going on? To me, this UNIFY thing, the this is again, this is the sparks that fly from the collision of 2 ecosystems. It's the edge effect. I talk about it all the time. And what what we're seeing here is this collision between the entire ecosystem of Bitcoin and Lightning Network colliding with a completely different type of communication protocol is giving us things that we never thought we would have. I never thought for a second that there would be the possibility that a communications protocol used the right way might be able to become a Bitcoin mixer through the use of Lightning Network, Chaumny and eCash, and and Noster. It's just it's beyond my reckoning.
I may again, I may be very wrong in my estimation. If you think that I'm wrong, give me a boost and tell me why. I'd like to hear your thoughts on that. But before we end the show, a bit ax, one of those solo miners, has indeed mined block number 853-742. So a solo miner with all of 3 terahashes per second has mined that particular block overcoming odds of 1 in 1,200,000 and earning 3.192 BTC, which is approximately $200,000 Holy shit. The block was relayed by solo c k pool quote. Congratulations to the miner with the first bit ax block only a tiny 3 terahashes for finding the 290th block or solo block on solo c k pool.
This much hash rate would only find a block once every 35 100 years on average or 1 in 1,200,000 chances per day, said doctor CK, operator of solo CK pool. Quote, incredibly, according to the logs, they appear to have only started mining solo to this address 19 days ago. It increased their hash rate to 3 terrehatches per second only in the last 24 hours. There's no way to know if they were mining on a different address with extra hash rate, but that's unlikely, he added. Is there anything else? Nope. That's it. So Kai with a bid ax mind a block all by himself.
And this is one of the reasons why I want to see more stuff like bit axes spread around the world. I want to see them in, I don't know, space heaters, like, you know, I don't know, like whole whole house air handling systems for heat. All kind I mean, our we've never as a species, very few of us have actually sat around and thought about how do we utilize waste heat that come out of various systems. You know, the heat from the engine when you're running your gasoline car, the heat that comes off of, like, the back of your refrigerator because it's constantly pulling heat out of the core, you know, the inside of the refrigerator to make it cold, but it's putting it into your house. Is there a way to utilize that? Is there a way to utilize the differential in temperatures here? Because that it that is all second law of thermodynamics stuff.
Work in general and structure in general cannot occur in this universe unless there is a differential in energy between 2 systems. Whether that's heat, mechanical, it doesn't really matter. The second law of thermodynamics demands that there be some kind of differential in energy. Otherwise, shit won't get done. Now insert whatever it is that you think shit should be for you in your life. But in general, unless there's an energy gradient, nothing will happen. And that honestly, the ramifications of that statement, the second law of thermodynamics, I don't think we really appreciate that.
And so now I think all the time, what can I do with the waste heat of a mining rig? What can I do with the waste heat of, I don't know, making biochar? What would what can you do with waste heat? It's it represents a differential in energy states. So why can't why aren't we figuring out how to harness that shit? That's all I'm gonna say about that. I'm I'm going to end the show. We're let's start up the bumper music here on the road caster Pro 2. Yeah, baby. It just gets me what it makes me wanna sound like some kind of, you know, midnight Yeah.
Oh, yeah. Oh, yeah. Coming to you from high up the San Juan mountains. This has been Bitcoin and David Bennett. I'm here in the mountains. I'm going to go hunt some mushrooms. Everything's going to be all right. You see what I'm saying? I'll see you cats on the other side.
Good morning. This is episode 928 of Bitcoin and coming to you live from the Colorado compound high up in the San Juan Mountains. I don't know. I'm somewhere around 7000 feet, something like that. Well over a mile high. Yes, siree. And it's been raining here too. It's been really, really awesome, mushroom hunting weather. I gotta tell you, man. It's we're going out today because it rained. Oh, god. It rained a good long while, one of these mountain monsoon rains yesterday and that generally means that in this time of year, the next day is gonna be prime mushroom hunting season. Now I don't eat these things. I I keep wanting to, I keep thinking I've identified, you know, the, yeah. An edible mushroom or a choice mushroom. But, man, I mean, all it takes is one mistake.
And and that's it. Then you're burnt. You're done. You're you're in a hole in the ground, and you're never coming back. And that's that gets gets me a lot of ire from people that know how to identify mushrooms. They I don't know. Tell me that I'm, like, I don't know, scaring small children by saying that, you know, one one mistake can kill you, but I I don't see how that's not true. Hunting mushrooms is it can be a dangerous business if you do not know what you're doing. Actually, it is a dangerous business if you don't know what you're doing. And you can have all the field guides that you want. You can take mycology classes.
Somewhere along the way, it it becomes kind of self evident to you that you know how to identify mushrooms well enough that you can pick them and eat them. I'm not there yet, so I just go out to enjoy the forest and look at all the pretty colors that the mushrooms give. Because up here in San Juan mountains, it is very colorful when the mushrooms start blooming. All right. So we got some news for today. We got Albi in the news. Coinbase, clearly Bitcoin is making moves. And I don't think that the move to the downside was all all just sell side pressure coming from the finality of people realizing that they got their their Bitcoin back from, Mt. Gox.
Not sure, but we've got some other rough roads ahead. Block 5 is in the news. And I will do a little bit of futures and commodities out of CNBC, just so we get a hold of what's going on in the market. We got fold, we got a nutshell coming up. Unify wallet is been announced and, some news about a bit acts in case any of you guys were wondering, whether getting a bit acts was useful. We'll, we'll find out why it kind of kinda is. Alright. So let's get into this one, the full no. No. We're gonna do Albie first. Albie opens a wait list for what's called Albie hub, a one click lightning node. So this is by Shinobi, but it's shorter, so it shouldn't be too terribly technical.
Albi is officially launching the wait list for their new product, Albi Hub. The hub is a one click install lightning node application that aims to make self custodial lightning use as painless as possible. Users can sign up to join the waitlist here. And where is here? It is a link that goes to get albie.com/waitlist. AlbiHub integrates a one click lightning node, a self custodial lightning wallet, and an app store that enables easy connection between a user's Lightning Wallet and other applications such as Domus, Stacker News, podcast apps, and external lightning wallets to control their nodes with.
Easy migration from Albi's web wallet to Albi Hub is supported. There will also be an Albi Hub cloud plan for 21,000 satoshis per month to easily spin up an AlbiHub instance run-in the Albi cloud. The plan includes live channel management support and setup support and access to the Albie Buzz community. Albie Hub will also be made available DIY tool to install on your own desktop or server. It will even be possible to run Yes on a Raspberry Pi 0. AlbyHub was developed to remove the friction in running your own self custodial lightning node. Given the dominance of custodial lightning solutions in the space currently, the goal of AlbiHub is to make it as painless as possible for users to manage their own lightning funds in a self custodial environment, making them a truly sovereign lightning user.
Michael Beumann, the founder of Albi had this to say, quote, at Albie, we always focused on building tools and protocols to natively use the Lightning Network on the web like the Albie extension, which changed the way lightning is used in web browsers. Yeah. It actually did. I mean, that's that he's not full. He's not blowing smoke up your ass. The Alby extension did a did a lot for, lightning use, in browsers. It it it's amazing. If you're not using get Alby, you probably should at least check it out. Just I'm just saying it makes it get alb makes a whole bunch of stuff really, really easy. Continuing with albihub, we are now taking Lightning Network self custody to the next level by rethinking the utility behind running a lightning node.
What does a node and wallet look like that can integrate with any Bitcoin powered app with just a few clicks? With AlbiHub, users now have endless possibilities for self sovereign payments on the web without the technical overhead. And again, they're asking to join the wait list. Now, I have joined the wait list. Even though that I'm a long time Albie user, I have to join the wait list. There is no grandfathering here. But, again, just just to be clear about what the Albie extension in in web browsers has done, One of the things that it's done for me is not only has it made lightning us a breeze to use, but when they integrated nostr and Noster Keys, it made it insanely easy to use Lightning every day, all day long and get so used to it, you don't even realize that you're using it.
I am a hardcore lightning user. I I like, for instance, now when I put these shows up, into, pod home dot f m, it's already preset that get albie gets 1% of everything that's streamed to me. And my, what I mean by that is my get Albie wallet address gets 1% of all the sats that are streamed to me or anybody that's boosted me. And that way, if I'm not connected, because I'm not connected to my node, my lightning node at home, I can monitor to see if people are streaming me sats. So if I get at least one sat, you know, every minute, I know somebody is actually streaming and I can see that from my GetAlby. I don't actually have to monitor my lightning note to see if I'm getting streams or boosts because it's coming through through, my get albie extension.
90 the other 99% goes to the actual lightning note itself. So in a way, I'm just using the get Albie extension to monitor whether or not anybody's listening to my show. That's a use case that I I don't really think the guys over at Albi kind of thought about. But this is the way that organically, you get systems in place that do some really awesome things. And now I've I've whenever I zap somebody on Noster, it's coming out of my Get Albi wallet, which is connected to the browser. So if you haven't tried get Alby, honestly, you should at least take a look at it. Just do that. Just take a look at it and, and let your imagination run wild from there. Alright. So now on to UK.
Zoltan Vardi from Cointelegraph tells us that Coinbase UK has been fined $4,500,000 for, quote, high risk customer onboarding. Pay to play, dude. It's a racket. The whole world has just become some kind of stupid grift racket bullshit. Anyway, Coinbase's United Kingdom arm was fined $4,500,000 by a British regulator for breaching a voluntary agreement regulate or related to user onboarding. In 2020, Coinbase Payments Limited, which is part of the Coinbase group, entered a voluntary agreement with Britain's Financial Conduct Authority that would prevent it from onboarding customers considered high risk by the regulator. Yet, the Coinbase group has allegedly onboarded 13,400 and 16 customers that the FCA has considered high risk and offered cryptocurrency services to them, which was also prohibited by the agreement.
The British regulator Finecoin based group, 4,500,000 for repeatedly breaching the agreement. The lack of controls raises potential money laundering risks according to Therese Chambers, joint executive director of enforcement and market oversight at the FCA, who said in the July 25th statement, quote, Coinbase Group controls has significant weaknesses and the FCA told it so, which is why the requirements were needed. Coinbase Group, however, repeatedly breached those requirements. This is increased the risk that criminals. My God, criminals. What are we going to frick it do? Could use Coinbase Group to launder the proceeds of crime.
We will not tolerate such laxity, which jeopardizes the integrity of our markets, end quote. Oh, fuck off. The British regulators decision could mean more scrutiny for other cryptocurrency exchanges in the region and lead to platforms seeking more crypto friendly regulatory jurisdictions. The British regulators decision could mark the start of a wider crackdown on cryptocurrency service providers in the country. The FCA Fine Coinbase's UK ARM Under the Electronic Money Regulations 2011. In a particularly concerning sign for the crypto industry, this fine marks the first instance that the FCA has taken any enforcement actions based on this particular act.
The regulator added that the breaches went undiscovered for the past 2 years due to a lack of initial monitoring practices for the firm's voluntary agreement. Only 0.34% of customers onboarded by Coinbase qualified as these high risk individuals in the British regulators purview, which were, quote, unintentionally onboarded according to a statement shared by Coinbase. CBPL, this is a quote, unintentionally onboarded some customers between October 30, 2020 October 1, 2023, representing a mere 1 third of 1 percent of customers onboarded who were classified as high risk under the terms of the v req.
And this led to the FCA's investigation and subsequent action, end quote. Moreover, the investigation didn't focus on crypto asset transactions, but on the firm's e money transmitter services. The statement also wrote, CBPL has been authorized by the FCA since 2017 as an e money institution and provides e money and payment services to customers located in certain jurisdictions. As a result, CBPL is not authorized by the FCA to conduct crypto asset transactions for customers and the FCA's investigation did not look at any crypto asset transactions. The British regulator said that the Coinbase's or Coinbase's CBPL qualified for a 30% discount on the fine since it agreed to solve the matter. What the hell is that?
A 30% discount on a fine. Oh, this is bullshit. I look, I'm not I'm not a friend of Coinbase by any stretch of the imagination, but this is just grift. That's all this is. These the the it now appears to me that all regulators are just licensed criminal action to be able to collect and extort money out of private individuals, private businesses, and public individuals and their businesses. That I I used to think that regulations, you know, kinda helped, you know, keep people, you know, from not doing, like, really, really insane shit. But the regulation or the regulatory environment in at least in the West has just become nothing but a mafia.
A 30% discount on a fine that, honestly, Coinbase could've that that's probably their budget for toilet paper for the entire company offices on all their continents. $4,500,000 to Coinbase is nothing. It's absolutely nothing. It means nothing. And that tells me that the only reason they got fined is that FCA wanted a little bit of cash. And they gave him a 30% discount too. How nice. That was very nice of them. Alright. Let's continue on. Bitcoin and stocks have are bleeding. And this is sort of what I'm saying about it. This may not really be sell side pressure from Mount Gox releasing coins because China rate cuts has signaled a panic and treasury yield curve steepens. This is out of CoinDesk.
Omkar Godbold is riding let's get it down here. Risk asset slid on Thursday as China's second, count them, 2nd interest rate cut in a week sparked concerns of instability in the world's 2nd largest economy. Bitcoin fell almost 2% since midnight UTC to around 64,000 and shitcoin number 1 dropped more than 5%, dragging the wider shitcoin market lower. The CoinDesk 20 index, a measure of the broader shitcoin market, lost 4.6% in 24 hours. In equity markets, Germany's DAX, France's CAC, the CAC, and the eurozone's euro stocks 50 fell over 1.5%.
And futures tied to the tech heavy Nasdaq 100 were slightly lower after the index's 3% slide on Wednesday, according to datasourceinvesting.com. Early Thursday, the People's Bank of China announced a surprise off schedule cut in its 1 year medium term lending facility rate to 2.3 percent from 2.5, injecting 200,000,000,000 won, which is about $27,500,000,000 US of liquidity into the market. That's the biggest reduction since 2020. The move, along with similar reductions in other borrower borrowing rates earlier this week, shows some urgency among policymakers to shore up growth after its recent third plenum offered little hope of a blue boost.
Data released earlier this month showed China's economy expanded by 4.7% in the second quarter at an annualized pace, but much weaker than the estimated 5.1% expected and slower than 1st quarter's 5.3%. Quote, equity futures are stable after yesterday's bloody session that shook views across all asset classes. Elan Salat, senior global strategist at Merrick Solutions, said in a note shared with CoinDesk, quote, the decision by the PBOC to cut rates in a surprise move only added to some sense of panic. Merix Solutions, a division of a global financial platform, Merix, specializes in creating and distributing customized derivative products and issuing crypto linked structured products.
Salat noted that the ongoing steepening of the US Treasury yield curve as a threat to risk assets, including cryptocurrencies, echoing CoinDesk's reporting from earlier this month. The yield curve steepens when the difference between long duration and short duration bond yields increase. This month, the spread between the 10 year and the 2 year treasury yields has risen by 20 basis points to negative 0.12 basis points, mainly due to stickier 10 year yields. The so called deinversion or re steepening from inversion or negative spread has historically coincided with risk aversion. Quote, for me, the biggest concern is the shape of the US yield curve, which continues steepening.
The 2 10 year curve is not only minus 12 bps inverted compared to the minus 50 bps just last month. The recent moves have been led by rising back end 10 year yields and falling short end ones, Salat said. And that's a sign markets expect the Fed to cut rates but see stickier inflation and expansionary fiscal policy as growing risks, Salat said. So if I'm looking at the if I'm looking at the markets yesterday and and honestly a little bit into this morning, I've it's a lot of red and it ain't it's gold and all precious metals, all cryptocurrencies, the Dow, the S and P, the Nasdaq.
I mean, you name it, dude. It was bleeding out yesterday, especially yesterday afternoon, right around, markets closing at 3:30, eastern time. But maybe we'll have some sunnier weather ahead or not because BlockFi is set to return its Bitcoin and shitcoin number 1 to customers, And here's how it's going to work. This is Matt DeSalvo. And failed crypto lending firm BlockFi will, this month, start paying former customers back in crypto following its ignominus, or however you pronounce that damn word, fall last year. Hold on. It's It's cough time. Yeah. Brewing some good coffee.
The administrator of the BlockFi wind down said this week that it had achieved the best possible outcome for customers. But if you're a creditor, how do you get your money back? Well, first, you're gonna need a Coinbase account. The fallen crypto firm is using America's biggest and honestly crappiest exchange to distribute funds that disappeared following Block 5 collapse last year. Quote, upon instruction from BlockFi, Coinbase will continue to attempt to distribute crypto assets on a weekly to monthly basis while this program is active, provided that the creditor has an eligible account with Coinbase, the exchange says on its website.
Each creditor's Coinbase information must be the same as their BlockFi credentials, as BlockFi customers cannot use someone else's account to retrieve their funds. Well, duh. Coinbase adds that it will not make distributions to non US customers, so be aware. Although it has been working tirelessly with the joint liquidators of BlockFi International to figure out a repayment plan for such creditors, Customers expecting a crypto repayment will first receive an email from BlockFi before receiving a Coinbase notification about the deposit.
Former BlockFi customers hoping to get cash back will have their claims handled separately by financial advisory firm Kroll and their payment processing partner, Digital Disbursements. If you remember, BlockFi went bust. It was one of the many cuss, companies that did just get wiped. They got they got their ass just handed to them. And BlockFi wasn't alone. You had FTX, You had a couple of banks. You had all manner, especially if crypto companies, just get tangled up in that whole FTX thing, and we are not out of the woods yet. We're not out of the woods. I keep telling people that this isn't over. Mt. Gox is just now getting over after 10 freaking years.
We have FTX to to go through too. Alright? And BlockFi is one of the first pennies to drop on that shit. Anyway, BlockFi, a New Jersey company, had over $1,200,000,000 in assets tied up in crypto behemoth FTX and its trading arm, Alameda Research, before they both collapsed. The administrator said that the sale of Block 5's claims against FTX at a substantial premium to their face value recovered the funds to repay customers. Alright. So what what does this mean? It means that the BlockFi kinda was hanging out in the background because I was saying, okay. Well, what's after Mount Gox? What this was, like, before we left to come up here to Colorado. I was saying, what comes next? What what are the gotchas that were that we have forgotten about? Because, you know, here comes Mt. Gox. Everybody's freaking out. German you know, the German government decided to sell out, you know, their the German citizenry for a a penance. It's just sad.
And I started asking the question, what else are we missing? And BlockFi is one of the things that we're missing because it's not going to be just BlockFi. It's a whole family of companies that failed because they were directly connected to the ecosystem of FTX and Alameda Research. So if we go through and we look at the names of all the companies that are going to have to start repaying because they're in chapter 11, then we're going to have we're we're looking at some sell side pressure for the, upcoming time being. I I just I wish I could blow smoke up your ass and and and just hand out fucking rainbows and sunshine to everybody, but that's that's just not going to happen. It's just not because it could be sad.
I mean, it could be sad. I don't know. But it it either event if you're if you're not going to huddle, if you're if you're just going to continuously be scared in this in this environment, then you're probably in the wrong environment. I honestly don't think anybody should go back to fiat land because I don't think that that shit's safe at all. There's nothing about fiat world that makes me warm and fuzzy. Now that's definitely one that gives me a bad feeling. Fiat just the whole thing about it, the whole world, it's collapsing.
We're going through growing pains. That's the difference here. So I really, honestly, I kinda wouldn't be I wouldn't be all set to to sell because check this shit out. Let's go to CNBC and futures and commodities and get a a sense of what's going on over there in legacy land. Oil is down almost a full point to $76 and 82¢ for West Texas Intermediate. Brit, North Sea, down just over a point to 8087. Natural gas down just over a point to $2.9 per 1,000 cubic feet. Gasoline is down 0.86 percent to $2.43. And like I was trying to tell you, all of your shiny metal rocks save copper are bleeding red.
Gold down almost 2 points to 2,370. Silver down 4.7%. Platinum is down 2a half. Palladium is down 3%. Now, ag having a bit better day, mainly mixed, but mostly green. Sugar is up and is our biggest winner today. 3.35 to the upside, and our biggest loser today is chocolate. Still struggling, 4.74 to the downside. Looks like live cattle are up 0.07%, but lean hogs are down a half, and feeder cattle are down 0.17. So there you go. Now the Dow is actually up a quarter of a point today, but the S and P still remains red. Point 1 percent to the downside as is the Nasdaq.
It is a third of a point down, but the S and P mini is back up by 0.6. So maybe we'll see some recovery in fiat land. But, again, I don't recommend it from for anybody. Now from yesterday's episode, the first episode ever of Bitcoin and to be recorded live in Colorado, I've got Henry gqj boosting me a 1,000 sets and says that's for mister Flippers. David, please spare him. No. I'm gonna whack, whack, whack, whack. I wanna whack that baby seal. Now the bird with 500 says, enjoy your trip and take some time for yourself. Thank you. I appreciate that. Pies with 420 says, cheers. God's death, 237 says, thank you, sir. No. Thank you. And God's death with another 237 says, fan you, sir, because he misspelled it. So there you go. That's all the boost that I got from yesterday's show.
Man, I'm gonna go out hunting some baby seals because it's time to go clubbing. Maybe we'll do it with Fold because Fold is set to list on the Nasdaq. Goddamn. We just why can't we get away from legacy land? What what why okay. Whatever. Fold is set to list on Nasdaq with over 1 1,000 BTC and corporate treasury. Let's give them a round of applause, people. Mhmm. Now let's get into this one out of no bullshit. Bitcoin, Fold Incorporated is preparing to go public through a blank check company founded by SPAC veteran, Betsy Cohen. The proposed deal with Nasdaq listed FTAC Emerald suggest a valuation of $365,000,000 for the company.
Let's see. Okay. Financial company, FOLD, and Emerald Acquisition Corporation have entered into a definitive agreement providing for a proposed business combination that will result in FOLD becoming a publicly listed company on the Nasdaq. Quote, the transaction implies a pre money equity valuation 4 fold of 365,000,000. It is anticipated that post transaction Fold will have more than 1,000 BTC on its consolidated balance sheet. FOLD expects to use the proceeds to accelerate the growth of FOLD's operations and treasury as was stated in a press release.
The deal has been unanimously approved by the boards of directors of both FTAC Emerald and Fold itself. It's expected to close in the Q4 of this year pending regulatory and shareholder approvals. Quote, we've stacked over a 1000 Bitcoin into our treasury and we intend to stack 1,000 more. We're turning fold into an unstoppable Bitcoin accumulation machine for our customers and future shareholders, said Fold CEO Will Reeves on Twitter, quote, looking forward, Fold will continue to build on Bitcoin with a road map that envisions value added credit, lending, and insurance solutions. Our products are designed to enhance the savings and the financial freedom of our community.
Our business philosophy aligns full with the growth of Bitcoin through unique and accessible financial products designed by Bitcoiners for Bitcoiners, added the company's, CEO. Fold and FTAC Emerald will host so sorry, host a joint investor conference call to discuss the proposed transaction today. Oh, but, actually, that was yesterday, Wednesday, July 24th. So that whole thing is over. It'll be interesting to see what they actually said. Okay. Moving on to nutshell. Let's get this one. Nutshell version 0.16.0, new binary token format, multi nut payments, e cash fees, and more.
Nutshell is a chummy and e cash wallet and meant for Bitcoin Lightning based on the Cashew protocol. Big one, nutshell, 0.16.0 released with a ton of new features, announced Cali. This major release includes new features, bug fixes, performance improvements, and protocol updates. Highlights include a new smaller binary token format, enhanced coin selection for the wallet, support for e cash fees, web socket updates, multi net payments, and more. Quote, the multi net era has begun. Oh my god. As more mints adopt this feature, users will soon be able to make lightning payments that originate from different mints at once.
Pretty nuts. Get it? Whatever. It works great. Improves reliability and enables a truly multi mint e cash UX. Nuts and bolts added the developer and nuts and bolt nut and bolt in both those words are all in all caps. So I guess the NUT is going to be whatever. I don't know. Sorry. It's I'm not used to doing these shows this early in the morning. So bear with me. There's a new binary token format. The protocols introduced a new binary cashew token v4 format with prefix cashewb, which saves around 40% of the space compared to the previous token format, the one that began with cashewa. The nutshell wallet will produce token v 4 tokens by default now.
The nutshell wallet has been upgraded with a significantly enhanced coin selection algorithm, enabling users to perform more transactions offline while minimizing future fees by limiting swaps with a mint. This improvement boosts the wallet's utility, speed, privacy, and reduces the need for communication with the mint. Nutshell now supports fees for e cash transactions according to changes in the nut o two. I okay. So that's what n u t is like a VIP, I guess. It it it it I guess it's like a specification. Fees are determined by the number of e cash inputs to a transaction.
Warning. Wallet support for fees is still in active development. Enabling fees will break compatibility with most wallets in their current cash you protocol recently introduced WebSocket subscriptions The Cashew protocol recently introduced WebSocket subscriptions in Nut 17, which allows wallets to get notifications for state changes of mint quotes, melt quotes, and e cash spent states, and the witness used for unlocking a locked token. Multi nut payments. The nutshell mint now supports multishale payment or multinet payments with the lnd back end. C nut 15 to find out more. And this feature is also still experimental.
A lot of work has been made to extract the Mint state from memory into the database in preparation for parallel deployments in a Kubernetes cluster. I guess I pronounced that right. This will enable multiple Mint instances to run on the same database, allowing Nutshell to scale and process significantly more transactions. Let's see. Is there anything else that needs to go on? No. That's about that's about it. That'll be interesting. But honestly, this other one is really interesting. The Unify wallet version 0.0.2 Pay Join over Nasr.
Unify Wallet is an early, very early, but functional version of a BIP 78 over Nostr PayJoin wallet available on macOS and iOS. Quote, Unify Pay Join Wallet version 0.0.2 is available for testing, in test flight on both macOS and iOS, announced fully noted. Each invoice creates an ephemeral just this is the this is the sentence that you need to listen to of all the sentences that I'm saying. Each invoice creates a one time use, otherwise known as a femoral noster key pair for transmitting PSBTs via encrypted direct messages. Connect to your node locally or via tour. Let's just read it one more time.
Every invoice creates a one time noster key pair for transmitting a PSBT or partially signed Bitcoin transaction via encrypted mess direct messages and connect to your node locally or via Tor. Dev disclaimer. The project is in very early stages, likely to change significantly in the future. It is pre alpha and has not been tested by anyone but myself. So the key features are that seed data is always encrypted before being stored on the local device. Pass phrase compatible functionality is limited on main net launches in demo mode where you are already connected to a signet wallet over tour To add to your hold on. To add your own node, just navigate to config, export the RPC credentials to your bitcoin.conf, and restart your node.
Create you can create wallets and config. When running on macOS, you may be prompted for keychain usage. This is because Unify stores the encryption key on your key chain. Test creating and receiving standard and pay join transactions for the best user experience used with a local Bitcoin core node running. So the ability to send a partially signed Bitcoin transaction with a one time nostril spinning up of a nostril key pair just for that one transaction, it's an it's the first thing that comes to mind for me is untrackable, untraceable.
I mean, it's almost, I dare say, that what we might be able to see come fall out of this is a mixing service that is an entire network. Not not a node on a network, not not of sending it to, you know, this this, you know, mixer, like, or tornado cache or something like that. No. No. No. No. The entire Nostra network becomes the has the potential now to become a mixer. Now I may be wrong about that. I may be very, very wrong about that. But if I'm even remotely correct, how do you shut down an entire network? How who who comes after what?
Or what comes after who? How do you know what the hell is going on? To me, this UNIFY thing, the this is again, this is the sparks that fly from the collision of 2 ecosystems. It's the edge effect. I talk about it all the time. And what what we're seeing here is this collision between the entire ecosystem of Bitcoin and Lightning Network colliding with a completely different type of communication protocol is giving us things that we never thought we would have. I never thought for a second that there would be the possibility that a communications protocol used the right way might be able to become a Bitcoin mixer through the use of Lightning Network, Chaumny and eCash, and and Noster. It's just it's beyond my reckoning.
I may again, I may be very wrong in my estimation. If you think that I'm wrong, give me a boost and tell me why. I'd like to hear your thoughts on that. But before we end the show, a bit ax, one of those solo miners, has indeed mined block number 853-742. So a solo miner with all of 3 terahashes per second has mined that particular block overcoming odds of 1 in 1,200,000 and earning 3.192 BTC, which is approximately $200,000 Holy shit. The block was relayed by solo c k pool quote. Congratulations to the miner with the first bit ax block only a tiny 3 terahashes for finding the 290th block or solo block on solo c k pool.
This much hash rate would only find a block once every 35 100 years on average or 1 in 1,200,000 chances per day, said doctor CK, operator of solo CK pool. Quote, incredibly, according to the logs, they appear to have only started mining solo to this address 19 days ago. It increased their hash rate to 3 terrehatches per second only in the last 24 hours. There's no way to know if they were mining on a different address with extra hash rate, but that's unlikely, he added. Is there anything else? Nope. That's it. So Kai with a bid ax mind a block all by himself.
And this is one of the reasons why I want to see more stuff like bit axes spread around the world. I want to see them in, I don't know, space heaters, like, you know, I don't know, like whole whole house air handling systems for heat. All kind I mean, our we've never as a species, very few of us have actually sat around and thought about how do we utilize waste heat that come out of various systems. You know, the heat from the engine when you're running your gasoline car, the heat that comes off of, like, the back of your refrigerator because it's constantly pulling heat out of the core, you know, the inside of the refrigerator to make it cold, but it's putting it into your house. Is there a way to utilize that? Is there a way to utilize the differential in temperatures here? Because that it that is all second law of thermodynamics stuff.
Work in general and structure in general cannot occur in this universe unless there is a differential in energy between 2 systems. Whether that's heat, mechanical, it doesn't really matter. The second law of thermodynamics demands that there be some kind of differential in energy. Otherwise, shit won't get done. Now insert whatever it is that you think shit should be for you in your life. But in general, unless there's an energy gradient, nothing will happen. And that honestly, the ramifications of that statement, the second law of thermodynamics, I don't think we really appreciate that.
And so now I think all the time, what can I do with the waste heat of a mining rig? What can I do with the waste heat of, I don't know, making biochar? What would what can you do with waste heat? It's it represents a differential in energy states. So why can't why aren't we figuring out how to harness that shit? That's all I'm gonna say about that. I'm I'm going to end the show. We're let's start up the bumper music here on the road caster Pro 2. Yeah, baby. It just gets me what it makes me wanna sound like some kind of, you know, midnight Yeah.
Oh, yeah. Oh, yeah. Coming to you from high up the San Juan mountains. This has been Bitcoin and David Bennett. I'm here in the mountains. I'm going to go hunt some mushrooms. Everything's going to be all right. You see what I'm saying? I'll see you cats on the other side.
Introduction and Location
Mushroom Hunting in the San Juan Mountains
Today's News Highlights
Albi Hub Launch
Coinbase UK Fined for High-Risk Customer Onboarding
Market Analysis and Economic Concerns
BlockFi Repayment Plan
Legacy Market Overview
Listener Boosts and Feedback
Fold to List on Nasdaq
Nutshell Wallet Update
Unify Wallet and Nostr Integration
Solo Miner Success Story
Utilizing Waste Heat from Mining Rigs
Closing Remarks
