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Episode 1182 of Bitcoin And . . . is LIVE!


Topics for today:

• Ecash is 4 Years Old Today
• Tether: "All Cash Will Be Stablecoin by 2030"
• New York's Excise Tax on BTC Mining
• Samsung Links 75M Users To Coinbase

Circle P:

Nourishing Family Farm
https://www.nourishingfamilyfarm.com/
https://x.com/JRcowfarmer

Today's Articles:

https://bitcoinmagazine.com/technical/why-ecash-coffee-day-is-no-longer-just-a-celebration-but-a-call-to-action


https://cointelegraph.com/news/all-currency-will-be-stablecoin-before-2030-reeve-collins


https://www.coindesk.com/business/2025/10/03/samsung-adds-coinbase-crypto-access-for-75m-galaxy-device-users


https://atlas21.com/new-york-democratic-lawmakers-propose-an-excise-tax-on-bitcoin-miners/

https://x.com/matthew_sigel/status/1973755001479831636


https://bitcoinnews.com/markets/metaplanet-4th-largest-bitcoin-30k-btc/


https://cointelegraph.com/news/canaan-shares-surge-50-000-rig-bitcoin-mining-deal


https://decrypt.co/342693/thief-snaps-photo-of-victims-seed-phrase-in-apartment-steals-1-7m-in-crypto


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[00:00:02] David Bennett:

It is 09:09AM   Pacific Daylight Time. It is the October   2025,   and this is episode eleven eighty two   of Bitcoin and you're here because it's all the news that you can use about Bitcoin and more.   So today   on deck,   e cash coffee day.   Okay. Well, we'll we'll talk about that. But what's interesting is that it's written by Obi Nwosu.   And I really like reading stuff from Obi.   He's big,   big, big, big, big time into lightning and and whatnot. But, if you listen to him talk   on podcasts and whatnot, he talks so fast.   It's really it it I'm not making fun of the guy. I'm just saying he talks so fast. It's kind of hard to understand what he's saying. So when he writes stuff, it is just it's   it you really get into the mind of this particular individual. So we're gonna talk about his thoughts about e cash and using it to buy coffee. Well, at least that's what I suspect.  

And the Tether cofounder   is suggesting that all currencies   will be stable coins, and he gives a date. And it's actually kinda   it's closer than you think. And then   Samsung   is allowing   Coinbase   on their Galaxy device,   so users will be able to access   that. We'll get into that more.   And then New York   is doubling down on making sure that they have absolutely   no Bitcoin mining industry whatsoever.   Then   then the CME,   the Chicago Mercantile Exchange,   has made   a massive change,   and it's going to affect   the quote unquote crypto space.   Meta Planet's in the news. Canaan is in the news.  

And then we will end with   a word of   warning. Yet   again, we've got somebody who has lost their   I   don't know if it's Bitcoin yet or not. We'll we'll find out together, but   has lost   a lot of money. I mean, a lot of money because they were careless   about how they handled   their private   key. It's it's sad, but   I I bring those stories to you   so that we especially at the end of the show. I know I'm supposed to be happy at the end of the show, but this is the kind of shit that will make you unhappy for the rest of your life. So listen up when we get to it, all right?   So let's get back to the front of the show.  

Bitcoin Magazine, Obi Nwosu,   Y e Cash Coffee Day is no longer just a celebration,   but a call to action.   Four years ago,   in a building in the former industrial heart of Prague,   Eric Sirian sat at his computer with freshly written code and a simple mission,   buy a cup of coffee with Bitcoin.   The place   was Paralenni   Polis   during the annual Hackers Congress,   a fitting venue for an experiment in digital freedom.   This was not the first time Bitcoin had been used to buy coffee, but   this time it was different.   After a few false starts, the transaction finally went through and history was made. It was the world's first purchase   using   eCash   on Bitcoin,   specifically   the Fediment   eCash protocol,   a Chamian eCash system built on top of Bitcoin.  

Eric marked the moment with a tweet. And what seemed like a small act, just coffee,   became something greater.   And here's the tweet. It says,   just bought a delicious coffee using lightning,   paid anonymously   via Mini Mint, a Chamian   eCash   Federation.   To understand the significance of that coffee, we must look further back.   In the nineteen eighties, Dave David Chom introduced the concept of eCash,   pioneering digital money that was private by default through cryptographic innovation.   His company,   DigiCash,   was ahead of its time, but the core idea endured.   Money that works like cash, untraceable,   fungible, and private.  

Years later, Hal Finney, the recipient of the very first Bitcoin transaction from Satoshi Nakamoto,   recognized Bitcoin's potential but also its limits.   He foresaw the need for layers   on top of Bitcoin that could deliver   stronger privacy protections,   echoing Chom's vision,   while grounding it in the resilience of Bitcoin.   When Eric   Sirion   bought that coffee in Prague,   he   was building on this lineage,   carrying Chom's ideas and Finney's foresight into a working protocol for private payments atop Bitcoin.   In the months that followed, the Fedimint protocol was released, development accelerated, and adoption began to spread. Soon after, another protocol,   Cashew,   emerged offering a single mint model that offered easier setup and rapid experimentation.  

Feda Mint, by contrast,   enabled resilience through multi party federated custody.   Together, these approaches added fuel to what has become a vibrant and growing e cash ecosystem.   Since then,   more and more projects aiming to scale Bitcoin have begun exploring or experimenting   or rather implementing enhanced privacy   on top of the hardest money that the world has ever seen. This reflects a growing recognition that scaling Bitcoin without privacy leaves the most vulnerable exposed.   BitVM,   a new scaling solution has inspired the concept of zk coins, an e cash like system with reduced trust assumptions that is still in development, but promising.   ARC, a layer two   that provides a way to scale lightning transactions in a trust minimized way is still early but has been exploring privacy as one of its potential core features.  

SPARK,   a system using state chains   to increase Bitcoin's transaction throughput, has more recently gained traction and is already committed to adding privacy capabilities   as it evolves.   On chain innovations like Wabi Sabi,   Coinswap and Silent Payments are also advancing, making it harder to trace transactions and reducing address linkability   without introducing new trust models.   What we are seeing is not a single movement led by any one protocol, but a certain consciousness   rising across the Bitcoin ecosystem.   Privacy   cannot be optional.  

ECash, with its visibility and practical use cases, has been the vanguard of this conversation.   Protecting   financial privacy   on Bitcoin.   Without privacy,   Bitcoin risks becoming vulnerable to coercion and abuse.   With privacy,   it becomes a lifeline.   This is not just a technical debate. The stakes are real.   Around the world, eCash is already being used by some of the most disempowered communities,   people living under authoritarian regimes,   activists and journalists working under constant surveillance,   families simply trying to transact safely without being monitored or censored.   As authoritarianism   rises globally,   the need for private tools is only growing stronger.  

Without privacy,   Bitcoin risks becoming vulnerable to coercion, surveillance, and abuse.   With privacy, Bitcoin becomes a lifeline,   offering empowerment to everyone and especially to those who need it most.   Last year,   we at Fetti began celebrating   eCash Coffee Day as a lighthearted way to mark the third anniversary   of the first eCash Coffee purchase on Bitcoin.   But today,   it carries a much deeper meaning.   ECash Coffee Day should not only commemorate what where we've come from,   it should serve as a call to action,   an anchor date that reminds us of the unfinished work ahead. Until Bitcoin has privacy by default   for everyone   everywhere,   our job is not done.  

This day should remind us that privacy is not an add on, not a luxury, and not just a feature request.   It is a non negotiable cornerstone of freedom. And even when we achieve strong privacy on Bitcoin,   eCash Coffee Day should endure,   reminding us to maintain it, defend it, and ensure it never erodes.   So let us mark this anniversary,   not just with celebration,   but with commitment.   Commitment to building, funding, and supporting privacy preserving technologies.   Commitment to ensuring   that the next four years see not just experiments, but mass adoption.   Commitment to the principle that the ability to transact privately   is a basic   human right. Because in the end,   it isn't just about code or protocols or even Bitcoin itself.  

It's about people and their ability to live, to thrive, and to be free.   Four years on, one Bitcoin having, the lesson of that coffee in Prague could not be clearer.   Private   is key.   That is transactional privacy, ideally operated by private individuals,   is essential for Bitcoin to truly succeed.   Alright. So that is the end of that particular article. And I must admit it caught me by surprise.   I had no idea that FEDIMENT actually started   this way with the purchase of a coffee, and I certainly didn't know that it was that long ago.   Four years.  

Four years we've had FEDIMENT.   It's really only been, honestly, from what I can see when I'm scanning Nasr, when I'm looking at Tether, as I've been reading articles to you for the last   eight years,   FEDIMENT and eCash has only really been a quote unquote a thing   for the last two years   where everybody started talking about it, where we started getting CashU invoices, you know, up on Noster   And and all kinds of stuff around FEDIMENT and eCash. And then we get Spark and Arc and all kinds of neat stuff is going on. But it really has only been,   I think, you know, in in the public spotlight for two years.  

I had no idea it's been four   years since FEDIMIT was born.   Either way, it takes nothing away   from the fact that Obi's right.   You know, without privacy, we're all kinda hosed.   And, yes, there's always something that's going to hose us down in Bitcoin if it's not some idiot trying to put child porn on the blockchain. It's some other idiot saying that we're   the governments are gonna make Bitcoin illegal.   But here's   here's the thing. Obi says something about the rise of authoritarianism   in the world.   This is actually the problem.   And   I am not going to entertain,   would you mean Trump?  

Dude,   have you looked at the world lately?   Do you I mean, is it possible that there's a whole bunch of people that think it's just about Trump? Yes. There there is.   Meanwhile, there's something like somewhere between a hundred and eighty and two hundred countries in the world, and all of them,   all of them, the entire   citizenry of the world, which is probably 95%   of the world's population that has   zero to do with the government that controls them, have allowed through apathy and inaction   authoritarianism   to spread everywhere.  

And I'm not talking about fascism. I'm talking about somebody like Keir Starmer   is a fucking authoritarianism.   He's a totalitarian.   He's the worst of the worst of the worst.   You think Trump's bad?   Dude, have you listened   to what's going on in The UK?   The farmers   are   almost   one hair away from having their land just appropriated.   The state of California   right now is talking about   appropriating   farmland and doing and pulling a South Africa   or not is it South Africa or Nigeria? I can't remember. So one of the countries in Africa   pulled the farms from the the white man. Oh, my God. He's the white man. And just gave it   to the poorest   people in whatever country I'm talking about. They're talking about doing the same thing in California. Do you know what happened in I think it is actually South Africa. I I really do. I think it's South Africa that that did this and a couple of other ones too, but South Africa   definitely   did   it. The the farm farmers that they gave the farmland to can't farm.  

They don't know how to farm. It's been a   disaster.   Right? And that's just farmland.   This shit is everywhere. You have to have a license plate for your car. You have to have a driver's license. You have to have an ID. You have to have this. You have to have that. You gotta have a passport. You gotta do it all it ever was   was a method   of control.   We just keep taking it.   Do I have a remedy?   Not one that I'm actually willing to speak on air.   You wanna go have a beer with me? I will tell you all about it, but you're probably not going to like the answer. But I am not gonna utter it here. In fact, we've got a light slightly larger fish to fry.   Brian Quarmby from Cointelegraph   says well, he doesn't say.  

Tether's cofounder Reeve Collins   says all currencies   will be stablecoins   by 2030.   Tether cofounder Reeve Collins expects all currency to become stablecoins by 2030 as part of a broader shift that will see all forms of finance go on chain. Quote,   all currency will be a stablecoin.   So even fiat   currency will be a stablecoin.   It's it'll just be called dollars, euros, or yen, said Collins in a wide ranging interview   during token twenty forty nine in Singapore, quote, a stablecoin   simply is a dollar,   a euro, a yen, or, you know, a traditional currency running on a blockchain rail by the year 2030, he added.   Collins argues that stablecoins will be the primary method for transferring money within the next five years as the benefits of tokenized assets have become too compelling for traditional finance to ignore, quote,   probably before that because you're still going to use dollars, but it depends on what your definition of stablecoin   is.  

The definition of stablecoin is essentially that you're moving money   on a blockchain,   he added.   Collins said   that the best thing to ever happen to the crypto market was the positive shift in stance toward the sector by The United States Government this year.   He argued that many large TradFi firms were too afraid to enter the industry out of fear of government scrutiny.   And while there is still some gray area surrounding the industry, it's a very different ballgame these days.   The Tether cofounder stated that this shift has opened the floodgates with the traditional finance world scrambling to enter the crypto sector and blockchain based stablecoins being a key focus   due to their inherent utility.  

Quote,   every large institution,   every bank, everyone   wants to create their own stablecoin because   it's lucrative   and it's just a better way to transact.   And so those floodgates are open   and what it's going to lead to is that soon   there won't be c f I and d f   I there will be applications   that do things move money give loans do investments and it will be a mix of the kind of the old traditional style investments   and then the DeFi types of investments.   Collins said tokenized assets offer far greater transparency and efficiency than non tokenized assets   given that they can be moved quickly across the globe without middlemen,   which in turn   offers more potential upside. Quote, that is why   the tokenization   narrative is so big.  

Because everyone realizes the increase   in the utility   that you get from a tokenized asset versus a non tokenized asset is so significant that even the same two assets,   just once they're moved on chain, since the utility increases,   that means the return   increases.   However, Collins acknowledged that there was also no risks   to such a monumental   shift   in global finance, such as the security of blockchain bridges, smart contracts, and crypto wallets. I   pausing to say I messed that up. Collins acknowledged that there were also risks to such monumental shifts in global finance.   Crypto hacks and social engineering are also key issues that need to be addressed, he said.  

Though he emphasized that overall levels of security are improving, quote, and so   the old trade off is still going to remain there, which is if you want to be fully in control, you can do that, but it's technically complex.   If you want to trust a third party like you do traditionally with banks,   there are a lot more of those services like the custodial versus non custodial   so that those services   will get more robust and people will have the options   moving forward. So, yes,   there are always risks in technology,   he concluded.  

So it's a kind of a weird ending to that particular   article, but it's okay.   So Collins   is saying that all   fiat   money around the world   will be relocated   to a blockchain   of some form or another   in the form   of stablecoins.   Now, we've theorized about this   for a long time   that   this whole notion of CBDCs   is a surveillance   state type of money   that is   whose origin comes from the governments themselves.   Then there's the other side where   that says that stablecoins   are really   CBDCs   just in disguise   because they're coming from the private sector.   Tether is not a governmental agency.  

If if I wanna put on my tinfoil hat,   I could   and then start suggesting that the CIA built Tether and we don't know about it, just like the CIA really is the people that put out Bitcoin.   I that kind of conjecture,   while sometimes it's fun,   doesn't result in any concrete   methods of moving forward because you don't really know.   And if you don't really know the, you know, the the the   premises of the arguments that you're making, then there there can be no conclusions. Right? It doesn't mean that I don't get into tinfoil hattery. I do. It's just that   the origins   of that are always unknown. You cannot be sure.  

So I I don't wanna get into that,   but that doesn't mean that there's not still a problem.   CBDCs   could very well end up being   well, so I'm sorry. Stablecoins could very well end up   being the CBDC   that we are rightfully   scared of or at least worried about.   And and that worry, if you were able to say, how do we get people to not worry about CBDCs?   Oh, I know.   We'll let the private sector develop it, and then we will wrangle that entire industry   through regulation.   Now   that means   in the logical conclusion of that,   if the authoritarians that I was talking about in the first piece   are able to   successfully   wrangle   stablecoins under regulations   to the point   that I'm thinking of,   then there is no distinction between stablecoins   and CBDCs.  

And that's where we have to watch out.   But we   we really need to be holding   Paolo or Doino and this Collins guy, we need to hold their feet to the fire,   which is an easy way of saying we've got to make them responsible.   How?   How? How do you hold somebody's   feet to the fire?   And   I know I shouldn't say shit like that unless I've got at least an answer. I don't.   Because this goes right back to the the essence and the origins of authoritarianism   itself.   Through our lack of conviction,   our complete embrace of apathy as the citizenry of the world, we've allowed the most fucking psychotic   people to tell us what to do. And they've wrapped themselves in money   and arms   to the point that they essentially   have become   a mob   with the most highly effective private police force that protects them and not us   that the world has ever seen.  

So all the bitching and moaning that we do about Keir Starmer,   all the bitching and moaning that we do about red light cameras that are scanning your license plate and all the other surveillance, and you can just wrap it all up into a nice little bow or ball and wrap it in a tinfoil bow   and just say, here, I'm talking about all of it.   All of it came because of our apathy.   We have to deal with all of this through centuries   of allowing people   who have tricked us into believing that they're more important than us, that they're smarter than us,   tricked us into believing   that they're here for our well-being.  

They are not.   They are here for their well-being   because they figured out a way to psychologically   manipulate   tens of millions and hundreds of millions to the point that it's become billions of people   into thinking that they are our savior. And they are not our savior.   They are, in fact, the wolves in sheep's clothing.   Do we cannot let   the CBDC   versus   stablecoin   action   morph into where they just are indistinguishable   from each other. How? I don't know. I'm not that smart. I've got four brain cells left.   But I you know, it's enough to know that this fits right into it.   Samsung adds Coinbase crypto access   for its 75,000,000   Galaxy device users.  

Ian Allison is writing this one for CoinDesk.   Samsung is teaming up with Coinbase   to give 75,000,000   Galaxy device owners in The United States access to the exchange's priority trading service, making it the largest single consumer   distribution   Coinbase has ever executed.   And Samsung Galaxy's   biggest crypto bet to date,   the companies jointly announced on Thursday.   The Samsung Wallet   will allow Galaxy owners access to the Coinbase One service, which includes zero trading fees and increased staking rewards.   It means users can explore crypto. Oh, I want to go explore crypto and pay the Bitcoins   without downloading a separate app   or moving funds across platforms.  

That means it's embedded   in the operating   system, guys. This is probably not good. It's probably not a good deal. Samsung Pay is also being linked to Coinbase accounts.   Jesus. It's like I   didn't expect it to get this bad this fast. It allows Galaxy owners to make payments tied to their holdings. As such, crypto tools will be available   in the same place,   that phone users already store payment cards,   transit passes,   and IDs.   Do you see where it's going?   Do do you understand how bad this is?   Don't use this.   Just execute your Coinbase account with extreme prejudice and by execute I mean put its head on a chopping block, use a giant axe and behead that motherfucker   right now.  

Get rid of your Coinbase account.   It this this is   in the place   of convenience,   you will find control.   I'm just saying, man. Quote,   our mission   is to bring more than a billion people on chain   and track them. And that starts with meeting them where they already are. On their phones, said Shan Agarwal, or however you pronounce it, chief business officer   of Coinbase.   The hell is a chief business officer?   You mean a chief operations? Oh, whatever. While the rollout starts in The US, Samsung and Coinbase plan to expand the program to international markets over the coming months, quote, Samsung Wallet is a trusted tool. Oh, you can trust us.   Just like we trust our federal governments. Right? To millions   of Galaxy users.  

And we're continually working to find creative ways to enhance the experience with added functionality, said Drew Blackard, SVP of Mobile Product Management   from Samsung Electronics America.   This is a terrifying state of affairs.   Not that we don't already have this kind of crap.   It's just now the connections between   well,   I'm gonna say it, Bitcoin   and   the traditional   surveillance   apparatus. Not not TradFi,   not CeFi.   No. No. No. Not that. No. Traditional surveillance   mechanisms,   apparatus,   machinery, whatever word you wanna put in there.   This   has nothing   to do with convenience.  

Convenience   is the   gift wrap   that they put around the box   that holds your eventual financial   servitude   in. Open it if you want.   I'm staying away.   And I'm gonna go over to nourishing family farm at   nourishingfamilyfarm.com.   That's Nourishing Family Farm dot com. This is a special place for Circle P. If you don't know what Nourishing Family Farm is, then you didn't listen   to my interview with with j r Burdick the other day. That would be, I believe, episode eleven seventy nine of Bitcoin. And   this is his website where you can buy raw milk.   You can also buy some chicken, whole chickens, and I think he's got some cut up chickens too. And you can also get some all natural pasture raised pork. Now he cannot ship raw milk.  

I mean that it just   I mean, it just doesn't work that way. You you don't you don't really if you're a private family farm, you don't ship raw milk. You you can ship chickens, though,   and you can ship pork.   So   if you can   go over to nourishingfamilyfarm.com,   that's nourishingfamilyfarm,all1word,.com,   and at least look. Because one of the things that JR Burdick said was that he can't find anybody   that that will pay him in Bitcoin   for his goods and services.   Now this this is a dairyman.   He's been he's been, like, in the dairy business for, like, thirty five years or so, something like that.   He's like, you know, he's in his fifties and he's fallen fully down the rabbit hole. And yet he's a little bit disillusioned with Bitcoin. And he and he's he,   as far as I know, is not a shit corner. He's really only interested in Bitcoin itself.  

But he wants people to pay him in Bitcoin because he thinks that if you don't use Bitcoin as money,   as a tool to procure goods and services from another human being, then it's not really fulfilling its destiny.   And I tend to agree with them. I I spend Bitcoin.   I I I've used Bitcoin to buy goods and services. I don't have really that much of a problem with it, but I don't wanna get into the nuances of that.   What I do want is for JR Burdick to at least meet some people   who do, in fact, use their Bitcoin to purchase goods and services directly   from other Bitcoiners.  

You know, I told him a little bit about the circle p, and I told him that I would I would feature his, his website and talk a little bit about this issue yet one more time   in a circle p,   segment. So here it is. So go to nourishingfamilyfarm.com.   You and you you'll   you'll have his email his emails there.   Everything about how to get a hold of JR Burdick is there. But but JR doesn't have the ability to drop in,   the ability to pay for bitcoin directly on his website. So you got to email them. Right. This   these are the friction points that stop us from completing   our mission as bitcoiners.  

It'll solve it. It will get solved.   You know, I have no doubt in my mind that it's going to become easier and easier for somebody like me and J. R. To simply start using Bitcoin on our websites   without having to code shit up or figure shit out. Just a button that I can just drop on my website   so that that j r can drop on his website. But in the meantime,   it would be very nice for you guys to go hit nourishingfamilyfarm.com   and look at what he has to offer.   And if you're interested further, then go to his contact button at the top right of his web page   and email him and say you're interested in buying his goods and services with Bitcoin, but make sure that you tell him that you heard it here on the Bitcoin and podcast   so that JR understands   that that there are other people that listen to this show that do want to buy goods and services   with Bitcoin.  

Let's move on to New York where they are   putting the hammer down   on a gun that's pointed to their head because they want to shoot themselves. From Atlas twenty one, I got this one. New York Democrat lawmakers   propose an excise tax on Bitcoin miners.   Lawmakers in New York state are seeking to introduce a new tax on Bitcoin mining,   arguing that their excessive use of electricity is driving up bills for ordinary citizens.   Have you looked at AI, people? Anyway, on October 1, Democratic senator   Liz Krueger and assembly member Anna Kells   introduced a bill that aims to impose an excise tax on mining operations based on the proof of work consensus mechanism.  

The legislative proposal   identified as senate bill s eight   five one eight stipulates that mining companies would pay taxes   proportional to their energy consumption   destined for New York's energy affordability programs, which provide essential assistance to low and middle income households across the state. Quote,   the bill ensures that the companies driving up New Yorkers electricity rates pay their fair share   while providing direct relief to families struggling with rising utility costs, senator Krueger said in the statement.   Now according to that statement, research has shown that the arrival of dedicated mining facilities   is increasing electricity bills statewide,   adding an estimated $79,000,000   per year for private citizens and a 165,000,000   per year for small businesses.  

So here's how the tax would work.   The bill establishes that miners consuming between 2,255,000   kilowatt hours would be taxed at 2¢ per kilowatt hour.   Operating or rather, operations using between five and ten million kilowatt hours   would pay 3¢, while miners consuming between ten and twenty would pay 4¢ per kilowatt hour.   Consumption above 20,000,000   kilowatt hours would face a rate of 5¢ per kilowatt hour, and mining operations that use sustainable energy would be exempt from the tax according to the bill in an effort to promote   innovation and sustainability   within the digital asset sector.  

That's the end of that article. However,   is it   if I use any amount of renewable energy, does that mean my entire tax bill goes away?   If if   99%   of all the electricity as a miner that I use in New York state comes from burning natural gas   or well, I don't think they have any live coal plants, but you from fossil fuels. Let's just say if I'm getting 99%   of my electrons from the burning of fossil fuels and only 1% comes from, I don't know, say a wind farm and a solar farm,   Am I exempt from the entire tax bill? I don't know. It's not said in this article. My my view is no.   I would think that let's say you got 50 from burning,   fossil fuels and 50 from solar.  

That 50% from solar,   that's gonna be exempt. That's probably how that shit's gonna work. But it's not really gonna matter because this is all bullshit anyway.   I'm pretty sure that New York State has a couple of   high energy consumption   data centers used for AI   and they're not even talking about that. Why?   Because this isn't about what they say it's about.   They don't like Bitcoin.   They never have liked Bitcoin.   They probably never will like Bitcoin.   And   just like in the early days of the formation of The United States Of America,   we will probably be able to buy Manhattan   for a Bitcoin.  

Let's run the numbers.   Well, energy seems to be getting some relief today. West Texas Intermediate is up a point to $61.10.   Natural gas   hedging as always,   2.3%   to the downside.   Gasoline is up point 75%.   Murbon crude is up 1.27%,   and Brent Norsey is up point 94%   to $64.71   a barrel.   CNBC has   straight up pissed me off because   now   their cmbc.com   forward slash futures and commodities page   changes the order of everything   every single day. I guess it's like, I don't know who's who's like get I don't know how they're doing it because   West Texas Intermediate has never been on the top of the stack. Same goes for the metals, which are all in the green in a big, big way today.  

Copper is up three and a quarter. Palladium is up two and three quarters.   Gold hitting a new all time high after a 1% rise is sitting at $3,908   and 1 dime.   Platinum is up three and a half, and silver is up 3.66%,   smacking through the $48   an ounce   price.   Ag is mostly in the green today. Biggest loser is chocolate. Wow. 5% of the downside almost.   Biggest winner is   coffee, 3.3   to the upside.   Meanwhile, live cattle is up point 18%,   lean hogs up point seven five, feeder cattle up a half.   The S and P is up a half as well. Nasdaq   kinda crawling sideways,   but Dow is up 1.1%,   and the S and P Mini is up point 8%.  

And Bitcoin is holy shit. Bitcoin's at a $123.03   20. That is a $2,460,000,000,000   market cap. We can now purchase 31.7   ounces of shiny metal rocks with our one Bitcoin of which there are   19,929,529.29.   That's a lot of two nines.   That's three two nines all in a row.   Wow.   That's kinda interesting.   Average fees per block remain   relatively cool. Three or rather 0.3%.   0.3   BTC taken in fees on a per block basis. Sorry. The 20 nines and the, $123,000   price tag kinda threw me for a stumble. Looks to be about 42 blocks carrying a 108,000   unconfirmed transactions waiting to clear at high priority rates. Right now, they're high. 6   Satoshis per vByte.  

Low priority is gonna get you in at four.   Hash   rate, holding at a Zeta Hash.   1.06   Zeta Hash is per second   is pretty much all that you'd ever be able to need for security on the Bitcoin network.   From yesterday's episode of Bitcoin and   I've got   Jason High with 500 sat says residents of US territories   do not pay federal income tax. Oh,   no shit?   Then how then what why do we do okay. You know what? Fine. I'm wrong.   Jason, hi. Thank you for the education.   He says, I lived in The Virgin Islands as a kid. We only paid local taxes.   Oh,   wow.  

So how do how do the territories pay for their defense? Oh, you know what? I I don't care. Yodel with five twenty two says, got some value, so here's a boost. Have a good weekend.   Yes. I appreciate that.   Bit by bit with wow. 2,100   sats   and gives me an emoji I can't read because, yes, I'm on Windows   seven or XP or something like that.   BTC on board with a 100 also gives me emojis I can't read. Wartime, a 133.   If he moves to Puerto Rico,   that's not tax evasion.   That's just using the tax code and playing by the rules. Fuck them. Dirty criminal thieves.   Yes. Puerto Rico is a tax haven because it's a crappy place to live   and they're trying to get people with money to go there and live and invest.  

They do get special IRS treatment for things like trading trading and capital gains.   It sounds like that wasn't the issue, though. The issue was that he was claiming to live in Puerto Rico when he was actually living in San Francisco, and he got caught doing that. Yes. That's that that's definitely my take on it. Where I'm where I was confused on was territories.   I thought they paid,   federal income tax.   It's amazing that they don't. This   it's a revelation to me. It's absolute revelation. I I should   if if I didn't wanna move back to Texas so bad,   I'd probably move to the Virgin Islands.  

Pieds with four twenty one says none of your business is by far the most underrated and underappreciated   pleb slash pioneer slash Bitcoin podcaster in the world. Wow.   Thank you, sir, for all the content you put out in the Bitcoin businesses you promote.   Kind words from a kind man. Thank you, Pies.   It means a lot to me. It it it really does.   Magnitude   twenty seven says, how are you using the RSI   feed to push out your pod? And then he also comes backs back and asks, what are the main podcasts that you like? I will answer those questions.   The way that I made sure that my not RSI,   RSS.  

My RSS feed. The main way that I made sure that my RSS feed   goes to every single podcast app available, including Apple Podcasts, Spotify,   and a whole bunch of other places was to make sure   that I put my RSS   URL   into podcastindex.com.   Go to pod   no. I think it's actually podcastindex.org.   Hold on. Let me make   sure. Podcast index.   Do do do. Podcast. No. That's not what I was like. Yo. No.   Okay. We'll go here.   Okay. It is podcastindex.org.   Now   what is it? Well, it's the   it's the literal library of all RSS feeds.   Now, it's   technically,   you shouldn't have to do this,   but I went ahead and did it anyway.  

You're gonna want to add let's see. Let's see. Let's see. Let's see. Make sure that yeah. Add a feed to the index.   Enter the URL of the podcast feed in the box in in the box below.   So I use that, and this is, by the way, podcastindex.org/add,add.   Podcastindex.org/add.   It was the way that I added my   RSS feed to the index.   The index was born   before,   if I remember right, it's Adam Curry   and,   not John Dvorak. Was it   I can't remember his partner partner's name on Podcast Index right now.   He's the back end dude, the coder guy.   They built this, I think, before   Apple Podcast   was a thing.  

Right? And it was a library of all the RSS feeds   because Adam Curry is the progenitor of podcasting itself, so he had a vested interest in making sure that there was a repository   of all the RSS feeds. Then he had a meeting with   the head guy from Apple at the died of pancreatic cancer.   Jobs, Steve Jobs, had a face to face with Steve Jobs, and Steve Jobs asked him, hey. Can we use   podcast index to populate the RSS feeds   in our upcoming podcast app? And, of course, Adam Curry is gonna say yes, and he did. He's like, absolutely. You can go ahead go ahead and do that.   It has become   the go to repository   for all RSS   feeds.  

So if you have a podcast   and you have not taken the time to put your RSS feed into podcastindex.org,   you need to go do that. Okay?   Go   go go do that and do it now. And Pies finishes us off   with a 121   SaaS says, thank you, sir. No. Thank you. That's the weather report.   Welcome to part two of the news that you can use   CME Group, the Chicago Mercantile Exchange Group, to offer   round the clock trading for cryptocurrency   futures and options.   This is from PR Newswire out of Chicago yesterday.   CME Group,   the world's   leading derivatives marketplace today announced that its cryptocurrency futures and options will be available to trade   twenty four hours a day,   seven days a week, beginning in early twenty twenty six pending regulatory review. Quote, while not all markets lend themselves to operating twenty four seven,   bullshit. Yes. They do. Client demand for around the clock cryptocurrency   trading has grown as market participants need to manage their risk   every day of the week. Oh, that sounds like an exciting way to waste the rest of your life. But,   quote, ensuring that our regulated cryptocurrency   markets are always on will enable clients to trade with confidence   at any time.  

Oh, boy. And that comes from Tim McCourt, global head of equities, FX, and alternative products at CME Group.   Beginning in early twenty twenty six,   CME Group cryptocurrency   futures and options will trade continuously on c a CME Globex   with at least a two hour weekly maintenance period over the weekend.   All holiday and weekend trading from Friday evening through Sunday evening will have a trade date of the following business day with clearing,   settlement, and regulatory reporting process the following business day as well.   So congratulations.  

We've done it. We've we've we've we've gotten   shitty   cryptocurrency   to trade twenty four seven on CME. This is gonna be great.   I'm sure it'll be I'm sure it'll be fine.   It'll be just fine, ladies and gentlemen. But Meta Planet   coming up next, they have now become   the fourth   largest public Bitcoin holder   with 30,823   Bitcoin.   Shit.   This is, by the way, Alex Larry out of bitcoinnews.com.   Japanese company, Meta Planet, has officially joined the ranks of the top five public Bitcoin holding companies globally.   After a series of big buys in 2025,   the Tokyo listed company   now holds 30,823   Bitcoin worth more than $3,600,000,000,   making it the fourth largest publicly traded Bitcoin treasury company in the world.  

The milestone was reached   on 10/01/2025   when Meta Planet   bought 5,268   Bitcoin at an average price of a $116,870   per coin, spending more than $615,000,000   in the process.   Well, this latest buy   pushed the company past its 2025   fiscal year goal   of 30,000   Bitcoin,   which is well ahead of schedule. Quote, q three results demonstrate operational scalability and strengthen Meta   Planet's   transformation   is one of the   Meta Planet's transformation is one of the most remarkable   corporate turnarounds in recent years. Once a small hospitality   company, it has rebranded itself as Asia's Bitcoin rocket ship.  

And there's more there's a little bit more to that story, but it just kinda goes into history and you kinda don't need it.   All we really care about here is that Meta Planet doesn't seem to be dying.   However, somebody on, I think, Twitter made an interesting   observation or or at least a guess, is that,   MicroStrategy   should buy Meta Planet.   Well,   that's not a terrible way to buy another 30,823   Bitcoin.   It would be interesting if that happened.   We will obviously, we'll have to see, but I'm wondering   if Michael Saylor   just wouldn't do it out of principle.  

Like, would not do it out of principle. You might say, well, he's Michael Saylor. The principle is going to be that he's gonna hoover up as much Bitcoin as he possibly can, and Meta Planet is a big fight, you know, fat, juicy target   just sitting out there in the wind.   I I'm thinking that Michael Saylor might be at least, you know, better than we might think   and say, you know what? I'm just gonna purchase the the Bitcoin on the on on the markets as as we've got planned   using the debt instrumentation that we've designed,   and Meta Planet can go do their thing.  

We'll see.   It'll be interesting if he makes a motion   to buy Meta Planet, though. I will say that. Now Canaan Mining,   their shares   surge after 50,000   rig Bitcoin mining deal,   Nate Kostar   from Cointelegraph.   Canaan Incorporated shares jumped more than 26%   in early trading on Thursday after the mining firm landed a 50,000   rig order.   Canaan said that The U a US based company purchased   the latest generation Avalon a 15 pro mining machines, which is an institutional grade mining rig. The buyer was not disclosed, but the sale was reported as Canaan's largest in over three years.   The company's CEO,   Nanxin   Zhang,   said the sale highlighted both companies confidence in the long term term growth of Bitcoin mining and the demand for highly efficient   next generation infrastructure.  

According to the hash rate index, The United States accounts for 36%   of the global Bitcoin hash rate, the compute power the the computing power miners use to secure the network, making it the world's largest mining hub.   Canaan, a crypto mining hardware company founded in Beijing in 2013,   saw its shares up 26.4%   to $1.31   on Nasdaq at the time of writing according to Yahoo Finance.   The shares have increased over 50% in the past six months while still experiencing   a 40% decline year to date.   And then they talk about this the Bitcoin mining, and we don't really need to talk about that. Let's just see. Yeah. And then they talk about solo mining, and we don't need to talk about that either. What we do need to talk about is that Canaan is not forgotten as a mining   company.  

A mining manuf mining rig manufacturing company. Everybody's like, oh, it's always Bitmain. Oh, it's always this I can't remember the other company's name.   Canaan sometimes seems to get forgotten.   They are not forgotten.   50,000   mining machine   deal is nothing to sneeze at.   And then   we come to the final   story   of today's episode.   A thief   snaps a photograph   of victim's seed phrase in an apartment and steals $1,700,000   in crypto.   Cal and Quinn decrypt.   A former   Singapore Armed Forces   diver has admitted in court to stealing 1,700,000.0   in cryptocurrency   after secretly photographing a seed phrase   belonging to a Chinese national living in Singapore.  

34 year old Teo Rong Wan,   who previously served in the military's naval diving unit, admitted to charges including   housebreaking,   misusing a computer system, and dealing with ill gotten gains in court on October 1 according   to the Straits Times.   Seed phrases, typically a sequence of random words, act as a master key to cryptocurrency wallets.   Unlike a password, a stolen seed phrase cannot be reset,   meaning access to funds is irrevocably   lost once compromised.   Seed phrase theft is one of the most common ways for thieves and hackers to obtain access to a person's wallet.   Infrastructure attacks targeting private keys and seed phrases   made up 70%   of stolen funds just last year according to TRM Labs.  

The firm added   they are often obtained through poor storage practices,   phishing campaigns, and malware deployment.   Court records show that Tayo met the 30 year old victim in mid twenty twenty two through a mutual friend.   During a football match gathering at the victim's home, Tayo obtained   a condominium   access card under the pretense   of helping another guest.   He failed to return the card.   Then on 12/31/2022,   Tayo exploited that access to reenter the victim's unit while the victim was out. He found and photographed a piece of paper containing the 24 word seed phrase for the victim's   Ledger Nano x hardware wallet.  

The next day, Tayo used the seed phrase   to transfer $1,700,000   in USDT stablecoin to his own wallet.   Prosecutors said Theo spent the money   on luxury watches, online gambling, and mortgage payments. Jesus.   Gambling and luxury watches. What is the deal with a luxury watch?   Why do you why is it necessary   to broadcast   your wealth to people you don't know?   For fuck's sake, come up with something more ingenious for the love of God. Anyway, whatever.   About $1,100,000   was then converted into US dollars and moved into his bank account.   Again, come up with some imagination.  

Theo later admitted to the crime after the victim discovered the missing funds and blockchain investigators linked the theft to his wallet. Well, of course.   Tayo claimed he was motivated by heavy financial losses   following the 2022   collapse of cryptocurrency   exchange   FTX.   Industry experts said the case illustrates how human error and weak storage practices continue to undermine digital asset security. Quote, this case is a strong reminder that user behavior is as important as product security.   Veronica Wong, CEO and cofounder of crypto wallet suite, SafePal,   told Decrypt.  

She recommended that long term holders   use hardware wallets with encrypted chipsets,   while active traders might consider cloud backups, though she cautioned   such methods   also introduced risks tied to third party encryption and account access.   Peter   Kaziakov,   I guess is how you pronounce it, cofounder and CEO of payments platform   Mercurio   added that the case highlighted   how securely safeguarding a seed phrase is of critical importance for individuals practicing self custody.   Quote, storage in a secure location such as a bank safety deposit box is best practice.   However, there is unfortunately not a panacea in regard to keeping digital assets safe, he said. He also said other best practices   would be to write a seed phrase on a durable material such as fireproof metal plates   and store that in multiple secure locations   or better use a multi signature wallet which requires approvals   from two or more private keys to authorize any transaction   from their wallet.  

So the dude breaks into the guy's house   ostensibly because the dude is out partying his ass off,   you know, because it seems like it was New Year's Eve, December 31,   2024,   and, you know,   stole it, took a picture of his shit, which brings to mind the question, how did he know where the sheet of paper was?   Did the victim say, hey, look, man. This is my seed phrase.   Yeah. Don't do that.   Don't don't tell people   where your seed phrase is. This is just a, again,   terrible state of affairs.   Please don't do this.   Just saying. Alright. So, what have we learned?   We've learned, well, don't show people where you keep your seed phrase, for one,   But   also authoritarianism   is our fault.  

It really is. It's our fault.   We we we've been told we can't act certain ways   against the authoritarian   regime,   and that just does what? Well, it reinforces   authoritarian   regimes.   It get it gives them time   to build their armies, to build their weaponry, to build their security practices.   I no longer view these people as legitimate leaders.   I view them as a mob. And I don't mean an angry mob, I mean like the mob.   Like Scarface, you know? You know, you're gonna need Cap and McGinty.   These guys,   the the wise guys that come into the mom and pop shop and say, hey, you know,   if you give me a $100   every week,   make sure   everything is fine. You get me? You could you understand what I'm trying to say here. You give me a $100. I come in every week. I take a $100. I don't want to check. I want cash.  

Give me cash.   Don't tell anybody about it and I'll make sure that those bozos that are outside,   they never come in here. They never mess with your stuff, you know?   Now if you don't,   I might go ask the bozos outside to come in here   and mess up your shit.   Do you understand how this works?   That's what this is. That's what this has always been. I was saying it yesterday.   It's like this   unholy marriage   between   a group of people that were already pretty strong,   but found themselves as not being strong   enough.   And then they looked at the very people that in the twenties and the thirties,   they just knew they were the the enemy.  

Organized crime,   the mob,   didn't matter from what country,   just the mob. These guys were organized.   These guys were   well organized.   Governments   looked at that and said,   we should be that organized.   How do we learn how to be that organized? Well, the easiest way is   let's bring them into the fold.   This happened.   It certainly happened to The United States.   It's a thing. You can go look it up.   Just look just start just use Google if you want to. United States and organized crime.   Was it there was a project name of it, and I can't remember it right now. And, yeah, it can get a little bit tinfoil hattery,   but it   definitely   answers a lot of questions that you might have about   why are these people doing what they're doing?  

Don't they care about the citizenry?   Aren't they supposed to be here to protect us?   Aren't they here to make sure that that   our money isn't stolen from us? And yet what do they do?   They steal 2% of our money every year by law or at least by mandate. That's the that's one of the mandates of the Federal Reserve System.   You will steal   the money of the citizenry   2%   every single year   because that's what inflation does, and that's what the Federal Reserve mandate of 2% inflation rate as a target is.   And most people don't know that, but it is.   And they steal money from us in various other ways. Income tax is another form of theft.  

Right? But you can't question it   because   even   though American citizenry is well armed,   you can't question it because they will shoot your ass,   and they will not get in trouble.   If you try shooting them, oh, hell.   Lord have mercy.   You will you will end up getting in trouble. You will end up either with the death penalty or you will find yourself behind bars for the rest of your natural born days.   So the question becomes,   how were we maneuvered as the citizenry of the world, not just The United States, the citizenry of the world? Because one thing is for sure, death and taxes.   Every country has a tax. Find me one country that doesn't tax you.  

Doesn't have an income tax, doesn't have some kind of weird sales tax, doesn't have some kind of property tax or this tax or that tax. So some way to steal money from you even at, like, a, like, a 2% inflation rate or in some of these weird countries,   1400%   inflation rate, whatever. It doesn't really matter.   How were we maneuvered   into allowing these people to dictate to us   that we had to give them their money?   I   mean, what what what and what what is it that we   defend these actions? There's a great group of a great large group of people that defend this.   Joy Reid was on the the show the other day, was saying the Republican party, they just all they wanna do is have no taxes. They wanna be able to commit business the way they want. They wanna be able to leave their money to their children.  

How awful.   They don't want tax. Oh, my God. What could we do without tax? But that's another story. The real question I wanna come back to is   what happened?   And more importantly,   how long ago did it happen?   Because I guarantee you this this did not start in 1971.   And it didn't start a hundred years before that or a hundred years before that.   Somehow,   this goes back   ten,   eleven,   twelve thousand years.   I'm thinking   that this really did start   with the advent of agriculture, which was about   eleven thousand, twelve thousand years ago. No. We didn't have tractors, but we did have plows.   We did have we we we became   nonnomadic.  

And I think that the taxes and the control of people   really started then and not before.   And so we've got   twelve   thousand   years of human behavior   to unravel.   That's a lot of years to unravel.   But you gotta start somewhere, one foot be before the other and take a walk, and I'll see you on the other side.  

[01:05:12] Unknown:

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.  

[01:05:20] David Bennett:

Have a   great day.