Join me today for Episode 984 of Bitcoin And . . .
Topics for today:
- Another Satoshi Nakamoto Conjured
- MSTR's 21/21 Plan™ to Buy More BTC
- Reddit to HFSP
- Stablecoins Join BTC and US Debt?
- U.S. Gov is the Largest Shitcoiner
#Bitcoin #BitcoinAnd
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Spelling: https://primal.net/e/note1pvmdtpa4md364tllz4zmxjh0lealhq5ltxme5lasy63x4jv8mcjq6dwccw
https://tribune.com.pk/story/2506548/man-claims-to-be-bitcoin-creator-satoshi-nakamoto-at-london-press-conference
https://www.coindesk.com/business/2024/10/30/michael-saylors-microstrategy-plans-to-raise-42b-to-buy-more-bitcoin-over-next-3-years/
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https://decrypt.co/289297/us-converts-seized-alameda-research-tokens-to-ethereum
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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. Happy birthday, Bitcoin.
Or is it? I don't know. We'll find out. We've got a couple of people who, seem to think that today is not Bitcoin's birthday. We have people that are saying that it is Bitcoin's birthday. It is white paper day. We can definitely say that. Today, 16 years ago, the white paper for Bitcoin was dropped. And in my opinion, and I will never have a different opinion, this was the world's consciousness telling the world's governments, boo. I can't imagine being more scared. It is 8:55 AM Pacific Daylight Time. It's Halloween, October 31, 2024, and this is episode 984 of Bitcoin. And no.
Today is not Bitcoin's birthday according to Aaron Van Weerdom out of Bitcoin Magazine. Let's see what Aaron has to say. Some things in Bitcoin are just not up for debate. Oh, bullshit. Sorry. The plural of Bitcoin is also Bitcoin, not Bitcoins. 1 Bitcoin, 2 Bitcoin, 3 Bitcoin. Bits is a better sub denomination than sats. 100 sats is actually 1 bit, like a 100¢ is $1. Being a whole coiner makes you a bitcoin equivalent of a millionaire as that would mean you have a 1,000,000 bits and october 31st is not bitcoin's birthday Some mighty fiery words there from Aaron.
Bitcoin's birthday is January 3rd. That's right. It says so right there in block number 0, which was minted 2,009 January 3rd at 1915:05 Greenwich Mean Time plus 1. On that day, Bitcoin's blockchain launched with 50 newly generated coins issued to satoshi nakamoto's public key but from which bitcoin's creator cannot spend according to protocol rules since satoshi was the only person who could have created the genesis block that would have effectively constituted a 50 BTC pre mine yes bitcoin was first proposed through satoshi's white paper dropped on October 31, 2008 but but you don't celebrate your birthday on the day your mom told your dad she wanted to have a kid.
Nor do you celebrate it on the day your parents conceived you, or on the day they announced you to the world via a gender reveal party. You celebrate your birthday on the day you were born. And the same is true for Bitcoin. That's January 3rd. Happy Bitcoin White Paper Day. Alright, so what do you think? Do you think Aaron is just like a trying to spin up some spin up some memeage? Trying to spin up some some ire? Get people good and pissed off? I don't know. I'll tell you one thing, though. I actually agree with Aaron von Weerdom. I don't think today is actually Bitcoin's birthday. I used to. I mean, it made it made sense for a while, but after I've been in this thing for a while, and I've been through many of quote unquote Bitcoin's birthdays at you know, since 20 or 2015.
I can tell you that my sentiment has definitely changed. It completely changed. It doesn't make sense, like Aaron says, for your birthday to be when your mom seduced your dad because she wanted to have a kid. It's the day you were actually minted into the world where you physically take form outside of your mother's womb that's that's the actual birthday but you can disagree and I love it when people disagree I just don't just don't fight about it all right And one of the other things that Aaron von Weerdom says that I will absolutely disagree with is that a 100 sats is 1 bit and bits is a better subdenomination than sats.
No. Nope. I'm I'm going with sats. I have 100,000,000 satoshis per bitcoin, that's the way it is. If you wanna use bits, then I'm gonna ask you to convert because I am just not going to remember that bits is a 100 sats. I don't care. This has been going on forever. Another thing that's been going on forever is the plural of Bitcoin. What do you think? I will never say 100 Bitcoins. I will always say 100 Bitcoin, a 1000 bitcoin. Hey, that dude over there, that dude got full bitcoin. It's just it makes more sense. I don't know why. I have no actual reasoning behind why. I'm just saying that for some reason, it just feels right. I don't really know other than that. So about the white paper though, what was it?
Well, you know, you're my audience. You've been listening to the show for a while. I'm pretty sure you know what the white paper is, but do we really know what the white paper is? Let's let's think about it from a different standpoint than what the world thinks it is. Generally speaking, the world thinks that the Bitcoin white paper is a technical document that was dropped 16 years ago today for whatever reason. Right? I think it was to scare the governments out of their pants, you know, and to and to basically announce the advent of Bitcoin. But be that as it may, most people think of it as a technical white paper, a technical communique that describes certain aspects of how the system works, what it's supposed to do, all that kind of stuff.
I'm starting to wonder if it's possible that we can't think about it in a different way. And I'm just gonna say this because it's gonna be easier for me to get it out first. I think the technical white paper that is the Bitcoin white paper was a magical spell. I know it's you're probably going oh God he's he's lost it he's off his rocker well I actually have something to back that up with There is a there's the notion. I see it on Nostra all the time. There's a lot of people that post notes on Nostra that try to get you you know, they say good morning. They put, like, pictures of sunshine up in their notes to make you feel good. But there's a lot of people that actually do this kind of like self help thing.
And I cannot remember I cannot remember the person that that notes these. There's there's at least 2 of them, if not 3 different people, that I've heard separately say the exact same thing, just in different ways. That when you speak to yourself in your mind poorly, you speak about yourself poorly, like, oh, I'm so stupid. Oh, I would never be able to do that. Oh, why did I do that? That's just the the dumbest thing that you know, I'm just unable or you're talking to yourself in this negative way. I know. Don't worry. I'm coming back to the white paper. I promise. What they say in these notes that I read, I mean, it's not just on Nostra. I read it in other places. Is that when you do that, you're casting a spell upon yourself because you're using words.
You're using words. They are negative words. And as you spin those words around your mind, you're actually casting a negative spell upon yourself that Garren fucking tease that you'll never be able to do anything. So why is it a spell? Because you're using words, and they call it spelling for a reason. A spelling bee. Think about it. There's there's all manner of things that we write. We use things like spelling. We also use things like grammar. But now think of think of yeah. I know. If if I'm a Christian, so, you know, don't get me wrong, but just because I'm a Christian doesn't mean that I can't explore the realm of the possibility of magic.
We don't know enough about the universe to be able to dispel what is magic, what may not be magic. A lot of people always say, you know, Arthur c Clark said, hey. Look. Something, you know, a civilization that is really technologically advanced would not be able to be distinguishable from magical beings by somebody who is not technologically advanced. Like going back with a Zippo lighter back in time to like caveman days, Right? Okay. So, there's grammar, there's spelling, and there's books.
[00:10:09] Unknown:
Right? When that white paper was dropped, I just want you to think about what if
[00:10:18] David Bennett:
it was more than just a technical paper? And this goes for anything that you write or anything that anybody else writes. Is it possible that it conjures into existence a thing? There was a movie that I watched called Biloxi Blues. In fact, it was the movie remake of a very famous New York Broadway play. This one starred, that guy from Ferris Bueller's Day Off. I can't remember his name right now. But he had a friend in that movie or in the play that was a writer. And that writer guy was writing stuff down about all his army buddies because Biloxi Blues was about boot camp and right, you know, right at the end of World War 2. So he writes this thing about this one person that suggests that he might be gay. And then somebody else took his journal, the writer's journal, and was reading out loud the journal and then read that part and everything changed for the individual that the writer was accusing of being gay.
And he wasn't accusing of being gay, he was just saying I think the guy's gay, or something along those lines, but definitely has something to do with, you know, being gay. In either event, that author in a later scene is talking to our hero guy and said, There's something magical about what happens when you write something down it turns into something else. So I just think that maybe we can introduce a different way of thinking when we think about things like this white paper. That if we if we have this idea and we write it down that somehow or another we may be casting a spell of conjuring and that when we speak to ourselves in our mind and we're being negative about ourselves that we might be spinning up a spell of conjuring that absolutely guarantees that we will not be able to affect the things that we want to affect.
Does that make sense? If not, let me know why it doesn't make sense or just, you know, give me a boostgram and tell me to shut the hell up. Because this guy, this next guy, I know the guy. And Bitcoin's going to 0. If you remember Dan or Don Pena, the suit wearing millionaire that hates Bitcoin beyond all form fashion of the word, maybe this is the guy that Dan or Don Pena has been talking about all this time. If you don't know, just look up Pena, p e n a, and Satoshi Nakamoto, and I guarantee you will you will find what you need to find. But this this one is out of the tribune.com.pk, which is the Express Tribune's Pakistan office, I suppose.
But man claims to be the Bitcoin creator, Satoshi Nakamoto, at a London press conference. And no, it is not Craig Wright. A man claims to be the Bitcoin creator Satoshi Nakamoto, sparking skepticism at a press conference held in London today October 31st. On 16th anniversary of Satoshi Nakamoto's publication of the Bitcoin white paper Stefan Molla introduced himself as the elusive Bitcoin founder but technical issues and unverified assertions cast out on his claim. BBC News Cyber correspondent Joe Tidy, who attended the event, reported that organizer Charles Anderson opened the conference sharing that he had barely slept due to the intense global interest.
However, a representative from the front line club clarified that the event was neither endorsed nor affiliated with the venue, prompting at least 1 journalist to leave. Mahler's credibility further waned as he made additional claims stating he had invented energy recovery systems for cars and created the TV show Britain's Got Talent. Attempting a live demonstration to support his identity as Nakamoto, Mueller faced technical difficulties with his laptop, forcing him to continue without it. Instead, he recounted past attempts to disclose his identity and referenced an unverified 2016 interview with BBC's Rory Cellan Jones.
Growing frustrated, journalists pressed Mueller for definitive evidence. To which he offered only easy to fake screenshots whatever the hell that means when asked if Mala would move bitcoin from the genesis block or provide cryptographic proof Mala stated he would do so in the coming months, disappointing the audience even further. The press conference, heavily promoted by PR London Live, ultimately failed to deliver the promised quote verifiable proof, leaving Bitcoin's true creator an enduring mystery. This is never going to stop.
This is never going to stop. I'll bet you next year there's somebody else on Halloween that does the exact same shit. Because even at this point, even if you don't prove yourself as Satoshi Nakamoto, you instantly get fame. You instant it's instant. People are like Stefan Mullen. Now I know this guy's name. I had no idea who this dude was. He's like in his looks like he's in his fifties or early sixties or something like that. But here's the thing. Check this out. At the very last paragraph, when asked if Mala would move Bitcoin from the genesis block and I stop right there because what did we just read at the beginning of the show? You can't move Bitcoin out of the very first block. Block 0 is the genesis block.
That's the block that has the Jan 3rd chancellor on brink of doing a second bailout for banks. The header that was in the primary genesis block, that's the block that the genesis block is. You and nobody, not even the person with the keys to that wallet can move any of the coin from that particular block. Exactly why I don't I've seen people explain it. Sometimes it makes sense and sometimes it doesn't. It depends on the day and whether or not I've been drinking the night before, but I'm not gonna get into it. I'm just going to make the assumption that 15 people that have said the exact same thing and half of those are bitcoin developers are probably right, and I don't have to look any further. But the fact that now now let's take this with a grain of salt. Let's say that tribune.com.pk and who's let me make sure who's writing this.
Does it yeah. Actually, does it even give a I don't even think it gives an author line. So I'm going to take that statement with a grain of salt. But if if the assumption if we make the assumption that that statement or that question was actually asked at that press conference about the genesis block and Mueller said that he would provide cryptographic proof to do that later, then we already know he's full of shit. Nobody, not even Shadoji Nakamoto, the real one who god only knows who he is and I don't care, with the keys even that guy cannot move the bitcoin. But there is another guy that wants to move some bitcoin, and he wants to move a lot of it.
Here it comes. Michael Saylor. MicroStrategy plans to raise $42,000,000,000 $42,000,000,000 that's billion with a B to buy more Bitcoin over the next 3 years. Steven Alfer, CoinDesk. Self described Bitcoin development company, MicroStrategy, didn't add to its Bitcoin holdings since mid September, but the firm announced an audacious plan to raise $42,000,000,000 of capital over the next 3 years in order to purchase more of the world's largest crypto. Led by executive chairman Michael Saylor, the company's so called 20 1/21 plan calls for $21,000,000,000 of equity raises and $21,000,000,000 of debt offerings over the next 3 years.
As a bitcoin treasury company we plan to use the additional capital to buy more bitcoin as a treasury reserve asset in a manner that will allow us to achieve higher BTC yield, said Fong Li, the now president and CEO of the third in the Q3 earnings press release from MicroStrategy. MicroStrategy's most recent previous disclosures was in mid September when it announced the purchase of 7,420 bitcoin for $458,000,000 that brought its holdings at that point to 252,220 bitcoin acquired for a total of $9,900,000,000 at an average price of just under $40,000 a piece At the current price of about 72,000, which is now 70,500, the company's bitcoin is worth more than $18,000,000,000.
As of the end of the quarter, The company had $891,300,000 of dry powder remaining from a previous capital raise. MicroStrategy also revised higher the target range of its btc yield to 6 a half or sorry, 6% to 10% from the previous 4 to 8% created by the sailor and team the sailor and team. It actually says that created by the sailor and team. The BTC yield is considered by MSTR to be a key performance indicator describing how well the company does in acquiring Bitcoin in an accretive manner to shareholders. The BTC yield for the Q3 was 17.8%.
Shares are lower by 10% in after hours trade, but remains roughly 250% higher year to date. Now in just a a I just wanna pull up trading view because it's got a set of news here about micro MicroStrategy.
[00:20:51] Unknown:
Its earnings came out, yesterday. They didn't mention this. They did not mention MicroStrategy's earnings in that story, so I'm going to mention them here.
[00:21:04] David Bennett:
Wow. They had a bad bad quarter. So the earnings that they reported is negative 1.72. I guess that's a buck 72 per share. The estimate was a measly negative 0.123. So people were thinking that they were going to not have good revenue this year or this quarter. And they were right. But oh my God, the difference between 1.72 which was the actual reported earnings per share and oh my God, and, the estimate is the difference between that is 1.59%. I mean, not only they didn't just miss, they missed hard. Now that was on earnings. Their revenue numbers came out as well.
They were estimated to make $121,450,000 they reported $116,000,000 in revenue which is well, do the math. It's minus $5,390,000 versus the reported or reported versus the estimate. That's a 4.43% decline. And nobody cares. Nobody gives a shit. And Michael Sailor doesn't give a shit. And Fong Lee doesn't give a shit. None none of these people give a shit because they're no longer worried about making earnings the old fashioned way. Sailor's taken MicroStrategy into a completely different stratosphere. Does that mean that I'm kissing his ass? No. He could fail miserably. I don't know. I have no I've never spoken to the man, so I don't know what's in his mind, but I can pretty much guarantee that they don't give a shit anymore about their actual earnings because they are I believe they are completely 100% going to convert micro strategy into something very very very different They'll probably work too because we live in some of the most interesting times in the world, both economically, politically, sociologically.
It's a mess out there, and it wouldn't surprise me one bit if Michael has just nailed exactly where companies need to go. Okay. Let's run the numbers. CNBC Futures and Commodity has West Texas Intermediate Oil up just over a point to $69.32. Brent Norcey up just under a point to $73.18. Natural gas is, well, doing what natural gas does. It's down 4 a quarter percent. And gasoline is up 0.62 percent to exactly $2 a gallon. All the shiny metal rocks are doing piss poor today, including gold. Damn near leading the pack, but not so. Gold is down almost 2 points.
It's sub 28100 to 27.49 80¢. Silver is down 3.7%. Platinum is down 2 a half. Copper is down a half. And palladium is down 1 a quarter. The biggest winner in ag today is gonna be sugar again, I guess. 2.43 percent to the upside. And the biggest loser is coffee, 1.7 to the downside. We got live cattle down 0.09. Lean hogs down a quarter. Feeder cattle down 2 thirds of a point. The Dow is also down. Actually, it looks like indices are getting wrecked this morning. Dow is down 0.8%. S and P is down 1a half. Nasdaq is down, Jesus, 2a quarter. And the S and P mini is down 0.8%. I'm pretty sure this is just people clearing their books before the elections on the, 5th November.
Remember remember, the 5th November. $70,710, that is a $1,400,000,000,000 market cap. You're gonna be able to get 25.6 ounces of shiny metal rocks with your 1 Bitcoin, of which there are 19,775,617,699 of. And fees are huge. Oh, my God. Damn near half of Bitcoin on average in fees on a per block basis. There are a 101 blocks, with a 196,000 unconfirmed transactions waiting to clear at high priorities of 8 satoshis per vbyte. Low priority is gonna get you in at 6. So I guess whatever the fee spike was happened sometime during the night. And given the red, red bars that I'm seeing, looks like 1, 2, 3, 4, about 5 hours ago is is what I would what I would think.
Hash rate, 754.6 exahash exahashes per second on a rolling 1 week average. So do with that what you will. From Florida man, yesterday's episode of Bitcoin. And I got a 1,001 sats from FOMO Mattronic. And said he says nothing. Say something, bro. Say something. Blazer with a thousand says, got me in the feels as a small biz guy myself. Value for value is the way. Agi Chote 1000 says, zap. Pies to play before 20 says thank you, sir. No. Thank you. God's death with 537. Thank you, sir. No. Thank you. User 115-568-42 with 500 says grateful for your work.
Well, I'm grateful for you. Wartime with 333, claps his hands and says, cheers. Crypto wait. Wait. Hold on. Crypto connect. I think it's how you pronounce it. 210 sat says good content, good energy. I died. It's hard sometimes to bring energy. Sometimes I just wanna go, but nobody wants to listen to that shit. So I gotta I gotta get pumped. That's the weather report. Welcome to have fun staying poor. Reddit offloads most of its Bitcoin holdings. And they had some shit coin too, but I'm not gonna read that part. Ana Paula Pereira, I think is how you pronounce it, is writing for Cointelegraph. Social media network Reddit has sold the majority of its cryptocurrency holdings in the Q3 of 2024 according to a recent filing with the Securities and Exchange Commission.
The majority of the sales originated from treasury holding in bitcoin and shitcoin number 1. The 10qsec filing reveals that the net value of the crypto assets and the gains recognized from sales were deemed insignificant for the period. Oh, that's interesting. Quote, during the 3 months ending September 30, 2024, we sold the majority of our cryptocurrency portfolio, which consisted primarily of Bitcoin and, well, whatever. The net carrying value of our cryptocurrencies as well as the gain recognized on sale were was immaterial for the periods presented, end quote. According to the document, proceeds from the sale of cryptocurrencies were valued at $6,860,000 for the 3 months ending on September 30th.
The company previously invested some of its excess cash reserves in bitcoin and ether. It also continued to acquire ETH and Polygon, token MATIC, now known as POL or POL, as a form of payment for sales of certain virtual goods. Reddit said its sales of ETH and MATIC was not material for the year ending December 31, 2023 or the 9 months ending September 30, 2024. The social media company also held digital assets for use by its product and engineering teams intended for specific uses. Reddit has been using its excess cash to add small amounts of cryptocurrencies to its treasuries since 2022. In a previous previous filing for its initial public offering, the company praised crypto and blockchain as having significant potential.
According to Reddit's policies, investments in digital currencies for treasury purposes are limited to Bitcoin and, Ethereum, well, e or ETH, and any other cryptocurrency that United States regulators has identified as, quote, likely not being a security through public statements or guidance. The filing has also revealed Reddit has seen a decline in advertising demand since the pandemic, citing global economic concerns, rising interest rates, and uncertainty in geopolitical conditions. Since the 3 months ending December 31, 2022, we experienced declines in advertising spending in certain macro challenge sectors, particularly technology, media, and entertainment, and cryptocurrency, end quote. According to the company, the decline in advertisements from these sectors has been partially offset by diversifications across, quote, other advertising verticals. Of course, they don't say what that shit is. So, yeah, lots of people you know, I saw more people lose their mind over this shit yesterday than I kind of thought. And even I was, like, going, what a bunch of dumbasses.
But honestly, $6,800,000 to Reddit is, like, toilet paper money. So it's kind of a nothing burger. So don't don't be worried about what the hell Reddit's doing. Reddit's gonna die anyway. It's all over for all of legacy media because of Nostr. If you have not gotten on Nostr, you need to get on Nostr. It's cheap. Well, it's actually no. I'm sorry. It's free. Nobody's ever gonna take your email. Nobody's ever gonna take your phone number. Nobody's ever gonna get any personal information about you because that's not the way Noster works. And if you want to have a place to go when Twitter and TikTok and Instagram and Reddit and you name it when they all finally finish burning to the ground under their own stupidity you will have a place to go and you will have friends there when you arrive.
Now here's the US Treasury statement. You're gonna love this one. Stablecoin growth has increased demand for treasury bonds. Of course, we knew this. This isn't really that much of a surprise. But what's surprising is that there's this full statement from the United States Treasury. Atlas21 dotcom has the news. On October 30th, during a Treasury Borrowing Advisory Committee meeting, the United States Department of Treasury discussed the implement the implications of stablecoins and the potential for tokenization of United States Treasury Bonds. Do I need to read that again?
The implications of stablecoins and the potential for tokenization of US Treasury Bonds. The US Treasury is thinking about tokenizing this garbage pile that's on fire well good luck motherfuckers the report produced for the meeting highlighted the influence of stable coins on short term public debt demand with particular focus on t bills. Treasury bills, commonly known as t bills, are short term government securities issued by the United States federal government with maturities ranging from 4, 13, 26, 52 weeks and are primarily used to finance public debt and manage government liquidity.
The analysis presented indicated that increased stablecoin usage may have contributed, albeit modestly, to a growing interest in short term government securities. This correlation stems from the fact that a significant portion of stablecoin collateral consist of treasury bills or repurchase agreements backed by treasury securities The possibility of tokenizing t bills was proposed as a method to introduce technological innovations in the government securities market. A committee member suggested that adopting tokenization might require the United States to create a permissioned blockchain under government agency supervision to ensure system efficiency and security however discussions also raise potential concerns related to financial stability stablecoins are increasingly used in financial markets to facilitate transactions and payments in 2024 stablecoin market capitalization reached approximately $180,000,000,000 with Tether at $120,000,000,000 followed by Circle's USD coin with about $35,000,000,000 And a few weeks ago, Tether CEO, Paolo Ardoino, stated that Tether owns more Treasury bills than the United Arab Emirates, Australia and Spain.
The US Treasury estimates that $120,000,000,000 of stablecoin collateral has been invested in treasury securities with Tether holding bills worth $81,000,000,000 Real world asset tokenization is recognized as a rapidly expanding sector. Globally, the tokenization market is estimated to represent a $30,000,000,000,000 opportunity. Among the main products currently available are the BlackRock USD Institutional Digital Liquidity Fund and the Franklin On Chain United States Government Money Fund, managing approximately $530,000,000 $410,000,000 respectively.
The integration of tokenization in markets such as government securities could improve liquidity and operational efficiency. What it's gonna be is a goddamn shit show. It's gonna be a dumpster fire, but they're gonna do it anyway. But what I here's a couple of things that I find interesting about this particular piece is that, a, the United States Treasury is coming right out and saying, hey. This stablecoin shit's good for Bitcoin. Or no. I mean, sorry. Good for United States Treasury bills. And they're they need something that is good for the United States Treasury Bills. Their auctions, Treasury Bill Auctions, have been pathetic.
They've been there's, like, all like, no there's nowhere close to the amount of interest in purchasing United States debt, which is the which is instrumented through the United States Treasury and the bonds and the bills that they choose to to issue than ever before. There's like no nobody wants our debt. Why would you? We don't like what $36,000,000,000,000 in debt or whatever it is. It's just it's it's eye watering amounts of numbers. All right. So but the fact that they're acknowledging, it's almost as if the subtext is this. Hey, guys.
Our last treasury auctions have been so fucking pathetic that we're we might be in trouble here. So instead of, like, going head to head against Tether, maybe we should make friends with this whole stable coin market because they're the only ones that seem to be able or willing to buy our debt. Okay. There's that. Now think of this as an electrical transformer. Right? If you don't if you don't know how an electrical transformer works, I send high voltage through a coil inside of a can filled with non conducting fluid like an oil I put another coil on the other side not touching the original coil that either gives me more voltage or less voltage. It's either step up transformation or step down or I can just keep it the exact same size coil and have the exact same voltage come out the other side. What happens is that the coil makes a magnetic field. That magnetic field induces electron flow into the other coil without those 2 coils actually ever touching each other.
And that's what I think is happening. I think the stable coin is acting as the transformer between Bitcoin and the United States treasuries, essentially, the debt service. And I'm not talking about servicing the debt. I'm talking that the US Treasury is now a service organization that provides debt. And somehow or another, Tether and USDC are acting as this transformer that is somehow or another indirectly allowing Bitcoin to induce energy into the treasury market so that the treasury market doesn't die. Now conversely, transformers can go both ways. If I if the treasury market starts doing something, that could induce energy into bitcoin through the transformer or the transformation ability of stable coins.
Again I'm not a fan of stable coins. I do not use stable coins. I do not need to I don't even I have never found a need for stable coins but we're not getting away from stablecoins. If you think we are going to get away from stablecoins, you are horribly misguided, and I hope that I can break you of that of that situation. Stablecoins are here to stay. They're going to get larger. They're going to get more pervasive. And who is adding yet another stablecoin? Trump. Trump wants in on the action. So here's the other thing that I find very interesting about the timing of this particular meeting, which was yesterday. And these what I just read to you are essentially the statements made in the meeting yesterday, is that a couple of days before, we found out that Trump, through World Liberty
[00:39:23] Unknown:
Financial, wants to launch a stable coin because he's not a moron. He wants to get in on this action. You see how this works?
[00:39:35] David Bennett:
So what's what's next for for quote unquote crypto? Stablecoin explosion. Remember if you were around in 2017, 2016 to 2017, what you saw was this what they what they what did they call it? A a a Scambrian explosion. A Cambrian explosion was how we got a massive amount of plants and animals on the face of the planet. It was this it's this huge event in the history of the ecology of the planet where just this immense amount of different species just exploded onto the scene, and nobody really knows why, but we just know it happened. Well, we use the term scam, Brian, explosion to explain the plethora of bullshit altcoins and shit coins. And this is where we got this is where we got BCH. This is where we got BSV. This is where we got poly and, like, you name it. There's, like, there's, like, 10,000 altcoins, and they most of them were produced in the time frame between, like, mid 2016 mid 2017.
They it was like everywhere. You couldn't get away from these things. Everybody was losing their ass. It was horrible. So now I've been thinking where where do we go next? And I've had a couple of ideas but I get the feeling that what we're going to see is another scambrian explosion, but this time it's gonna be in stable coins because they're gonna be the only ones that actually want to buy not only the United States bullshit debt, but they'll be able to service buying the debt of all of the West. It will be the only way that they can kick the can down this road for another 10 years. I used to think that this was it.
That there was no way that the West's financial bullshit was going to be able to travel any further down the road, that we were at the cliff. And now I am not so sure because of stablecoins. Now, am I right? I don't know. If if you have another take on this, for God's sakes, please send me a boost to gram. Let me know or or hit me up on Noster. Do whatever it is you get in touch with me if you think that I'm completely wrong because I want to know the other side, but I'm I'm I'm seeing a pattern here. But this time, the altcoin frenzy, I think, is actually going to be eaten up by governments who think who think, oh, thank god. There's a pressure release valve. It's not Bitcoin, but it's stable coins. But as I mentioned, if stable coins are really doing what I think they're doing where they're connecting the energy fields between
[00:42:21] Unknown:
crappy ass debt and bitcoin,
[00:42:25] David Bennett:
what the hell happens then? I I don't know. But I do know that the United States government is also getting directly into shit coining again because the US has converted its seized Alameda research tokens to Ethereum. That's right. That's right. Vizmaya, v4decrypt.co, says, for the first time in nearly 2 years, The US government's wallet holding seized assets from Sam Bankman Fried's collapsed hedge fund Alameda Research has shown activity. According to on chain data reviewed by ARCEM, the government sold 82,000 ant tokens in 2 transactions through argonDAO's redemption process converting them into ethereum the 2nd largest crypto.
On chain data shows the transactions netted approximately $1,700,000 worth of ETH with the United States government wallet now containing about $974,000 in various other cryptos. The liquidation move by the government hints at the possibility of further activity to recoup value from the seized crypto assets as steps are taken to convert holdings into more liquid assets like ETH. The US government's choice to convert ant, ArgonDAO's governance token, into ETH coincides with ArgonDAO's winding down process. ArgonDAO's a n t token is currently redeemable following the Argon Association's decision in November of 2023 to dissolve itself, allowing users until November 2, 2024 to exchange their tokens.
The Swiss based Argon Association, established to support Argon's decentralized autonomous organization platform made the decision privately citing legal constraints. The association deployed 86,000 ETH valued at around 155,000,000 at the time to facilitate redemptions. Following the redemption deadline, all remaining ant tokens will be permanently burned. So far, over 82% of the outstanding ant supply has been redeemed as the association wraps up its dissolution process. The liquidations come as FTX, Alameda's parent exchange, aims to repay investors with approximately $12,000,000,000 factoring in liquidation expenses.
Some Alameda wallets remain active with assets and tokens like Ampleforth and Phantom. The US government's liquidation of Alameda's research seized, assets as part of the ongoing fallout from, well, one of the biggest crypto collapses. Alameda, founded by FTX's Sam Bankman Fried, played a central role in that collapse, which sent shock waves through the crypto industry. Former Alameda CEO Carolyn Ellison, who has recently received a reduced sentence of 2 years after cooperating with authorities, has become emblematic of the consequences faced by key figures in the scandal.
Her testimony exposed the extent of Alameda's risky financial practices and their link to FTX's collapse, shedding light on the company's inner workings and the unchecked risk taking that ultimately led to its downfall. On Wednesday, Nishad Singh, former chief engineer of FTX and a close associate of Sam Bankman Fried, was sentenced to time served and 3 years of supervised release. Singh had previously provided testimony against Sam Bankman Fried who received a 25 year prison sentence for multiple fraud charges. Yeah. Sam went down for that son of a bitch hardcore.
But here's here's the thing. The amount of shit coining going on by the United States government is actually surprising. I've never heard of this crap. I've never I've never heard of Ant Token. Have you ever heard of A N T? Right? I mean, honestly and who's this AragonDAO or Aragon? Sorry. Not Aragon. Aragon. AragonDAO. AragonDAO's redemption process. Who the hell did does the US government have working for them that knows the ins and out of the defi slash DAO slash governance token ecosystem so well that they can actually convert all this bullshit into Ethereum? Because, honestly, that's not is unless you are a complete degenerate altcoiner or shitcoiner, you don't know how to do this. I don't know how to do this because I don't care about it because I knew years ago that this was all a bunch of hooey.
Still, here it is the United States government shit coining like there is no tomorrow and it's absolutely eye watering to watch. It's almost as if they are competent shitcoiners which is the most surprising thing in the world to me. So your US government is doing 2 things. A, they're shit coining like shitcoiner can only shit coin. And b, I get the feeling that they have no choice but to not only embrace bitcoin as not a security but to allow it to thrive because only through bitcoin will there be enough debt purchased to make stablecoins, the process through which bitcoin and the the United States can talk to each other. I I I honestly believe that. I think that that shit that these stablecoins are gonna end up being the transformer that allows the United States government to talk to Bitcoin in a much gentler way.
Time will tell if I'm even close to right, but let's do this one because it's just shit coining. Okay? I know. I know. It's like you don't want to hear it because you don't really want to hear about bitcoin or you want to hear more about bitcoin. But trust me bro just listen to me bro a theory and based solar project glow has raised $30,000,000 in funding round led by framework ventures in usv you're gonna love this you want it it's not over the amount of gullible people with shit tons of money is it's an unending pool that apparently people can draw from how come we can't draw from this pool of stupidity Is it because we're too ethical?
Or or is there just no way that we can get in the circles of stupidity like these people Glow Labs, an Ethereum based solar project, is? Because they announced it raised $30,000,000 in funding red led by the Framework Ventures and Union Square Ventures. The company said on Thursday that it has secured 6,500,000 to help fund Glow Labs operations in addition to 23,500,000 earmarked for supporting the expansion of solar farms in India. Here's the suit speak. Glow is on a mission to power the planet with an abundance of 100% renewable energy. To accomplish this, glow uses foundational d pin principles creating a solar acceleration flywheel similar in nature to bitcoin mining.
I think we need to read that again. I think it's important so that you know the depth of which these people are scamming Union Square Ventures and Framework Ventures. GLOW is on a mission to power the planet with an abundance of 100% renewable energy. To accomplish this, glow uses foundational d pen. That's d e p I n. Think defi. We'll explain it here in a second. Glow uses foundational d pin principles creating a solar acceleration flywheel similar in nature to bitcoin mining when I see solar acceleration flywheel do you know what I think of Perpetual motion machine.
That's what I think of. D pin projects, which by the way has another story here, there's it's a link, but d pin, d e p I n, projects or here it comes, decentralized physical infrastructure networks are often blockchain based alternatives to traditional forms of physical infrastructure like data networks transportation or electrical grids which tend to be owned and managed by centralized entities. In recent months, various deep end projects have secured financing, including Marwai Network, a company focused on scaling spatial computing.
Okay. So hold on for a sec. I want to make sure that you had heard that. Here's the the the meat potatoes. That sentence is that in recent months, various deep end projects have secured financing. So this is the first I've ever heard about decentralized physical infrastructure networks. Never heard of deep in before just like I'd never heard of defy even right after the launch of sushi swap if you don't know what that is at this point it's kind of ancient history defy that that term didn't come up until way later and now we have deep in decentralized physical infrastructure networks, and many have been funded. And we haven't heard shit about deep end, and they're getting funding.
The Scambrian explosion continues, ladies and gentlemen, according to Glow. Solar farms on their network are rewarded with glw tokens in exchange for their electricity output glow hopes governments businesses and individuals will choose its network to access renewable energy is just this is just oh my god. This is so fucking terrible. Quote, in less than a year, Glow has grown from a rooftop solar project in the United States to a network with several multimillion dollar solar farms in India. Glow founder and CEO David Voorhek said in a statement, quote, the solar farms that we have already built are projected to eliminate more than 85,000 tons of c02 emissions over their lifetime, end quote.
GLO Labs' other backers includes Lattice Ventures, Protocol Labs, Hack VC, HF0, and AllianceDAO according to the statement. Guaranteed scam.
[00:53:13] Unknown:
Guaranteed scam. It's just
[00:53:19] David Bennett:
it it it never ends. It's never going to end. It's it's just just it's sad watching people just get lifted of their money. But watch out, man, because if you thought that there wasn't going to be just this continual parade of brand new shit coins, you're wrong. Now it's going to be in the form of, well, these these stupid deep end projects that are getting funding because nobody just wants to invent you know invest in a ledger or an excel spreadsheet with a couple of nodes that quote unquote makes it a blockchain no no no they want some physical infrastructure now They wanna be able to put on a hard hat, get a photo op, and stand in front of some poor dumb son of a bitch in the middle of fucking India frying in the sun next to a solar farm that does absolutely jack shit for these people.
But they're going to make 1,000,000 of dollars from it. Before this shit's done, these people are going to get smoking hot rich. And it's sad that humanity is still a parasite unto itself. It's just disgusting. Thankfully, we live in a different world. A world that has things like this. BTC pay server version 2.0 has been released. There's back end updates, full interface translation, new onboarding flow, and more. Quote, we're thrilled to announce the release of BTC pay server 2 point o, our most significant update since the project began. In 2017, announced the project.
This version introduces full interface localization, sidebar only navigation, a new onboarding flow for new users and point of sale merchants, as well as e commerce integrations with Wix, Odoo, and BigCommerce. It also includes numerous fixes, improvements, and crucial back end updates that lay a solid foundation for future BTC pay server developments. Quote, BTC pay server 2.0 realigns the internal architecture with the lessons that we've learned since 2017 positioning us to better support both plugin developers and ourselves as we implement new features. While it may not seem immediately obvious, we expect users to see the full potential of 2.0 in the upcoming months as the ecosystem continues to thrive and build on top of it stated the team behind the project note update this is an important note updating to BTC pay server 2.0 is a one way process there is no option for rolling back it contains a lot of new features but also breaking changes follow the BTC pay servers blog post for instructions and post update checklist quote for most the transition to 2.0 will be seamless but if you rely on custom integrations or plugins you will need to update them to ensure compatibility with our 2.0 API added the developer so what's new well what the hell is a full interface localization this update enables easy translation of the entire btc pay server back office by consolidating all translation strings into a single text box I don't know what that means so don't think that I do It simplifies the process of using AI tools for translation, allowing for quick and efficient localization. Oh, now I know what it means. Localization of BTC pay server into any language. Okay. So if if I get it, I guess that means if I install it on my, like, my start 9, because I can, then I can say, well, what language do you wanna use? And it says I I guess it gives me English.
Or if I'm in India, it you know, I can do it in those languages. If it's in Africa or an African nation, I can do it in whatever, you know, those languages are. But, apparently, it's on the fly using AI. It was kind of an interesting situation there. There's a new sidebar only navigation. It moves all the navigation items into a unified sidebar for a clear and consistent experience. New onboarding. This version brings improved onboarding experiences and adds personalization features to user profiles including the ability to upload a profile photo and set a nickname.
These features will be utilized in the upcoming btc pay app. And there is a point of sale qr onboarding. Onboarding existing users to the point of sale app is now easier than ever. Simply scan a QR code from the point of sale. Checkout version 2 default. The checkout has been battle tested for a while now, and we are fully confident it brings not only more functionality through features like NFC, but also much better and tailored UX through our new branding options. There's back end branding. Version 2 allows the users to brand their BTC pay back end with selected colors and logos for a more personalized experience.
Then there's new e commerce integrations like Wix is a leading website building platform with over 200,000,000 sites. There's Odoo, a new plugin for Odoo version 16 and 17, lets users easily connect BTCPay with their Odoo store, enabling, Bitcoin payments with minimal setup. Odoo is spelled o d o o, by the way. That's o d o o. And then there's BigCommerce. Quote, we're bringing Bitcoin payments to BigCommerce users with our latest integration, end quote. If you face issues with 2 point o and any official BTCPay ecommerce integration, report it here, and that is a link to their github.comforward/bdcpayserverforward/bdcpayserverforward/discussionsforward/63100.
[00:59:17] Unknown:
Alright. So if you are a BTCPay Server,
[00:59:21] David Bennett:
user, you might wanna go check this shit out. But be aware, if you move to if you if you're a user, like, you are literally using it for your commerce, you have, like, a history of invoices that have been paid. You have all kinds of stuff in your BTC pay server that you've been using on a daily basis. If you upgrade to 2.0, you will never go back to your old BTC pay server. Does that mean you lose all your shit? I don't know. You need to ask the guys at BTC pay server. I don't think so. That wouldn't make any sense, but like they said, there's some plug ins that the new 2.0 will break.
So you've got to be Johnny on the spot deadly careful and you got to really want this and really understand what it's going to give you to actually move from your previous version of BTC pay server to the new one last up is albigo Version 1.7.0 has been released. Lnurl withdraw support. AlbiGo is a very simple lightning mobile wallet interface for bitcoin payments over the lightning network. It works with AlbiHub or any other Nasr WalletConnect wallets. It's available on iOS and Android. They have implemented lnurl withdraw support, improved currency selections, boostagram information, and transaction details are now there, and various bug fixes and improvements.
Let's see. Is there anything else? Nope. That's that's it. And if you if you are an albie like, if you've got the get Albie extension in your browser, you may want to consider looking into what they what the guys at Albie have built around this. Right? You can be a lightning node operator. You can buy, like, lightning channels directly out, you know, from the from the get Albi website. You can set basically set it up to where you don't have to run a node yourself. You can just use, like, you know, outbound and inbound liquidity channels that you essentially rent, and the prices are are fairly good. And if you do all that or if you have your very own lightning node like I do, you can connect some of the stuff that Albie has built directly to your lightning node, which then allows you to connect Albi Go directly to your lightning node so that my lightning node could be here in eastern Washington and I could get on a plane and I could fly to Barcelona, Spain.
And I could access through my phone in Barcelona and make payments and receive payments on my phone with my lightning node that is halfway across the world. Or at least well, actually probably more than that, a little bit more than halfway across the world. Still though, it's honestly a miracle. And if you actually get albigo and look at the interface, there's basically 2 buttons, send and receive. There's not a lot of lights whistles and bells except for the fact that it shows you your lightning node balance how much you can spend.
So if you haven't checked out some of the other good stuff that the guys at albie have have made Honestly, it's time to get back into looking at Get Alby. The Get Alby guys are some of the best people that I know. I know at least one of them, Tomac, was on the show a few like like last month. And I've had nothing. Nothing. I still to this day have nothing but good things to say about the gentlemen and ladies over at Alby. Okay. So that's the end of the show that I got nothing else. We're at 70,500. Don't be surprised if they try to test $70,000.
Why? Oh, because that's what the these idiots do. They're never they don't like it when things go up. They don't they don't like to have nice things. They like to have fun staying poor, but it's also probably this. Sometimes these tests are good. These tests are used to shake out the shit from the tree so that the next time you walk under it, a squirrel doesn't drop an acorn on your head. I'm just saying. But there's also this notion that we've got the United States government selling stuff into ether, and then there's this. And this is something that I forgot to mention when I was, talking about the ether BTC price ratio.
One of the other patterns that I've been seeing is that when we get into phases like this, where we see a whole bunch of red sticks to the downside, After the dust clears and I go back and I look at the Ethereum price divided by the Bitcoin price and look at that ratio, it's gone down even further. Today, that ratio hit what was I wanna say 0.035. Let me let me check.
[01:04:23] Unknown:
Go over here to trading view.
[01:04:31] David Bennett:
Yeah. It was point 3. It just touched point actually, let me let me make sure about this exact number. Okay the ethereum over bitcoin ratio hit a low like 4 hours ago
[01:04:49] Unknown:
of where was it 0.03598
[01:04:56] David Bennett:
so it actually touched below 0.36 what I'm getting at is this when I see these moves to the these massive moves to the downside in bitcoin when they start when the price of bitcoin versus US dollars starts coming back up guess what doesn't come back up the ethereum over bitcoin ratio and I've been seeing this as a trend for the last see how many weeks I've been seeing this pretty much as a trend for
[01:05:29] Unknown:
1, 2, 3,
[01:05:33] David Bennett:
13, 14, somewhere between 12 13 weeks, it looks like. And it's just it's out of hand. So I don't exactly know what that means from a, like, a technical analysis standpoint. Like, I don't give technical analysis on this show. I don't want you to go thinking that I know what I'm doing. But I'm starting to see this as a trend. And what I think is happening is that Bitcoin is being used as a mask for people that have heavy allocations of Ethereum to be able to punch out of their allocations of Ethereum without shaking the living shit out of their own Ethereum tree and crashing the price in USD terms precipitously so that they will always be able to steadily get out of their Ethereum positions and get into their BTC positions because I think we all know that Ethereum is basically gonna die.
No. I mean, will it die? Will it never breathe another breath? No. It'll be on life support forever and ever and ever because there's always idiots that are willing to go into the hospital and check on the dying and the deceased to, you know, bring them lemonade or flowers or something like that because they can't they just can't let go of the fact that this thing is in hospice care and is just going to die. But they'll they'll do whatever they can to keep it alive. They'll hold their hand. They'll sing a story or read stories and sing them songs. And people in hospice that are like having to lose a loved one will do anything to make sure that that loved one doesn't actually die because they just it's so heartbreaking.
And I kind of think that that's what we're seeing going on here. So that was the that was one of the major patterns that I've been seeing when we get into a situation where bitcoin pumps then it kind of tops out and then it goes back down and then we all freak out and then it goes sideways for just you know a little bit more and then starts gaining back what doesn't gain back what is lost is the ratio of ethereum over bitcoin What is never gained back is that ratio coming back up. It just it stays sideways and then the net and so and then bitcoin goes up and then all of a sudden we get a run up and then ethereum goes up in USD terms And then all of a sudden, we we we it's like rinse and repeat.
So I really do think that this Ethereum Bitcoin trading pair has is being more and more leveraged by people who are trying to escape the doom that is to come for Ethereum. That's just an opinion. Right? It really is. It's just an opinion. I have no mathematics or technical, you know, whatever to back it up. It's a gut feeling, but every time I look at this, it's like the same freaking pattern. I see bitcoin dive, and then I see Ethereum dive even more. And then I see a little bit of a fake out on Ethereum over bitcoin come back up to, you know, come back up, but it just never gets back to where it started out from.
And it is if you have Ethereum, I don't know. You're gonna have to make your own decisions here, ladies and gentlemen, but all I can tell you is that I'm seeing forever in a day lost opportunity for those that are holding Ethereum. That's all I will say about that, and I will see you on the other side. This has been Bitcoin, and and I'm your host, David Bennett. I hope you enjoyed today's episode and hope to see you again real soon. Have a great day.
Good morning. This is David Bennett, and this is Bitcoin and, a podcast where I try to find the edge effect between the worlds of Bitcoin, gaming, permaculture, podcasting, and education to gain a better understanding of all. Edge effect is a concept from ecology describing a greater diversity of life where the edges of 2 systems overlap. While species from either system can be found at the edge, it is important to note there are species in the overlap that exist in neither system, and that is what I seek to uncover. So join me in discovering the variety of things being created as Bitcoin rubs up against other systems. Happy birthday, Bitcoin.
Or is it? I don't know. We'll find out. We've got a couple of people who, seem to think that today is not Bitcoin's birthday. We have people that are saying that it is Bitcoin's birthday. It is white paper day. We can definitely say that. Today, 16 years ago, the white paper for Bitcoin was dropped. And in my opinion, and I will never have a different opinion, this was the world's consciousness telling the world's governments, boo. I can't imagine being more scared. It is 8:55 AM Pacific Daylight Time. It's Halloween, October 31, 2024, and this is episode 984 of Bitcoin. And no.
Today is not Bitcoin's birthday according to Aaron Van Weerdom out of Bitcoin Magazine. Let's see what Aaron has to say. Some things in Bitcoin are just not up for debate. Oh, bullshit. Sorry. The plural of Bitcoin is also Bitcoin, not Bitcoins. 1 Bitcoin, 2 Bitcoin, 3 Bitcoin. Bits is a better sub denomination than sats. 100 sats is actually 1 bit, like a 100¢ is $1. Being a whole coiner makes you a bitcoin equivalent of a millionaire as that would mean you have a 1,000,000 bits and october 31st is not bitcoin's birthday Some mighty fiery words there from Aaron.
Bitcoin's birthday is January 3rd. That's right. It says so right there in block number 0, which was minted 2,009 January 3rd at 1915:05 Greenwich Mean Time plus 1. On that day, Bitcoin's blockchain launched with 50 newly generated coins issued to satoshi nakamoto's public key but from which bitcoin's creator cannot spend according to protocol rules since satoshi was the only person who could have created the genesis block that would have effectively constituted a 50 BTC pre mine yes bitcoin was first proposed through satoshi's white paper dropped on October 31, 2008 but but you don't celebrate your birthday on the day your mom told your dad she wanted to have a kid.
Nor do you celebrate it on the day your parents conceived you, or on the day they announced you to the world via a gender reveal party. You celebrate your birthday on the day you were born. And the same is true for Bitcoin. That's January 3rd. Happy Bitcoin White Paper Day. Alright, so what do you think? Do you think Aaron is just like a trying to spin up some spin up some memeage? Trying to spin up some some ire? Get people good and pissed off? I don't know. I'll tell you one thing, though. I actually agree with Aaron von Weerdom. I don't think today is actually Bitcoin's birthday. I used to. I mean, it made it made sense for a while, but after I've been in this thing for a while, and I've been through many of quote unquote Bitcoin's birthdays at you know, since 20 or 2015.
I can tell you that my sentiment has definitely changed. It completely changed. It doesn't make sense, like Aaron says, for your birthday to be when your mom seduced your dad because she wanted to have a kid. It's the day you were actually minted into the world where you physically take form outside of your mother's womb that's that's the actual birthday but you can disagree and I love it when people disagree I just don't just don't fight about it all right And one of the other things that Aaron von Weerdom says that I will absolutely disagree with is that a 100 sats is 1 bit and bits is a better subdenomination than sats.
No. Nope. I'm I'm going with sats. I have 100,000,000 satoshis per bitcoin, that's the way it is. If you wanna use bits, then I'm gonna ask you to convert because I am just not going to remember that bits is a 100 sats. I don't care. This has been going on forever. Another thing that's been going on forever is the plural of Bitcoin. What do you think? I will never say 100 Bitcoins. I will always say 100 Bitcoin, a 1000 bitcoin. Hey, that dude over there, that dude got full bitcoin. It's just it makes more sense. I don't know why. I have no actual reasoning behind why. I'm just saying that for some reason, it just feels right. I don't really know other than that. So about the white paper though, what was it?
Well, you know, you're my audience. You've been listening to the show for a while. I'm pretty sure you know what the white paper is, but do we really know what the white paper is? Let's let's think about it from a different standpoint than what the world thinks it is. Generally speaking, the world thinks that the Bitcoin white paper is a technical document that was dropped 16 years ago today for whatever reason. Right? I think it was to scare the governments out of their pants, you know, and to and to basically announce the advent of Bitcoin. But be that as it may, most people think of it as a technical white paper, a technical communique that describes certain aspects of how the system works, what it's supposed to do, all that kind of stuff.
I'm starting to wonder if it's possible that we can't think about it in a different way. And I'm just gonna say this because it's gonna be easier for me to get it out first. I think the technical white paper that is the Bitcoin white paper was a magical spell. I know it's you're probably going oh God he's he's lost it he's off his rocker well I actually have something to back that up with There is a there's the notion. I see it on Nostra all the time. There's a lot of people that post notes on Nostra that try to get you you know, they say good morning. They put, like, pictures of sunshine up in their notes to make you feel good. But there's a lot of people that actually do this kind of like self help thing.
And I cannot remember I cannot remember the person that that notes these. There's there's at least 2 of them, if not 3 different people, that I've heard separately say the exact same thing, just in different ways. That when you speak to yourself in your mind poorly, you speak about yourself poorly, like, oh, I'm so stupid. Oh, I would never be able to do that. Oh, why did I do that? That's just the the dumbest thing that you know, I'm just unable or you're talking to yourself in this negative way. I know. Don't worry. I'm coming back to the white paper. I promise. What they say in these notes that I read, I mean, it's not just on Nostra. I read it in other places. Is that when you do that, you're casting a spell upon yourself because you're using words.
You're using words. They are negative words. And as you spin those words around your mind, you're actually casting a negative spell upon yourself that Garren fucking tease that you'll never be able to do anything. So why is it a spell? Because you're using words, and they call it spelling for a reason. A spelling bee. Think about it. There's there's all manner of things that we write. We use things like spelling. We also use things like grammar. But now think of think of yeah. I know. If if I'm a Christian, so, you know, don't get me wrong, but just because I'm a Christian doesn't mean that I can't explore the realm of the possibility of magic.
We don't know enough about the universe to be able to dispel what is magic, what may not be magic. A lot of people always say, you know, Arthur c Clark said, hey. Look. Something, you know, a civilization that is really technologically advanced would not be able to be distinguishable from magical beings by somebody who is not technologically advanced. Like going back with a Zippo lighter back in time to like caveman days, Right? Okay. So, there's grammar, there's spelling, and there's books.
[00:10:09] Unknown:
Right? When that white paper was dropped, I just want you to think about what if
[00:10:18] David Bennett:
it was more than just a technical paper? And this goes for anything that you write or anything that anybody else writes. Is it possible that it conjures into existence a thing? There was a movie that I watched called Biloxi Blues. In fact, it was the movie remake of a very famous New York Broadway play. This one starred, that guy from Ferris Bueller's Day Off. I can't remember his name right now. But he had a friend in that movie or in the play that was a writer. And that writer guy was writing stuff down about all his army buddies because Biloxi Blues was about boot camp and right, you know, right at the end of World War 2. So he writes this thing about this one person that suggests that he might be gay. And then somebody else took his journal, the writer's journal, and was reading out loud the journal and then read that part and everything changed for the individual that the writer was accusing of being gay.
And he wasn't accusing of being gay, he was just saying I think the guy's gay, or something along those lines, but definitely has something to do with, you know, being gay. In either event, that author in a later scene is talking to our hero guy and said, There's something magical about what happens when you write something down it turns into something else. So I just think that maybe we can introduce a different way of thinking when we think about things like this white paper. That if we if we have this idea and we write it down that somehow or another we may be casting a spell of conjuring and that when we speak to ourselves in our mind and we're being negative about ourselves that we might be spinning up a spell of conjuring that absolutely guarantees that we will not be able to affect the things that we want to affect.
Does that make sense? If not, let me know why it doesn't make sense or just, you know, give me a boostgram and tell me to shut the hell up. Because this guy, this next guy, I know the guy. And Bitcoin's going to 0. If you remember Dan or Don Pena, the suit wearing millionaire that hates Bitcoin beyond all form fashion of the word, maybe this is the guy that Dan or Don Pena has been talking about all this time. If you don't know, just look up Pena, p e n a, and Satoshi Nakamoto, and I guarantee you will you will find what you need to find. But this this one is out of the tribune.com.pk, which is the Express Tribune's Pakistan office, I suppose.
But man claims to be the Bitcoin creator, Satoshi Nakamoto, at a London press conference. And no, it is not Craig Wright. A man claims to be the Bitcoin creator Satoshi Nakamoto, sparking skepticism at a press conference held in London today October 31st. On 16th anniversary of Satoshi Nakamoto's publication of the Bitcoin white paper Stefan Molla introduced himself as the elusive Bitcoin founder but technical issues and unverified assertions cast out on his claim. BBC News Cyber correspondent Joe Tidy, who attended the event, reported that organizer Charles Anderson opened the conference sharing that he had barely slept due to the intense global interest.
However, a representative from the front line club clarified that the event was neither endorsed nor affiliated with the venue, prompting at least 1 journalist to leave. Mahler's credibility further waned as he made additional claims stating he had invented energy recovery systems for cars and created the TV show Britain's Got Talent. Attempting a live demonstration to support his identity as Nakamoto, Mueller faced technical difficulties with his laptop, forcing him to continue without it. Instead, he recounted past attempts to disclose his identity and referenced an unverified 2016 interview with BBC's Rory Cellan Jones.
Growing frustrated, journalists pressed Mueller for definitive evidence. To which he offered only easy to fake screenshots whatever the hell that means when asked if Mala would move bitcoin from the genesis block or provide cryptographic proof Mala stated he would do so in the coming months, disappointing the audience even further. The press conference, heavily promoted by PR London Live, ultimately failed to deliver the promised quote verifiable proof, leaving Bitcoin's true creator an enduring mystery. This is never going to stop.
This is never going to stop. I'll bet you next year there's somebody else on Halloween that does the exact same shit. Because even at this point, even if you don't prove yourself as Satoshi Nakamoto, you instantly get fame. You instant it's instant. People are like Stefan Mullen. Now I know this guy's name. I had no idea who this dude was. He's like in his looks like he's in his fifties or early sixties or something like that. But here's the thing. Check this out. At the very last paragraph, when asked if Mala would move Bitcoin from the genesis block and I stop right there because what did we just read at the beginning of the show? You can't move Bitcoin out of the very first block. Block 0 is the genesis block.
That's the block that has the Jan 3rd chancellor on brink of doing a second bailout for banks. The header that was in the primary genesis block, that's the block that the genesis block is. You and nobody, not even the person with the keys to that wallet can move any of the coin from that particular block. Exactly why I don't I've seen people explain it. Sometimes it makes sense and sometimes it doesn't. It depends on the day and whether or not I've been drinking the night before, but I'm not gonna get into it. I'm just going to make the assumption that 15 people that have said the exact same thing and half of those are bitcoin developers are probably right, and I don't have to look any further. But the fact that now now let's take this with a grain of salt. Let's say that tribune.com.pk and who's let me make sure who's writing this.
Does it yeah. Actually, does it even give a I don't even think it gives an author line. So I'm going to take that statement with a grain of salt. But if if the assumption if we make the assumption that that statement or that question was actually asked at that press conference about the genesis block and Mueller said that he would provide cryptographic proof to do that later, then we already know he's full of shit. Nobody, not even Shadoji Nakamoto, the real one who god only knows who he is and I don't care, with the keys even that guy cannot move the bitcoin. But there is another guy that wants to move some bitcoin, and he wants to move a lot of it.
Here it comes. Michael Saylor. MicroStrategy plans to raise $42,000,000,000 $42,000,000,000 that's billion with a B to buy more Bitcoin over the next 3 years. Steven Alfer, CoinDesk. Self described Bitcoin development company, MicroStrategy, didn't add to its Bitcoin holdings since mid September, but the firm announced an audacious plan to raise $42,000,000,000 of capital over the next 3 years in order to purchase more of the world's largest crypto. Led by executive chairman Michael Saylor, the company's so called 20 1/21 plan calls for $21,000,000,000 of equity raises and $21,000,000,000 of debt offerings over the next 3 years.
As a bitcoin treasury company we plan to use the additional capital to buy more bitcoin as a treasury reserve asset in a manner that will allow us to achieve higher BTC yield, said Fong Li, the now president and CEO of the third in the Q3 earnings press release from MicroStrategy. MicroStrategy's most recent previous disclosures was in mid September when it announced the purchase of 7,420 bitcoin for $458,000,000 that brought its holdings at that point to 252,220 bitcoin acquired for a total of $9,900,000,000 at an average price of just under $40,000 a piece At the current price of about 72,000, which is now 70,500, the company's bitcoin is worth more than $18,000,000,000.
As of the end of the quarter, The company had $891,300,000 of dry powder remaining from a previous capital raise. MicroStrategy also revised higher the target range of its btc yield to 6 a half or sorry, 6% to 10% from the previous 4 to 8% created by the sailor and team the sailor and team. It actually says that created by the sailor and team. The BTC yield is considered by MSTR to be a key performance indicator describing how well the company does in acquiring Bitcoin in an accretive manner to shareholders. The BTC yield for the Q3 was 17.8%.
Shares are lower by 10% in after hours trade, but remains roughly 250% higher year to date. Now in just a a I just wanna pull up trading view because it's got a set of news here about micro MicroStrategy.
[00:20:51] Unknown:
Its earnings came out, yesterday. They didn't mention this. They did not mention MicroStrategy's earnings in that story, so I'm going to mention them here.
[00:21:04] David Bennett:
Wow. They had a bad bad quarter. So the earnings that they reported is negative 1.72. I guess that's a buck 72 per share. The estimate was a measly negative 0.123. So people were thinking that they were going to not have good revenue this year or this quarter. And they were right. But oh my God, the difference between 1.72 which was the actual reported earnings per share and oh my God, and, the estimate is the difference between that is 1.59%. I mean, not only they didn't just miss, they missed hard. Now that was on earnings. Their revenue numbers came out as well.
They were estimated to make $121,450,000 they reported $116,000,000 in revenue which is well, do the math. It's minus $5,390,000 versus the reported or reported versus the estimate. That's a 4.43% decline. And nobody cares. Nobody gives a shit. And Michael Sailor doesn't give a shit. And Fong Lee doesn't give a shit. None none of these people give a shit because they're no longer worried about making earnings the old fashioned way. Sailor's taken MicroStrategy into a completely different stratosphere. Does that mean that I'm kissing his ass? No. He could fail miserably. I don't know. I have no I've never spoken to the man, so I don't know what's in his mind, but I can pretty much guarantee that they don't give a shit anymore about their actual earnings because they are I believe they are completely 100% going to convert micro strategy into something very very very different They'll probably work too because we live in some of the most interesting times in the world, both economically, politically, sociologically.
It's a mess out there, and it wouldn't surprise me one bit if Michael has just nailed exactly where companies need to go. Okay. Let's run the numbers. CNBC Futures and Commodity has West Texas Intermediate Oil up just over a point to $69.32. Brent Norcey up just under a point to $73.18. Natural gas is, well, doing what natural gas does. It's down 4 a quarter percent. And gasoline is up 0.62 percent to exactly $2 a gallon. All the shiny metal rocks are doing piss poor today, including gold. Damn near leading the pack, but not so. Gold is down almost 2 points.
It's sub 28100 to 27.49 80¢. Silver is down 3.7%. Platinum is down 2 a half. Copper is down a half. And palladium is down 1 a quarter. The biggest winner in ag today is gonna be sugar again, I guess. 2.43 percent to the upside. And the biggest loser is coffee, 1.7 to the downside. We got live cattle down 0.09. Lean hogs down a quarter. Feeder cattle down 2 thirds of a point. The Dow is also down. Actually, it looks like indices are getting wrecked this morning. Dow is down 0.8%. S and P is down 1a half. Nasdaq is down, Jesus, 2a quarter. And the S and P mini is down 0.8%. I'm pretty sure this is just people clearing their books before the elections on the, 5th November.
Remember remember, the 5th November. $70,710, that is a $1,400,000,000,000 market cap. You're gonna be able to get 25.6 ounces of shiny metal rocks with your 1 Bitcoin, of which there are 19,775,617,699 of. And fees are huge. Oh, my God. Damn near half of Bitcoin on average in fees on a per block basis. There are a 101 blocks, with a 196,000 unconfirmed transactions waiting to clear at high priorities of 8 satoshis per vbyte. Low priority is gonna get you in at 6. So I guess whatever the fee spike was happened sometime during the night. And given the red, red bars that I'm seeing, looks like 1, 2, 3, 4, about 5 hours ago is is what I would what I would think.
Hash rate, 754.6 exahash exahashes per second on a rolling 1 week average. So do with that what you will. From Florida man, yesterday's episode of Bitcoin. And I got a 1,001 sats from FOMO Mattronic. And said he says nothing. Say something, bro. Say something. Blazer with a thousand says, got me in the feels as a small biz guy myself. Value for value is the way. Agi Chote 1000 says, zap. Pies to play before 20 says thank you, sir. No. Thank you. God's death with 537. Thank you, sir. No. Thank you. User 115-568-42 with 500 says grateful for your work.
Well, I'm grateful for you. Wartime with 333, claps his hands and says, cheers. Crypto wait. Wait. Hold on. Crypto connect. I think it's how you pronounce it. 210 sat says good content, good energy. I died. It's hard sometimes to bring energy. Sometimes I just wanna go, but nobody wants to listen to that shit. So I gotta I gotta get pumped. That's the weather report. Welcome to have fun staying poor. Reddit offloads most of its Bitcoin holdings. And they had some shit coin too, but I'm not gonna read that part. Ana Paula Pereira, I think is how you pronounce it, is writing for Cointelegraph. Social media network Reddit has sold the majority of its cryptocurrency holdings in the Q3 of 2024 according to a recent filing with the Securities and Exchange Commission.
The majority of the sales originated from treasury holding in bitcoin and shitcoin number 1. The 10qsec filing reveals that the net value of the crypto assets and the gains recognized from sales were deemed insignificant for the period. Oh, that's interesting. Quote, during the 3 months ending September 30, 2024, we sold the majority of our cryptocurrency portfolio, which consisted primarily of Bitcoin and, well, whatever. The net carrying value of our cryptocurrencies as well as the gain recognized on sale were was immaterial for the periods presented, end quote. According to the document, proceeds from the sale of cryptocurrencies were valued at $6,860,000 for the 3 months ending on September 30th.
The company previously invested some of its excess cash reserves in bitcoin and ether. It also continued to acquire ETH and Polygon, token MATIC, now known as POL or POL, as a form of payment for sales of certain virtual goods. Reddit said its sales of ETH and MATIC was not material for the year ending December 31, 2023 or the 9 months ending September 30, 2024. The social media company also held digital assets for use by its product and engineering teams intended for specific uses. Reddit has been using its excess cash to add small amounts of cryptocurrencies to its treasuries since 2022. In a previous previous filing for its initial public offering, the company praised crypto and blockchain as having significant potential.
According to Reddit's policies, investments in digital currencies for treasury purposes are limited to Bitcoin and, Ethereum, well, e or ETH, and any other cryptocurrency that United States regulators has identified as, quote, likely not being a security through public statements or guidance. The filing has also revealed Reddit has seen a decline in advertising demand since the pandemic, citing global economic concerns, rising interest rates, and uncertainty in geopolitical conditions. Since the 3 months ending December 31, 2022, we experienced declines in advertising spending in certain macro challenge sectors, particularly technology, media, and entertainment, and cryptocurrency, end quote. According to the company, the decline in advertisements from these sectors has been partially offset by diversifications across, quote, other advertising verticals. Of course, they don't say what that shit is. So, yeah, lots of people you know, I saw more people lose their mind over this shit yesterday than I kind of thought. And even I was, like, going, what a bunch of dumbasses.
But honestly, $6,800,000 to Reddit is, like, toilet paper money. So it's kind of a nothing burger. So don't don't be worried about what the hell Reddit's doing. Reddit's gonna die anyway. It's all over for all of legacy media because of Nostr. If you have not gotten on Nostr, you need to get on Nostr. It's cheap. Well, it's actually no. I'm sorry. It's free. Nobody's ever gonna take your email. Nobody's ever gonna take your phone number. Nobody's ever gonna get any personal information about you because that's not the way Noster works. And if you want to have a place to go when Twitter and TikTok and Instagram and Reddit and you name it when they all finally finish burning to the ground under their own stupidity you will have a place to go and you will have friends there when you arrive.
Now here's the US Treasury statement. You're gonna love this one. Stablecoin growth has increased demand for treasury bonds. Of course, we knew this. This isn't really that much of a surprise. But what's surprising is that there's this full statement from the United States Treasury. Atlas21 dotcom has the news. On October 30th, during a Treasury Borrowing Advisory Committee meeting, the United States Department of Treasury discussed the implement the implications of stablecoins and the potential for tokenization of United States Treasury Bonds. Do I need to read that again?
The implications of stablecoins and the potential for tokenization of US Treasury Bonds. The US Treasury is thinking about tokenizing this garbage pile that's on fire well good luck motherfuckers the report produced for the meeting highlighted the influence of stable coins on short term public debt demand with particular focus on t bills. Treasury bills, commonly known as t bills, are short term government securities issued by the United States federal government with maturities ranging from 4, 13, 26, 52 weeks and are primarily used to finance public debt and manage government liquidity.
The analysis presented indicated that increased stablecoin usage may have contributed, albeit modestly, to a growing interest in short term government securities. This correlation stems from the fact that a significant portion of stablecoin collateral consist of treasury bills or repurchase agreements backed by treasury securities The possibility of tokenizing t bills was proposed as a method to introduce technological innovations in the government securities market. A committee member suggested that adopting tokenization might require the United States to create a permissioned blockchain under government agency supervision to ensure system efficiency and security however discussions also raise potential concerns related to financial stability stablecoins are increasingly used in financial markets to facilitate transactions and payments in 2024 stablecoin market capitalization reached approximately $180,000,000,000 with Tether at $120,000,000,000 followed by Circle's USD coin with about $35,000,000,000 And a few weeks ago, Tether CEO, Paolo Ardoino, stated that Tether owns more Treasury bills than the United Arab Emirates, Australia and Spain.
The US Treasury estimates that $120,000,000,000 of stablecoin collateral has been invested in treasury securities with Tether holding bills worth $81,000,000,000 Real world asset tokenization is recognized as a rapidly expanding sector. Globally, the tokenization market is estimated to represent a $30,000,000,000,000 opportunity. Among the main products currently available are the BlackRock USD Institutional Digital Liquidity Fund and the Franklin On Chain United States Government Money Fund, managing approximately $530,000,000 $410,000,000 respectively.
The integration of tokenization in markets such as government securities could improve liquidity and operational efficiency. What it's gonna be is a goddamn shit show. It's gonna be a dumpster fire, but they're gonna do it anyway. But what I here's a couple of things that I find interesting about this particular piece is that, a, the United States Treasury is coming right out and saying, hey. This stablecoin shit's good for Bitcoin. Or no. I mean, sorry. Good for United States Treasury bills. And they're they need something that is good for the United States Treasury Bills. Their auctions, Treasury Bill Auctions, have been pathetic.
They've been there's, like, all like, no there's nowhere close to the amount of interest in purchasing United States debt, which is the which is instrumented through the United States Treasury and the bonds and the bills that they choose to to issue than ever before. There's like no nobody wants our debt. Why would you? We don't like what $36,000,000,000,000 in debt or whatever it is. It's just it's it's eye watering amounts of numbers. All right. So but the fact that they're acknowledging, it's almost as if the subtext is this. Hey, guys.
Our last treasury auctions have been so fucking pathetic that we're we might be in trouble here. So instead of, like, going head to head against Tether, maybe we should make friends with this whole stable coin market because they're the only ones that seem to be able or willing to buy our debt. Okay. There's that. Now think of this as an electrical transformer. Right? If you don't if you don't know how an electrical transformer works, I send high voltage through a coil inside of a can filled with non conducting fluid like an oil I put another coil on the other side not touching the original coil that either gives me more voltage or less voltage. It's either step up transformation or step down or I can just keep it the exact same size coil and have the exact same voltage come out the other side. What happens is that the coil makes a magnetic field. That magnetic field induces electron flow into the other coil without those 2 coils actually ever touching each other.
And that's what I think is happening. I think the stable coin is acting as the transformer between Bitcoin and the United States treasuries, essentially, the debt service. And I'm not talking about servicing the debt. I'm talking that the US Treasury is now a service organization that provides debt. And somehow or another, Tether and USDC are acting as this transformer that is somehow or another indirectly allowing Bitcoin to induce energy into the treasury market so that the treasury market doesn't die. Now conversely, transformers can go both ways. If I if the treasury market starts doing something, that could induce energy into bitcoin through the transformer or the transformation ability of stable coins.
Again I'm not a fan of stable coins. I do not use stable coins. I do not need to I don't even I have never found a need for stable coins but we're not getting away from stablecoins. If you think we are going to get away from stablecoins, you are horribly misguided, and I hope that I can break you of that of that situation. Stablecoins are here to stay. They're going to get larger. They're going to get more pervasive. And who is adding yet another stablecoin? Trump. Trump wants in on the action. So here's the other thing that I find very interesting about the timing of this particular meeting, which was yesterday. And these what I just read to you are essentially the statements made in the meeting yesterday, is that a couple of days before, we found out that Trump, through World Liberty
[00:39:23] Unknown:
Financial, wants to launch a stable coin because he's not a moron. He wants to get in on this action. You see how this works?
[00:39:35] David Bennett:
So what's what's next for for quote unquote crypto? Stablecoin explosion. Remember if you were around in 2017, 2016 to 2017, what you saw was this what they what they what did they call it? A a a Scambrian explosion. A Cambrian explosion was how we got a massive amount of plants and animals on the face of the planet. It was this it's this huge event in the history of the ecology of the planet where just this immense amount of different species just exploded onto the scene, and nobody really knows why, but we just know it happened. Well, we use the term scam, Brian, explosion to explain the plethora of bullshit altcoins and shit coins. And this is where we got this is where we got BCH. This is where we got BSV. This is where we got poly and, like, you name it. There's, like, there's, like, 10,000 altcoins, and they most of them were produced in the time frame between, like, mid 2016 mid 2017.
They it was like everywhere. You couldn't get away from these things. Everybody was losing their ass. It was horrible. So now I've been thinking where where do we go next? And I've had a couple of ideas but I get the feeling that what we're going to see is another scambrian explosion, but this time it's gonna be in stable coins because they're gonna be the only ones that actually want to buy not only the United States bullshit debt, but they'll be able to service buying the debt of all of the West. It will be the only way that they can kick the can down this road for another 10 years. I used to think that this was it.
That there was no way that the West's financial bullshit was going to be able to travel any further down the road, that we were at the cliff. And now I am not so sure because of stablecoins. Now, am I right? I don't know. If if you have another take on this, for God's sakes, please send me a boost to gram. Let me know or or hit me up on Noster. Do whatever it is you get in touch with me if you think that I'm completely wrong because I want to know the other side, but I'm I'm I'm seeing a pattern here. But this time, the altcoin frenzy, I think, is actually going to be eaten up by governments who think who think, oh, thank god. There's a pressure release valve. It's not Bitcoin, but it's stable coins. But as I mentioned, if stable coins are really doing what I think they're doing where they're connecting the energy fields between
[00:42:21] Unknown:
crappy ass debt and bitcoin,
[00:42:25] David Bennett:
what the hell happens then? I I don't know. But I do know that the United States government is also getting directly into shit coining again because the US has converted its seized Alameda research tokens to Ethereum. That's right. That's right. Vizmaya, v4decrypt.co, says, for the first time in nearly 2 years, The US government's wallet holding seized assets from Sam Bankman Fried's collapsed hedge fund Alameda Research has shown activity. According to on chain data reviewed by ARCEM, the government sold 82,000 ant tokens in 2 transactions through argonDAO's redemption process converting them into ethereum the 2nd largest crypto.
On chain data shows the transactions netted approximately $1,700,000 worth of ETH with the United States government wallet now containing about $974,000 in various other cryptos. The liquidation move by the government hints at the possibility of further activity to recoup value from the seized crypto assets as steps are taken to convert holdings into more liquid assets like ETH. The US government's choice to convert ant, ArgonDAO's governance token, into ETH coincides with ArgonDAO's winding down process. ArgonDAO's a n t token is currently redeemable following the Argon Association's decision in November of 2023 to dissolve itself, allowing users until November 2, 2024 to exchange their tokens.
The Swiss based Argon Association, established to support Argon's decentralized autonomous organization platform made the decision privately citing legal constraints. The association deployed 86,000 ETH valued at around 155,000,000 at the time to facilitate redemptions. Following the redemption deadline, all remaining ant tokens will be permanently burned. So far, over 82% of the outstanding ant supply has been redeemed as the association wraps up its dissolution process. The liquidations come as FTX, Alameda's parent exchange, aims to repay investors with approximately $12,000,000,000 factoring in liquidation expenses.
Some Alameda wallets remain active with assets and tokens like Ampleforth and Phantom. The US government's liquidation of Alameda's research seized, assets as part of the ongoing fallout from, well, one of the biggest crypto collapses. Alameda, founded by FTX's Sam Bankman Fried, played a central role in that collapse, which sent shock waves through the crypto industry. Former Alameda CEO Carolyn Ellison, who has recently received a reduced sentence of 2 years after cooperating with authorities, has become emblematic of the consequences faced by key figures in the scandal.
Her testimony exposed the extent of Alameda's risky financial practices and their link to FTX's collapse, shedding light on the company's inner workings and the unchecked risk taking that ultimately led to its downfall. On Wednesday, Nishad Singh, former chief engineer of FTX and a close associate of Sam Bankman Fried, was sentenced to time served and 3 years of supervised release. Singh had previously provided testimony against Sam Bankman Fried who received a 25 year prison sentence for multiple fraud charges. Yeah. Sam went down for that son of a bitch hardcore.
But here's here's the thing. The amount of shit coining going on by the United States government is actually surprising. I've never heard of this crap. I've never I've never heard of Ant Token. Have you ever heard of A N T? Right? I mean, honestly and who's this AragonDAO or Aragon? Sorry. Not Aragon. Aragon. AragonDAO. AragonDAO's redemption process. Who the hell did does the US government have working for them that knows the ins and out of the defi slash DAO slash governance token ecosystem so well that they can actually convert all this bullshit into Ethereum? Because, honestly, that's not is unless you are a complete degenerate altcoiner or shitcoiner, you don't know how to do this. I don't know how to do this because I don't care about it because I knew years ago that this was all a bunch of hooey.
Still, here it is the United States government shit coining like there is no tomorrow and it's absolutely eye watering to watch. It's almost as if they are competent shitcoiners which is the most surprising thing in the world to me. So your US government is doing 2 things. A, they're shit coining like shitcoiner can only shit coin. And b, I get the feeling that they have no choice but to not only embrace bitcoin as not a security but to allow it to thrive because only through bitcoin will there be enough debt purchased to make stablecoins, the process through which bitcoin and the the United States can talk to each other. I I I honestly believe that. I think that that shit that these stablecoins are gonna end up being the transformer that allows the United States government to talk to Bitcoin in a much gentler way.
Time will tell if I'm even close to right, but let's do this one because it's just shit coining. Okay? I know. I know. It's like you don't want to hear it because you don't really want to hear about bitcoin or you want to hear more about bitcoin. But trust me bro just listen to me bro a theory and based solar project glow has raised $30,000,000 in funding round led by framework ventures in usv you're gonna love this you want it it's not over the amount of gullible people with shit tons of money is it's an unending pool that apparently people can draw from how come we can't draw from this pool of stupidity Is it because we're too ethical?
Or or is there just no way that we can get in the circles of stupidity like these people Glow Labs, an Ethereum based solar project, is? Because they announced it raised $30,000,000 in funding red led by the Framework Ventures and Union Square Ventures. The company said on Thursday that it has secured 6,500,000 to help fund Glow Labs operations in addition to 23,500,000 earmarked for supporting the expansion of solar farms in India. Here's the suit speak. Glow is on a mission to power the planet with an abundance of 100% renewable energy. To accomplish this, glow uses foundational d pin principles creating a solar acceleration flywheel similar in nature to bitcoin mining.
I think we need to read that again. I think it's important so that you know the depth of which these people are scamming Union Square Ventures and Framework Ventures. GLOW is on a mission to power the planet with an abundance of 100% renewable energy. To accomplish this, glow uses foundational d pen. That's d e p I n. Think defi. We'll explain it here in a second. Glow uses foundational d pin principles creating a solar acceleration flywheel similar in nature to bitcoin mining when I see solar acceleration flywheel do you know what I think of Perpetual motion machine.
That's what I think of. D pin projects, which by the way has another story here, there's it's a link, but d pin, d e p I n, projects or here it comes, decentralized physical infrastructure networks are often blockchain based alternatives to traditional forms of physical infrastructure like data networks transportation or electrical grids which tend to be owned and managed by centralized entities. In recent months, various deep end projects have secured financing, including Marwai Network, a company focused on scaling spatial computing.
Okay. So hold on for a sec. I want to make sure that you had heard that. Here's the the the meat potatoes. That sentence is that in recent months, various deep end projects have secured financing. So this is the first I've ever heard about decentralized physical infrastructure networks. Never heard of deep in before just like I'd never heard of defy even right after the launch of sushi swap if you don't know what that is at this point it's kind of ancient history defy that that term didn't come up until way later and now we have deep in decentralized physical infrastructure networks, and many have been funded. And we haven't heard shit about deep end, and they're getting funding.
The Scambrian explosion continues, ladies and gentlemen, according to Glow. Solar farms on their network are rewarded with glw tokens in exchange for their electricity output glow hopes governments businesses and individuals will choose its network to access renewable energy is just this is just oh my god. This is so fucking terrible. Quote, in less than a year, Glow has grown from a rooftop solar project in the United States to a network with several multimillion dollar solar farms in India. Glow founder and CEO David Voorhek said in a statement, quote, the solar farms that we have already built are projected to eliminate more than 85,000 tons of c02 emissions over their lifetime, end quote.
GLO Labs' other backers includes Lattice Ventures, Protocol Labs, Hack VC, HF0, and AllianceDAO according to the statement. Guaranteed scam.
[00:53:13] Unknown:
Guaranteed scam. It's just
[00:53:19] David Bennett:
it it it never ends. It's never going to end. It's it's just just it's sad watching people just get lifted of their money. But watch out, man, because if you thought that there wasn't going to be just this continual parade of brand new shit coins, you're wrong. Now it's going to be in the form of, well, these these stupid deep end projects that are getting funding because nobody just wants to invent you know invest in a ledger or an excel spreadsheet with a couple of nodes that quote unquote makes it a blockchain no no no they want some physical infrastructure now They wanna be able to put on a hard hat, get a photo op, and stand in front of some poor dumb son of a bitch in the middle of fucking India frying in the sun next to a solar farm that does absolutely jack shit for these people.
But they're going to make 1,000,000 of dollars from it. Before this shit's done, these people are going to get smoking hot rich. And it's sad that humanity is still a parasite unto itself. It's just disgusting. Thankfully, we live in a different world. A world that has things like this. BTC pay server version 2.0 has been released. There's back end updates, full interface translation, new onboarding flow, and more. Quote, we're thrilled to announce the release of BTC pay server 2 point o, our most significant update since the project began. In 2017, announced the project.
This version introduces full interface localization, sidebar only navigation, a new onboarding flow for new users and point of sale merchants, as well as e commerce integrations with Wix, Odoo, and BigCommerce. It also includes numerous fixes, improvements, and crucial back end updates that lay a solid foundation for future BTC pay server developments. Quote, BTC pay server 2.0 realigns the internal architecture with the lessons that we've learned since 2017 positioning us to better support both plugin developers and ourselves as we implement new features. While it may not seem immediately obvious, we expect users to see the full potential of 2.0 in the upcoming months as the ecosystem continues to thrive and build on top of it stated the team behind the project note update this is an important note updating to BTC pay server 2.0 is a one way process there is no option for rolling back it contains a lot of new features but also breaking changes follow the BTC pay servers blog post for instructions and post update checklist quote for most the transition to 2.0 will be seamless but if you rely on custom integrations or plugins you will need to update them to ensure compatibility with our 2.0 API added the developer so what's new well what the hell is a full interface localization this update enables easy translation of the entire btc pay server back office by consolidating all translation strings into a single text box I don't know what that means so don't think that I do It simplifies the process of using AI tools for translation, allowing for quick and efficient localization. Oh, now I know what it means. Localization of BTC pay server into any language. Okay. So if if I get it, I guess that means if I install it on my, like, my start 9, because I can, then I can say, well, what language do you wanna use? And it says I I guess it gives me English.
Or if I'm in India, it you know, I can do it in those languages. If it's in Africa or an African nation, I can do it in whatever, you know, those languages are. But, apparently, it's on the fly using AI. It was kind of an interesting situation there. There's a new sidebar only navigation. It moves all the navigation items into a unified sidebar for a clear and consistent experience. New onboarding. This version brings improved onboarding experiences and adds personalization features to user profiles including the ability to upload a profile photo and set a nickname.
These features will be utilized in the upcoming btc pay app. And there is a point of sale qr onboarding. Onboarding existing users to the point of sale app is now easier than ever. Simply scan a QR code from the point of sale. Checkout version 2 default. The checkout has been battle tested for a while now, and we are fully confident it brings not only more functionality through features like NFC, but also much better and tailored UX through our new branding options. There's back end branding. Version 2 allows the users to brand their BTC pay back end with selected colors and logos for a more personalized experience.
Then there's new e commerce integrations like Wix is a leading website building platform with over 200,000,000 sites. There's Odoo, a new plugin for Odoo version 16 and 17, lets users easily connect BTCPay with their Odoo store, enabling, Bitcoin payments with minimal setup. Odoo is spelled o d o o, by the way. That's o d o o. And then there's BigCommerce. Quote, we're bringing Bitcoin payments to BigCommerce users with our latest integration, end quote. If you face issues with 2 point o and any official BTCPay ecommerce integration, report it here, and that is a link to their github.comforward/bdcpayserverforward/bdcpayserverforward/discussionsforward/63100.
[00:59:17] Unknown:
Alright. So if you are a BTCPay Server,
[00:59:21] David Bennett:
user, you might wanna go check this shit out. But be aware, if you move to if you if you're a user, like, you are literally using it for your commerce, you have, like, a history of invoices that have been paid. You have all kinds of stuff in your BTC pay server that you've been using on a daily basis. If you upgrade to 2.0, you will never go back to your old BTC pay server. Does that mean you lose all your shit? I don't know. You need to ask the guys at BTC pay server. I don't think so. That wouldn't make any sense, but like they said, there's some plug ins that the new 2.0 will break.
So you've got to be Johnny on the spot deadly careful and you got to really want this and really understand what it's going to give you to actually move from your previous version of BTC pay server to the new one last up is albigo Version 1.7.0 has been released. Lnurl withdraw support. AlbiGo is a very simple lightning mobile wallet interface for bitcoin payments over the lightning network. It works with AlbiHub or any other Nasr WalletConnect wallets. It's available on iOS and Android. They have implemented lnurl withdraw support, improved currency selections, boostagram information, and transaction details are now there, and various bug fixes and improvements.
Let's see. Is there anything else? Nope. That's that's it. And if you if you are an albie like, if you've got the get Albie extension in your browser, you may want to consider looking into what they what the guys at Albie have built around this. Right? You can be a lightning node operator. You can buy, like, lightning channels directly out, you know, from the from the get Albi website. You can set basically set it up to where you don't have to run a node yourself. You can just use, like, you know, outbound and inbound liquidity channels that you essentially rent, and the prices are are fairly good. And if you do all that or if you have your very own lightning node like I do, you can connect some of the stuff that Albie has built directly to your lightning node, which then allows you to connect Albi Go directly to your lightning node so that my lightning node could be here in eastern Washington and I could get on a plane and I could fly to Barcelona, Spain.
And I could access through my phone in Barcelona and make payments and receive payments on my phone with my lightning node that is halfway across the world. Or at least well, actually probably more than that, a little bit more than halfway across the world. Still though, it's honestly a miracle. And if you actually get albigo and look at the interface, there's basically 2 buttons, send and receive. There's not a lot of lights whistles and bells except for the fact that it shows you your lightning node balance how much you can spend.
So if you haven't checked out some of the other good stuff that the guys at albie have have made Honestly, it's time to get back into looking at Get Alby. The Get Alby guys are some of the best people that I know. I know at least one of them, Tomac, was on the show a few like like last month. And I've had nothing. Nothing. I still to this day have nothing but good things to say about the gentlemen and ladies over at Alby. Okay. So that's the end of the show that I got nothing else. We're at 70,500. Don't be surprised if they try to test $70,000.
Why? Oh, because that's what the these idiots do. They're never they don't like it when things go up. They don't they don't like to have nice things. They like to have fun staying poor, but it's also probably this. Sometimes these tests are good. These tests are used to shake out the shit from the tree so that the next time you walk under it, a squirrel doesn't drop an acorn on your head. I'm just saying. But there's also this notion that we've got the United States government selling stuff into ether, and then there's this. And this is something that I forgot to mention when I was, talking about the ether BTC price ratio.
One of the other patterns that I've been seeing is that when we get into phases like this, where we see a whole bunch of red sticks to the downside, After the dust clears and I go back and I look at the Ethereum price divided by the Bitcoin price and look at that ratio, it's gone down even further. Today, that ratio hit what was I wanna say 0.035. Let me let me check.
[01:04:23] Unknown:
Go over here to trading view.
[01:04:31] David Bennett:
Yeah. It was point 3. It just touched point actually, let me let me make sure about this exact number. Okay the ethereum over bitcoin ratio hit a low like 4 hours ago
[01:04:49] Unknown:
of where was it 0.03598
[01:04:56] David Bennett:
so it actually touched below 0.36 what I'm getting at is this when I see these moves to the these massive moves to the downside in bitcoin when they start when the price of bitcoin versus US dollars starts coming back up guess what doesn't come back up the ethereum over bitcoin ratio and I've been seeing this as a trend for the last see how many weeks I've been seeing this pretty much as a trend for
[01:05:29] Unknown:
1, 2, 3,
[01:05:33] David Bennett:
13, 14, somewhere between 12 13 weeks, it looks like. And it's just it's out of hand. So I don't exactly know what that means from a, like, a technical analysis standpoint. Like, I don't give technical analysis on this show. I don't want you to go thinking that I know what I'm doing. But I'm starting to see this as a trend. And what I think is happening is that Bitcoin is being used as a mask for people that have heavy allocations of Ethereum to be able to punch out of their allocations of Ethereum without shaking the living shit out of their own Ethereum tree and crashing the price in USD terms precipitously so that they will always be able to steadily get out of their Ethereum positions and get into their BTC positions because I think we all know that Ethereum is basically gonna die.
No. I mean, will it die? Will it never breathe another breath? No. It'll be on life support forever and ever and ever because there's always idiots that are willing to go into the hospital and check on the dying and the deceased to, you know, bring them lemonade or flowers or something like that because they can't they just can't let go of the fact that this thing is in hospice care and is just going to die. But they'll they'll do whatever they can to keep it alive. They'll hold their hand. They'll sing a story or read stories and sing them songs. And people in hospice that are like having to lose a loved one will do anything to make sure that that loved one doesn't actually die because they just it's so heartbreaking.
And I kind of think that that's what we're seeing going on here. So that was the that was one of the major patterns that I've been seeing when we get into a situation where bitcoin pumps then it kind of tops out and then it goes back down and then we all freak out and then it goes sideways for just you know a little bit more and then starts gaining back what doesn't gain back what is lost is the ratio of ethereum over bitcoin What is never gained back is that ratio coming back up. It just it stays sideways and then the net and so and then bitcoin goes up and then all of a sudden we get a run up and then ethereum goes up in USD terms And then all of a sudden, we we we it's like rinse and repeat.
So I really do think that this Ethereum Bitcoin trading pair has is being more and more leveraged by people who are trying to escape the doom that is to come for Ethereum. That's just an opinion. Right? It really is. It's just an opinion. I have no mathematics or technical, you know, whatever to back it up. It's a gut feeling, but every time I look at this, it's like the same freaking pattern. I see bitcoin dive, and then I see Ethereum dive even more. And then I see a little bit of a fake out on Ethereum over bitcoin come back up to, you know, come back up, but it just never gets back to where it started out from.
And it is if you have Ethereum, I don't know. You're gonna have to make your own decisions here, ladies and gentlemen, but all I can tell you is that I'm seeing forever in a day lost opportunity for those that are holding Ethereum. That's all I will say about that, and I will see you on the other side. This has been Bitcoin, and and I'm your host, David Bennett. I hope you enjoyed today's episode and hope to see you again real soon. Have a great day.
Bitcoin and Ethereum Market Analysis
