Join me today for Episode 967 of Bitcoin And . . .
Topics for today:
- HBO's Satoshi Hunt
- Ethereum is Inflating as Suspected
- A Blowout 254K Jobs Report Drops
- TewraWulf Moves to HPC/AI
- Be a HAMM
#Bitcoin #BitcoinAnd
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https://decrypt.co/284674/coinbase-delist-stablecoins-europe-mica
https://www.coindesk.com/markets/2024/10/04/us-added-blowout-254k-jobs-in-september-unemployment-rate-dips-to-41/
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Good morning. This is David Bennett, and this is Bitcoin and, a podcast where I try to find the edge effect between the worlds of Bitcoin, gaming, permaculture, podcasting, and education to gain a better understanding of all. Edge effect is a concept from ecology describing a greater diversity of life where the edges of 2 systems overlap. While species from either system can be found at the edge, it is important to note there are species in the overlap that exist in neither system, and that is what I seek to uncover. So join me in discovering the variety of things being created as Bitcoin rubs up against other systems. It is 9:27 AM Pacific Daylight Time. It's the 4th day of Dumptober.
Or is it October? Oh, I don't know. We're not gonna know until next week or the week after. Okay? Just understand that. Please understand that. We just got jobs report. The FOMAC minutes are gonna come out at 11 AM today sometime or at least 11 AM for me Pacific Daylight Time. Then there's some other numbers that are gonna come out. We'll talk about that. I promise. We'll we'll get to all the what happened with jobs report and all that. But you have to understand. There has never been an October that was an October until it was after 8th or 11th or like getting into like sort of kind of firmly into October before all of the October stuff would happen.
And there's no guarantee at all that that shit's gonna happen this time around too. I have some thoughts on that. I have some thoughts on this bullshit that's coming out for HBO and this endless search for satoshi. As if somehow or another some kind of magic being is going to be found and spells are going to be cast and wishes granted and lamps rubbed. I don't know what the hell these people are thinking. But I smell bullshit. I also smell crap when it comes to Ethereum. We've got some inflation things going on with that thing. And I the only reason I bring you shit coin news is to let you understand why it's a shit coin so all the new people understand not to get duped. Coinbase is in the news.
We've got Terra Wolf is in the news, and that's kinda disappointing. It happens though. It it it happens, and and it's going to be important moving forward into the future. Terawolf is a miner, and they are selling out of a major asset. We'll get to why and we'll get to what they're going into. They're not dying. They're not going bankrupt. They're just changing up the way that they go about stuff. I wanna talk a little bit about ham radio protocols, mesh network protocols. You'll understand more when I get to it. Albigo has got an update and then there's, well, there's one other thing I'll just let it be a surprise. But first, Vivek Sin is writing this one for Bitcoin Magazine.
No. No you won't find out who satoshi nakamoto is next week yeah I I agree we're never gonna know and good I don't want to know as a long time bitcoiner I had to roll my eyes when I saw hbo release a trailer for an upcoming documentary teasing the reveal of Satoshi's identity Oh joy, here we go again Speculation arose that it would reveal who is Satoshi Nakamoto After seeing many half baked attempts to unmask Satoshi over the years, I'm certain that this latest one will not prove definitive proof either. It's not going to provide it. It's not going to provide any proof at all. And if you've been in Bitcoin long enough, you know the drill. Someone claims they know or r satoshi theory starts swirling, but no convincing evidence ever materializes.
Inevitably, it ends with embarrassment for the accuser. We've been through this rodeo too many times now. With Bitcoin becoming a $1,200,000,000,000 asset class, the allure of outing satoshi is understandable. His stash alone is supposedly 1,100,000 BTC which is worth over $65,000,000,000 currently. I'm pausing. It's not understandable. I do not understand this. What do you think is going to happen if somebody successfully unmasks the actual Satoshi Nakamoto? Either the person or the original team. What do what is it that we want from this? What can we possibly desire?
What what gifts do you think would be bestowed upon us if such information was made public? And and we knew beyond a shadow of a doubt that that information was indeed correct. I don't get it. Is there anybody out there who can tell me give me a single case in which understanding exactly who satoshi Nakamoto as a person or a team was is there anything that it would give us that would do anything for us? Or would it be like, oh it's it's Bob from down the street. Yay. Now we know. Did I get richer? No. Did I get poorer? No. This makes no sense to me the only reason I believe people are doing this is to somehow or another they're reaching for straws to somehow discredit the entire Bitcoin system because these people have lost control. That's my take on it. But the unusual suspects like Adam Back and Hal Finney and Nick Szabo will likely be resurrected as prime candidates.
And the accused will again firmly deny those allegations. Our favorite Bitcoin historian, Pete Rizzo, already made $200 bets with Shinobi, Nicholas Frank, Nicholas and Frank, and I back I that back ends up named and denies it. And I that back ends up being named and denies it. Guys, work on your sentence structure. Holy shit. Yet, ideally, satoshi should remain anonymous as he clearly desired bitcoin succeeds on its merits of its decentralized design not based on any single personality unmasking satoshi risks undermining bitcoin's mystique and independence I disagree there That's me personally talking I disagree As Bitcoin grows into a global asset the stakes around identifying its creator rise exponentially The richest person on earth makes for an attractive bounty but the true proof remains elusive These periodic media frenzies claiming to crack the case produce great hype yet always disappoint They act as amateur sleuths following flawed hunches rather than impartial investigations seeking actual truth so I advise fellow bitcoiners to take next week's big reveal with a grain of salt it will likely be more sensationalism than substance repeating familiar theories that fall short of definitive evidence the only person who can conclusively prove they are satoshi is satoshi himself and until then the mystery continues as it should there are several things in this article that I agree with there's a couple of things that I disagree with I don't think I there's it it's not understandable why somebody would wanna do this just because there's 1,100,000 bitcoin worth $65,000,000,000 on the line. That that's not understandable. I don't wanna know. I don't care why would you what do you get out of it that's one thing the you know and the other thing is is that here at the end it says the only person that can conclusively prove they are satoshi is satoshi himself but fails to mention how It's easy.
The first bitcoin wallet to receive the very first amount of bitcoin if the person that controls that wallet signs a message from that wallet or and I will grant this any of the other first wallets created that we know are attributed to Satoshi Nakamoto. If any one of those wallets can sign a message saying I am Satoshi Nakamoto and my real name is Bob down the street you know and I live at whatever 515 up your ass avenue you know that's the only way there are there have been tens of people that have come out saying, I am Satoshi Nakamoto, or there's other tens of people that say that they know the guy. Remember that? I can't remember the the guy's name. I used to have him as a sound effect on the show. But he knows the guy, and Bitcoin's going to 0. He's some, like, I don't know, Latin American investor guy that wears it still wears a 3 piece suit. No. Seriously, like, tie, button down shirt, a full vest, a full, you know, coat over that. You know, like, he's got, like, a walk it a a pocket watch and a little chain. And he's like, oh, I don't know what his sixties or seventies or whatever. But he swears he knows the guy, and everybody's gonna be disappointed when it comes out. That was 5 years ago.
Yeah. That was 5, 6, maybe 7 years ago when he was saying that shit. No. He does not know the guy. And this is a dude that's, like, ostensibly a millionaire, has millions of followers across all kinds of media platforms, whether social platforms, radio shows, you name it. People know this guy's name except for me because I never gave a shit about him. That's why I forget his name. But a lot of people do give a shit about him. 100 of thousands of people do give a shit about this guy. He's one of these guys that gives investment seminars. He goes up on stage and he fires up the audience. He does all that shit. And then he says that Bitcoin's going to 0 because he knows the guy. Bullshit. He does not know the guy and neither does HBO.
But I'll tell you what we do know. Ethereum is a shitcoin. And as Josh O'Sullivan points out in this Cointelegraph article, Ethereum inflation rises and threatens the ultrasound money status, well according to a report let's read the report about a shit coin ethereum's inflation rate has surged to 0.74 percent raising concerns about its long held ultrasound money narrative according to Binance's October 2024 Monthly Market Insights Report. The research report indicated that the ether issuance rate is at its highest level in 2 years as reduced on chain activity and lower burn rates shift the asset's economic status.
The findings highlight a growing issue for the asset, which Vitalik Buterin cofounded. They cast doubt on the long held assumption that ETH can maintain its deflationary nature. Uh-huh. That's never been that's never been what I thought. I've always known that this is a shit coin. I've always known that it never has had a stable monetary program behind it. And I know that they can't account for how much ether is actually out there they never have been able to you can't even run a full node on this son of a bitch it's too big oh well whatever the rise of layer 2 solutions like Arbitrum and Optimism have substantially impacted the on chain activity of the Ethereum layer 1 blockchain.
These L2 networks process transactions off of the main net, lowering gas fees and, in turn, reduces the amount of ETH being burned through transaction fees. Ethereum improvement proposal 1559 introduced back in 2021 burns a portion of the transaction fees, but the reduced number of mainnet transactions has led to a decline in the volume of burned ETH. Speaking with Cointelegraph, a Binance spokesperson explained that the Dencun, d e n c u n, Dencun upgrade led to the increased adoption of lower fee l two solutions and slowed ETH supply burn rate. They added, quote, however, it's worth noting that Ethereum's inflation is still below 1%. Oh, joy. And this should not be seen as a negative outcome.
Yes. Yes. It is a negative outcome. Its inflationary pressures typically increase during periods of lower network activity, but can revert to a deflationary state when activity rises. So, let me get this straight. Your economic policy is that you're just waiting for activity to rise and fall yet you have no actual gating or things that trigger when activity rises and burns more ETH or lowers and more ETH is actually produced and burned. And it's okay that you have an inflation rate even though when ethereum first hit the market in 2015 it was actually supposed to follow the rules of bitcoin insofar as being us known a set amount of ethereum and that there was not to be an inflation rate and yet we've seen the economic policy of ethereum change and change and change and change and change it depends on how Vitalik is feeling when he wakes up that morning That's their economic policy. And anybody who gets into this you deserve what you get which is basically a declining curve against the value of Bitcoin for 4 years.
For 4 years if you've held bitcoin versus ethereum you've done well if you've held ethereum versus bitcoin you have not done well you have seen your value in terms of bitcoin decrease for 4 years this is just sad that people still think that this is a thing so ultrasound money oh yes that narrative is in question it positioned ETH as a deflationary currency but the whole idea is now questioned in the Binance report quote as l twos cannibalized network activity throughout the year further impacted by broader market conditions Transaction fees and consequently burned fees on Ethereum declined with September recording one of the lowest levels since the merge.
With ETH issuance now outpacing burning, mhmm, the net increase in the total supply has moved Ethereum further from its deflationary goal. On October 3rd, Buterin joined a community discussion on Twitter and expressed his support for reducing the minimum ETH deposit required for solo staking. Yes. That's right. Solo staking. Solo stakers run full nodes. Yeah. You need a huge computer to do that. Not any pleb can run an Ethereum full node. That's what I'm getting at. I can run a full Bitcoin node, and I've been doing it for years years years, and nothing has changed my ability to run that node on a Raspberry Pi 4. Okay? But if you wanna run a full I mean, a full blown Ethereum node good luck good luck okay so solo stakers run full nodes using private computer equipment without relying on third party services staking pools or centralized entities to function Currently, the requirement of locking up 32 ETH can deter wider participation on the network. But but in a monetary policy movement, that's what I'm calling it, ETH cofounder, the ETH cofounder of Vitalik Buterin, is supportive of dropping this number to 16 to 16 to 25 ETH to run a node.
Okay. So that was yeah. I I saw that, like, either yesterday or the day before. I can't remember when I saw the the thing, and I was just no. I'm not gonna it it has to be something like this where where I can truly dig into how stupid Ethereum actually is. Where where there's obvious proof that they're changing their monetary policy on a whim. That we already have that with the United States government, the Federal Reserve, the SEC, the European banks, central banks around the world, the BIS, the IMF, the World Bank, the UN, trilateral commission, for for Council of Foreign Relations, whatever.
Right? All these people, they all suck. Right? We know that they suck. There's never been a day that they haven't sucked ass. And here we have Ethereum that basically is just changing their economic policy every other day. Oh, it used to be 32, but now we're gonna make it 16 to, you know, to 25. You used to have to go to a pool. Now we're gonna make it to where you can do it individually. Do do these people have any plan at all? No. They don't. See, that's that's why when when I bring you shitcoin news, it is literally so that you understand just how bad this is.
What I just described to you should the hackles on the back of your neck should stand up. The fact that their their deflationary currency can become inflationary just due to the activity on the network, which they have no control over whatsoever. Maybe I decide to start using Ethereum tomorrow and use it heavily. And then a year after that, I just stop using it. So I let's say that I've made 10, you know, 10,000,000 transactions on Ethereum in a full year because I've got a full, you know, full blown set of businesses that are using it. And then I just decide, I don't like using Ethereum anymore, and I stop. And that one activity of that one person's decision because they have so much activity on this particular chain is able to actually convert ethereum from being a deflationary currency to an inflationary one and Vitalik Buterin has no control over that shit whatsoever because they never put any kind of gating in.
You know, for Bitcoin, the rules are set. The rules are in stone. The rules have never changed. And the only way to change those rules is to fork it like b s v, or b cash something there's been like several forks of bitcoin where they've changed the amount of issuance of bitcoin where they've they've raised the amount of bitcoin that can ever be done they've done all kinds of shit and none of them have worked they've all been failed experiments No matter no. I don't care if BCH right now has, like, a 300 or $500 price tag. It is a worthless pile of shit.
You know? BSV, even more of a pile of shit. Please stay away from them. They they they when they change policies like this nobody knows what's truly going on. And the only economic policy of any stability whatsoever there's only one place to find it and you know where that is that's bitcoin coinbase is going to delist non compliant stable coins in Europe as the mica deadline looms this is Mercia merchant from Decrypt. Crypto exchange Coinbase will delist stablecoins that fail to comply with the European Union's market in crypto assets regulation for customers in the European Economic Area by December 30th.
This move aligns with the EU's efforts to introduce tighter controls on crypto assets requiring stablecoin issuers to obtain e money authorization in at least one member state. Yes. If you're if you're realizing that that we've gone through this before from another outlet, this one just adds to it. And and also, it's good to have a reminder that you guys over there in the European Economic Activity Zone, you guys are if you're using any of these things, please understand this isn't going away. The only thing that is truly going away is your ability to deal to use the stable coins on Coinbase that Coinbase is going to delist. Okay? So now Coinbase is in the mix. We have some other people.
Now it's Coinbase's turn. That's why we're getting into this again. It's the same story, yet a different person is going to start delisting these coins. The new micro regulation takes effect by January 2025 and is part of a broader digital finance package aimed at standardizing the crypto landscape across the EU. Coinbase spokesperson told Decrypt that the exchange will provide details about a transition plan in November to help its European customers switch to compliant stablecoins, including including USDC and EURC.
I noticed that they didn't mention Tether. And that's pretty much all you need to know. So Coinbase is now in on the action. What this means and I can't remember if it was either Kraken or Binance was gonna delist, non compliant stablecoins in the European Economic Activity Zone last time we we spoke. This time, it's Coinbase. Please understand it's going to be every single one of the exchanges. Anybody that's doing any kind of regulated business in Europe is not going to be using your, I don't know whatever stable coin that they don't like you you're gonna have to punch out of that shit. Okay. So here before we get into the numbers of that we do in the middle of the show generally I want to, we need to quantify what's going on here because the United States had the jobs report.
So we added 254,000 jobs in September and the unemployment rate has dipped to 4.1 percent this has implications there's 2 things here one it's a lie don't believe them Don't trust them. These numbers will be revised. Most likely, they'll be revised downwards. They're doing it because November elections in the United States are coming up. They're saying everything's peachy because it's all Biden's fault that he's made the United States landscape of employment the best it's ever been, and it's all a lie. Understand that. I don't know if anybody else had been the president. I don't know if they would have been able to do any better. The amount of money that's been printed has completely destroyed everything that money touches. And as you know, money touches everything. The employment picture in the United States heated up in September with the government reporting the addition of a quarter 1000000 jobs last month flying past The Economist's estimates for just a 140,000.
And in addition, August's previously reported a 142,000 job gain was revised even higher to 159,000. I call bullshit again. Bitcoin was changing hands at 61,500 in volatile actions shortly following the release of the report and it's up nearly 1.5% over the past 24 hours. Prices remain sharply lower from week ago levels above 66,000 as an overbought market over the past 5 days got hit with some unwelcome macro news, including an escalation of the war in the Middle East. Quote, a robust US economy reduces uncertainty, particularly with the upcoming US elections. And this bodes well for Bitcoin removing one of the key risks looming over the market, said analyst James Van Stratton.
Checking other report details, average hourly earnings rose 0.4%, beating forecast of 0.3 and down from 0.5 a month earlier. On a year over year basis, average hourly were earnings were higher by 4% versus estimates for 3.8 and August's 3.9. And let's see here. Let me get to the oh, here we go. This is the one that this is the most important one. Prior to this morning's number, short term rate markets had priced only a 30 percent chance of a 50 basis point move from the federal reserve and a 70 percent chance of an a 25 basis point cut according to CME FedWatch. In the minutes after the data, those 50 basis point ads had tumbled to 11%.
Right. Why. Okay. They were never going to cut another 50% or another 50 basis points. Now that's my gut feeling. They were gonna do 2 more at 25. Right? Two more cuts until the end of the year, and they were gonna do 25, like, in November and probably 25 in, like, the end of December or whatever. I can't remember exactly when it when that comes up. I'm just saying that they had 2 rate cuts and they were probably gonna be 25 basis points each. One person or a few analysts were saying that there was gonna be another 50 basis point cut this next Fed meeting, which I disagreed with. And it wasn't just an analyst too. It was one of the Federal Reserve governors, and I can't remember where it was where they were. I it's one of the one of the Federal Reserve Banks that that make up the Federal Reserve in total, but he or she was saying that they they'd be okay with a 50 basis point cut.
So that's not an analysis, but that's how they telegraph what they're kind of, you know, that what could be possible. Well, that's over now because we've got more jobs. So what they're saying is that they've got inflation under control and that their mandate of full employment is coming true. They've they're they've they're doing it. They're they're getting the job done. And they were able to do it with all the tools that they had at their, you know, at their fingertips, and now they're only going to cut 25 basis points. What I suspect is even though that I pretty much presume that these numbers are completely false and that they're just cooking the books because they wanna get the Harris administration into the White House because everybody is bought and paid for by these people.
Whether you're in the media or in government, you are bought and paid for by that party. I'm sorry, but it's true. I mean, it's like it's almost impressive how the how the Democrats really just they just go for the throat. They really do. They're better at it than the Republicans are. I mean and they have been for a very, very, very long time. And I don't mean better I mean, they're they're better communists, but they're better socialists. And I know this is gonna piss a lot of the people off that are listening to me if you are a democrat. But I'm sorry, but your policies suck.
What what y'all what y'all don't suck at is being able to control narratives because you've been able to put operatives into every position that matters in the United States and I dare say in the world when it comes to getting your message out there. You guys are wonderful marketers. I will never ever ever speak badly about your your y'all's marketing skills because honestly you're basically trashing everybody. But your policies suck. It just it just does. And, no, I'm not saying that the Republicans are that much better, but, honestly, I need people to stop stealing my money. That's all I want. I don't care what color team you play for. Blue, red, purple, yellow, green. I don't fucking care. I need you to stop stealing from me so that I can get on with the business of life.
I would have been able to create so much more stuff had I not been giving you 30% of all of my shit for my entire life I'm sorry man but this taking of the money and this threat from Harris about unrealized cap gains. I'm sorry, but that woman needs to be dragged out into the street just for saying that. Just for thinking it. It's disgusting. Everything about that is wrong. And this whole notion, if they could just get the billionaires to pay their fair share, bullshit. They wrote the fucking tax code in conjunction with both red and blue players over the last 70 years. And if you don't understand that, then you literally should not be voting.
You shouldn't be saying anything about politics at all. You're the guy that that actually thinks that Obama and Bush don't get along. They do. They're good friends and so does Clinton. They get along. The Bushes and the Clintons, the Obamas, soon you know, like, the Trump is the only family that doesn't get along with any of them. Of course, they didn't get along. They only get along with people that actually wanna do some fucking business, I guess. I don't know. But Harris' family will probably be in there. Biden's family, they've been in politics forever and ever and ever. If you think these people don't glad hand each other and how they've been fucking the American people for decades decades and basically just stealing our wealth in a legal form and fashion that they helped create with the with the help of other businessmen, then you don't know what's going on they are the billionaires are never gonna pay their fair share because it's legal for them not to and they had help doing that by both the red and the blue camps that's just fact There's nothing that you can say about that. That's just the way this shit has been rolled.
And the only way that the plebs of the nation, the pleb nation is going to get our sovereignty back is to, well, somehow or another ignore these people. Yeah. I don't know how to stop paying taxes, so I'm not gonna give anybody any ideas on how to stop this. But if we could stop paying if the states of the United States would secede from the nation so that we could rebuild the federal government again. Because, like, think what happens if all 50 states say, you know what? We're done with the federal government, and they all secede at the same time, and then there's just this major meeting of the governors of those states. And they have a constitutional convention where the constitution of the United States is basically reconstituted, except it doesn't include anybody in the federal government. They're all basically fired.
Then the nation could actually be rebuilt as the United States of America, not even 2.0, just the United States of America. And the only thing that would have happened is that we would have been able to eject the federal government. Yet since all the military assets of the United States military exist in all 50 states, then the governors end up seizing control of the military. And then as the new republic is actually rebuilt from the ground up at a some kind of reconstitutional constitutional convention, then we get to have a new federal government that is that hopefully, and it probably wouldn't, but at least for the 1st 10, maybe 20 years, it would abide by the constitution and keep its nose out of the business that it's supposed to keep its nose out of. That's, honestly, that's the only way that I see this shit happening.
And if that were to happen, there would probably be a lot of bloodshed. And I just I don't like that thought. I really don't. Let's run the numbers. CNBC Futures and Commodities. Oil still rising today. 1.85 percent to the upside for West Texas Intermediate. Chilling out at $75 a barrel. Brent Norce up 1 and a half to 78.82. Natural gas, now natural gas is doing what it always does. It's down almost 4 points. Gasoline is up 0.62 percent to $2 and 10¢ a gallon. Shiny Metal Rocks having a bad day. Gold, essentially leading the pack down a half point to 2,666 numbers of the beast.
Silver is down but scant. Platinum is down 0.3%. Copper is up and is the only one that is up. Half a point, palladium is down 0.21%. Biggest winner today in ag is gonna be rough rice, point 5 9% to the upside. Biggest loser is wheat, 2 and a half to the downside. Live cattle up 0.16%. Lean hogs down 0.16%. Feeder cattle are up a third. The Dow is up a half a point because of the jobs numbers now that we got that under our belt. S and P is up a half a point. Nasdaq is up almost a full point, and the S and P Mini is up almost a full point. And Bitcoin is up slightly too. We're back up into the 1.2 $3,000,000,000,000 market cap range at a price of 62,230.
You can get 23.3 ounces of shiny metal rocks with your 1 Bitcoin of which there are 19,707 no. 762,000 746.11 of and fees have dropped again. 0.04 BTC taken in fees on average on a per block basis, and there are in fact 85 blocks. That was a good year, 1985. Now we've got a 154,000 unconfirmed transactions. High priority gonna get you out at 5 satoshas per v byte. Low priority is gonna get you out at 4. Now hash rate has increased to 718 xahashes per second. Nice. Sweet. Love seeing it. But we're gonna get some news out of Terra Wolf later that, well, we'll get there. From 4Q, yesterday's episode of Bitcoin. And, I need to make a statement about yesterday's episode.
I spent quite a bit of time on the Noster Booth initiative. I told you about their geyser fund. I told you about Tonja. I told you about Derek Ross. I told you about the that they wanted the Nosterbooth and all these different Bitcoin conferences. So I put my money where my mouth is. For anybody that streams Satoshis while you're listening to yesterday's episode called 4Q, 49% of those streaming sats will go directly to the Nostra Booth initiative, care of Derek Ross, and a, input well, not an input, a lightning network, public address that he gave me, and it seems to be working. If you boost yesterday's show entitled 4Q Derek Ross and well the Nostra Booth Initiative will get 49% of those sats.
Generally speaking I split half and halfsies of the entire episode yesterday Not just the part. I could have done a time split where it's only during the part where I'm talking about the Nostra thing, but no. No. No. No. I think it was important to have an outlet for other people to see the power of how value for value works. How podcasters and the rest of I you know, I was I'm gonna say talent. Not I'm not saying that I'm talented. I'm just saying that I'm part of the talent pool when it comes to bitcoin. That when we do things like this it enables people like you who are listening to the show not only to support us with your value if you think that what I'm giving you is valuable then donate to the show.
Stream satoshis. Give me huge fat boost and and and say something like, say happy birthday to your wife or something like that. I will read it on the show. But when you do things like that, when when I make a cut in the podcast, it doesn't matter where those satoshis are coming from as long as you're listening to that episode of the Bitcoin and podcast, that episode's name is 4Q, it came out yesterday, then the Nostra Booth Initiative is gonna get half of everything that you donate to the show everything that you donate to the show during that episode is going to the Nostra Booth Initiative This is an this is an important aspect of the value for value ecosystem.
Because I can make a decision. Yes, I know. It's like one of these days, see, let's say that I do let's say I do a podcast about the how abortion is fucking cool and everybody should do it. And you go, man, not only am I not listening to that episode, I'm never listening to you again. I would I I can I understand? But let's say that I do a whole episode on abortion, something that's just politically charged, definitely can divide classes and, you know, polarize people. I mean, the whole ball. And then I say that half of every satoshi that you give to that particular episode is gonna go to planned parenthood. Well, you get to make the decision to not list not only not listen to that show, you get to make the decision never to listen to my podcast again any episode. And therefore, you will definitely not be risking any of your sats going to a place that you do not want your sats going to.
Right? So even if I make a decision seemingly for you without your permission, you can come back and basically say, no. They're never getting my money because I'm never I might listen to the episode, but I'm certainly not going to stream you satoshis, and I sure as hell ain't gonna boost you. So you we get to make this decision together as to whether or not you feel it's imperative that some of your satoshis go to the Nostr Booth initiative. If you wanna see Nostr, get a booth at a whole bunch of these different bitcoin conferences, then donate to yesterday's show. Donate heavily.
Show the people over at the Nostra Booth Initiative how much you love them by just midstreaming me satoshis of which they're gonna get basically half of. Alright? Alright. With all that said, ask the weather report. Oh, man. I was so up on my soapbox there. I forgot to read the, actual boost from god's death. 537 says, thank you, sir. No, thank you. Pies to play at 420. Thank you, sir. No, thank you. Wartime with 333 says, cheers. Fade 165 and a whole bunch of numbers and letters with 333 sat says, not giving up sushi. I don't blame you bro. Agrishote with a 100 says love the cover. I did too. I thought that was a good cover. And fade 16512 with a bunch of numbers and letters basically just boost my episode.
Not boost it, but basically re, notes it on nostril, and I can see that actually directly here in fountain.fm. Now the Terra Wolf news. Here we go. Terra Wolf sells $92,000,000 stake in the nuclear powered Bitcoin mine to fund its AI diversification. James Hunt, the block. Oh, boy. Bitcoin miner, Terra Wolf, has sold its 25% equity interest in a nuclear powered Bitcoin mining facility for 92,000,000 as it seeks to fund the expansion of its high performance compute and AI data center hosting services. Terra Wolf's stake in the Nautilus crypto mine joint venture located near the Susquehanna nuclear power plant in Pennsylvania was sold to its partner, a subsidiary of Talen Energy Corporation.
Completion of the sale resulted in a 3.4x return on Tera Wolf's investment. Wow. Pretty good. Not bad, dude. Not bad. The deal consists of 85,000,000 in cash and 30,000 Talon contributed Bitcoin miners and associated equipment valued at $7,000,000. Terrell Wolf said. Oh, that's what Terrell said they got. Okay. The firm intends to reinvest the capital into construction of its wholly owned flagship Lake Mariner facility in New York, which is designed for hosting high performance compute and AI as well as Bitcoin mining operations. I don't know how that's gonna work in New York because New York hates Bitcoin. Terawolf recently completed a 2 megawatt HPCAI proof of concept project at the Lake Mariner facility designed to support current and next generation GPU technology.
It is also constructing a 20 megawatt liquid cooled colocation building at the site expected to be operational by the Q1 of this coming year. The decision to monetize its stake in the Nautilus mine comes ahead of the expiration of a power contract and ground based lease in June of 2027 as the firm aims to take advantage of superior cost efficiency and lower expected future energy prices at Lake Mariner. This transaction further aligns Terrawolf's focus on investments with and investments with where we have the most operational efficiency, the greatest growth potential, and the best opportunity to drive incremental value for shareholders. Terrawolf CEO Paul Prager said, Looking ahead, we are focused on ensuring Terawolf is best positioned to benefit from the growing demand for HPC and AI by meeting the needs of high quality customers who are looking for power availability and infrastructure that can meet their substantial requirements over the long term.
So there you go. That's all we really need to say is that Terra Wolf, which has been around for a very long time, they're still gonna be doing Bitcoin mining, but it looks to me like we're seeing a shift and it makes sense that it would be the Bitcoin miners because they are very well positioned. They have a lot they have a lot of experience in getting power racking computer units, networking, power distribution. And when I mean power distribution I mean like inside of a, you know, a hosting facility, cooling issues. They've got it all.
These guys have been doing this shit for so long that it would it would actually bug me if they didn't go this direction because they would be leaving money on the table. But the rest of us, people in Bitcoin, are going to have to come to terms with the fact that this diversification is coming for all Bitcoin mining. If somebody is a substantial Bitcoin miner that has a whole bunch of racked Antminers cranking out hash power they are going to go to high performance compute and ai. They'll let Amazon and the rest of these bozos do storage facilities, but these guys are going to make a fucking killing.
No matter what they do, they're going to make a killing. And bitcoin is gonna continuously be operational in the background and some of it but actually most of it will probably be for profit. But I could see a situation where if you're a small enough miner, you could just sell the Bitcoin that you get on a third of your operation and fund the the entirety of your operations, which means that everything that you're getting from the HPC and AI is just pure gravy. And you're just letting Bitcoin subsidize the entire operation. Don't think that that won't happen.
There in fact, it will it would surprise me. It would definitely surprise me if there wasn't, like, you know, a couple of different flavors of this. Bitcoin miners that save their Bitcoin on their balance sheet and use the money generated from HPC and AI to pay for the entire operation, and then they get to keep the BTC. There will be other miners that sell the mined BTC to fund the entire operation and just exist solely on cash. You're we're gonna have to just come to grips with that. Right? And Terrawolf is proof positive that that thing is happening. Okay.
So there's this thing. This is we're switching gears to ham radio. But it's not just about ham. I am not a ham. Okay? I do not have my license for ham radio. So just understand that. I know next to nothing about ham other than that it is, well, the ability to send and receive radio messages. And depending on how good you are at physics and being able to do things like bounce signals off of atmospheric conditions, you can get on very low power a long, long, long way away. And if you're really good, you can go beyond the curvature of the earth. And I'm saying that that that that happens.
People that are that good can do that. But ham radio is a communication. It is a it is a communicate it's a I don't want to say protocol, although protocols are clearly involved, but it's basically communication over radio waves. Right? Using power, you know, at megahertz frequencies. Right? Okay. So so it's a physical protocol. That's I think that's what I should say. It's like it's it it uses physics, a physical protocol, to be able to communicate messages and slight data. I mean, it won't take a lot of data, but it will take slight data over the curvature of the earth without the need for, you know, the internet.
Or phone lines. Or anything. Any hard line, whether optical or copper or what have you. It doesn't need it. And if you're really, really good at what you do as a ham operator, you can go over the curvature of the earth. Okay? So, now There is this thing called ham radio Helene chat in the HRCC discord. So while this Helene thing is going on, there's a bunch of ham radio operators that are doing what they need to do. They're trying to make sure that people are in communication with each other. If like it's I don't know. It's like sort of like if you're not a ham operator, but you but you know somebody who is and you go to them and say, hey, I found this old lady. She's sitting on the roof of her, you know, of her, house over here. It gives the location.
Then the ham op you know, ham radio operator is able to get that information out to the rest of the ham network and then somebody somewhere will go get her. And that's what they're doing out there in the Asheville or was it Asheville area in North Carolina and I think it was at Eastern, yeah, Eastern Tennessee and because there's a lot of problems going on. The communications are completely destroyed. Yet, communications are not completely destroyed when it comes to ham radio. So, there's this thing called where is I wanna get to it. I've I've got their discord up right here and it is the ham radio crash course discord channel.
And it is very extensive. There's a lot of people in this thing. And there are many separate rooms that you can go into like ham radio, help with ham, help with antennas, flying a space radio, I mean like high frequency net, testing questions. There's all manner of things like if you this seems to me like if you want to get into ham radio. If you want to start talking to people that know how to do this, and you don't know even how to start or or what to do, I highly recommend or at least well, I I can't really recommend it because I don't really know it. All I'm looking at is a bunch of people that seem to know what they're doing.
And if you want to talk to people about ham radio that seem to know what they're doing, well, this would looks to me to be it. I will have these, this discord as its own separate URL in the show notes, so that you can go to it directly. But there's a couple things that I want to say here. And I sent this out as a note earlier today. And I said, you know, I was like, I basically said, took this note from HR 4 BTC, a k a ham radio. Let me see what this who this is so that you know who this this person is. I just don't like to not give attribution here. H r 4 BTC aka ham radio for bitcoin is the noster.
Is his noster handle. So that said, I re noted his original thing where he says there's a ham radio Helene chat in the HRCC discord and then he gives the the channel for that discord which takes you to the discord. Alright. So there's him, But here's what I said: that this is probably good to know. And then I give a list. Ham, mesh networks, the nostril protocol, the Bitcoin Protocol the Lightning Network Protocol E Cash Protocol and then I say plug all of these lightweight protocols and that's that's the operative word here. The operative phrase is lightweight protocols plug all of these lightweight protocols into each other and develop interoperability between them and the world can forget about those who wish to subdue us I would love to launch into an hour long show on how it is that I see this working but I just wanted to present this here to you to your imagination.
Think about the use of ham radio mesh networks the Nostra protocol, the Bitcoin protocol, e cash, lightning network because all of these are lightweight protocols and what I mean by that is that the signaling between all these things there has already been a ham radio full on chain bitcoin transaction that was done years ago between Adam Curry and Rodolfo Novak of coin kite. Yes. They sent a bitcoin transaction, not a lightning transaction, not an e cash transaction, a full blown on chain bitcoin transaction and they sent all the information that they needed between each other over ham radio.
Do the same with Noster. Plug mesh networks into this into this system. The lightning network invoicing bolt 12, bolt 11s, you name it. These are all lightweight amounts of information all of which can be sent over mesh networks in ham. E cash, same thing. I would rather not have a situation where I can't access the Internet. What I'm trying to say here is that if it came down to it and we were prepared by plugging all this shit together into each other now and developing interoperability between all of them now then if it did it wouldn't matter as much as it would if we didn't have all of this together. I wish I was the person that was able to string this up. I am not that smart.
But I guarantee you there's something here ham mesh networks noster bitcoin lightning network and e cash protocols all working together You've got something and you've got something that can't be stopped. Alright, let's see let's get into these last parts parts Cry havoc and let slip the lawyers of war. I can see something, brewing here. This is mutarum at, well, mutarum over on Noster. Mutar no. Mutatrum, says interesting development in a Dutch legal battle of someone who was encouraged by his bank to sell his company's BTC holdings under the threat of closing his account.
And he gives a full, he gives the article in the form of a big big ass, let me try and say, screenshot. And it says, star wars fan sues Rabobank over forced bitcoin sale and the author is Tim Camp but I don't know what the publication is so again grain of salt action but here's what it says Paul Verger, founder of software company, Decos and an avid Star Wars fan is involved in a long running legal battle with Rabobank. The conflict started back in 2019 when Rabobank, as Deccos' house banker demanded that the company sell its, get this, 95 Bitcoin.
Somebody do the math. What it was 95 Bitcoin worth in 2019? Let's continue. If he didn't, the bank was going to terminate the business relationship immediately. The bank pointed out the risks associated with crypto and gave Virger only 3 months to comply with the demand. The coins were sold with a heavy heart, but not without opposition. For 5 years, the 2 have been involved in a heated battle for compensation for lost profits. See where this is going? I do. It was not so strange that Nordgewick based Decos delved into cryptocurrency. His software background created interest in blockchain technology and even bitcoin mining. His company supplies software to social sectors including government, education, and healthcare.
Although the bitcoin price was worth around €95100 per coin at the time it seemed like a big loss for Decos to sell all of their crypto assets bitcoin was recovering from a price drop at the time With a value of around €900,000 it made up a large part of Decos' portfolio It would be a shame to sell, Verger concluded. But he had no choice Instead of accepting the bank's demands, Deckos decided to take up legal action after the sale. Although Verger and his team initially lost in court, they won on an appeal. Rabobank then took the next step in the legal process. It appealed to the Supreme Court.
After 5 years since the case was started, it is still in development. It now appears that the Supreme Court has been advised to reject Rabobank's appeal. This was announced week. This is of course good news for Virger since in most cases the Supreme Court follows such advice. If the Supreme Court indeed decides to reject the cessation request or the cassation request that would open the door to a substantial claim for damages from Verger and Decos the cryptocurrency has risen dramatically years after the start of the legal battle it is more than 500% that bitcoin has grown in all those years That increase which would have pushed the BTC value of decos to approximately €5,300,000 has now been missed by the Star Wars fanatic I don't know why they keep saying that but whatever It is assumed that Verger would not have sold his coins in the meantime.
Currently, both Dekos and Rabobank are awaiting final verdict of the supreme court. Paul Verger and his team hope that they will ultimately be proven right and that the damage they suffered by selling their Bitcoin will be compensated So here's why I'm bringing this to you today As the asset class that is Bitcoin becomes more and more mainstream becomes more and more accepted becomes more and more bouncing off of people's tongues then it will become more and more likely that banks who did things like this either forced the sale of bitcoin by somebody or closed the business accounts with people because of choke point 2.0 that had something to do with the business of cryptocurrency and or Bitcoin.
Right lawsuits are coming That's what I'm getting at class action size lawsuits are coming and they're not coming for you or me They're gonna go for the United States government They're gonna go for the heads of banks that did this. They're gonna go for people like Elizabeth Warren that forced this issue. They're gonna go for her captains, her co captains, her her street level sergeant enforcers like the fucking mob, and they're going to sue the fucking snot out of them. Will they learn their lesson? No, they won't. Because they can just print the money to pay these people. I know that sounds ludicrous and probably even a little naive, but the lawsuits are coming.
The precedents will be set. And every precedent that comes down saying that you shouldn't have forced a sale of this person's assets because you didn't like it is going to cause yet another lawsuit to be incurred. These are coming. They're gonna come rapidly. And if you had if you're listening to me for whatever reason and you had something to do with for sale of or or close somebody's bank account because you didn't like Bitcoin, they're coming for you. And I cannot wait until they get a hold of you and rip you limb from limb now finally up I'll be go version 1.6.0 secondurity settings link handling support oh is I love I'll be go it is is just it's freaking stupendous.
So AlbiGo is a simple lightning mobile wallet interface for Bitcoin payments over the lightning network. It works well with AlbiHub or any other Nostra WalletConnect wallet service. It's available on Ios and Android. The Albi Go app provides a straightforward wallet interface for NWC enabled lightning wallets. The key features of Albi Go include a the simplest lightning interface, and I'm talking like 2 buttons. I'm serious, man. It does not get much simpler than this. The app makes it super easy to send and receive lightning payments, making it a top option for operating subaccounts created for your friends and family.
It's got a contact list and saves your most frequently used Lightning addresses for easy access. You can manage your Sats in one place. You can pick from 100 of fiat currencies for easier transactions and simpler accounting using their currency conversion. It has both dark and light themes. So what's new in version 1.6? Well, there's security settings. Users can now protect their wallet with biometrics, face unlock, PIN, etcetera. I'm pausing to say do not use biometrics. Please don't use them. Do not use face ID. Do not use thumbprints. Do not use your heart rate. Do not use an EEG or whatever the whatever these idiots want. Not not the go Albie guys. They're they're Albie guys are great. I'm talking to people like Bill Gates, Sam Altman, and whatever these these these what they what do they call? I can't it's like, there there's a name for them.
Singular singularitarians because they believe in the singularity. These people, they all need to be strung up by their thumbs, and please don't use your thumbs to activate or lock or unlock a damn thing. Use a pin. Okay? Link handling support. Lightning links and BIP 21 are now supported. Improved lnurl handling including fixed amount lnurls and lud9lnurl success actions are supported. Various bug fixes and improvements, toast styles, animations, decimal input for fiat, and more. So please go if you have any kind of lightning wallet connect or if you're an Albi hub user and you're not using Albi go, you're you really are missing out. It is one of the slickest most simple easily installable, yet cannot be taken out of the out of the, app store. Well, I guess they could take anything they want of the app store, but it's not like Wallet and Satoshi.
It does not itself handle any of your money. It connects to a thing that you set up to handle your money. In my case, I connected it to my Albie hub on my start 9 which means that as I'm using my iPhone the people at Apple cannot say that they want a third of the money or they're going to kick Albie Go off the thing because Albie Go itself doesn't handle any money you can think of it as a remote control for your TV you're not actually changing the channels on the remote control you're actually changing the channels on the television that you're watching you're just using the remote control so that you don't have to get up walk over the TV and change the channels yourself capiche got it okay that's it for this show that ends the week. It is Friday. Again, October 4, 2024.
It is now 10:31 AM. In 30 minutes, they're gonna release the number or they're gonna release the FOMAC minutes. That's going to change the tenor of the markets. Unless it's neutral. Unless all the analysts that listen to Jerome Powell say this is just neutral talk, then nothing will probably happen. But if for whatever reason he sounds hawkish, expect the markets to start going down for the weekend. If he says or sounds like he might be dovish, like maybe they'll do 35 basis points, not 50, but not 25, expect the markets to rise. Now that's how this is going to work. So but no matter what happens, keep keep it in your pants, go have a beer, Have a wonderful weekend, and I will see you on the other side.
This has been Bitcoin and and I'm your host, David Bennett. I hope you enjoyed today's episode and hope to see you again real soon. Have a great day.
Good morning. This is David Bennett, and this is Bitcoin and, a podcast where I try to find the edge effect between the worlds of Bitcoin, gaming, permaculture, podcasting, and education to gain a better understanding of all. Edge effect is a concept from ecology describing a greater diversity of life where the edges of 2 systems overlap. While species from either system can be found at the edge, it is important to note there are species in the overlap that exist in neither system, and that is what I seek to uncover. So join me in discovering the variety of things being created as Bitcoin rubs up against other systems. It is 9:27 AM Pacific Daylight Time. It's the 4th day of Dumptober.
Or is it October? Oh, I don't know. We're not gonna know until next week or the week after. Okay? Just understand that. Please understand that. We just got jobs report. The FOMAC minutes are gonna come out at 11 AM today sometime or at least 11 AM for me Pacific Daylight Time. Then there's some other numbers that are gonna come out. We'll talk about that. I promise. We'll we'll get to all the what happened with jobs report and all that. But you have to understand. There has never been an October that was an October until it was after 8th or 11th or like getting into like sort of kind of firmly into October before all of the October stuff would happen.
And there's no guarantee at all that that shit's gonna happen this time around too. I have some thoughts on that. I have some thoughts on this bullshit that's coming out for HBO and this endless search for satoshi. As if somehow or another some kind of magic being is going to be found and spells are going to be cast and wishes granted and lamps rubbed. I don't know what the hell these people are thinking. But I smell bullshit. I also smell crap when it comes to Ethereum. We've got some inflation things going on with that thing. And I the only reason I bring you shit coin news is to let you understand why it's a shit coin so all the new people understand not to get duped. Coinbase is in the news.
We've got Terra Wolf is in the news, and that's kinda disappointing. It happens though. It it it happens, and and it's going to be important moving forward into the future. Terawolf is a miner, and they are selling out of a major asset. We'll get to why and we'll get to what they're going into. They're not dying. They're not going bankrupt. They're just changing up the way that they go about stuff. I wanna talk a little bit about ham radio protocols, mesh network protocols. You'll understand more when I get to it. Albigo has got an update and then there's, well, there's one other thing I'll just let it be a surprise. But first, Vivek Sin is writing this one for Bitcoin Magazine.
No. No you won't find out who satoshi nakamoto is next week yeah I I agree we're never gonna know and good I don't want to know as a long time bitcoiner I had to roll my eyes when I saw hbo release a trailer for an upcoming documentary teasing the reveal of Satoshi's identity Oh joy, here we go again Speculation arose that it would reveal who is Satoshi Nakamoto After seeing many half baked attempts to unmask Satoshi over the years, I'm certain that this latest one will not prove definitive proof either. It's not going to provide it. It's not going to provide any proof at all. And if you've been in Bitcoin long enough, you know the drill. Someone claims they know or r satoshi theory starts swirling, but no convincing evidence ever materializes.
Inevitably, it ends with embarrassment for the accuser. We've been through this rodeo too many times now. With Bitcoin becoming a $1,200,000,000,000 asset class, the allure of outing satoshi is understandable. His stash alone is supposedly 1,100,000 BTC which is worth over $65,000,000,000 currently. I'm pausing. It's not understandable. I do not understand this. What do you think is going to happen if somebody successfully unmasks the actual Satoshi Nakamoto? Either the person or the original team. What do what is it that we want from this? What can we possibly desire?
What what gifts do you think would be bestowed upon us if such information was made public? And and we knew beyond a shadow of a doubt that that information was indeed correct. I don't get it. Is there anybody out there who can tell me give me a single case in which understanding exactly who satoshi Nakamoto as a person or a team was is there anything that it would give us that would do anything for us? Or would it be like, oh it's it's Bob from down the street. Yay. Now we know. Did I get richer? No. Did I get poorer? No. This makes no sense to me the only reason I believe people are doing this is to somehow or another they're reaching for straws to somehow discredit the entire Bitcoin system because these people have lost control. That's my take on it. But the unusual suspects like Adam Back and Hal Finney and Nick Szabo will likely be resurrected as prime candidates.
And the accused will again firmly deny those allegations. Our favorite Bitcoin historian, Pete Rizzo, already made $200 bets with Shinobi, Nicholas Frank, Nicholas and Frank, and I back I that back ends up named and denies it. And I that back ends up being named and denies it. Guys, work on your sentence structure. Holy shit. Yet, ideally, satoshi should remain anonymous as he clearly desired bitcoin succeeds on its merits of its decentralized design not based on any single personality unmasking satoshi risks undermining bitcoin's mystique and independence I disagree there That's me personally talking I disagree As Bitcoin grows into a global asset the stakes around identifying its creator rise exponentially The richest person on earth makes for an attractive bounty but the true proof remains elusive These periodic media frenzies claiming to crack the case produce great hype yet always disappoint They act as amateur sleuths following flawed hunches rather than impartial investigations seeking actual truth so I advise fellow bitcoiners to take next week's big reveal with a grain of salt it will likely be more sensationalism than substance repeating familiar theories that fall short of definitive evidence the only person who can conclusively prove they are satoshi is satoshi himself and until then the mystery continues as it should there are several things in this article that I agree with there's a couple of things that I disagree with I don't think I there's it it's not understandable why somebody would wanna do this just because there's 1,100,000 bitcoin worth $65,000,000,000 on the line. That that's not understandable. I don't wanna know. I don't care why would you what do you get out of it that's one thing the you know and the other thing is is that here at the end it says the only person that can conclusively prove they are satoshi is satoshi himself but fails to mention how It's easy.
The first bitcoin wallet to receive the very first amount of bitcoin if the person that controls that wallet signs a message from that wallet or and I will grant this any of the other first wallets created that we know are attributed to Satoshi Nakamoto. If any one of those wallets can sign a message saying I am Satoshi Nakamoto and my real name is Bob down the street you know and I live at whatever 515 up your ass avenue you know that's the only way there are there have been tens of people that have come out saying, I am Satoshi Nakamoto, or there's other tens of people that say that they know the guy. Remember that? I can't remember the the guy's name. I used to have him as a sound effect on the show. But he knows the guy, and Bitcoin's going to 0. He's some, like, I don't know, Latin American investor guy that wears it still wears a 3 piece suit. No. Seriously, like, tie, button down shirt, a full vest, a full, you know, coat over that. You know, like, he's got, like, a walk it a a pocket watch and a little chain. And he's like, oh, I don't know what his sixties or seventies or whatever. But he swears he knows the guy, and everybody's gonna be disappointed when it comes out. That was 5 years ago.
Yeah. That was 5, 6, maybe 7 years ago when he was saying that shit. No. He does not know the guy. And this is a dude that's, like, ostensibly a millionaire, has millions of followers across all kinds of media platforms, whether social platforms, radio shows, you name it. People know this guy's name except for me because I never gave a shit about him. That's why I forget his name. But a lot of people do give a shit about him. 100 of thousands of people do give a shit about this guy. He's one of these guys that gives investment seminars. He goes up on stage and he fires up the audience. He does all that shit. And then he says that Bitcoin's going to 0 because he knows the guy. Bullshit. He does not know the guy and neither does HBO.
But I'll tell you what we do know. Ethereum is a shitcoin. And as Josh O'Sullivan points out in this Cointelegraph article, Ethereum inflation rises and threatens the ultrasound money status, well according to a report let's read the report about a shit coin ethereum's inflation rate has surged to 0.74 percent raising concerns about its long held ultrasound money narrative according to Binance's October 2024 Monthly Market Insights Report. The research report indicated that the ether issuance rate is at its highest level in 2 years as reduced on chain activity and lower burn rates shift the asset's economic status.
The findings highlight a growing issue for the asset, which Vitalik Buterin cofounded. They cast doubt on the long held assumption that ETH can maintain its deflationary nature. Uh-huh. That's never been that's never been what I thought. I've always known that this is a shit coin. I've always known that it never has had a stable monetary program behind it. And I know that they can't account for how much ether is actually out there they never have been able to you can't even run a full node on this son of a bitch it's too big oh well whatever the rise of layer 2 solutions like Arbitrum and Optimism have substantially impacted the on chain activity of the Ethereum layer 1 blockchain.
These L2 networks process transactions off of the main net, lowering gas fees and, in turn, reduces the amount of ETH being burned through transaction fees. Ethereum improvement proposal 1559 introduced back in 2021 burns a portion of the transaction fees, but the reduced number of mainnet transactions has led to a decline in the volume of burned ETH. Speaking with Cointelegraph, a Binance spokesperson explained that the Dencun, d e n c u n, Dencun upgrade led to the increased adoption of lower fee l two solutions and slowed ETH supply burn rate. They added, quote, however, it's worth noting that Ethereum's inflation is still below 1%. Oh, joy. And this should not be seen as a negative outcome.
Yes. Yes. It is a negative outcome. Its inflationary pressures typically increase during periods of lower network activity, but can revert to a deflationary state when activity rises. So, let me get this straight. Your economic policy is that you're just waiting for activity to rise and fall yet you have no actual gating or things that trigger when activity rises and burns more ETH or lowers and more ETH is actually produced and burned. And it's okay that you have an inflation rate even though when ethereum first hit the market in 2015 it was actually supposed to follow the rules of bitcoin insofar as being us known a set amount of ethereum and that there was not to be an inflation rate and yet we've seen the economic policy of ethereum change and change and change and change and change it depends on how Vitalik is feeling when he wakes up that morning That's their economic policy. And anybody who gets into this you deserve what you get which is basically a declining curve against the value of Bitcoin for 4 years.
For 4 years if you've held bitcoin versus ethereum you've done well if you've held ethereum versus bitcoin you have not done well you have seen your value in terms of bitcoin decrease for 4 years this is just sad that people still think that this is a thing so ultrasound money oh yes that narrative is in question it positioned ETH as a deflationary currency but the whole idea is now questioned in the Binance report quote as l twos cannibalized network activity throughout the year further impacted by broader market conditions Transaction fees and consequently burned fees on Ethereum declined with September recording one of the lowest levels since the merge.
With ETH issuance now outpacing burning, mhmm, the net increase in the total supply has moved Ethereum further from its deflationary goal. On October 3rd, Buterin joined a community discussion on Twitter and expressed his support for reducing the minimum ETH deposit required for solo staking. Yes. That's right. Solo staking. Solo stakers run full nodes. Yeah. You need a huge computer to do that. Not any pleb can run an Ethereum full node. That's what I'm getting at. I can run a full Bitcoin node, and I've been doing it for years years years, and nothing has changed my ability to run that node on a Raspberry Pi 4. Okay? But if you wanna run a full I mean, a full blown Ethereum node good luck good luck okay so solo stakers run full nodes using private computer equipment without relying on third party services staking pools or centralized entities to function Currently, the requirement of locking up 32 ETH can deter wider participation on the network. But but in a monetary policy movement, that's what I'm calling it, ETH cofounder, the ETH cofounder of Vitalik Buterin, is supportive of dropping this number to 16 to 16 to 25 ETH to run a node.
Okay. So that was yeah. I I saw that, like, either yesterday or the day before. I can't remember when I saw the the thing, and I was just no. I'm not gonna it it has to be something like this where where I can truly dig into how stupid Ethereum actually is. Where where there's obvious proof that they're changing their monetary policy on a whim. That we already have that with the United States government, the Federal Reserve, the SEC, the European banks, central banks around the world, the BIS, the IMF, the World Bank, the UN, trilateral commission, for for Council of Foreign Relations, whatever.
Right? All these people, they all suck. Right? We know that they suck. There's never been a day that they haven't sucked ass. And here we have Ethereum that basically is just changing their economic policy every other day. Oh, it used to be 32, but now we're gonna make it 16 to, you know, to 25. You used to have to go to a pool. Now we're gonna make it to where you can do it individually. Do do these people have any plan at all? No. They don't. See, that's that's why when when I bring you shitcoin news, it is literally so that you understand just how bad this is.
What I just described to you should the hackles on the back of your neck should stand up. The fact that their their deflationary currency can become inflationary just due to the activity on the network, which they have no control over whatsoever. Maybe I decide to start using Ethereum tomorrow and use it heavily. And then a year after that, I just stop using it. So I let's say that I've made 10, you know, 10,000,000 transactions on Ethereum in a full year because I've got a full, you know, full blown set of businesses that are using it. And then I just decide, I don't like using Ethereum anymore, and I stop. And that one activity of that one person's decision because they have so much activity on this particular chain is able to actually convert ethereum from being a deflationary currency to an inflationary one and Vitalik Buterin has no control over that shit whatsoever because they never put any kind of gating in.
You know, for Bitcoin, the rules are set. The rules are in stone. The rules have never changed. And the only way to change those rules is to fork it like b s v, or b cash something there's been like several forks of bitcoin where they've changed the amount of issuance of bitcoin where they've they've raised the amount of bitcoin that can ever be done they've done all kinds of shit and none of them have worked they've all been failed experiments No matter no. I don't care if BCH right now has, like, a 300 or $500 price tag. It is a worthless pile of shit.
You know? BSV, even more of a pile of shit. Please stay away from them. They they they when they change policies like this nobody knows what's truly going on. And the only economic policy of any stability whatsoever there's only one place to find it and you know where that is that's bitcoin coinbase is going to delist non compliant stable coins in Europe as the mica deadline looms this is Mercia merchant from Decrypt. Crypto exchange Coinbase will delist stablecoins that fail to comply with the European Union's market in crypto assets regulation for customers in the European Economic Area by December 30th.
This move aligns with the EU's efforts to introduce tighter controls on crypto assets requiring stablecoin issuers to obtain e money authorization in at least one member state. Yes. If you're if you're realizing that that we've gone through this before from another outlet, this one just adds to it. And and also, it's good to have a reminder that you guys over there in the European Economic Activity Zone, you guys are if you're using any of these things, please understand this isn't going away. The only thing that is truly going away is your ability to deal to use the stable coins on Coinbase that Coinbase is going to delist. Okay? So now Coinbase is in the mix. We have some other people.
Now it's Coinbase's turn. That's why we're getting into this again. It's the same story, yet a different person is going to start delisting these coins. The new micro regulation takes effect by January 2025 and is part of a broader digital finance package aimed at standardizing the crypto landscape across the EU. Coinbase spokesperson told Decrypt that the exchange will provide details about a transition plan in November to help its European customers switch to compliant stablecoins, including including USDC and EURC.
I noticed that they didn't mention Tether. And that's pretty much all you need to know. So Coinbase is now in on the action. What this means and I can't remember if it was either Kraken or Binance was gonna delist, non compliant stablecoins in the European Economic Activity Zone last time we we spoke. This time, it's Coinbase. Please understand it's going to be every single one of the exchanges. Anybody that's doing any kind of regulated business in Europe is not going to be using your, I don't know whatever stable coin that they don't like you you're gonna have to punch out of that shit. Okay. So here before we get into the numbers of that we do in the middle of the show generally I want to, we need to quantify what's going on here because the United States had the jobs report.
So we added 254,000 jobs in September and the unemployment rate has dipped to 4.1 percent this has implications there's 2 things here one it's a lie don't believe them Don't trust them. These numbers will be revised. Most likely, they'll be revised downwards. They're doing it because November elections in the United States are coming up. They're saying everything's peachy because it's all Biden's fault that he's made the United States landscape of employment the best it's ever been, and it's all a lie. Understand that. I don't know if anybody else had been the president. I don't know if they would have been able to do any better. The amount of money that's been printed has completely destroyed everything that money touches. And as you know, money touches everything. The employment picture in the United States heated up in September with the government reporting the addition of a quarter 1000000 jobs last month flying past The Economist's estimates for just a 140,000.
And in addition, August's previously reported a 142,000 job gain was revised even higher to 159,000. I call bullshit again. Bitcoin was changing hands at 61,500 in volatile actions shortly following the release of the report and it's up nearly 1.5% over the past 24 hours. Prices remain sharply lower from week ago levels above 66,000 as an overbought market over the past 5 days got hit with some unwelcome macro news, including an escalation of the war in the Middle East. Quote, a robust US economy reduces uncertainty, particularly with the upcoming US elections. And this bodes well for Bitcoin removing one of the key risks looming over the market, said analyst James Van Stratton.
Checking other report details, average hourly earnings rose 0.4%, beating forecast of 0.3 and down from 0.5 a month earlier. On a year over year basis, average hourly were earnings were higher by 4% versus estimates for 3.8 and August's 3.9. And let's see here. Let me get to the oh, here we go. This is the one that this is the most important one. Prior to this morning's number, short term rate markets had priced only a 30 percent chance of a 50 basis point move from the federal reserve and a 70 percent chance of an a 25 basis point cut according to CME FedWatch. In the minutes after the data, those 50 basis point ads had tumbled to 11%.
Right. Why. Okay. They were never going to cut another 50% or another 50 basis points. Now that's my gut feeling. They were gonna do 2 more at 25. Right? Two more cuts until the end of the year, and they were gonna do 25, like, in November and probably 25 in, like, the end of December or whatever. I can't remember exactly when it when that comes up. I'm just saying that they had 2 rate cuts and they were probably gonna be 25 basis points each. One person or a few analysts were saying that there was gonna be another 50 basis point cut this next Fed meeting, which I disagreed with. And it wasn't just an analyst too. It was one of the Federal Reserve governors, and I can't remember where it was where they were. I it's one of the one of the Federal Reserve Banks that that make up the Federal Reserve in total, but he or she was saying that they they'd be okay with a 50 basis point cut.
So that's not an analysis, but that's how they telegraph what they're kind of, you know, that what could be possible. Well, that's over now because we've got more jobs. So what they're saying is that they've got inflation under control and that their mandate of full employment is coming true. They've they're they've they're doing it. They're they're getting the job done. And they were able to do it with all the tools that they had at their, you know, at their fingertips, and now they're only going to cut 25 basis points. What I suspect is even though that I pretty much presume that these numbers are completely false and that they're just cooking the books because they wanna get the Harris administration into the White House because everybody is bought and paid for by these people.
Whether you're in the media or in government, you are bought and paid for by that party. I'm sorry, but it's true. I mean, it's like it's almost impressive how the how the Democrats really just they just go for the throat. They really do. They're better at it than the Republicans are. I mean and they have been for a very, very, very long time. And I don't mean better I mean, they're they're better communists, but they're better socialists. And I know this is gonna piss a lot of the people off that are listening to me if you are a democrat. But I'm sorry, but your policies suck.
What what y'all what y'all don't suck at is being able to control narratives because you've been able to put operatives into every position that matters in the United States and I dare say in the world when it comes to getting your message out there. You guys are wonderful marketers. I will never ever ever speak badly about your your y'all's marketing skills because honestly you're basically trashing everybody. But your policies suck. It just it just does. And, no, I'm not saying that the Republicans are that much better, but, honestly, I need people to stop stealing my money. That's all I want. I don't care what color team you play for. Blue, red, purple, yellow, green. I don't fucking care. I need you to stop stealing from me so that I can get on with the business of life.
I would have been able to create so much more stuff had I not been giving you 30% of all of my shit for my entire life I'm sorry man but this taking of the money and this threat from Harris about unrealized cap gains. I'm sorry, but that woman needs to be dragged out into the street just for saying that. Just for thinking it. It's disgusting. Everything about that is wrong. And this whole notion, if they could just get the billionaires to pay their fair share, bullshit. They wrote the fucking tax code in conjunction with both red and blue players over the last 70 years. And if you don't understand that, then you literally should not be voting.
You shouldn't be saying anything about politics at all. You're the guy that that actually thinks that Obama and Bush don't get along. They do. They're good friends and so does Clinton. They get along. The Bushes and the Clintons, the Obamas, soon you know, like, the Trump is the only family that doesn't get along with any of them. Of course, they didn't get along. They only get along with people that actually wanna do some fucking business, I guess. I don't know. But Harris' family will probably be in there. Biden's family, they've been in politics forever and ever and ever. If you think these people don't glad hand each other and how they've been fucking the American people for decades decades and basically just stealing our wealth in a legal form and fashion that they helped create with the with the help of other businessmen, then you don't know what's going on they are the billionaires are never gonna pay their fair share because it's legal for them not to and they had help doing that by both the red and the blue camps that's just fact There's nothing that you can say about that. That's just the way this shit has been rolled.
And the only way that the plebs of the nation, the pleb nation is going to get our sovereignty back is to, well, somehow or another ignore these people. Yeah. I don't know how to stop paying taxes, so I'm not gonna give anybody any ideas on how to stop this. But if we could stop paying if the states of the United States would secede from the nation so that we could rebuild the federal government again. Because, like, think what happens if all 50 states say, you know what? We're done with the federal government, and they all secede at the same time, and then there's just this major meeting of the governors of those states. And they have a constitutional convention where the constitution of the United States is basically reconstituted, except it doesn't include anybody in the federal government. They're all basically fired.
Then the nation could actually be rebuilt as the United States of America, not even 2.0, just the United States of America. And the only thing that would have happened is that we would have been able to eject the federal government. Yet since all the military assets of the United States military exist in all 50 states, then the governors end up seizing control of the military. And then as the new republic is actually rebuilt from the ground up at a some kind of reconstitutional constitutional convention, then we get to have a new federal government that is that hopefully, and it probably wouldn't, but at least for the 1st 10, maybe 20 years, it would abide by the constitution and keep its nose out of the business that it's supposed to keep its nose out of. That's, honestly, that's the only way that I see this shit happening.
And if that were to happen, there would probably be a lot of bloodshed. And I just I don't like that thought. I really don't. Let's run the numbers. CNBC Futures and Commodities. Oil still rising today. 1.85 percent to the upside for West Texas Intermediate. Chilling out at $75 a barrel. Brent Norce up 1 and a half to 78.82. Natural gas, now natural gas is doing what it always does. It's down almost 4 points. Gasoline is up 0.62 percent to $2 and 10¢ a gallon. Shiny Metal Rocks having a bad day. Gold, essentially leading the pack down a half point to 2,666 numbers of the beast.
Silver is down but scant. Platinum is down 0.3%. Copper is up and is the only one that is up. Half a point, palladium is down 0.21%. Biggest winner today in ag is gonna be rough rice, point 5 9% to the upside. Biggest loser is wheat, 2 and a half to the downside. Live cattle up 0.16%. Lean hogs down 0.16%. Feeder cattle are up a third. The Dow is up a half a point because of the jobs numbers now that we got that under our belt. S and P is up a half a point. Nasdaq is up almost a full point, and the S and P Mini is up almost a full point. And Bitcoin is up slightly too. We're back up into the 1.2 $3,000,000,000,000 market cap range at a price of 62,230.
You can get 23.3 ounces of shiny metal rocks with your 1 Bitcoin of which there are 19,707 no. 762,000 746.11 of and fees have dropped again. 0.04 BTC taken in fees on average on a per block basis, and there are in fact 85 blocks. That was a good year, 1985. Now we've got a 154,000 unconfirmed transactions. High priority gonna get you out at 5 satoshas per v byte. Low priority is gonna get you out at 4. Now hash rate has increased to 718 xahashes per second. Nice. Sweet. Love seeing it. But we're gonna get some news out of Terra Wolf later that, well, we'll get there. From 4Q, yesterday's episode of Bitcoin. And, I need to make a statement about yesterday's episode.
I spent quite a bit of time on the Noster Booth initiative. I told you about their geyser fund. I told you about Tonja. I told you about Derek Ross. I told you about the that they wanted the Nosterbooth and all these different Bitcoin conferences. So I put my money where my mouth is. For anybody that streams Satoshis while you're listening to yesterday's episode called 4Q, 49% of those streaming sats will go directly to the Nostra Booth initiative, care of Derek Ross, and a, input well, not an input, a lightning network, public address that he gave me, and it seems to be working. If you boost yesterday's show entitled 4Q Derek Ross and well the Nostra Booth Initiative will get 49% of those sats.
Generally speaking I split half and halfsies of the entire episode yesterday Not just the part. I could have done a time split where it's only during the part where I'm talking about the Nostra thing, but no. No. No. No. I think it was important to have an outlet for other people to see the power of how value for value works. How podcasters and the rest of I you know, I was I'm gonna say talent. Not I'm not saying that I'm talented. I'm just saying that I'm part of the talent pool when it comes to bitcoin. That when we do things like this it enables people like you who are listening to the show not only to support us with your value if you think that what I'm giving you is valuable then donate to the show.
Stream satoshis. Give me huge fat boost and and and say something like, say happy birthday to your wife or something like that. I will read it on the show. But when you do things like that, when when I make a cut in the podcast, it doesn't matter where those satoshis are coming from as long as you're listening to that episode of the Bitcoin and podcast, that episode's name is 4Q, it came out yesterday, then the Nostra Booth Initiative is gonna get half of everything that you donate to the show everything that you donate to the show during that episode is going to the Nostra Booth Initiative This is an this is an important aspect of the value for value ecosystem.
Because I can make a decision. Yes, I know. It's like one of these days, see, let's say that I do let's say I do a podcast about the how abortion is fucking cool and everybody should do it. And you go, man, not only am I not listening to that episode, I'm never listening to you again. I would I I can I understand? But let's say that I do a whole episode on abortion, something that's just politically charged, definitely can divide classes and, you know, polarize people. I mean, the whole ball. And then I say that half of every satoshi that you give to that particular episode is gonna go to planned parenthood. Well, you get to make the decision to not list not only not listen to that show, you get to make the decision never to listen to my podcast again any episode. And therefore, you will definitely not be risking any of your sats going to a place that you do not want your sats going to.
Right? So even if I make a decision seemingly for you without your permission, you can come back and basically say, no. They're never getting my money because I'm never I might listen to the episode, but I'm certainly not going to stream you satoshis, and I sure as hell ain't gonna boost you. So you we get to make this decision together as to whether or not you feel it's imperative that some of your satoshis go to the Nostr Booth initiative. If you wanna see Nostr, get a booth at a whole bunch of these different bitcoin conferences, then donate to yesterday's show. Donate heavily.
Show the people over at the Nostra Booth Initiative how much you love them by just midstreaming me satoshis of which they're gonna get basically half of. Alright? Alright. With all that said, ask the weather report. Oh, man. I was so up on my soapbox there. I forgot to read the, actual boost from god's death. 537 says, thank you, sir. No, thank you. Pies to play at 420. Thank you, sir. No, thank you. Wartime with 333 says, cheers. Fade 165 and a whole bunch of numbers and letters with 333 sat says, not giving up sushi. I don't blame you bro. Agrishote with a 100 says love the cover. I did too. I thought that was a good cover. And fade 16512 with a bunch of numbers and letters basically just boost my episode.
Not boost it, but basically re, notes it on nostril, and I can see that actually directly here in fountain.fm. Now the Terra Wolf news. Here we go. Terra Wolf sells $92,000,000 stake in the nuclear powered Bitcoin mine to fund its AI diversification. James Hunt, the block. Oh, boy. Bitcoin miner, Terra Wolf, has sold its 25% equity interest in a nuclear powered Bitcoin mining facility for 92,000,000 as it seeks to fund the expansion of its high performance compute and AI data center hosting services. Terra Wolf's stake in the Nautilus crypto mine joint venture located near the Susquehanna nuclear power plant in Pennsylvania was sold to its partner, a subsidiary of Talen Energy Corporation.
Completion of the sale resulted in a 3.4x return on Tera Wolf's investment. Wow. Pretty good. Not bad, dude. Not bad. The deal consists of 85,000,000 in cash and 30,000 Talon contributed Bitcoin miners and associated equipment valued at $7,000,000. Terrell Wolf said. Oh, that's what Terrell said they got. Okay. The firm intends to reinvest the capital into construction of its wholly owned flagship Lake Mariner facility in New York, which is designed for hosting high performance compute and AI as well as Bitcoin mining operations. I don't know how that's gonna work in New York because New York hates Bitcoin. Terawolf recently completed a 2 megawatt HPCAI proof of concept project at the Lake Mariner facility designed to support current and next generation GPU technology.
It is also constructing a 20 megawatt liquid cooled colocation building at the site expected to be operational by the Q1 of this coming year. The decision to monetize its stake in the Nautilus mine comes ahead of the expiration of a power contract and ground based lease in June of 2027 as the firm aims to take advantage of superior cost efficiency and lower expected future energy prices at Lake Mariner. This transaction further aligns Terrawolf's focus on investments with and investments with where we have the most operational efficiency, the greatest growth potential, and the best opportunity to drive incremental value for shareholders. Terrawolf CEO Paul Prager said, Looking ahead, we are focused on ensuring Terawolf is best positioned to benefit from the growing demand for HPC and AI by meeting the needs of high quality customers who are looking for power availability and infrastructure that can meet their substantial requirements over the long term.
So there you go. That's all we really need to say is that Terra Wolf, which has been around for a very long time, they're still gonna be doing Bitcoin mining, but it looks to me like we're seeing a shift and it makes sense that it would be the Bitcoin miners because they are very well positioned. They have a lot they have a lot of experience in getting power racking computer units, networking, power distribution. And when I mean power distribution I mean like inside of a, you know, a hosting facility, cooling issues. They've got it all.
These guys have been doing this shit for so long that it would it would actually bug me if they didn't go this direction because they would be leaving money on the table. But the rest of us, people in Bitcoin, are going to have to come to terms with the fact that this diversification is coming for all Bitcoin mining. If somebody is a substantial Bitcoin miner that has a whole bunch of racked Antminers cranking out hash power they are going to go to high performance compute and ai. They'll let Amazon and the rest of these bozos do storage facilities, but these guys are going to make a fucking killing.
No matter what they do, they're going to make a killing. And bitcoin is gonna continuously be operational in the background and some of it but actually most of it will probably be for profit. But I could see a situation where if you're a small enough miner, you could just sell the Bitcoin that you get on a third of your operation and fund the the entirety of your operations, which means that everything that you're getting from the HPC and AI is just pure gravy. And you're just letting Bitcoin subsidize the entire operation. Don't think that that won't happen.
There in fact, it will it would surprise me. It would definitely surprise me if there wasn't, like, you know, a couple of different flavors of this. Bitcoin miners that save their Bitcoin on their balance sheet and use the money generated from HPC and AI to pay for the entire operation, and then they get to keep the BTC. There will be other miners that sell the mined BTC to fund the entire operation and just exist solely on cash. You're we're gonna have to just come to grips with that. Right? And Terrawolf is proof positive that that thing is happening. Okay.
So there's this thing. This is we're switching gears to ham radio. But it's not just about ham. I am not a ham. Okay? I do not have my license for ham radio. So just understand that. I know next to nothing about ham other than that it is, well, the ability to send and receive radio messages. And depending on how good you are at physics and being able to do things like bounce signals off of atmospheric conditions, you can get on very low power a long, long, long way away. And if you're really good, you can go beyond the curvature of the earth. And I'm saying that that that that happens.
People that are that good can do that. But ham radio is a communication. It is a it is a communicate it's a I don't want to say protocol, although protocols are clearly involved, but it's basically communication over radio waves. Right? Using power, you know, at megahertz frequencies. Right? Okay. So so it's a physical protocol. That's I think that's what I should say. It's like it's it it uses physics, a physical protocol, to be able to communicate messages and slight data. I mean, it won't take a lot of data, but it will take slight data over the curvature of the earth without the need for, you know, the internet.
Or phone lines. Or anything. Any hard line, whether optical or copper or what have you. It doesn't need it. And if you're really, really good at what you do as a ham operator, you can go over the curvature of the earth. Okay? So, now There is this thing called ham radio Helene chat in the HRCC discord. So while this Helene thing is going on, there's a bunch of ham radio operators that are doing what they need to do. They're trying to make sure that people are in communication with each other. If like it's I don't know. It's like sort of like if you're not a ham operator, but you but you know somebody who is and you go to them and say, hey, I found this old lady. She's sitting on the roof of her, you know, of her, house over here. It gives the location.
Then the ham op you know, ham radio operator is able to get that information out to the rest of the ham network and then somebody somewhere will go get her. And that's what they're doing out there in the Asheville or was it Asheville area in North Carolina and I think it was at Eastern, yeah, Eastern Tennessee and because there's a lot of problems going on. The communications are completely destroyed. Yet, communications are not completely destroyed when it comes to ham radio. So, there's this thing called where is I wanna get to it. I've I've got their discord up right here and it is the ham radio crash course discord channel.
And it is very extensive. There's a lot of people in this thing. And there are many separate rooms that you can go into like ham radio, help with ham, help with antennas, flying a space radio, I mean like high frequency net, testing questions. There's all manner of things like if you this seems to me like if you want to get into ham radio. If you want to start talking to people that know how to do this, and you don't know even how to start or or what to do, I highly recommend or at least well, I I can't really recommend it because I don't really know it. All I'm looking at is a bunch of people that seem to know what they're doing.
And if you want to talk to people about ham radio that seem to know what they're doing, well, this would looks to me to be it. I will have these, this discord as its own separate URL in the show notes, so that you can go to it directly. But there's a couple things that I want to say here. And I sent this out as a note earlier today. And I said, you know, I was like, I basically said, took this note from HR 4 BTC, a k a ham radio. Let me see what this who this is so that you know who this this person is. I just don't like to not give attribution here. H r 4 BTC aka ham radio for bitcoin is the noster.
Is his noster handle. So that said, I re noted his original thing where he says there's a ham radio Helene chat in the HRCC discord and then he gives the the channel for that discord which takes you to the discord. Alright. So there's him, But here's what I said: that this is probably good to know. And then I give a list. Ham, mesh networks, the nostril protocol, the Bitcoin Protocol the Lightning Network Protocol E Cash Protocol and then I say plug all of these lightweight protocols and that's that's the operative word here. The operative phrase is lightweight protocols plug all of these lightweight protocols into each other and develop interoperability between them and the world can forget about those who wish to subdue us I would love to launch into an hour long show on how it is that I see this working but I just wanted to present this here to you to your imagination.
Think about the use of ham radio mesh networks the Nostra protocol, the Bitcoin protocol, e cash, lightning network because all of these are lightweight protocols and what I mean by that is that the signaling between all these things there has already been a ham radio full on chain bitcoin transaction that was done years ago between Adam Curry and Rodolfo Novak of coin kite. Yes. They sent a bitcoin transaction, not a lightning transaction, not an e cash transaction, a full blown on chain bitcoin transaction and they sent all the information that they needed between each other over ham radio.
Do the same with Noster. Plug mesh networks into this into this system. The lightning network invoicing bolt 12, bolt 11s, you name it. These are all lightweight amounts of information all of which can be sent over mesh networks in ham. E cash, same thing. I would rather not have a situation where I can't access the Internet. What I'm trying to say here is that if it came down to it and we were prepared by plugging all this shit together into each other now and developing interoperability between all of them now then if it did it wouldn't matter as much as it would if we didn't have all of this together. I wish I was the person that was able to string this up. I am not that smart.
But I guarantee you there's something here ham mesh networks noster bitcoin lightning network and e cash protocols all working together You've got something and you've got something that can't be stopped. Alright, let's see let's get into these last parts parts Cry havoc and let slip the lawyers of war. I can see something, brewing here. This is mutarum at, well, mutarum over on Noster. Mutar no. Mutatrum, says interesting development in a Dutch legal battle of someone who was encouraged by his bank to sell his company's BTC holdings under the threat of closing his account.
And he gives a full, he gives the article in the form of a big big ass, let me try and say, screenshot. And it says, star wars fan sues Rabobank over forced bitcoin sale and the author is Tim Camp but I don't know what the publication is so again grain of salt action but here's what it says Paul Verger, founder of software company, Decos and an avid Star Wars fan is involved in a long running legal battle with Rabobank. The conflict started back in 2019 when Rabobank, as Deccos' house banker demanded that the company sell its, get this, 95 Bitcoin.
Somebody do the math. What it was 95 Bitcoin worth in 2019? Let's continue. If he didn't, the bank was going to terminate the business relationship immediately. The bank pointed out the risks associated with crypto and gave Virger only 3 months to comply with the demand. The coins were sold with a heavy heart, but not without opposition. For 5 years, the 2 have been involved in a heated battle for compensation for lost profits. See where this is going? I do. It was not so strange that Nordgewick based Decos delved into cryptocurrency. His software background created interest in blockchain technology and even bitcoin mining. His company supplies software to social sectors including government, education, and healthcare.
Although the bitcoin price was worth around €95100 per coin at the time it seemed like a big loss for Decos to sell all of their crypto assets bitcoin was recovering from a price drop at the time With a value of around €900,000 it made up a large part of Decos' portfolio It would be a shame to sell, Verger concluded. But he had no choice Instead of accepting the bank's demands, Deckos decided to take up legal action after the sale. Although Verger and his team initially lost in court, they won on an appeal. Rabobank then took the next step in the legal process. It appealed to the Supreme Court.
After 5 years since the case was started, it is still in development. It now appears that the Supreme Court has been advised to reject Rabobank's appeal. This was announced week. This is of course good news for Virger since in most cases the Supreme Court follows such advice. If the Supreme Court indeed decides to reject the cessation request or the cassation request that would open the door to a substantial claim for damages from Verger and Decos the cryptocurrency has risen dramatically years after the start of the legal battle it is more than 500% that bitcoin has grown in all those years That increase which would have pushed the BTC value of decos to approximately €5,300,000 has now been missed by the Star Wars fanatic I don't know why they keep saying that but whatever It is assumed that Verger would not have sold his coins in the meantime.
Currently, both Dekos and Rabobank are awaiting final verdict of the supreme court. Paul Verger and his team hope that they will ultimately be proven right and that the damage they suffered by selling their Bitcoin will be compensated So here's why I'm bringing this to you today As the asset class that is Bitcoin becomes more and more mainstream becomes more and more accepted becomes more and more bouncing off of people's tongues then it will become more and more likely that banks who did things like this either forced the sale of bitcoin by somebody or closed the business accounts with people because of choke point 2.0 that had something to do with the business of cryptocurrency and or Bitcoin.
Right lawsuits are coming That's what I'm getting at class action size lawsuits are coming and they're not coming for you or me They're gonna go for the United States government They're gonna go for the heads of banks that did this. They're gonna go for people like Elizabeth Warren that forced this issue. They're gonna go for her captains, her co captains, her her street level sergeant enforcers like the fucking mob, and they're going to sue the fucking snot out of them. Will they learn their lesson? No, they won't. Because they can just print the money to pay these people. I know that sounds ludicrous and probably even a little naive, but the lawsuits are coming.
The precedents will be set. And every precedent that comes down saying that you shouldn't have forced a sale of this person's assets because you didn't like it is going to cause yet another lawsuit to be incurred. These are coming. They're gonna come rapidly. And if you had if you're listening to me for whatever reason and you had something to do with for sale of or or close somebody's bank account because you didn't like Bitcoin, they're coming for you. And I cannot wait until they get a hold of you and rip you limb from limb now finally up I'll be go version 1.6.0 secondurity settings link handling support oh is I love I'll be go it is is just it's freaking stupendous.
So AlbiGo is a simple lightning mobile wallet interface for Bitcoin payments over the lightning network. It works well with AlbiHub or any other Nostra WalletConnect wallet service. It's available on Ios and Android. The Albi Go app provides a straightforward wallet interface for NWC enabled lightning wallets. The key features of Albi Go include a the simplest lightning interface, and I'm talking like 2 buttons. I'm serious, man. It does not get much simpler than this. The app makes it super easy to send and receive lightning payments, making it a top option for operating subaccounts created for your friends and family.
It's got a contact list and saves your most frequently used Lightning addresses for easy access. You can manage your Sats in one place. You can pick from 100 of fiat currencies for easier transactions and simpler accounting using their currency conversion. It has both dark and light themes. So what's new in version 1.6? Well, there's security settings. Users can now protect their wallet with biometrics, face unlock, PIN, etcetera. I'm pausing to say do not use biometrics. Please don't use them. Do not use face ID. Do not use thumbprints. Do not use your heart rate. Do not use an EEG or whatever the whatever these idiots want. Not not the go Albie guys. They're they're Albie guys are great. I'm talking to people like Bill Gates, Sam Altman, and whatever these these these what they what do they call? I can't it's like, there there's a name for them.
Singular singularitarians because they believe in the singularity. These people, they all need to be strung up by their thumbs, and please don't use your thumbs to activate or lock or unlock a damn thing. Use a pin. Okay? Link handling support. Lightning links and BIP 21 are now supported. Improved lnurl handling including fixed amount lnurls and lud9lnurl success actions are supported. Various bug fixes and improvements, toast styles, animations, decimal input for fiat, and more. So please go if you have any kind of lightning wallet connect or if you're an Albi hub user and you're not using Albi go, you're you really are missing out. It is one of the slickest most simple easily installable, yet cannot be taken out of the out of the, app store. Well, I guess they could take anything they want of the app store, but it's not like Wallet and Satoshi.
It does not itself handle any of your money. It connects to a thing that you set up to handle your money. In my case, I connected it to my Albie hub on my start 9 which means that as I'm using my iPhone the people at Apple cannot say that they want a third of the money or they're going to kick Albie Go off the thing because Albie Go itself doesn't handle any money you can think of it as a remote control for your TV you're not actually changing the channels on the remote control you're actually changing the channels on the television that you're watching you're just using the remote control so that you don't have to get up walk over the TV and change the channels yourself capiche got it okay that's it for this show that ends the week. It is Friday. Again, October 4, 2024.
It is now 10:31 AM. In 30 minutes, they're gonna release the number or they're gonna release the FOMAC minutes. That's going to change the tenor of the markets. Unless it's neutral. Unless all the analysts that listen to Jerome Powell say this is just neutral talk, then nothing will probably happen. But if for whatever reason he sounds hawkish, expect the markets to start going down for the weekend. If he says or sounds like he might be dovish, like maybe they'll do 35 basis points, not 50, but not 25, expect the markets to rise. Now that's how this is going to work. So but no matter what happens, keep keep it in your pants, go have a beer, Have a wonderful weekend, and I will see you on the other side.
This has been Bitcoin and and I'm your host, David Bennett. I hope you enjoyed today's episode and hope to see you again real soon. Have a great day.
