Join me today for Episode 985 of Bitcoin And . . .
Topics for today:
- Pubky: An Overview
- US Jobs Report Tanks The Corn
- Yakihonne's Upgrade is Baller
- BTC ETFs Smoke Gold's 20 Year Run
- FanFares.io For Podcasters
#Bitcoin #BitcoinAnd
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https://docs.pubky.org/The-vision-of-Pubky
https://cointelegraph.com/news/russia-regulates-crypto-mining-no-full-legalization
https://www.coindesk.com/markets/2024/11/01/us-added-just-12k-jobs-in-october-far-short-of-113k-expected/
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https://decrypt.co/289503/us-bitcoin-etfs-amass-over-half-of-golds-holdings-in-first-year
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[00:00:00]
David Bennett:
Good morning. This is David Bennett, and this is Bitcoin and, a podcast where I try to find the edge effect between the worlds of Bitcoin, gaming, permaculture, podcasting, and education to gain a better understanding of all. Edge effect is a concept from ecology describing a greater diversity of life where the edges of 2 systems overlap. While species from either system can be found at the edge, it is important to note there are species in the overlap that exist in neither system, and that is what I seek to uncover. So join me in discovering the variety of things being created as Bitcoin rubs up against other systems. It is 9:26 AM Pacific Daylight Time. It is All Saints Day, November 1, 2024.
This is episode 985 of bitcoin. And let's go back to the fact that it's All Saints Day. November 1st is sandwiched right in between Halloween, October 31st, and November 2nd, which is the last day of the celebration of or day of the dead, also known as if you wanna get really technical about it, I suppose. We're missing the boat. We're literally missing the boat on having a much larger celebration than just Halloween. Here here in the United States, anyway, what I'm getting at is that Halloween, we're talking about, you know, spooks and ghouls and witches and, you know, like dead things and, like, zombies and stuff like that. Essentially, it's kind of a celebration of the dead.
And then we have All Saints Day, which is today, which is also a celebration of the dead because I don't know of any living saints at this moment in time. Like, the Catholic church, they saint people and have been doing so for centuries. And then in the split between the Catholic and the Anglican churches, you have the Episcopal church. And I'm an Episcopal, and we also have saints. Right? So when I was a kid and I was going to episcopal school, we had all we celebrated All Saints Day. And then we have tomorrow, which is November 2nd, and that's the last day of Dia de los Muertos. So November 1st 2nd is Dia de los Muertos. And then you've got Halloween that precedes the whole thing. If we wanted to, we could have a great, big, long celebration of dead people. I I know it sound it sounds grotesque. Right? But what better way than to, you know, to figure out where you are than to look at who's come before?
Hell, there's an entire religion in Japan. I believe it's called Shinto. They worship their dead. The dead are their gods. Right? They don't believe in a god. They they literally believe in those that came before. You see a lot of that stuff in Native American cultures too. In the United States, we've kind of demonized being dead. Like it's I mean, nobody gets evil today. I mean, I get it. But I don't necessarily think that we should be thinking that death is a terrible thing, a bad thing. It's just a just that's like for me, that would be like me being sad and, like, heartbroken and crushed every single time somebody that I love to walk through a door.
You know, in my life, they're going to come back through that door, but we don't see death that way. And I think we probably should. And the reason I'm going off on this is because of the white paper. Bitcoin white paper was released on Halloween 16 years ago. Right? I usually liken it to something like that it was a paper written by Satoshi Nakamoto to say boo to the world banks. But I think it's a lot more than that. I think and I said something about this yesterday that it's sort of like casting a spell like yesterday's yesterday's episode was named something about spellbinding. Right.
And think about this. There's a the binding is also the word that we use to bind books. The binding of a book and the book is full of words. Spellbinding. There's a lot about this that I think that we're missing. We've been so, I don't know, candied in the United States that we just refuse to see anything deeper than just surface things. We we if anybody even looks like they're going to get spiritual, we laugh at them. If anybody looks like they're gonna go get philosophical, we say things like, oh, well, tell us how you really feel. Right? We're not allowed to actually explore anything of depth anymore at all. So that's why I don't give a shit. So I'll say it. I kinda think that paper was a spell. I think that paper had spelling in it for the actual words used. But I also think that there's a grammar involved.
And that grammar is sort of part of the actual spell casting. And I know. I know. I get it. It's like, oh, tell us how how lunatic you really are. That's okay. I don't give a shit. I don't mind examining this stuff. I really don't. What if that paper is an actual spell? And the fact that it came on Halloween and we're just and I'm talking about 3 days straight in the Catholic religion because well, Dia de los Muertos isn't really Catholic, but it is it is Latin American in nature. Specifically, I believe it emanated out of Mexico, which is a huge Catholic country.
Right? It it's it's involved. Catholicism here is involved. Christianity is involved in this, no matter how you slice it. We got 3 days of celebrating the dead. And I think that that paper sort of it isn't just saying boo. It isn't just casting a spell. It was a marker along the path of humanity that is basically expressing the fact that certain things are going to die. And what do I mean by that? I mean, the economies of the world as they stand right now cannot survive and we all know it. That means all the institutions involved with it are also going to die. Many of the governments that are associated with their economies, which is what all of them, are most likely going to die. Some will survive.
Most of them will lie. That paper is a marker that we're entering a graveyard where the graves are just now being dug. It is a it is a sea change. Everything changed with the drop of that paper. And it just so happened that that paper dropped on Halloween. I think there was I don't think we're attributing enough weight to the timing of that paper. I think that that was on purpose. I think it is a marker stone and I think it does inscribe a spell of death upon the evil that actually plagues this planet. But I'm just going off on a rant there. And what I really need to do is get into the news, and we're gonna start right here with the latest fake satoshi is the fake Bitcoin creator that we all need. Pete Rizzo, Bitcoin Magazine is writing this one, yeah, about this dude I talked about yesterday. But let's see what Pete has to say.
A press release circulating yesterday proved yet again that there is nothing nothing the mainstream media loves more than some crazy nut claiming to have created Bitcoin. In honor of white paper day, the latest event billed as the unveiling of the legal identity of Satoshi Nakamoto attracted a who's who of the press, including the BBC, who were caught up in the Craig Wright scandal in 2016. Even that burn did not stop the reporters from interviewing the latest man who is claiming without evidence that he created Bitcoin. This time though our fake satoshi is Stephen Mala.
No, it's not the first time Mala has pulled this stunt. He sued crypto exchange Coinbase all the way back in 2021 claiming that they stole his company name from him at the time saying that Satoshi Nakamoto was his pseudonym and true identity. Long story short, the claim was so outlandish that there's even an online investigation company that uses Mueller as a way to advertise the effectiveness of their software. You can follow the thread of the BBC's reporting for the highlights. They're full of his inane statements as well as complaints from the reporters about what they had to sit through, including the, quote, increasingly easy to fake screenshots that he showed. Quote, I created the Bitcoin technology but I am not happy with it, Mullah said. I have evidence of all of that but I am here to make the statement, end quote.
Mullah pledged to reveal the true details at some later date, of course some later date, finally showing the event for what it was, an announcement of a fake announcement. Still, after all the hoopla over HBO's documentary, which went to extraordinary lengths to fake a convincing satoshi reveal earlier this month, I have to say, Mullah is somehow refreshing. This is really the way all Satoshi Nakamoto reveals should be. Total sideshows devoid of any reasonable intrigue. Hopefully if we get enough of these we'll convince the media to end its fruitless search for Satoshi's true identity. After all, as Bitcoin mechanic says, isn't that all he ever asked of us? Alright. So Pete is missing something about the media ending its search for Satoshi Nakamoto.
It will never end. It's never going to end. Why? A lot of the people that are in the meet in the media like especially for places like BBC some of them are still hardcore investigative journalists. They're going to want the challenge. It has nothing to do with whether or not they are going to increase the happiness of humanity by finally finding out who the hell invented Bitcoin and actually revealing and actually proving that that person is in fact the guy or girl that wrote the actual software no no no no no this this has nothing to do with humanity it has nothing to do with like any kind of utility This is pure ego bullshit.
It is the ego of investigative journalists who refuse to believe that somebody finally outsmarted everybody. And honestly. It's not that I can't say that I don't blame them. It's that I can see it being something of a challenge. Like holy shit this is this is holy grail level stuff for an investigative journalist. That's why this is never going to end. And as long as their egos are in place, there is always going to be some Yahoo! Out there who senses the fact that that ego is still in place and understands that they are going to get their 15 minutes of fame simply by claiming that they are Satoshi Nakamoto. They will have every journalist in the world that wants to do this in interviewing them. They will get airtime. They will get screen time. They will have articles written about them.
I had no idea who Stephen Mullah was until frickin yesterday. And now I know I even know how to spell his last name. M o l l a h. It's ridiculous. But we're stuck with it, so get used to it. Alright. That was just a warm up because what I wanna do is go over John Carvalho's Pub KY Core. It's probably pronounced Pubkey, but it is not actually spelled that way. It's spelled Pubky, all one word. But I'm going to use the term Pubkey while I'm reading this just to make it a little bit easier. So who's John Carballo? He's been working on all manner of stuff for years. He's an OG Bitcoiner.
He's been in the space for freaking ever. If you're on Noster and you just saw his post yesterday about pubkey, he put out a whole bunch of slides, from a presentation that he gave. Understand that he's not new. He is old school. He is o g as well a he is o g a f. Let's just put it that way. He's a smart guy. He's been developing things for a long long time and he had been working on decentralized digital identities. He started doing that at least a year if not 2 full years before we had Nostr. Right? So, what I'm going to this pubkey thing is sort of John's vision of what we have in Nostr but different.
And it's important that it's different I'm not going to make the claim that it's better than Nostr I'm also not going to make any claims that PubKey sucks this is just what it is and I think it's important for us to understand what it is that John Carvallo has in mind. If you also want to know what his Twitter handle is, you might recognize him by the handle Bitcoin Error Log. Right? He's been around forever. He's not new. So let's talk about the vision of PubKey. Imagine a future where our online relationships are no longer dictated by corporate giants or state control systems. Where you decide how to connect, who to trust, and where to store your data.
This is the vision of PubKey a decentralized user first web that breaks the toxic cycle of dependency on big tech big state and big banks. PubKey is not just a platform. It is an ecosystem designed to provide tools for communication social coordination identity management and eventually financial freedom all in one interconnected framework. Hub Key will harness the power of decentralized identity censorship resistance, semantic social graphs, and Bitcoin and lightning network technology to create an open web that prioritizes user autonomy. Big Tech platforms, like social media giants, use algorithms that limit freedom, exploit engagement and control the flow of information Pubkey proposes a different kind of web one that is built on semantic social graphs and self sovereign identities instead of opaque algorithms deciding what is relevant to you semantic social graphs and p k a r r give users full control over their digital interactions this system gives control back to individuals helping replace our toxic relate relationships with big tech PKRR hold on PKRR for credible exit and censorship resistance with PKRR users can create decentralized identities that allow them to leave any service without losing their content identity or relationships p k a r r also makes censorship resistance possible by ensuring that users identities are independent of any specific server. This means users can migrate to other services when needed maintaining control and avoiding censorship.
The semantic social graph for personalized control. Semantic social graphs empower users by allowing them to enrich their relationships, determine trustworthiness, and organize content in a meaningful way. Users choose what they see, whom they trust, and how information flows within their network. PubKey app for user controlled feeds. The PubKey app allows users to decide which data appears in their feeds. Unlike traditional platforms where algorithms push content for maximum engagement PupKey gives users the power to tag, filter, and prioritize the content that matters most to them. This approach replaces toxic algorithms with user defined preferences, ensuring a healthier online experience.
Home servers for decentralized hosting. Home servers allow for decentralized data hosting and competitive hosting services by enabling users to migrate away from any server that changes its policies or restricts their content. This means that censorship is anticipated and dealt with allowing users to keep control over their digital presence. Governments often use centralized systems to control speech, monitor user activity, and dictate identity management. PubKey provides an alternative. A decentralized network that makes censorship impractical and gives users self sovereign identity. With PubKey, p k a r r, or also known as public key addressable roles and resources mainline DHT and semantic social graphs ensure that users are empowered to self regulate.
Verify authenticity, and maintain control over their identities without relying on centralized authorities. This means that PubKey allows users to create key based identities using PK RARR giving them the freedom to establish and manage their identities without permission from any central entity. Users can choose whether to remain anonymous or become publicly identifiable and no central authority can revoke or control their identity. Mainline DHT, well that acts as a distributed directory helping users locate and connect with each other without relying on a centralized server. This peer to peer system ensures that users are always discoverable by those that they trust, even in the face of censorship attempts.
PubKey's semantic social graphs are key to creating an environment of self regulation among users. By allowing users to add context, trust levels, and tags to their connections, PubKey provides the foundation for automating business logic on top of graph, metadata, and relationships. This means that users can set the rules for how they interact with others creating systems of accountability and shared trust that do not depend on any external regulation. In this way, PubKey replaces the need for a centralized authority, I. E. The big state, by empowering users to be self sovereign and enabling communities to regulate themselves.
PubKey provides the tools to make censorship difficult and autonomy possible, giving users the power to govern their online interactions and identities independently. Beyond communication and social interaction, Synonym also seeks to empower individuals financially. I'm going to pause there because I just introduced a brand new word. Synonym. S y n o n y m. Synonym is the name of what John Carballo or Bitcoin Error Log had been working on. I I and I need to get a hold of John. I'm trying to figure out exactly what what the shift to to PubKey is because Synonym was seeking to do a lot of this. So I don't know if it was just a name rebranding or or or what.
But Synonym was a system that that John had been working on. And I I I presume that the core of Synonym has been brought over into this pub key that we're talking about, but that's what Synonym was. In my mind, the way that I'm thinking about it is it was it's the predecessor to what John Carvallo's talking about now. So I just wanted to make that clear. So let's let's do this again. Beyond communication and social interaction, synonym also seeks to empower individuals financially. Our reliance on big banks and centralized financial systems means losing autonomy over our own wealth. Pubkey envisions a future where financial freedom is possible through the use of Bitcoin and the Lightning Network to decouple payments from hosted platforms and middlemen.
Bitcoin creates competition for fiat currencies and traditional speculative investments by offering a decentralized permissionless currency users are in full control of their funds able to send and receive value directly from their own wallets and free from the constraints of centralized banking institutions the Bitkit mobile wallet again Bitkit mobile wallet synonym creators of PubKey okay there here we go synonym creators of PubKey also offers the Bitkit mobile wallet which supports Bitcoin lightning and soon Pubkey features providing a unified solution for users to manage their identities financial transactions and online presence all in a decentralized manner.
Commerce features and tools are planned for future versions of PubKey along with a long term goal of a totally dynamic digital social economy to in conclusion let's just say in conclusion our vision is simple to build a digital world where individuals are in charge rather than corporations or governments and by integrating decentralized identity censorship resistant technologies and financial independence we can replace our toxic dependency on centralized powers with an open user controlled web. Imagine a future where your data, your identity, and your financial assets are truly yours. Where you decide what to share, whom to trust, and how to connect without any company or government watching over your shoulder.
Synonym is building this future, creating an Internet that works for people, not against them. Join us in this movement towards decentralization, censorship resistance, and true digital autonomy. I know what a lot of you who were listening, you know, closely to what I was saying, I know what you're saying. We already have this with Noster. Right? Right? We already have this. We don't need this. That's what you're saying. I disagree, and here's why. Well, it's because we need we need an ecology. And I know people hate it when, oh, the ecology of Bitcoin. Oh, the the the the Lightning Network ecosystem. Yeah. Well, there's a reason we use those words because it there it's correct.
It is an ecosystem. There are ecologies. Anybody who actually thinks that that Noster is going to replace everything that we need all at once all by itself, is kinda fooling themselves. And the reason I know that is because I'm a student of biology. I know how this works. We exist in a universe filled with rules, rules that are not written down in anywhere other than inside the forest, at the edge of a river, the fight between the lion and the lamb, you name it. That's where the rules reside. If you can't figure out what the rules are by actually walking out in nature, then you are not touching enough grass by a long mile. You need to get outside and touch some more grass. That's where the rules are written. And the rules are basically this.
It takes a whole bunch of different species to have a functional, resilient ecosystem that not only survives but thrives. That's what I'm getting at. Now, we does that mean that I'm abandoning Noster because because John Carvallo's got this thing? Fuck no. Oh, hell no. That's ridiculous, and I wouldn't recommend anybody do that. I don't I don't know if PubKey is active yet. But PubKey is not the only thing out there, is it? Well, we've got the Feddy verse. I know you don't like it. I I am not a fan of having to use Mastodon. There's a lot lot of stuff about the Feddy verse. Doesn't make any sense to me, like, literally at freaking all.
It's clogged it's you think Noster's kludgy? Jesus. Mastodon. I I can't even switch over to a different Mastodon server without actually redoing everything about my identity all over again. And I'm just I'm just done. I'm done doing that shit. But there's still some things about Mastodon and the Fediverse and all that, activity pub. Right? That's that that came before Noster. It's certainly coming before PubKey. And it's coming before the peach and hole punch stack that Guy Swan talks about a lot. That's another type of vision of how this works.
Right? Now we have John Carvallo coming in with pubkey core and the whole and an entirely different smaller ecosystem that seeks to basically do the same thing. And I know what you're saying. We don't need all these different protocols. Yes, we do. But we don't need to use them all separately. And this is what I'm getting at. I want to read to you the it is going to be an AI overview of a question that I asked to Google. Okay? It's not in-depth. I haven't, like, gone through and really, you know, punched this thing out. But I just want to see the particular this particular idea in your mind when we're talking about the species that is activity pub and all of the subspecies like mastodon and that have come out of that.
Look at look at Noster as an ecos as a small ecosystem and all the subspecies and sub ecosystems that have come out of that we're going to be talking about Yaki Hone at the end of the show because they've got an update And that's another nostril client. There's like 75 nostril clients. Huddlebod's got coracle. Social. JB 55's got damus. But it's all coming out of the protocol that is nostril. I'm not going to talk. I don't not even going to include Blue Sky's AT protocol because that's just a bunch of bullshit. But now we've got John Carvallo that's been working on answering the same questions that both Activity Pub has been trying to answer and Noster is trying to answer, but it's coming at it from a completely different way.
Right? The problem of of digital identity and sovereignty and anti censorship is so profound that it's going to take several different species to be able to attack the problem. But if they all attack the problem by itself, it's not going to work. We're going to need fusion. We are going to have to have it. And John might be the very first person to tell me that I am completely full of shit. I have a lot of respect for John Carvalho and he can tell me that all day long and twice on Sunday and I'm not gonna bat an eye. And I'm also, you know, I'm not gonna get mad and he may be right. And Fiat Josh, Nostra Protocol creator, he might say, you're full of shit. I don't wanna have anything to do with these other things. Well, I'm sorry I'm I'm sorry to tell you. I completely disagree. If that is the case that these people were to say that to me, I would 100% staunchly disagree with them.
I want to read you this. I asked a question. Can fungal mycelium from different species fuse with other species? Here's the answer. Well, actually, let me just kind of like give some some context to that. When you go through a forest and you see a mushroom popping up out of the forest floor you're seeing about 0.0001 percent of the organism. That's just the sexual structure that it uses to dump spores so that it can have offspring. The real organism lies beneath the ground and you don't see it but it's massive. It is a massive network of all these different mycelial threads and when so when I say mycelia or my like mycelium I'm talking about the entire fungal organism not just the little mushroom but these things have a tendency to be able to fuse with their own species. So like like Alice mushroom is over here, and Bob mushroom is completely over there, and they send out their little mycelial threads, and then they meet.
If they are the exact same species they will probably fuse in in many of these species that that happens now you have an interconnected web of 2 massive networks that are able to now share information but the problem is is that the or the question becomes do they have to be the exact same species and the answer is no that's why I asked the question can mycelium from a different species fuse with other mycelial species? And the answer is this. And again, this is from AI or Google AI from their search labs. And it says yes. Mycelia from different species can confuse can fuse and combine.
So here's the thing that says about fusion. When mycelia from compatible fungi fuse, the cells of each fungus combine and their DNA will mix. They can create a secondary mycelium with haploid nuclei from both mating strains. When 2 mycelium meet, they can also communicate to negotiate their relationship. This can range from fusion to indifference, physical exclusion, or straight up chemical antagonism. There's nuclear exchange between mycelium and recombination between heterospecific nuclei and that may be important to fungal evolution and diversity.
Alright. So what I'm getting at here is that let's say that I've got, like an entire organism underneath a dead stump in the forest that puts out oyster mushrooms. And my question is, is there a way that that fungal network can share information and share its physical network that it's already built? That network effect, can it fuse with something that is not an oyster mushroom and somehow or another now the two networks are actually stronger because those bridges of information exchange of chemistry exchange of nuclear information exchange of water and nutrient exchange because now maybe there was a slight magnesium deficiency in the area where this I don't know this oyster mushroom network is.
And it just just needed just if it could just get a little bit more magnesium, it would be awesome. It's got way too much cobalt, but, you know, whatever. Now this other network is sitting in a completely different part of the forest, you know, by maybe like a 400 yards away. Yes. These things can get huge. Just trust me. Just bear with me, guys. Somehow those networks meet. And the network b is sitting on top of too much magnesium and not enough cobalt. Do you see where I'm going with this? Well, now that we've got a bridge that can communicate and transfer all manner of information whether chemical, nutrient water or otherwise now the magnesium deficiency is met by Network A and the cobalt deficiency experienced by Network B is also met.
Do you see how the synergy here works? And this is what I'm talking about. If we don't not we need to not only strive to build particular protocols and their network so that their network effects become huge. We need a way that all of the particular networks can share information together. If we don't do that, the chances of any one of these networks being able to overcome the problem that all these networks are trying to overcome becomes insurmountable. Because think about it. The whole question that all of these networks are trying to answer, as I have already stated, is pretty big.
Do you really think that one of these networks is going to be able to actually facilitate the complete destruction of that which has been in place for an idea in whether it's an analog form or digital form has been in place for 100 of years. My answer is no. Only by surrounding the problem with different networks and having those networks actually be able to connect together in a ring around the enemy will the networks together be able to overcome the problem that all the networks want to overcome individually. So when the creators of these protocols start, if and I don't know if they will, but if they start bickering, then we're going to lose energy to friction And we'll never be able to get that back. So I'm making a plea to all the developers out there, even though some of them probably most of them don't listen to me.
Please don't bicker. Figure out a way to cross bridge your network with the other protocols and do so happily reduce the friction we'll have a really good chance of winning this I promise But we're not gonna be able to do it if we're sitting there fighting and bitching and moaning because we got other problems that we've gotta work around. You know, we're seeing we I saw a massive, massive red spike now in the price of Bitcoin this morning. I wonder why. Could it be that the United States added a mere 12,000 jobs after it was expected that a 113,000 were gonna be added?
We'll get into that. We've got we've we've got a major problem on our hands when it comes to those hoping that rates at the federal reserve are going to be lowered. This is not good news for that. And that's probably what is circumscribing this particular spike to the downside that I saw 7 o'clock this morning my time. CoinDesk, James Van Straten, and Steven Alford are writing just days ahead of the presidential election and federal reserve policy meeting. The government reported a market weakening in the labor market last month, though it's unclear to what extent storms in the southeast affected that data.
The United States added a mere 12,000 jobs in October according to the nonfarm payrolls report, which is well shy of the economist's forecast of a 113,000. September's job gain of 254,000 was also revised down, as usual, to 223,000. October's unemployment rate was 4.1 versus 4.1 expected and the 4.1 in September. So the unemployment hasn't changed, yet we've revised down last month's numbers, and we are and we woefully came in nowhere close to what was expected for October. Right? This does not bode well. In addition to September's downward revision, August originally reported a 159,000 job gain.
Yeah. That was revised lower to 78,000. Under pressure for the last day or so, perhaps thanks to the reduced chances of a victory next Tuesday for Donald Trump, the price of Bitcoin was volatile but still remaining in the $70,000 area in the minutes following the report. Bitcoin earlier in the week had rallied strongly but was turned back from a challenge at the new record high above 70 3,700 on both Tuesday and Wednesday. The Bureau of Labor Statistics added a note to the report saying that it was not possible to quantify the effect of the recent storms on the payroll data. Prior to Friday morning's data, market participants were overwhelmingly expecting the Fed to trim its benchmark Fed funds rate another 25 basis points at its policy meeting next week.
Checking other report details show a bit more strength than the headline print. Hourly, average earnings grew 0.4%, and then they've got some other numbers. But we're already done here. Because the jobs report is basically screaming that inflation is not under control. That's one of the things that it's screaming. It's screaming about a lot of stuff, but it's basically screaming that the fed hasn't fixed inflation. So the Fed very well may not cut by another 25 basis points their Fed fund rate. And that means that people are going to have a risk off appetite as far as risky investments. And I don't like looking at bitcoin as an investment, but I don't get to tell people how to think. This is how retail investors think.
Right? So I'm just saying, I think that the reason we saw this major red candle, it was an hourly candle and it's a huge candle. It's one of those depressing candles. Right? I believe that it was because of the jobs report. I mean, 12,000 added and they were expecting 113? That's not good. And the and, by the way, let's just make sure that we we understand this. September, that job report was 254,000 revised down to 222,000. And then September, the downward revision because or say, oh, sorry. In in September's downward revision, you got August well that was a 159,000 job gain but that was revised down to 78,000 I've said this before you can't trust these numbers every time you hear a number I'm like I don't know like even if I trust the 12,000 number But I would I'd it'd be weird if they revised that one down, although they may revise it up, but it's not going to help. The point here is that the Fed is probably not going to cut rates. Not at this meeting. I would not expect them to. If they did, I'd almost it it would almost be a bad I think it would be a bad move. I mean, this whole economy is is on fire anyway, so I guess it really doesn't matter. But I think that that's what's going on.
That that's why we saw this red candle to the downside. It was the jobs report. I hate it that we are so connected with the the very legacy financial system that we're trying to depose. But clearly, we've got a long way to go. Let's run the numbers. CNBC Futures and Commodities. Let's see what the rest of the world is thinking about the jobs report. Oil is up a mere 1% to $69.97. Brent Norsey is up a point 7353. Natural gas, going the opposite direction, 1.77 to the downside. And gasoline is up 0.68 percent to a buck 98 a gallon. Gold is doing okay. It's up a 5th of a point today to $2,753.
Silver is down a 5th of a point. Platinum is up a third of a point. Copper is up 2 thirds. And platinum is basically running sideways. Ag fully mixed today. Biggest winner is wow. Boy, it's kinda hard to find it. Cotton, 0.86 percent of the upside. Biggest loser is easier to find. Sugar down 3 points. You got live cattle down a half. Lean hogs are up a 5th. And feeder cattle are up 0.4%. Okay. Here we go. Indices. Everything's in the green. I guess they're happy about the jobs report. The Dow is up 0.86%. The S and P is up 0.68%.
Nasdaq is up almost a full point, and the S and P mini is up a 3rd. K. So Bitcoin is at 69,490. We are down to a $1,370,000,000,000 market cap, and we can only get 25.1 ounces of shiny metal rock with our one Bitcoin of which there are 19,776,130 and a half of. But average fees per block are really low. 0.04 BTC taken in fees on average on a per block basis of which there are only 96 blocks of. And they are carrying a 188,000 unconfirmed transactions. High priority is gonna get you in at 10 satoshis per vbyte. Low priority transactions are 7 satoshis per vbyte. And hash rate is at 759.4 x of hashes per second on a 1 week rolling average, so it looks pretty stable so far.
From spellbinding day, yesterday's episode of bitcoin and I got who? Let's see. Who do I got? I got Joey DD with 3333 Halloween boost. I got HBH Gardens with 3,000 says boost. Actually, it says boost. And then Pies to Play before 20 says thank you, sir. No. Thank you. Nostergang is the only guy that actually write wrote out a message. I mean, other than boost or thank you, sir. He actually has got a full sentence here. 100 sats. I always looked at white paper day as the pregnancy announcement of Bitcoin. However, I like the idea of it being a spell cast on Halloween despite the fact that it makes me think of a Bitcoin wizard. Lol. Yeah. I agree. And that's all I'm wizard.
Lol. Yeah. I agree. And that's all I got. Hey, guys. This this show lives and breathes and dies on, Boostagram's donations. And, like, this segment is really short simply because you guys aren't putting anything in there. And I'm like, I need stuff to read. Show show, write about your own baby announcement. If you're hey. You're getting married, I'll put it on the air, man. I will announce it. I'll even tell people where it is if you want. You got a Bitcoin meetup? Let me know. I will throw it out there. But the Boostagram is the value for value method that I use to make sure that I can continue to bring this show to you. So take me up on it, man. I mean, if you can't throw me satoshis, then promote the show. 5 star review on Apple Podcast still always makes a lot of sense. It always helps. It does it every single time somebody does that. So if you ain't got the sets, but you do got some time, promote the show, and I will say that that's the weather report. Goddamn. That was a bad bad transition.
Welcome to part 2 of the news. You can use Bitfarms Inc. A 10,000 Bitcoin miner hosting agreement with stronghold Martin Young from Cointelegraph. Tell me more. Crypto mining firm Bitfarms signed its second hosting agreement with United States based Stronghold Digital Mining to expand operations at its Pennsylvania site. Under the terms of the hosting agreement, the bitcoin data center operations firm will deploy an additional 10,000 minuteers to Stronghold's scrubgrass site. The mining hardware was initially expected to be used in its Gazoo site in Paraguay. Bitfarms CEO Ben Gannon said that optimizing company company assets with these rapid upgrades at Stronghold's Pennsylvania sites will provide significant near term value for Bitfarms.
He said the combined 20,000 minuteers at the site will boost efficiency and continue to improve the firm's overall fleet efficiency. Quote, vertically integrating our operations with Stronghold's existing power generation infrastructure reduces capital expenditure requirements and allows us to take greater control over our cost of power. End quote. This will be achieved through energy trading and better utilization of the wide range of operating modes of Bitmain's t 21 minuteers. The initial terms of the agreement will expire on December 31, 2025 after which it will automatically renew yearly.
Additionally, Bitfarms will pay Stronghold 50% of the profit from the miners on a month over month basis. Bitfarms paid a refundable $7,800,000 deposit to Stronghold to cover the estimated power cost for the 1st 3 months. Bitmain entered into its first hosting agreement with Stronghold in September for an initial 10,000 minuteers at its Panther Creek facility in Pennsylvania. Gannon said that Bitfarms looked forward that that they say Bitmain. That what that's a typo. It wasn't Bitmain that entered into its first hosting agreement. It was Bitfarms. Okay? So Gannon said that Bitfarms look forward to executing their strategy to increase our US footprint and diversify beyond Bitcoin mining.
Bitfarms currently has 12 operating Bitcoin data centers and 2 under construction. It also has hosting agreements with data centers in the United States, Canada, Paraguay, and Argentina. Its BTC mining facilities are primarily powered by renewable hydroelectric power and sustainable long term power contracts. Despite the agreement, Bitfarm stock tanked 10% on the day, falling to $1.96 a share in after hours trading according to Google Finance. The slide mirrored broader market movements with crypto markets retreating by 6% over the past 24 hours and related stocks following suit. Yeah. Every everything in in Bitcoin is is tanking right now. So it's just it is what it is. I read something yesterday about that this entire move up to 73,000 may have just been a, quote, unquote, gamma squeeze, but I didn't have enough time to really dig into that one. If you guys know about the gamma squeeze and think it's all bullshit or if it's absolutely true, send me a boostagram. Help the show out. Let me know what's going on, and I'll read it on the show. Now from the block, Danny Park, Paxos launches new USD stablecoin with Singapore's DBS Bank. What was I telling you yesterday?
What was I telling you yesterday about stablecoins? Yeah. Blockchain infrastructure firm Paxos announced today global dollar, the USDG, its new US dollar backed stablecoin designed to meet Singapore's upcoming stablecoin regulatory framework. The stablecoin will be issued by the company's Singapore arm, Paxos Digital Singapore. At the same time, DBS, the city state's largest bank by assets, plans to support Paxos in cash management and custody of USDG reserves as a primary banking partner. Quote, enterprise interest in stablecoins has never been higher than it is today, but the market lacks a solution that combines regulatory compliance with real economic incentives for enterprises, said Ronak Dyer, head of products at Paxos, quote, USDG offers a trusted solution with a top tier banking partner in DBS that will be the catalyst to drive stablecoin innovation and enterprise adoption at a global scale. Put a tie on the suit speak.
For the launch, Singapore Paxos gained approval to issue stablecoins from the Monetary Authority of Singapore in July. And upon release, USDG is available on Ethereum and issuances planned for other blockchains. USDG marks Paxos' 2nd 2nd, not their not their only, their 2nd localized stablecoin offering following the launch of Lyft dollar or USDL in the United Arab Emirates. It is the company's 6th digital asset launch overall. The shit coining never stops. Meanwhile, the MAS released the finalized features of its latest digital assets regulatory framework in August last year. The framework, quote, seeks to ensure a high degree of value stability for regulated stablecoins in the region.
The regulator's key requirements for local stablecoins are low risk, high liquid reserve asset backing, a minimum base capital of 1,000,000 Singaporean dollars, and online disclosures containing critical information for hodlers. Quote, MAS' stablecoin regulatory framework aims to facilitate the use of stablecoins as a credible digital medium of exchange and as a bridge between the fiat and digital asset ecosystems what was I telling you yesterday a bridge also a transformer It's a transformer between and, honestly, let's let's face it. It's a transformer between Bitcoin and the legacy financial system without actually having to touch each other.
Alright. If you don't know what I'm talking about, go listen to yesterday's show. The MAS has yet to announce further developments regarding enforcing the stablecoin framework, which requires approval from Singapore's parliament. So we're getting into localized localized stablecoins. Stablecoins just for Singapore. And then stablecoins just for the United Arab Emirates. It's going to be a web of deceit the unraveling of which is going to be it's gonna make FTX and Alameda look like nothing except it's not going to look like that at all I don't see I mean I'd see it unraveling but honestly this this shit this shit has a structure that could go on for a 100 years.
So I don't see it unraveling anytime soon, but I guarantee you the seeds of deceit and destruction are being woven directly into these stablecoin matrices. Local? Really? Am I gonna have one for Lubbock, Texas? Is it gonna be a stablecoin for Lubbock, Texas? Is it going to be a Lubbock, Texas local bank that does it? You know, is it like, up here, one of the nearest towns to me is Moscow, Idaho. Is Moscow, Idaho Bank going to back a Moscow, Idaho stablecoin? Because chances are good, you're gonna see shit just like that. It's going to actually probably funnel down not just at the country scale. Like, let's take the United States.
The United States stablecoin. USDS. United States dollar stablecoin. Let's call it that. The USDS. But there's gonna be one for Texas, so it's the United States dollar stablecoin of Texas or usdsat or sot, something like that. 1 for Oklahoma. Alright? Well, let's drill down on Texas. Well, then they're like in in the Texas framework, there could be a stablecoin just for Austin, Texas. You see how this works? This is one of the reasons why this stablecoin mess is going to turn into the next iteration of alt season. You know, the whole scambrian scam brian explosion of all coins and shit coins.
It's never going to end because the human species is just greedy AF. Now let's do this one. U. S. Bitcoin ETFs amass over half of gold's holdings in its very first year. In fact, just 10 months. US listed Bitcoin exchange traded funds have rapidly accumulated tens of 1,000,000,000 in assets, reaching half that held by gold ETFs in record time, writes Sebastian Sinclair from Decrypt. Since launching in January of this year, Bitcoin ETFs have attracted substantial inflows totaling $23,89,000,000,000 $70,000,000,000 in total net assets per data from so so value.
By comparison, total net assets for US listed gold ETFs stand at $137,300,000,000 according to latest figures from the World Gold Council. That means that in just 10 months, spot Bitcoin ETFs have amassed over 50% of the assets held by gold ETFs which have been around for 20 years. Nate Gherachi, president of the ETF store, tweeted on Thursday. The rapid adoption of Bitcoin ETFs reflects the quickening of mainstream interest in digital assets according to some, with recent daily inflows ranging from anywhere from a $192,000,000 to $893,000,000 That's daily inflow.
Quote, there is no question that the BTC ETFs have been well received, breaking all inflow records as they go, Ryan McMillan, chief investment officer at crypto fund manager, Merkle Tree Capital, told Decrypt. In comparison, gold ETFs, which debuted in 2004, have long represented a stable hedge against market volatility and inflation. It's hard to compare absolute flows as 20 years between launches includes a lot of inflation, McMillan added. And that that is of note, by the way. The assets are often compared for their roles as safe havens, which with gold prized for its historic stability and Bitcoin increasingly seen as a digital counterpart part due to its finite supply and independence from traditional financial systems. Jurian Timmer, director of global macro at Fidelity Investment, offer often characterizes Bitcoin as exponential gold highlighting its rapid adoption curve and inherent scarcity.
His perspective suggests that Bitcoin's value proposition extends well beyond that of traditional digital gold, instead emphasizing its potential as a store value driven by network growth and limited supply. Whatever the case, bitcoin has emerged as the best performing asset of 2024 climbing 65% year to date to $69,533 Gold has also demonstrated strong performance with prices up 16% to $2,746 per ounce. Despite the world's largest asset dipping more than 4% on Thursday, McMillan still sees Bitcoin finishing off the year strong. Quote, we've seen a few sell offs, which could be larger funds re weighing their portfolios to take some gains, or it could very likely be a little volatility as we get closer to the US election, he said. Quote, I would Quote, I wouldn't expect we go much lower here, not without a serious catalyst, McMillan added. I don't we didn't need that at the at the end of that. So forget forget I even said it.
I don't like inviting inviting problems. So the the gist is is that out for 20 years, gold ETFs have been around. In 10 months, Bitcoin ate half that value, not from the gold ETFs, but from the market itself. But there's that caveat. Alright? And it's it's important to understand how much inflation has actually happened in those 20 years. Alright? It's it's easy to lap point at Peter Schiff and make fun of him, but we this is a point of this is a a serious point to understand. How much inflation has occurred in 20 years? While me and you don't know the answer, we can't actually just write out a number on it on a, you know, like a beer stained napkin at a bar and show it to somebody.
We know a buck ton of inflation has happened in the last 20 years. There is no denying it. Yet still, I believe that even with that inflation even with that inflation, it is clear that people are flocking to bitcoin. It's not going to stop. Okay. So let's finish out the show with this one from Short Fiat who posted a note on Nostr, which is always going to be my favorite network to be using no matter what I said at the head of the show. Please tag this to any podcasters that you know. Yeah. Short fiat. I'm raising my hand. We will zap you with sats.
At far or sorry. Not far. At fanfares.io. That's fanfares, f a n f a r e s, like, you know, fanfare. Fanfares.io. We are a small team of 4 people building a Nostra client. We are creating the ability for podcasters to put specific items of content behind Bitcoin lightning paywalls. This can work well for premium content of the type that might be put on Patreon or a Substack subscription. Listeners can use Bitcoin Lite or hold on. Listeners can use Bitcoin Lightning as a currency to buy an episode by using Zaps on Nostr. Payments for individual items of content without the need to be doxxed makes it much easier to support a creator.
So I've got fanfares. Io. It's it's live. It's up. It's here. And I'm looking at it. It does take in. It does ingest my git albie. Well, gitalby is a browser extension that I use to manage my key pairs. It also acts as a functional lightning wallet. There's a lot of stuff to gitalby. If you're not using gitalby, please go check it out. It answers a lot of problems all at the same time, and it's damn near seamless. I barely even noticed that it's working anymore. Not that it doesn't work. It does. That's the beauty of it is that I I don't notice that it's working. It just does work all the freaking time. So I'm over here at fanfares.io, And it recognizes who I am. It's ingested it's ingested my public and private key pair that's being managed by GetAlby.
And I can go over to recent podcasts. I can go over to the Nostra universe, which is basically a looks to me like a standard Nostra client. I can go to earn SATs, and let's see. Earn SATs for feedback. Oh, yeah. Could we aim to perfect, we aim to perfect fanfares to be intuitive and easy for constructive feedback that genuinely adds value to the application. We are willing to pay our customers 10,000 sats as a reward for identifying problems. Nice. Okay. So but there's a button down here at the bottom left says upload podcast. And it gives me a nice little pop up. It allows me to upload a cover image which is a JPEG or a PNG with a one to one size ratio.
And then I have a place for a title. I have a place for a description. And then there's a box where I can upload the audio file. And then there's some parameters. Oh, I can give it my Albie address. So it gives me I can put in my Albie wallet address so that the unlock cost which is also down here under parameters will be sent if somebody wants to unlock content that I upload to fanfares. Io it will go directly to my wallet. And I do not know if fanfares.io takes a percentage or some kind of cut of that. I hope they do because everybody needs to feed their babies. The point that I'm making here is that this can be used as a paywall for certain podcast episodes. Like, let's say that I did a special episode that I'm not going to actually put out on my regular feed. I wanted to do something different, you know, altogether completely different. I don't know. Like, let's say interview a chef. It has nothing to do with Bitcoin.
I could use this to put it up there. And then I can use all my all my branding to tell people that, well, it's not a Bitcoin and podcast, but it is me. And if you are a listener of the Bitcoin and podcast and you like cooking, you may wanna listen to this, but you're gonna have to pay. And I set up, like, a 10,000, satoshi paywall. You go to it and say, you know what? I'm gonna I'm gonna go ahead and pay 10,000 satoshis for that. Hey. This is great, man. Just use your lightning wallet. Boom. It's done. I get the money. You get the content all because of fanfares.io.
Please understand that fanfares.io is not the only people that are working on this. And, again, this goes right back to good. I'm glad that there's 50 people trying to solve the same problem using 50 different approaches and I hope they all win. And I hope that all of those approaches start talking to each other. Because every time that you can if you can figure out the enemy's location and you cannot only put an armed force in front of that location, but you have enough of an armed force to flank that position at least once, then you've got a good shot. You've got a good shot at possibly being able to not die. But if you've got enough friends that they can maybe take the other flank of that enemy, well, then all of a sudden you're halfway around that enemy.
And if somebody who also hates your enemy is coming from the backside, well, you've got an enemy surrounded. One network cannot do that. And the reason is math. If I were to drop a spore of a mushroom onto an agar plate, which is like a plate that holds growth medium, and I put it right in the center of the auger plate it is going to just spread out in every single direction from its point of origin. That means that it cannot really surround anything. It's not built that way. It's not like I drop a it's not like I drop a spore from a mushroom in the center of a plate and somehow or another it just rings the outside of the plate. It doesn't do that. All it's trying to do is is get nutrient and it's going to get it everywhere.
The math doesn't work. But if I have a known enemy in the center of the plate, like a piece of wood that I just hate for some reason, and I drop not 1, not 2, not 3, not 4, but maybe 6 or more spores in a ring around that piece of wood in that same auger plate, if I come back all 6 networks are going to be attacking that problem at once. And if they are compatible species they'll be able to fuse their networks together and share resources around their enemy without actually giving up any of their resources to the enemy.
We need all this. We need hole punch. We need Activity Pub. We certainly need Noster. I think we need Pubkey. John Carballo's outfit I think we all need to be working together we really do I'm just going to say that one more time we really need that all together now let's get into yachihon I promised I would bring it to you. Yaki Hahn. I don't know how to pronounce it. Y a k I h o n n e. Yaki Hahn yaki hone yaki hone. I don't know but it's version 2.0. It's been reengineered at its core, and the redesign and the lightning wall wallet has also been redesigned as well. It well, at least at least it appears. Yaki Han is a Nostrweb and mobile client for exploring noster short form as well as long form content.
If you're just on n Domus, you're probably not actually connected to relays giving you long form content, and Domus will cut that off. Like, it'll have it where you have to click and say see more. Different clients display different things in different ways, and we need all of them. Quote, announcing Yaki Han 2.0, simpler, faster, and built for creators. This update include introduces a complete platform redesign featuring an easier onboarding flow and the ability to create or add multiple lightning wallets. A new content layout and navigation improvement is included. And the new and improved platform also includes a reengineered core for better performance and outbox model support. Quote, our reengineered core now supports the outbox model with extensive functionality.
Furthermore, thanks to Pablo f seven z, we now have seamless data fetching, caching, and full support of the Nostra development kit implementation. So what's new? Well, there's a complete redesign. Start with the lightning wallet. This update brings the ability to easily create a lightning wallet with 1's Nostra keys to experience zapping. The wallet setup has been simplified and users can now add multiple nostril wallet connect wallets. NWC or nostril wallet connect was developed by the guys at, you guessed it, get albie. If you're not using get albie, I honestly, why?
Go try it at least. There are home and discover sections now. The discover now focuses on rich formats like long form content, videos, and curated works. Home offers a social feed with short notes and curated content there's a dashboard and it now allows you to manage all published and drafted content check stats and pick up right where you left off There's notifications like reactions, reposts, mentions, zaps, comments, and follows. Now all appear in clear categorized cards. Settings have been completely revamped for simplicity and now includes, profile customization options, appearance, and relay settings as well as wallet management.
Then there's the enhanced performance. The re engineered core offers the outbox model support and extensive functionality, enabling seamless data fetching and caching caching alongside full support for the NDK implementation. And I am over here on Yaki Hone right now, and it is nice looking. It's really smooth. I I I'm having a really good time with it. It's got great placement of, like, where where things that you'd expect to be are where you that's where they're at. Like like it's it's it's no nonsense. It's runs really smooth. It's got some nice features.
Go to oh, sorry. Y a k I h o n n e yakihon or yakihonnie, whatever you wanna pronounce it, dotcom. That's yakihonnie.com. Go check out their new build over at yakihonnie.com. That's it. That that is it for the week, man. Five straight shows this week. Wow. And it's been one hell of a week too. Next week is gonna suck because the US elections. Not not that not that the US elections hasn't already rankled up, you know, a lot of feathers. But, man, I'm so ready for this to be over. I at this point, I kinda don't care who wins. I just won it over. Although I will say this. 2024 US election cycle has been a lot more entertaining.
A lot more memes. It's been a lot funnier, depending on what side you're actually looking at, than other ones. But, honestly, I'm like all these election cycles, it's like I'm so freakishly tired of all this stuff. So who knows which way it's gonna go? Who knows if it's how it's going to affect Bitcoin? It doesn't really matter. The the the enemy is the legacy financial system. Its network of banks, its network of central banks, its network of nongovernmental organizations. Its its network of government organizations. It's and their friends from other countries. It's all needs to burn down. It's one of the reasons why I am hoping that the developers of these different protocols, Nostr, Activity Pub, that's Alex Gleeson by the way, I think is is the guy behind Activity Pub.
You got, John Carvalho. You've got Fiat Joffe. You know, you've got all these guys. If they start fighting with each other and telling each other how their protocol sucks and but but their own protocol is is is the bee's knees, we're not gonna get very far. And so this is what I kinda want my listeners to do. If you see Fiat Joff and John Carvalho and possibly even Alex Gleeson fighting with each other for whose protocol is best, please remind them that we need all of their protocols. And we need them all talking to each other, and we need them all interoperable. We need we need them to be able to, like, leverage each other to the maximum that they can leverage each other And ask them to stop fighting.
Beg them to stop bickering. Say, please don't do this. Please figure out a way to coexist because, honestly, there are more resources out there for these guys to be able to suck up as far as what they're trying to dismantle from the legacy world then you can shake a stick at there's probably room for a 100 protocols not 5 not 4 Right? Not 7. There's probably room for a1000 to just literally crawl over like a fungus and completely disassemble at the molecular level everything about the fiat system that is legacy. Internalize it and build something completely new with it. And I guarantee you there's enough resources out there for all of these protocols to coexist.
Because if they don't, we may very well be the ones taking over. I'm just gonna leave you that for this weekend, and I will see you on the other side. This has been Bitcoin and and I'm your host, David Bennett. I hope you enjoyed today's episode and hope to see you again real soon. Have a great day.
Good morning. This is David Bennett, and this is Bitcoin and, a podcast where I try to find the edge effect between the worlds of Bitcoin, gaming, permaculture, podcasting, and education to gain a better understanding of all. Edge effect is a concept from ecology describing a greater diversity of life where the edges of 2 systems overlap. While species from either system can be found at the edge, it is important to note there are species in the overlap that exist in neither system, and that is what I seek to uncover. So join me in discovering the variety of things being created as Bitcoin rubs up against other systems. It is 9:26 AM Pacific Daylight Time. It is All Saints Day, November 1, 2024.
This is episode 985 of bitcoin. And let's go back to the fact that it's All Saints Day. November 1st is sandwiched right in between Halloween, October 31st, and November 2nd, which is the last day of the celebration of or day of the dead, also known as if you wanna get really technical about it, I suppose. We're missing the boat. We're literally missing the boat on having a much larger celebration than just Halloween. Here here in the United States, anyway, what I'm getting at is that Halloween, we're talking about, you know, spooks and ghouls and witches and, you know, like dead things and, like, zombies and stuff like that. Essentially, it's kind of a celebration of the dead.
And then we have All Saints Day, which is today, which is also a celebration of the dead because I don't know of any living saints at this moment in time. Like, the Catholic church, they saint people and have been doing so for centuries. And then in the split between the Catholic and the Anglican churches, you have the Episcopal church. And I'm an Episcopal, and we also have saints. Right? So when I was a kid and I was going to episcopal school, we had all we celebrated All Saints Day. And then we have tomorrow, which is November 2nd, and that's the last day of Dia de los Muertos. So November 1st 2nd is Dia de los Muertos. And then you've got Halloween that precedes the whole thing. If we wanted to, we could have a great, big, long celebration of dead people. I I know it sound it sounds grotesque. Right? But what better way than to, you know, to figure out where you are than to look at who's come before?
Hell, there's an entire religion in Japan. I believe it's called Shinto. They worship their dead. The dead are their gods. Right? They don't believe in a god. They they literally believe in those that came before. You see a lot of that stuff in Native American cultures too. In the United States, we've kind of demonized being dead. Like it's I mean, nobody gets evil today. I mean, I get it. But I don't necessarily think that we should be thinking that death is a terrible thing, a bad thing. It's just a just that's like for me, that would be like me being sad and, like, heartbroken and crushed every single time somebody that I love to walk through a door.
You know, in my life, they're going to come back through that door, but we don't see death that way. And I think we probably should. And the reason I'm going off on this is because of the white paper. Bitcoin white paper was released on Halloween 16 years ago. Right? I usually liken it to something like that it was a paper written by Satoshi Nakamoto to say boo to the world banks. But I think it's a lot more than that. I think and I said something about this yesterday that it's sort of like casting a spell like yesterday's yesterday's episode was named something about spellbinding. Right.
And think about this. There's a the binding is also the word that we use to bind books. The binding of a book and the book is full of words. Spellbinding. There's a lot about this that I think that we're missing. We've been so, I don't know, candied in the United States that we just refuse to see anything deeper than just surface things. We we if anybody even looks like they're going to get spiritual, we laugh at them. If anybody looks like they're gonna go get philosophical, we say things like, oh, well, tell us how you really feel. Right? We're not allowed to actually explore anything of depth anymore at all. So that's why I don't give a shit. So I'll say it. I kinda think that paper was a spell. I think that paper had spelling in it for the actual words used. But I also think that there's a grammar involved.
And that grammar is sort of part of the actual spell casting. And I know. I know. I get it. It's like, oh, tell us how how lunatic you really are. That's okay. I don't give a shit. I don't mind examining this stuff. I really don't. What if that paper is an actual spell? And the fact that it came on Halloween and we're just and I'm talking about 3 days straight in the Catholic religion because well, Dia de los Muertos isn't really Catholic, but it is it is Latin American in nature. Specifically, I believe it emanated out of Mexico, which is a huge Catholic country.
Right? It it's it's involved. Catholicism here is involved. Christianity is involved in this, no matter how you slice it. We got 3 days of celebrating the dead. And I think that that paper sort of it isn't just saying boo. It isn't just casting a spell. It was a marker along the path of humanity that is basically expressing the fact that certain things are going to die. And what do I mean by that? I mean, the economies of the world as they stand right now cannot survive and we all know it. That means all the institutions involved with it are also going to die. Many of the governments that are associated with their economies, which is what all of them, are most likely going to die. Some will survive.
Most of them will lie. That paper is a marker that we're entering a graveyard where the graves are just now being dug. It is a it is a sea change. Everything changed with the drop of that paper. And it just so happened that that paper dropped on Halloween. I think there was I don't think we're attributing enough weight to the timing of that paper. I think that that was on purpose. I think it is a marker stone and I think it does inscribe a spell of death upon the evil that actually plagues this planet. But I'm just going off on a rant there. And what I really need to do is get into the news, and we're gonna start right here with the latest fake satoshi is the fake Bitcoin creator that we all need. Pete Rizzo, Bitcoin Magazine is writing this one, yeah, about this dude I talked about yesterday. But let's see what Pete has to say.
A press release circulating yesterday proved yet again that there is nothing nothing the mainstream media loves more than some crazy nut claiming to have created Bitcoin. In honor of white paper day, the latest event billed as the unveiling of the legal identity of Satoshi Nakamoto attracted a who's who of the press, including the BBC, who were caught up in the Craig Wright scandal in 2016. Even that burn did not stop the reporters from interviewing the latest man who is claiming without evidence that he created Bitcoin. This time though our fake satoshi is Stephen Mala.
No, it's not the first time Mala has pulled this stunt. He sued crypto exchange Coinbase all the way back in 2021 claiming that they stole his company name from him at the time saying that Satoshi Nakamoto was his pseudonym and true identity. Long story short, the claim was so outlandish that there's even an online investigation company that uses Mueller as a way to advertise the effectiveness of their software. You can follow the thread of the BBC's reporting for the highlights. They're full of his inane statements as well as complaints from the reporters about what they had to sit through, including the, quote, increasingly easy to fake screenshots that he showed. Quote, I created the Bitcoin technology but I am not happy with it, Mullah said. I have evidence of all of that but I am here to make the statement, end quote.
Mullah pledged to reveal the true details at some later date, of course some later date, finally showing the event for what it was, an announcement of a fake announcement. Still, after all the hoopla over HBO's documentary, which went to extraordinary lengths to fake a convincing satoshi reveal earlier this month, I have to say, Mullah is somehow refreshing. This is really the way all Satoshi Nakamoto reveals should be. Total sideshows devoid of any reasonable intrigue. Hopefully if we get enough of these we'll convince the media to end its fruitless search for Satoshi's true identity. After all, as Bitcoin mechanic says, isn't that all he ever asked of us? Alright. So Pete is missing something about the media ending its search for Satoshi Nakamoto.
It will never end. It's never going to end. Why? A lot of the people that are in the meet in the media like especially for places like BBC some of them are still hardcore investigative journalists. They're going to want the challenge. It has nothing to do with whether or not they are going to increase the happiness of humanity by finally finding out who the hell invented Bitcoin and actually revealing and actually proving that that person is in fact the guy or girl that wrote the actual software no no no no no this this has nothing to do with humanity it has nothing to do with like any kind of utility This is pure ego bullshit.
It is the ego of investigative journalists who refuse to believe that somebody finally outsmarted everybody. And honestly. It's not that I can't say that I don't blame them. It's that I can see it being something of a challenge. Like holy shit this is this is holy grail level stuff for an investigative journalist. That's why this is never going to end. And as long as their egos are in place, there is always going to be some Yahoo! Out there who senses the fact that that ego is still in place and understands that they are going to get their 15 minutes of fame simply by claiming that they are Satoshi Nakamoto. They will have every journalist in the world that wants to do this in interviewing them. They will get airtime. They will get screen time. They will have articles written about them.
I had no idea who Stephen Mullah was until frickin yesterday. And now I know I even know how to spell his last name. M o l l a h. It's ridiculous. But we're stuck with it, so get used to it. Alright. That was just a warm up because what I wanna do is go over John Carvalho's Pub KY Core. It's probably pronounced Pubkey, but it is not actually spelled that way. It's spelled Pubky, all one word. But I'm going to use the term Pubkey while I'm reading this just to make it a little bit easier. So who's John Carballo? He's been working on all manner of stuff for years. He's an OG Bitcoiner.
He's been in the space for freaking ever. If you're on Noster and you just saw his post yesterday about pubkey, he put out a whole bunch of slides, from a presentation that he gave. Understand that he's not new. He is old school. He is o g as well a he is o g a f. Let's just put it that way. He's a smart guy. He's been developing things for a long long time and he had been working on decentralized digital identities. He started doing that at least a year if not 2 full years before we had Nostr. Right? So, what I'm going to this pubkey thing is sort of John's vision of what we have in Nostr but different.
And it's important that it's different I'm not going to make the claim that it's better than Nostr I'm also not going to make any claims that PubKey sucks this is just what it is and I think it's important for us to understand what it is that John Carvallo has in mind. If you also want to know what his Twitter handle is, you might recognize him by the handle Bitcoin Error Log. Right? He's been around forever. He's not new. So let's talk about the vision of PubKey. Imagine a future where our online relationships are no longer dictated by corporate giants or state control systems. Where you decide how to connect, who to trust, and where to store your data.
This is the vision of PubKey a decentralized user first web that breaks the toxic cycle of dependency on big tech big state and big banks. PubKey is not just a platform. It is an ecosystem designed to provide tools for communication social coordination identity management and eventually financial freedom all in one interconnected framework. Hub Key will harness the power of decentralized identity censorship resistance, semantic social graphs, and Bitcoin and lightning network technology to create an open web that prioritizes user autonomy. Big Tech platforms, like social media giants, use algorithms that limit freedom, exploit engagement and control the flow of information Pubkey proposes a different kind of web one that is built on semantic social graphs and self sovereign identities instead of opaque algorithms deciding what is relevant to you semantic social graphs and p k a r r give users full control over their digital interactions this system gives control back to individuals helping replace our toxic relate relationships with big tech PKRR hold on PKRR for credible exit and censorship resistance with PKRR users can create decentralized identities that allow them to leave any service without losing their content identity or relationships p k a r r also makes censorship resistance possible by ensuring that users identities are independent of any specific server. This means users can migrate to other services when needed maintaining control and avoiding censorship.
The semantic social graph for personalized control. Semantic social graphs empower users by allowing them to enrich their relationships, determine trustworthiness, and organize content in a meaningful way. Users choose what they see, whom they trust, and how information flows within their network. PubKey app for user controlled feeds. The PubKey app allows users to decide which data appears in their feeds. Unlike traditional platforms where algorithms push content for maximum engagement PupKey gives users the power to tag, filter, and prioritize the content that matters most to them. This approach replaces toxic algorithms with user defined preferences, ensuring a healthier online experience.
Home servers for decentralized hosting. Home servers allow for decentralized data hosting and competitive hosting services by enabling users to migrate away from any server that changes its policies or restricts their content. This means that censorship is anticipated and dealt with allowing users to keep control over their digital presence. Governments often use centralized systems to control speech, monitor user activity, and dictate identity management. PubKey provides an alternative. A decentralized network that makes censorship impractical and gives users self sovereign identity. With PubKey, p k a r r, or also known as public key addressable roles and resources mainline DHT and semantic social graphs ensure that users are empowered to self regulate.
Verify authenticity, and maintain control over their identities without relying on centralized authorities. This means that PubKey allows users to create key based identities using PK RARR giving them the freedom to establish and manage their identities without permission from any central entity. Users can choose whether to remain anonymous or become publicly identifiable and no central authority can revoke or control their identity. Mainline DHT, well that acts as a distributed directory helping users locate and connect with each other without relying on a centralized server. This peer to peer system ensures that users are always discoverable by those that they trust, even in the face of censorship attempts.
PubKey's semantic social graphs are key to creating an environment of self regulation among users. By allowing users to add context, trust levels, and tags to their connections, PubKey provides the foundation for automating business logic on top of graph, metadata, and relationships. This means that users can set the rules for how they interact with others creating systems of accountability and shared trust that do not depend on any external regulation. In this way, PubKey replaces the need for a centralized authority, I. E. The big state, by empowering users to be self sovereign and enabling communities to regulate themselves.
PubKey provides the tools to make censorship difficult and autonomy possible, giving users the power to govern their online interactions and identities independently. Beyond communication and social interaction, Synonym also seeks to empower individuals financially. I'm going to pause there because I just introduced a brand new word. Synonym. S y n o n y m. Synonym is the name of what John Carballo or Bitcoin Error Log had been working on. I I and I need to get a hold of John. I'm trying to figure out exactly what what the shift to to PubKey is because Synonym was seeking to do a lot of this. So I don't know if it was just a name rebranding or or or what.
But Synonym was a system that that John had been working on. And I I I presume that the core of Synonym has been brought over into this pub key that we're talking about, but that's what Synonym was. In my mind, the way that I'm thinking about it is it was it's the predecessor to what John Carvallo's talking about now. So I just wanted to make that clear. So let's let's do this again. Beyond communication and social interaction, synonym also seeks to empower individuals financially. Our reliance on big banks and centralized financial systems means losing autonomy over our own wealth. Pubkey envisions a future where financial freedom is possible through the use of Bitcoin and the Lightning Network to decouple payments from hosted platforms and middlemen.
Bitcoin creates competition for fiat currencies and traditional speculative investments by offering a decentralized permissionless currency users are in full control of their funds able to send and receive value directly from their own wallets and free from the constraints of centralized banking institutions the Bitkit mobile wallet again Bitkit mobile wallet synonym creators of PubKey okay there here we go synonym creators of PubKey also offers the Bitkit mobile wallet which supports Bitcoin lightning and soon Pubkey features providing a unified solution for users to manage their identities financial transactions and online presence all in a decentralized manner.
Commerce features and tools are planned for future versions of PubKey along with a long term goal of a totally dynamic digital social economy to in conclusion let's just say in conclusion our vision is simple to build a digital world where individuals are in charge rather than corporations or governments and by integrating decentralized identity censorship resistant technologies and financial independence we can replace our toxic dependency on centralized powers with an open user controlled web. Imagine a future where your data, your identity, and your financial assets are truly yours. Where you decide what to share, whom to trust, and how to connect without any company or government watching over your shoulder.
Synonym is building this future, creating an Internet that works for people, not against them. Join us in this movement towards decentralization, censorship resistance, and true digital autonomy. I know what a lot of you who were listening, you know, closely to what I was saying, I know what you're saying. We already have this with Noster. Right? Right? We already have this. We don't need this. That's what you're saying. I disagree, and here's why. Well, it's because we need we need an ecology. And I know people hate it when, oh, the ecology of Bitcoin. Oh, the the the the Lightning Network ecosystem. Yeah. Well, there's a reason we use those words because it there it's correct.
It is an ecosystem. There are ecologies. Anybody who actually thinks that that Noster is going to replace everything that we need all at once all by itself, is kinda fooling themselves. And the reason I know that is because I'm a student of biology. I know how this works. We exist in a universe filled with rules, rules that are not written down in anywhere other than inside the forest, at the edge of a river, the fight between the lion and the lamb, you name it. That's where the rules reside. If you can't figure out what the rules are by actually walking out in nature, then you are not touching enough grass by a long mile. You need to get outside and touch some more grass. That's where the rules are written. And the rules are basically this.
It takes a whole bunch of different species to have a functional, resilient ecosystem that not only survives but thrives. That's what I'm getting at. Now, we does that mean that I'm abandoning Noster because because John Carvallo's got this thing? Fuck no. Oh, hell no. That's ridiculous, and I wouldn't recommend anybody do that. I don't I don't know if PubKey is active yet. But PubKey is not the only thing out there, is it? Well, we've got the Feddy verse. I know you don't like it. I I am not a fan of having to use Mastodon. There's a lot lot of stuff about the Feddy verse. Doesn't make any sense to me, like, literally at freaking all.
It's clogged it's you think Noster's kludgy? Jesus. Mastodon. I I can't even switch over to a different Mastodon server without actually redoing everything about my identity all over again. And I'm just I'm just done. I'm done doing that shit. But there's still some things about Mastodon and the Fediverse and all that, activity pub. Right? That's that that came before Noster. It's certainly coming before PubKey. And it's coming before the peach and hole punch stack that Guy Swan talks about a lot. That's another type of vision of how this works.
Right? Now we have John Carvallo coming in with pubkey core and the whole and an entirely different smaller ecosystem that seeks to basically do the same thing. And I know what you're saying. We don't need all these different protocols. Yes, we do. But we don't need to use them all separately. And this is what I'm getting at. I want to read to you the it is going to be an AI overview of a question that I asked to Google. Okay? It's not in-depth. I haven't, like, gone through and really, you know, punched this thing out. But I just want to see the particular this particular idea in your mind when we're talking about the species that is activity pub and all of the subspecies like mastodon and that have come out of that.
Look at look at Noster as an ecos as a small ecosystem and all the subspecies and sub ecosystems that have come out of that we're going to be talking about Yaki Hone at the end of the show because they've got an update And that's another nostril client. There's like 75 nostril clients. Huddlebod's got coracle. Social. JB 55's got damus. But it's all coming out of the protocol that is nostril. I'm not going to talk. I don't not even going to include Blue Sky's AT protocol because that's just a bunch of bullshit. But now we've got John Carvallo that's been working on answering the same questions that both Activity Pub has been trying to answer and Noster is trying to answer, but it's coming at it from a completely different way.
Right? The problem of of digital identity and sovereignty and anti censorship is so profound that it's going to take several different species to be able to attack the problem. But if they all attack the problem by itself, it's not going to work. We're going to need fusion. We are going to have to have it. And John might be the very first person to tell me that I am completely full of shit. I have a lot of respect for John Carvalho and he can tell me that all day long and twice on Sunday and I'm not gonna bat an eye. And I'm also, you know, I'm not gonna get mad and he may be right. And Fiat Josh, Nostra Protocol creator, he might say, you're full of shit. I don't wanna have anything to do with these other things. Well, I'm sorry I'm I'm sorry to tell you. I completely disagree. If that is the case that these people were to say that to me, I would 100% staunchly disagree with them.
I want to read you this. I asked a question. Can fungal mycelium from different species fuse with other species? Here's the answer. Well, actually, let me just kind of like give some some context to that. When you go through a forest and you see a mushroom popping up out of the forest floor you're seeing about 0.0001 percent of the organism. That's just the sexual structure that it uses to dump spores so that it can have offspring. The real organism lies beneath the ground and you don't see it but it's massive. It is a massive network of all these different mycelial threads and when so when I say mycelia or my like mycelium I'm talking about the entire fungal organism not just the little mushroom but these things have a tendency to be able to fuse with their own species. So like like Alice mushroom is over here, and Bob mushroom is completely over there, and they send out their little mycelial threads, and then they meet.
If they are the exact same species they will probably fuse in in many of these species that that happens now you have an interconnected web of 2 massive networks that are able to now share information but the problem is is that the or the question becomes do they have to be the exact same species and the answer is no that's why I asked the question can mycelium from a different species fuse with other mycelial species? And the answer is this. And again, this is from AI or Google AI from their search labs. And it says yes. Mycelia from different species can confuse can fuse and combine.
So here's the thing that says about fusion. When mycelia from compatible fungi fuse, the cells of each fungus combine and their DNA will mix. They can create a secondary mycelium with haploid nuclei from both mating strains. When 2 mycelium meet, they can also communicate to negotiate their relationship. This can range from fusion to indifference, physical exclusion, or straight up chemical antagonism. There's nuclear exchange between mycelium and recombination between heterospecific nuclei and that may be important to fungal evolution and diversity.
Alright. So what I'm getting at here is that let's say that I've got, like an entire organism underneath a dead stump in the forest that puts out oyster mushrooms. And my question is, is there a way that that fungal network can share information and share its physical network that it's already built? That network effect, can it fuse with something that is not an oyster mushroom and somehow or another now the two networks are actually stronger because those bridges of information exchange of chemistry exchange of nuclear information exchange of water and nutrient exchange because now maybe there was a slight magnesium deficiency in the area where this I don't know this oyster mushroom network is.
And it just just needed just if it could just get a little bit more magnesium, it would be awesome. It's got way too much cobalt, but, you know, whatever. Now this other network is sitting in a completely different part of the forest, you know, by maybe like a 400 yards away. Yes. These things can get huge. Just trust me. Just bear with me, guys. Somehow those networks meet. And the network b is sitting on top of too much magnesium and not enough cobalt. Do you see where I'm going with this? Well, now that we've got a bridge that can communicate and transfer all manner of information whether chemical, nutrient water or otherwise now the magnesium deficiency is met by Network A and the cobalt deficiency experienced by Network B is also met.
Do you see how the synergy here works? And this is what I'm talking about. If we don't not we need to not only strive to build particular protocols and their network so that their network effects become huge. We need a way that all of the particular networks can share information together. If we don't do that, the chances of any one of these networks being able to overcome the problem that all these networks are trying to overcome becomes insurmountable. Because think about it. The whole question that all of these networks are trying to answer, as I have already stated, is pretty big.
Do you really think that one of these networks is going to be able to actually facilitate the complete destruction of that which has been in place for an idea in whether it's an analog form or digital form has been in place for 100 of years. My answer is no. Only by surrounding the problem with different networks and having those networks actually be able to connect together in a ring around the enemy will the networks together be able to overcome the problem that all the networks want to overcome individually. So when the creators of these protocols start, if and I don't know if they will, but if they start bickering, then we're going to lose energy to friction And we'll never be able to get that back. So I'm making a plea to all the developers out there, even though some of them probably most of them don't listen to me.
Please don't bicker. Figure out a way to cross bridge your network with the other protocols and do so happily reduce the friction we'll have a really good chance of winning this I promise But we're not gonna be able to do it if we're sitting there fighting and bitching and moaning because we got other problems that we've gotta work around. You know, we're seeing we I saw a massive, massive red spike now in the price of Bitcoin this morning. I wonder why. Could it be that the United States added a mere 12,000 jobs after it was expected that a 113,000 were gonna be added?
We'll get into that. We've got we've we've got a major problem on our hands when it comes to those hoping that rates at the federal reserve are going to be lowered. This is not good news for that. And that's probably what is circumscribing this particular spike to the downside that I saw 7 o'clock this morning my time. CoinDesk, James Van Straten, and Steven Alford are writing just days ahead of the presidential election and federal reserve policy meeting. The government reported a market weakening in the labor market last month, though it's unclear to what extent storms in the southeast affected that data.
The United States added a mere 12,000 jobs in October according to the nonfarm payrolls report, which is well shy of the economist's forecast of a 113,000. September's job gain of 254,000 was also revised down, as usual, to 223,000. October's unemployment rate was 4.1 versus 4.1 expected and the 4.1 in September. So the unemployment hasn't changed, yet we've revised down last month's numbers, and we are and we woefully came in nowhere close to what was expected for October. Right? This does not bode well. In addition to September's downward revision, August originally reported a 159,000 job gain.
Yeah. That was revised lower to 78,000. Under pressure for the last day or so, perhaps thanks to the reduced chances of a victory next Tuesday for Donald Trump, the price of Bitcoin was volatile but still remaining in the $70,000 area in the minutes following the report. Bitcoin earlier in the week had rallied strongly but was turned back from a challenge at the new record high above 70 3,700 on both Tuesday and Wednesday. The Bureau of Labor Statistics added a note to the report saying that it was not possible to quantify the effect of the recent storms on the payroll data. Prior to Friday morning's data, market participants were overwhelmingly expecting the Fed to trim its benchmark Fed funds rate another 25 basis points at its policy meeting next week.
Checking other report details show a bit more strength than the headline print. Hourly, average earnings grew 0.4%, and then they've got some other numbers. But we're already done here. Because the jobs report is basically screaming that inflation is not under control. That's one of the things that it's screaming. It's screaming about a lot of stuff, but it's basically screaming that the fed hasn't fixed inflation. So the Fed very well may not cut by another 25 basis points their Fed fund rate. And that means that people are going to have a risk off appetite as far as risky investments. And I don't like looking at bitcoin as an investment, but I don't get to tell people how to think. This is how retail investors think.
Right? So I'm just saying, I think that the reason we saw this major red candle, it was an hourly candle and it's a huge candle. It's one of those depressing candles. Right? I believe that it was because of the jobs report. I mean, 12,000 added and they were expecting 113? That's not good. And the and, by the way, let's just make sure that we we understand this. September, that job report was 254,000 revised down to 222,000. And then September, the downward revision because or say, oh, sorry. In in September's downward revision, you got August well that was a 159,000 job gain but that was revised down to 78,000 I've said this before you can't trust these numbers every time you hear a number I'm like I don't know like even if I trust the 12,000 number But I would I'd it'd be weird if they revised that one down, although they may revise it up, but it's not going to help. The point here is that the Fed is probably not going to cut rates. Not at this meeting. I would not expect them to. If they did, I'd almost it it would almost be a bad I think it would be a bad move. I mean, this whole economy is is on fire anyway, so I guess it really doesn't matter. But I think that that's what's going on.
That that's why we saw this red candle to the downside. It was the jobs report. I hate it that we are so connected with the the very legacy financial system that we're trying to depose. But clearly, we've got a long way to go. Let's run the numbers. CNBC Futures and Commodities. Let's see what the rest of the world is thinking about the jobs report. Oil is up a mere 1% to $69.97. Brent Norsey is up a point 7353. Natural gas, going the opposite direction, 1.77 to the downside. And gasoline is up 0.68 percent to a buck 98 a gallon. Gold is doing okay. It's up a 5th of a point today to $2,753.
Silver is down a 5th of a point. Platinum is up a third of a point. Copper is up 2 thirds. And platinum is basically running sideways. Ag fully mixed today. Biggest winner is wow. Boy, it's kinda hard to find it. Cotton, 0.86 percent of the upside. Biggest loser is easier to find. Sugar down 3 points. You got live cattle down a half. Lean hogs are up a 5th. And feeder cattle are up 0.4%. Okay. Here we go. Indices. Everything's in the green. I guess they're happy about the jobs report. The Dow is up 0.86%. The S and P is up 0.68%.
Nasdaq is up almost a full point, and the S and P mini is up a 3rd. K. So Bitcoin is at 69,490. We are down to a $1,370,000,000,000 market cap, and we can only get 25.1 ounces of shiny metal rock with our one Bitcoin of which there are 19,776,130 and a half of. But average fees per block are really low. 0.04 BTC taken in fees on average on a per block basis of which there are only 96 blocks of. And they are carrying a 188,000 unconfirmed transactions. High priority is gonna get you in at 10 satoshis per vbyte. Low priority transactions are 7 satoshis per vbyte. And hash rate is at 759.4 x of hashes per second on a 1 week rolling average, so it looks pretty stable so far.
From spellbinding day, yesterday's episode of bitcoin and I got who? Let's see. Who do I got? I got Joey DD with 3333 Halloween boost. I got HBH Gardens with 3,000 says boost. Actually, it says boost. And then Pies to Play before 20 says thank you, sir. No. Thank you. Nostergang is the only guy that actually write wrote out a message. I mean, other than boost or thank you, sir. He actually has got a full sentence here. 100 sats. I always looked at white paper day as the pregnancy announcement of Bitcoin. However, I like the idea of it being a spell cast on Halloween despite the fact that it makes me think of a Bitcoin wizard. Lol. Yeah. I agree. And that's all I'm wizard.
Lol. Yeah. I agree. And that's all I got. Hey, guys. This this show lives and breathes and dies on, Boostagram's donations. And, like, this segment is really short simply because you guys aren't putting anything in there. And I'm like, I need stuff to read. Show show, write about your own baby announcement. If you're hey. You're getting married, I'll put it on the air, man. I will announce it. I'll even tell people where it is if you want. You got a Bitcoin meetup? Let me know. I will throw it out there. But the Boostagram is the value for value method that I use to make sure that I can continue to bring this show to you. So take me up on it, man. I mean, if you can't throw me satoshis, then promote the show. 5 star review on Apple Podcast still always makes a lot of sense. It always helps. It does it every single time somebody does that. So if you ain't got the sets, but you do got some time, promote the show, and I will say that that's the weather report. Goddamn. That was a bad bad transition.
Welcome to part 2 of the news. You can use Bitfarms Inc. A 10,000 Bitcoin miner hosting agreement with stronghold Martin Young from Cointelegraph. Tell me more. Crypto mining firm Bitfarms signed its second hosting agreement with United States based Stronghold Digital Mining to expand operations at its Pennsylvania site. Under the terms of the hosting agreement, the bitcoin data center operations firm will deploy an additional 10,000 minuteers to Stronghold's scrubgrass site. The mining hardware was initially expected to be used in its Gazoo site in Paraguay. Bitfarms CEO Ben Gannon said that optimizing company company assets with these rapid upgrades at Stronghold's Pennsylvania sites will provide significant near term value for Bitfarms.
He said the combined 20,000 minuteers at the site will boost efficiency and continue to improve the firm's overall fleet efficiency. Quote, vertically integrating our operations with Stronghold's existing power generation infrastructure reduces capital expenditure requirements and allows us to take greater control over our cost of power. End quote. This will be achieved through energy trading and better utilization of the wide range of operating modes of Bitmain's t 21 minuteers. The initial terms of the agreement will expire on December 31, 2025 after which it will automatically renew yearly.
Additionally, Bitfarms will pay Stronghold 50% of the profit from the miners on a month over month basis. Bitfarms paid a refundable $7,800,000 deposit to Stronghold to cover the estimated power cost for the 1st 3 months. Bitmain entered into its first hosting agreement with Stronghold in September for an initial 10,000 minuteers at its Panther Creek facility in Pennsylvania. Gannon said that Bitfarms looked forward that that they say Bitmain. That what that's a typo. It wasn't Bitmain that entered into its first hosting agreement. It was Bitfarms. Okay? So Gannon said that Bitfarms look forward to executing their strategy to increase our US footprint and diversify beyond Bitcoin mining.
Bitfarms currently has 12 operating Bitcoin data centers and 2 under construction. It also has hosting agreements with data centers in the United States, Canada, Paraguay, and Argentina. Its BTC mining facilities are primarily powered by renewable hydroelectric power and sustainable long term power contracts. Despite the agreement, Bitfarm stock tanked 10% on the day, falling to $1.96 a share in after hours trading according to Google Finance. The slide mirrored broader market movements with crypto markets retreating by 6% over the past 24 hours and related stocks following suit. Yeah. Every everything in in Bitcoin is is tanking right now. So it's just it is what it is. I read something yesterday about that this entire move up to 73,000 may have just been a, quote, unquote, gamma squeeze, but I didn't have enough time to really dig into that one. If you guys know about the gamma squeeze and think it's all bullshit or if it's absolutely true, send me a boostagram. Help the show out. Let me know what's going on, and I'll read it on the show. Now from the block, Danny Park, Paxos launches new USD stablecoin with Singapore's DBS Bank. What was I telling you yesterday?
What was I telling you yesterday about stablecoins? Yeah. Blockchain infrastructure firm Paxos announced today global dollar, the USDG, its new US dollar backed stablecoin designed to meet Singapore's upcoming stablecoin regulatory framework. The stablecoin will be issued by the company's Singapore arm, Paxos Digital Singapore. At the same time, DBS, the city state's largest bank by assets, plans to support Paxos in cash management and custody of USDG reserves as a primary banking partner. Quote, enterprise interest in stablecoins has never been higher than it is today, but the market lacks a solution that combines regulatory compliance with real economic incentives for enterprises, said Ronak Dyer, head of products at Paxos, quote, USDG offers a trusted solution with a top tier banking partner in DBS that will be the catalyst to drive stablecoin innovation and enterprise adoption at a global scale. Put a tie on the suit speak.
For the launch, Singapore Paxos gained approval to issue stablecoins from the Monetary Authority of Singapore in July. And upon release, USDG is available on Ethereum and issuances planned for other blockchains. USDG marks Paxos' 2nd 2nd, not their not their only, their 2nd localized stablecoin offering following the launch of Lyft dollar or USDL in the United Arab Emirates. It is the company's 6th digital asset launch overall. The shit coining never stops. Meanwhile, the MAS released the finalized features of its latest digital assets regulatory framework in August last year. The framework, quote, seeks to ensure a high degree of value stability for regulated stablecoins in the region.
The regulator's key requirements for local stablecoins are low risk, high liquid reserve asset backing, a minimum base capital of 1,000,000 Singaporean dollars, and online disclosures containing critical information for hodlers. Quote, MAS' stablecoin regulatory framework aims to facilitate the use of stablecoins as a credible digital medium of exchange and as a bridge between the fiat and digital asset ecosystems what was I telling you yesterday a bridge also a transformer It's a transformer between and, honestly, let's let's face it. It's a transformer between Bitcoin and the legacy financial system without actually having to touch each other.
Alright. If you don't know what I'm talking about, go listen to yesterday's show. The MAS has yet to announce further developments regarding enforcing the stablecoin framework, which requires approval from Singapore's parliament. So we're getting into localized localized stablecoins. Stablecoins just for Singapore. And then stablecoins just for the United Arab Emirates. It's going to be a web of deceit the unraveling of which is going to be it's gonna make FTX and Alameda look like nothing except it's not going to look like that at all I don't see I mean I'd see it unraveling but honestly this this shit this shit has a structure that could go on for a 100 years.
So I don't see it unraveling anytime soon, but I guarantee you the seeds of deceit and destruction are being woven directly into these stablecoin matrices. Local? Really? Am I gonna have one for Lubbock, Texas? Is it gonna be a stablecoin for Lubbock, Texas? Is it going to be a Lubbock, Texas local bank that does it? You know, is it like, up here, one of the nearest towns to me is Moscow, Idaho. Is Moscow, Idaho Bank going to back a Moscow, Idaho stablecoin? Because chances are good, you're gonna see shit just like that. It's going to actually probably funnel down not just at the country scale. Like, let's take the United States.
The United States stablecoin. USDS. United States dollar stablecoin. Let's call it that. The USDS. But there's gonna be one for Texas, so it's the United States dollar stablecoin of Texas or usdsat or sot, something like that. 1 for Oklahoma. Alright? Well, let's drill down on Texas. Well, then they're like in in the Texas framework, there could be a stablecoin just for Austin, Texas. You see how this works? This is one of the reasons why this stablecoin mess is going to turn into the next iteration of alt season. You know, the whole scambrian scam brian explosion of all coins and shit coins.
It's never going to end because the human species is just greedy AF. Now let's do this one. U. S. Bitcoin ETFs amass over half of gold's holdings in its very first year. In fact, just 10 months. US listed Bitcoin exchange traded funds have rapidly accumulated tens of 1,000,000,000 in assets, reaching half that held by gold ETFs in record time, writes Sebastian Sinclair from Decrypt. Since launching in January of this year, Bitcoin ETFs have attracted substantial inflows totaling $23,89,000,000,000 $70,000,000,000 in total net assets per data from so so value.
By comparison, total net assets for US listed gold ETFs stand at $137,300,000,000 according to latest figures from the World Gold Council. That means that in just 10 months, spot Bitcoin ETFs have amassed over 50% of the assets held by gold ETFs which have been around for 20 years. Nate Gherachi, president of the ETF store, tweeted on Thursday. The rapid adoption of Bitcoin ETFs reflects the quickening of mainstream interest in digital assets according to some, with recent daily inflows ranging from anywhere from a $192,000,000 to $893,000,000 That's daily inflow.
Quote, there is no question that the BTC ETFs have been well received, breaking all inflow records as they go, Ryan McMillan, chief investment officer at crypto fund manager, Merkle Tree Capital, told Decrypt. In comparison, gold ETFs, which debuted in 2004, have long represented a stable hedge against market volatility and inflation. It's hard to compare absolute flows as 20 years between launches includes a lot of inflation, McMillan added. And that that is of note, by the way. The assets are often compared for their roles as safe havens, which with gold prized for its historic stability and Bitcoin increasingly seen as a digital counterpart part due to its finite supply and independence from traditional financial systems. Jurian Timmer, director of global macro at Fidelity Investment, offer often characterizes Bitcoin as exponential gold highlighting its rapid adoption curve and inherent scarcity.
His perspective suggests that Bitcoin's value proposition extends well beyond that of traditional digital gold, instead emphasizing its potential as a store value driven by network growth and limited supply. Whatever the case, bitcoin has emerged as the best performing asset of 2024 climbing 65% year to date to $69,533 Gold has also demonstrated strong performance with prices up 16% to $2,746 per ounce. Despite the world's largest asset dipping more than 4% on Thursday, McMillan still sees Bitcoin finishing off the year strong. Quote, we've seen a few sell offs, which could be larger funds re weighing their portfolios to take some gains, or it could very likely be a little volatility as we get closer to the US election, he said. Quote, I would Quote, I wouldn't expect we go much lower here, not without a serious catalyst, McMillan added. I don't we didn't need that at the at the end of that. So forget forget I even said it.
I don't like inviting inviting problems. So the the gist is is that out for 20 years, gold ETFs have been around. In 10 months, Bitcoin ate half that value, not from the gold ETFs, but from the market itself. But there's that caveat. Alright? And it's it's important to understand how much inflation has actually happened in those 20 years. Alright? It's it's easy to lap point at Peter Schiff and make fun of him, but we this is a point of this is a a serious point to understand. How much inflation has occurred in 20 years? While me and you don't know the answer, we can't actually just write out a number on it on a, you know, like a beer stained napkin at a bar and show it to somebody.
We know a buck ton of inflation has happened in the last 20 years. There is no denying it. Yet still, I believe that even with that inflation even with that inflation, it is clear that people are flocking to bitcoin. It's not going to stop. Okay. So let's finish out the show with this one from Short Fiat who posted a note on Nostr, which is always going to be my favorite network to be using no matter what I said at the head of the show. Please tag this to any podcasters that you know. Yeah. Short fiat. I'm raising my hand. We will zap you with sats.
At far or sorry. Not far. At fanfares.io. That's fanfares, f a n f a r e s, like, you know, fanfare. Fanfares.io. We are a small team of 4 people building a Nostra client. We are creating the ability for podcasters to put specific items of content behind Bitcoin lightning paywalls. This can work well for premium content of the type that might be put on Patreon or a Substack subscription. Listeners can use Bitcoin Lite or hold on. Listeners can use Bitcoin Lightning as a currency to buy an episode by using Zaps on Nostr. Payments for individual items of content without the need to be doxxed makes it much easier to support a creator.
So I've got fanfares. Io. It's it's live. It's up. It's here. And I'm looking at it. It does take in. It does ingest my git albie. Well, gitalby is a browser extension that I use to manage my key pairs. It also acts as a functional lightning wallet. There's a lot of stuff to gitalby. If you're not using gitalby, please go check it out. It answers a lot of problems all at the same time, and it's damn near seamless. I barely even noticed that it's working anymore. Not that it doesn't work. It does. That's the beauty of it is that I I don't notice that it's working. It just does work all the freaking time. So I'm over here at fanfares.io, And it recognizes who I am. It's ingested it's ingested my public and private key pair that's being managed by GetAlby.
And I can go over to recent podcasts. I can go over to the Nostra universe, which is basically a looks to me like a standard Nostra client. I can go to earn SATs, and let's see. Earn SATs for feedback. Oh, yeah. Could we aim to perfect, we aim to perfect fanfares to be intuitive and easy for constructive feedback that genuinely adds value to the application. We are willing to pay our customers 10,000 sats as a reward for identifying problems. Nice. Okay. So but there's a button down here at the bottom left says upload podcast. And it gives me a nice little pop up. It allows me to upload a cover image which is a JPEG or a PNG with a one to one size ratio.
And then I have a place for a title. I have a place for a description. And then there's a box where I can upload the audio file. And then there's some parameters. Oh, I can give it my Albie address. So it gives me I can put in my Albie wallet address so that the unlock cost which is also down here under parameters will be sent if somebody wants to unlock content that I upload to fanfares. Io it will go directly to my wallet. And I do not know if fanfares.io takes a percentage or some kind of cut of that. I hope they do because everybody needs to feed their babies. The point that I'm making here is that this can be used as a paywall for certain podcast episodes. Like, let's say that I did a special episode that I'm not going to actually put out on my regular feed. I wanted to do something different, you know, altogether completely different. I don't know. Like, let's say interview a chef. It has nothing to do with Bitcoin.
I could use this to put it up there. And then I can use all my all my branding to tell people that, well, it's not a Bitcoin and podcast, but it is me. And if you are a listener of the Bitcoin and podcast and you like cooking, you may wanna listen to this, but you're gonna have to pay. And I set up, like, a 10,000, satoshi paywall. You go to it and say, you know what? I'm gonna I'm gonna go ahead and pay 10,000 satoshis for that. Hey. This is great, man. Just use your lightning wallet. Boom. It's done. I get the money. You get the content all because of fanfares.io.
Please understand that fanfares.io is not the only people that are working on this. And, again, this goes right back to good. I'm glad that there's 50 people trying to solve the same problem using 50 different approaches and I hope they all win. And I hope that all of those approaches start talking to each other. Because every time that you can if you can figure out the enemy's location and you cannot only put an armed force in front of that location, but you have enough of an armed force to flank that position at least once, then you've got a good shot. You've got a good shot at possibly being able to not die. But if you've got enough friends that they can maybe take the other flank of that enemy, well, then all of a sudden you're halfway around that enemy.
And if somebody who also hates your enemy is coming from the backside, well, you've got an enemy surrounded. One network cannot do that. And the reason is math. If I were to drop a spore of a mushroom onto an agar plate, which is like a plate that holds growth medium, and I put it right in the center of the auger plate it is going to just spread out in every single direction from its point of origin. That means that it cannot really surround anything. It's not built that way. It's not like I drop a it's not like I drop a spore from a mushroom in the center of a plate and somehow or another it just rings the outside of the plate. It doesn't do that. All it's trying to do is is get nutrient and it's going to get it everywhere.
The math doesn't work. But if I have a known enemy in the center of the plate, like a piece of wood that I just hate for some reason, and I drop not 1, not 2, not 3, not 4, but maybe 6 or more spores in a ring around that piece of wood in that same auger plate, if I come back all 6 networks are going to be attacking that problem at once. And if they are compatible species they'll be able to fuse their networks together and share resources around their enemy without actually giving up any of their resources to the enemy.
We need all this. We need hole punch. We need Activity Pub. We certainly need Noster. I think we need Pubkey. John Carballo's outfit I think we all need to be working together we really do I'm just going to say that one more time we really need that all together now let's get into yachihon I promised I would bring it to you. Yaki Hahn. I don't know how to pronounce it. Y a k I h o n n e. Yaki Hahn yaki hone yaki hone. I don't know but it's version 2.0. It's been reengineered at its core, and the redesign and the lightning wall wallet has also been redesigned as well. It well, at least at least it appears. Yaki Han is a Nostrweb and mobile client for exploring noster short form as well as long form content.
If you're just on n Domus, you're probably not actually connected to relays giving you long form content, and Domus will cut that off. Like, it'll have it where you have to click and say see more. Different clients display different things in different ways, and we need all of them. Quote, announcing Yaki Han 2.0, simpler, faster, and built for creators. This update include introduces a complete platform redesign featuring an easier onboarding flow and the ability to create or add multiple lightning wallets. A new content layout and navigation improvement is included. And the new and improved platform also includes a reengineered core for better performance and outbox model support. Quote, our reengineered core now supports the outbox model with extensive functionality.
Furthermore, thanks to Pablo f seven z, we now have seamless data fetching, caching, and full support of the Nostra development kit implementation. So what's new? Well, there's a complete redesign. Start with the lightning wallet. This update brings the ability to easily create a lightning wallet with 1's Nostra keys to experience zapping. The wallet setup has been simplified and users can now add multiple nostril wallet connect wallets. NWC or nostril wallet connect was developed by the guys at, you guessed it, get albie. If you're not using get albie, I honestly, why?
Go try it at least. There are home and discover sections now. The discover now focuses on rich formats like long form content, videos, and curated works. Home offers a social feed with short notes and curated content there's a dashboard and it now allows you to manage all published and drafted content check stats and pick up right where you left off There's notifications like reactions, reposts, mentions, zaps, comments, and follows. Now all appear in clear categorized cards. Settings have been completely revamped for simplicity and now includes, profile customization options, appearance, and relay settings as well as wallet management.
Then there's the enhanced performance. The re engineered core offers the outbox model support and extensive functionality, enabling seamless data fetching and caching caching alongside full support for the NDK implementation. And I am over here on Yaki Hone right now, and it is nice looking. It's really smooth. I I I'm having a really good time with it. It's got great placement of, like, where where things that you'd expect to be are where you that's where they're at. Like like it's it's it's no nonsense. It's runs really smooth. It's got some nice features.
Go to oh, sorry. Y a k I h o n n e yakihon or yakihonnie, whatever you wanna pronounce it, dotcom. That's yakihonnie.com. Go check out their new build over at yakihonnie.com. That's it. That that is it for the week, man. Five straight shows this week. Wow. And it's been one hell of a week too. Next week is gonna suck because the US elections. Not not that not that the US elections hasn't already rankled up, you know, a lot of feathers. But, man, I'm so ready for this to be over. I at this point, I kinda don't care who wins. I just won it over. Although I will say this. 2024 US election cycle has been a lot more entertaining.
A lot more memes. It's been a lot funnier, depending on what side you're actually looking at, than other ones. But, honestly, I'm like all these election cycles, it's like I'm so freakishly tired of all this stuff. So who knows which way it's gonna go? Who knows if it's how it's going to affect Bitcoin? It doesn't really matter. The the the enemy is the legacy financial system. Its network of banks, its network of central banks, its network of nongovernmental organizations. Its its network of government organizations. It's and their friends from other countries. It's all needs to burn down. It's one of the reasons why I am hoping that the developers of these different protocols, Nostr, Activity Pub, that's Alex Gleeson by the way, I think is is the guy behind Activity Pub.
You got, John Carvalho. You've got Fiat Joffe. You know, you've got all these guys. If they start fighting with each other and telling each other how their protocol sucks and but but their own protocol is is is the bee's knees, we're not gonna get very far. And so this is what I kinda want my listeners to do. If you see Fiat Joff and John Carvalho and possibly even Alex Gleeson fighting with each other for whose protocol is best, please remind them that we need all of their protocols. And we need them all talking to each other, and we need them all interoperable. We need we need them to be able to, like, leverage each other to the maximum that they can leverage each other And ask them to stop fighting.
Beg them to stop bickering. Say, please don't do this. Please figure out a way to coexist because, honestly, there are more resources out there for these guys to be able to suck up as far as what they're trying to dismantle from the legacy world then you can shake a stick at there's probably room for a 100 protocols not 5 not 4 Right? Not 7. There's probably room for a1000 to just literally crawl over like a fungus and completely disassemble at the molecular level everything about the fiat system that is legacy. Internalize it and build something completely new with it. And I guarantee you there's enough resources out there for all of these protocols to coexist.
Because if they don't, we may very well be the ones taking over. I'm just gonna leave you that for this weekend, and I will see you on the other side. This has been Bitcoin and and I'm your host, David Bennett. I hope you enjoyed today's episode and hope to see you again real soon. Have a great day.
All Saints Day and Cultural Reflections
Bitcoin White Paper: A Spell or a Marker?
The Need for Multiple Protocols in Digital Identity
The Importance of Protocol Collaboration
