Join me today for Episode 986 of Bitcoin And . . .
Topics for today:
- Coinbase Accused of Charging Fees for Listings
- Deutsche Telekom Gets Into Bitcoin Mining
- Prediction Markets Poised Precariously is Election Goes South
- Florida's $800 Million "Crypto-Related" Products
#Bitcoin #BitcoinAnd
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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 9:40 AM Pacific Daylight Time. It's the day before Insanity Day 2024.
This is episode 986 of Bitcoin, and yeah. Okay, so elections are tomorrow in the United States, and apparently it's setting the tone throughout the entire freaking world. I just, I hate that. I wish that that wasn't so, but apparently every country in the world and every financial market from sea to shining sea is somehow dependent on this election. And honestly, that's just bad juju. I'm sorry it is. It's just bad juju. So one of the things that I've noticed is that everybody has been going, oh, man. This election is insane. Oh, no.
No. No. We haven't seen insanity. No. Ladies and gentlemen, this is just the pre show. We we've been in the pre show. We're just warming up to the insanity that is yet to ensue. I'm not giving any predictions as to who's I think is going to win the election because I have no idea. Hell, I got people in freaking Spain voting on who's going to win the United States election on the Poly Market. And United States citizens aren't even allowed to use Polymarket. It's just it's messed up. And yet, nobody's taken my advice, probably because nobody's, you know, nobody from these publications are listening to me. But if you're in if for whatever reason, you're an editor or you're writing for a magazine, and somehow or another, you're putting the poly market predictions of who's going to be the United States president into your news story about the United States presidential elections? Please, for the love of God, stop.
It is not a reflective issue. And I'm not saying that because in many cases, Trump is ahead in the polls. That's not the point. Harris could be ahead in the polls for all I give a shit about or at least I'm sorry, in poly market because poly market is not a poll. Not that polls are anywhere near accurate. I'm just saying, poly market is for degenerates to gamble on something other than a football game. That's all it is. That's all it ever will be. It's gambling. It's degeneracy. It has no impact whatsoever. And people keep putting I keep seeing it day after day after day.
Polymarket Trump's gonna win because polymarket no. We United States voters can't even participate in polymarket. You're talking about what people in France are thinking, what people in Spain are thinking, what people in Colombia are thinking, or wherever the hell poly market is getting their degenerates from. I'm just saying, don't trust that. It's not good. It's no good. It's just no good. Now, speaking of no good, we got Coinbase here. Coinbase is gonna come up a couple of times. We're gonna start out with this one from Bitcoin Magazine and Vivek Sen.
Coinbase is embarrassing itself by not buying Bitcoin. Really? At this point, Coinbase is just embarrassing itself by not buying Bitcoin and doing silly buybacks. Coinbase just had a bad quarter. It was bad After reporting a disappointing Q3 earnings, its stock plunged over 10%. Oh, shit. To instill confidence, Coinbase announced a $1,000,000,000 share buyback. But that flopped too with shares barely budging. This whole debacle just shows that Coinbase is foolishly ignoring the obvious strategy here, buying Bitcoin. Instead of share buybacks, imagine if coinbase put $1,000,000,000 into bitcoin for its corporate reserves.
That would have sent a real message. It would show that they have skin in the game and truly believe in bitcoin and crypto's future. Let's be clear, shall we? Coinbase should be all in on Bitcoin's upside. This is the industry they pioneered. Oh, god. Yet here we are in 2024, and Coinbase won't allow the proven Bitcoin reserve model that is literally being flaunted in their faces by MicroStrategy. Look, I'm not any financial engineering expert to tell public companies what to do, but it's just too evident for crypto companies at this point. MicroStrategy started buying Bitcoin in 2020.
And look what's happened. Their market cap now exceeds Coinbase's. This software company with 1 tenth of the revenue of Coinbase has surged past the OG Bitcoin and crypto exchange. All thanks to stacking sats how embarrassing for coinbase they've been around since 2012 when bitcoin was $5 just imagine if they went all in on bitcoin back then But it's still not too late. No more wasting money on share buybacks or lame projects. The solution is staring Coinbase right in the face. Just keep stacking sats. It's painfully obvious at this point. Any self respecting Bitcoin and crypto company must hold Bitcoin on its balance sheet.
It aligns interest with shareholders and strengthens credibility. So wake up, Brian. No more excuses. Coinbase literally owes its existence to Bitcoin. It's time to go all in at last. And that again by Vivek Sin out of Bitcoin Magazine. Will they go all in? Oh, hell no. Vivek, you're talking about Coinbase. You're talking about Brian naked mole rat guy who signed the New York agreement, signed his name to change the consensus rules of Bitcoin with a bunch of other suits in the room. He's not on Bitcoin side. He's never going to be on Bitcoin side. I I don't know why.
I never talked to the man, but it is painfully evident that they are not going to do that. It is not because they've missed the boat. It's because I get the feeling that Brian Armstrong just doesn't like being wrong in public. Nothing. There's no there's no reason to get scared about being wrong in public. Hell, I know for a fact that I have said stupid shit on this podcast, and I've been 100% wrong. If I could be more wrong then I probably was more wrong but I figure a 100% is pretty much the limit in how wrong you can be about something. I've been wrong. I do it in public. I'm not embarrassed.
I'm just a person. I'm not a saint or anything like that. It's just bizarre. But I do think that this is an ego thing that Brian Armstrong will never jump into Bitcoin. And it doesn't matter how many other corporations, whether they're exchanges in the cryptocurrency ecosystem or software companies or life insurance companies for that matter, they will smoke Coinbase. Coinbase isn't that well run of a company either just because they're in it. Since 2012 when Bitcoin was $5 doesn't mean that they've got some kind of prowess. They're not anointed by God as being like somebody who knows what the hell they're doing. Clearly, they don't. They don't even have control of their back end when you have feeding frenzies and there's blood in the water in the markets. Their their shit always goes down. People can't sell. People can't buy. It it doesn't matter. They get overwhelmed. They've had years to figure out how to sew up their back end. They haven't done that either. And that's part of daily operations.
So why on earth would Vivek Sen think that any kind of messaging from any kind of news outlet whatsoever is going to persuade Brian Armstrong to actually buy Bitcoin and keep it on the balance sheet? If you think that that's going to happen, don't. Just stop and, I don't know, invest your energy in somewhere else, like like Deutsche Telekom, who is venturing into Bitcoin mining with renewable energy. Zoltan Vardai, Cointelegraph. Deutsche Telecom plans to venture into Bitcoin mining In a positive sign of adoption for the world's 1st cryptocurrency, Deutsche Telekom, Europe's largest telecommunications provider, announced a new Bitcoin mining project using surplus energy from renewable sources that would otherwise remain unused.
The mining project, called Digital Monetary Photosynthesis, is developed by Deutsche Telekom subsidiary, MMS, in collaboration with Bankhaus Metzler. The Bitcoin mining rigs will be set up in Back Nang, Germany on the premises of metal wait. Hold on. On the premises of metal and glass facades manufacturer, Riva, with the rigs managed by Metis Solutions, Deutsche Telekom announced on November 11th. What? Wait. No. That's weird. It's not November 11th. Hold on. Let me make sure that I've got this date right here. When did this yeah. This was written 4 hours ago. Zoltan, dude, it's November 4th, bro. The telecommunications giant announcement comes a week after, you know, Bitcoin's white paper turned 16, showcasing the utility and continued global adoption of the world's first blockchain network. Deutsche Telekom's pilot project arose from a growing amount of renewable energy sources. The country's growing energy supply from less predictable sources like wind turbines requires more infrastructure to regulate the grid according to Oliver Naidarelli, head of digital trust and web 3 infrastructure at Deutsche Telekom MMS.
Bitcoin mining could be used to regulate the energy fluctuations of the country's electrical grid, he wrote in the announcement, quote, together with Bankhaus Metzler and Riva Engineering GmbH, we are taking a step in this direction to test the regulatory effect of Bitcoin miners in an energy grid. Surplus energy is converted into digital values through the miners. We call this digital monetary photosynthesis. Beyond the Bitcoin mining facility, Metzler will explore further possibilities of financial services with digital assets without disclosing further details. The use cases of Bitcoin mining extend far beyond its economic benefits for miners. In Finland, Bitcoin mining is warming an entire town of over 11,000 residents with recycled heat from mining rigs.
The town is heated by 2 megawatt pilot projects located in the Sattacunte region, launched in June 2024 by Marathon Digital Holdings, the world's largest bitcoin mining firm. Marathon's facility uses a method called district oh, sorry. District heating, which centrally heats the water and distributes it through an underground network of pipes to heat houses. This could be a future proof method for heating homes since Bitcoin mining rigs produce significant excess heat. Yeah. That's the end of the article, but there's a problem here. It is very rare, very rare indeed, to find a secondary water system that plugs into everybody's houses that essentially is used to have hot water. Now some of these towns that they're talking about already had that infrastructure in place, and they were using, I don't know, oil fired or coal fired boilers or something like that to actually provide the heat. Well, it's great that now that that heat is being provided by Bitcoin mining, but for it being the future of something, it can only be the future for that which the infrastructure is already available.
Nobody is going to replumb a town of 11,000 residents so that they can have hot water pipe to their house that has absolutely nothing to do with their regular water inlet that's coming into their house to give them running water. It's that's a hard sell. So for those people that are like, yeah, see it's gonna change everything. Not not so fast. It will change the things that can be changed. The very highest hanging fruit, however, like replumbing an entire town for a secondary water system, yeah, you're gonna have to wait on that one. Okay. So from CoinDesk, Mark Hochstein or Hochstein has this one.
If US election is disputed, prediction markets could face a hornet's nest. Polymarket and Kalshi are in the news. At first blush, it looks redundant. The weekend before the US presidential election, crypto based prediction market, Polymarket, spun up a contract betting on who will be inaugurated as the next leader of the free world. As anyone who has paid the slightest bit of attention to crypto or election news coverage this year knows, Polymarket already had a heavily traded contract on which candidate will win the presidential race. That contract has seen more than $3,000,000,000 in trading volume, according to Polymarket, with more than $200,000,000 worth of open interest or positions outstanding according to a Dune analytics dashboard.
There's a subtle difference between the winner contract which polymarket has listed since February, and the new inauguration one. The difference highlights a challenge facing prediction markets ahead of Tuesday's vote in a politically polarized low trust environment. Namely, what if the election results aren't clear shortly after the polls close? Or if they are clear to one side, what if the purportedly losing candidate disputes them as Donald Trump did 4 years ago leading to a January 6th 2021 capital riot. Or if one candidate concedes but then withdraws the concession as Democrat Albert Gore did in 2000 leading to a Supreme Court case. Yeah. That took a while to shake out.
There could be a hornet's nest about this next week, Coleman Strumpf, an economics professor at Wake Forest University in North Carolina, told CoinDesk. In prediction markets, traders bet on verifiable outcomes of real world events in specified timeframes. Typically, they buy yes or no shares in an outcome and each share pays $1 if the prediction comes true or 0 if not. On poly market, bets are settled in USDC, or a cryptocurrency that trades 1 to 1 for dollars. Other platforms, including Kalshi and PredictIt, pay out regular greenbacks. As of Monday morning in New York, Yes shares for Trump winning the presidency traded at 59¢ indicating that the market saw a 59% chance of victory for the Republican candidate.
And Kamala Harris' odds were at 41. The rules for PolyMarkets, quote, winner contract say it will resolve once all 3 of the Associated Press, Fox News, and NBC call the race. However, if all 3 media outlets haven't done so for the same candidate by inauguration day, the market will be resolved according to who is actually inaugurated. By contrast, PolyMarkets new inauguration contract doesn't bother with press sources and will wait until January 20th to resolve. If no one has been inaugurated by then, it kicks the can down to January 31st. And if no one has been inaugurated by then, both the Trump and Harris yes shares will resolve to no. And no holders for both candidates will collect payouts, which would be an unusual situation.
This is more in line with Kalshi's presidential contract, which resolves according to who is inaugurated on January 20th. Though the fine print says an inauguration doesn't count if, quote, the first person inaugurated as the president serves only in an acting capacity. Quote, there may be disputes among the candidates and media about who wins the election, but only one will be inaugurated. There can be only one will be inaugurated as determined by the official executive office of the president, said Jack Such, Kalshi's head of market research. Quote, for this reason, we believe resolving on inauguration day is the safest choice for our customers because it provides the highest clarity of resolution criteria.
There are trade offs between the two approaches. Quote, the poly market resolution has the benefit of potentially resolving sooner at a time when agreement on the resolution is generally accepted. And this might make it more popular because of the time value of money, said Aaron Brogan, a lawyer who has studied prediction markets. On the other hand, a media outlet could make a call and then reverse it as the Chicago Daily Tribune did back in 1948 following the infamous Dewey Defeats Truman headline. If the Poly Market contract resolves and then one of the sources flips, it could be a big headache and a lot of litigation for everyone involved, Brogan said.
Potentially complicating matters like we need anymore, Polymarket uses UMA, a decentralized oracle service, to resolve markets and referee disputed outcomes. When a dispute arises, UMA token holders debate the matter for a day or 2 then vote on which side is correct. Wow. An article in The Atlantic last week noted that UMA made a contentious decision earlier this year resolving PolyMarket's Venezuelan election contract for the opposition leader who got more votes, despite incumbent Nicolas Maduro reportedly stealing the election. Polymarket has overruled UMA at least once, though not in the Venezuela case.
UMA cofounder Hart Lambert did not respond to a direct message sent on Twitter. Flip a prediction market veteran who wrote about 5,000 contracts for predicted said the resolution criteria for Kalshi's and Poly Market's main presidential contract are both bad. Kalshi's criteria tied to the inauguration aren't necessarily ambiguous, which is the worst possible scenario, but they're potentially out of sync with the spirit of the market, which is who will win the election, said Pido, who is now CEO of American Civics Exchange, an over the counter dealer of political contracts. It's the degeneracy is just out of control, folks. Out of control.
For example, Trump could win and then die or be incarcerated or, for some reason, decline to be inaugurated. And JD Vance would, quote, win the market, which means all traded outcomes would resolve to no. He said, or litigation or outright chaos could reign until well past January 20th. As for PolyMarkets' criteria tied to the 3 media sources, any of those 3 outlets could say it's indeterminate or too close to call indefinitely. In which case, you're left with the same inauguration test as Kalshi, which again, doesn't really match the test that's being traded, who wins the election.
Quote, I think everyone's trying to punt past the voting of the electors in December and the congressional tabulation in early January so that they don't get snarled in a 2020 like scenario if there's a lot of chaos. But the January 6th tabulation is really when someone certifiably wins the election, so that's what it should be tied to. Again, I want to warn everybody about this poly market thing. It is a it it is a mess. I didn't realize just how badly just how badly these contracts are actually written. And there's no way to I don't think that there's actually any possible way to write them in a good way. I think that they're doing the best that they can. All it really does is show us just how jacked up United States elections have become.
And that is a barometer of just how divided this country truly is. And I wish I wish that, you know, I have better news for you, but that's not good news. That's that doesn't that's not really helping us go into the future because at this point, it doesn't matter who wins. It really doesn't. The nation's going to remain divided. And whatever the outcome of this election is, that division is going to be well, the ossification of the division between the two sides of the country is gonna get stronger. And by the way, ossification just means to set with set with calcium or to make turn into stone. Like when bones of a child start to ossify, they they basically get set. They lose their flexibility and they become as you grow into an adult, they become the kind of thing that if you bend your, you know, arm over enough, the bone's gonna break. Whereas in a child, there's a lot of flexibility there. We're we've lost the flexibility in the United States, and this election isn't going to help that.
It's just not. It's going to further reinforce whatever the two sides actually believe. So there's only one way out of this, and you know what it is. It's yourself. You thought I was gonna say Bitcoin, but I didn't. It's yourself. You are the only one that can escape this shit show, and we can't do it arm in arm and sing the kumbaya together. This is these are individual choices that every one of us has to make. How we make that choice and what's included in that choice is also squarely in your corner. I highly recommend buying Bitcoin. I highly recommend stacking sats.
But I also highly recommend taking a good look whether you're in the United States or some other country and looking at your country and saying, do I recognize this place any longer? Chances are good many of you don't. But then you have to make the decision. Do you physically leave or do you stay and fight? And if you stay and fight, exactly what are you fighting for? Because I think that this this is where we've come. I think this is the boat that we're riding in. We didn't choose this ride. We didn't choose to buy the ticket. The ticket was given to us and then we were thrown onto the boat with no possibility of getting off this ridiculous cruise line.
And as ridiculous as it is, we exist in very dangerous times. It it's that way. We've we really haven't really had to deal, as Americans, with the possibility of shit going south in a way that we've never seen before. Some people look at January 6th and say, it was a riot. I don't didn't look like a riot. There were some people, like, spilling in through a single door. I saw all kinds of people just kind of walking around aimlessly. It didn't it didn't look like people were, like, taking knives to the portraits in the portrait room. It didn't look like people were, like, you know, I don't know, taking the hammers to the slate and and tile floors. It didn't look like there was, like, widespread destruction. The only officer that actually got killed didn't get killed on that day. That guy died of a heart attack the next day.
The only person that I know that died at the Capitol was a civilian shot by the Capitol Police. I I don't even know what to believe anymore. It's so bad. So that's one of the reasons why I'm I'm having an allergic reaction to this whole poly market thing. I think it's bad. I I don't think that that these being able to especially for for foreigners being able to bet on presidential outcomes in a country where their own citizenry isn't allowed to bet on the same platform, I. E. Polymarket, how did how in the world does that even do how does that do anything other than help to sow kind of dissension?
So if you are a poly market fiend, seek help because it's just degenerate gambling and it doesn't help anybody. This is the kind of gambling that can actually hurt other external people outside of your family. Sure. You can hurt all of your family by going to Vegas and gambling away every red cent that that you have control over, which, let's say, it's a 100% of your family funds and you lose everything including the house. You've hurt the immediate members of your family and maybe a couple more. But this poly market bullshit, this could this could possibly hurt tons of people, none of which are related to each other. Okay. Let's go to Colorado where a Colorado resident has been scammed out of 1,000 of dollars worth of Bitcoin by a fake jury duty call.
These people will stop at nothing to get your Bitcoin. And this is from decrypt.com by the staff, apparently. A Keystone Colorado resident fell victim to a sophisticated crypto scam last week losing over $6,000 in Bitcoin after fraudsters posed as law enforcement officials threatening to arrest him for missed jury duty according to the Summit County Sheriff's Office. According to documentation reviewed by Decrypt, an additional $4,000 transfer was in the works, though deputies were able to intervene before it got pushed through. Despite this, the Summit County Sheriff's Office disclosed that the perpetrators had already obtained sensitive personal information during the call.
A deputy will never call anyone to notify them of a warrant for their arrest and then offer to clear it in exchange for gift cards, wire transfers, or Bitcoin, the office stated in its incident report. Pausing. It's amazing to me that somebody fell for this, and my heart goes out to them. But how on God's green earth do you not recognize that as a scam? And that's the dangerous thing is that people don't recognize it as a scam. They're not dumb. They're not smart. They'd be completely neutral. Maybe they were having a bad day. Maybe they were distracted. Maybe there's mental issues. Who knows? But the point is is that while me and you can look at this and say, dude, no.
Nobody's gonna call you with an arrest warrant over the phone and say, what? You know, come on down to the station. Let's clear this up. No. If you've got a warrant out for your arrest and they're going to execute the warrant, they're going to execute it where you are, either at your job or at your home, or they are following you around and know where you're at, and they will execute it in the parking lot of a freaking Target. Right? No nobody's gonna call you on the phone. But I can say that until I'm blue in the face. People still fall for it.
So be aware, call logs from the report indicate that similar incidents continue to emerge across the state. With a separate, a completely separate incident in Denver describing how a woman lost almost $5,000 in bitcoin after scammers impersonating Denver police officer officers convinced her that she had missed jury duty. The victim, believing she must have overlooked a jury notice, followed the perpetrator's instructions to clear a fake warrant by sending payment through a Bitcoin ATM. Upon contacting Denver police to confirm the transaction, she discovered she'd been defrauded. Though her bank had been notified of the fraud, the patrol report claims that it's not likely the money will be recovered. Not if it was sent directly to a wallet in Bitcoin, it won't.
The case mirrors a September incident where Keystone Bank staff prevented yet another resident from transferring 8,000 dollars in crypto after receiving similar fraudulent calls. Scammers have increasingly adopted number spoofing techniques to make calls appear to originate from legit law enforcement agencies. Colorado's crypto fraud landscape has expanded significantly with state investigators documenting over 1300 cases totaling $81,000,000 of actual losses during the year of 2023. The state ranks 15th nationally for crypto related crimes. FBI Denver also issued a warning earlier this year in relation to token impersonation scams, including high profile cases where some 3,200,000 in crypto was allegedly misappropriated by a pastor and his wife targeting victims through their Christian community, shilling a token called index coin. Quote, these scammers can be aggressive and persuasive, the sheriff office warned, noting that crypto transactions are partially attractive to fraudsters due to their irreversible nature and difficulty in tracing funds once transferred.
While transactions in crypto are generally irreversible due to the concept of immutability for blockchain, recent work in reversible transactions through Ethereum was forwarded by researchers to Stanford University. Private led initiatives to help victims out of crypto scams have also been launched to counter these incidents. And you may also check out Decrypt's guide on how to protect yourself. Let's go back to this this throwaway paragraph. While transactions in crypto are generally irreversible due to the concept of mutability for blockchain, recent work in reversible transactions through Ethereum was forwarded by researchers from Stanford University.
If you thought Ethereum was anywhere close to safe, then you this is the first time listening to my show. So congratulations for finding me. 2nd, no. No. Having anything to do with Ethereum is just begging, begging to lose your value, either directly through a scam, the fact that it's cratering against Bitcoin every single day and has been for the last 4 years, or some other weird shit. But the fact that there's even the notion that Ethereum transactions are reversible, that should scare the living daylight out of you if you have any ether at all. If you do, you might consider selling it into Bitcoin, but that's up to you. Let's run the numbers.
CNBC Futures and Commodities Oil doing well today. Why? Because Iranian is threatening to attack Israel again. Why do you I mean, if you're going to attack somebody, why are you telegraphing it? I did of course, and again, that's why I don't work at the Pentagon. But West Texas Intermediate is up 2.78%, back up to 7142. Brent Norsey is up 2 and a half points to $75 a barrel. Natural gas up 3 and a half points. Gasoline up 2.8 to $2.2 a gallon. Shiny metal rocks are having a pretty bad day. Gold not doing so terrible. 0.09 percent to the downside. That is $2,746.7 an ounce. Silver is down a 5th of a point. Platinum is down 1 a quarter, but copper is up 1 a third.
Palladium is down well over 3 full points. Lumber is at 1.34% to the upside. That looks like it's going to be yep. That's gonna be our biggest winner of the day. Biggest loser is sugar, point 86% of the downside. Well, live cattle is down a half, lean hogs are down 3 quarters of a point, and feeder cattle are down just shy of a full half point. Dow is down a half point. And the S and P is also down but by a 5th. And the Nasdaq is down essentially a 5th of a point. The S and P mini is up just over half a point. Bitcoin having a, well, pretty piss poor performance today. We're back down to $67,640.
That puts us at a $1,340,000,000,000 market cap, and now we can only get a measly 24.6 ounces of shiny metal rocks with our 1 Bitcoin, of which there are 19,000,000 777 1,489.86 of. And fees are low. Like, really low. Like, 0.04 BTC on average in fees on a per block basis. There's only wow. There's only 71 blocks, carrying a 159,000 unconfirmed transactions, waiting to clear at high priorities of 3 satoshis per vbyte. Low priorities gonna get you in at 1. Hash rate's been well, I keep seeing, like, all time high news about it, but it's only at 721.6x of hashes per second. So maybe I'm missing something. Who knows? Alright. So right before we get into reading the boostograms from, Friday's episode, I need to make the ask.
Now here's what here's what Adam Curry has written about value for value. It's talking about the ask. He says, ask and people will give. The ask is the most important piece of the puzzle. The number one reason people do not give is because that they weren't asked And the same holds true for the value for value model. There's an art in asking your audience to give back, and it will be different depending upon medium, demographics, and other factors. But one thing remains, You have to ask. And that is on the value for value dot info website.
And Adam Curry does a very good job at making the ask on his various podcasts. I don't think I'm as good at it. But then again, I haven't spent 40 years of my life inside of media. Actually, I think I'm starting to think that Adam Curry started in radio when he he had to have been 15. And I don't know how the hell you do it. I guess the Netherlands have a completely different, you know, like, age that you can start working at. But I keep doing the math on how old Adam Curry is versus when he says that he first started. And I'm, like, doing the math going, what were you, 12? So he's better at it than I am. Way better at it. But the way that the value for value model works is that we're trying to get away from traditional advertising, not just podcasters, but everybody.
And it's, you know, in a lot of the time people say, well, it's because they nobody likes ads. I beg to differ. There was a time when, like, I would be listening to radio shows. What I didn't like were the ads that were prerecorded and were like in somebody else's voice completely. Like whoever voice actor the advertising company hired to, you know, to make the commercial. Right? It's completely different voice. I hated that. I always liked live reads because, you know, there's a proof of work involved there. That means that the guy who's sitting behind the mic has to stop doing what they're doing, end, like, you know, the story that they're talking about, and then re reframe their their whole brain to say, now we're going to read this advertisement.
And then do other and then do other stuff. It was all I mean, and I remember, shit, early TV when I was a little bitty kid. There was Mutual of Omaha's Wild Kingdom. I did not mind when Marlon Perkins, the host of Mutual of Omaha's Wild Kingdom, would do the live reads. Well, they weren't live. They were it was the the show was taped, but he would do them himself. He would be standing up. And he would I don't know how he they didn't have teleprompters back then or maybe they did, but he would read, you know, the ad in front of the camera and he would talk about Mutual of Omaha because there was no other advertising on that platform. It was called Mutual of Omaha's Wild Kingdom. Everything about that show was paid for by one company and that was Mutual of Omaha, the insurance company.
Right? I appreciated that. I don't mind ads, especially if the hosts themselves are actually doing the ones reading the ad. And especially if I know that they're doing it live, that's extra bonus points for me. But we're trying to get away from that. Advertising, essentially, I have never even had advertisers on this show. You know that if you've listened to the show. And all I read about is how advertising and podcasting has just fallen through the floor. Well, because you guys have helped me out by donating to the Bitcoin and podcast through various boostagrams. And people have been streaming me huge. Like, instead of, like, 7 satoshis or 9 satoshis, I think the fountain to stream, it's like a minimum of 10. I'm not exactly sure about that, but I I think that they changed it.
I've been getting like 34 satoshis per minute, 45. Somebody was sending me like a 100 satoshis per minute, you know, and that coupled with 20,000 satoshi boostograms Shit. Guys, I can actually convert that into, like, gift cards. Now, most of the sats I try to keep, but I do have bills to pay. So here's the ask. If you like what I do, if you find value in what you hear, if I'm informing you at all about what the hell's going on today in Bitcoin, then donate to the show. Keep me going so that I can keep doing that for you. Like I keep doing it for people like Nostra Paragui with a 20,000 satoshi donation.
He says, great podcast. Thanks for the feedback on fanfare. Io. Open to working with anyone that wants to solve the problem. Now, I don't know if Nostra Parageway is part of fanfare. Io. Nostra Parageway, if you are, put that information in a boostergram. Let me know if you're directly connected to that project because that fanfare. Io that I talked about clearly on Thursday because I'm reading boost from the Friday show entitled flanking maneuvers. I well then, that I was unaware that Nostra Paraguay, who I've seen several occasions on this show with BoostiGrams, I don't know if you are actually part of the fanfares.
Io ecosystem. And go check out fanfare. Io. Fanfare. Io. Golf witch with 6,777 sats says, great podcast this week. I would love to boost you more often. However, I am a pleb who is still trying to become a whole coiner. I love your show and I truly appreciate it. Keep up the good work. Fucking legend. Thank you, Golf Winch, and I completely understand, which is why I say, if you don't have the satoshis to spare for a donation, donate your time. Help promote the show. Do clips of the show on various podcasting 2.0 allows you, applications allow you to take clips of the show and then share that out on various social media.
The 5 star reviews on Apple Podcasts that is that that injects a huge bump to this show every time somebody does it. I guess Apple Podcasts has a way to say, oh there's a new 5 star review on this podcast, and somehow or another it gets bumped. Because every single time you guys do that, you go to Apple Podcasts, you give me a 5 star review, and you write something cool, all of a sudden I get a bump in listenership. And it happens every single time it costs you but it costs you your time and your attention but it's not that that is any less or more appreciated than straight up satoshi donations to this show dark with 2121 Sat says, added a 5 star on Apple pods. I hope it helps spread the word a bit. Keep on trucking. Dude, sweet. Talk about transition.
Dark also gives me another 2121 says, thanks for teaching me something today. Love the show as always. I'm so glad that I'm able to give back to this community. FOMO hold on. FOMO Mattronic with 1,001 sat says, absolutely nothing. God's death with 537 says thank you, sir, no thank you. Pies deploy before 20, thank you, sir, no thank you. And user 115-568-42 with 500 says, boo, elections, vote for less government. Wartime with 333 says, flame. He gives me a little fire emoji, man. User 301-16849 with 210 says, please cover libertarian economist Matt Zawalinski on high x support for UBI.
I'll look into it. Can't promise anything, but I swear I promise I'll give it a shot. Crypto neck with 210 says, great content, great energy. Thank you, sir. No. Thank you. And Short Fiat says, and I appreciate that. That's the weather report. Welcome to part 2 of the news. You can use Coinbase up again today. They've been hit with a $300,000,000 token listing allegation by Justin Sun and this dude with the last name Clonger. This is Zoltan Vardai writing again for Cointelegraph. Some of the biggest cryptocurrency exchanges allegedly asked for 100 of 1,000,000 of dollars for new token listings. Yeah. We've seen that. That's not allegedly. That shit's happened.
We know it's happened. We saw it happen. We saw it going on in 2017. Nobody is fooling themselves. It has happened. It's not alleged. But let's move on. Because according to Tron founder Justin Sun, Coinbase asked him for $330,000,000 in total fees to list Tron. Sun posted on Twitter on November 4th saying that while Binance did not charge any fees, Coinbase requested 50,000,000 TRX tokens valued at around $80,000,000 and a 250,000,000 Bitcoin deposit to be held in Coinbase custody. Ah, that kind of misaligns with the fact that Coinbase isn't buying Bitcoin. When did this happen? I wonder I wonder if they'll say.
While Sun's comments may lack evidence, they come as a surprising development. What? Where the hell were you, Zoltan? 2017, 2018. We dude, this was going on all over the place. Anyway, they come as a surprising development considering that Coinbase claims to charge no fees for listing new shitcoins. Asset listings on Coinbase are free, Coinbase cofounder and CEO Brian Armstrong wrote in the November the second post. Oh, here we go. Binance and Coinbase are among the world's most popular centralized crypto exchanges. Binance is the world's largest crypto exchange controlling over 39.5 percent of total spot crypto trading volume.
Coinbase is the world's 6th largest exchange, controlling over 6.1 percent of the market share, CoinGecko data, shows. Cointelegraph has approached Coinbase and Binance, but no comments were received at the time of publishing. Tron founder, Justin Sun, was not the only crypto personality who made claims about token listing fees. Andre Cronje, founder of the Fantom network, posted that Coinbase had proposed various listing fees for Fantom ranging from $30,000,000 to as high as $300,000,000 Cronje responded to Armstrong's post, quote, Binance charged us $0 Coinbase has asked us for 300,000,000 50,000,000, 30,000,000 and more recently $60,000,000.
Andre Cronje is among the most respected founders in decentralized finance. Yeah, well respect. I'm not sure if I would use that word. Known. Let's say known. Okay. Kronej Sonic blockchain claims to be the fastest Ethereum virtual machine chain. Blah blah blah blah blah. Anyway, previously, Kronej founded yearn.finance in the Keeper network, if you remember those. Binance was hit by similar allegations and co founder Yi clarified that the company screens projects for listing but does not charge a percentage of their tokens or a fixed amount.
And since 2018, Binance's listing policy stipulates that all listing fees will be transparent and 100% of the fees are donated to charity. Following Justin Sun and Karone j's initial replies, 100 of others have voiced their concerns over the sustainability of current centralized exchanges. Other exchanges are asking for tens of 1,000,000 of dollars in listing fees, wrote Simon Dedek, the CEO and partner at Moonrock Capital. This could set the stage for departures to decentralized exchanges, added Dedek on an October 31st Twitter post. Quote, I think it's inevitable that DEXs will take over at some point, end quote. Yeah. Well, they've been around since 2015, and they haven't yet, so good luck.
That's just the way humans are. They just they want somebody on the phone. They don't wanna take personal responsibility, and therefore, we get people like Brian Armstrong. It's just inevitable. Well, if confirmed, these rumors could set the stage for an expanding decentralized exchange landscape, responded crypto trader and analyst and entrepreneur, Michael Van de Popp in an October 31st Twitter post. He says, I think that DEXs are going to be way bigger as people are completely fed up with this structure. Exchanges have the power to literally kill your project, end quote.
Over the past year, decentralized exchange trading volumes grew significantly larger, surpassing the monthly $250,000,000,000 mark in March June for the first time since December of 2021, according to an OXScope research report shared with Cointelegraph. And as of October 17th, the DEX spot trading volume in relation to SEXs or centralized exchanges was at 13 point or 13 point 6%, meaning that for every $1,000,000,000 traded on centralized exchanges, there's a 136,000,000 being traded on decentralized platforms. Just get get your shit off of all these things.
You know, I mean if you need to use for whatever reason a decentralized exchange look into hodl hodl hodl hodl hodl hodl hodl hodl hodl hodl. They've been around freaking forever. Forever. They do all they they do well, okay. They're not gonna do all the shit that a centralized exchange does because they're decentralized. But this centralized exchange stuff centralization, I'm surprised that it's gotten as big as it has, as fast as it has. And I wonder if we will see the dissolution of the centralization not only in exchanges, but in mining because both are coming.
Mark my words, both are on their way. I wonder if it will happen as fast as the rise of centralized projects, whether mining or exchanges has done so has done in the crypto ecosystem. I think we're going to see mining decentralized faster than exchanges. Now why I don't know. I don't have any particular news. I'm just saying that when I saw BitX come out, the little solo miners, that was there there always needs to be a crystallization point you can heat up water and you can pour salt and or sugar for that matter something that dissolves in water as like some solid that dissolves in water like sugar or salt If you superheat water, right, you could supersaturate that water with salt or sugar.
And if if the glass that or the containment vessel that it's in is completely clean and the water that you used had no foreign objects in it, then the sugar or the the amount of salt and the amount of sugar, which is way over what that water should be able to hold, will actually still be in solution. And but the second that you put something into that water like a string because this, honestly, this is how rock candy is made or a stick of wood on it it almost instantly That sugar just dumps itself out of solution and starts to crystallize on that string or that rock. Right? It's called supersaturation. We've known about this for, you know, a you know, at least a couple of 100 years, I suppose, if not more. But in either event, I think what we're going to see is the mining landscape change because of the seeding of the mining landscape with something like BitX.
We needed something to look at. We needed something that we could hold in our hands. I never thought, you know, for a second of my life that I would turn over $3,000 for a Bitmain mining rig because I wanted to get into mining because that's just dumb. I'm not that interested in mining that I'm gonna cut $35100 out of my, you know, budget that I use to buy food with so that I can have something that guarantees that I'm going to pay for more electricity and most likely not get any bitcoin out of it just because I wanted to learn how learn mining. Well, now now we got this bitax thing going on.
And it's like they take a they they strip apart an old Bitcoin miner or, like, a bit main Bitcoin miner. You know, some of them are newer. I mean, they're not, like, coming all out of s nineteens or whatever or s seventeens or, like, the earliest versions. Some of them are are quite new. And they're pulling individual ASIC chips out of these miners and, like, I don't know. 1 of these miners could maybe have the 40 chips. I don't know. I'm I'm I'm not into mining, but they'll take a single one. They'll take a single old bit main miner and turn it into like like 30 or 40 bit axis on its own separate card with its own separate fan its own separate power supply and it like you could hold it in the palm of your hand it makes almost no noise virtually provide, you know, doesn't heat up because it's so small. You'll never notice.
And it'll teach you how to do mining. It was going to take something like that. Something we could hold, something we could see, something that we could order and get in the mail before the supersaturated environment that is Bitcoin mining starts to coalesce and starts draining out into, generally speaking, what's known as the commodification of ASICs. Now ASICs are gonna be placed everywhere, not so much with the centralized exchanges. There's no product I can hold. I keep telling people about HODL HODL, but yet I see HODL HODL in the news less and less and less.
And honestly, I think the only breaking point, the only seeding event that we're going to see that changes centralized exchanges over into decentralized exchanges is one of 2 things. Coinbase gets hacked big time. Unrecoverable hack. Or government regulations just takes them down. 1 of those two events occur and it will send shock waves through the exchange landscape and you will see decentralized exchanges just pop up. But right now, we don't see them. Why? Because that shit hasn't happened yet. And humans have this bad habit of waiting until something actually happens when they could have guarded against it and not been part of losing something.
Now let's go to Florida. Florida man. Anyway, Florida holds $800,000,000 in crypto currencies according to their state CFO. So the news gets a little thicker here. This is out of Atlas 21, by the way. At atlas, the numbers 2 one dot com. The CFO Florida highlights the importance of diversifying investments and protecting the state from the overreach of federal government power. Recent statements by Florida's chief financial officer, Jimmy Patronis, reveals that the state now actually holds $800,000,000 in investments tied to digital assets. At present, it's unclear which instruments were used for the investment. During an interview with CNBC, Patronus emphasized the possibility of a potential increase in investment by the state. During the interview, Patronus also stated that he believes Florida needs protection against the excessive power from the federal government.
On October 29th, Patronus requested the Florida State Board of Administration, which oversees state pension assets, to explore the possibility of including Bitcoin. He said Bitcoin. Here it says cryptocurrencies. In the investment portfolios of public employee pension funds, such as those of firefighters, teachers, and police officers. The goal is to ensure optimal return. Well, duh. Petronas emphasized Bitcoin's diversification potential, calling it digital gold to balance the state's investment portfolio and mitigate volatility risks associated with other asset classes.
Additionally, he recommended launching a pilot program that focused on digital asset investments under the Florida Growth Fund, which is the state's investment fund dedicated to innovative and emerging sectors. According to the CFO, the inclusion of cryptocurrencies could offer potential benefits to consider in developing a long term strategy to preserve and grow state pension system assets. So the last week, I told you about Petronas saying he wanted Bitcoin in the state fund. What we didn't know at the time is that they already had $800,000,000 of investments that are tied to digital assets.
So here's what I think. I think they probably just bought MicroStrategy and probably some Coinbase shares. And I don't think that they actually hold cryptocurrency, but they're scathingly close. And at $800,000,000, even though that's just a compared to the rest of the employee and state pension funds or other investment funds that are tied to the state, it's still a lot of money. You don't sneeze at $800,000,000. So this guy from Florida looks like he's actually serious about this shit. Alright. Let's end it off with Robosats version 0.7.1 alpha.
There are fixes and performance improvements to Robosats, which is a simple and private way to exchange bitcoin. Excuse me. Excuse me. Excuse me. It simplifies the peer to peer user experience and uses lightning hold invoices to minimize custody and trust requirements while helping users stick to best privacy practices available on the web Android, Windows, Mac OS, and Linux. Robosats is now out the new one. And this version includes multiple performance improvements, better and faster web notifications, a disable notifications button for Android users, fixes for robot avatar generation on the web version, and removes experimental and Satralia coordinators and more.
Let's see if there's anything they've got a list. Bug fixes related to cache has been done. Web notifications went through. Fixed version of upgrade of the upgrade dialogue. Let's see here. Is there anything else? Oh, upper case invoices on QR codes are now available. So that's nice. And I have no idea what SOT Sat Australia coordinators are. I assume that they're coordinators in Australia, but it is what it is. So Robosats, if you're using it, might wanna go, get an up get the upgrade. And, if it's I have not used this. I'm I'm definitely not a Robosats user.
I've heard about it a lot over the years, and I am just now aware that it is available on the web. I don't think it actually used to be available on the web, which is I if I'm thinking RoboSats is what I think I'm thinking of it as, then I tried using it, but there was no web interface and they have looks like they've never released anything for, for the iPhone or iOS. So that's one of the reasons why I haven't even tried it out. But now if it actually is available on the web, I might give it another shot because some of the stuff that RoboSats does seems rather interesting. Okay. So that's the news for the day.
Advice going into tomorrow. Expect bullshit and a lot of it from different from the media, expect it. From both of the actual presidential camps, expect it. From man on the street interviews, expect it. From I don't know what's gonna what's gonna happen. All I know is that if you were around during the what was it? Was it, it was Bush and Al Gore, that was the famous hanging Chad election. And I can't remember what year it was. It was quite a quite a long time ago, but it is what it is. So the hanging chat, I wanna say that that was the the, 2000 elections. I'm pretty sure that that was the the 2,000 election.
It took weeks to resolve that. It would they were in court for weeks weeks weeks. I do I'm not exactly sure if it was resolved by the inauguration date. If I remember right, it actually went past the inauguration date and they had to push it back. As far as I know, that had never happened before. We've never not known who was going to be president for that long. Usually, you know by the next day. I have a sneaky suspicion that we're going to see a repeat. I get the feeling that people that are waiting for the end of, you know, end of business on Wednesday to figure out who the hell's gonna take that chair, I think you're going to be disappointed. Now I have that's just a gut feeling. I have no news. Nobody's saying in my ear that you don't know about saying, hey. You might wanna tell your listeners, not to expect resolution by Wednesday.
Just the division in this country is so bad. The chicanery that I'm seeing from everywhere, from every media outlet is so bad. I can't trust any of the polls, and now we've got poly market that is more evident than ever, somehow or another influencing what the hell these elections are gonna do, even though US citizens aren't allowed to take any kind of part in poly market. And you'll say, but Robosats has it. They could do or not Robosats. I mean, Robinhood. Robinhood has prediction markets, and US citizens could do that. Yeah. Have you seen a Robinhood prediction market results at all?
No. They keep going back to poly market, and poly market has nothing at all to do with United States citizenry. But all that aside, it really does boil down to this. Do not expect any resolution by close of business Wednesday. In fact, we'll be lucky. We will be lucky if we know who the hell's gonna sit in that chair sometime during Thursday. And honestly, I don't expect that. But we will have to see, and I will see you on the other side of it. 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 9:40 AM Pacific Daylight Time. It's the day before Insanity Day 2024.
This is episode 986 of Bitcoin, and yeah. Okay, so elections are tomorrow in the United States, and apparently it's setting the tone throughout the entire freaking world. I just, I hate that. I wish that that wasn't so, but apparently every country in the world and every financial market from sea to shining sea is somehow dependent on this election. And honestly, that's just bad juju. I'm sorry it is. It's just bad juju. So one of the things that I've noticed is that everybody has been going, oh, man. This election is insane. Oh, no.
No. No. We haven't seen insanity. No. Ladies and gentlemen, this is just the pre show. We we've been in the pre show. We're just warming up to the insanity that is yet to ensue. I'm not giving any predictions as to who's I think is going to win the election because I have no idea. Hell, I got people in freaking Spain voting on who's going to win the United States election on the Poly Market. And United States citizens aren't even allowed to use Polymarket. It's just it's messed up. And yet, nobody's taken my advice, probably because nobody's, you know, nobody from these publications are listening to me. But if you're in if for whatever reason, you're an editor or you're writing for a magazine, and somehow or another, you're putting the poly market predictions of who's going to be the United States president into your news story about the United States presidential elections? Please, for the love of God, stop.
It is not a reflective issue. And I'm not saying that because in many cases, Trump is ahead in the polls. That's not the point. Harris could be ahead in the polls for all I give a shit about or at least I'm sorry, in poly market because poly market is not a poll. Not that polls are anywhere near accurate. I'm just saying, poly market is for degenerates to gamble on something other than a football game. That's all it is. That's all it ever will be. It's gambling. It's degeneracy. It has no impact whatsoever. And people keep putting I keep seeing it day after day after day.
Polymarket Trump's gonna win because polymarket no. We United States voters can't even participate in polymarket. You're talking about what people in France are thinking, what people in Spain are thinking, what people in Colombia are thinking, or wherever the hell poly market is getting their degenerates from. I'm just saying, don't trust that. It's not good. It's no good. It's just no good. Now, speaking of no good, we got Coinbase here. Coinbase is gonna come up a couple of times. We're gonna start out with this one from Bitcoin Magazine and Vivek Sen.
Coinbase is embarrassing itself by not buying Bitcoin. Really? At this point, Coinbase is just embarrassing itself by not buying Bitcoin and doing silly buybacks. Coinbase just had a bad quarter. It was bad After reporting a disappointing Q3 earnings, its stock plunged over 10%. Oh, shit. To instill confidence, Coinbase announced a $1,000,000,000 share buyback. But that flopped too with shares barely budging. This whole debacle just shows that Coinbase is foolishly ignoring the obvious strategy here, buying Bitcoin. Instead of share buybacks, imagine if coinbase put $1,000,000,000 into bitcoin for its corporate reserves.
That would have sent a real message. It would show that they have skin in the game and truly believe in bitcoin and crypto's future. Let's be clear, shall we? Coinbase should be all in on Bitcoin's upside. This is the industry they pioneered. Oh, god. Yet here we are in 2024, and Coinbase won't allow the proven Bitcoin reserve model that is literally being flaunted in their faces by MicroStrategy. Look, I'm not any financial engineering expert to tell public companies what to do, but it's just too evident for crypto companies at this point. MicroStrategy started buying Bitcoin in 2020.
And look what's happened. Their market cap now exceeds Coinbase's. This software company with 1 tenth of the revenue of Coinbase has surged past the OG Bitcoin and crypto exchange. All thanks to stacking sats how embarrassing for coinbase they've been around since 2012 when bitcoin was $5 just imagine if they went all in on bitcoin back then But it's still not too late. No more wasting money on share buybacks or lame projects. The solution is staring Coinbase right in the face. Just keep stacking sats. It's painfully obvious at this point. Any self respecting Bitcoin and crypto company must hold Bitcoin on its balance sheet.
It aligns interest with shareholders and strengthens credibility. So wake up, Brian. No more excuses. Coinbase literally owes its existence to Bitcoin. It's time to go all in at last. And that again by Vivek Sin out of Bitcoin Magazine. Will they go all in? Oh, hell no. Vivek, you're talking about Coinbase. You're talking about Brian naked mole rat guy who signed the New York agreement, signed his name to change the consensus rules of Bitcoin with a bunch of other suits in the room. He's not on Bitcoin side. He's never going to be on Bitcoin side. I I don't know why.
I never talked to the man, but it is painfully evident that they are not going to do that. It is not because they've missed the boat. It's because I get the feeling that Brian Armstrong just doesn't like being wrong in public. Nothing. There's no there's no reason to get scared about being wrong in public. Hell, I know for a fact that I have said stupid shit on this podcast, and I've been 100% wrong. If I could be more wrong then I probably was more wrong but I figure a 100% is pretty much the limit in how wrong you can be about something. I've been wrong. I do it in public. I'm not embarrassed.
I'm just a person. I'm not a saint or anything like that. It's just bizarre. But I do think that this is an ego thing that Brian Armstrong will never jump into Bitcoin. And it doesn't matter how many other corporations, whether they're exchanges in the cryptocurrency ecosystem or software companies or life insurance companies for that matter, they will smoke Coinbase. Coinbase isn't that well run of a company either just because they're in it. Since 2012 when Bitcoin was $5 doesn't mean that they've got some kind of prowess. They're not anointed by God as being like somebody who knows what the hell they're doing. Clearly, they don't. They don't even have control of their back end when you have feeding frenzies and there's blood in the water in the markets. Their their shit always goes down. People can't sell. People can't buy. It it doesn't matter. They get overwhelmed. They've had years to figure out how to sew up their back end. They haven't done that either. And that's part of daily operations.
So why on earth would Vivek Sen think that any kind of messaging from any kind of news outlet whatsoever is going to persuade Brian Armstrong to actually buy Bitcoin and keep it on the balance sheet? If you think that that's going to happen, don't. Just stop and, I don't know, invest your energy in somewhere else, like like Deutsche Telekom, who is venturing into Bitcoin mining with renewable energy. Zoltan Vardai, Cointelegraph. Deutsche Telecom plans to venture into Bitcoin mining In a positive sign of adoption for the world's 1st cryptocurrency, Deutsche Telekom, Europe's largest telecommunications provider, announced a new Bitcoin mining project using surplus energy from renewable sources that would otherwise remain unused.
The mining project, called Digital Monetary Photosynthesis, is developed by Deutsche Telekom subsidiary, MMS, in collaboration with Bankhaus Metzler. The Bitcoin mining rigs will be set up in Back Nang, Germany on the premises of metal wait. Hold on. On the premises of metal and glass facades manufacturer, Riva, with the rigs managed by Metis Solutions, Deutsche Telekom announced on November 11th. What? Wait. No. That's weird. It's not November 11th. Hold on. Let me make sure that I've got this date right here. When did this yeah. This was written 4 hours ago. Zoltan, dude, it's November 4th, bro. The telecommunications giant announcement comes a week after, you know, Bitcoin's white paper turned 16, showcasing the utility and continued global adoption of the world's first blockchain network. Deutsche Telekom's pilot project arose from a growing amount of renewable energy sources. The country's growing energy supply from less predictable sources like wind turbines requires more infrastructure to regulate the grid according to Oliver Naidarelli, head of digital trust and web 3 infrastructure at Deutsche Telekom MMS.
Bitcoin mining could be used to regulate the energy fluctuations of the country's electrical grid, he wrote in the announcement, quote, together with Bankhaus Metzler and Riva Engineering GmbH, we are taking a step in this direction to test the regulatory effect of Bitcoin miners in an energy grid. Surplus energy is converted into digital values through the miners. We call this digital monetary photosynthesis. Beyond the Bitcoin mining facility, Metzler will explore further possibilities of financial services with digital assets without disclosing further details. The use cases of Bitcoin mining extend far beyond its economic benefits for miners. In Finland, Bitcoin mining is warming an entire town of over 11,000 residents with recycled heat from mining rigs.
The town is heated by 2 megawatt pilot projects located in the Sattacunte region, launched in June 2024 by Marathon Digital Holdings, the world's largest bitcoin mining firm. Marathon's facility uses a method called district oh, sorry. District heating, which centrally heats the water and distributes it through an underground network of pipes to heat houses. This could be a future proof method for heating homes since Bitcoin mining rigs produce significant excess heat. Yeah. That's the end of the article, but there's a problem here. It is very rare, very rare indeed, to find a secondary water system that plugs into everybody's houses that essentially is used to have hot water. Now some of these towns that they're talking about already had that infrastructure in place, and they were using, I don't know, oil fired or coal fired boilers or something like that to actually provide the heat. Well, it's great that now that that heat is being provided by Bitcoin mining, but for it being the future of something, it can only be the future for that which the infrastructure is already available.
Nobody is going to replumb a town of 11,000 residents so that they can have hot water pipe to their house that has absolutely nothing to do with their regular water inlet that's coming into their house to give them running water. It's that's a hard sell. So for those people that are like, yeah, see it's gonna change everything. Not not so fast. It will change the things that can be changed. The very highest hanging fruit, however, like replumbing an entire town for a secondary water system, yeah, you're gonna have to wait on that one. Okay. So from CoinDesk, Mark Hochstein or Hochstein has this one.
If US election is disputed, prediction markets could face a hornet's nest. Polymarket and Kalshi are in the news. At first blush, it looks redundant. The weekend before the US presidential election, crypto based prediction market, Polymarket, spun up a contract betting on who will be inaugurated as the next leader of the free world. As anyone who has paid the slightest bit of attention to crypto or election news coverage this year knows, Polymarket already had a heavily traded contract on which candidate will win the presidential race. That contract has seen more than $3,000,000,000 in trading volume, according to Polymarket, with more than $200,000,000 worth of open interest or positions outstanding according to a Dune analytics dashboard.
There's a subtle difference between the winner contract which polymarket has listed since February, and the new inauguration one. The difference highlights a challenge facing prediction markets ahead of Tuesday's vote in a politically polarized low trust environment. Namely, what if the election results aren't clear shortly after the polls close? Or if they are clear to one side, what if the purportedly losing candidate disputes them as Donald Trump did 4 years ago leading to a January 6th 2021 capital riot. Or if one candidate concedes but then withdraws the concession as Democrat Albert Gore did in 2000 leading to a Supreme Court case. Yeah. That took a while to shake out.
There could be a hornet's nest about this next week, Coleman Strumpf, an economics professor at Wake Forest University in North Carolina, told CoinDesk. In prediction markets, traders bet on verifiable outcomes of real world events in specified timeframes. Typically, they buy yes or no shares in an outcome and each share pays $1 if the prediction comes true or 0 if not. On poly market, bets are settled in USDC, or a cryptocurrency that trades 1 to 1 for dollars. Other platforms, including Kalshi and PredictIt, pay out regular greenbacks. As of Monday morning in New York, Yes shares for Trump winning the presidency traded at 59¢ indicating that the market saw a 59% chance of victory for the Republican candidate.
And Kamala Harris' odds were at 41. The rules for PolyMarkets, quote, winner contract say it will resolve once all 3 of the Associated Press, Fox News, and NBC call the race. However, if all 3 media outlets haven't done so for the same candidate by inauguration day, the market will be resolved according to who is actually inaugurated. By contrast, PolyMarkets new inauguration contract doesn't bother with press sources and will wait until January 20th to resolve. If no one has been inaugurated by then, it kicks the can down to January 31st. And if no one has been inaugurated by then, both the Trump and Harris yes shares will resolve to no. And no holders for both candidates will collect payouts, which would be an unusual situation.
This is more in line with Kalshi's presidential contract, which resolves according to who is inaugurated on January 20th. Though the fine print says an inauguration doesn't count if, quote, the first person inaugurated as the president serves only in an acting capacity. Quote, there may be disputes among the candidates and media about who wins the election, but only one will be inaugurated. There can be only one will be inaugurated as determined by the official executive office of the president, said Jack Such, Kalshi's head of market research. Quote, for this reason, we believe resolving on inauguration day is the safest choice for our customers because it provides the highest clarity of resolution criteria.
There are trade offs between the two approaches. Quote, the poly market resolution has the benefit of potentially resolving sooner at a time when agreement on the resolution is generally accepted. And this might make it more popular because of the time value of money, said Aaron Brogan, a lawyer who has studied prediction markets. On the other hand, a media outlet could make a call and then reverse it as the Chicago Daily Tribune did back in 1948 following the infamous Dewey Defeats Truman headline. If the Poly Market contract resolves and then one of the sources flips, it could be a big headache and a lot of litigation for everyone involved, Brogan said.
Potentially complicating matters like we need anymore, Polymarket uses UMA, a decentralized oracle service, to resolve markets and referee disputed outcomes. When a dispute arises, UMA token holders debate the matter for a day or 2 then vote on which side is correct. Wow. An article in The Atlantic last week noted that UMA made a contentious decision earlier this year resolving PolyMarket's Venezuelan election contract for the opposition leader who got more votes, despite incumbent Nicolas Maduro reportedly stealing the election. Polymarket has overruled UMA at least once, though not in the Venezuela case.
UMA cofounder Hart Lambert did not respond to a direct message sent on Twitter. Flip a prediction market veteran who wrote about 5,000 contracts for predicted said the resolution criteria for Kalshi's and Poly Market's main presidential contract are both bad. Kalshi's criteria tied to the inauguration aren't necessarily ambiguous, which is the worst possible scenario, but they're potentially out of sync with the spirit of the market, which is who will win the election, said Pido, who is now CEO of American Civics Exchange, an over the counter dealer of political contracts. It's the degeneracy is just out of control, folks. Out of control.
For example, Trump could win and then die or be incarcerated or, for some reason, decline to be inaugurated. And JD Vance would, quote, win the market, which means all traded outcomes would resolve to no. He said, or litigation or outright chaos could reign until well past January 20th. As for PolyMarkets' criteria tied to the 3 media sources, any of those 3 outlets could say it's indeterminate or too close to call indefinitely. In which case, you're left with the same inauguration test as Kalshi, which again, doesn't really match the test that's being traded, who wins the election.
Quote, I think everyone's trying to punt past the voting of the electors in December and the congressional tabulation in early January so that they don't get snarled in a 2020 like scenario if there's a lot of chaos. But the January 6th tabulation is really when someone certifiably wins the election, so that's what it should be tied to. Again, I want to warn everybody about this poly market thing. It is a it it is a mess. I didn't realize just how badly just how badly these contracts are actually written. And there's no way to I don't think that there's actually any possible way to write them in a good way. I think that they're doing the best that they can. All it really does is show us just how jacked up United States elections have become.
And that is a barometer of just how divided this country truly is. And I wish I wish that, you know, I have better news for you, but that's not good news. That's that doesn't that's not really helping us go into the future because at this point, it doesn't matter who wins. It really doesn't. The nation's going to remain divided. And whatever the outcome of this election is, that division is going to be well, the ossification of the division between the two sides of the country is gonna get stronger. And by the way, ossification just means to set with set with calcium or to make turn into stone. Like when bones of a child start to ossify, they they basically get set. They lose their flexibility and they become as you grow into an adult, they become the kind of thing that if you bend your, you know, arm over enough, the bone's gonna break. Whereas in a child, there's a lot of flexibility there. We're we've lost the flexibility in the United States, and this election isn't going to help that.
It's just not. It's going to further reinforce whatever the two sides actually believe. So there's only one way out of this, and you know what it is. It's yourself. You thought I was gonna say Bitcoin, but I didn't. It's yourself. You are the only one that can escape this shit show, and we can't do it arm in arm and sing the kumbaya together. This is these are individual choices that every one of us has to make. How we make that choice and what's included in that choice is also squarely in your corner. I highly recommend buying Bitcoin. I highly recommend stacking sats.
But I also highly recommend taking a good look whether you're in the United States or some other country and looking at your country and saying, do I recognize this place any longer? Chances are good many of you don't. But then you have to make the decision. Do you physically leave or do you stay and fight? And if you stay and fight, exactly what are you fighting for? Because I think that this this is where we've come. I think this is the boat that we're riding in. We didn't choose this ride. We didn't choose to buy the ticket. The ticket was given to us and then we were thrown onto the boat with no possibility of getting off this ridiculous cruise line.
And as ridiculous as it is, we exist in very dangerous times. It it's that way. We've we really haven't really had to deal, as Americans, with the possibility of shit going south in a way that we've never seen before. Some people look at January 6th and say, it was a riot. I don't didn't look like a riot. There were some people, like, spilling in through a single door. I saw all kinds of people just kind of walking around aimlessly. It didn't it didn't look like people were, like, taking knives to the portraits in the portrait room. It didn't look like people were, like, you know, I don't know, taking the hammers to the slate and and tile floors. It didn't look like there was, like, widespread destruction. The only officer that actually got killed didn't get killed on that day. That guy died of a heart attack the next day.
The only person that I know that died at the Capitol was a civilian shot by the Capitol Police. I I don't even know what to believe anymore. It's so bad. So that's one of the reasons why I'm I'm having an allergic reaction to this whole poly market thing. I think it's bad. I I don't think that that these being able to especially for for foreigners being able to bet on presidential outcomes in a country where their own citizenry isn't allowed to bet on the same platform, I. E. Polymarket, how did how in the world does that even do how does that do anything other than help to sow kind of dissension?
So if you are a poly market fiend, seek help because it's just degenerate gambling and it doesn't help anybody. This is the kind of gambling that can actually hurt other external people outside of your family. Sure. You can hurt all of your family by going to Vegas and gambling away every red cent that that you have control over, which, let's say, it's a 100% of your family funds and you lose everything including the house. You've hurt the immediate members of your family and maybe a couple more. But this poly market bullshit, this could this could possibly hurt tons of people, none of which are related to each other. Okay. Let's go to Colorado where a Colorado resident has been scammed out of 1,000 of dollars worth of Bitcoin by a fake jury duty call.
These people will stop at nothing to get your Bitcoin. And this is from decrypt.com by the staff, apparently. A Keystone Colorado resident fell victim to a sophisticated crypto scam last week losing over $6,000 in Bitcoin after fraudsters posed as law enforcement officials threatening to arrest him for missed jury duty according to the Summit County Sheriff's Office. According to documentation reviewed by Decrypt, an additional $4,000 transfer was in the works, though deputies were able to intervene before it got pushed through. Despite this, the Summit County Sheriff's Office disclosed that the perpetrators had already obtained sensitive personal information during the call.
A deputy will never call anyone to notify them of a warrant for their arrest and then offer to clear it in exchange for gift cards, wire transfers, or Bitcoin, the office stated in its incident report. Pausing. It's amazing to me that somebody fell for this, and my heart goes out to them. But how on God's green earth do you not recognize that as a scam? And that's the dangerous thing is that people don't recognize it as a scam. They're not dumb. They're not smart. They'd be completely neutral. Maybe they were having a bad day. Maybe they were distracted. Maybe there's mental issues. Who knows? But the point is is that while me and you can look at this and say, dude, no.
Nobody's gonna call you with an arrest warrant over the phone and say, what? You know, come on down to the station. Let's clear this up. No. If you've got a warrant out for your arrest and they're going to execute the warrant, they're going to execute it where you are, either at your job or at your home, or they are following you around and know where you're at, and they will execute it in the parking lot of a freaking Target. Right? No nobody's gonna call you on the phone. But I can say that until I'm blue in the face. People still fall for it.
So be aware, call logs from the report indicate that similar incidents continue to emerge across the state. With a separate, a completely separate incident in Denver describing how a woman lost almost $5,000 in bitcoin after scammers impersonating Denver police officer officers convinced her that she had missed jury duty. The victim, believing she must have overlooked a jury notice, followed the perpetrator's instructions to clear a fake warrant by sending payment through a Bitcoin ATM. Upon contacting Denver police to confirm the transaction, she discovered she'd been defrauded. Though her bank had been notified of the fraud, the patrol report claims that it's not likely the money will be recovered. Not if it was sent directly to a wallet in Bitcoin, it won't.
The case mirrors a September incident where Keystone Bank staff prevented yet another resident from transferring 8,000 dollars in crypto after receiving similar fraudulent calls. Scammers have increasingly adopted number spoofing techniques to make calls appear to originate from legit law enforcement agencies. Colorado's crypto fraud landscape has expanded significantly with state investigators documenting over 1300 cases totaling $81,000,000 of actual losses during the year of 2023. The state ranks 15th nationally for crypto related crimes. FBI Denver also issued a warning earlier this year in relation to token impersonation scams, including high profile cases where some 3,200,000 in crypto was allegedly misappropriated by a pastor and his wife targeting victims through their Christian community, shilling a token called index coin. Quote, these scammers can be aggressive and persuasive, the sheriff office warned, noting that crypto transactions are partially attractive to fraudsters due to their irreversible nature and difficulty in tracing funds once transferred.
While transactions in crypto are generally irreversible due to the concept of immutability for blockchain, recent work in reversible transactions through Ethereum was forwarded by researchers to Stanford University. Private led initiatives to help victims out of crypto scams have also been launched to counter these incidents. And you may also check out Decrypt's guide on how to protect yourself. Let's go back to this this throwaway paragraph. While transactions in crypto are generally irreversible due to the concept of mutability for blockchain, recent work in reversible transactions through Ethereum was forwarded by researchers from Stanford University.
If you thought Ethereum was anywhere close to safe, then you this is the first time listening to my show. So congratulations for finding me. 2nd, no. No. Having anything to do with Ethereum is just begging, begging to lose your value, either directly through a scam, the fact that it's cratering against Bitcoin every single day and has been for the last 4 years, or some other weird shit. But the fact that there's even the notion that Ethereum transactions are reversible, that should scare the living daylight out of you if you have any ether at all. If you do, you might consider selling it into Bitcoin, but that's up to you. Let's run the numbers.
CNBC Futures and Commodities Oil doing well today. Why? Because Iranian is threatening to attack Israel again. Why do you I mean, if you're going to attack somebody, why are you telegraphing it? I did of course, and again, that's why I don't work at the Pentagon. But West Texas Intermediate is up 2.78%, back up to 7142. Brent Norsey is up 2 and a half points to $75 a barrel. Natural gas up 3 and a half points. Gasoline up 2.8 to $2.2 a gallon. Shiny metal rocks are having a pretty bad day. Gold not doing so terrible. 0.09 percent to the downside. That is $2,746.7 an ounce. Silver is down a 5th of a point. Platinum is down 1 a quarter, but copper is up 1 a third.
Palladium is down well over 3 full points. Lumber is at 1.34% to the upside. That looks like it's going to be yep. That's gonna be our biggest winner of the day. Biggest loser is sugar, point 86% of the downside. Well, live cattle is down a half, lean hogs are down 3 quarters of a point, and feeder cattle are down just shy of a full half point. Dow is down a half point. And the S and P is also down but by a 5th. And the Nasdaq is down essentially a 5th of a point. The S and P mini is up just over half a point. Bitcoin having a, well, pretty piss poor performance today. We're back down to $67,640.
That puts us at a $1,340,000,000,000 market cap, and now we can only get a measly 24.6 ounces of shiny metal rocks with our 1 Bitcoin, of which there are 19,000,000 777 1,489.86 of. And fees are low. Like, really low. Like, 0.04 BTC on average in fees on a per block basis. There's only wow. There's only 71 blocks, carrying a 159,000 unconfirmed transactions, waiting to clear at high priorities of 3 satoshis per vbyte. Low priorities gonna get you in at 1. Hash rate's been well, I keep seeing, like, all time high news about it, but it's only at 721.6x of hashes per second. So maybe I'm missing something. Who knows? Alright. So right before we get into reading the boostograms from, Friday's episode, I need to make the ask.
Now here's what here's what Adam Curry has written about value for value. It's talking about the ask. He says, ask and people will give. The ask is the most important piece of the puzzle. The number one reason people do not give is because that they weren't asked And the same holds true for the value for value model. There's an art in asking your audience to give back, and it will be different depending upon medium, demographics, and other factors. But one thing remains, You have to ask. And that is on the value for value dot info website.
And Adam Curry does a very good job at making the ask on his various podcasts. I don't think I'm as good at it. But then again, I haven't spent 40 years of my life inside of media. Actually, I think I'm starting to think that Adam Curry started in radio when he he had to have been 15. And I don't know how the hell you do it. I guess the Netherlands have a completely different, you know, like, age that you can start working at. But I keep doing the math on how old Adam Curry is versus when he says that he first started. And I'm, like, doing the math going, what were you, 12? So he's better at it than I am. Way better at it. But the way that the value for value model works is that we're trying to get away from traditional advertising, not just podcasters, but everybody.
And it's, you know, in a lot of the time people say, well, it's because they nobody likes ads. I beg to differ. There was a time when, like, I would be listening to radio shows. What I didn't like were the ads that were prerecorded and were like in somebody else's voice completely. Like whoever voice actor the advertising company hired to, you know, to make the commercial. Right? It's completely different voice. I hated that. I always liked live reads because, you know, there's a proof of work involved there. That means that the guy who's sitting behind the mic has to stop doing what they're doing, end, like, you know, the story that they're talking about, and then re reframe their their whole brain to say, now we're going to read this advertisement.
And then do other and then do other stuff. It was all I mean, and I remember, shit, early TV when I was a little bitty kid. There was Mutual of Omaha's Wild Kingdom. I did not mind when Marlon Perkins, the host of Mutual of Omaha's Wild Kingdom, would do the live reads. Well, they weren't live. They were it was the the show was taped, but he would do them himself. He would be standing up. And he would I don't know how he they didn't have teleprompters back then or maybe they did, but he would read, you know, the ad in front of the camera and he would talk about Mutual of Omaha because there was no other advertising on that platform. It was called Mutual of Omaha's Wild Kingdom. Everything about that show was paid for by one company and that was Mutual of Omaha, the insurance company.
Right? I appreciated that. I don't mind ads, especially if the hosts themselves are actually doing the ones reading the ad. And especially if I know that they're doing it live, that's extra bonus points for me. But we're trying to get away from that. Advertising, essentially, I have never even had advertisers on this show. You know that if you've listened to the show. And all I read about is how advertising and podcasting has just fallen through the floor. Well, because you guys have helped me out by donating to the Bitcoin and podcast through various boostagrams. And people have been streaming me huge. Like, instead of, like, 7 satoshis or 9 satoshis, I think the fountain to stream, it's like a minimum of 10. I'm not exactly sure about that, but I I think that they changed it.
I've been getting like 34 satoshis per minute, 45. Somebody was sending me like a 100 satoshis per minute, you know, and that coupled with 20,000 satoshi boostograms Shit. Guys, I can actually convert that into, like, gift cards. Now, most of the sats I try to keep, but I do have bills to pay. So here's the ask. If you like what I do, if you find value in what you hear, if I'm informing you at all about what the hell's going on today in Bitcoin, then donate to the show. Keep me going so that I can keep doing that for you. Like I keep doing it for people like Nostra Paragui with a 20,000 satoshi donation.
He says, great podcast. Thanks for the feedback on fanfare. Io. Open to working with anyone that wants to solve the problem. Now, I don't know if Nostra Parageway is part of fanfare. Io. Nostra Parageway, if you are, put that information in a boostergram. Let me know if you're directly connected to that project because that fanfare. Io that I talked about clearly on Thursday because I'm reading boost from the Friday show entitled flanking maneuvers. I well then, that I was unaware that Nostra Paraguay, who I've seen several occasions on this show with BoostiGrams, I don't know if you are actually part of the fanfares.
Io ecosystem. And go check out fanfare. Io. Fanfare. Io. Golf witch with 6,777 sats says, great podcast this week. I would love to boost you more often. However, I am a pleb who is still trying to become a whole coiner. I love your show and I truly appreciate it. Keep up the good work. Fucking legend. Thank you, Golf Winch, and I completely understand, which is why I say, if you don't have the satoshis to spare for a donation, donate your time. Help promote the show. Do clips of the show on various podcasting 2.0 allows you, applications allow you to take clips of the show and then share that out on various social media.
The 5 star reviews on Apple Podcasts that is that that injects a huge bump to this show every time somebody does it. I guess Apple Podcasts has a way to say, oh there's a new 5 star review on this podcast, and somehow or another it gets bumped. Because every single time you guys do that, you go to Apple Podcasts, you give me a 5 star review, and you write something cool, all of a sudden I get a bump in listenership. And it happens every single time it costs you but it costs you your time and your attention but it's not that that is any less or more appreciated than straight up satoshi donations to this show dark with 2121 Sat says, added a 5 star on Apple pods. I hope it helps spread the word a bit. Keep on trucking. Dude, sweet. Talk about transition.
Dark also gives me another 2121 says, thanks for teaching me something today. Love the show as always. I'm so glad that I'm able to give back to this community. FOMO hold on. FOMO Mattronic with 1,001 sat says, absolutely nothing. God's death with 537 says thank you, sir, no thank you. Pies deploy before 20, thank you, sir, no thank you. And user 115-568-42 with 500 says, boo, elections, vote for less government. Wartime with 333 says, flame. He gives me a little fire emoji, man. User 301-16849 with 210 says, please cover libertarian economist Matt Zawalinski on high x support for UBI.
I'll look into it. Can't promise anything, but I swear I promise I'll give it a shot. Crypto neck with 210 says, great content, great energy. Thank you, sir. No. Thank you. And Short Fiat says, and I appreciate that. That's the weather report. Welcome to part 2 of the news. You can use Coinbase up again today. They've been hit with a $300,000,000 token listing allegation by Justin Sun and this dude with the last name Clonger. This is Zoltan Vardai writing again for Cointelegraph. Some of the biggest cryptocurrency exchanges allegedly asked for 100 of 1,000,000 of dollars for new token listings. Yeah. We've seen that. That's not allegedly. That shit's happened.
We know it's happened. We saw it happen. We saw it going on in 2017. Nobody is fooling themselves. It has happened. It's not alleged. But let's move on. Because according to Tron founder Justin Sun, Coinbase asked him for $330,000,000 in total fees to list Tron. Sun posted on Twitter on November 4th saying that while Binance did not charge any fees, Coinbase requested 50,000,000 TRX tokens valued at around $80,000,000 and a 250,000,000 Bitcoin deposit to be held in Coinbase custody. Ah, that kind of misaligns with the fact that Coinbase isn't buying Bitcoin. When did this happen? I wonder I wonder if they'll say.
While Sun's comments may lack evidence, they come as a surprising development. What? Where the hell were you, Zoltan? 2017, 2018. We dude, this was going on all over the place. Anyway, they come as a surprising development considering that Coinbase claims to charge no fees for listing new shitcoins. Asset listings on Coinbase are free, Coinbase cofounder and CEO Brian Armstrong wrote in the November the second post. Oh, here we go. Binance and Coinbase are among the world's most popular centralized crypto exchanges. Binance is the world's largest crypto exchange controlling over 39.5 percent of total spot crypto trading volume.
Coinbase is the world's 6th largest exchange, controlling over 6.1 percent of the market share, CoinGecko data, shows. Cointelegraph has approached Coinbase and Binance, but no comments were received at the time of publishing. Tron founder, Justin Sun, was not the only crypto personality who made claims about token listing fees. Andre Cronje, founder of the Fantom network, posted that Coinbase had proposed various listing fees for Fantom ranging from $30,000,000 to as high as $300,000,000 Cronje responded to Armstrong's post, quote, Binance charged us $0 Coinbase has asked us for 300,000,000 50,000,000, 30,000,000 and more recently $60,000,000.
Andre Cronje is among the most respected founders in decentralized finance. Yeah, well respect. I'm not sure if I would use that word. Known. Let's say known. Okay. Kronej Sonic blockchain claims to be the fastest Ethereum virtual machine chain. Blah blah blah blah blah. Anyway, previously, Kronej founded yearn.finance in the Keeper network, if you remember those. Binance was hit by similar allegations and co founder Yi clarified that the company screens projects for listing but does not charge a percentage of their tokens or a fixed amount.
And since 2018, Binance's listing policy stipulates that all listing fees will be transparent and 100% of the fees are donated to charity. Following Justin Sun and Karone j's initial replies, 100 of others have voiced their concerns over the sustainability of current centralized exchanges. Other exchanges are asking for tens of 1,000,000 of dollars in listing fees, wrote Simon Dedek, the CEO and partner at Moonrock Capital. This could set the stage for departures to decentralized exchanges, added Dedek on an October 31st Twitter post. Quote, I think it's inevitable that DEXs will take over at some point, end quote. Yeah. Well, they've been around since 2015, and they haven't yet, so good luck.
That's just the way humans are. They just they want somebody on the phone. They don't wanna take personal responsibility, and therefore, we get people like Brian Armstrong. It's just inevitable. Well, if confirmed, these rumors could set the stage for an expanding decentralized exchange landscape, responded crypto trader and analyst and entrepreneur, Michael Van de Popp in an October 31st Twitter post. He says, I think that DEXs are going to be way bigger as people are completely fed up with this structure. Exchanges have the power to literally kill your project, end quote.
Over the past year, decentralized exchange trading volumes grew significantly larger, surpassing the monthly $250,000,000,000 mark in March June for the first time since December of 2021, according to an OXScope research report shared with Cointelegraph. And as of October 17th, the DEX spot trading volume in relation to SEXs or centralized exchanges was at 13 point or 13 point 6%, meaning that for every $1,000,000,000 traded on centralized exchanges, there's a 136,000,000 being traded on decentralized platforms. Just get get your shit off of all these things.
You know, I mean if you need to use for whatever reason a decentralized exchange look into hodl hodl hodl hodl hodl hodl hodl hodl hodl hodl. They've been around freaking forever. Forever. They do all they they do well, okay. They're not gonna do all the shit that a centralized exchange does because they're decentralized. But this centralized exchange stuff centralization, I'm surprised that it's gotten as big as it has, as fast as it has. And I wonder if we will see the dissolution of the centralization not only in exchanges, but in mining because both are coming.
Mark my words, both are on their way. I wonder if it will happen as fast as the rise of centralized projects, whether mining or exchanges has done so has done in the crypto ecosystem. I think we're going to see mining decentralized faster than exchanges. Now why I don't know. I don't have any particular news. I'm just saying that when I saw BitX come out, the little solo miners, that was there there always needs to be a crystallization point you can heat up water and you can pour salt and or sugar for that matter something that dissolves in water as like some solid that dissolves in water like sugar or salt If you superheat water, right, you could supersaturate that water with salt or sugar.
And if if the glass that or the containment vessel that it's in is completely clean and the water that you used had no foreign objects in it, then the sugar or the the amount of salt and the amount of sugar, which is way over what that water should be able to hold, will actually still be in solution. And but the second that you put something into that water like a string because this, honestly, this is how rock candy is made or a stick of wood on it it almost instantly That sugar just dumps itself out of solution and starts to crystallize on that string or that rock. Right? It's called supersaturation. We've known about this for, you know, a you know, at least a couple of 100 years, I suppose, if not more. But in either event, I think what we're going to see is the mining landscape change because of the seeding of the mining landscape with something like BitX.
We needed something to look at. We needed something that we could hold in our hands. I never thought, you know, for a second of my life that I would turn over $3,000 for a Bitmain mining rig because I wanted to get into mining because that's just dumb. I'm not that interested in mining that I'm gonna cut $35100 out of my, you know, budget that I use to buy food with so that I can have something that guarantees that I'm going to pay for more electricity and most likely not get any bitcoin out of it just because I wanted to learn how learn mining. Well, now now we got this bitax thing going on.
And it's like they take a they they strip apart an old Bitcoin miner or, like, a bit main Bitcoin miner. You know, some of them are newer. I mean, they're not, like, coming all out of s nineteens or whatever or s seventeens or, like, the earliest versions. Some of them are are quite new. And they're pulling individual ASIC chips out of these miners and, like, I don't know. 1 of these miners could maybe have the 40 chips. I don't know. I'm I'm I'm not into mining, but they'll take a single one. They'll take a single old bit main miner and turn it into like like 30 or 40 bit axis on its own separate card with its own separate fan its own separate power supply and it like you could hold it in the palm of your hand it makes almost no noise virtually provide, you know, doesn't heat up because it's so small. You'll never notice.
And it'll teach you how to do mining. It was going to take something like that. Something we could hold, something we could see, something that we could order and get in the mail before the supersaturated environment that is Bitcoin mining starts to coalesce and starts draining out into, generally speaking, what's known as the commodification of ASICs. Now ASICs are gonna be placed everywhere, not so much with the centralized exchanges. There's no product I can hold. I keep telling people about HODL HODL, but yet I see HODL HODL in the news less and less and less.
And honestly, I think the only breaking point, the only seeding event that we're going to see that changes centralized exchanges over into decentralized exchanges is one of 2 things. Coinbase gets hacked big time. Unrecoverable hack. Or government regulations just takes them down. 1 of those two events occur and it will send shock waves through the exchange landscape and you will see decentralized exchanges just pop up. But right now, we don't see them. Why? Because that shit hasn't happened yet. And humans have this bad habit of waiting until something actually happens when they could have guarded against it and not been part of losing something.
Now let's go to Florida. Florida man. Anyway, Florida holds $800,000,000 in crypto currencies according to their state CFO. So the news gets a little thicker here. This is out of Atlas 21, by the way. At atlas, the numbers 2 one dot com. The CFO Florida highlights the importance of diversifying investments and protecting the state from the overreach of federal government power. Recent statements by Florida's chief financial officer, Jimmy Patronis, reveals that the state now actually holds $800,000,000 in investments tied to digital assets. At present, it's unclear which instruments were used for the investment. During an interview with CNBC, Patronus emphasized the possibility of a potential increase in investment by the state. During the interview, Patronus also stated that he believes Florida needs protection against the excessive power from the federal government.
On October 29th, Patronus requested the Florida State Board of Administration, which oversees state pension assets, to explore the possibility of including Bitcoin. He said Bitcoin. Here it says cryptocurrencies. In the investment portfolios of public employee pension funds, such as those of firefighters, teachers, and police officers. The goal is to ensure optimal return. Well, duh. Petronas emphasized Bitcoin's diversification potential, calling it digital gold to balance the state's investment portfolio and mitigate volatility risks associated with other asset classes.
Additionally, he recommended launching a pilot program that focused on digital asset investments under the Florida Growth Fund, which is the state's investment fund dedicated to innovative and emerging sectors. According to the CFO, the inclusion of cryptocurrencies could offer potential benefits to consider in developing a long term strategy to preserve and grow state pension system assets. So the last week, I told you about Petronas saying he wanted Bitcoin in the state fund. What we didn't know at the time is that they already had $800,000,000 of investments that are tied to digital assets.
So here's what I think. I think they probably just bought MicroStrategy and probably some Coinbase shares. And I don't think that they actually hold cryptocurrency, but they're scathingly close. And at $800,000,000, even though that's just a compared to the rest of the employee and state pension funds or other investment funds that are tied to the state, it's still a lot of money. You don't sneeze at $800,000,000. So this guy from Florida looks like he's actually serious about this shit. Alright. Let's end it off with Robosats version 0.7.1 alpha.
There are fixes and performance improvements to Robosats, which is a simple and private way to exchange bitcoin. Excuse me. Excuse me. Excuse me. It simplifies the peer to peer user experience and uses lightning hold invoices to minimize custody and trust requirements while helping users stick to best privacy practices available on the web Android, Windows, Mac OS, and Linux. Robosats is now out the new one. And this version includes multiple performance improvements, better and faster web notifications, a disable notifications button for Android users, fixes for robot avatar generation on the web version, and removes experimental and Satralia coordinators and more.
Let's see if there's anything they've got a list. Bug fixes related to cache has been done. Web notifications went through. Fixed version of upgrade of the upgrade dialogue. Let's see here. Is there anything else? Oh, upper case invoices on QR codes are now available. So that's nice. And I have no idea what SOT Sat Australia coordinators are. I assume that they're coordinators in Australia, but it is what it is. So Robosats, if you're using it, might wanna go, get an up get the upgrade. And, if it's I have not used this. I'm I'm definitely not a Robosats user.
I've heard about it a lot over the years, and I am just now aware that it is available on the web. I don't think it actually used to be available on the web, which is I if I'm thinking RoboSats is what I think I'm thinking of it as, then I tried using it, but there was no web interface and they have looks like they've never released anything for, for the iPhone or iOS. So that's one of the reasons why I haven't even tried it out. But now if it actually is available on the web, I might give it another shot because some of the stuff that RoboSats does seems rather interesting. Okay. So that's the news for the day.
Advice going into tomorrow. Expect bullshit and a lot of it from different from the media, expect it. From both of the actual presidential camps, expect it. From man on the street interviews, expect it. From I don't know what's gonna what's gonna happen. All I know is that if you were around during the what was it? Was it, it was Bush and Al Gore, that was the famous hanging Chad election. And I can't remember what year it was. It was quite a quite a long time ago, but it is what it is. So the hanging chat, I wanna say that that was the the, 2000 elections. I'm pretty sure that that was the the 2,000 election.
It took weeks to resolve that. It would they were in court for weeks weeks weeks. I do I'm not exactly sure if it was resolved by the inauguration date. If I remember right, it actually went past the inauguration date and they had to push it back. As far as I know, that had never happened before. We've never not known who was going to be president for that long. Usually, you know by the next day. I have a sneaky suspicion that we're going to see a repeat. I get the feeling that people that are waiting for the end of, you know, end of business on Wednesday to figure out who the hell's gonna take that chair, I think you're going to be disappointed. Now I have that's just a gut feeling. I have no news. Nobody's saying in my ear that you don't know about saying, hey. You might wanna tell your listeners, not to expect resolution by Wednesday.
Just the division in this country is so bad. The chicanery that I'm seeing from everywhere, from every media outlet is so bad. I can't trust any of the polls, and now we've got poly market that is more evident than ever, somehow or another influencing what the hell these elections are gonna do, even though US citizens aren't allowed to take any kind of part in poly market. And you'll say, but Robosats has it. They could do or not Robosats. I mean, Robinhood. Robinhood has prediction markets, and US citizens could do that. Yeah. Have you seen a Robinhood prediction market results at all?
No. They keep going back to poly market, and poly market has nothing at all to do with United States citizenry. But all that aside, it really does boil down to this. Do not expect any resolution by close of business Wednesday. In fact, we'll be lucky. We will be lucky if we know who the hell's gonna sit in that chair sometime during Thursday. And honestly, I don't expect that. But we will have to see, and I will see you on the other side of it. 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.
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