Join me today for Episode 980 of Bitcoin And . . .
Topics for today:
- Saylor Backpedaling
- Stop Freaking Out Over Denmark
- Cash is King of Terror Financing
- Bitcoin Core Development Funding Low: Good!
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[00:00:00]
David Bennett:
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 9:23 AM Pacific Daylight Time. It's the 24th day of October 2024, and this is episode 980 of Bitcoin. And we're 20 episodes away from the big one thousand.
Still have no idea if I'm going to do anything for that or not. It's just, you know, it's one of those things where if I had all the money and time in the world, I would like set something up. But I just don't I just don't think I'm going to be able to throw a party or something like that. It's just, you know, it's a small show. It's not huge. So we do what we can over here at Bitcoin. And today's, episode is entitled Denmark. What did it what exactly did I name Oh, yes. Denmark done with life. We're gonna talk about the Denmark news. I don't want I want people to stop losing their ever loving minds about this Denmark thing. Alright. Just just relax.
Okay. Just relax. I saw a lot of people losing their shit all over the place yesterday about this Denmark news. And if you don't know what it is, consider yourself lucky and then consider yourself unlucky because we're gonna get into it. However, again, just stop losing your minds over this. I want to say a few words about the Ethereum and or ETH BTC price pair. Alright? There's there's some some things going on. I keep seeing a pattern. And I can't put my finger on exactly how it works but I want to talk about that so we will a little bit later and then we've got some, news out of the rage. Lowell Elites is tackling some of the things that are coming out of FinCEN And, of course, we've got the, apology by Michael Saylor, which is what we're going to start with today. Martin Young, Cointelegraph.
Michael Saylor reverses remarks on self custody after backlash. Quote, I support self custody for those willing and able, Saylor said in a new post after encouraging big bank custody in an interview earlier this week. Well, MicroStrategy founder Michael Saylor backpedaled on his comment that big banks should take custody of Bitcoin following a torrent of backlash from the crypto community. Quote, I support self custody for those willing and able, the right to self custody for all, and freedom to choose the form of custody and custodian for individuals and institutions globally, Saylor declared on a Twitter post.
Now, Saylor had been taking heat from the community, including Ethereum cofounder, Vitalik Buterin, after calling out paranoid crypto anarchists in a recent interview. At the same time, he suggested that bitcoin holders should trust their assets to quote too big to fail banks that are engineered to be custodians of financial assets quote Bitcoin benefits from all forms of investment by all types of entities and should be welcome to everyone, Saylor added as part of his apparent redemption post on Twitter. Van Eck adviser Gabor Gerbacs responded saying, this shouldn't be a controversial position just common sense.
Dash Marketer Joel Valenzuela said it was capitulation adding that Sailor showed his true colors. The October 21 interview sparked debate about self custody but also enraged Bitcoiners such as Samson Moe who mocked the cryptoanarchist label On 23rd Max Kiser said the recent comments attacking self custody demonstrates a regressive tendency to favor the legacy centralized banking crooks that Bitcoin fixes on 23rd the CEO of hardware wallet manufacturer Ledger Pascal Gauthier told Cointelegraph, quote, there is no crypto without self custody, so it's a bit of a moot point if all coins go to an ETF or to an exchange while plugging his products at a blockchain event in Dubai.
Still, this method of self custody doesn't come without risk as the company was hacked in 2020 resulting in massive data breaches and 100 of thousands of ledgers, customers' personal details being sold on the dark web, leading to a wave of phishing attacks that is still going on today. Well, okay. That little a little bit of an aside on the ledger front. But yeah. So Mike decided to walk back all of his or his comments. And this sort of is kinda what I figured. I didn't figure that this would happen. I didn't think that he would do it this way. What I was saying yesterday was that I think Mike was basically saying that for himself and for other people that are so steeped in the tea of financial institutions and legacy financial institutions at that that he doesn't have any other way of thinking about it there's no way that this guy who has built himself into a billionaire on the back of this company that he's had for I don't know how many decades all of his financing everything that he's used to every sheet of paper every contract every lawyer he's talked to every banker he's talked to how how can you think differently we thought he was thinking differently simply because he bought Bitcoin but it's very clear that he just looks at Bitcoin as a different kind of asset class Sure, he's got some of the chops. He's got some of the walk. He's even got some of the talk.
But you got to understand where the guy's coming from. If you were taught nothing but arithmetic in school, nothing but how to add how to subtract how to divide and how to multiply and that person went on for 30 years thinking that no other kind of mathematics existed and then one day discovered calculus do you think that that person would be really in tune with grasping the fundamentals of mathematics in motion which in my view is what calculus is it's algebra that is actually moving so you got arithmetic to get to calculus you got to go through algebra if you only know arithmetic how good are how good do you think somebody is going to be able to be at mastering something like calculus?
It doesn't mean that he's stupid. He's not. I'm just saying all he's ever had was arithmetic. None of us actually wanted to learn that bullshit. That's why we're all hardcore Bitcoiners. But it doesn't matter because what what's being demonstrated here is that the, God, I hate to say it, the community has enough power that he understood that he made a very serious boo boo. And he's basically saying, for me, I want somebody else to custody my shit because I don't understand algebra and calculus. Hey, Mike. That's fine. But when you suggest to other people that they should follow suit or you don't make it very clear to them that they should be able to choose whatever the hell they want to do, you're always going to get pushback like this. Now think of think of the final thing. You're in an interview.
You've been doing interviews for for years. Every interview is different. Every time you get interviewed, it's always different. Every time you get interviewed, there's always a chance that you're not thinking very clearly, that you don't add what you should have added. And I honestly think that that's what Mike did. I think he just fumbled the football on the 20 yard line and forgot to say, by the way, this is just the way I feel about it. If you want a self custody, go ahead. Go ahead. You know? That's all that he really needed to say, and none of this would have happened. However, it is all bullshit, and nobody should think about it any further, which is why we're moving on to Meta Planet. And this is from the bitcoinistdot com, written by Christian Insula, I think, is how you pronounce it. Meta Planet secures 10,000,000,000 yen for bitcoin acquisition in a bold move. It's a bold move, Cotton. Let's see how it plays out. Once again making news, Meta Planet Incorporated, also known as Asia's MicroStrategy, raised 10,000,000,000 yen, which is about $68,000,000 US, due to a recent stock sale.
And the goal of this significant investment is to support its aggressive bitcoin acquisition strategy. Similar to the tactics of well known companies like MicroStrategy, the move comes as the company keeps positioning itself as a key player in the cryptocurrency sector. With more than 13,000 individual shareholders taking part, Meta Planet announced on October 22nd that it had successfully finished its 11th round of stock acquisition rights. This money will go towards buying more bitcoin so that the company can expand its already considerable holdings. Meta Planet share price immediately dropped by 5.85 percent in spite of the successful funding, which was indicative of some markets instability amid shifting bitcoin values. Quote, with this financing, we can continue to strengthen our bitcoin reserves and provide our investors a hedge against Japan's economic economic troubles, CEO Simon Gurevich said in a statement underscoring the significance of the funding.
Well, since earlier this year, the company has been actively buying Bitcoin because it sees it as a strategic asset that can help cut the risks brought on by the yen's decline. Meta Planet has already shown success with its most recent acquisition strategy only a few weeks ago. The company paid 1,000,000,000 yen which is about $6,700,000 to acquire an extra 107.9 BTC increasing its total holdings to 855 Due to MicroStrategy s unique approach to cryptocurrency investing, this aggressive accumulation shows a dedication to using Bitcoin as a treasury reserve asset Since launching the Bitcoin strategy, the company's stock has experienced impressive growth increasing by around 500% so far this year and despite sporadic declines in the larger cryptocurrency market investors have reacted favorably to Meta Planet's distinctive vision and dedication to digital assets The fundraising comes at a time when Bitcoin faces resistance at approximately $69,000 However, Meta Planet never ditches its mission to increase its inventory.
The company has been testing strategic mini strategies for improving its investment push, some through trading Bitcoin options and other through strategic collaborations with market finance giants like SBI Group. All eyes will be on how these investments perform in an often changing market as MetaPlanet gets ready to use its freshly acquired funds for more acquisitions. Aimed at being among the biggest corporate holders of Bitcoin in Asia, meta planet is promoting itself not just as an investor but also as a leader in the integration of cryptocurrencies into conventional finance so where is this How to say it? They're just following the playbook of Michael Saylor.
They're just doing they're doing essentially the same thing. They're doing it in a couple of different flavors. But this is using debt to buy bitcoin. And that's just basically the the I think that's the main thesis of what Michael Michael's strategy. Michael Sailor from MicroStrategy is is pushing is to use debt financing to buy bitcoin at all costs because the debt right now is still super cheap. Even at higher interest rates, it's still super cheap in comparison to what they would have been able to do 20 30 years ago. Right? So but there's a there is a sentence in here that I want to get back to.
This is it. Since launching its Bitcoin strategy, the company's stock has experienced impressive growth increasing by around 500% so far this year. Despite sporadic declines in the larger cryptocurrency market, investors have reacted favorably to Meta Planet's distinct vision despite sporadic declines. And this is where I want to bring in my analysis of the Bitcoin ETH pair. Alright. So I have a excuse me. I have a trading view indicator that is a that is essentially the price of Ethereum divided by the price of Bitcoin using the Binance price for both. Alright. So what we get is I'm a big fan of ratio metrics because if I compare one thing to another thing and but I'm comparing their them separately like the if I just look at the price of Ethereum and on USD in USD terms and I look at a different chart of Bitcoin in USD terms and I'm looking at both those charts, they don't really tell me very much.
They tell me that they follow that that ethereum follows bitcoin's trends but that's actually kind of been changing and you don't but you don't really see that unless you use a ratio and the ratio is determined by the price of bit of ethereum divided by the price of Bitcoin. Now you can do it the other way but it actually makes more sense since Ethereum is at a much lower price than Bitcoin is to keep it because it's like if if Ethereum were to get to let's see. We're sitting on $67,634.10 for the price of Bitcoin. If Ethereum were to get that high, you would have parity. So you would have the the ratio would be the number 1 because they would like the the price of bitcoin divided or price of ethereum being the same as bitcoin being divided by the price of bitcoin would actually be 1 it would actually be the number 1 so when I'm looking at ratio metrics I like to look at you know, decimal places. So I'm using Ethereum because it's at a lower price and then dividing the Bitcoin price into that.
Right now, Ethereum is sitting at 0.03726 Bitcoin. Now if I go back and I look over the last few actually 4 years or so something like that. Let me actually go go look. Let me get my trade my trading view thing. I've got a picture of a chart but I don't have the whole the whole chart up here. So I'm gonna go over here to my, my trading pair, and I'm going to look on the week. And my I'm starting, like, yeah, May of 2021. The the ratio of Ethereum price divided by Bitcoin price starts into this channel. It's a descending channel.
That means that there's an upper bound limit which is which I've got designated by a blue line that descends from left to right. So it's like a slope, right? It's not a straight line to the side. It's not going up. But it's just slightly gradually going down. But then as the price keeps hitting that upper bound, it starts going back down. And a trend has formed that I've got a lower boundary line that is essentially at the same declining rate as the upper bound. So I've got 2 blue lines. They're separated by some some amount of space. And the price or the, ratio of the Ethereum price versus Bitcoin price is rattling around inside this between these upper bounds and lower bounds and that's what's called a channel. So it's a descending channel. So since May of 2021, the price if you held Ethereum you're losing value in terms of Bitcoin.
And the reason this ratio works is that both of basically what I do is I just say look if you're dividing the price in USD of Ethereum by the price of Bitcoin yeah well hold on the price of Ethereum and USD by the price of Bitcoin and USD you essentially subtract the entire equation of the United States dollar out So now all I'm looking at is the value of Ethereum versus the value of the value of Bitcoin. And it is not pretty. If you are an Ethereum holder over the last since May of 2021, you have done nothing but average a loss all the way to today. And today is is really over the last 2 days has actually been really nasty.
So right now, like so okay. So for instance, let me get back. I wanna get back because I real I I I'm really interested in this descending channel here. Like, back in let's say, let's take it for where the high was for the Ethereum price in may of 2021 the high was looks like it was good lord what was it oh 0.08 bitcoin okay so so like in may of 2021 if if you had 0.0824 Bitcoin, you could have bought 1 Ethereum. Right? Now we're all the way down to 0.037. Do the math. How much have you lost in terms of bitcoin? And if you want to, you know, reinject USD back into it, you're going to see the same losses, but you don't see it as fabulously represented as this just straight up decline. And over the last few weeks, in fact, my god, because I've got this on the week. So 1, 2, 3, 4, 5, 6, 7, 8, 9, 10, 11.
For the last 12 weeks, Ethereum has been below the lower bound of this descending channel. This is if you are an Ethereum holder still, you are just eating opportunity cost in terms of Bitcoin. Please just get out and let this thing die. There's no reason for this thing to live anymore. That's all I have to say about that. Now let's run into where we at? Oh, oh, oh, Lowell Elites. Okay. So Lowell Elites has written this one for the rage, which is, her online blog. Says new FinCEN alert shows that cash, smuggling preferred method for Hezbollah financing. Okay. Well, let's see what she has to say. On Wednesday, FinCEN issued an alert to combat the illicit financing of Hezbollah through the United States financial system intended to aid the United States government in the identification of Hezbollah linked transactions.
The alert identifies 7 key indicators for financial institutions to increasingly monitor, including transactions related to shipping, real estate, and the diamond industry. Regarding cryptocurrency, the alert notes that transactions should be increasingly monitored if a customer conducts transactions with money service businesses located in known regions of increased Hezbollah financing activities such as the tri border region of South America, the Middle East, or West Africa, and has opaque ownership or whose beneficial owners are known associates of Hezbollah. The alert notes that the group and its facilitators have used convertible virtual currencies in support of money laundering activities in the past, but highlights that quote, the group continues to rely extensively on more traditional methods like bulk cash smuggling.
Alright. So all this means is that all these people that are rattling their swords about how crypto is being used to finance the, quote, unquote, terrorist Hezbollah group, and I don't know. I'm not over there, so I don't know what any of the I mean, I I get told what I think I should believe, and I've just come to the point now where if I've never met these people, I'm going to make literally no assumptions about what I'm being told other than that I'm probably being lied to. Be that as it may, the Middle East has been spoiling for a huge fight for decades decades decades. I don't think anybody's gonna stop it. No matter who who you think's right or who you think's wrong, it doesn't matter. The Middle East has been a fucking basket case for decades, and it's not going to change anytime soon.
So what we need to concern ourselves with is the perception that people like Elizabeth Warren will be using to say that, you see, the terrorist financing of Hezbollah is facilitated by Bitcoin. No. It's not. It's facilitated by pallets and pallets of United States dollars. That's what it's facilitated by. So why don't you go and find those people and bring them to justice? Just don't do it in Denmark because you're gonna tax the shit out of you. Actually, they're not. I saw yesterday a whole bunch of people either on X or even some on Noster saying that Denmark is now going to tax the living crap out of your unrealized capital gains specifically on cryptocurrency, Bitcoin, all that kind of stuff. No.
No. That's not what happened. That was a tweet that or at least one of the tweets that was over there on Twitter got propagated all the way around, and the language was suggesting it straight up suggesting as in the guy didn't really know what the hell he was talking about, said that Denmark had done the following, that they are going to do this, that this thing is passed. It's ready to go, and we're getting this shit done. No. No. No. No. No. No. It's not. Let me explain exactly what happened with Denmark. This is out of atlas21.com from their newsroom is all that they're giving credit for. It says Denmark proposal for taxation on unrealized cryptocurrency gains. That's quite a bit different than they're going to start doing that next year.
Here's what's happening. The Danish tax proposal on unrealized cryptocurrency gains, the goal is to implement new regulations by the year 2026. In a 93 page report on the tax regime applicable to cryptocurrencies, the council this is the Danish tax council the council examined 3 potential methodologies for taxing digital assets a capital gain taxation, a warehousing taxation, and an inventory taxation. The report propose a uniform approach to the taxation of digital assets valid in all contexts. Danish tax minister Rasmus Strogland emphasized the need for clear rules to avoid unfair taxation under the current regime. Among the alternatives discussed, the report leans towards an inventory taxation model.
This model stipulates that the entire cryptocurrency wallet is considered a single inventory taxed on an annual basis at a specific rate regardless of the sale of the assets. In a similar scenario, digital assets would be treated like other financial instruments such as stocks and bonds, taxing both unrealized gains and losses. Details regarding the retroactive application of tax rules for current waltz remains unspecified. That I'm pausing here to let you know that the one of the things that got circulated in this this door Twitter post that I was talking about was that they that this particular person said that these unrealized gains were going to trace all the way back not be grandfathered in. They were gonna go all the way back to 2,009 and that scared the living piss out of people. That's not what's going on. They're thinking about it. They haven't done it.
All right. So here's the obligations for operators. Some additional proposals suggest that service providers for digital assets such as exchanges or cryptocurrency payment companies should collect and share data on customer transactions. This information could support collaboration among European Union countries on tax matters and that's why Europe is going to die. Nobody is going to put up with this ship for too much longer. The bill will be presented to the Danish parliament no earlier than next year, 2025.
If it's a if adopted, the new rules would come into effect on January 1, 2026. The recommendations would need to be evaluated and approved by the parliament before becoming official. Rasmus Strokhlund highlighted the need for clear rules for cryptocurrencies expressing interest in discussing it with the involved parties. Quote, it is my opinion that there is a need for clearer and more appropriate rules in the area. That is why I am also looking forward to putting forward a bill and discussing it with the parties in the Fokketang, which I guess is the Danish parliament.
The Danish proposal fits into a growing international mosaic of tax regulations for cryptocurrencies. In the United States, for example, a 25% tax on unsold assets has been proposed by Kamala Harris, the presidential candidate standing right now as the vice president of the United States. At the same time, Italy is considered considering an increase on taxes, on capital gains for holders of Bitcoin and digital assets raising it from 26 to 42 percent by 2025 where are my special forces guys I'm just gonna leave it at that this has not gone through This isn't a thing yet.
They're just talking about it. And what a lot of people were circulating yesterday was that this was a done deal. It is nowhere close to a done deal. And I would be I would actually be very surprised if the people in Denmark let this shit fly. At one point or another, we're going to have to take all of the western governments to task and tell them that it's their fault that they're spending too much money. And that they need to go either either stop spending as much money as you're spending. It's like telling a child how to manage their fucking finances or to go find somewhere else to go get their money.
Essentially go get a job. I just it felt weird. I mean the minute that I saw this I was like I just immediately called bullshit and 15 minutes later somebody wrote back and said yeah it's all bullshit. This isn't actually happening at least not yet. So everybody calm down and let's run the numbers. West Texas Intermediate is down by just over a point today, back to $70.1 per barrel. Brent Norsee is down just under a full point to 74.25. Natural gas is up 3.67 percent because it always moves in the opposite direction of oil or at least almost always. $2.42 per 1,000 cubic feet, and gasoline is down 0.79% to $2.02.
Shining Metal Rocks relatively doing well today. Gold is up a half a point, but silver is down a half a point. Platinum is up a quarter. Copper is up a third. Palladium is up, woah, 9.75%. Damn near touching 10% for palladium. That's just interesting. Okay. Ag is pretty much fully mixed today. Biggest loser is chocolate, 3.79% to the downside. Biggest winner is corn, 0.89% to the upside. Live cattle is up a half, but lean hogs are down too. Feeder cattle are up 3 2 thirds of a point. The Dow is down a half a point, but everything else is in the green crab walking for most for the most part. S and P is up 0.07, but Nasdaq shooting for the moon 0.63% to the upside. S and P Mini, really sideways, 0.01% to the upside.
We've had a couple of green candles today. We're back at $67,620. That puts us at a $1,340,000,000,000 market cap for Bitcoin, and we can now once again buy 24.5 ounces of shiny metal rocks with our 1 Bitcoin of which there are 19,772,189.86 of. Average fees per block standing at roughly 1 fifth of a Bitcoin on average on a per block basis, and there are a 114 blocks carrying 230,000 unconfirmed transactions waiting to clear at relatively high fee rates. 39 satoshis per vbyte high priority and 36 gonna get you in at low priority. Hash rate has stabilized 727.8 exahashes per second. Now from Run for the Hills, yesterday's episode of Bitcoin, and I got JSON Bits with 10,000 satoshis. Now that's a donation, my good friend. Thanks for keeping up with the Bitax discussion.
I truly believe this is a great opportunity for the aspiring bitcoin home mining enthusiast and decentralized mining in general. At our next round rock meetup we will be doing a mini workshop on bitaxe and decentralized mining infrastructure such as oceans datum mining templates grab a bitaxe from our site and pick it pick it up at our next meetup where we will teach you how to use it You go to roundrockbitcoiners.com. If you want to get in on this, if you're in the Central Texas region, north of Austin, that's where Round Rock is. It's the home of Dell Computing or at least it used to be. Round Rock Bitcoiners. That's roundrock bitcoiners.com.roundrockbitcoiners.com. Tell JSON Bits that I said hi, and god knows I wish I was there. You have no idea how much I miss good Texas barbecue.
That's actually kinda making me sad. Let's move on to Pies to Bleb 420. I can't hear the fan on my bit ax when I'm sitting right in front of it with my ear to it. Almost, it's amazingly quiet. It's amazingly quiet. But then again, my eardrums are shot from jackhammering. Pies to plug with another 4:20 says, thank you, sir. Bit ax is well worth the lottery ticket. L f g. I hear you, brother. And ltI with a 100 says, River is probably just doing what Tether does with their USD deposits and buys low risk treasury bonds. Jesus Christ. The fixed income market right now just looks like it's ready to just burn up, but whatever.
That's where the yield comes from. Yep. Yeah. But where does that yield come from? That's my question. Where does that yield come from? It it I knew where it used to come from on treasury bonds, but now I'm not so damn sure. Again, where does the ultimate yield come from? Whatever. While less likely less risky, the risk comes like all other banks from 2023 with duration mismatches that can arise and interest rate changes. Again, this is why even Paul Tudor Jones a couple of days ago was saying that he has he holds no fixed income. Yet no fixed income instrumentation.
No bonds, treasuries, whatever. You know, all that shit. He's like, forget it. It's all it's all crap. And that's why he's now long gold, Bitcoin, and commodities, which is why I bring you the price of oil every single day because oil is also a commodity. That's the weather report. Welcome to part 2 of the news. You can use Russia as an agreement with BitRiver for mining expansion in the BRICS countries. This is from atlas21.com written by oh, newsroom. Okay. Yay. The Russian Direct Investment Fund and the mining company, BitRiver, are planning a strategic expansion in the BRICS countries. According to the local news outlet, RBC, the Russian Direct Investment Fund, and Bitriver have formed a partnership to implement projects aimed at introducing artificial intelligence technology, increasing Russia's share in the global compute power market, and building bitcoin mining data centers in BRICS countries.
The project announcement was made during the BRICS Economic Forum in Moscow on October 18th where officials emphasized the importance of enhancing the country's compute capabilities with a particular focus on artificial intelligence. Bitriver currently operates 21 data centers throughout Russia consolidating its position as a prominent company in the mining sector. The company is actively engaged in building 100 no. I'm sorry. In building another 10, not 100, but 10 data centers, a move aimed at strengthening its infrastructure and increasing its operational capacity in the industry.
Igor Runitz, Bitriver CEO, stated, quote, our partnership with RDIF will prioritize the development of mining infrastructure, ensuring that our data centers are equipped to support AI projects effectively, end quote. Oh god. It's the AI for Russians this time. Bitriver's focus on BRICS countries extends beyond its domestic operations. These nations offer potentially advantageous conditions for mining, including factors such as favorable regulatory environments, economic incentives, and available energy resources. The strategic expansion into other BRICS countries is part of Russia and Bitriver's goal to increase bitcoin mining capacity and secure a strong position within the global framework.
The involvement of the Russian Direct Investment Fund underscores the importance of the mining industry in the Russian economic framework. A crucial aspect of the project is the emphasis on developing energy efficient data centers operations. And by leveraging more affordable and sustainable energy sources, particularly in regions with favorable regulatory environments, the project aims to optimize energy consumption relating to Bitcoin mining. So it sounds to me like Russia's about to go all in, but note the addition of AI. So the hype is not gonna die, and AI isn't either. And I know a lot of people hope it does hopes it does, but it's not going to.
That genie is out of the bottle. And if it wasn't for the fact that in some cases, AI is actually kinda useful. I think that I think that anybody that says that there's not that there's no use to AI is really fooling themselves and they're missing the mark. I also think that people that say that it's going to take everybody's jobs away and it's also going to solve every problem we've ever seen in the universe are also fooling themselves. As usual, the truth is somewhere in between those two extremes. It's always shades of gray. Right? But what I'm starting to see is that things like Amazon Web Services, Amazon Cloud, Microsoft Web Services and I don't know what they call it, basically their data centers, I think they're losing traction.
I think the big walled gardens are loo are starting to lose traction because if it hadn't have been for Bitcoin, if it hadn't have been for the existence of this asset that has built these mining companies to the point that they are now, not only are they solid companies, many of them, not all, but many of them are. They have and they have so much experience in buying power contracts and building infrastructure and, you know, working with heating and cooling vendors to heat and cool their their, spaces that they're at this point they're old hat. They know how to do this every bit as well as somebody that that handles this shit for Amazon, Microsoft, Oracle, whoever else has massive data centers. And I think that because of that, they're going to start eating into the AI market and they're already eating it. Well, they're already eating into AI. They're also already eating into the super compute market or supercomputer market or also known as high performance compute.
This is eating into academia because most of the things that base most of the people that use high performance computing essentially are researchers either in academia or partnering with academia in the private sector. And many of the high performance compute centers are publicly owned and operated centers like JPL. They they have they have a lot of high performance computing. Texas Tech, it's a public university. It's their high performance compute system is essentially owned by the citizens of Texas. Right? So what I'm getting at here is that because of Bitcoin mining, that is causing the tables to shift on who owns compute power and are they or are they not legacy walled gardens.
They're all going to fall. The walls of the walled gardens are beginning to fall. And just like the walls of Jericho, man, Gabriel one day is just gonna blow his horn and that whole son of a bitch is just gonna come falling down. Now Bitcoin Core Development funded with $8,400,000 in 2023 according to a report. 1 a one z researchers, Dan Opre and Moss Nocci Nicotchi, sorry, published a comprehensive report exploring the funding of the Bitcoin Core Project. The study focuses exclusively on Bitcoin Core and 13 main sponsoring organizations that either actively hire core developers or have active developer grant programs. And this is from nobsbitcoindot com.
The report authors note that not all data is available at a sufficient lay level of granularity to distinguish between core and non core activities. So that's up front right there. According to the report, the Bitcoin ecosystem spent $8,400,000, not a whole lot, on Bitcoin developers in the year 2023, but these numbers are expected to be significantly higher in 2024. In contrast, the Polkadot Foundation has already spent $87,000,000 in the first half of this year with $16,800,000 allocated to activities equivalent to funding Bitcoin Core.
The Ethereum Foundation spent a total of $61,000,000 in 2023 dedicating 32,300,000 to core related activities and has budgeted 100,000,000 for development this year. Quote, It is a live running production software securing a large amount of value that needs to be maintained, patched, and improved. But those that buy it, hold it, use it, or build on it have no obligation to fund it. It is a public good that suffers from the free rider problem, writes the report authors. The report also finds that the number of actual developers working on Bitcoin stood at 41 active developers with at least 5 commits so far this year. Quote, this number is never likely going to be huge given the complexity of protocol development and the non linear impact of engineering resources.
But growing the developer pipeline is still a key requirement and a topic for the next report in the series. The report identifies 13 main sponsor organizations namely Blockstream, Chaincode Labs, MIT's Digital Currency Initiative, Spiral, OKX, the Human Rights Foundation, Brink, B Trust, OpenSats, Vintium, Maelstrom, Bitcoin for open source, and 24 2140. Quote, many other organizations have historically funded Bitcoin and lightning development, including DG Labs, Lightning Labs, Async, Bitfinex, Zappo, Bull Bitcoin, BitMEX, Crypto Advance, Hardcore Fund, Bitmain, Blockchain. Info, BTCC, and BitPay, as well as grant programs from exchanges such as Coinbase, Kraken, and Gemini. However, these developer grant programs are currently either inactive, infrequent, or not exclusively focused on furthering bitcoin states the report.
Open Sats and spiral accounted for 62% of total grant funding in 2023 while Chaincode Labs contributed 46% to the employment spending in 2023. 8 of the sponsor organizations rely exclusively on donations. The top 3 of these entities received 62.25 percent of their aggregate funding from a single source. Bitcoin funding is still a young space so this level of concentration is to be expected and becoming less so over time. By highlighting Jack, it is not our intention to imply that he is doing too much, but only that it would be healthier for the long term to increase the proportion of funding from others was explained in the report.
Another identified issue is the long term sustainability of donations, particularly the lack of predictable future streams of funding. 6 of the 13 most significant organizations are legally registered in the US. There are no organizations registered in or primarily focused on Asia. The number of organizations and the total funding have significantly increased over the years, but development still requires more financial support from a broader set of donors. Alright. So that's the that's that's the synopsis of the report. Now if we get back up here, I'm sure if you were listening closely, you've already got you you already started going, ah, shit. Well, let me read it again.
Polkadot. It's a shit chain. It's a shit coin. It's run by shitcoiners and has been around forever. And we keep thinking it's going to die, but yet they spent $87,000,000 in the first half of this year alone with 16,800,000 allocated to the equivalent of funding Bitcoin Core. That means that the Polkadot Core developers are getting way more money than the paltry $8,400,000 that have been spent on bitcoin developers so far this year by the by the bitcoin community now you might actually say oh well let's let's do the ethereum foundation They spent a total of 61,000,000 in 2023 dedicating 32,300,000 to core related activities. Again, in contrast to the $8,400,000 spent on Bitcoin Core.
Alright. So there's 2 ways to look at this. The first way is pretty much the way that all the shitcoiners are going to look at it and many of the people that just don't understand how Bitcoin works. The first way is that they're going to lunches. They're going the the their their ability to fund their shitcoin projects is so huge, so over the top, and dwarfs the Bitcoin core development so much that how is it that Bitcoin can even survive? Well, I'll tell you how it can survive because it fucking works. Every single dollar that these other assholes put into the development of their shit chain causes things to happen like, oh, I don't know, moving from proof of work to proof of stake in the case of Ethereum.
Having a roadmap for Ethereum that looks like a Rube Goldberg machine. Having shit break left and right all the time. Polkadot is not I mean, Polkadot, nobody even talks about it anymore. And yet they spent all this money this $87,000,000 in the first half of this year. I have this is the first time I've heard the term Polkadot even be used in over a year. I hear nothing when I hear anything at all about cryptocurrency is generally about bitcoin. So the second way to look at it is that that the more they spend on their shit chains, the more the more odds and ends and gadgets they have to stop up their own drain.
Somebody will because they've got so much work being done on their shit, that's not necessarily a good thing. In fact, I think that this is exactly where Bitcoin funding should be We have a system that works We have a system that works to the point that people are loathe to change it None of these other shit chains have actually proven their worth. I went over an entire analysis of the price of Ethereum versus the price of Bitcoin, and it's done nothing but go down. If you're holding Ethereum, you're losing opportunity in Bitcoin.
And it's been that way since March or May of 2021. It's just it's disgusting. It it's just sad. And while you may think in the like the way that the shitcoiners are going to think that they're going to eat our lunch because they've got so much more development funding, I don't think that that's the case. Just because you have money doesn't mean you know how to spend it. Just look at it just look at Paris Hilton. I mean, there's so many rich people that you can look MC Hammer. You may not remember MC Hammer. Back in the day, he was, like, you know, big old rapper guy was more of like pop rap he wasn't he wasn't like a brutal rap but pop rap yeah man MC Hammer was the shit back in like the late 80s 90s right?
He's broke. He's broke. He had 1,000,000 of dollars. He had, like, 40 people in his entourage. He just paid them just to hang around with him. He had, like, 2 helicopters. He had a mansion. He had many, many, many cars. Dude's broke. Wesley Snipes, did he spend his money well? I don't think so. I don't think so. How many rich people that have, like, oodles of cash have you heard about that are now fucking broke? Just look at the NFL. You just look at the NFL. How many of those players had 1,000,000 and 1,000,000 of dollars and now they're broke? Just because you have the money does not necessarily mean you are spending the money in the appropriate way.
It's like tech money having wealth to throw at something is like any other technology. Are you throwing the appropriate technology at the appropriate problem to find the appropriate answer that's actually going to do something good? So when a report comes out like this, and I guarantee you, you'll hear more shit about this by people like, I don't know, that idiot that had the Terra Luna tattoo about how this is going to kill Bitcoin because nobody's developing on it. We don't have any money to develop on it. Do we need it? Is there something fundamentally broken with Bitcoin?
I don't think so. I mean, this and this remember, this is just Bitcoin core development. This doesn't include Lightning. This doesn't include e cash developers. This include Nostra developers. This only includes Bitcoin Core. How much total in the ecosystem where all these bricks, these little Lego pieces are starting to interlock with each other. If you were to take it in the whole total in sum, it still is not $87,000,000 just for the Polkadot Foundation. But that doesn't, in my opinion, that doesn't really mean anything. I've seen people do so much more with so much less in comparison with other groups of people. It's not even funny. And those are the true engineers.
Those are the people that really know how to solve problems. I look to Pete. This is one of the reasons why I love permaculture. How do you work within a system? If you have constraints, how do you work with those constraints? Just because they have money doesn't mean that they're eating anybody's lunch Wasabi Wallet version 2.3.0 rewrite of Tor integration UX improvements and more Wasabi Wallet is a free and open source privacy focused Bitcoin wallet for the desktop The release continues our vision of simplifying the code base and improving the resiliency of the software while still shipping long awaited quality of life features.
This version introduces a complete rewrite a complete rewrite of Tor integration using standard HTTP client, Trezor safe 5 and cold card queue support, and the beta version of Wasabi's payments in coin join feature. It also delivers significant user experience enhancements through a more intuitive interface, including better and more consistent amount of formatting and more insight on transactions. So there this is exactly what's new. There's an enhanced Tor integration that's a complete rewrite. It should be interesting. There's better BTC amount formatting, so improved readability.
There's more insights on transaction. There's the payment and coin join. It's beta and RPC only, by the way. And then there's Trezor, Safe 5, and Coldcard queue support. So if you are a user of Wasabi, you might wanna go check that out. Bisk 2. Version 2.1.2 optimized reputation system and chat consolidation. Bisk is a secure private and decentralized bitcoin p2p exchange bisk2 is set to be the successor of bisk version 1 and will support multiple trade protocols multiple privacy networks and multiple identities The BISC version 2.1.2 has been released offering improved reputation system easier to follow chat rooms and more flexible offer book filtering.
Trades up to $25 no longer require selling operations or reputations, easing entry for new sellers and boosting small trade liquidity. Topic specific chat rooms are now consolidated into chat and support sections, combining public discussions and private chats on one screen. So the reputation system enhancements as follows. It's been updated to improve security in trading. Trade limits are now directly tied to the seller's reputation score. Reputation gained through burned or bonded BSQ will double over the 1st year relaxed reputation requirements for trades up to $25 The minimum required reputation score has been removed And then there's chat rooms consolidation which they talked about and more flexible offer book filtering.
So, that should be interesting. The fixed notification issues they fixed application versions and user profile and many additional fixes improvements have been added. Okay. So that is it, ladies and gentlemen. I will, I will just remind you to if you run across this Denmark news, please just forget that it even exists. Until those idiots actually draft, you know, have draft legislation and they're actually arguing about it and it looks like it might be going up for a vote, and then you worry about it. And then if you don't live in Denmark, if Denmark wants if Denmark is tired of living and just wants to die, then let them lay in their coffin. I I don't care about Denmark. I probably should. And if you're somebody from Denmark, it's not that I don't like your country.
It's that your government is a western government. And like all western governments, they have absolutely gone batshit insane. They have, like, no credibility left. I'm sorry, but you live in one of these countries. I live in one of these countries. The people in Mexico live in one of those countries. But the people in in Central and South America, ah, see. And there's several countries in Africa. There's all the Baltics. There's the Balkans. There's, like, Far East Europe that still has a semblance of sanity about them. We don't have to put up with this shit. Neither do you. I'll see you on the other side. This has been Bitcoin and and I'm your host, David Bennett. I hope you enjoyed today's episode and hope to see you again real soon.
Have a great day.
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 9:23 AM Pacific Daylight Time. It's the 24th day of October 2024, and this is episode 980 of Bitcoin. And we're 20 episodes away from the big one thousand.
Still have no idea if I'm going to do anything for that or not. It's just, you know, it's one of those things where if I had all the money and time in the world, I would like set something up. But I just don't I just don't think I'm going to be able to throw a party or something like that. It's just, you know, it's a small show. It's not huge. So we do what we can over here at Bitcoin. And today's, episode is entitled Denmark. What did it what exactly did I name Oh, yes. Denmark done with life. We're gonna talk about the Denmark news. I don't want I want people to stop losing their ever loving minds about this Denmark thing. Alright. Just just relax.
Okay. Just relax. I saw a lot of people losing their shit all over the place yesterday about this Denmark news. And if you don't know what it is, consider yourself lucky and then consider yourself unlucky because we're gonna get into it. However, again, just stop losing your minds over this. I want to say a few words about the Ethereum and or ETH BTC price pair. Alright? There's there's some some things going on. I keep seeing a pattern. And I can't put my finger on exactly how it works but I want to talk about that so we will a little bit later and then we've got some, news out of the rage. Lowell Elites is tackling some of the things that are coming out of FinCEN And, of course, we've got the, apology by Michael Saylor, which is what we're going to start with today. Martin Young, Cointelegraph.
Michael Saylor reverses remarks on self custody after backlash. Quote, I support self custody for those willing and able, Saylor said in a new post after encouraging big bank custody in an interview earlier this week. Well, MicroStrategy founder Michael Saylor backpedaled on his comment that big banks should take custody of Bitcoin following a torrent of backlash from the crypto community. Quote, I support self custody for those willing and able, the right to self custody for all, and freedom to choose the form of custody and custodian for individuals and institutions globally, Saylor declared on a Twitter post.
Now, Saylor had been taking heat from the community, including Ethereum cofounder, Vitalik Buterin, after calling out paranoid crypto anarchists in a recent interview. At the same time, he suggested that bitcoin holders should trust their assets to quote too big to fail banks that are engineered to be custodians of financial assets quote Bitcoin benefits from all forms of investment by all types of entities and should be welcome to everyone, Saylor added as part of his apparent redemption post on Twitter. Van Eck adviser Gabor Gerbacs responded saying, this shouldn't be a controversial position just common sense.
Dash Marketer Joel Valenzuela said it was capitulation adding that Sailor showed his true colors. The October 21 interview sparked debate about self custody but also enraged Bitcoiners such as Samson Moe who mocked the cryptoanarchist label On 23rd Max Kiser said the recent comments attacking self custody demonstrates a regressive tendency to favor the legacy centralized banking crooks that Bitcoin fixes on 23rd the CEO of hardware wallet manufacturer Ledger Pascal Gauthier told Cointelegraph, quote, there is no crypto without self custody, so it's a bit of a moot point if all coins go to an ETF or to an exchange while plugging his products at a blockchain event in Dubai.
Still, this method of self custody doesn't come without risk as the company was hacked in 2020 resulting in massive data breaches and 100 of thousands of ledgers, customers' personal details being sold on the dark web, leading to a wave of phishing attacks that is still going on today. Well, okay. That little a little bit of an aside on the ledger front. But yeah. So Mike decided to walk back all of his or his comments. And this sort of is kinda what I figured. I didn't figure that this would happen. I didn't think that he would do it this way. What I was saying yesterday was that I think Mike was basically saying that for himself and for other people that are so steeped in the tea of financial institutions and legacy financial institutions at that that he doesn't have any other way of thinking about it there's no way that this guy who has built himself into a billionaire on the back of this company that he's had for I don't know how many decades all of his financing everything that he's used to every sheet of paper every contract every lawyer he's talked to every banker he's talked to how how can you think differently we thought he was thinking differently simply because he bought Bitcoin but it's very clear that he just looks at Bitcoin as a different kind of asset class Sure, he's got some of the chops. He's got some of the walk. He's even got some of the talk.
But you got to understand where the guy's coming from. If you were taught nothing but arithmetic in school, nothing but how to add how to subtract how to divide and how to multiply and that person went on for 30 years thinking that no other kind of mathematics existed and then one day discovered calculus do you think that that person would be really in tune with grasping the fundamentals of mathematics in motion which in my view is what calculus is it's algebra that is actually moving so you got arithmetic to get to calculus you got to go through algebra if you only know arithmetic how good are how good do you think somebody is going to be able to be at mastering something like calculus?
It doesn't mean that he's stupid. He's not. I'm just saying all he's ever had was arithmetic. None of us actually wanted to learn that bullshit. That's why we're all hardcore Bitcoiners. But it doesn't matter because what what's being demonstrated here is that the, God, I hate to say it, the community has enough power that he understood that he made a very serious boo boo. And he's basically saying, for me, I want somebody else to custody my shit because I don't understand algebra and calculus. Hey, Mike. That's fine. But when you suggest to other people that they should follow suit or you don't make it very clear to them that they should be able to choose whatever the hell they want to do, you're always going to get pushback like this. Now think of think of the final thing. You're in an interview.
You've been doing interviews for for years. Every interview is different. Every time you get interviewed, it's always different. Every time you get interviewed, there's always a chance that you're not thinking very clearly, that you don't add what you should have added. And I honestly think that that's what Mike did. I think he just fumbled the football on the 20 yard line and forgot to say, by the way, this is just the way I feel about it. If you want a self custody, go ahead. Go ahead. You know? That's all that he really needed to say, and none of this would have happened. However, it is all bullshit, and nobody should think about it any further, which is why we're moving on to Meta Planet. And this is from the bitcoinistdot com, written by Christian Insula, I think, is how you pronounce it. Meta Planet secures 10,000,000,000 yen for bitcoin acquisition in a bold move. It's a bold move, Cotton. Let's see how it plays out. Once again making news, Meta Planet Incorporated, also known as Asia's MicroStrategy, raised 10,000,000,000 yen, which is about $68,000,000 US, due to a recent stock sale.
And the goal of this significant investment is to support its aggressive bitcoin acquisition strategy. Similar to the tactics of well known companies like MicroStrategy, the move comes as the company keeps positioning itself as a key player in the cryptocurrency sector. With more than 13,000 individual shareholders taking part, Meta Planet announced on October 22nd that it had successfully finished its 11th round of stock acquisition rights. This money will go towards buying more bitcoin so that the company can expand its already considerable holdings. Meta Planet share price immediately dropped by 5.85 percent in spite of the successful funding, which was indicative of some markets instability amid shifting bitcoin values. Quote, with this financing, we can continue to strengthen our bitcoin reserves and provide our investors a hedge against Japan's economic economic troubles, CEO Simon Gurevich said in a statement underscoring the significance of the funding.
Well, since earlier this year, the company has been actively buying Bitcoin because it sees it as a strategic asset that can help cut the risks brought on by the yen's decline. Meta Planet has already shown success with its most recent acquisition strategy only a few weeks ago. The company paid 1,000,000,000 yen which is about $6,700,000 to acquire an extra 107.9 BTC increasing its total holdings to 855 Due to MicroStrategy s unique approach to cryptocurrency investing, this aggressive accumulation shows a dedication to using Bitcoin as a treasury reserve asset Since launching the Bitcoin strategy, the company's stock has experienced impressive growth increasing by around 500% so far this year and despite sporadic declines in the larger cryptocurrency market investors have reacted favorably to Meta Planet's distinctive vision and dedication to digital assets The fundraising comes at a time when Bitcoin faces resistance at approximately $69,000 However, Meta Planet never ditches its mission to increase its inventory.
The company has been testing strategic mini strategies for improving its investment push, some through trading Bitcoin options and other through strategic collaborations with market finance giants like SBI Group. All eyes will be on how these investments perform in an often changing market as MetaPlanet gets ready to use its freshly acquired funds for more acquisitions. Aimed at being among the biggest corporate holders of Bitcoin in Asia, meta planet is promoting itself not just as an investor but also as a leader in the integration of cryptocurrencies into conventional finance so where is this How to say it? They're just following the playbook of Michael Saylor.
They're just doing they're doing essentially the same thing. They're doing it in a couple of different flavors. But this is using debt to buy bitcoin. And that's just basically the the I think that's the main thesis of what Michael Michael's strategy. Michael Sailor from MicroStrategy is is pushing is to use debt financing to buy bitcoin at all costs because the debt right now is still super cheap. Even at higher interest rates, it's still super cheap in comparison to what they would have been able to do 20 30 years ago. Right? So but there's a there is a sentence in here that I want to get back to.
This is it. Since launching its Bitcoin strategy, the company's stock has experienced impressive growth increasing by around 500% so far this year. Despite sporadic declines in the larger cryptocurrency market, investors have reacted favorably to Meta Planet's distinct vision despite sporadic declines. And this is where I want to bring in my analysis of the Bitcoin ETH pair. Alright. So I have a excuse me. I have a trading view indicator that is a that is essentially the price of Ethereum divided by the price of Bitcoin using the Binance price for both. Alright. So what we get is I'm a big fan of ratio metrics because if I compare one thing to another thing and but I'm comparing their them separately like the if I just look at the price of Ethereum and on USD in USD terms and I look at a different chart of Bitcoin in USD terms and I'm looking at both those charts, they don't really tell me very much.
They tell me that they follow that that ethereum follows bitcoin's trends but that's actually kind of been changing and you don't but you don't really see that unless you use a ratio and the ratio is determined by the price of bit of ethereum divided by the price of Bitcoin. Now you can do it the other way but it actually makes more sense since Ethereum is at a much lower price than Bitcoin is to keep it because it's like if if Ethereum were to get to let's see. We're sitting on $67,634.10 for the price of Bitcoin. If Ethereum were to get that high, you would have parity. So you would have the the ratio would be the number 1 because they would like the the price of bitcoin divided or price of ethereum being the same as bitcoin being divided by the price of bitcoin would actually be 1 it would actually be the number 1 so when I'm looking at ratio metrics I like to look at you know, decimal places. So I'm using Ethereum because it's at a lower price and then dividing the Bitcoin price into that.
Right now, Ethereum is sitting at 0.03726 Bitcoin. Now if I go back and I look over the last few actually 4 years or so something like that. Let me actually go go look. Let me get my trade my trading view thing. I've got a picture of a chart but I don't have the whole the whole chart up here. So I'm gonna go over here to my, my trading pair, and I'm going to look on the week. And my I'm starting, like, yeah, May of 2021. The the ratio of Ethereum price divided by Bitcoin price starts into this channel. It's a descending channel.
That means that there's an upper bound limit which is which I've got designated by a blue line that descends from left to right. So it's like a slope, right? It's not a straight line to the side. It's not going up. But it's just slightly gradually going down. But then as the price keeps hitting that upper bound, it starts going back down. And a trend has formed that I've got a lower boundary line that is essentially at the same declining rate as the upper bound. So I've got 2 blue lines. They're separated by some some amount of space. And the price or the, ratio of the Ethereum price versus Bitcoin price is rattling around inside this between these upper bounds and lower bounds and that's what's called a channel. So it's a descending channel. So since May of 2021, the price if you held Ethereum you're losing value in terms of Bitcoin.
And the reason this ratio works is that both of basically what I do is I just say look if you're dividing the price in USD of Ethereum by the price of Bitcoin yeah well hold on the price of Ethereum and USD by the price of Bitcoin and USD you essentially subtract the entire equation of the United States dollar out So now all I'm looking at is the value of Ethereum versus the value of the value of Bitcoin. And it is not pretty. If you are an Ethereum holder over the last since May of 2021, you have done nothing but average a loss all the way to today. And today is is really over the last 2 days has actually been really nasty.
So right now, like so okay. So for instance, let me get back. I wanna get back because I real I I I'm really interested in this descending channel here. Like, back in let's say, let's take it for where the high was for the Ethereum price in may of 2021 the high was looks like it was good lord what was it oh 0.08 bitcoin okay so so like in may of 2021 if if you had 0.0824 Bitcoin, you could have bought 1 Ethereum. Right? Now we're all the way down to 0.037. Do the math. How much have you lost in terms of bitcoin? And if you want to, you know, reinject USD back into it, you're going to see the same losses, but you don't see it as fabulously represented as this just straight up decline. And over the last few weeks, in fact, my god, because I've got this on the week. So 1, 2, 3, 4, 5, 6, 7, 8, 9, 10, 11.
For the last 12 weeks, Ethereum has been below the lower bound of this descending channel. This is if you are an Ethereum holder still, you are just eating opportunity cost in terms of Bitcoin. Please just get out and let this thing die. There's no reason for this thing to live anymore. That's all I have to say about that. Now let's run into where we at? Oh, oh, oh, Lowell Elites. Okay. So Lowell Elites has written this one for the rage, which is, her online blog. Says new FinCEN alert shows that cash, smuggling preferred method for Hezbollah financing. Okay. Well, let's see what she has to say. On Wednesday, FinCEN issued an alert to combat the illicit financing of Hezbollah through the United States financial system intended to aid the United States government in the identification of Hezbollah linked transactions.
The alert identifies 7 key indicators for financial institutions to increasingly monitor, including transactions related to shipping, real estate, and the diamond industry. Regarding cryptocurrency, the alert notes that transactions should be increasingly monitored if a customer conducts transactions with money service businesses located in known regions of increased Hezbollah financing activities such as the tri border region of South America, the Middle East, or West Africa, and has opaque ownership or whose beneficial owners are known associates of Hezbollah. The alert notes that the group and its facilitators have used convertible virtual currencies in support of money laundering activities in the past, but highlights that quote, the group continues to rely extensively on more traditional methods like bulk cash smuggling.
Alright. So all this means is that all these people that are rattling their swords about how crypto is being used to finance the, quote, unquote, terrorist Hezbollah group, and I don't know. I'm not over there, so I don't know what any of the I mean, I I get told what I think I should believe, and I've just come to the point now where if I've never met these people, I'm going to make literally no assumptions about what I'm being told other than that I'm probably being lied to. Be that as it may, the Middle East has been spoiling for a huge fight for decades decades decades. I don't think anybody's gonna stop it. No matter who who you think's right or who you think's wrong, it doesn't matter. The Middle East has been a fucking basket case for decades, and it's not going to change anytime soon.
So what we need to concern ourselves with is the perception that people like Elizabeth Warren will be using to say that, you see, the terrorist financing of Hezbollah is facilitated by Bitcoin. No. It's not. It's facilitated by pallets and pallets of United States dollars. That's what it's facilitated by. So why don't you go and find those people and bring them to justice? Just don't do it in Denmark because you're gonna tax the shit out of you. Actually, they're not. I saw yesterday a whole bunch of people either on X or even some on Noster saying that Denmark is now going to tax the living crap out of your unrealized capital gains specifically on cryptocurrency, Bitcoin, all that kind of stuff. No.
No. That's not what happened. That was a tweet that or at least one of the tweets that was over there on Twitter got propagated all the way around, and the language was suggesting it straight up suggesting as in the guy didn't really know what the hell he was talking about, said that Denmark had done the following, that they are going to do this, that this thing is passed. It's ready to go, and we're getting this shit done. No. No. No. No. No. No. It's not. Let me explain exactly what happened with Denmark. This is out of atlas21.com from their newsroom is all that they're giving credit for. It says Denmark proposal for taxation on unrealized cryptocurrency gains. That's quite a bit different than they're going to start doing that next year.
Here's what's happening. The Danish tax proposal on unrealized cryptocurrency gains, the goal is to implement new regulations by the year 2026. In a 93 page report on the tax regime applicable to cryptocurrencies, the council this is the Danish tax council the council examined 3 potential methodologies for taxing digital assets a capital gain taxation, a warehousing taxation, and an inventory taxation. The report propose a uniform approach to the taxation of digital assets valid in all contexts. Danish tax minister Rasmus Strogland emphasized the need for clear rules to avoid unfair taxation under the current regime. Among the alternatives discussed, the report leans towards an inventory taxation model.
This model stipulates that the entire cryptocurrency wallet is considered a single inventory taxed on an annual basis at a specific rate regardless of the sale of the assets. In a similar scenario, digital assets would be treated like other financial instruments such as stocks and bonds, taxing both unrealized gains and losses. Details regarding the retroactive application of tax rules for current waltz remains unspecified. That I'm pausing here to let you know that the one of the things that got circulated in this this door Twitter post that I was talking about was that they that this particular person said that these unrealized gains were going to trace all the way back not be grandfathered in. They were gonna go all the way back to 2,009 and that scared the living piss out of people. That's not what's going on. They're thinking about it. They haven't done it.
All right. So here's the obligations for operators. Some additional proposals suggest that service providers for digital assets such as exchanges or cryptocurrency payment companies should collect and share data on customer transactions. This information could support collaboration among European Union countries on tax matters and that's why Europe is going to die. Nobody is going to put up with this ship for too much longer. The bill will be presented to the Danish parliament no earlier than next year, 2025.
If it's a if adopted, the new rules would come into effect on January 1, 2026. The recommendations would need to be evaluated and approved by the parliament before becoming official. Rasmus Strokhlund highlighted the need for clear rules for cryptocurrencies expressing interest in discussing it with the involved parties. Quote, it is my opinion that there is a need for clearer and more appropriate rules in the area. That is why I am also looking forward to putting forward a bill and discussing it with the parties in the Fokketang, which I guess is the Danish parliament.
The Danish proposal fits into a growing international mosaic of tax regulations for cryptocurrencies. In the United States, for example, a 25% tax on unsold assets has been proposed by Kamala Harris, the presidential candidate standing right now as the vice president of the United States. At the same time, Italy is considered considering an increase on taxes, on capital gains for holders of Bitcoin and digital assets raising it from 26 to 42 percent by 2025 where are my special forces guys I'm just gonna leave it at that this has not gone through This isn't a thing yet.
They're just talking about it. And what a lot of people were circulating yesterday was that this was a done deal. It is nowhere close to a done deal. And I would be I would actually be very surprised if the people in Denmark let this shit fly. At one point or another, we're going to have to take all of the western governments to task and tell them that it's their fault that they're spending too much money. And that they need to go either either stop spending as much money as you're spending. It's like telling a child how to manage their fucking finances or to go find somewhere else to go get their money.
Essentially go get a job. I just it felt weird. I mean the minute that I saw this I was like I just immediately called bullshit and 15 minutes later somebody wrote back and said yeah it's all bullshit. This isn't actually happening at least not yet. So everybody calm down and let's run the numbers. West Texas Intermediate is down by just over a point today, back to $70.1 per barrel. Brent Norsee is down just under a full point to 74.25. Natural gas is up 3.67 percent because it always moves in the opposite direction of oil or at least almost always. $2.42 per 1,000 cubic feet, and gasoline is down 0.79% to $2.02.
Shining Metal Rocks relatively doing well today. Gold is up a half a point, but silver is down a half a point. Platinum is up a quarter. Copper is up a third. Palladium is up, woah, 9.75%. Damn near touching 10% for palladium. That's just interesting. Okay. Ag is pretty much fully mixed today. Biggest loser is chocolate, 3.79% to the downside. Biggest winner is corn, 0.89% to the upside. Live cattle is up a half, but lean hogs are down too. Feeder cattle are up 3 2 thirds of a point. The Dow is down a half a point, but everything else is in the green crab walking for most for the most part. S and P is up 0.07, but Nasdaq shooting for the moon 0.63% to the upside. S and P Mini, really sideways, 0.01% to the upside.
We've had a couple of green candles today. We're back at $67,620. That puts us at a $1,340,000,000,000 market cap for Bitcoin, and we can now once again buy 24.5 ounces of shiny metal rocks with our 1 Bitcoin of which there are 19,772,189.86 of. Average fees per block standing at roughly 1 fifth of a Bitcoin on average on a per block basis, and there are a 114 blocks carrying 230,000 unconfirmed transactions waiting to clear at relatively high fee rates. 39 satoshis per vbyte high priority and 36 gonna get you in at low priority. Hash rate has stabilized 727.8 exahashes per second. Now from Run for the Hills, yesterday's episode of Bitcoin, and I got JSON Bits with 10,000 satoshis. Now that's a donation, my good friend. Thanks for keeping up with the Bitax discussion.
I truly believe this is a great opportunity for the aspiring bitcoin home mining enthusiast and decentralized mining in general. At our next round rock meetup we will be doing a mini workshop on bitaxe and decentralized mining infrastructure such as oceans datum mining templates grab a bitaxe from our site and pick it pick it up at our next meetup where we will teach you how to use it You go to roundrockbitcoiners.com. If you want to get in on this, if you're in the Central Texas region, north of Austin, that's where Round Rock is. It's the home of Dell Computing or at least it used to be. Round Rock Bitcoiners. That's roundrock bitcoiners.com.roundrockbitcoiners.com. Tell JSON Bits that I said hi, and god knows I wish I was there. You have no idea how much I miss good Texas barbecue.
That's actually kinda making me sad. Let's move on to Pies to Bleb 420. I can't hear the fan on my bit ax when I'm sitting right in front of it with my ear to it. Almost, it's amazingly quiet. It's amazingly quiet. But then again, my eardrums are shot from jackhammering. Pies to plug with another 4:20 says, thank you, sir. Bit ax is well worth the lottery ticket. L f g. I hear you, brother. And ltI with a 100 says, River is probably just doing what Tether does with their USD deposits and buys low risk treasury bonds. Jesus Christ. The fixed income market right now just looks like it's ready to just burn up, but whatever.
That's where the yield comes from. Yep. Yeah. But where does that yield come from? That's my question. Where does that yield come from? It it I knew where it used to come from on treasury bonds, but now I'm not so damn sure. Again, where does the ultimate yield come from? Whatever. While less likely less risky, the risk comes like all other banks from 2023 with duration mismatches that can arise and interest rate changes. Again, this is why even Paul Tudor Jones a couple of days ago was saying that he has he holds no fixed income. Yet no fixed income instrumentation.
No bonds, treasuries, whatever. You know, all that shit. He's like, forget it. It's all it's all crap. And that's why he's now long gold, Bitcoin, and commodities, which is why I bring you the price of oil every single day because oil is also a commodity. That's the weather report. Welcome to part 2 of the news. You can use Russia as an agreement with BitRiver for mining expansion in the BRICS countries. This is from atlas21.com written by oh, newsroom. Okay. Yay. The Russian Direct Investment Fund and the mining company, BitRiver, are planning a strategic expansion in the BRICS countries. According to the local news outlet, RBC, the Russian Direct Investment Fund, and Bitriver have formed a partnership to implement projects aimed at introducing artificial intelligence technology, increasing Russia's share in the global compute power market, and building bitcoin mining data centers in BRICS countries.
The project announcement was made during the BRICS Economic Forum in Moscow on October 18th where officials emphasized the importance of enhancing the country's compute capabilities with a particular focus on artificial intelligence. Bitriver currently operates 21 data centers throughout Russia consolidating its position as a prominent company in the mining sector. The company is actively engaged in building 100 no. I'm sorry. In building another 10, not 100, but 10 data centers, a move aimed at strengthening its infrastructure and increasing its operational capacity in the industry.
Igor Runitz, Bitriver CEO, stated, quote, our partnership with RDIF will prioritize the development of mining infrastructure, ensuring that our data centers are equipped to support AI projects effectively, end quote. Oh god. It's the AI for Russians this time. Bitriver's focus on BRICS countries extends beyond its domestic operations. These nations offer potentially advantageous conditions for mining, including factors such as favorable regulatory environments, economic incentives, and available energy resources. The strategic expansion into other BRICS countries is part of Russia and Bitriver's goal to increase bitcoin mining capacity and secure a strong position within the global framework.
The involvement of the Russian Direct Investment Fund underscores the importance of the mining industry in the Russian economic framework. A crucial aspect of the project is the emphasis on developing energy efficient data centers operations. And by leveraging more affordable and sustainable energy sources, particularly in regions with favorable regulatory environments, the project aims to optimize energy consumption relating to Bitcoin mining. So it sounds to me like Russia's about to go all in, but note the addition of AI. So the hype is not gonna die, and AI isn't either. And I know a lot of people hope it does hopes it does, but it's not going to.
That genie is out of the bottle. And if it wasn't for the fact that in some cases, AI is actually kinda useful. I think that I think that anybody that says that there's not that there's no use to AI is really fooling themselves and they're missing the mark. I also think that people that say that it's going to take everybody's jobs away and it's also going to solve every problem we've ever seen in the universe are also fooling themselves. As usual, the truth is somewhere in between those two extremes. It's always shades of gray. Right? But what I'm starting to see is that things like Amazon Web Services, Amazon Cloud, Microsoft Web Services and I don't know what they call it, basically their data centers, I think they're losing traction.
I think the big walled gardens are loo are starting to lose traction because if it hadn't have been for Bitcoin, if it hadn't have been for the existence of this asset that has built these mining companies to the point that they are now, not only are they solid companies, many of them, not all, but many of them are. They have and they have so much experience in buying power contracts and building infrastructure and, you know, working with heating and cooling vendors to heat and cool their their, spaces that they're at this point they're old hat. They know how to do this every bit as well as somebody that that handles this shit for Amazon, Microsoft, Oracle, whoever else has massive data centers. And I think that because of that, they're going to start eating into the AI market and they're already eating it. Well, they're already eating into AI. They're also already eating into the super compute market or supercomputer market or also known as high performance compute.
This is eating into academia because most of the things that base most of the people that use high performance computing essentially are researchers either in academia or partnering with academia in the private sector. And many of the high performance compute centers are publicly owned and operated centers like JPL. They they have they have a lot of high performance computing. Texas Tech, it's a public university. It's their high performance compute system is essentially owned by the citizens of Texas. Right? So what I'm getting at here is that because of Bitcoin mining, that is causing the tables to shift on who owns compute power and are they or are they not legacy walled gardens.
They're all going to fall. The walls of the walled gardens are beginning to fall. And just like the walls of Jericho, man, Gabriel one day is just gonna blow his horn and that whole son of a bitch is just gonna come falling down. Now Bitcoin Core Development funded with $8,400,000 in 2023 according to a report. 1 a one z researchers, Dan Opre and Moss Nocci Nicotchi, sorry, published a comprehensive report exploring the funding of the Bitcoin Core Project. The study focuses exclusively on Bitcoin Core and 13 main sponsoring organizations that either actively hire core developers or have active developer grant programs. And this is from nobsbitcoindot com.
The report authors note that not all data is available at a sufficient lay level of granularity to distinguish between core and non core activities. So that's up front right there. According to the report, the Bitcoin ecosystem spent $8,400,000, not a whole lot, on Bitcoin developers in the year 2023, but these numbers are expected to be significantly higher in 2024. In contrast, the Polkadot Foundation has already spent $87,000,000 in the first half of this year with $16,800,000 allocated to activities equivalent to funding Bitcoin Core.
The Ethereum Foundation spent a total of $61,000,000 in 2023 dedicating 32,300,000 to core related activities and has budgeted 100,000,000 for development this year. Quote, It is a live running production software securing a large amount of value that needs to be maintained, patched, and improved. But those that buy it, hold it, use it, or build on it have no obligation to fund it. It is a public good that suffers from the free rider problem, writes the report authors. The report also finds that the number of actual developers working on Bitcoin stood at 41 active developers with at least 5 commits so far this year. Quote, this number is never likely going to be huge given the complexity of protocol development and the non linear impact of engineering resources.
But growing the developer pipeline is still a key requirement and a topic for the next report in the series. The report identifies 13 main sponsor organizations namely Blockstream, Chaincode Labs, MIT's Digital Currency Initiative, Spiral, OKX, the Human Rights Foundation, Brink, B Trust, OpenSats, Vintium, Maelstrom, Bitcoin for open source, and 24 2140. Quote, many other organizations have historically funded Bitcoin and lightning development, including DG Labs, Lightning Labs, Async, Bitfinex, Zappo, Bull Bitcoin, BitMEX, Crypto Advance, Hardcore Fund, Bitmain, Blockchain. Info, BTCC, and BitPay, as well as grant programs from exchanges such as Coinbase, Kraken, and Gemini. However, these developer grant programs are currently either inactive, infrequent, or not exclusively focused on furthering bitcoin states the report.
Open Sats and spiral accounted for 62% of total grant funding in 2023 while Chaincode Labs contributed 46% to the employment spending in 2023. 8 of the sponsor organizations rely exclusively on donations. The top 3 of these entities received 62.25 percent of their aggregate funding from a single source. Bitcoin funding is still a young space so this level of concentration is to be expected and becoming less so over time. By highlighting Jack, it is not our intention to imply that he is doing too much, but only that it would be healthier for the long term to increase the proportion of funding from others was explained in the report.
Another identified issue is the long term sustainability of donations, particularly the lack of predictable future streams of funding. 6 of the 13 most significant organizations are legally registered in the US. There are no organizations registered in or primarily focused on Asia. The number of organizations and the total funding have significantly increased over the years, but development still requires more financial support from a broader set of donors. Alright. So that's the that's that's the synopsis of the report. Now if we get back up here, I'm sure if you were listening closely, you've already got you you already started going, ah, shit. Well, let me read it again.
Polkadot. It's a shit chain. It's a shit coin. It's run by shitcoiners and has been around forever. And we keep thinking it's going to die, but yet they spent $87,000,000 in the first half of this year alone with 16,800,000 allocated to the equivalent of funding Bitcoin Core. That means that the Polkadot Core developers are getting way more money than the paltry $8,400,000 that have been spent on bitcoin developers so far this year by the by the bitcoin community now you might actually say oh well let's let's do the ethereum foundation They spent a total of 61,000,000 in 2023 dedicating 32,300,000 to core related activities. Again, in contrast to the $8,400,000 spent on Bitcoin Core.
Alright. So there's 2 ways to look at this. The first way is pretty much the way that all the shitcoiners are going to look at it and many of the people that just don't understand how Bitcoin works. The first way is that they're going to lunches. They're going the the their their ability to fund their shitcoin projects is so huge, so over the top, and dwarfs the Bitcoin core development so much that how is it that Bitcoin can even survive? Well, I'll tell you how it can survive because it fucking works. Every single dollar that these other assholes put into the development of their shit chain causes things to happen like, oh, I don't know, moving from proof of work to proof of stake in the case of Ethereum.
Having a roadmap for Ethereum that looks like a Rube Goldberg machine. Having shit break left and right all the time. Polkadot is not I mean, Polkadot, nobody even talks about it anymore. And yet they spent all this money this $87,000,000 in the first half of this year. I have this is the first time I've heard the term Polkadot even be used in over a year. I hear nothing when I hear anything at all about cryptocurrency is generally about bitcoin. So the second way to look at it is that that the more they spend on their shit chains, the more the more odds and ends and gadgets they have to stop up their own drain.
Somebody will because they've got so much work being done on their shit, that's not necessarily a good thing. In fact, I think that this is exactly where Bitcoin funding should be We have a system that works We have a system that works to the point that people are loathe to change it None of these other shit chains have actually proven their worth. I went over an entire analysis of the price of Ethereum versus the price of Bitcoin, and it's done nothing but go down. If you're holding Ethereum, you're losing opportunity in Bitcoin.
And it's been that way since March or May of 2021. It's just it's disgusting. It it's just sad. And while you may think in the like the way that the shitcoiners are going to think that they're going to eat our lunch because they've got so much more development funding, I don't think that that's the case. Just because you have money doesn't mean you know how to spend it. Just look at it just look at Paris Hilton. I mean, there's so many rich people that you can look MC Hammer. You may not remember MC Hammer. Back in the day, he was, like, you know, big old rapper guy was more of like pop rap he wasn't he wasn't like a brutal rap but pop rap yeah man MC Hammer was the shit back in like the late 80s 90s right?
He's broke. He's broke. He had 1,000,000 of dollars. He had, like, 40 people in his entourage. He just paid them just to hang around with him. He had, like, 2 helicopters. He had a mansion. He had many, many, many cars. Dude's broke. Wesley Snipes, did he spend his money well? I don't think so. I don't think so. How many rich people that have, like, oodles of cash have you heard about that are now fucking broke? Just look at the NFL. You just look at the NFL. How many of those players had 1,000,000 and 1,000,000 of dollars and now they're broke? Just because you have the money does not necessarily mean you are spending the money in the appropriate way.
It's like tech money having wealth to throw at something is like any other technology. Are you throwing the appropriate technology at the appropriate problem to find the appropriate answer that's actually going to do something good? So when a report comes out like this, and I guarantee you, you'll hear more shit about this by people like, I don't know, that idiot that had the Terra Luna tattoo about how this is going to kill Bitcoin because nobody's developing on it. We don't have any money to develop on it. Do we need it? Is there something fundamentally broken with Bitcoin?
I don't think so. I mean, this and this remember, this is just Bitcoin core development. This doesn't include Lightning. This doesn't include e cash developers. This include Nostra developers. This only includes Bitcoin Core. How much total in the ecosystem where all these bricks, these little Lego pieces are starting to interlock with each other. If you were to take it in the whole total in sum, it still is not $87,000,000 just for the Polkadot Foundation. But that doesn't, in my opinion, that doesn't really mean anything. I've seen people do so much more with so much less in comparison with other groups of people. It's not even funny. And those are the true engineers.
Those are the people that really know how to solve problems. I look to Pete. This is one of the reasons why I love permaculture. How do you work within a system? If you have constraints, how do you work with those constraints? Just because they have money doesn't mean that they're eating anybody's lunch Wasabi Wallet version 2.3.0 rewrite of Tor integration UX improvements and more Wasabi Wallet is a free and open source privacy focused Bitcoin wallet for the desktop The release continues our vision of simplifying the code base and improving the resiliency of the software while still shipping long awaited quality of life features.
This version introduces a complete rewrite a complete rewrite of Tor integration using standard HTTP client, Trezor safe 5 and cold card queue support, and the beta version of Wasabi's payments in coin join feature. It also delivers significant user experience enhancements through a more intuitive interface, including better and more consistent amount of formatting and more insight on transactions. So there this is exactly what's new. There's an enhanced Tor integration that's a complete rewrite. It should be interesting. There's better BTC amount formatting, so improved readability.
There's more insights on transaction. There's the payment and coin join. It's beta and RPC only, by the way. And then there's Trezor, Safe 5, and Coldcard queue support. So if you are a user of Wasabi, you might wanna go check that out. Bisk 2. Version 2.1.2 optimized reputation system and chat consolidation. Bisk is a secure private and decentralized bitcoin p2p exchange bisk2 is set to be the successor of bisk version 1 and will support multiple trade protocols multiple privacy networks and multiple identities The BISC version 2.1.2 has been released offering improved reputation system easier to follow chat rooms and more flexible offer book filtering.
Trades up to $25 no longer require selling operations or reputations, easing entry for new sellers and boosting small trade liquidity. Topic specific chat rooms are now consolidated into chat and support sections, combining public discussions and private chats on one screen. So the reputation system enhancements as follows. It's been updated to improve security in trading. Trade limits are now directly tied to the seller's reputation score. Reputation gained through burned or bonded BSQ will double over the 1st year relaxed reputation requirements for trades up to $25 The minimum required reputation score has been removed And then there's chat rooms consolidation which they talked about and more flexible offer book filtering.
So, that should be interesting. The fixed notification issues they fixed application versions and user profile and many additional fixes improvements have been added. Okay. So that is it, ladies and gentlemen. I will, I will just remind you to if you run across this Denmark news, please just forget that it even exists. Until those idiots actually draft, you know, have draft legislation and they're actually arguing about it and it looks like it might be going up for a vote, and then you worry about it. And then if you don't live in Denmark, if Denmark wants if Denmark is tired of living and just wants to die, then let them lay in their coffin. I I don't care about Denmark. I probably should. And if you're somebody from Denmark, it's not that I don't like your country.
It's that your government is a western government. And like all western governments, they have absolutely gone batshit insane. They have, like, no credibility left. I'm sorry, but you live in one of these countries. I live in one of these countries. The people in Mexico live in one of those countries. But the people in in Central and South America, ah, see. And there's several countries in Africa. There's all the Baltics. There's the Balkans. There's, like, Far East Europe that still has a semblance of sanity about them. We don't have to put up with this shit. Neither do you. I'll see you on the other side. This has been Bitcoin and and I'm your host, David Bennett. I hope you enjoyed today's episode and hope to see you again real soon.
Have a great day.
Ethereum vs Bitcoin: A Declining Ratio
Market Updates and Analysis
