Join me today for Episode 987 of Bitcoin And . . .
Topics for today:
- BPI's Argument for the Strategic Bitcoin Reserve
- UK Pension Fund Allocates 3% to BTC
- Peter Todd Speakes
- Opensats' 8th nostr Grant Wave
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https://cointelegraph.com/news/mt-gox-transfers-2-2-b-bitcoin-825-m-btc
https://decrypt.co/290112/british-pension-fund-first-add-bitcoin
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https://www.theblock.co/post/324537/bitcoin-mining-difficulty-100-trillion
https://atlas21.com/peter-todd-to-atlas21-hbo-could-have-asked-me-to-refute-theories-about-satoshis-identity-they-didnt/
https://www.nobsbitcoin.com/opensats-announces-eight-wave-of-nostr-grants/
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[00:00:00]
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Good morning. This is David Bennett, and this is Bitcoin and, a podcast where I try to find the edge effect between the worlds of Bitcoin, gaming, permaculture, podcasting, and education to gain a better understanding of all. Edge effect is a concept from ecology describing a greater diversity of life where the edges of 2 systems overlap. While species from either system can be found at the edge, it is important to note there are species in the overlap that exist in neither system, and that is what I seek to uncover. So join me in discovering the variety of things being created as Bitcoin rubs up against other systems. It is 8:50 am Pacific Daylight Time on this election day, November 5th.
Remember remember the 5th November 2024. And this is episode 987 of Bitcoin. And, yeah, it's election day. Woo hoo. The circus begins. I don't think we're going to know anything by the end of the night. That's my prediction. That that that's my prediction. I don't think we're gonna know who sits in that chair for a few days. I think it's going to be a mess. I think it's gonna be ugly. I think shit's gonna swing wide on the left and then the right and then back to the left and back to the right. It's gonna be it's gonna be like watching one of those football games that as long as your guy wins, right, then it's a good game.
That it was well played. And then you'll have good things to say about the other team and how well they played. That's sort of the way that I think this is is gonna work itself out. But that said, I I just I really do not think that people are predicting a landslide on on depending on what side of the aisle you're talking to, they're predicting a landslide. I I doubt it. I don't think so. But honestly, I mean, to have JFK Junior or what? RFK Junior, Ron Ball, and some of these other people, just the just the RFK Jr. And Ron Paul aspect of this certainly makes me wanna go orange. I mean, both those could you imagine? I mean, I'm not really that I'm not all that excited about Elon Musk and the Department of Government Efficiency.
Doge? Really? Come on, man. I mean, at one point or another some things are funny, but other things are a little bit more serious to the point that you really don't want to inject juvenile humor into it. Although, hey, you know, I'm an old fuddy duddy, so take me with a grain of salt by all means. But still, Ron Paul and RFK Jr, at either cabinet level or reporting to cabinet level, would be something that may yeah. That that makes me wanna go orange for all manner of reasons all by itself. All by itself. But we won't know. I that's my prediction. We're not gonna know by the end of, by the end of tonight. It's gonna be well into tomorrow, and I think tomorrow is gonna be a shit show. Now, here's one of the things that that I've been saying is that if if the polling, and I'm not talking about poly market prediction markets or anything like that, I'm talking about the pre election polls, the exit polls, all these polls, which, yes, I'm not exactly I'm not I don't really listen to these things for any other reason than to kind of like take some temperature, which is exactly what they were designed for. But they were I don't think the polls were actually designed to tell you who's going to win.
It just gives you the general sense of which way things are going at the time that you take a census of that poll. Right? So I've always said that if the polls are really close, and it looks like from the polls that I've seen, that things are very very close, then we're going to see chicanery. And as much as I hate to say it, we're gonna see chicanery directly on the Democratic side because they're just better at it. They're better at cheating. But here's here's one of the things that I think may actually happen. They've been good at cheating for a long, long time. They haven't been able to get away with it for a long, long time. Right?
So and for those of you guys that are out there that listen to me that that are Democrats, I'm sorry. I'm going to say what I'm going to say. I'm going to make well, I'm gonna make no apologies after I say it because this is this is what I've witnessed. This is what I've this is what's been in my intake pipe for a very long time. I can't unsee what I've seen. And you can say, well, it was all a lie. It was all disinformation. I don't believe that shit for a second. This I have I genuinely listen to NPR in my car. I make that admission, but I do it to figure out what the enemy chatter is.
And all I hear, all I've heard for the last 48 hours is the word misinformation. It's bullshit. It's just bullshit. NPR is a sock puppet of the Democratic Party. It always has been. Well, it always has been for the last 30 years. Before that, it was actually pretty good. I I rather enjoyed NPR. They had some really good shows on. But now it's just polluted with Trump's Hitler, and I don't get it. I've never actually seen Trump do anything that that makes him look like Hitler. I'm still trying to figure out how to ask people, show me one thing that Trump has done that makes him a Nazi so that I understand what has occurred because I don't know.
But it doesn't really matter because we're right back to this this point that I'm saying is that if these polls are very, very close, and it looks like they are, the cheating is gonna begin. So I have a gut feeling that because the other party has been cheating in elections for so very long that they're going to get they're going to get, a little bit of too much bravado this time. And someone's going to get caught. And when they get caught it's going to be so evident, and so apparent. And so in the face of everybody that the word misinformation and Russian disinformation and whatever else they pull out of their freaking hats is not going to work this time.
It's just not going to work this time. I think that that very well may happen. I mean, you can't just, you know, you can't just continuously cheat and cheat and cheat and cheat and cheat and then get a couple of good wins by cheating under your belt, and at one point or another not make a huge mistake. That's the problem with lying. That's the problem with cheating. Problem with lying is you have to remember the lie that you told, and you have to remember it for years. Cheating, while you're doing it essentially you're doing it out in the open. And the only thing that happens is that you're just not careful enough that one time and you get caught flat footed, red handed, and red faced.
And there's nothing you can do about it and there's nothing anybody else can do about it to say, oh, I didn't see that. Oh, that must have been Russian disinformation. Right? Yeah. But back to the original statement at the opening of the show. If anybody out there thinks that we're gonna know what happens by the time we go to bed tonight, you're fooling yourself. We'll be lucky to get a sense of what the hell's going on tomorrow. And if it happens the way that I think it's going to go down, it's going to be a week and possibly weeks before the fog of war clears up.
But we really don't give a shit because no matter who wins this election, they both lose. Why? Because Bitcoin already won. And this morning, the Bitcoin Policy Institute released a 53 page report on the pros of the establishment of a United States strategic Bitcoin Reserve. And what I'm going to do is read to you the executive summary because I'm not going to read all 53 pages. But the executive summary, generally speaking, will tell you what the hell is going on. If you want to read the entire report, it's going to be in the show notes. There'd be a link directly to the PDF file, which I'm looking at right now. And the whole thing, by the way, is titled Digital Gold Evaluating a Strategic Bitcoin Reserve for the United States.
The executive summary begins. Bitcoin's emergence as a decentralized digital asset has reshaped the global financial landscape. And its potential as a national reserve asset is now being seriously considered by policymakers. From its inception in 2008, bitcoin has evolved from an experimental technology into a globally recognized digital commodity with growing implications for economic strategy, geopolitical power and financial innovation. The maturity of Bitcoin presents the United States with a unique opportunity to reinforce its economic leadership, accelerate its energy dominance, counter its rivals, and promote core democratic values in the digital age. This report examines the potential for establishing a strategic Bitcoin Reserve, the SBR, weighing its benefits against potential risks and implementation considerations.
As the United States navigates the complexities of the 21st century digital acceleration and strategic constitution or sorry, competition establishing a strategic Bitcoin reserve represents a forward thinking move that could advance US interest across 4 key domains. 1, economic and monetary stability. An SBR could provide option value against monetary devaluation and debt instability, diversifying the nation's reserves and strengthening the credibility of the US fiscal position, financial system, and global influence. Bitcoin's fixed supply and decentralized nature offer a unique complement to traditional monetary reserve assets such as gold and treasury securities.
2 geopolitical competition by embracing Bitcoin the United States could give a strategic advantage over adversaries exploring alternative digital currencies and financial systems to undercut dollar dominance and bypass dollar sanctions. And at the same time, an SBR could reinforce US influence on emerging global financial standards for digital assets that align with our democratic values and counter United States adversaries' digital authoritarianism. 3. Energy and climate. Contrary to common criticisms, Bitcoin mining could be leveraged to drive investment in renewable energy and support grid stability and thus, help achieve United States climate and energy security goals. 4, financial inclusion and human rights.
Bitcoin's decentralized nature also aligns with core US values of individual freedoms and financial inclusions, offering potential benefits both domestically for underbanked populations and globally for people facing political or economic instability. Implementation of an SBR would require careful planning, including the development of a comprehensive legal and regulatory framework, a phased acquisition strategy, and robust security protocols. While challenges and risks exist, including price volatility, potential market manipulation, and the need for public education, the strategic benefits of an SBR likely outweigh these concerns.
As the global financial landscape continues to evolve, Bitcoin offers the United States a powerful tool to maintain its economic leadership and promote its values on the world stage. Alright. So again, that's just the executive summary of a 53 page report. And this was done by the Bitcoin Policy Institute. Good Joe's over there at BPI. So if you want to read the whole thing, and I recommend that you do, I will have the, link directly the the direct link to this particular PDF that I'm reading. It will go right to what I just read. You won't have to sift through anything else. It goes right to the damn page. It's in the show notes. So click it. Go there.
Read it. Hell, there's even if you don't want to read the whole the whole 53 pages, there's a pretty good 3 page summary after the executive summary that or an overview that kind of gives you a little bit more detail into what's going on. But honestly, oh, sorry. Just sorry. Got a, got a text on my phone and you know me shiny things. So, again, there's 4 major domains that the SBR, strategic Bitcoin reserve, could have positive impact on. And that's economic and monetary stability here at home, geopolitical competition across the globe. Then there's the energy and climate thing. Energy, yes. The climate thing, I have a feeling that BPI is just putting climate in there for you know search engine optimization and to make the people on the other side of the aisle feel like they're being included in the discussion I think this whole climate thing is is a bunch of hooey, but hey, it's in there no matter what. And financial inclusion and human rights.
I mean, that's that's a big deal. If you keep people poor, you don't have to give them human rights. You don't have to respect their god given human rights. No. Because you got all their money. They will they will do whatever the hell you ask them to do because they're dependent upon you to feed their themselves and their families. So my in my estimation, yes, I believe that a Bitcoin strategic reserve for the United States is essential. However, there's only so much Bitcoin. We know that. That's the whole that's one of the consensus rules and that set of consensus rules behind Bitcoin. That's why we're all here in the first damn place.
So we got to balance what we think we want with the reality of the situation. The reality of the situation is 21,000,000 bitcoin or something like was it 2.1 quadrillion satoshis or something like that. Just multiply 21,000,000 by a 100,000,000 and you'll get your you'll get your answer. That's how many Satoshis there are. And it it it should be noted. And I think this is important to note when people that are way swinging to the liberal side and what communism and you get these weird batshit crazy chicks from, like, economic schools of thoughts that are either dead or dying that say that it's an that Bitcoin is an indivisible pizza. Right?
Because we can just we can just we have a satoshi, but we can we can split that satoshi into an infinite not infadecimal an infinite number of, decimal points. No, we can't. We can't. Not at the consensus level. Did you know that? Did you know that you cannot divide a satoshi at the protocol, which that's the consensus level. So consensus level protocol level at the level of Bitcoin Core. My full node runs Bitcoin Core. That node does not understand what 0.01 of a satoshi is. Can't fathom it. Why? I used to think, and I I used to think that it could. Right? And I asked this question, and I I it was on it was it wasn't on, like, the major Bitcoin, like, newsletter or a or mailing list. It was somewhere else, but I got a really good answer.
I thought that there would be, like, fractions of a satoshi. Okay? What I found out when I was asking some people that knew better than me what the hell, you know, how the hell this works and how it is that we can handle error management, you know, do error management because if you're if you've taken any amount of of mathematics in high school and college, when you get to decimal places, you start doing what's called float computations. That that's a there's that's a float, like, in in computer, it's like it. IEEE has something called double float point compliant error right that's like how you get really serious amounts of specification or specific what am I trying to say? You know that 0.00001 is not an error. Right?
You and and shit like high scale astrophysics and like astrodynamics and, like, you're sending people out to, like, freaking Uranus and all that kind of shit, you're going to want double float point compliance. Right? You're gonna wanna be able to take, like, a get to a 100 decimal places and have extreme precision extreme accuracy although those don't those words don't actually mean the same thing but you get what I'm saying we don't have that in bitcoin because Bitcoin does not generate anything other than what was it? Is it it's 303 100000000 no. 300.
What was it? 320 I can't remember what it 3.125 Bitcoin. Multiply that by 100,000,000 satoshis, and that's what the protocol generates. It doesn't generate a Bitcoin. It generates whole numbers and those whole numbers are satoshis. That's where it starts. We've arbitrarily grouped a 100,000 satoshis into 1 bitcoin. That's arb that's just arbitrary. The protocol doesn't know that. The protocol's just generating when it generates your arbitrarily named one Bitcoin, what it really generated was a 100,000,000 satoshis. It doesn't generate a 100,000,000.00 satoshis.
It generates whole numbers. So at the protocol level, 1 satoshi will only ever be able to be valued at 1 satoshi, not 0.99 satoshis. You'll be able to split a satoshi down the middle. The only way that you can do that is with 2nd layer protocols. So at the protocol and the consensus layers of bitcoin, you only can ever have whole numbers. And that's why when the Karens from the liberal side of economics and the communist side of economics start saying, well, well, it's indivisible or it's it's divisible infinitely. No. It is not.
Not in a trustworthy manner at the level of the protocol. Somebody wants to say, hey, I got a layer 2 and and in a way lightning can do this, but I don't trust it. I trust the level of a satoshi all right so I just want I just think that that is is important to understand when we say hey look there's only 21,000,000 bitcoin Multiply that by 100,000,000 satoshis and you get how many million, you know, how many quadrillions or whatever of satoshis that there's ever going to be. And now we start saying, well, BlackRock's gonna get a shitload, and Microsoft is gonna get a shitload, and similar scientific is buying as much as they possibly can. And now we got the United States. It's not that I'm saying it's dangerous. It kinda is.
But how much do we want to give up to these people? I think that that's where we really really need to be careful because otherwise we could end up begging God to not let yet one more Mt. Gox wallet move shit because here we go. Mt. Gox has moved $2,200,000,000 worth of Bitcoin adding to the BTC selling pressure that we saw yesterday. Yeah. Exactly. And this is Zoltan Vardy from Cointelegraph, by the way. Mt. Gox transferred 1,000,000,000 of dollars worth of Bitcoin partly to centralized exchanges, suggesting that yet more creditors may be repaid as this 10 year saga of bullshit approaches the conclusion.
The wallet associated with the bankrupt cryptocurrency exchange transferred more than $2,190,000,000 worth of Bitcoin to 3 brand spanking new wallets on November 4th. Part of the funds were moved to centralized cryptocurrency exchanges, OKX and B2C2 according to On Chain data by Spot on Chain shared in a November 5th Twitter post. Quote, over the last 4 days, Mt. Gox has transferred out a total of 32,871 BTC. Among these tokens, 296 BTC was moved to b2cx and okayx. Currently, this is the number to remember guys, currently, 12,006 Bitcoin remain in the known Mt. Gox wallets.
12,000 Bitcoin remain to be moved. We're we're we're whittling it down. We're whittling it down. But every time this shit moves, people freak out. More than $9,400,000,000 worth of bitcoin was owed to about 127,000 Mt. Gox creditors who have been waiting longer than 10 years to recover the funds threatening significant sell pressure that could tank bitcoin's price. The wallets associated with Mt. Gox hold another 825,000,000 worth of Bitcoin at the time of publication. Yeah. We just I just read you about that. 12,000 Bitcoins left. In the 10 years since the collapse, the Bitcoin price has appreciated over 8,500 percent in value, bolstering investor concerns that Mt. Gox's defunct creditors would be selling their BTC into the market However, Mt. Gox creditors have mostly held on to their BTC On July 30th, Mt. Gox completed 41.5 percent of its Bitcoin distribution to creditors who received a total of 59,000 Bitcoin.
Despite receiving nearly $4,000,000,000 worth of Bitcoin, the creditors weren't selling according to a July 29th Glassnode report. And that said, quote, creditors opted to receive BTC rather than Fiat, which was new in Japanese bankruptcy law. As such, it is relatively likely that only a subset of these distributed coins will be truly sold on the market. The exchange, Mt. Gox, was founded in 2010 and processed more than 70% of all Bitcoin transactions at its peak. And then it lost 850,000 BTC in a security breach, making it one of the largest Bitcoin hacks ever.
So, yeah, that's one of the reasons that we saw some serious sell pressure yesterday. And, also, I think we saw some serious sell pressure yesterday because they decided to do this along with the day before the election. See how this timing works? Isn't it wonderful how people can just jack with large amounts of human beings' emotions and feed off of their fear? This is market manipulation. It's always been here. It's been here in every market. But I think with the emergence of a brand new market like Bitcoin, we don't have any filters on us.
It's not really being covered by CNBC all the time. It's not like I don't know. There's there's so much in the legacy markets that has built a fog of war that we're we're just used to market manipulation. We we don't even see it as market manipulation. We see it as this is the way the markets work. But when brand new asset like Bitcoin, we can see through the bullshit and say, no. No. No. You're picking these times on purpose, and you're doing it because you know it's going to elicit a reaction. Well, doesn't really matter, does it? We'll we'll figure it out. Right now, we're actually doing pretty well.
But that could change because there's gonna be a sell the news event on the election. So just understand that. It's always sell the news even if the news is good. Like, they're they're saying Trump is good for Bitcoin. And if he wins, all kinds of good bitcoin stuff is gonna happen, including the release of Ross Ulbrich. It it's not going to matter. People are going to sell the living shit out of it. I'm not saying don't panic. Don't freak out. It's just I can't lie to you. I've seen this shit more times than I can count. Like, good news comes out. Good news comes out and what happens? Bitcoin drops. Why?
Because it was bad news? No. It was good news. It's not that. It's the fact that it's news. It's something that was tremendous that happened. And somehow or another, that always translates into sell. And I don't know why. I just I really don't know why, especially when we've got stuff like this. British pension fund is now the 1st to add Bitcoin to its balance sheet. This is Matt DeSalvo writing for Decrypt. Again, if you're not following along, wake up wake up. A British a British UK, United Kingdom, British. A British pension fund. Not the United States.
Not somewhere in Asia. No. No. No. No. No. British. A British pension fund is the first to add Bitcoin to its balance sheet. A UK pension fund has put bitcoin on its balance sheet in the first move of its kind in that country. Pensions advisory firm, Cartwright, announced on Monday that it had told an unnamed client in the UK to make a 3% allocation to bitcoin. The firm said that it made the recommendation because of bitcoin's long term gains. The cryptocurrency has risen in price by nearly 100,000 percent since 2013. Quote, trustees of the unnamed scheme chose to make a 3% Bitcoin allocation reflecting the scheme's relatively long investment time horizon.
Cartwright's director of investment consulting at Cartwright, Sam Roberts, said that he hoped the strategic move would be followed by others. Quote, we are proud to have led this groundbreaking move, which we hope will be the start of a trend for institutional investors in the UK to catch up with their increasing number of peers and competitors around the world who are already taking advantage of Bitcoin's unique attributes, end quote. Cartwright said it expects institutional adoption of bitcoin to be similar to when pension schemes started buying equities in the 1970s it may be slow at first but then eventually will seem like a bad idea to not allocate the asset to a portfolio institutional adoption of bitcoin has grown around the world but particularly in the united states following the january approval of the spot bitcoin exchange traded funds The funds allow investors to buy exposure to the cryptocurrency via stock like shares that trade on regulated exchanges.
Major Wall Street players including Blackrock and Fidelity launched the funds and have so far collectively snapped up over 1,000,000 bitcoin or $67,000,000,000 worth at today's prices. So Cartwright is advising this pension fund to buy Bitcoin or or rather they got a call from this pension fund saying, hey. We wanna allocate, and they did 3%. Okay. 3% is actually at that point of a pension fund. 3% is definitely nothing to sneeze at. It's not the point 1% that we've seen in a cut like, was it point 1% in in Wisconsin or something like that? I can't remember what it was. Now this is like whole numbers.
This is 3 full percent. On the surface, it may not seem like much, but trust me, that's a lot. That is a huge gamble for something like a pension fund. Sub 1% you're expected to do that. You're expected to experiment. You get up above 1% to 2% and into the 3% range. Now, at this point, you actually have conviction. There's something there's a calculus involved that's saying, we have to do this. It's not an experiment. It's not testing the waters. No, no, no, no. They're buying the shit out of Bitcoin. Let's run the numbers. CNBC Futures and Commodities Oil, West Texas Intermediate up a point and a half.
72.52 a barrel. Brenton North Sea up 1 and a third, 76¢¢ a barrel. Natural gas is down 1.76%. Gasoline is up just under 2 full points to 2 bucks and 5 pennies. Shiny Metal Rock's doing well today. Gold is up 0.14 percent to 27.50. Silver is up half point. Platinum is up 1.6. Copper is up 0.86. And palladium is up 1.13. Ag is mostly in the green today. Biggest loser is lumber, 0.88 percent to the downside. Biggest winner is coffee, 1.76% to the upside. Live cattle is up 0.08%. Well, but lean hogs are down almost two 2 points. Feeder cattle are up 0.16%.
And it looks like there's actual activity in the equity markets. I you know, I'm still I'm actually a little surprised that we're seeing a bump in Bitcoin price, but I'm really surprised that we're seeing a bump in legacy equities. This is what makes me think that no matter who wins and no matter who's good for what, we're going to have a sell the news event. The Dow is up 0.78% this morning. That's a 329 point gain to 42,285. The S and P is up over a point. The Nasdaq is up a point and a 5th no. A point and a quarter. And the S and P is up 0.75%. So just be aware.
This I just feel that it's unusual that that the day of the excuse me, the day of the election, that things aren't moving straight sideways. Take that with a grain of salt. 70,310,000. No. Shit. I've screwed that up. $70,330, that's gonna get you 1 Bitcoin. Market cap is $1,390,000,000,000, and we can now get 25.7 ounces of shiny metal rocks with our 1 Bitcoin, of which there are 19,777,930 and a half of, and average fees per block are low, 0.05 BTC on average on a per block basis. And there are still a mere 71 blocks, carrying a 170,000 unconfirmed transactions waiting to clear at high priorities of again 3 satoshis per vbyte, low priorities, same price.
700 and 16.9 exahashes per second is the 1 week rolling average. We did hit an all time high on the rolling average, and I think I've got a story about that a little bit later on. But right now, I want to talk to you about a way of life. The value for value is a way of life and it's more than just a monetization scheme. It's a lifestyle. It's a mindset of abundance and fairness. A new way of looking at value. Value in general but digital value in particular it's hard to to put a finger on the value for value lifestyle but one could summarize it as follows no expectations no entitlement and no bullshit It is a trust in the universe and its people. A trust that if you produce something of value, people will find it valuable and give back, but only if you ask them to do so and that's why I'm asking you right now to consider supporting the bitcoin and podcast through the value for value model and that way you don't have to fight through any kind of advertisements There are some advertisers that I do want because I think that there are some high quality bitcoin companies that are out there.
I just don't say their name right now because they're not paying me, you know, and that's okay because I haven't really I haven't really shaken them down yet, but I'm saying that there are some companies that I do feel that it's worth my while to bring to you and it's worth your while to listen to what they have to say. There's not very many of them because a lot we we saw what happened. Oh, this is a block five. It's a a hardcore Bitcoin company. Yeah. Bullshit. You saw what happened with that. But there are there are a couple of handfuls of high quality Bitcoin companies that I would be proud to advertise for. But for right now, I'm not advertising.
I'm depending on you to say, Did I find value in today's show? Was there something that I learned? Something that I got that I didn't know what was going on? And thank God I finally, you know, I figured it out because I took the hour out of my day and listened to this guy ramble on about, you know, various things. If you did, then consider donating to the show through boostograms on any of the podcasting 2.0, what well, applications not any of them but most of them and if you really really really need to find out let me go over here to podcast index whoop new podcast index dot org that's podcast index dot org If I go over to apps and I will say, okay, I need supported I need, let's see. I'm gonna like, a boostgrams.
I'm gonna look at all of the all of the apps the podcasting 2.0 apps that you can boost this show on because all of these apps have my show available. Trufans, Podverse, Podcast Guru, Fountain, PureTube, LN Beats, CurioCaster, The Split Kit, Cast O Matic, Pod Station, Breeze, and Boo CLI. Boo CLI is actually not a podcast player, but you get my drift. There are many many many ways that you can stream these satoshis. You can boost satoshis, and they all, via AlbiHub, go directly to my own lightning node. No. I'm not renting 1. I'm running a start 9. Right? That's one of the companies that I think is a high quality Bitcoin company.
I get your stats directly. There's no middleman. When you support the show, you're supporting me. And the more you support this show and me, the more I'm in a position to try to start supporting other people. I want this as a circular support economy, not just a circular Bitcoin economy. Value for value is a circular support economy. And that's how we get into situations like this. 1,000 sats from b 48cc. That's a lot of letters and numbers. But he says, great show, David. And he's talking about precariously poised prediction. Yesterday's episode of Bitcoin and thank you, my brother. I appreciate it. God's death with 537 says thank you, sir. No. Thank you. User 1989-2133 with 500 says giddy up. Is there anybody else down here? Oh, yeah. Mutum 8 with a 101 says Paul Harvey was the master at live reads.
He'd be telling some story about somebody's grandma and somehow end up in a metamucil ad. Oh, metamucil ad. You'd be sitting there saying to yourself, how the hell did I want he wind up around to that? Yeah. Paul Harvey was a there are very few people that are in media that are masters of it. Right? I hope that I'm getting better. I've been doing this for 6 years, and every time that I sit down to do one of these shows, you know what I haven't done? Previously read the the the actual article that I read to you. These are all cold reads. Everything about this show is live.
I don't prepare well, I prepare insofar that I go and I scan the articles, but I don't practice verbalizing them. So I have to get really good at reading stuff I've never read before live to you because I don't do any editing on this show other than to pump in, you know, pipe in some bumper music. That's it. That's the only editing that I do unless I really make a huge mistake. And I've I've have to have to have to do that every once in a while, but this is a live read show, brothers and sisters. I don't rehearse this. I find the news that I think is applicable for the day.
That's that's my research. And then I sit and then I open up all the tabs in a browser, and 1 by 1 I read these things live without rehearsing, without reading them before, and I hope that you find value in that. I really do. Because that's the only way that I can do this to you or for you every single day or at least every weekday. But I appreciate Mutum8 and his 101 sats. Pies to play, but I appreciate your 100 sats. And he says, thank you, sir. No, thank you. Mark 26 z says, this gave me an idea. He gives no sats, but I hope your idea is going to kick ass. That's the weather report.
Welcome to part 2 of the news that you can use. MicroStrategy's ambitious $42,000,000,000 Bitcoin acquisition plan is not without risks, CoinShares says, Will Canney writing for CoinDesk. MicroStrategy's ambitious plan to buy $42,000,000,000 more worth of Bitcoin is not without risks. The company, founded by Michael Saylor, announced a $21,000,000,000 at the money offering of its own stock last week to raise capital to buy more bitcoin. But this is part of a larger plan to buy another $42,000,000,000 worth of the world's largest crypto over the next 3 years. MicroStrategy's ability to successfully execute on its Bitcoin acquisition plan is dependent upon a number of factors according to Coinshares.
The software company needs financing conditions to remain favorable and necessitates demand for their convertible notes, analyst Alexandre Schmidt and Satish Patel wrote. The cost of servicing its debt is also rising. CoinShares noted that in 2021, MicroStrategy was able to raise debt at 0 coupon convertibles, but these coupon rates have since been rising with new issues. The report said MicroStrategy is also tied to its bitcoin holdings, adding that there is a risk that if the company chooses to sell some of its bitcoin pile, its valuation premium could disappear.
However, Michael Saylor said previously that he is not interested in selling his company's bitcoin holdings, saying bitcoin is the exit strategy. Furthermore, any disposals could also trigger tax events which could be sizable, the report said adding that in the future the firm could be taxed on unrealized gains related to its crypto stack. The company's bitcoin business may have outgrown its software business, CoinShares said adding that cash flows from the legacy operations may not be enough to cover future coupon payments. The firm's stock has been praised by the investors even after announcing the large financing that will dilute the shareholders.
Last week, Wall Street broker Canaccord said that MicroStrategy is one of the best ways for equity investors to gain Bitcoin exposure without actually having to buy the underlying asset, which I think is a mistake. Just buy the underlying asset. There's no reason anymore that you can't. Well, okay. There is. Some people just legally are bound to not be able to do that, so they have to do ETFs or buy equities and companies that have sizable exposure to Bitcoin like MicroStrategy. But if you're if you're pleb Joe, well then, pleb Joe, please just go buy some Bitcoin and throw it into a hardware wallet. Anyway, finally, MSTR shares were about 8% higher in early trading on Tuesday as Bitcoin price headed to 70 $1,000, which we are at exactly $70,000.80 right now, just just so you know.
I've been saying this for a while. MicroStrategy is is is given all of the signaling you need to know that it's getting out of the software business. I don't know what he does with his engineers. I I I don't know if he does mass layoffs here in the next year. I I don't know. I suspect that next year you're going to hear about layoffs at MicroStrategy. That's what I expect to hear. It's not going to help MicroStrategy out. So if I was Mike, I try to figure out a way to bolster the software side of the business or start some new concern where you don't have to actually commit any layoffs because you know this market.
If there is if somebody even sneezes the wrong way, like Mt. Gox sending bitcoin to a brand new wallet, we get problems. We do. It's just that's just the nature of the beast. Mass layoffs at MicroStrategy is not going to help. Even if he comes out with a statement saying, we're doing this because we told you we're getting out of software. We're going whole hog in on Bitcoin. But it won't it won't matter. All the market will see is that MicroStrategy is tanking. They're on fire. They're going down in flames. See, here's their layoff schedule. Look how bad it is for MicroStrategy. No. Well, if did you see MicroStrategy's earnings this last quarter?
They were, like, they were, like, they came in what was it? Minus 1578 percent of what was expected. It was ridiculous. It will like no no no earnings. There were none None none earnings. Lost money. Lost a lot of money. But I told you then it didn't matter because Michael Saylor is taking MicroStrategy into a completely different realm of existence. And it even tells you he even told you right here. He said, Bitcoin is the exit strategy. He means for MicroStrategy. They are exiting. He told you right there, Bitcoin is the exit strategy.
MicroStrategy is no longer going to be in the software business. That's just that's just happening. So I suspect that Michael Saylor is probably not dumb, and he knows that he cannot fire a whole bunch of people because they're going to get out of the this consumer or this business to business software analytics situation that they have been in for the last what 30 years right so maybe what he does is he actually does turn into a bitcoin development company and keeps most of his people but just converts them or is in the process of converting them now to start writing software for bitcoin. I don't know. Or maybe layer 2 protocols or layer 3 protocols. We don't know what the hell he's doing, honestly.
But what we can say is that bitcoin has been called by Michael Saylor himself the exit strategy. Their earnings are tanking. Their share price is soaring. And it's all because of the Bitcoin play that Michael Saylor has put together. That and the fact that he is a master at debt financing. You will probably never find anybody who is this good at debt financing. But we don't know what's going to happen until it actually happens, so let's move on. Bitcoin mining difficulty breaks through 100,000,000,000,000 for the first time. James Hunt tells us more from The Block. Bitcoin mining difficulty rose 6.2% on Tuesday to breach the 100,000,000,000,000 level for the first time following a record average hash rate for the network.
The difficulty adjustment came at block height 868896 reaching a record of 101.7 trillion according to blockchain explorer mempool. The mining difficulty is not expressed in specific units. It is a relative measure of how hard it is to mine a new block compared to the easiest it could ever be. The difficulty adjust every 202,016 blocks and is found, that each block is found roughly around every 10 minutes and that's why this difficulty adjustment exists so that we always have this 10 minute ticker regardless of how many miners are actively mining. It's always 10 minutes. That's because of the difficulty adjustment, which is one of the consensus rules in bitcoin.
Cannot be changed. And if people try to change it, we will have a conniption fit. Ahead of Tuesday's adjustment, bitcoin's blocks were being mined at the faster than average rate of 1 block every 9 minutes and 27 seconds. The higher the difficulty the more computational power and energy a miner needs to find the right hash for the next block. When there is an increase in the number of miners the difficulty of mining bitcoin rises. Conversely, if there is a decrease in the number of miners competing to find new blocks, the protocol lowers the mining difficulty, making it easier for the remaining miners to discover blocks.
Pausing to say the difficulty adjustment is one of the unsung heroes of the group of rules that we call the consensus rules in Bitcoin. That difficulty adjustment makes everything else work. I'm just saying, I'm a huge fan of the difficulty adjustment. In fact, I'm more of a fan of the difficulty adjustment than I am of the 21,000,000 Bitcoin cap. I know that's almost blasphemous to say, but I'm saying it. The difficulty adjustment, I believe, is if somebody okay. Somebody changes the the cap of Bitcoin, that sucks. But I'm more excited about the fact that the Bitcoin difficulty adjustment is actually dynamic.
Right? That's more interesting to me as a consensus rule than just saying that there's never more than 21,000,000 Bitcoin because that's a static rule. It doesn't change. The difficulty adjustment is a thing of beauty. We should take a better look at it. Anyway, I'm just saying. Last week, Bitcoin's hash rate, which measures the total computational power dedicated to the network by miners, reached a new 7 day moving average all time high of 755.5 exahashes per second, exceeding the 750 exahashes level for the first time according to Block's data dashboard. Following bitcoin's 4th halving event on April 20th which saw block subsidy rewards have from 6.25 to 3.125 bitcoin, bitcoin miner saw a substantial decline in revenue.
Earnings fell from a 7 day moving average peak of 72,400,000 on the day of the event to the 25 to 35000000 range since squeezing out less efficient miners from the market. I need to pause to say something about that. Notice how it says squeezing out less efficient miners from the market? This forces efficiency. Now I've said a couple of things about efficiency that a lot of people don't agree with. I think that there are some places where efficiency doesn't make any sense, like in the cattle industry. So, I mean, you want to have some efficiency, but when you have so much efficiency that you've only got 4 people cutting, you know, 4 companies cutting meat and you're doing shit like sending American beef to Brazil or or to us to China and Japan, and you're importing Australian and Brazilian beef instead.
That kind of that's where the efficiency got so efficient that it started being stupid. This in this particular way, this drives mining innovation. The the hash rate, the difficulty adjustment, it drives mining technological innovation and efficiencies, and it's going to continue to do so. Again, one of the reasons why I led the difficulty adjustment. Getting back to it, the impact is also reflected in Bitcoin's hash price falling to an all time low of 0.04¢ or, well, 4¢ for United States pennies in September, though this has since recovered slightly to 4 and a half pennies.
Hash price refers to the expected value of 1 terahash per second of hashing power per day, quantifying how much a miner can expect to earn from a specific amount of hash rate. However, Bitcoin miners appear to be collectively ramping up their hash power since bottoming out at a 7 day moving average of 550 exahashes per second back in June as the surviving operators dominated by United States public miners begin to deploy new capacity upgrade their mining rigs and consolidate market share Public bitcoin miner strategies have diverged considerably in 2024 with the stocks of AI diversifiers like Core Scientific, Iron, and Terra Wolf outperforming their pure play bitcoin mining counterparts such as CleanSpark Riot and Mara.
Bitcoin is currently trading at $68,694 according to the block's bitcoin price. The foremost cryptocurrency is down around 4% over the past week but remains up 63% year to date. So there's mining news. Now we gotta get into this thing from Peter Todd. Peter Todd speaks. This is, I think, the first interview that Peter Todd has actually given since, he went into hiding because of this HBO documentary that tried to out him as Satoshi Nakamoto, and that was bullshit. That was, that was bad form, honestly. So from atlas21.com, Peter Todd to Atlas 21, quote, HBO could have asked me to refute theories about Satoshi's identity.
They didn't. After the controversial documentary, Peter Todd responded to HBO's speculation in our interview. During the plan b forum conference in Lugano, Atlas 21 met Bitcoin developer Peter Todd to discover the details and behind the scenes of the recently released HBO documentary. So here is the question asked to Peter Todd. Did you know that the HBO documentary would focus on searching for Satoshi Nakamoto's identity? The answer from Peter Todd, no. I had no idea. I suspect that director Hoback changed direction at the last moment probably after realizing that a simple bitcoin documentary wouldn't generate enough interest. I did 4 or 5 interviews with him and only in the last one did he introduce the question of satoshi's identity.
None of us knew about this change in direction, not even Adam Back. It was clearly a marketing choice to make the documentary more appealing. Question. How long did the documentary filming take how long did it take? The filming lasted more than 2 years, mainly during Bitcoin conferences. We met twice at BTC Prague, once at adopting Bitcoin in El Salvador, and at the Baltic honey badger in Riga. Our first meeting happened during one of these conferences. What did Hoback tell you when you first met? Well, he told me about his desire to make a documentary about bitcoin. Focusing on the protocol's early years and its evolution.
He never mentioned any intention to reveal Satoshi's identity. Do you feel more at risk after the documentary's publication? Answer. It's important to emphasize that the documentary not only speculated about Satoshi's identity, but also advanced the unproven idea that he holds 1,000,000 bitcoin. This thesis is just a hypothesis based on bitcoin that has been inactive for a long time. There's no concrete evidence. We know that many people mined Bitcoin in the early days, and the protocol was developed precisely to allow anyone to participate in mining. Question, it's said that the documentary initially wanted to identify Craig Wright as Satoshi. Have you heard this rumor? Answer, no.
I have not heard this rumor. If it were true, we would have ruined the documentary having defeated Craig Wright in court. Question, what kind of reactions have you received from the public outside the Bitcoin community? Have you received threats? After it aired, my email box was flooded with messages. 1 person in particular sent me 30 to 40 consecutive emails asking for money. It's annoying but manageable. Just delete them. Obviously, there's a risk that someone might think I possess wealth that I don't have and attempt to break in or kidnapping. I've implemented some additional security measures but I prefer not to specify which ones let's just say that if someone tried to enter my apartment they would have a very bad day but it's absolutely not true that I'm hiding quote or sorry quote my ass hold on I need to to say something.
The fact that Peter Todd said the word words that let us know that he lives in an apartment is bad operational security. Why? Because most apartments only have one entrance and one exit. Not so with a house. House usually has a back door. House, yeah, you can get out of most likely or windows. An apartment? You're kinda hosed. And the fact that he lit on to the world that he lives in an apartment does not help. These are the kinds of operational security mistakes you don't make. Don't do it. I I mean, I'm guilty of it too. I'm just reminding not only you but myself to watch what you say.
Let's move on. What's your opinion of on the documentary's narrative driven by Roger Ver's theories? I think it was another choice made to create televisually interesting content. I doubt Hoback really believed Ver's thesis, but he probably thought his absurd theories would capture the audience's attention. It's always about marketing and entertainment. The real problem with producing a documentary is figuring out how to make Bitcoin visually engaging. Have you spoken to Hoback after the release? No. Our last contact was during the final interview when he revealed his true intentions. I haven't had the chance to ask him why he chose me.
If he had really wanted to discover satoshi's identity, he could have contacted me and Adam back for evidence that refutes the documentary's thesis. In my case, it would have been quite simple. There are moments when Satoshi was riding on Bitcoin Talk while I was present at other events or special occasions, but evidently, this wasn't his interest. And finally, in the documentary, Hoback claims to understand why Satoshi disappeared, yet he dedicates half of the documentary to searching for his identity. How do you explain this? Probably, it was the only way to make the documentary commercially interesting.
It's almost ironic that his previous work was a documentary about qanon, which was full of conspiracy theories. Alright. So Peter Todd come out of the woodwork, kinda giving us a little bit of, information about this whole documentary thing. I actually believe that the entire thing about Satoshi's identity was more about having a solid ending to the documentary because bitcoin story is not over. And it's really hard to make documentaries about things that are still ongoing. Right? So you need a capstone. And I believe that it wasn't to make the the documentary inter more interesting. The documentary is a good documentary. It's really interesting.
I completely with Hoback's choice to do this whole satoshi Nakamoto thing, but if I don't look at that part and I just look at the the first 40 minutes of the documentary, it's good. It's really good. But how do you end that? Well, clearly, you accuse somebody of being Satoshi Nakamoto and that kind of screws up Hoback's entire credibility, at least as far as I'm concerned. But you know who does have credibility in this space? OpenSats. They've announced their 8th wave of Nostr grants. This is nobsbitcoin.com. OpenSats, a nonprofit dedicated to funding free and open source bitcoin and broader Freedom Tech developers, announced the 8th wave of Nostra grants to 5 Nostra projects, Formster Groups, Coop, Nostra Ability, and the NIP 44 Libraries audit. Quote, from developing intuitive user interfaces enabling robust cross client compatibility, these projects embody the spirit of open source collaboration making important contributions to the Nostr ecosystem, announced OpenSats in a blog post. So, Formster.
Okay. F o r m s t r is an alternative to Google Forms or Typeform built on the Nostra protocol. This grant will help the project implement multi admin access forms, encrypted selective participation, logic based fields, paid surveys, AI integration, and compatibility with Notion and Slack. Groups is a chat client on Nostra using NIP 29. It supports relay based group chats with moderation, threaded conversations, and event handling. This grant will be used to enhance group management, user interface, nip 29 actions, and community feedback integration. Coop is a nostr based messaging client for gamers offering secure group chats and plans voice and video calls akin to discord.
The grant will enhance group management capabilities, implement secret chats, and improve UI design performance and third party integrations and community tools. So gamers, there's now a discord replacement called co op. Alright. I I hope it I hope it kicks ass. Nostra Ability offers practical documentation of how various Nostra apps and relays play together highlighting inconsistencies. Inconsistencies. And this grant will help document client behavior, gather feedback, develop an automated testing suite, and advocate for new NIPs.
This is great. This this is awesome. It's it sounds to me like they're we're going to be have a way to have like something just kind of look at everything all at once and start figuring out where where are things getting bottlenecked? Where are inefficiencies? Where are things hanging up? Is it a client hanging up? Is it a relay hanging up? Is it poor? Whatever. It's almost as if it's a packet sniffer for Nostr. So I'm really excited about that one. But finally, nip44 libraries audit for cryptographic libraries for noster's encrypted messaging and group chat features under nip44, which improves upon nip04.
The independent review of the noble Cypher JS implementation will bring secure and resilient private communications. Well, that'll be nice because we still have yet to have really good client side integration of direct messaging. Sure. Yeah. There's direct message client, you know, clients for for Nostra. They seem to work well, but but they're not part of, like, a whole package. I want to be able to DM somebody from Corkl or Primal or Thomas and not have it be a complete shit show because DMs in Nostra suck ass. They just do. It's not me being mean. It's just it just is. I mean, there's no sense in sugarcoating it here. Why don't you tell us how we really feel? Well, that's how I really feel. Okay. So, last one up. Libsecp256k1 version 0.6.
0 musig2 support. Libsecp256k1 is a high performance and high assurance c library for digital signatures and other cryptographic primitives on the secp 256k1 Elliptic Curve. It is intended to be of the highest quality publicly available library for cryptography on this particular curve. Libsec256k1 is out featuring the highly anticipated music module and other improvements. This release adds music module, adds a significantly more robust method to clear secrets from the stack, and removes the unused functions. And it's like the unused sp sec okay. The unused secp256k1scratchfunctions.
In particular, the API functions now use a significantly more robust method to clear secrets from the stack before returning. Thanks to our contributors and then they give a whole bunch of names. So what's new? Is there anything else here? It's all really high level shit, way beyond my pay grade. But if for whatever reason you are using Libsecp256k1 version 0.6.0 is now out and apparently offers music to support. Alright. So we are now back to $69,920. But you know what's happening? You know what's really happening? I'm gonna get my trading view up.
Let's see what's happening over here. Just waiting for it waiting for it. The Ethereum Bitcoin pair is about to pass under 0.034. I I guarantee you what's going on with Ethereum and Bitcoin, this volatility is sucking the life out of the Ethereum Bitcoin pair, which technically means it's sucking the life out of Ethereum. Right? The Ethereum price divided by the Bitcoin price has been getting lower and lower and lower. Now, let me go I'm gonna change to my weak view and I'm gonna see right where we entered into this pattern.
This it's a downward trend so I'm looking at my weekly chart of the ethereum divided by bitcoin price chart and roughly around I'm going to say August of 2021 with, ethereum stood at 0.068, in the ethereum divided by bitcoin score or, well, number. Right? Now it's lost over half of that value over half it's done nothing but go down in bitcoin terms the ethereum value has done nothing but lost value since August of 2021. August of 2022, August of 2023, August of 2024. Guys, I could actually go back. I mean the first time that it clipped into this channel, this downward channel that most people are looking at, that was back actually back in May. I'm being conservative in saying August, but May of 2021. May of 2022, May of 2023, May of 2024.
3 and a half years of nothing but Ethereum losing value against Bitcoin. If you're holding Ethereum at this point, why? And especially over let's see. In this one, this this new phase, it's dumped out of this channel. There's an upper bound of this channel and a lower bound of the channel. And the week of August of this year, it started a much steeper downside value loss in terms of Bitcoin than ever before. The slope of this new line in this downward trajectory is should do nothing but scare the living piss out of anybody who's like even considering holding this bullshit.
It's sick. It's just sick, man. 0.03503. We are literally 3 10,000ths. 3 10,000ths of a point away from it dipping under 0.035 and going into the 0.034 range. Why would you want to have anything to do with this dog shit? It's all crap. In fact, the last time the last time it was at this level, we are looking at around yeah. March of, March of 2021 was the last time we saw this level, And it's just getting worse and worse and worse and worse. So what I think has been going on with the volatility that we're seeing in Bitcoin, this the these big pumps and these big dumps, is the ability for people to exit their Ethereum positions somehow or another, but maybe it's because they both the people that are exiting their ethereum positions might be doing the following.
They're dumping both coins on the open market in full view, crashing the well, not crashing, but lowering the price of both. And they're dumping directly into United States dollars. Now I don't know this for a fact, but this is the only thing that makes sense to me as to what I'm seeing. They both sell their Ethereum and they sell their Bitcoin. But they use the cash from both to do nothing but buy Bitcoin. Or, well, no. That's the only thing that actually makes sense. And then people that, like, looking at the Ethereum price only and the Bitcoin price only are seeing Ethereum getting cheaper and maybe, you know, hey, it's cheap cheap etherium we'll pick some up but you know it's just is bitcoins too pricey let's just yeah and then it forces like some other nut bags to hold these big old sacks of garbage until the guys that still have a bunch of aetherium and a bunch of bitcoin and even more bitcoin now sell again crashing both making cheap sats and cheap aetherium but they've already got their cash position out of Ethereum at a higher price, and they just shove all of the cash that they made on both of those sales back into Bitcoin, making Bitcoin even more expensive and and and Ethereum even more cheap, but only in US dollar terms.
I think the way that this works is it ensures that the Ethereum shit chain doesn't lose its USD value as fast as it's losing its Bitcoin value because if it was, if the theory was losing USD value as fast as it's losing Bitcoin value, people would be running for the freaking hills. They don't no. So many people don't look at ratio metrics, and it's one of the most important ways in mathematics that we can look at 2 things as they are related to each other. You do it all the time when you look at the Bitcoin price in USD. It is a ratio metric.
It's just not. It's just it's a little bit different than when you take the price in USD of Ethereum and divide it by the price of USD in u in in or the price of Bitcoin in USD And 1 u 1 or the units of United States dollar divided by United States dollar equals what? In algebra, it equals 1, which means that we're no longer dealing with the United States dollar. It canceled itself out in the math, and now we can purely look at the value of Ethereum versus the value of Bitcoin. Bitcoin is killing Ethereum. It's been doing it for over 3 and a half years.
But now, ever since we entered into this new pattern on August of this year, it is losing value against Bitcoin hand over fist. Yet if I go and I just simply look at the USD value chart of Ethereum, it it doesn't show that. It act it it it shows that it's not so bad. Guys, you need to look at both. If you're holding Ethereum and you're just looking at the Ethereum price in USD and you're not looking at Ethereum divided by Ethereum price divided by Bitcoin price, you're not seeing what's actually happening. You're not seeing reality.
If you're only looking at Ethereum USD price you are lying to yourself. If you still have bags of Ethereum, I highly recommend that you take a good long look at both the Ethereum USD price and the Ethereum price divided by Bitcoin price. You're going to find 2 completely different stories. And ratiometry as a way to gauge things in comparative nature to each other wins every time because it completely deletes out a variable. The variable here is the USD. And now we can just look at the relationship of Ethereum value versus Bitcoin value. And it's falling like a stone.
I'm not telling you to sell, I'm telling you to go look for yourself and make your own determination, but I would not hold this bag of shit one more fucking day. It's a shit show. It is a clown show. It is a dumpster fire inside of a circus tent with a bunch of clown shows dancing around it. So that's that's my rant about this. I still can't believe people are in this into Ethereum. Especially after yesterday when I read you that the Stanford University guys have figured out a way to reverse Ethereum transactions. Yeah.
If you didn't hear it yesterday, hear it now. Reversible Ethereum transactions not by you, but by a third party somebody else, somebody who possibly doesn't like you. Between those two situations you should have nothing to do with Ethereum. But we are in the day of the the the real actual shit show, the election. If I said something to you that completely offended you about about my view of Democrats cheating in the elections, do understand that everybody cheats. I'm just saying that Democrats do it better. Alright? So I guess in that standpoint, take the compliment.
But I'm not going to apologize for it. And if I've lost a listener or or 8 or a 100 out of this, well, that's too bad. But I'm not gonna just not tell you what I think. That's not what this show is for. This show is for me to tell you what I think, and I honestly absolutely think that this election is going to be an absolute, utter shocker when it comes to just how bad a clown show, shit show, dumpster fire circus can actually be, and I will see you all 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 8:50 am Pacific Daylight Time on this election day, November 5th.
Remember remember the 5th November 2024. And this is episode 987 of Bitcoin. And, yeah, it's election day. Woo hoo. The circus begins. I don't think we're going to know anything by the end of the night. That's my prediction. That that that's my prediction. I don't think we're gonna know who sits in that chair for a few days. I think it's going to be a mess. I think it's gonna be ugly. I think shit's gonna swing wide on the left and then the right and then back to the left and back to the right. It's gonna be it's gonna be like watching one of those football games that as long as your guy wins, right, then it's a good game.
That it was well played. And then you'll have good things to say about the other team and how well they played. That's sort of the way that I think this is is gonna work itself out. But that said, I I just I really do not think that people are predicting a landslide on on depending on what side of the aisle you're talking to, they're predicting a landslide. I I doubt it. I don't think so. But honestly, I mean, to have JFK Junior or what? RFK Junior, Ron Ball, and some of these other people, just the just the RFK Jr. And Ron Paul aspect of this certainly makes me wanna go orange. I mean, both those could you imagine? I mean, I'm not really that I'm not all that excited about Elon Musk and the Department of Government Efficiency.
Doge? Really? Come on, man. I mean, at one point or another some things are funny, but other things are a little bit more serious to the point that you really don't want to inject juvenile humor into it. Although, hey, you know, I'm an old fuddy duddy, so take me with a grain of salt by all means. But still, Ron Paul and RFK Jr, at either cabinet level or reporting to cabinet level, would be something that may yeah. That that makes me wanna go orange for all manner of reasons all by itself. All by itself. But we won't know. I that's my prediction. We're not gonna know by the end of, by the end of tonight. It's gonna be well into tomorrow, and I think tomorrow is gonna be a shit show. Now, here's one of the things that that I've been saying is that if if the polling, and I'm not talking about poly market prediction markets or anything like that, I'm talking about the pre election polls, the exit polls, all these polls, which, yes, I'm not exactly I'm not I don't really listen to these things for any other reason than to kind of like take some temperature, which is exactly what they were designed for. But they were I don't think the polls were actually designed to tell you who's going to win.
It just gives you the general sense of which way things are going at the time that you take a census of that poll. Right? So I've always said that if the polls are really close, and it looks like from the polls that I've seen, that things are very very close, then we're going to see chicanery. And as much as I hate to say it, we're gonna see chicanery directly on the Democratic side because they're just better at it. They're better at cheating. But here's here's one of the things that I think may actually happen. They've been good at cheating for a long, long time. They haven't been able to get away with it for a long, long time. Right?
So and for those of you guys that are out there that listen to me that that are Democrats, I'm sorry. I'm going to say what I'm going to say. I'm going to make well, I'm gonna make no apologies after I say it because this is this is what I've witnessed. This is what I've this is what's been in my intake pipe for a very long time. I can't unsee what I've seen. And you can say, well, it was all a lie. It was all disinformation. I don't believe that shit for a second. This I have I genuinely listen to NPR in my car. I make that admission, but I do it to figure out what the enemy chatter is.
And all I hear, all I've heard for the last 48 hours is the word misinformation. It's bullshit. It's just bullshit. NPR is a sock puppet of the Democratic Party. It always has been. Well, it always has been for the last 30 years. Before that, it was actually pretty good. I I rather enjoyed NPR. They had some really good shows on. But now it's just polluted with Trump's Hitler, and I don't get it. I've never actually seen Trump do anything that that makes him look like Hitler. I'm still trying to figure out how to ask people, show me one thing that Trump has done that makes him a Nazi so that I understand what has occurred because I don't know.
But it doesn't really matter because we're right back to this this point that I'm saying is that if these polls are very, very close, and it looks like they are, the cheating is gonna begin. So I have a gut feeling that because the other party has been cheating in elections for so very long that they're going to get they're going to get, a little bit of too much bravado this time. And someone's going to get caught. And when they get caught it's going to be so evident, and so apparent. And so in the face of everybody that the word misinformation and Russian disinformation and whatever else they pull out of their freaking hats is not going to work this time.
It's just not going to work this time. I think that that very well may happen. I mean, you can't just, you know, you can't just continuously cheat and cheat and cheat and cheat and cheat and then get a couple of good wins by cheating under your belt, and at one point or another not make a huge mistake. That's the problem with lying. That's the problem with cheating. Problem with lying is you have to remember the lie that you told, and you have to remember it for years. Cheating, while you're doing it essentially you're doing it out in the open. And the only thing that happens is that you're just not careful enough that one time and you get caught flat footed, red handed, and red faced.
And there's nothing you can do about it and there's nothing anybody else can do about it to say, oh, I didn't see that. Oh, that must have been Russian disinformation. Right? Yeah. But back to the original statement at the opening of the show. If anybody out there thinks that we're gonna know what happens by the time we go to bed tonight, you're fooling yourself. We'll be lucky to get a sense of what the hell's going on tomorrow. And if it happens the way that I think it's going to go down, it's going to be a week and possibly weeks before the fog of war clears up.
But we really don't give a shit because no matter who wins this election, they both lose. Why? Because Bitcoin already won. And this morning, the Bitcoin Policy Institute released a 53 page report on the pros of the establishment of a United States strategic Bitcoin Reserve. And what I'm going to do is read to you the executive summary because I'm not going to read all 53 pages. But the executive summary, generally speaking, will tell you what the hell is going on. If you want to read the entire report, it's going to be in the show notes. There'd be a link directly to the PDF file, which I'm looking at right now. And the whole thing, by the way, is titled Digital Gold Evaluating a Strategic Bitcoin Reserve for the United States.
The executive summary begins. Bitcoin's emergence as a decentralized digital asset has reshaped the global financial landscape. And its potential as a national reserve asset is now being seriously considered by policymakers. From its inception in 2008, bitcoin has evolved from an experimental technology into a globally recognized digital commodity with growing implications for economic strategy, geopolitical power and financial innovation. The maturity of Bitcoin presents the United States with a unique opportunity to reinforce its economic leadership, accelerate its energy dominance, counter its rivals, and promote core democratic values in the digital age. This report examines the potential for establishing a strategic Bitcoin Reserve, the SBR, weighing its benefits against potential risks and implementation considerations.
As the United States navigates the complexities of the 21st century digital acceleration and strategic constitution or sorry, competition establishing a strategic Bitcoin reserve represents a forward thinking move that could advance US interest across 4 key domains. 1, economic and monetary stability. An SBR could provide option value against monetary devaluation and debt instability, diversifying the nation's reserves and strengthening the credibility of the US fiscal position, financial system, and global influence. Bitcoin's fixed supply and decentralized nature offer a unique complement to traditional monetary reserve assets such as gold and treasury securities.
2 geopolitical competition by embracing Bitcoin the United States could give a strategic advantage over adversaries exploring alternative digital currencies and financial systems to undercut dollar dominance and bypass dollar sanctions. And at the same time, an SBR could reinforce US influence on emerging global financial standards for digital assets that align with our democratic values and counter United States adversaries' digital authoritarianism. 3. Energy and climate. Contrary to common criticisms, Bitcoin mining could be leveraged to drive investment in renewable energy and support grid stability and thus, help achieve United States climate and energy security goals. 4, financial inclusion and human rights.
Bitcoin's decentralized nature also aligns with core US values of individual freedoms and financial inclusions, offering potential benefits both domestically for underbanked populations and globally for people facing political or economic instability. Implementation of an SBR would require careful planning, including the development of a comprehensive legal and regulatory framework, a phased acquisition strategy, and robust security protocols. While challenges and risks exist, including price volatility, potential market manipulation, and the need for public education, the strategic benefits of an SBR likely outweigh these concerns.
As the global financial landscape continues to evolve, Bitcoin offers the United States a powerful tool to maintain its economic leadership and promote its values on the world stage. Alright. So again, that's just the executive summary of a 53 page report. And this was done by the Bitcoin Policy Institute. Good Joe's over there at BPI. So if you want to read the whole thing, and I recommend that you do, I will have the, link directly the the direct link to this particular PDF that I'm reading. It will go right to what I just read. You won't have to sift through anything else. It goes right to the damn page. It's in the show notes. So click it. Go there.
Read it. Hell, there's even if you don't want to read the whole the whole 53 pages, there's a pretty good 3 page summary after the executive summary that or an overview that kind of gives you a little bit more detail into what's going on. But honestly, oh, sorry. Just sorry. Got a, got a text on my phone and you know me shiny things. So, again, there's 4 major domains that the SBR, strategic Bitcoin reserve, could have positive impact on. And that's economic and monetary stability here at home, geopolitical competition across the globe. Then there's the energy and climate thing. Energy, yes. The climate thing, I have a feeling that BPI is just putting climate in there for you know search engine optimization and to make the people on the other side of the aisle feel like they're being included in the discussion I think this whole climate thing is is a bunch of hooey, but hey, it's in there no matter what. And financial inclusion and human rights.
I mean, that's that's a big deal. If you keep people poor, you don't have to give them human rights. You don't have to respect their god given human rights. No. Because you got all their money. They will they will do whatever the hell you ask them to do because they're dependent upon you to feed their themselves and their families. So my in my estimation, yes, I believe that a Bitcoin strategic reserve for the United States is essential. However, there's only so much Bitcoin. We know that. That's the whole that's one of the consensus rules and that set of consensus rules behind Bitcoin. That's why we're all here in the first damn place.
So we got to balance what we think we want with the reality of the situation. The reality of the situation is 21,000,000 bitcoin or something like was it 2.1 quadrillion satoshis or something like that. Just multiply 21,000,000 by a 100,000,000 and you'll get your you'll get your answer. That's how many Satoshis there are. And it it it should be noted. And I think this is important to note when people that are way swinging to the liberal side and what communism and you get these weird batshit crazy chicks from, like, economic schools of thoughts that are either dead or dying that say that it's an that Bitcoin is an indivisible pizza. Right?
Because we can just we can just we have a satoshi, but we can we can split that satoshi into an infinite not infadecimal an infinite number of, decimal points. No, we can't. We can't. Not at the consensus level. Did you know that? Did you know that you cannot divide a satoshi at the protocol, which that's the consensus level. So consensus level protocol level at the level of Bitcoin Core. My full node runs Bitcoin Core. That node does not understand what 0.01 of a satoshi is. Can't fathom it. Why? I used to think, and I I used to think that it could. Right? And I asked this question, and I I it was on it was it wasn't on, like, the major Bitcoin, like, newsletter or a or mailing list. It was somewhere else, but I got a really good answer.
I thought that there would be, like, fractions of a satoshi. Okay? What I found out when I was asking some people that knew better than me what the hell, you know, how the hell this works and how it is that we can handle error management, you know, do error management because if you're if you've taken any amount of of mathematics in high school and college, when you get to decimal places, you start doing what's called float computations. That that's a there's that's a float, like, in in computer, it's like it. IEEE has something called double float point compliant error right that's like how you get really serious amounts of specification or specific what am I trying to say? You know that 0.00001 is not an error. Right?
You and and shit like high scale astrophysics and like astrodynamics and, like, you're sending people out to, like, freaking Uranus and all that kind of shit, you're going to want double float point compliance. Right? You're gonna wanna be able to take, like, a get to a 100 decimal places and have extreme precision extreme accuracy although those don't those words don't actually mean the same thing but you get what I'm saying we don't have that in bitcoin because Bitcoin does not generate anything other than what was it? Is it it's 303 100000000 no. 300.
What was it? 320 I can't remember what it 3.125 Bitcoin. Multiply that by 100,000,000 satoshis, and that's what the protocol generates. It doesn't generate a Bitcoin. It generates whole numbers and those whole numbers are satoshis. That's where it starts. We've arbitrarily grouped a 100,000 satoshis into 1 bitcoin. That's arb that's just arbitrary. The protocol doesn't know that. The protocol's just generating when it generates your arbitrarily named one Bitcoin, what it really generated was a 100,000,000 satoshis. It doesn't generate a 100,000,000.00 satoshis.
It generates whole numbers. So at the protocol level, 1 satoshi will only ever be able to be valued at 1 satoshi, not 0.99 satoshis. You'll be able to split a satoshi down the middle. The only way that you can do that is with 2nd layer protocols. So at the protocol and the consensus layers of bitcoin, you only can ever have whole numbers. And that's why when the Karens from the liberal side of economics and the communist side of economics start saying, well, well, it's indivisible or it's it's divisible infinitely. No. It is not.
Not in a trustworthy manner at the level of the protocol. Somebody wants to say, hey, I got a layer 2 and and in a way lightning can do this, but I don't trust it. I trust the level of a satoshi all right so I just want I just think that that is is important to understand when we say hey look there's only 21,000,000 bitcoin Multiply that by 100,000,000 satoshis and you get how many million, you know, how many quadrillions or whatever of satoshis that there's ever going to be. And now we start saying, well, BlackRock's gonna get a shitload, and Microsoft is gonna get a shitload, and similar scientific is buying as much as they possibly can. And now we got the United States. It's not that I'm saying it's dangerous. It kinda is.
But how much do we want to give up to these people? I think that that's where we really really need to be careful because otherwise we could end up begging God to not let yet one more Mt. Gox wallet move shit because here we go. Mt. Gox has moved $2,200,000,000 worth of Bitcoin adding to the BTC selling pressure that we saw yesterday. Yeah. Exactly. And this is Zoltan Vardy from Cointelegraph, by the way. Mt. Gox transferred 1,000,000,000 of dollars worth of Bitcoin partly to centralized exchanges, suggesting that yet more creditors may be repaid as this 10 year saga of bullshit approaches the conclusion.
The wallet associated with the bankrupt cryptocurrency exchange transferred more than $2,190,000,000 worth of Bitcoin to 3 brand spanking new wallets on November 4th. Part of the funds were moved to centralized cryptocurrency exchanges, OKX and B2C2 according to On Chain data by Spot on Chain shared in a November 5th Twitter post. Quote, over the last 4 days, Mt. Gox has transferred out a total of 32,871 BTC. Among these tokens, 296 BTC was moved to b2cx and okayx. Currently, this is the number to remember guys, currently, 12,006 Bitcoin remain in the known Mt. Gox wallets.
12,000 Bitcoin remain to be moved. We're we're we're whittling it down. We're whittling it down. But every time this shit moves, people freak out. More than $9,400,000,000 worth of bitcoin was owed to about 127,000 Mt. Gox creditors who have been waiting longer than 10 years to recover the funds threatening significant sell pressure that could tank bitcoin's price. The wallets associated with Mt. Gox hold another 825,000,000 worth of Bitcoin at the time of publication. Yeah. We just I just read you about that. 12,000 Bitcoins left. In the 10 years since the collapse, the Bitcoin price has appreciated over 8,500 percent in value, bolstering investor concerns that Mt. Gox's defunct creditors would be selling their BTC into the market However, Mt. Gox creditors have mostly held on to their BTC On July 30th, Mt. Gox completed 41.5 percent of its Bitcoin distribution to creditors who received a total of 59,000 Bitcoin.
Despite receiving nearly $4,000,000,000 worth of Bitcoin, the creditors weren't selling according to a July 29th Glassnode report. And that said, quote, creditors opted to receive BTC rather than Fiat, which was new in Japanese bankruptcy law. As such, it is relatively likely that only a subset of these distributed coins will be truly sold on the market. The exchange, Mt. Gox, was founded in 2010 and processed more than 70% of all Bitcoin transactions at its peak. And then it lost 850,000 BTC in a security breach, making it one of the largest Bitcoin hacks ever.
So, yeah, that's one of the reasons that we saw some serious sell pressure yesterday. And, also, I think we saw some serious sell pressure yesterday because they decided to do this along with the day before the election. See how this timing works? Isn't it wonderful how people can just jack with large amounts of human beings' emotions and feed off of their fear? This is market manipulation. It's always been here. It's been here in every market. But I think with the emergence of a brand new market like Bitcoin, we don't have any filters on us.
It's not really being covered by CNBC all the time. It's not like I don't know. There's there's so much in the legacy markets that has built a fog of war that we're we're just used to market manipulation. We we don't even see it as market manipulation. We see it as this is the way the markets work. But when brand new asset like Bitcoin, we can see through the bullshit and say, no. No. No. You're picking these times on purpose, and you're doing it because you know it's going to elicit a reaction. Well, doesn't really matter, does it? We'll we'll figure it out. Right now, we're actually doing pretty well.
But that could change because there's gonna be a sell the news event on the election. So just understand that. It's always sell the news even if the news is good. Like, they're they're saying Trump is good for Bitcoin. And if he wins, all kinds of good bitcoin stuff is gonna happen, including the release of Ross Ulbrich. It it's not going to matter. People are going to sell the living shit out of it. I'm not saying don't panic. Don't freak out. It's just I can't lie to you. I've seen this shit more times than I can count. Like, good news comes out. Good news comes out and what happens? Bitcoin drops. Why?
Because it was bad news? No. It was good news. It's not that. It's the fact that it's news. It's something that was tremendous that happened. And somehow or another, that always translates into sell. And I don't know why. I just I really don't know why, especially when we've got stuff like this. British pension fund is now the 1st to add Bitcoin to its balance sheet. This is Matt DeSalvo writing for Decrypt. Again, if you're not following along, wake up wake up. A British a British UK, United Kingdom, British. A British pension fund. Not the United States.
Not somewhere in Asia. No. No. No. No. No. British. A British pension fund is the first to add Bitcoin to its balance sheet. A UK pension fund has put bitcoin on its balance sheet in the first move of its kind in that country. Pensions advisory firm, Cartwright, announced on Monday that it had told an unnamed client in the UK to make a 3% allocation to bitcoin. The firm said that it made the recommendation because of bitcoin's long term gains. The cryptocurrency has risen in price by nearly 100,000 percent since 2013. Quote, trustees of the unnamed scheme chose to make a 3% Bitcoin allocation reflecting the scheme's relatively long investment time horizon.
Cartwright's director of investment consulting at Cartwright, Sam Roberts, said that he hoped the strategic move would be followed by others. Quote, we are proud to have led this groundbreaking move, which we hope will be the start of a trend for institutional investors in the UK to catch up with their increasing number of peers and competitors around the world who are already taking advantage of Bitcoin's unique attributes, end quote. Cartwright said it expects institutional adoption of bitcoin to be similar to when pension schemes started buying equities in the 1970s it may be slow at first but then eventually will seem like a bad idea to not allocate the asset to a portfolio institutional adoption of bitcoin has grown around the world but particularly in the united states following the january approval of the spot bitcoin exchange traded funds The funds allow investors to buy exposure to the cryptocurrency via stock like shares that trade on regulated exchanges.
Major Wall Street players including Blackrock and Fidelity launched the funds and have so far collectively snapped up over 1,000,000 bitcoin or $67,000,000,000 worth at today's prices. So Cartwright is advising this pension fund to buy Bitcoin or or rather they got a call from this pension fund saying, hey. We wanna allocate, and they did 3%. Okay. 3% is actually at that point of a pension fund. 3% is definitely nothing to sneeze at. It's not the point 1% that we've seen in a cut like, was it point 1% in in Wisconsin or something like that? I can't remember what it was. Now this is like whole numbers.
This is 3 full percent. On the surface, it may not seem like much, but trust me, that's a lot. That is a huge gamble for something like a pension fund. Sub 1% you're expected to do that. You're expected to experiment. You get up above 1% to 2% and into the 3% range. Now, at this point, you actually have conviction. There's something there's a calculus involved that's saying, we have to do this. It's not an experiment. It's not testing the waters. No, no, no, no. They're buying the shit out of Bitcoin. Let's run the numbers. CNBC Futures and Commodities Oil, West Texas Intermediate up a point and a half.
72.52 a barrel. Brenton North Sea up 1 and a third, 76¢¢ a barrel. Natural gas is down 1.76%. Gasoline is up just under 2 full points to 2 bucks and 5 pennies. Shiny Metal Rock's doing well today. Gold is up 0.14 percent to 27.50. Silver is up half point. Platinum is up 1.6. Copper is up 0.86. And palladium is up 1.13. Ag is mostly in the green today. Biggest loser is lumber, 0.88 percent to the downside. Biggest winner is coffee, 1.76% to the upside. Live cattle is up 0.08%. Well, but lean hogs are down almost two 2 points. Feeder cattle are up 0.16%.
And it looks like there's actual activity in the equity markets. I you know, I'm still I'm actually a little surprised that we're seeing a bump in Bitcoin price, but I'm really surprised that we're seeing a bump in legacy equities. This is what makes me think that no matter who wins and no matter who's good for what, we're going to have a sell the news event. The Dow is up 0.78% this morning. That's a 329 point gain to 42,285. The S and P is up over a point. The Nasdaq is up a point and a 5th no. A point and a quarter. And the S and P is up 0.75%. So just be aware.
This I just feel that it's unusual that that the day of the excuse me, the day of the election, that things aren't moving straight sideways. Take that with a grain of salt. 70,310,000. No. Shit. I've screwed that up. $70,330, that's gonna get you 1 Bitcoin. Market cap is $1,390,000,000,000, and we can now get 25.7 ounces of shiny metal rocks with our 1 Bitcoin, of which there are 19,777,930 and a half of, and average fees per block are low, 0.05 BTC on average on a per block basis. And there are still a mere 71 blocks, carrying a 170,000 unconfirmed transactions waiting to clear at high priorities of again 3 satoshis per vbyte, low priorities, same price.
700 and 16.9 exahashes per second is the 1 week rolling average. We did hit an all time high on the rolling average, and I think I've got a story about that a little bit later on. But right now, I want to talk to you about a way of life. The value for value is a way of life and it's more than just a monetization scheme. It's a lifestyle. It's a mindset of abundance and fairness. A new way of looking at value. Value in general but digital value in particular it's hard to to put a finger on the value for value lifestyle but one could summarize it as follows no expectations no entitlement and no bullshit It is a trust in the universe and its people. A trust that if you produce something of value, people will find it valuable and give back, but only if you ask them to do so and that's why I'm asking you right now to consider supporting the bitcoin and podcast through the value for value model and that way you don't have to fight through any kind of advertisements There are some advertisers that I do want because I think that there are some high quality bitcoin companies that are out there.
I just don't say their name right now because they're not paying me, you know, and that's okay because I haven't really I haven't really shaken them down yet, but I'm saying that there are some companies that I do feel that it's worth my while to bring to you and it's worth your while to listen to what they have to say. There's not very many of them because a lot we we saw what happened. Oh, this is a block five. It's a a hardcore Bitcoin company. Yeah. Bullshit. You saw what happened with that. But there are there are a couple of handfuls of high quality Bitcoin companies that I would be proud to advertise for. But for right now, I'm not advertising.
I'm depending on you to say, Did I find value in today's show? Was there something that I learned? Something that I got that I didn't know what was going on? And thank God I finally, you know, I figured it out because I took the hour out of my day and listened to this guy ramble on about, you know, various things. If you did, then consider donating to the show through boostograms on any of the podcasting 2.0, what well, applications not any of them but most of them and if you really really really need to find out let me go over here to podcast index whoop new podcast index dot org that's podcast index dot org If I go over to apps and I will say, okay, I need supported I need, let's see. I'm gonna like, a boostgrams.
I'm gonna look at all of the all of the apps the podcasting 2.0 apps that you can boost this show on because all of these apps have my show available. Trufans, Podverse, Podcast Guru, Fountain, PureTube, LN Beats, CurioCaster, The Split Kit, Cast O Matic, Pod Station, Breeze, and Boo CLI. Boo CLI is actually not a podcast player, but you get my drift. There are many many many ways that you can stream these satoshis. You can boost satoshis, and they all, via AlbiHub, go directly to my own lightning node. No. I'm not renting 1. I'm running a start 9. Right? That's one of the companies that I think is a high quality Bitcoin company.
I get your stats directly. There's no middleman. When you support the show, you're supporting me. And the more you support this show and me, the more I'm in a position to try to start supporting other people. I want this as a circular support economy, not just a circular Bitcoin economy. Value for value is a circular support economy. And that's how we get into situations like this. 1,000 sats from b 48cc. That's a lot of letters and numbers. But he says, great show, David. And he's talking about precariously poised prediction. Yesterday's episode of Bitcoin and thank you, my brother. I appreciate it. God's death with 537 says thank you, sir. No. Thank you. User 1989-2133 with 500 says giddy up. Is there anybody else down here? Oh, yeah. Mutum 8 with a 101 says Paul Harvey was the master at live reads.
He'd be telling some story about somebody's grandma and somehow end up in a metamucil ad. Oh, metamucil ad. You'd be sitting there saying to yourself, how the hell did I want he wind up around to that? Yeah. Paul Harvey was a there are very few people that are in media that are masters of it. Right? I hope that I'm getting better. I've been doing this for 6 years, and every time that I sit down to do one of these shows, you know what I haven't done? Previously read the the the actual article that I read to you. These are all cold reads. Everything about this show is live.
I don't prepare well, I prepare insofar that I go and I scan the articles, but I don't practice verbalizing them. So I have to get really good at reading stuff I've never read before live to you because I don't do any editing on this show other than to pump in, you know, pipe in some bumper music. That's it. That's the only editing that I do unless I really make a huge mistake. And I've I've have to have to have to do that every once in a while, but this is a live read show, brothers and sisters. I don't rehearse this. I find the news that I think is applicable for the day.
That's that's my research. And then I sit and then I open up all the tabs in a browser, and 1 by 1 I read these things live without rehearsing, without reading them before, and I hope that you find value in that. I really do. Because that's the only way that I can do this to you or for you every single day or at least every weekday. But I appreciate Mutum8 and his 101 sats. Pies to play, but I appreciate your 100 sats. And he says, thank you, sir. No, thank you. Mark 26 z says, this gave me an idea. He gives no sats, but I hope your idea is going to kick ass. That's the weather report.
Welcome to part 2 of the news that you can use. MicroStrategy's ambitious $42,000,000,000 Bitcoin acquisition plan is not without risks, CoinShares says, Will Canney writing for CoinDesk. MicroStrategy's ambitious plan to buy $42,000,000,000 more worth of Bitcoin is not without risks. The company, founded by Michael Saylor, announced a $21,000,000,000 at the money offering of its own stock last week to raise capital to buy more bitcoin. But this is part of a larger plan to buy another $42,000,000,000 worth of the world's largest crypto over the next 3 years. MicroStrategy's ability to successfully execute on its Bitcoin acquisition plan is dependent upon a number of factors according to Coinshares.
The software company needs financing conditions to remain favorable and necessitates demand for their convertible notes, analyst Alexandre Schmidt and Satish Patel wrote. The cost of servicing its debt is also rising. CoinShares noted that in 2021, MicroStrategy was able to raise debt at 0 coupon convertibles, but these coupon rates have since been rising with new issues. The report said MicroStrategy is also tied to its bitcoin holdings, adding that there is a risk that if the company chooses to sell some of its bitcoin pile, its valuation premium could disappear.
However, Michael Saylor said previously that he is not interested in selling his company's bitcoin holdings, saying bitcoin is the exit strategy. Furthermore, any disposals could also trigger tax events which could be sizable, the report said adding that in the future the firm could be taxed on unrealized gains related to its crypto stack. The company's bitcoin business may have outgrown its software business, CoinShares said adding that cash flows from the legacy operations may not be enough to cover future coupon payments. The firm's stock has been praised by the investors even after announcing the large financing that will dilute the shareholders.
Last week, Wall Street broker Canaccord said that MicroStrategy is one of the best ways for equity investors to gain Bitcoin exposure without actually having to buy the underlying asset, which I think is a mistake. Just buy the underlying asset. There's no reason anymore that you can't. Well, okay. There is. Some people just legally are bound to not be able to do that, so they have to do ETFs or buy equities and companies that have sizable exposure to Bitcoin like MicroStrategy. But if you're if you're pleb Joe, well then, pleb Joe, please just go buy some Bitcoin and throw it into a hardware wallet. Anyway, finally, MSTR shares were about 8% higher in early trading on Tuesday as Bitcoin price headed to 70 $1,000, which we are at exactly $70,000.80 right now, just just so you know.
I've been saying this for a while. MicroStrategy is is is given all of the signaling you need to know that it's getting out of the software business. I don't know what he does with his engineers. I I I don't know if he does mass layoffs here in the next year. I I don't know. I suspect that next year you're going to hear about layoffs at MicroStrategy. That's what I expect to hear. It's not going to help MicroStrategy out. So if I was Mike, I try to figure out a way to bolster the software side of the business or start some new concern where you don't have to actually commit any layoffs because you know this market.
If there is if somebody even sneezes the wrong way, like Mt. Gox sending bitcoin to a brand new wallet, we get problems. We do. It's just that's just the nature of the beast. Mass layoffs at MicroStrategy is not going to help. Even if he comes out with a statement saying, we're doing this because we told you we're getting out of software. We're going whole hog in on Bitcoin. But it won't it won't matter. All the market will see is that MicroStrategy is tanking. They're on fire. They're going down in flames. See, here's their layoff schedule. Look how bad it is for MicroStrategy. No. Well, if did you see MicroStrategy's earnings this last quarter?
They were, like, they were, like, they came in what was it? Minus 1578 percent of what was expected. It was ridiculous. It will like no no no earnings. There were none None none earnings. Lost money. Lost a lot of money. But I told you then it didn't matter because Michael Saylor is taking MicroStrategy into a completely different realm of existence. And it even tells you he even told you right here. He said, Bitcoin is the exit strategy. He means for MicroStrategy. They are exiting. He told you right there, Bitcoin is the exit strategy.
MicroStrategy is no longer going to be in the software business. That's just that's just happening. So I suspect that Michael Saylor is probably not dumb, and he knows that he cannot fire a whole bunch of people because they're going to get out of the this consumer or this business to business software analytics situation that they have been in for the last what 30 years right so maybe what he does is he actually does turn into a bitcoin development company and keeps most of his people but just converts them or is in the process of converting them now to start writing software for bitcoin. I don't know. Or maybe layer 2 protocols or layer 3 protocols. We don't know what the hell he's doing, honestly.
But what we can say is that bitcoin has been called by Michael Saylor himself the exit strategy. Their earnings are tanking. Their share price is soaring. And it's all because of the Bitcoin play that Michael Saylor has put together. That and the fact that he is a master at debt financing. You will probably never find anybody who is this good at debt financing. But we don't know what's going to happen until it actually happens, so let's move on. Bitcoin mining difficulty breaks through 100,000,000,000,000 for the first time. James Hunt tells us more from The Block. Bitcoin mining difficulty rose 6.2% on Tuesday to breach the 100,000,000,000,000 level for the first time following a record average hash rate for the network.
The difficulty adjustment came at block height 868896 reaching a record of 101.7 trillion according to blockchain explorer mempool. The mining difficulty is not expressed in specific units. It is a relative measure of how hard it is to mine a new block compared to the easiest it could ever be. The difficulty adjust every 202,016 blocks and is found, that each block is found roughly around every 10 minutes and that's why this difficulty adjustment exists so that we always have this 10 minute ticker regardless of how many miners are actively mining. It's always 10 minutes. That's because of the difficulty adjustment, which is one of the consensus rules in bitcoin.
Cannot be changed. And if people try to change it, we will have a conniption fit. Ahead of Tuesday's adjustment, bitcoin's blocks were being mined at the faster than average rate of 1 block every 9 minutes and 27 seconds. The higher the difficulty the more computational power and energy a miner needs to find the right hash for the next block. When there is an increase in the number of miners the difficulty of mining bitcoin rises. Conversely, if there is a decrease in the number of miners competing to find new blocks, the protocol lowers the mining difficulty, making it easier for the remaining miners to discover blocks.
Pausing to say the difficulty adjustment is one of the unsung heroes of the group of rules that we call the consensus rules in Bitcoin. That difficulty adjustment makes everything else work. I'm just saying, I'm a huge fan of the difficulty adjustment. In fact, I'm more of a fan of the difficulty adjustment than I am of the 21,000,000 Bitcoin cap. I know that's almost blasphemous to say, but I'm saying it. The difficulty adjustment, I believe, is if somebody okay. Somebody changes the the cap of Bitcoin, that sucks. But I'm more excited about the fact that the Bitcoin difficulty adjustment is actually dynamic.
Right? That's more interesting to me as a consensus rule than just saying that there's never more than 21,000,000 Bitcoin because that's a static rule. It doesn't change. The difficulty adjustment is a thing of beauty. We should take a better look at it. Anyway, I'm just saying. Last week, Bitcoin's hash rate, which measures the total computational power dedicated to the network by miners, reached a new 7 day moving average all time high of 755.5 exahashes per second, exceeding the 750 exahashes level for the first time according to Block's data dashboard. Following bitcoin's 4th halving event on April 20th which saw block subsidy rewards have from 6.25 to 3.125 bitcoin, bitcoin miner saw a substantial decline in revenue.
Earnings fell from a 7 day moving average peak of 72,400,000 on the day of the event to the 25 to 35000000 range since squeezing out less efficient miners from the market. I need to pause to say something about that. Notice how it says squeezing out less efficient miners from the market? This forces efficiency. Now I've said a couple of things about efficiency that a lot of people don't agree with. I think that there are some places where efficiency doesn't make any sense, like in the cattle industry. So, I mean, you want to have some efficiency, but when you have so much efficiency that you've only got 4 people cutting, you know, 4 companies cutting meat and you're doing shit like sending American beef to Brazil or or to us to China and Japan, and you're importing Australian and Brazilian beef instead.
That kind of that's where the efficiency got so efficient that it started being stupid. This in this particular way, this drives mining innovation. The the hash rate, the difficulty adjustment, it drives mining technological innovation and efficiencies, and it's going to continue to do so. Again, one of the reasons why I led the difficulty adjustment. Getting back to it, the impact is also reflected in Bitcoin's hash price falling to an all time low of 0.04¢ or, well, 4¢ for United States pennies in September, though this has since recovered slightly to 4 and a half pennies.
Hash price refers to the expected value of 1 terahash per second of hashing power per day, quantifying how much a miner can expect to earn from a specific amount of hash rate. However, Bitcoin miners appear to be collectively ramping up their hash power since bottoming out at a 7 day moving average of 550 exahashes per second back in June as the surviving operators dominated by United States public miners begin to deploy new capacity upgrade their mining rigs and consolidate market share Public bitcoin miner strategies have diverged considerably in 2024 with the stocks of AI diversifiers like Core Scientific, Iron, and Terra Wolf outperforming their pure play bitcoin mining counterparts such as CleanSpark Riot and Mara.
Bitcoin is currently trading at $68,694 according to the block's bitcoin price. The foremost cryptocurrency is down around 4% over the past week but remains up 63% year to date. So there's mining news. Now we gotta get into this thing from Peter Todd. Peter Todd speaks. This is, I think, the first interview that Peter Todd has actually given since, he went into hiding because of this HBO documentary that tried to out him as Satoshi Nakamoto, and that was bullshit. That was, that was bad form, honestly. So from atlas21.com, Peter Todd to Atlas 21, quote, HBO could have asked me to refute theories about Satoshi's identity.
They didn't. After the controversial documentary, Peter Todd responded to HBO's speculation in our interview. During the plan b forum conference in Lugano, Atlas 21 met Bitcoin developer Peter Todd to discover the details and behind the scenes of the recently released HBO documentary. So here is the question asked to Peter Todd. Did you know that the HBO documentary would focus on searching for Satoshi Nakamoto's identity? The answer from Peter Todd, no. I had no idea. I suspect that director Hoback changed direction at the last moment probably after realizing that a simple bitcoin documentary wouldn't generate enough interest. I did 4 or 5 interviews with him and only in the last one did he introduce the question of satoshi's identity.
None of us knew about this change in direction, not even Adam Back. It was clearly a marketing choice to make the documentary more appealing. Question. How long did the documentary filming take how long did it take? The filming lasted more than 2 years, mainly during Bitcoin conferences. We met twice at BTC Prague, once at adopting Bitcoin in El Salvador, and at the Baltic honey badger in Riga. Our first meeting happened during one of these conferences. What did Hoback tell you when you first met? Well, he told me about his desire to make a documentary about bitcoin. Focusing on the protocol's early years and its evolution.
He never mentioned any intention to reveal Satoshi's identity. Do you feel more at risk after the documentary's publication? Answer. It's important to emphasize that the documentary not only speculated about Satoshi's identity, but also advanced the unproven idea that he holds 1,000,000 bitcoin. This thesis is just a hypothesis based on bitcoin that has been inactive for a long time. There's no concrete evidence. We know that many people mined Bitcoin in the early days, and the protocol was developed precisely to allow anyone to participate in mining. Question, it's said that the documentary initially wanted to identify Craig Wright as Satoshi. Have you heard this rumor? Answer, no.
I have not heard this rumor. If it were true, we would have ruined the documentary having defeated Craig Wright in court. Question, what kind of reactions have you received from the public outside the Bitcoin community? Have you received threats? After it aired, my email box was flooded with messages. 1 person in particular sent me 30 to 40 consecutive emails asking for money. It's annoying but manageable. Just delete them. Obviously, there's a risk that someone might think I possess wealth that I don't have and attempt to break in or kidnapping. I've implemented some additional security measures but I prefer not to specify which ones let's just say that if someone tried to enter my apartment they would have a very bad day but it's absolutely not true that I'm hiding quote or sorry quote my ass hold on I need to to say something.
The fact that Peter Todd said the word words that let us know that he lives in an apartment is bad operational security. Why? Because most apartments only have one entrance and one exit. Not so with a house. House usually has a back door. House, yeah, you can get out of most likely or windows. An apartment? You're kinda hosed. And the fact that he lit on to the world that he lives in an apartment does not help. These are the kinds of operational security mistakes you don't make. Don't do it. I I mean, I'm guilty of it too. I'm just reminding not only you but myself to watch what you say.
Let's move on. What's your opinion of on the documentary's narrative driven by Roger Ver's theories? I think it was another choice made to create televisually interesting content. I doubt Hoback really believed Ver's thesis, but he probably thought his absurd theories would capture the audience's attention. It's always about marketing and entertainment. The real problem with producing a documentary is figuring out how to make Bitcoin visually engaging. Have you spoken to Hoback after the release? No. Our last contact was during the final interview when he revealed his true intentions. I haven't had the chance to ask him why he chose me.
If he had really wanted to discover satoshi's identity, he could have contacted me and Adam back for evidence that refutes the documentary's thesis. In my case, it would have been quite simple. There are moments when Satoshi was riding on Bitcoin Talk while I was present at other events or special occasions, but evidently, this wasn't his interest. And finally, in the documentary, Hoback claims to understand why Satoshi disappeared, yet he dedicates half of the documentary to searching for his identity. How do you explain this? Probably, it was the only way to make the documentary commercially interesting.
It's almost ironic that his previous work was a documentary about qanon, which was full of conspiracy theories. Alright. So Peter Todd come out of the woodwork, kinda giving us a little bit of, information about this whole documentary thing. I actually believe that the entire thing about Satoshi's identity was more about having a solid ending to the documentary because bitcoin story is not over. And it's really hard to make documentaries about things that are still ongoing. Right? So you need a capstone. And I believe that it wasn't to make the the documentary inter more interesting. The documentary is a good documentary. It's really interesting.
I completely with Hoback's choice to do this whole satoshi Nakamoto thing, but if I don't look at that part and I just look at the the first 40 minutes of the documentary, it's good. It's really good. But how do you end that? Well, clearly, you accuse somebody of being Satoshi Nakamoto and that kind of screws up Hoback's entire credibility, at least as far as I'm concerned. But you know who does have credibility in this space? OpenSats. They've announced their 8th wave of Nostr grants. This is nobsbitcoin.com. OpenSats, a nonprofit dedicated to funding free and open source bitcoin and broader Freedom Tech developers, announced the 8th wave of Nostra grants to 5 Nostra projects, Formster Groups, Coop, Nostra Ability, and the NIP 44 Libraries audit. Quote, from developing intuitive user interfaces enabling robust cross client compatibility, these projects embody the spirit of open source collaboration making important contributions to the Nostr ecosystem, announced OpenSats in a blog post. So, Formster.
Okay. F o r m s t r is an alternative to Google Forms or Typeform built on the Nostra protocol. This grant will help the project implement multi admin access forms, encrypted selective participation, logic based fields, paid surveys, AI integration, and compatibility with Notion and Slack. Groups is a chat client on Nostra using NIP 29. It supports relay based group chats with moderation, threaded conversations, and event handling. This grant will be used to enhance group management, user interface, nip 29 actions, and community feedback integration. Coop is a nostr based messaging client for gamers offering secure group chats and plans voice and video calls akin to discord.
The grant will enhance group management capabilities, implement secret chats, and improve UI design performance and third party integrations and community tools. So gamers, there's now a discord replacement called co op. Alright. I I hope it I hope it kicks ass. Nostra Ability offers practical documentation of how various Nostra apps and relays play together highlighting inconsistencies. Inconsistencies. And this grant will help document client behavior, gather feedback, develop an automated testing suite, and advocate for new NIPs.
This is great. This this is awesome. It's it sounds to me like they're we're going to be have a way to have like something just kind of look at everything all at once and start figuring out where where are things getting bottlenecked? Where are inefficiencies? Where are things hanging up? Is it a client hanging up? Is it a relay hanging up? Is it poor? Whatever. It's almost as if it's a packet sniffer for Nostr. So I'm really excited about that one. But finally, nip44 libraries audit for cryptographic libraries for noster's encrypted messaging and group chat features under nip44, which improves upon nip04.
The independent review of the noble Cypher JS implementation will bring secure and resilient private communications. Well, that'll be nice because we still have yet to have really good client side integration of direct messaging. Sure. Yeah. There's direct message client, you know, clients for for Nostra. They seem to work well, but but they're not part of, like, a whole package. I want to be able to DM somebody from Corkl or Primal or Thomas and not have it be a complete shit show because DMs in Nostra suck ass. They just do. It's not me being mean. It's just it just is. I mean, there's no sense in sugarcoating it here. Why don't you tell us how we really feel? Well, that's how I really feel. Okay. So, last one up. Libsecp256k1 version 0.6.
0 musig2 support. Libsecp256k1 is a high performance and high assurance c library for digital signatures and other cryptographic primitives on the secp 256k1 Elliptic Curve. It is intended to be of the highest quality publicly available library for cryptography on this particular curve. Libsec256k1 is out featuring the highly anticipated music module and other improvements. This release adds music module, adds a significantly more robust method to clear secrets from the stack, and removes the unused functions. And it's like the unused sp sec okay. The unused secp256k1scratchfunctions.
In particular, the API functions now use a significantly more robust method to clear secrets from the stack before returning. Thanks to our contributors and then they give a whole bunch of names. So what's new? Is there anything else here? It's all really high level shit, way beyond my pay grade. But if for whatever reason you are using Libsecp256k1 version 0.6.0 is now out and apparently offers music to support. Alright. So we are now back to $69,920. But you know what's happening? You know what's really happening? I'm gonna get my trading view up.
Let's see what's happening over here. Just waiting for it waiting for it. The Ethereum Bitcoin pair is about to pass under 0.034. I I guarantee you what's going on with Ethereum and Bitcoin, this volatility is sucking the life out of the Ethereum Bitcoin pair, which technically means it's sucking the life out of Ethereum. Right? The Ethereum price divided by the Bitcoin price has been getting lower and lower and lower. Now, let me go I'm gonna change to my weak view and I'm gonna see right where we entered into this pattern.
This it's a downward trend so I'm looking at my weekly chart of the ethereum divided by bitcoin price chart and roughly around I'm going to say August of 2021 with, ethereum stood at 0.068, in the ethereum divided by bitcoin score or, well, number. Right? Now it's lost over half of that value over half it's done nothing but go down in bitcoin terms the ethereum value has done nothing but lost value since August of 2021. August of 2022, August of 2023, August of 2024. Guys, I could actually go back. I mean the first time that it clipped into this channel, this downward channel that most people are looking at, that was back actually back in May. I'm being conservative in saying August, but May of 2021. May of 2022, May of 2023, May of 2024.
3 and a half years of nothing but Ethereum losing value against Bitcoin. If you're holding Ethereum at this point, why? And especially over let's see. In this one, this this new phase, it's dumped out of this channel. There's an upper bound of this channel and a lower bound of the channel. And the week of August of this year, it started a much steeper downside value loss in terms of Bitcoin than ever before. The slope of this new line in this downward trajectory is should do nothing but scare the living piss out of anybody who's like even considering holding this bullshit.
It's sick. It's just sick, man. 0.03503. We are literally 3 10,000ths. 3 10,000ths of a point away from it dipping under 0.035 and going into the 0.034 range. Why would you want to have anything to do with this dog shit? It's all crap. In fact, the last time the last time it was at this level, we are looking at around yeah. March of, March of 2021 was the last time we saw this level, And it's just getting worse and worse and worse and worse. So what I think has been going on with the volatility that we're seeing in Bitcoin, this the these big pumps and these big dumps, is the ability for people to exit their Ethereum positions somehow or another, but maybe it's because they both the people that are exiting their ethereum positions might be doing the following.
They're dumping both coins on the open market in full view, crashing the well, not crashing, but lowering the price of both. And they're dumping directly into United States dollars. Now I don't know this for a fact, but this is the only thing that makes sense to me as to what I'm seeing. They both sell their Ethereum and they sell their Bitcoin. But they use the cash from both to do nothing but buy Bitcoin. Or, well, no. That's the only thing that actually makes sense. And then people that, like, looking at the Ethereum price only and the Bitcoin price only are seeing Ethereum getting cheaper and maybe, you know, hey, it's cheap cheap etherium we'll pick some up but you know it's just is bitcoins too pricey let's just yeah and then it forces like some other nut bags to hold these big old sacks of garbage until the guys that still have a bunch of aetherium and a bunch of bitcoin and even more bitcoin now sell again crashing both making cheap sats and cheap aetherium but they've already got their cash position out of Ethereum at a higher price, and they just shove all of the cash that they made on both of those sales back into Bitcoin, making Bitcoin even more expensive and and and Ethereum even more cheap, but only in US dollar terms.
I think the way that this works is it ensures that the Ethereum shit chain doesn't lose its USD value as fast as it's losing its Bitcoin value because if it was, if the theory was losing USD value as fast as it's losing Bitcoin value, people would be running for the freaking hills. They don't no. So many people don't look at ratio metrics, and it's one of the most important ways in mathematics that we can look at 2 things as they are related to each other. You do it all the time when you look at the Bitcoin price in USD. It is a ratio metric.
It's just not. It's just it's a little bit different than when you take the price in USD of Ethereum and divide it by the price of USD in u in in or the price of Bitcoin in USD And 1 u 1 or the units of United States dollar divided by United States dollar equals what? In algebra, it equals 1, which means that we're no longer dealing with the United States dollar. It canceled itself out in the math, and now we can purely look at the value of Ethereum versus the value of Bitcoin. Bitcoin is killing Ethereum. It's been doing it for over 3 and a half years.
But now, ever since we entered into this new pattern on August of this year, it is losing value against Bitcoin hand over fist. Yet if I go and I just simply look at the USD value chart of Ethereum, it it doesn't show that. It act it it it shows that it's not so bad. Guys, you need to look at both. If you're holding Ethereum and you're just looking at the Ethereum price in USD and you're not looking at Ethereum divided by Ethereum price divided by Bitcoin price, you're not seeing what's actually happening. You're not seeing reality.
If you're only looking at Ethereum USD price you are lying to yourself. If you still have bags of Ethereum, I highly recommend that you take a good long look at both the Ethereum USD price and the Ethereum price divided by Bitcoin price. You're going to find 2 completely different stories. And ratiometry as a way to gauge things in comparative nature to each other wins every time because it completely deletes out a variable. The variable here is the USD. And now we can just look at the relationship of Ethereum value versus Bitcoin value. And it's falling like a stone.
I'm not telling you to sell, I'm telling you to go look for yourself and make your own determination, but I would not hold this bag of shit one more fucking day. It's a shit show. It is a clown show. It is a dumpster fire inside of a circus tent with a bunch of clown shows dancing around it. So that's that's my rant about this. I still can't believe people are in this into Ethereum. Especially after yesterday when I read you that the Stanford University guys have figured out a way to reverse Ethereum transactions. Yeah.
If you didn't hear it yesterday, hear it now. Reversible Ethereum transactions not by you, but by a third party somebody else, somebody who possibly doesn't like you. Between those two situations you should have nothing to do with Ethereum. But we are in the day of the the the real actual shit show, the election. If I said something to you that completely offended you about about my view of Democrats cheating in the elections, do understand that everybody cheats. I'm just saying that Democrats do it better. Alright? So I guess in that standpoint, take the compliment.
But I'm not going to apologize for it. And if I've lost a listener or or 8 or a 100 out of this, well, that's too bad. But I'm not gonna just not tell you what I think. That's not what this show is for. This show is for me to tell you what I think, and I honestly absolutely think that this election is going to be an absolute, utter shocker when it comes to just how bad a clown show, shit show, dumpster fire circus can actually be, and I will see you all 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.
Election Polls and Predictions
Bitcoin's Fixed Supply and Economic Implications
Market Analysis and Predictions
Ethereum vs Bitcoin Value Analysis
