Join me today for Episode 995 of Bitcoin And . . .
Topics for today:
- Bitfinex Tokenizes US T-Bills
- Trump to Buy Bakkt Crypto
- BTC ETF Options Launch Today
- MSTR's $1.75 Billion Convertible Notes
- DAO Members Now Liable.
#Bitcoin #BitcoinAnd
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https://www.coindesk.com/markets/2024/11/19/donald-trumps-media-group-eyes-purchase-of-crypto-exchange-bakkt-report/
https://decrypt.co/292223/options-blackrock-bitcoin-etf-launch-tuesday
https://decrypt.co/292263/microstrategy-plans-1-75-billion-convertible-notes-offering-to-expand-bitcoin-holdings
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https://cointelegraph.com/news/california-judge-rules-dao-members-liable-under-partnership-laws
https://opensats.org/blog/3rd-wave-of-education-grants
https://www.coindesk.com/markets/2024/11/18/semler-scientific-added-215-bitcoin-to-holdings-bringing-stack-to-1273-btc/
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[00:00:00]
David Bennett:
Good morning. This is David Bennett, and this is Bitcoin and, a podcast where I try to find the edge effect between the worlds of Bitcoin, gaming, permaculture, podcasting, and education to gain a better understanding of all. Edge effect is a concept from ecology describing a greater diversity of life where the edges of 2 systems overlap. While species from either system can be found at the edge, it is important to note there are species in the overlap that exist in neither system, and that is what I seek to uncover. So join me in discovering the variety of things being created as Bitcoin rubs up against other systems. It is 10:0:4 AM Pacific Standard Time. It is the 19th day of November 2024.
TikTok. TikTok. This is episode 995 of Bitcoin and only 5 episodes left before the big one thousand. Hell, yeah, man. Let's freaking go. Helen Parts starting us out. Cointelegraph. That's right. We're getting right into it. Bitfinex. Yeah. Bitfinex Securities has debuted tokenized United States T bills. The Treasury bills. That's right. Under El Salvador laws. I can't tell if this is just straight up shit coinery or fiat circus. Oh, well. BitFex Securities, a digital securities exchange and sister firm of stablecoin issuer Tether is debuting a tokenized public offering of tokenized United States Treasury bills under El Salvador's legal framework. As part of the offering, El Salvador based digital asset issuer, Nexbridge Digital Financial Solutions, will issue a new token, yay, that will be traded under the ticker USTBL.
The token aims to provide investors with exposure to short term UST bills denominated in the US dollar. The initial offering by Bitfinex Securities targets raising a minimum of $30,000,000 to proceed with the token issuance with the initial subscription period starting on November 19th, that would be today, and ending on November 29th. According to Bitfinex Securities, the sale is the first the first regulated offering of you of tokenized US Treasury exposure built on Bitcoin technology. It's issued by the or on the light of the lick liquid network. Oh, my God. The liquid network. A major Bitcoin layer 2 solution. The new token is expected to yield, yes, 5.02% annually to maturity.
The issuance proceeds or proceeds will be allocated to the iShares Treasury Bond 1 year UCITSETF, a publicly listed exchange traded fund which tracks the investment result of an index composed of the United States dollar denominated government bonds issued by the US Treasury. According to the announcement, token investments will be initially available using Tether's USDT stablecoin and will later be available in Bitcoin straight up. Following the end of the initial subscription period, the token will be available for trading on bit Bitfinex Security's secondary market under the ticker USTBL with trading in USDT.
In addition to yields to maturity, the new token is expected to provide benefits like instant settlement, withdrawals to whitelisted wallets. Oh, right there. Right there, ladies and gentlemen. Bad juju. And over the counter trading, a spokesperson for Bitfinex Securities, Colt, told Cointelegraph. The new offering is enabled by the rapid adoption of digital asset regulations in El Salvador. After El Salvador passed its digital asset securities law in January of 2023, Bitfinex Securities subsequently secured a local license in April of 2023.
El Salvador's licensing regime allows companies to tokenize funds, debt, equity, and real estate, simplifying the process of raising capital for companies to issue tokens, fund investments, and projects, and offer a return to investors, the so called yield. According to a spokesperson from Bitfinex Securities, the sale is available to all eligible investors apart from those in North America and sanctioned countries. Sounds like North America's been sanctioned. And what what do they mean by North America? Mexico, United States, and Canada, ladies and gentlemen. I got I it's not that I got a bad feeling about this, but, again, how is it that we're not just digitizing the shit show that we've been enduring for the last 70 years?
Is there can somebody out there tell me how this is good and, I don't know, something that we should actually, you know, be interested in? And and, sure, you're going, well, if you're not interested in it, why did you bring it to us? Because it's going to affect things. How? I don't know. I just know that it will. Bad or good? Probably good for the, you know, at least the short term, probably even into the medium term. But long term is where I'm really looking at. What are the knock on effects? How can this be gained against the value of Bitcoin and its purchasing, power? I you know, that that's what concerns me.
When I see shit like this, all I see is a convoluted way to reinstantiate the fiat world right before our eyes, but we've got other things. Bakkt, b a k k t. This is a good one. Donald Trump's media company eyes the purchase of crypto exchange backed. So it looks like Donald Trump might be wanting to buy a crypto exchange probably for his finance Liberty Financial products. I don't know. But maybe Shahra Malwa will tell us more from CoinDesk. Trump Media and Technology Group, the parent company of Truth Social, is in advanced discussions to acquire the crypto trading platform backed.
The potential all stock deal would see TMTG absorb Bakkt, whose market capitalization stood at just over $150,000,000 on Monday. TMTG, despite minimal revenue, boasts a $6,000,000,000 equity valuation fueled by retail investor interest following Trump's reelection. Bakkt was set up by the Intercontinental Exchange, which owns large derivative exchanges plus the New York Stock Exchange, with the initial goal of helping Starbucks customers buy coffee with Bitcoin. Now I don't think that really worked out all that well. Future US senator Kelly Loeffler was its 1st CEO. It finally introduced a digital wallet in 2021, which was discontinued last year.
Bakkt is now focused on crypto custody and trading services. In February, Bakkt said it did not have cash in hand to fund even 12 months of the operation. Oh, shit. Shares of Bakkt Holding ended up jumping a 160% on Monday following the report. Talks of the acquisition follow Trump's recent promotion of World Liberty Financial, a DeFi platform tied to the Trump family. A deal could impact Bak's future direction and potential role within Trump's expanding media empire, including its focus on Bitcoin. As such, Bakkt's crypto custody business, which holds digital assets like Bitcoin and Shitcoin number 1, has struggled and will be excluded from the acquisition.
The move comes amid a surge in crypto markets following Trump's victory with Bitcoin up over 30% in the past 30 days. On a separate note, the Wall Street Journal reported that president-elect Trump is planning on meeting Coinbase CEO, Brian Armstrong. Yeah. Well, okay. So, understand. I don't hate orange man. No. I don't think he's a Nazi. I don't think that shit at all. But my question becomes, who in the hell is advising president Trump that this is a good idea, that this is not going to be turned into legal fodder to try to get him oh, I don't just just straight up excommunicated from the United States government.
Like, over the next 4 years, it's gonna be impeachment trial and the ethics commissions, and it's just like this is not something that is a I just don't think this is a smart move for somebody who hasn't even sat down in the chair yet. In fact in fact, they this this happening right now is going to give all of Trump's enemies way more than enough time to put up a probably a pretty good battle to try to get him to not to even sit down in the chair, or if he does, and he most likely will, just make his entire presidency a circus because of stuff like this.
If I look at it from just an ethics standpoint, all I I mean, I have to be truthful with y'all. Him promoting him promoting Bitcoin, which I love, but, you know, he's also got Elon Musk and he's a big Doge supporter. He's got this Liberty or find Liberty Financial suite of products coming out, and now he's jumping so totally how how can you not detach yourself from being able to run a country, especially economy aspects of a country, and yet obviously have your hands in a couple of pies that you see what I'm saying? This is not good.
This is I don't think that this is a smart move. If I had been there, and, of course, I'm not, nobody's gonna ask me to ever advise a president or a potential president or even a president-elect. But be that as it may, I would have said you can't do any of this. If you do, your enemies just got reloaded with ammunition, brother. Shit. Shit. So let's talk about people that can do these kinds of things. BlackRock and options. That's right. Options on BlackRock's Bitcoin ETF will launch, well, today, Tuesday. Andrei Beganske, decryp.c0, says that options trading on BlackRock spot, Bitcoin ETF will begin Tuesday, a Nasdaq spokesperson confirmed to decrypt, ushering in a new form of leveraged Bitcoin exposure on Wall Street.
Ladies and gentlemen, this is yet another derivative. If you've listened to the show, you know I hate derivatives. I hate futures contracts. I can't stand any of this digging around because all I see is a gigantic casino. But the Options Clearing Corporation or OCC updated a document on its website Monday for new options listings with the Equity Derivatives Clearing Organization signaling that Ishares Bitcoin Trust ETF, a $43,000,000,000 product, would see options listed on the Nasdaq. Even though the Securities and Exchange Commission approved the listing of options for spot Bitcoin ETFs last month, A memo released by the OCC on Monday represented the last major hurdle toward the launch, according to Bloomberg.
That's a wrap, Balchunas, a Bloomberg ETF analyst, wrote on Twitter. Now it's just a matter of when and not if. Nasdaq's head of ETP listings, Alison Hennessy, told Balchunis on Bloomberg TV earlier on Monday that the exchange could soon list options for BlackRock Spot Bitcoin ETF as well. Quote, our intent at the Nasdaq is to list and trade these options as early as tomorrow, she said. Getting these options listed on Ibit into the market will be very exciting for investors. Oh, it's so exciting. The Nasdaq spokesperson later confirmed to decrypt that the options will indeed be listed today, this Tuesday, November 19, 2024, in a one page document. The OCC said that it's preparing for the clearance, settlement, and risk management of options for spot Bitcoin ETFs. The decision was reached following an advisory released by the Commodities Futures Trading Commission, the OCC said.
So on Friday, the CFTC's division of clearing and risk wrote that the listing of options for spot Bitcoin ETFs would not fall under its jurisdiction. Essentially, that cleared the way for the OCC to handle options on spot Bitcoin ETFs by validating their status as c or sec regulated derivatives. Derivatives. It's a derivative. Alongside Bitcoin's rise to a new peak above 93,000 this year, spot Bitcoin ETFs have become a blowout success on Wall Street. Analysts told Decrypt last month following the SEC's approval that options for the spot Bitcoin ETFs could be a game changer.
While it's a sign of regulatory progress, the development could also yield greater liquidity for spot Bitcoin ETFs alongside moments of heightened volatility. Overall, analysts said that options would make it easier, cheaper, and safer for investors to participate in the Bitcoin markets through ETFs. As financial derivatives, options give a buyer the right to buy or sell an asset at a specific price within a given window of time. Founded in 1973, the OCC is known as the largest equity and derivatives clearing organization in the world within the context of SEC related derivatives, the OCC effectively serves as a key intermediary for transferring funds and contracts between buyers and sellers.
What the hell is an option on the ETF? It's basically the ability okay. You can buy spot Bitcoin from, like, something like Cash App, which is what I do, or Swan, which is also what I do. I can, therefore custody the bitcoin directly in my own wallet whether that be a custodial wallet which I do not recommend or a self custodial wallet which I do recommend I have the Bitcoin I physically own it I can vector it wherever I want I cannot do anything with it at all for years at a time if I so choose and then we had the Bitcoin ETFs like the BlackRock Ibit ETF where I buy shares of essentially an instrument and that instrument physically holds Bitcoin but I don't right so now we've gone one step above we're up at layer 3 options on my ability to buy shares of an instrument that then holds physical bitcoin So I can then execute contracts on buying and selling the ETF in a pre programmatic fashion.
What does this do? It allows you to hedge. What does that do? In my opinion, it is a squelching function on the price of an asset. And I don't want to get into how exactly that works. But what I've seen in the past is that every single time this kind of thing happens, you get a not a depression in the price, but you get a situation where you gotta fight through even more noise for the underlying assets price to continuously rise. Ask Peter Schiff about the gold ETF. He's he's he actually calls it straight up price manipulation. I'm not gonna go that far, but I don't see this as being if you were a trader that doesn't give shit one about people in El Salvador being able to buy pupusas without using their shitty ass money in well, they doubt El Salvador hasn't had the US dollar.
But they they do have the they do well, they don't have an El Salvadoran dollar. They do have the United States dollar, but even that is being inflated away and they don't get stimmy checks. You know? They didn't they don't get like, if they get hit by a hurricane, FEMA's not gonna come out and cut them $750 checks either. And every time we print money, the money that dollarized countries have becomes less valuable. It has less purchasing power. So when they were able to switch over and at least have the option to switch over to using a good sound money like Bitcoin, well, here's a way to actually not allow that value to increase at a pace that it would have otherwise.
Now that's just my opinion. I'm not a professional trader. If you think that I'm dead wrong, I I'm fine with being wrong. What I'm not fine with is people who think I'm wrong and don't tell me how I'm wrong. That doesn't do anybody any good, and it certainly doesn't do me any good. And if I'm spouting bad information, I need to know. I do. I need I need to know, and I depend on you guys out there in, you know, the ether to let me know how it is that I got this wrong. I don't think I am. I don't think the price of oil is anywhere close to what the price of oil should actually be. And the reason that is is because of futures contracts. Options on on futures contracts.
Whatever however many layers of bullshit that they've put in the place of being able to suppress what an underlying asset's value really is be by introducing this bullshit noise. That's that when I see all this stuff, when people say, oh, this is a brand new product and investors are going to be excited, I'm not all that happy about it. I'm just not. I I don't think, you know, Michael Saylor should actually be all that happy about it either. But, nevertheless, Mac MicroStrategy is planning on buying, or issuing $1,750,000,000 worth of convertible notes to expand Bitcoin holdings.
Yes. He's not done. This guy this is what I wonder about Michael Saylor. Does he know that at one point or another you can hold you can probably hold too much Bitcoin? That is the most insane thing that I'll ever say in my life. But think about it this way. What were what would happen to Bitcoin if one person owned all of it? It would have no value. That's my opinion. I don't think anybody somebody would just say, okay. Well, fine. Fuck it. We'll we'll we'll fork the we'll fork the damn chain back, from 2020 before, Michael Saylor got into this whole thing, and we'll go along our merry way. Right? Something like that.
Because without me being able to give Bitcoin to somebody else, then what's the value? So at what point now that's if some if one entity owns all of it. Custody's all of it. Right? But at what percentage do we start seeing a reduced efficacy of Bitcoin because so much of a percentage is being held by 1 entity? The I can be concerned about this. I can't do anything about it, but I can at least, you know, hey, you know, put my lips to a trumpet and blow a note and say, you might wanna reconsider how good this might be. Maybe Vince De Aquino from Decrypt has his own ideas. The early bird gets the worm, or so the adage goes in the case of MicroStrategy.
It's been just over 4 years of steadily stacking Bitcoin, and it wants more. MicroStrategy said on Monday evening that it plans to raise $1,750,000,000 through convertible notes to buy more Bitcoin for general corporate purposes, I might add. The zero interest in your notes will mature in 2029 and be offered to qualified institutional buyers because you plebs out there suck. If everything goes according to plan, the company could get its hands on up to 19,000 additional Bitcoin. The business intelligence and software company has wasted no time putting its recent purchases to work. Because on Monday, MicroStrategy bought another $4,600,000,000 worth of Bitcoin, bringing total holdings to 331,200 bitcoin, which is now worth over $30,000,000,000 at current prices.
Data from MSTR Tracker shows that the company now owns 1.58 percent the total maximum supply of 21,000,000 bitcoin with an average cost of just under 50,000 per coin. The notes won't pay regular interest and can be converted into cash, MicroStrategy stock, or a mix of both. The company may also give initial buyers an option for an extra $250,000,000 in notes within 3 days, MicroStrategy said, pausing to note that every single time Michael Saylor has done this, this offering of convertible notes the offering has been so oversubscribed as to make eyes water so oversubscription means more people are wanting to buy the product being offered than there is the product And generally speaking, what has Michael Michael Saylor done in those instances, every single time, his in he's increased the number of the product being sold to meet the demand in the oversubscription.
So $1,750,000,000 is probably going to turn into $3,000,000,000 and not 2. Because if he adds 250,000,000, it'll be 2,000,000,000. I think it's gonna go more like $3,000,000,000. That's my gut because his oversubscriptions are so oversubscribed, again, as to be eye watering. But Wall Street has taken notice too. Vanguard Group and Capital International Investors grabbed 15.915.800,000 MicroStrategy shares each last quarter, filing data from Fintel shows. Morgan Stanley has also jumped aboard, buying up 8,800,000 shares of MicroStrategy on Thursday, representing a 1,126% increase from the previous quarter.
Getting a little toppy is is what it looks like. But MicroStrategy's aggressive Bitcoin strategy is paying off. While the world's largest crypto is up 112% this year, The company's stock, MSTR, has soared 485%. Basically, it's a 4 x of bitcoin in value. Now I'm not suggesting go out and buy MicroStrategy stock. You want the Bitcoin. You really do. It's it's a longer game, but trust me. You want the Bitcoin, not MicroStrategy stock. Notably, the same data indicates that MSTR has a higher volatility of 32% compared to Bitcoin's 16%.
The firm's stock closed trading on Monday at $384, boasting a $78,000,000,000 market capitalization between its massive Bitcoin holdings and growing Wall Street support, MicroStrategy has transformed from a simple business intelligence company to what it calls the world's first and largest Bitcoin treasury company. In October, the firm revealed its ambitious 21/21 plan to raise $42,000,000,000 over 3 years for more bitcoin purchases split evenly between stocks and bonds. The company said it will discuss its latest offering in a webinar on Tuesday morning, though only qualified institutional buyers can attend because, again, Uplebs suck.
You suck. You're not worthy. You're not you're not worthy. You're not worthy. How again, as the question that I asked at the front of the show, how are we not just replicating the bullshit that we've had for God only knows how many decades? How are we not getting right back there? No. I can't do anything about it and neither can you, except for one thing. You buy Bitcoin, you hold Bitcoin, and then we'll run the numbers. West Texas Intermediate crude is up a tenth of a point to $69.23. Brent North Sea is just declined, but only scant, to 73.25.
Natural gas, however, is up to $3 per 1,000 cubic feet after a 1.14% rise in price, and a 0.63% increase in the price of gasoline takes us to $2.3. If you did not know, Ukraine fired its first long range built by the United States missile into Russia sometime today or late last night or something like that. I want to make something very evident here. Ukraine, their military does not have the ability to operate that machinery. It's it's not like a bazooka or a, you know, rocket propelled grenade. This is the ATACMS system, and it's a, well, it's a highly technological system.
It it it's not the kind of thing that you just shove out the back of a c one thirty transport plane and it lands by parachute into the onto the ground in Ukraine with a manual that says push this button and destroy your enemy. It doesn't work that way. There's no amount of train there's no there was no time to train Ukrainian officers or their military in how to functionally execute this system, which means what? The United States military, either directly or indirectly through contractors, physically pushed that button. So in essence, the United States attacked Russia well within their own borders with long range missiles. And what's Putin's response? He's talking about tactical nuclear strikes.
Probably Ukraine. I don't think he's gonna I don't think he's dumb enough to actually do anything, intercontinental ballistic missile wise. It doesn't matter, though, because this kinda ex escalation is not what we needed. This is this is bad juju. And since then, I've seen a spike in the oil prices come up from $67 to now $69.20 a barrel in on West Texas international terms or West Texas Intermediate, crude terms. This is not good. And for those that say, well, we should just you know, I can't believe you're you just wanna let Russia do whatever they want. No. I don't really give a fuck.
I don't. They didn't attack the United States. I'm sick of the United States taking it on the chin for every weak ass country in the world that is so fucking corrupt that they Eastern European countries, especially, but Ukraine as the centerpiece of corruption in Eastern Europe is is an is a spectacle to behold. There's if you go back and look at how linked Ukraine is to United States business and the government, I remember Clinton I remember Clinton in Ukraine, and I come to find out that we've been messing around with Ukraine since before Clinton. What is going on?
It's a corrupt country. It is geopolitically from its g from its not its geography. Well, yes, where it's centered in the map is of strategic importance. And while I get all that, there has been nothing but connection after connection after connection at the highest levels between chicanery going on in Ukraine and businessmen there and our businessmen and government officials here, it's clear that corruption has occurred and has been occurring for years years years. Alright. With that said, while it is of strategic importance because of its geography, they are not allies of the United States.
Sure. You're gonna you'll see the pundits on television saying they're our ally. No. They're not. Just because some dipshit gets on CNBC and says they're our ally does not make them an ally. There is no legal document between the United States and Ukraine as ratified by Congress that says they are an actual ally. They we're we're friendly with them, I in in more ways than one, but they're not allies, not technically. They're not on the books as allies, and they are also not part of the North Atlantic Treaty Organization, otherwise known as NATO. We have no business in Ukraine.
And if you're going to say, well, you that just means that you want Ukrainians to die, then how come we're not doing shit about Ghana? How come we're not, like, all like, everybody's, like, up in arms about fucking Somalia? If you're gonna take one, you gotta take all of it. Every indignity, every injustice, you need to be on your street corner, holding up a sign, walking around in a circle, protesting day and fucking night. You gotta leave your job and you gotta starve to death because you won't have time to identify all the indignity in the world.
And all of them are our friends. Right? They're all the friends of the United States, so we should do what? Take care of everybody's bar fight for them? The little guy in the bar that's talking smack, and the only reason he's doing it is because he's got, like, a whole bunch of big ass football players around him that somehow he's friends with, and they will beat ass all day long to get this little guy out of trouble. And yet it's the little guy that's just running his fucking mouth. And now this little guy has run his mouth to the end of the line. I don't think I don't think Putin is going to be very happy about this.
And I've always been under the suspicion that Russia has been basically having kid gloves on. As much damage as they've done, this is a large country with a mobile with a very mobile military, with extreme potential to do all kinds of damage. All I've seen is that they've basically just been kind of throwing dirt clods. I know that sucks because real people are dying. I get it. But I don't think we've seen what Russia can actually do to these people, and I think we might be about to. But that's why we're seeing the price of rise or the price rise in oil. And that may be why we're seeing metal futures go through the roof.
Gold is up 0.62%, back up to 26.30. Silver is up 0.07%. Platinum is up a half point, so is copper. And palladium is up damn near 3 points. Lumber is sitting at, oh no, it's gonna be chocolate for our winner today. 3.03 percent to the upside. Biggest loser is going to be soybeans, 1 and a third to the downside. Live cattle is up 0.7%. Lean hogs down well over a half. Feeder cattle are up almost a full point. The Dow is having a little bit of a struggle today. It's down a quarter of a point. S and P is up 0.2%. Nasdaq is up a half, and the S and P Mini down 0.15%.
What's bitcoin doing? Well, looks like we've hit an all time high. $93,770 puts us at a $1,860,000,000,000 market cap, and we can get 35.6 ounces of our famous metal metal rock, with our one Bitcoin of which there are 19,784,386.74 of. Fees are relatively low, higher than they've been, but still they're only 0.12 BTC taken in fees on a per block basis. There are 97 blocks carrying 291,000 transactions, clearing at high priority rates of 22 satoshis per v byte. Low priority is gonna get you in at 18, and the hash rate is 757.9 x of hashes per second.
Blocks have been coming in kinda fast, so the difficulty adjustment that's coming in, 11 days is slated to be damn near 10% to the upside so do with that one what you will now for value for value here's a description of the monetization model that we use in value for value let's get one thing out of the way monetizing non scarce information is difficult The default monetization model of the online world is advertising, a model that relies heavily on surveillance and gameable analytics. Value for value offers an alternative. Selling information outright doesn't mean well, does it it just doesn't work. Selling bits and bytes on a per item basis is kinda nonsensical since bits and bytes are nonscarce.
They can be replicated ad infinitum. The value for value model flips the monetization on its head. It leads with abundance because information is set free. There's no artificial barriers or restrictions added to the content, whether it's audio, video, text, or something else. The value is given away freely, and those who find the information valuable are asked to give back. And the main difference between conventional transactions and a v four v transaction is that a value for value transaction is voluntary. It can be unlimited and it is specifically direct.
It allows value and information to flow freely with no restrictions, no middlemen. It is a different approach to monetizing bits and bytes online as well as a different approach to creating content and value. People will give whatever the item is worth to them. Some might give the equivalent of a buck. Some might give 50. Some will give $500 or more. That's the model. That's the monetization model that we've gotta go through. Think about what's about to happen to advertising of the drug companies. If j RFK Junior gets in as secretary of the HHS in the United States, one of the first things that he very well might do, and he's definitely telegraphed it, is make it impossible for pharmaceutical companies to advertise on television and possibly radio, maybe even magazines. But television is already in trouble.
C and b like, 60% of ad revenue for CNBC, MSNBC, you name it, is driven from pharmaceutical companies, which means they couldn't talk anything poorly about the the COVID vaccine, for instance. They couldn't say anything bad about it because the advertiser, Pfizer or something like that, would have pulled their advertising budget and all these people would have lost their jobs, and you're already seeing it happen. The only way forward is for you to go and think for yourself, hey. Is what is is is what I'm getting out of David help helping me understand what's going on in Bitcoin today? And do I find that valuable? And if both of those answers are yes, the only the third question to ask yourself is how valuable?
I can't tell you. Only you can do that. Only people like Mark 26 z with his 1,000 sats can tell me what he found or how much value he found in the podcast. And it's about a 1,000 sats for what would Jesus do? Yesterday's episode of Bitcoin. And he says, yo, Chris. You can host many of the start nine services over the clear net by side loading Cloudflare tunnel, adding a domain, entering the ID port number in the Cloudflare tunnel section of the Cloudflare. You can find this info in the manifest.yamlfileorammlfile@andthenhegivestheurltogodothat. Soifyouhaveastart9andyou'reoneofthepeoplethatwanttobeabletorunshitoverclearnet, you might want to go look at who said what in my activity for of, my activity portion of this particular episode, which you can find on fountain.fm, which is one of the podcasting 2.0 applications that is my daily driver that allows you to stream me satoshis.
You can give me boostograms like Mark 26 z just did. And that's how you transfer the value you think this is worth directly to me without anybody taking a cut. Just saying value for value is the only way that we're going forward. And that's why I just I'm I'm almost sociopathic or at least psychopathic when it comes to how much I want to remain on the value for value model. It doesn't do it it doesn't pay bills. It's right now, I get it. We're all trying to figure this out. But if you want me to not be able to say certain things, then that happens if I get advertising. I won't be able to question whether or not Rodolfo Novak is doing the right thing if CoinKite was my sponsor.
Right? I I literally wouldn't very much be able to talk about it. So that's one of the reasons why I get to question these things in this industry. I'm not sure if Rodolfo Novak is doing the right thing. I I'm skeptical. I think he's I think the whole thing is overblown. If you don't know what I'm talking about, there's a row between BTC or BT clock and the block clock. And you if you haven't seen it on Noster or Twitter, I'm sure you will. But Pies De Pleb gets to give me 4 20 sats, and he says, thank you, sir, and I say, thank you, sir, back. God's death with 537 says, thank you, sir, no thank you. Wartime with 333 says, you can use lnmarkets.com to get options and a 100 x margin oh, shit. Oh, my god. I keep telling them to make a 1,000 x long wait. 1 dollar, 1,000 x longs. I'm doing my part to pump the price. As far as the d gen plays though, they're pretty legit.
Lightning based, lightning in and out, can open your own channel and would do them so you can keep your money off the exchange. Wartime with another 33, and 3 with cheers. And then cyber plant a huddle with 200 says Jesus would kick them in the face. What would Jesus do? Kick them in the face. Wartime. So oh, never mind. He's he he had already said this. And that is it. So that's it for the weather report. Welcome to part 2 of the news that you can use. Japan's Meta Planet shares jumped 15% after adding 124 Bitcoin to their treasury, Timmy Shin, riding for the block.
Shares of Japanese investment firm, Meta Planet Incorporated, rose 15.1 percent on Tuesday. That's today, after the company announced the purchase of an additional 124.1 BTC worth roughly $11,300,000 at time of writing. Earlier today, the Tokyo listed firm said that it purchased another 124.1 BTC at an average price of nearly $91,266 per bitcoin. This raised its total holdings to 1,142.2 bitcoin worth roughly a 104,800,000. Meta Planet's stock closed up 15.1 percent at 2,295 yen on Tuesday in Japan with its daily turnover reaching 21,900,000,000 yen worth around a 141,700,000, according to data from Futu.
Its stock price has risen 1,334 percent year to date. The Nikkei 225 index gained 0.5% today. Quote, MetaPlanet ranked 29th out of 4,000 listed companies in Japan by trading value, surpassing much larger market peers such as Itauchu and NTT. Simon Gurevich, CEO of Meta Planet, wrote on Twitter today. The company has been on a Bitcoin buying binge in recent months following its May announcement to adopt Bitcoin as a strategic treasury reserve asset. It noted in the Tuesday disclosure that the company's BTC yield reached 186.9% from October 1st to November 19th this year.
On Monday, the company also announced the issuance of 1 year ordinary bonds totaling 1.75000000000 yen with the funds intended for purchasing bitcoin. The redemption date is set for November 17, 2025. Meanwhile, MicroStrategy. And we don't need to do any of the rest of that paragraph, which ends the piece because we've already gone through the MicroStrategy stuff. But we haven't heard about this one yet, Ezra Reguera writing for Cointelegraph. It's chilling, ladies and gentlemen, because a California judge rules that Dow members, decentralized autonomous organizations, Dow members are liable under partnership laws.
Oh. Oh. Oh. Oh my. Oh. Oh. Oh, that's that's rich. A United States federal judge ruled that participants in DAOs or DAOs can be held liable for the actions of other members under state partnership laws. On November 18th, judge Vince Chibria of the United States District Court for the Northern District of California determined that governing bodies behind LidoDAO qualify as partners under California's general partnership laws. And as a result, members cannot avoid liability for the organization's actions. The lawsuit stems from a complaint by a man named Andrew Samuels, who purchased tokens issued by LidoDAO.
The investor sued the entity to recover losses that he incurred. Samuels alleges that the tokens were unregistered securities arguing that LidoDAO should have registered them with the United States Securities and Exchange Commission. Samuels contends that because LidoDAO never registered the securities According to the filing, the judge determined that Lydowdow qualifies as a general partnership under California law, holding partners accountable. Samuels argued that 4 large institutional investors in Lydow, Paradigm Operations and Dreesen Horowitz, which is also known as a 16 z, Dragonfly Digital Management, and Robot Ventures acted as Lydow DAO partners and should also be liable.
In response, the 4 entities involved filed motions to dismiss the case. However, only one was granted. The court filing stated, quote, the upshot is that the motion to dismiss filed by Robot Ventures is granted because Samuels has not adequately alleged that Robot Ventures is a member of the Lydow or Lydow Dow General Partnership. All other motions to dismiss are denied. And that means, ladies and gentlemen, that Andreessen Horowitz is on the hook. The judge found that Paradigm, Andreessen Horowitz, and Dragonfly were ruled as general partners due to their alleged participation in Lido DAO governance and operations.
Robot Ventures has escaped liability due to insufficient proof that it was a general partner. Oh my god. It's a huge blow to decentralized governance. Yeah. It kinda is. But right now, it's only being used to squirrel get people to give other people their money. Myles Jennings, general counsel and head of decentralization at a 16 z crypto, described the ruling as a huge blow to decentralized governance. And Myles Jennings says in a tweet, today, a California judge dealt a huge blow way way to decentralized governance under the ruling.
Any DAO participation, even posting in a forum, could be sufficient to hold DAO members liable for the actions of other members under general partnership laws. It's time for Duna, d u n a, and I don't know what that means. That's okay, though. I I don't have to know everything. If you guys know what Duna is, let me know. Jennings said that under the ruling, even posting in forums yes. Posting in forums could be enough to hold DAO members liable for other members' actions under the general partnership laws. What if I were to post just an at like the ascii code for a period or an exclamation point does that make me liable just because I posted or is it what I posted that's clearly not clear but wow Everybody's on the hook.
Now it's not United States federal law precedent, but the Northern District of California federal court, this is precedent. This is going to this is going to be everywhere. People are going to be lining up to sue the shitcoiners. And I'm that's one of the reasons why I don't shitcoin. It's also the reason why I buy bitcoin. I hold bitcoin so that I don't have to engage with any of this bullshit. Let's continue with the 3rd wave of education grants that was announced by OpenSats November 17th, just a couple of days ago. They are thrilled to announce their 3rd wave of education grants dedicated to advancing bitcoin literacy and community development across the globe. These are educational grants, not developer grants, but education grants. These grants represent our ongoing commitment to supporting projects that make Bitcoin education more accessible, practical, and inspiring.
Whether it's building foundational knowledge, driving merchant adoption, or creating engaging content, each project in this wave aims to empower individuals and communites with the tools and understanding needed to participate in the growing Bitcoin ecosystem. This wave of grants is made possible by the generosity of our donors whose support enables us to fund impactful educational initiatives, and we're grateful to their commitment. So here are the 4 projects that are receiving grants in this wave. BTC Map, Yes Bitcoin Haiti, Entropy Bitcoin Education, and Bitcoin For All.
Each of these projects brings unique value to the global Bitcoin community and we're proud to support their efforts and looking forward to seeing the impact that they will have. So good on you. I know there's a lot of people that are very very upset with open sats, you know, for various reasons. There's, you know, may there people are bitching about transparency and only certain people get grants. I honestly, they got a 9 member board. I mean, there's 9 people that are looking at the applications. I mean, just because your application didn't get granted this time doesn't mean to, a, cry on Twitter and Nostra about it, and, b, try again.
Try again, figure it out now there's a couple of people that have suggested that there's, you know, possibly some structural problems with the, you know, with the visibility of how OpenSats does what they do. But I'm just happy that there's organizations that are doing this in the first place. Jesus, man. Those fucking Andres and Horowitz gave a $175,000,000 to LightSpark to do what? Make lnurl discoverable. Essentially, build a brand new type of lnurl that is essentially white listing for government action. A $175,000,000 to take what we've already had and make it suck.
Look, I understand that there are people out there that need their funding. I Believe me. I I know about needing funding. Right? But I'm still very thankful that there are organizations like Open Sats. Whether you hate them or love them or really pissed off at them right now, honestly, I I I can't I can't deal with that. What I have to deal with is that Andreessen Horowitz alone was able to shuttle a 100 and $75,000,000 to make something we already had suck in a different version. We still have lnurl, and we can use it just fine. They just took it and made it suck. And they and now they have their own version of sucky ass l n u r l. Right? So now people can figure out where it came from, where it's where that payment's going to.
It's it's a horrible state of affairs for Bitcoin development. The Ethereum guys get all kinds of money all the time to do what? To build what we already have just digitally. So while I understand the ire that some developers are having because they're not getting the grants and they think that they are eligible to get the grants or they, you know, they've been working their ass off, My heart goes out to you. Try again. Try again. Please don't don't just stop trying. I mean, I worked in science for a long time. I was alongside PhDs that were continuously writing grants, and maybe 1 out of 10 grants that they would actually do would get something.
1 out of 10. Have you ever seen a grant proposal? Especially something like at the at the scale of a health science center, like Texas Tech Health Science Center, a guy that who's a PhD in physiology, and I used to work for him. I I used to work for a guy in physiology at t t at the Texas Tech Health Science Center. These grant proposals are 40 pages long guys These are huge huge bodies of work now multiply that by 10 so we now right so go write 400 pages and beg that somebody actually looks at 40 of those pages and says, I like this. I'll give you money for this.
If you've only applied a couple of times to OpenSats, apply 10 more. Make it hurt. Make it hurt for OpenSats board to have to sift through, you know, all these grant proposals. If you wanna get back at them, make them read your shit 10 times. That's how you do it. You can't go you can't go to Twitter and bitch about it. You can't go to Nostra and bitch about it because these guys, they're not looking at that. They're looking at the grant proposals and what you're bringing to the table. You know? And it's also there's also, like, lemonade out of lemons kind of situation.
Every time you rewrite your proposal, you're thinking about you what what it is that you're doing. It's solidifying what it is that you want to do. And somebody said or I think I read it somewhere. It said, if you're not writing, you're not thinking. And since I've read that sentence, I cannot unread that sentence. It's not just about writing words on a page. It enables you to think about what it is that you're doing. It's one of the most amazing ways that you can physically think that there is. So if you've been denied once, twice, thrice, then go for the decahedron, motherfuckers. Do do it 10 times.
Do it 10 times. Last up is similar scientific. They've added 215 Bitcoin to their holdings, bringing their stack up to 1273. Okay. CoinDesk, James Van Stratton. Similar Scientific has brought its bitcoin holdings up to 1273 tokens worth $114,000,000 The company, Monday, announced the acquisition of 215 more bitcoin for 17,100,000 over, no. Sorry. $17,700,000 over the 10 days. So over 10 days, they spent $17,700,000 and that stopped on November 15th. And it works out to an average price of $82,502 per Bitcoin. The purchase was at least in part funded by share sales under SMLR's at the market program, which to date has totaled $21,500,000 worth. Semler's total holdings of 1273 Bitcoin were purchased for $88,700,000 or about $70,000 per coin.
The company has now adopted Bitcoin yield, and that's in quotes, Bitcoin yield, as a key performance indicator, also known as the KPI. Developed by Michael Saylor's MicroStrategy, the holder of more than 33 100,000 coin, Bitcoin yield, the KPI, describes how well a company does in acquiring Bitcoin in an accretive manner to their shareholders. Quote, we have achieved a Bitcoin yield of 37.3% since adopting our Bitcoin treasury strategy in the Q2 of this year. We believe this demonstrates substantial Bitcoin accretion for our stakeholders, said Eric Semler, chairman of Semler Scientific. The announcement on Monday morning is the 4th 4th 1, 2, 3, 4th corporate Bitcoin purchase or intent to purchase disclosure of the day.
Four disclosures to either announce purchasing or the intent to purchase in one single day, and that was yesterday. And that follows Meta Planet's announcement, Marathon Digital announcement, and yet another major buy from MicroStrategy. Similar was higher by 2.4% in pre market action and ahead by about 33% since beginning to buy bitcoin last summer. This shit just doesn't stop. And now that it it seems very clear that now the bitcoin yield is a functional key performance indicators of companies that wish to move forward in the future. Now I'm not going to say either way whether I like it or hate it. It just is, and I can't do a damn thing about it. However, now that we have so what happens now?
We got a we got a basket full of companies that has a key performance indicator of their company's health, their stock's health, their treasury's health, their general performance, and the health of that performance as a KPI, we've got a basket of companies that have that KPI and the rest of the world doesn't. Okay. You you might go, well, see, then it doesn't matter, David, because there's 5,000,000 companies in the world and none of them but 18 or so or however many have this particular KPI. Who gives a shit? Remember in the early days of Bitcoin when they were saying the exact same thing about, oh, there's only, 10,000 people that use Bitcoin. Who gives a shit?
Who gives a shit now? This is what I'm saying. You know, history doesn't repeat, but it often rhymes. This goes for the future too. The fractal nature of the universe leads me to believe that more companies are going to look at this KPI and say, we need to have this. We don't know. We we think that having this particular KPI is going to be yet another indicator of the health of our company to our shareholders, to the market, to everybody else. And if we don't have this KPI, then we're not going to be able to compete with the people that do. And even though there's only a basket full of companies that have this key performance indicator as a real thing right now, that number's going to grow Just like it did with the amount of bitcoin wallet addresses.
Just as it did with the amount of bitcoin whales increasing. Just as it did with the amount of bitcoin shrimp increasing. Everybody's getting in. And, honestly, if companies are gonna get in, they're going to be able to activate this particular performance indicator, and they're going to want to do that. So what does that mean? It means more companies are going to buy Bitcoin whether you like it or not. And, again, this brings back the question I had earlier in the show. At what point is enough Bitcoin not moving around that Bitcoin begins to lose its value in the market, in our minds, in our hearts.
Right? I don't know what that number is. I'm I'm thinking that it would actually have to be a fairly high percentage of the amount of Bitcoin that physically exist in the world. I don't think it's something where, oh, once you cross 51%, you're hosed. No. I I don't think that. I'm thinking somewhere in the 90 percentiles. Somewhere around there, I think that we start to see some functional and structural problems. I don't know. I could be very, very wrong. It could be to the point where there's so little Bitcoin being able to exchange hands. The liquid which means that the liquidity would be bad. And that's not generally good for something, but Bitcoin has tricked us before.
Maybe it it ends up being the case where we think that 1,900,000 per coin is a high price. Maybe it's not. Maybe it's a, you know, maybe it is a ridiculous a ridiculous number. Time will only tell. However, with more companies seeing that the only way that their stock is going to perform in this next century is by holding Bitcoin because every single one of these companies that has done it, it seem it seems to be working. And now, there's, an AI company, Genesis or Gnosis or something like that. I can't remember. It's the or Genie or Jenny or something that starts with a g. They announced a couple of days ago I did cover it on the show. I just can't remember the name of the company.
I'm looking at their stock price right when they announced it on the day that I I put it on this show, and all I was seeing was a dog with fleas. And they're still kinda struggling a little bit, but they're getting a bump. This may be the only way out for certain small zombie companies. Bitcoin seems to fix a lot of things, but it probably also enables a lot of bullshit too. We'll have to see. And with that said, I'll see you on the other side. This has been Bitcoin and and I'm your host, David Bennett. I hope you enjoyed today's episode and hope to see you again real soon. Have a great day.
Good morning. This is David Bennett, and this is Bitcoin and, a podcast where I try to find the edge effect between the worlds of Bitcoin, gaming, permaculture, podcasting, and education to gain a better understanding of all. Edge effect is a concept from ecology describing a greater diversity of life where the edges of 2 systems overlap. While species from either system can be found at the edge, it is important to note there are species in the overlap that exist in neither system, and that is what I seek to uncover. So join me in discovering the variety of things being created as Bitcoin rubs up against other systems. It is 10:0:4 AM Pacific Standard Time. It is the 19th day of November 2024.
TikTok. TikTok. This is episode 995 of Bitcoin and only 5 episodes left before the big one thousand. Hell, yeah, man. Let's freaking go. Helen Parts starting us out. Cointelegraph. That's right. We're getting right into it. Bitfinex. Yeah. Bitfinex Securities has debuted tokenized United States T bills. The Treasury bills. That's right. Under El Salvador laws. I can't tell if this is just straight up shit coinery or fiat circus. Oh, well. BitFex Securities, a digital securities exchange and sister firm of stablecoin issuer Tether is debuting a tokenized public offering of tokenized United States Treasury bills under El Salvador's legal framework. As part of the offering, El Salvador based digital asset issuer, Nexbridge Digital Financial Solutions, will issue a new token, yay, that will be traded under the ticker USTBL.
The token aims to provide investors with exposure to short term UST bills denominated in the US dollar. The initial offering by Bitfinex Securities targets raising a minimum of $30,000,000 to proceed with the token issuance with the initial subscription period starting on November 19th, that would be today, and ending on November 29th. According to Bitfinex Securities, the sale is the first the first regulated offering of you of tokenized US Treasury exposure built on Bitcoin technology. It's issued by the or on the light of the lick liquid network. Oh, my God. The liquid network. A major Bitcoin layer 2 solution. The new token is expected to yield, yes, 5.02% annually to maturity.
The issuance proceeds or proceeds will be allocated to the iShares Treasury Bond 1 year UCITSETF, a publicly listed exchange traded fund which tracks the investment result of an index composed of the United States dollar denominated government bonds issued by the US Treasury. According to the announcement, token investments will be initially available using Tether's USDT stablecoin and will later be available in Bitcoin straight up. Following the end of the initial subscription period, the token will be available for trading on bit Bitfinex Security's secondary market under the ticker USTBL with trading in USDT.
In addition to yields to maturity, the new token is expected to provide benefits like instant settlement, withdrawals to whitelisted wallets. Oh, right there. Right there, ladies and gentlemen. Bad juju. And over the counter trading, a spokesperson for Bitfinex Securities, Colt, told Cointelegraph. The new offering is enabled by the rapid adoption of digital asset regulations in El Salvador. After El Salvador passed its digital asset securities law in January of 2023, Bitfinex Securities subsequently secured a local license in April of 2023.
El Salvador's licensing regime allows companies to tokenize funds, debt, equity, and real estate, simplifying the process of raising capital for companies to issue tokens, fund investments, and projects, and offer a return to investors, the so called yield. According to a spokesperson from Bitfinex Securities, the sale is available to all eligible investors apart from those in North America and sanctioned countries. Sounds like North America's been sanctioned. And what what do they mean by North America? Mexico, United States, and Canada, ladies and gentlemen. I got I it's not that I got a bad feeling about this, but, again, how is it that we're not just digitizing the shit show that we've been enduring for the last 70 years?
Is there can somebody out there tell me how this is good and, I don't know, something that we should actually, you know, be interested in? And and, sure, you're going, well, if you're not interested in it, why did you bring it to us? Because it's going to affect things. How? I don't know. I just know that it will. Bad or good? Probably good for the, you know, at least the short term, probably even into the medium term. But long term is where I'm really looking at. What are the knock on effects? How can this be gained against the value of Bitcoin and its purchasing, power? I you know, that that's what concerns me.
When I see shit like this, all I see is a convoluted way to reinstantiate the fiat world right before our eyes, but we've got other things. Bakkt, b a k k t. This is a good one. Donald Trump's media company eyes the purchase of crypto exchange backed. So it looks like Donald Trump might be wanting to buy a crypto exchange probably for his finance Liberty Financial products. I don't know. But maybe Shahra Malwa will tell us more from CoinDesk. Trump Media and Technology Group, the parent company of Truth Social, is in advanced discussions to acquire the crypto trading platform backed.
The potential all stock deal would see TMTG absorb Bakkt, whose market capitalization stood at just over $150,000,000 on Monday. TMTG, despite minimal revenue, boasts a $6,000,000,000 equity valuation fueled by retail investor interest following Trump's reelection. Bakkt was set up by the Intercontinental Exchange, which owns large derivative exchanges plus the New York Stock Exchange, with the initial goal of helping Starbucks customers buy coffee with Bitcoin. Now I don't think that really worked out all that well. Future US senator Kelly Loeffler was its 1st CEO. It finally introduced a digital wallet in 2021, which was discontinued last year.
Bakkt is now focused on crypto custody and trading services. In February, Bakkt said it did not have cash in hand to fund even 12 months of the operation. Oh, shit. Shares of Bakkt Holding ended up jumping a 160% on Monday following the report. Talks of the acquisition follow Trump's recent promotion of World Liberty Financial, a DeFi platform tied to the Trump family. A deal could impact Bak's future direction and potential role within Trump's expanding media empire, including its focus on Bitcoin. As such, Bakkt's crypto custody business, which holds digital assets like Bitcoin and Shitcoin number 1, has struggled and will be excluded from the acquisition.
The move comes amid a surge in crypto markets following Trump's victory with Bitcoin up over 30% in the past 30 days. On a separate note, the Wall Street Journal reported that president-elect Trump is planning on meeting Coinbase CEO, Brian Armstrong. Yeah. Well, okay. So, understand. I don't hate orange man. No. I don't think he's a Nazi. I don't think that shit at all. But my question becomes, who in the hell is advising president Trump that this is a good idea, that this is not going to be turned into legal fodder to try to get him oh, I don't just just straight up excommunicated from the United States government.
Like, over the next 4 years, it's gonna be impeachment trial and the ethics commissions, and it's just like this is not something that is a I just don't think this is a smart move for somebody who hasn't even sat down in the chair yet. In fact in fact, they this this happening right now is going to give all of Trump's enemies way more than enough time to put up a probably a pretty good battle to try to get him to not to even sit down in the chair, or if he does, and he most likely will, just make his entire presidency a circus because of stuff like this.
If I look at it from just an ethics standpoint, all I I mean, I have to be truthful with y'all. Him promoting him promoting Bitcoin, which I love, but, you know, he's also got Elon Musk and he's a big Doge supporter. He's got this Liberty or find Liberty Financial suite of products coming out, and now he's jumping so totally how how can you not detach yourself from being able to run a country, especially economy aspects of a country, and yet obviously have your hands in a couple of pies that you see what I'm saying? This is not good.
This is I don't think that this is a smart move. If I had been there, and, of course, I'm not, nobody's gonna ask me to ever advise a president or a potential president or even a president-elect. But be that as it may, I would have said you can't do any of this. If you do, your enemies just got reloaded with ammunition, brother. Shit. Shit. So let's talk about people that can do these kinds of things. BlackRock and options. That's right. Options on BlackRock's Bitcoin ETF will launch, well, today, Tuesday. Andrei Beganske, decryp.c0, says that options trading on BlackRock spot, Bitcoin ETF will begin Tuesday, a Nasdaq spokesperson confirmed to decrypt, ushering in a new form of leveraged Bitcoin exposure on Wall Street.
Ladies and gentlemen, this is yet another derivative. If you've listened to the show, you know I hate derivatives. I hate futures contracts. I can't stand any of this digging around because all I see is a gigantic casino. But the Options Clearing Corporation or OCC updated a document on its website Monday for new options listings with the Equity Derivatives Clearing Organization signaling that Ishares Bitcoin Trust ETF, a $43,000,000,000 product, would see options listed on the Nasdaq. Even though the Securities and Exchange Commission approved the listing of options for spot Bitcoin ETFs last month, A memo released by the OCC on Monday represented the last major hurdle toward the launch, according to Bloomberg.
That's a wrap, Balchunas, a Bloomberg ETF analyst, wrote on Twitter. Now it's just a matter of when and not if. Nasdaq's head of ETP listings, Alison Hennessy, told Balchunis on Bloomberg TV earlier on Monday that the exchange could soon list options for BlackRock Spot Bitcoin ETF as well. Quote, our intent at the Nasdaq is to list and trade these options as early as tomorrow, she said. Getting these options listed on Ibit into the market will be very exciting for investors. Oh, it's so exciting. The Nasdaq spokesperson later confirmed to decrypt that the options will indeed be listed today, this Tuesday, November 19, 2024, in a one page document. The OCC said that it's preparing for the clearance, settlement, and risk management of options for spot Bitcoin ETFs. The decision was reached following an advisory released by the Commodities Futures Trading Commission, the OCC said.
So on Friday, the CFTC's division of clearing and risk wrote that the listing of options for spot Bitcoin ETFs would not fall under its jurisdiction. Essentially, that cleared the way for the OCC to handle options on spot Bitcoin ETFs by validating their status as c or sec regulated derivatives. Derivatives. It's a derivative. Alongside Bitcoin's rise to a new peak above 93,000 this year, spot Bitcoin ETFs have become a blowout success on Wall Street. Analysts told Decrypt last month following the SEC's approval that options for the spot Bitcoin ETFs could be a game changer.
While it's a sign of regulatory progress, the development could also yield greater liquidity for spot Bitcoin ETFs alongside moments of heightened volatility. Overall, analysts said that options would make it easier, cheaper, and safer for investors to participate in the Bitcoin markets through ETFs. As financial derivatives, options give a buyer the right to buy or sell an asset at a specific price within a given window of time. Founded in 1973, the OCC is known as the largest equity and derivatives clearing organization in the world within the context of SEC related derivatives, the OCC effectively serves as a key intermediary for transferring funds and contracts between buyers and sellers.
What the hell is an option on the ETF? It's basically the ability okay. You can buy spot Bitcoin from, like, something like Cash App, which is what I do, or Swan, which is also what I do. I can, therefore custody the bitcoin directly in my own wallet whether that be a custodial wallet which I do not recommend or a self custodial wallet which I do recommend I have the Bitcoin I physically own it I can vector it wherever I want I cannot do anything with it at all for years at a time if I so choose and then we had the Bitcoin ETFs like the BlackRock Ibit ETF where I buy shares of essentially an instrument and that instrument physically holds Bitcoin but I don't right so now we've gone one step above we're up at layer 3 options on my ability to buy shares of an instrument that then holds physical bitcoin So I can then execute contracts on buying and selling the ETF in a pre programmatic fashion.
What does this do? It allows you to hedge. What does that do? In my opinion, it is a squelching function on the price of an asset. And I don't want to get into how exactly that works. But what I've seen in the past is that every single time this kind of thing happens, you get a not a depression in the price, but you get a situation where you gotta fight through even more noise for the underlying assets price to continuously rise. Ask Peter Schiff about the gold ETF. He's he's he actually calls it straight up price manipulation. I'm not gonna go that far, but I don't see this as being if you were a trader that doesn't give shit one about people in El Salvador being able to buy pupusas without using their shitty ass money in well, they doubt El Salvador hasn't had the US dollar.
But they they do have the they do well, they don't have an El Salvadoran dollar. They do have the United States dollar, but even that is being inflated away and they don't get stimmy checks. You know? They didn't they don't get like, if they get hit by a hurricane, FEMA's not gonna come out and cut them $750 checks either. And every time we print money, the money that dollarized countries have becomes less valuable. It has less purchasing power. So when they were able to switch over and at least have the option to switch over to using a good sound money like Bitcoin, well, here's a way to actually not allow that value to increase at a pace that it would have otherwise.
Now that's just my opinion. I'm not a professional trader. If you think that I'm dead wrong, I I'm fine with being wrong. What I'm not fine with is people who think I'm wrong and don't tell me how I'm wrong. That doesn't do anybody any good, and it certainly doesn't do me any good. And if I'm spouting bad information, I need to know. I do. I need I need to know, and I depend on you guys out there in, you know, the ether to let me know how it is that I got this wrong. I don't think I am. I don't think the price of oil is anywhere close to what the price of oil should actually be. And the reason that is is because of futures contracts. Options on on futures contracts.
Whatever however many layers of bullshit that they've put in the place of being able to suppress what an underlying asset's value really is be by introducing this bullshit noise. That's that when I see all this stuff, when people say, oh, this is a brand new product and investors are going to be excited, I'm not all that happy about it. I'm just not. I I don't think, you know, Michael Saylor should actually be all that happy about it either. But, nevertheless, Mac MicroStrategy is planning on buying, or issuing $1,750,000,000 worth of convertible notes to expand Bitcoin holdings.
Yes. He's not done. This guy this is what I wonder about Michael Saylor. Does he know that at one point or another you can hold you can probably hold too much Bitcoin? That is the most insane thing that I'll ever say in my life. But think about it this way. What were what would happen to Bitcoin if one person owned all of it? It would have no value. That's my opinion. I don't think anybody somebody would just say, okay. Well, fine. Fuck it. We'll we'll we'll fork the we'll fork the damn chain back, from 2020 before, Michael Saylor got into this whole thing, and we'll go along our merry way. Right? Something like that.
Because without me being able to give Bitcoin to somebody else, then what's the value? So at what point now that's if some if one entity owns all of it. Custody's all of it. Right? But at what percentage do we start seeing a reduced efficacy of Bitcoin because so much of a percentage is being held by 1 entity? The I can be concerned about this. I can't do anything about it, but I can at least, you know, hey, you know, put my lips to a trumpet and blow a note and say, you might wanna reconsider how good this might be. Maybe Vince De Aquino from Decrypt has his own ideas. The early bird gets the worm, or so the adage goes in the case of MicroStrategy.
It's been just over 4 years of steadily stacking Bitcoin, and it wants more. MicroStrategy said on Monday evening that it plans to raise $1,750,000,000 through convertible notes to buy more Bitcoin for general corporate purposes, I might add. The zero interest in your notes will mature in 2029 and be offered to qualified institutional buyers because you plebs out there suck. If everything goes according to plan, the company could get its hands on up to 19,000 additional Bitcoin. The business intelligence and software company has wasted no time putting its recent purchases to work. Because on Monday, MicroStrategy bought another $4,600,000,000 worth of Bitcoin, bringing total holdings to 331,200 bitcoin, which is now worth over $30,000,000,000 at current prices.
Data from MSTR Tracker shows that the company now owns 1.58 percent the total maximum supply of 21,000,000 bitcoin with an average cost of just under 50,000 per coin. The notes won't pay regular interest and can be converted into cash, MicroStrategy stock, or a mix of both. The company may also give initial buyers an option for an extra $250,000,000 in notes within 3 days, MicroStrategy said, pausing to note that every single time Michael Saylor has done this, this offering of convertible notes the offering has been so oversubscribed as to make eyes water so oversubscription means more people are wanting to buy the product being offered than there is the product And generally speaking, what has Michael Michael Saylor done in those instances, every single time, his in he's increased the number of the product being sold to meet the demand in the oversubscription.
So $1,750,000,000 is probably going to turn into $3,000,000,000 and not 2. Because if he adds 250,000,000, it'll be 2,000,000,000. I think it's gonna go more like $3,000,000,000. That's my gut because his oversubscriptions are so oversubscribed, again, as to be eye watering. But Wall Street has taken notice too. Vanguard Group and Capital International Investors grabbed 15.915.800,000 MicroStrategy shares each last quarter, filing data from Fintel shows. Morgan Stanley has also jumped aboard, buying up 8,800,000 shares of MicroStrategy on Thursday, representing a 1,126% increase from the previous quarter.
Getting a little toppy is is what it looks like. But MicroStrategy's aggressive Bitcoin strategy is paying off. While the world's largest crypto is up 112% this year, The company's stock, MSTR, has soared 485%. Basically, it's a 4 x of bitcoin in value. Now I'm not suggesting go out and buy MicroStrategy stock. You want the Bitcoin. You really do. It's it's a longer game, but trust me. You want the Bitcoin, not MicroStrategy stock. Notably, the same data indicates that MSTR has a higher volatility of 32% compared to Bitcoin's 16%.
The firm's stock closed trading on Monday at $384, boasting a $78,000,000,000 market capitalization between its massive Bitcoin holdings and growing Wall Street support, MicroStrategy has transformed from a simple business intelligence company to what it calls the world's first and largest Bitcoin treasury company. In October, the firm revealed its ambitious 21/21 plan to raise $42,000,000,000 over 3 years for more bitcoin purchases split evenly between stocks and bonds. The company said it will discuss its latest offering in a webinar on Tuesday morning, though only qualified institutional buyers can attend because, again, Uplebs suck.
You suck. You're not worthy. You're not you're not worthy. You're not worthy. How again, as the question that I asked at the front of the show, how are we not just replicating the bullshit that we've had for God only knows how many decades? How are we not getting right back there? No. I can't do anything about it and neither can you, except for one thing. You buy Bitcoin, you hold Bitcoin, and then we'll run the numbers. West Texas Intermediate crude is up a tenth of a point to $69.23. Brent North Sea is just declined, but only scant, to 73.25.
Natural gas, however, is up to $3 per 1,000 cubic feet after a 1.14% rise in price, and a 0.63% increase in the price of gasoline takes us to $2.3. If you did not know, Ukraine fired its first long range built by the United States missile into Russia sometime today or late last night or something like that. I want to make something very evident here. Ukraine, their military does not have the ability to operate that machinery. It's it's not like a bazooka or a, you know, rocket propelled grenade. This is the ATACMS system, and it's a, well, it's a highly technological system.
It it it's not the kind of thing that you just shove out the back of a c one thirty transport plane and it lands by parachute into the onto the ground in Ukraine with a manual that says push this button and destroy your enemy. It doesn't work that way. There's no amount of train there's no there was no time to train Ukrainian officers or their military in how to functionally execute this system, which means what? The United States military, either directly or indirectly through contractors, physically pushed that button. So in essence, the United States attacked Russia well within their own borders with long range missiles. And what's Putin's response? He's talking about tactical nuclear strikes.
Probably Ukraine. I don't think he's gonna I don't think he's dumb enough to actually do anything, intercontinental ballistic missile wise. It doesn't matter, though, because this kinda ex escalation is not what we needed. This is this is bad juju. And since then, I've seen a spike in the oil prices come up from $67 to now $69.20 a barrel in on West Texas international terms or West Texas Intermediate, crude terms. This is not good. And for those that say, well, we should just you know, I can't believe you're you just wanna let Russia do whatever they want. No. I don't really give a fuck.
I don't. They didn't attack the United States. I'm sick of the United States taking it on the chin for every weak ass country in the world that is so fucking corrupt that they Eastern European countries, especially, but Ukraine as the centerpiece of corruption in Eastern Europe is is an is a spectacle to behold. There's if you go back and look at how linked Ukraine is to United States business and the government, I remember Clinton I remember Clinton in Ukraine, and I come to find out that we've been messing around with Ukraine since before Clinton. What is going on?
It's a corrupt country. It is geopolitically from its g from its not its geography. Well, yes, where it's centered in the map is of strategic importance. And while I get all that, there has been nothing but connection after connection after connection at the highest levels between chicanery going on in Ukraine and businessmen there and our businessmen and government officials here, it's clear that corruption has occurred and has been occurring for years years years. Alright. With that said, while it is of strategic importance because of its geography, they are not allies of the United States.
Sure. You're gonna you'll see the pundits on television saying they're our ally. No. They're not. Just because some dipshit gets on CNBC and says they're our ally does not make them an ally. There is no legal document between the United States and Ukraine as ratified by Congress that says they are an actual ally. They we're we're friendly with them, I in in more ways than one, but they're not allies, not technically. They're not on the books as allies, and they are also not part of the North Atlantic Treaty Organization, otherwise known as NATO. We have no business in Ukraine.
And if you're going to say, well, you that just means that you want Ukrainians to die, then how come we're not doing shit about Ghana? How come we're not, like, all like, everybody's, like, up in arms about fucking Somalia? If you're gonna take one, you gotta take all of it. Every indignity, every injustice, you need to be on your street corner, holding up a sign, walking around in a circle, protesting day and fucking night. You gotta leave your job and you gotta starve to death because you won't have time to identify all the indignity in the world.
And all of them are our friends. Right? They're all the friends of the United States, so we should do what? Take care of everybody's bar fight for them? The little guy in the bar that's talking smack, and the only reason he's doing it is because he's got, like, a whole bunch of big ass football players around him that somehow he's friends with, and they will beat ass all day long to get this little guy out of trouble. And yet it's the little guy that's just running his fucking mouth. And now this little guy has run his mouth to the end of the line. I don't think I don't think Putin is going to be very happy about this.
And I've always been under the suspicion that Russia has been basically having kid gloves on. As much damage as they've done, this is a large country with a mobile with a very mobile military, with extreme potential to do all kinds of damage. All I've seen is that they've basically just been kind of throwing dirt clods. I know that sucks because real people are dying. I get it. But I don't think we've seen what Russia can actually do to these people, and I think we might be about to. But that's why we're seeing the price of rise or the price rise in oil. And that may be why we're seeing metal futures go through the roof.
Gold is up 0.62%, back up to 26.30. Silver is up 0.07%. Platinum is up a half point, so is copper. And palladium is up damn near 3 points. Lumber is sitting at, oh no, it's gonna be chocolate for our winner today. 3.03 percent to the upside. Biggest loser is going to be soybeans, 1 and a third to the downside. Live cattle is up 0.7%. Lean hogs down well over a half. Feeder cattle are up almost a full point. The Dow is having a little bit of a struggle today. It's down a quarter of a point. S and P is up 0.2%. Nasdaq is up a half, and the S and P Mini down 0.15%.
What's bitcoin doing? Well, looks like we've hit an all time high. $93,770 puts us at a $1,860,000,000,000 market cap, and we can get 35.6 ounces of our famous metal metal rock, with our one Bitcoin of which there are 19,784,386.74 of. Fees are relatively low, higher than they've been, but still they're only 0.12 BTC taken in fees on a per block basis. There are 97 blocks carrying 291,000 transactions, clearing at high priority rates of 22 satoshis per v byte. Low priority is gonna get you in at 18, and the hash rate is 757.9 x of hashes per second.
Blocks have been coming in kinda fast, so the difficulty adjustment that's coming in, 11 days is slated to be damn near 10% to the upside so do with that one what you will now for value for value here's a description of the monetization model that we use in value for value let's get one thing out of the way monetizing non scarce information is difficult The default monetization model of the online world is advertising, a model that relies heavily on surveillance and gameable analytics. Value for value offers an alternative. Selling information outright doesn't mean well, does it it just doesn't work. Selling bits and bytes on a per item basis is kinda nonsensical since bits and bytes are nonscarce.
They can be replicated ad infinitum. The value for value model flips the monetization on its head. It leads with abundance because information is set free. There's no artificial barriers or restrictions added to the content, whether it's audio, video, text, or something else. The value is given away freely, and those who find the information valuable are asked to give back. And the main difference between conventional transactions and a v four v transaction is that a value for value transaction is voluntary. It can be unlimited and it is specifically direct.
It allows value and information to flow freely with no restrictions, no middlemen. It is a different approach to monetizing bits and bytes online as well as a different approach to creating content and value. People will give whatever the item is worth to them. Some might give the equivalent of a buck. Some might give 50. Some will give $500 or more. That's the model. That's the monetization model that we've gotta go through. Think about what's about to happen to advertising of the drug companies. If j RFK Junior gets in as secretary of the HHS in the United States, one of the first things that he very well might do, and he's definitely telegraphed it, is make it impossible for pharmaceutical companies to advertise on television and possibly radio, maybe even magazines. But television is already in trouble.
C and b like, 60% of ad revenue for CNBC, MSNBC, you name it, is driven from pharmaceutical companies, which means they couldn't talk anything poorly about the the COVID vaccine, for instance. They couldn't say anything bad about it because the advertiser, Pfizer or something like that, would have pulled their advertising budget and all these people would have lost their jobs, and you're already seeing it happen. The only way forward is for you to go and think for yourself, hey. Is what is is is what I'm getting out of David help helping me understand what's going on in Bitcoin today? And do I find that valuable? And if both of those answers are yes, the only the third question to ask yourself is how valuable?
I can't tell you. Only you can do that. Only people like Mark 26 z with his 1,000 sats can tell me what he found or how much value he found in the podcast. And it's about a 1,000 sats for what would Jesus do? Yesterday's episode of Bitcoin. And he says, yo, Chris. You can host many of the start nine services over the clear net by side loading Cloudflare tunnel, adding a domain, entering the ID port number in the Cloudflare tunnel section of the Cloudflare. You can find this info in the manifest.yamlfileorammlfile@andthenhegivestheurltogodothat. Soifyouhaveastart9andyou'reoneofthepeoplethatwanttobeabletorunshitoverclearnet, you might want to go look at who said what in my activity for of, my activity portion of this particular episode, which you can find on fountain.fm, which is one of the podcasting 2.0 applications that is my daily driver that allows you to stream me satoshis.
You can give me boostograms like Mark 26 z just did. And that's how you transfer the value you think this is worth directly to me without anybody taking a cut. Just saying value for value is the only way that we're going forward. And that's why I just I'm I'm almost sociopathic or at least psychopathic when it comes to how much I want to remain on the value for value model. It doesn't do it it doesn't pay bills. It's right now, I get it. We're all trying to figure this out. But if you want me to not be able to say certain things, then that happens if I get advertising. I won't be able to question whether or not Rodolfo Novak is doing the right thing if CoinKite was my sponsor.
Right? I I literally wouldn't very much be able to talk about it. So that's one of the reasons why I get to question these things in this industry. I'm not sure if Rodolfo Novak is doing the right thing. I I'm skeptical. I think he's I think the whole thing is overblown. If you don't know what I'm talking about, there's a row between BTC or BT clock and the block clock. And you if you haven't seen it on Noster or Twitter, I'm sure you will. But Pies De Pleb gets to give me 4 20 sats, and he says, thank you, sir, and I say, thank you, sir, back. God's death with 537 says, thank you, sir, no thank you. Wartime with 333 says, you can use lnmarkets.com to get options and a 100 x margin oh, shit. Oh, my god. I keep telling them to make a 1,000 x long wait. 1 dollar, 1,000 x longs. I'm doing my part to pump the price. As far as the d gen plays though, they're pretty legit.
Lightning based, lightning in and out, can open your own channel and would do them so you can keep your money off the exchange. Wartime with another 33, and 3 with cheers. And then cyber plant a huddle with 200 says Jesus would kick them in the face. What would Jesus do? Kick them in the face. Wartime. So oh, never mind. He's he he had already said this. And that is it. So that's it for the weather report. Welcome to part 2 of the news that you can use. Japan's Meta Planet shares jumped 15% after adding 124 Bitcoin to their treasury, Timmy Shin, riding for the block.
Shares of Japanese investment firm, Meta Planet Incorporated, rose 15.1 percent on Tuesday. That's today, after the company announced the purchase of an additional 124.1 BTC worth roughly $11,300,000 at time of writing. Earlier today, the Tokyo listed firm said that it purchased another 124.1 BTC at an average price of nearly $91,266 per bitcoin. This raised its total holdings to 1,142.2 bitcoin worth roughly a 104,800,000. Meta Planet's stock closed up 15.1 percent at 2,295 yen on Tuesday in Japan with its daily turnover reaching 21,900,000,000 yen worth around a 141,700,000, according to data from Futu.
Its stock price has risen 1,334 percent year to date. The Nikkei 225 index gained 0.5% today. Quote, MetaPlanet ranked 29th out of 4,000 listed companies in Japan by trading value, surpassing much larger market peers such as Itauchu and NTT. Simon Gurevich, CEO of Meta Planet, wrote on Twitter today. The company has been on a Bitcoin buying binge in recent months following its May announcement to adopt Bitcoin as a strategic treasury reserve asset. It noted in the Tuesday disclosure that the company's BTC yield reached 186.9% from October 1st to November 19th this year.
On Monday, the company also announced the issuance of 1 year ordinary bonds totaling 1.75000000000 yen with the funds intended for purchasing bitcoin. The redemption date is set for November 17, 2025. Meanwhile, MicroStrategy. And we don't need to do any of the rest of that paragraph, which ends the piece because we've already gone through the MicroStrategy stuff. But we haven't heard about this one yet, Ezra Reguera writing for Cointelegraph. It's chilling, ladies and gentlemen, because a California judge rules that Dow members, decentralized autonomous organizations, Dow members are liable under partnership laws.
Oh. Oh. Oh. Oh my. Oh. Oh. Oh, that's that's rich. A United States federal judge ruled that participants in DAOs or DAOs can be held liable for the actions of other members under state partnership laws. On November 18th, judge Vince Chibria of the United States District Court for the Northern District of California determined that governing bodies behind LidoDAO qualify as partners under California's general partnership laws. And as a result, members cannot avoid liability for the organization's actions. The lawsuit stems from a complaint by a man named Andrew Samuels, who purchased tokens issued by LidoDAO.
The investor sued the entity to recover losses that he incurred. Samuels alleges that the tokens were unregistered securities arguing that LidoDAO should have registered them with the United States Securities and Exchange Commission. Samuels contends that because LidoDAO never registered the securities According to the filing, the judge determined that Lydowdow qualifies as a general partnership under California law, holding partners accountable. Samuels argued that 4 large institutional investors in Lydow, Paradigm Operations and Dreesen Horowitz, which is also known as a 16 z, Dragonfly Digital Management, and Robot Ventures acted as Lydow DAO partners and should also be liable.
In response, the 4 entities involved filed motions to dismiss the case. However, only one was granted. The court filing stated, quote, the upshot is that the motion to dismiss filed by Robot Ventures is granted because Samuels has not adequately alleged that Robot Ventures is a member of the Lydow or Lydow Dow General Partnership. All other motions to dismiss are denied. And that means, ladies and gentlemen, that Andreessen Horowitz is on the hook. The judge found that Paradigm, Andreessen Horowitz, and Dragonfly were ruled as general partners due to their alleged participation in Lido DAO governance and operations.
Robot Ventures has escaped liability due to insufficient proof that it was a general partner. Oh my god. It's a huge blow to decentralized governance. Yeah. It kinda is. But right now, it's only being used to squirrel get people to give other people their money. Myles Jennings, general counsel and head of decentralization at a 16 z crypto, described the ruling as a huge blow to decentralized governance. And Myles Jennings says in a tweet, today, a California judge dealt a huge blow way way to decentralized governance under the ruling.
Any DAO participation, even posting in a forum, could be sufficient to hold DAO members liable for the actions of other members under general partnership laws. It's time for Duna, d u n a, and I don't know what that means. That's okay, though. I I don't have to know everything. If you guys know what Duna is, let me know. Jennings said that under the ruling, even posting in forums yes. Posting in forums could be enough to hold DAO members liable for other members' actions under the general partnership laws. What if I were to post just an at like the ascii code for a period or an exclamation point does that make me liable just because I posted or is it what I posted that's clearly not clear but wow Everybody's on the hook.
Now it's not United States federal law precedent, but the Northern District of California federal court, this is precedent. This is going to this is going to be everywhere. People are going to be lining up to sue the shitcoiners. And I'm that's one of the reasons why I don't shitcoin. It's also the reason why I buy bitcoin. I hold bitcoin so that I don't have to engage with any of this bullshit. Let's continue with the 3rd wave of education grants that was announced by OpenSats November 17th, just a couple of days ago. They are thrilled to announce their 3rd wave of education grants dedicated to advancing bitcoin literacy and community development across the globe. These are educational grants, not developer grants, but education grants. These grants represent our ongoing commitment to supporting projects that make Bitcoin education more accessible, practical, and inspiring.
Whether it's building foundational knowledge, driving merchant adoption, or creating engaging content, each project in this wave aims to empower individuals and communites with the tools and understanding needed to participate in the growing Bitcoin ecosystem. This wave of grants is made possible by the generosity of our donors whose support enables us to fund impactful educational initiatives, and we're grateful to their commitment. So here are the 4 projects that are receiving grants in this wave. BTC Map, Yes Bitcoin Haiti, Entropy Bitcoin Education, and Bitcoin For All.
Each of these projects brings unique value to the global Bitcoin community and we're proud to support their efforts and looking forward to seeing the impact that they will have. So good on you. I know there's a lot of people that are very very upset with open sats, you know, for various reasons. There's, you know, may there people are bitching about transparency and only certain people get grants. I honestly, they got a 9 member board. I mean, there's 9 people that are looking at the applications. I mean, just because your application didn't get granted this time doesn't mean to, a, cry on Twitter and Nostra about it, and, b, try again.
Try again, figure it out now there's a couple of people that have suggested that there's, you know, possibly some structural problems with the, you know, with the visibility of how OpenSats does what they do. But I'm just happy that there's organizations that are doing this in the first place. Jesus, man. Those fucking Andres and Horowitz gave a $175,000,000 to LightSpark to do what? Make lnurl discoverable. Essentially, build a brand new type of lnurl that is essentially white listing for government action. A $175,000,000 to take what we've already had and make it suck.
Look, I understand that there are people out there that need their funding. I Believe me. I I know about needing funding. Right? But I'm still very thankful that there are organizations like Open Sats. Whether you hate them or love them or really pissed off at them right now, honestly, I I I can't I can't deal with that. What I have to deal with is that Andreessen Horowitz alone was able to shuttle a 100 and $75,000,000 to make something we already had suck in a different version. We still have lnurl, and we can use it just fine. They just took it and made it suck. And they and now they have their own version of sucky ass l n u r l. Right? So now people can figure out where it came from, where it's where that payment's going to.
It's it's a horrible state of affairs for Bitcoin development. The Ethereum guys get all kinds of money all the time to do what? To build what we already have just digitally. So while I understand the ire that some developers are having because they're not getting the grants and they think that they are eligible to get the grants or they, you know, they've been working their ass off, My heart goes out to you. Try again. Try again. Please don't don't just stop trying. I mean, I worked in science for a long time. I was alongside PhDs that were continuously writing grants, and maybe 1 out of 10 grants that they would actually do would get something.
1 out of 10. Have you ever seen a grant proposal? Especially something like at the at the scale of a health science center, like Texas Tech Health Science Center, a guy that who's a PhD in physiology, and I used to work for him. I I used to work for a guy in physiology at t t at the Texas Tech Health Science Center. These grant proposals are 40 pages long guys These are huge huge bodies of work now multiply that by 10 so we now right so go write 400 pages and beg that somebody actually looks at 40 of those pages and says, I like this. I'll give you money for this.
If you've only applied a couple of times to OpenSats, apply 10 more. Make it hurt. Make it hurt for OpenSats board to have to sift through, you know, all these grant proposals. If you wanna get back at them, make them read your shit 10 times. That's how you do it. You can't go you can't go to Twitter and bitch about it. You can't go to Nostra and bitch about it because these guys, they're not looking at that. They're looking at the grant proposals and what you're bringing to the table. You know? And it's also there's also, like, lemonade out of lemons kind of situation.
Every time you rewrite your proposal, you're thinking about you what what it is that you're doing. It's solidifying what it is that you want to do. And somebody said or I think I read it somewhere. It said, if you're not writing, you're not thinking. And since I've read that sentence, I cannot unread that sentence. It's not just about writing words on a page. It enables you to think about what it is that you're doing. It's one of the most amazing ways that you can physically think that there is. So if you've been denied once, twice, thrice, then go for the decahedron, motherfuckers. Do do it 10 times.
Do it 10 times. Last up is similar scientific. They've added 215 Bitcoin to their holdings, bringing their stack up to 1273. Okay. CoinDesk, James Van Stratton. Similar Scientific has brought its bitcoin holdings up to 1273 tokens worth $114,000,000 The company, Monday, announced the acquisition of 215 more bitcoin for 17,100,000 over, no. Sorry. $17,700,000 over the 10 days. So over 10 days, they spent $17,700,000 and that stopped on November 15th. And it works out to an average price of $82,502 per Bitcoin. The purchase was at least in part funded by share sales under SMLR's at the market program, which to date has totaled $21,500,000 worth. Semler's total holdings of 1273 Bitcoin were purchased for $88,700,000 or about $70,000 per coin.
The company has now adopted Bitcoin yield, and that's in quotes, Bitcoin yield, as a key performance indicator, also known as the KPI. Developed by Michael Saylor's MicroStrategy, the holder of more than 33 100,000 coin, Bitcoin yield, the KPI, describes how well a company does in acquiring Bitcoin in an accretive manner to their shareholders. Quote, we have achieved a Bitcoin yield of 37.3% since adopting our Bitcoin treasury strategy in the Q2 of this year. We believe this demonstrates substantial Bitcoin accretion for our stakeholders, said Eric Semler, chairman of Semler Scientific. The announcement on Monday morning is the 4th 4th 1, 2, 3, 4th corporate Bitcoin purchase or intent to purchase disclosure of the day.
Four disclosures to either announce purchasing or the intent to purchase in one single day, and that was yesterday. And that follows Meta Planet's announcement, Marathon Digital announcement, and yet another major buy from MicroStrategy. Similar was higher by 2.4% in pre market action and ahead by about 33% since beginning to buy bitcoin last summer. This shit just doesn't stop. And now that it it seems very clear that now the bitcoin yield is a functional key performance indicators of companies that wish to move forward in the future. Now I'm not going to say either way whether I like it or hate it. It just is, and I can't do a damn thing about it. However, now that we have so what happens now?
We got a we got a basket full of companies that has a key performance indicator of their company's health, their stock's health, their treasury's health, their general performance, and the health of that performance as a KPI, we've got a basket of companies that have that KPI and the rest of the world doesn't. Okay. You you might go, well, see, then it doesn't matter, David, because there's 5,000,000 companies in the world and none of them but 18 or so or however many have this particular KPI. Who gives a shit? Remember in the early days of Bitcoin when they were saying the exact same thing about, oh, there's only, 10,000 people that use Bitcoin. Who gives a shit?
Who gives a shit now? This is what I'm saying. You know, history doesn't repeat, but it often rhymes. This goes for the future too. The fractal nature of the universe leads me to believe that more companies are going to look at this KPI and say, we need to have this. We don't know. We we think that having this particular KPI is going to be yet another indicator of the health of our company to our shareholders, to the market, to everybody else. And if we don't have this KPI, then we're not going to be able to compete with the people that do. And even though there's only a basket full of companies that have this key performance indicator as a real thing right now, that number's going to grow Just like it did with the amount of bitcoin wallet addresses.
Just as it did with the amount of bitcoin whales increasing. Just as it did with the amount of bitcoin shrimp increasing. Everybody's getting in. And, honestly, if companies are gonna get in, they're going to be able to activate this particular performance indicator, and they're going to want to do that. So what does that mean? It means more companies are going to buy Bitcoin whether you like it or not. And, again, this brings back the question I had earlier in the show. At what point is enough Bitcoin not moving around that Bitcoin begins to lose its value in the market, in our minds, in our hearts.
Right? I don't know what that number is. I'm I'm thinking that it would actually have to be a fairly high percentage of the amount of Bitcoin that physically exist in the world. I don't think it's something where, oh, once you cross 51%, you're hosed. No. I I don't think that. I'm thinking somewhere in the 90 percentiles. Somewhere around there, I think that we start to see some functional and structural problems. I don't know. I could be very, very wrong. It could be to the point where there's so little Bitcoin being able to exchange hands. The liquid which means that the liquidity would be bad. And that's not generally good for something, but Bitcoin has tricked us before.
Maybe it it ends up being the case where we think that 1,900,000 per coin is a high price. Maybe it's not. Maybe it's a, you know, maybe it is a ridiculous a ridiculous number. Time will only tell. However, with more companies seeing that the only way that their stock is going to perform in this next century is by holding Bitcoin because every single one of these companies that has done it, it seem it seems to be working. And now, there's, an AI company, Genesis or Gnosis or something like that. I can't remember. It's the or Genie or Jenny or something that starts with a g. They announced a couple of days ago I did cover it on the show. I just can't remember the name of the company.
I'm looking at their stock price right when they announced it on the day that I I put it on this show, and all I was seeing was a dog with fleas. And they're still kinda struggling a little bit, but they're getting a bump. This may be the only way out for certain small zombie companies. Bitcoin seems to fix a lot of things, but it probably also enables a lot of bullshit too. We'll have to see. And with that said, I'll see you on the other side. This has been Bitcoin and and I'm your host, David Bennett. I hope you enjoyed today's episode and hope to see you again real soon. Have a great day.
