Join me today for Episode 1000 of Bitcoin And . . .
Topics for today:
- One Thousand Shows
- Microsoft's Binary Thought Process on BTC
- Coinbase Fires SEC Laden Law Firm
- South Korea in Very Dangerous Territory
- Swiss Canton Evaluating Corn Mining
#Bitcoin #BitcoinAnd
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[00:00:00]
David Bennett:
Good morning. This is David Bennett, and this is Bitcoin and, a podcast where I try to find the edge effect between the worlds of Bitcoin, gaming, permaculture, podcasting, and education to gain a better understanding of all. Edge effect is a concept from ecology describing a greater diversity of life where the edges of 2 systems overlap. While species from either system can be found at the edge, it is important to note there are species in the overlap that exist in neither system, and that is what I seek to uncover. So join me in discovering the variety of things being created as Bitcoin rubs up against other systems. It is 9:28 AM Pacific Standard Time.
It is the 3rd day of December 2024, and this is episode 1,000 of Bitcoin and I got a lot of shit to go through, man. North Korea is threatening South Korea. South Korea went into martial law. Maybe they did. Maybe they didn't. You're gonna find out more about that crap in the second half of the show. But first, I wanna talk to you a little bit about the Leather Mint. The Circle p is open for business. Hasn't been open for business in quite a while, but I'm bringing it back for show 1,000 because, hey, why the hell not? This dude over at the Leather Mint has some of the most amazing leather goods. They got wallets. He's got belts. They've got all kinds of stuff. And if you can't find something that you need on this website, which is the leathermint.com, the leathermint.com, you're probably not gonna need any leather. I'm I'm serious. And he sells all of his goods for Bitcoin. If you're not selling it for Bitcoin, you're not in the circle p. And if you do buy something from the leathermint.com, please please please, somehow or another, somewhere in the field where you're purchasing something or whatever it is that you're doing, please please please put in the fact that you heard it here on the Bitcoin and podcast in the Circle P Store and the Leather Mint may give me a cut of proceeds from the sale just because that's sort of the way the Circle P works. I give you a little bit of free advertising. If you find it valuable, this is a value for value proposition.
If you find it valuable, if you got a sale out of it, consider getting me back on the flip side. Okay. So there's the leathermint.com. Again, lots of belts, lots of wallets, all kinds of really high quality leather goods. They're handmade, by the way, and the stitching is where the rubber meets the road. Where else does the rubber meet the road? Well, let's say that it's probably, well, MicroStrategy. Donald, please please, for the love of God, people, stop selling your Bitcoin to Michael Saylor. He doesn't need any more. He doesn't he doesn't he doesn't. But Nicholas Hoffman is telling us straight out of Bitcoin Magazine, don't sell MicroStrategy or Bitcoin. Today, MicroStrategy announced that it purchased an additional 15,400 Bitcoin for approximately $1,500,000,000.
This brings its total holdings to over 400,000 BTC, which is almost 2% of the entire Bitcoin supply. Guys, please stop. Stop. Stop. Stop. Selling your Bitcoin to Michael Sailor. He doesn't need anymore. Okay. So in the month of November, Bitcoin rose almost 40%, while MicroStrategy bought over $12,000,000,000 worth of Bitcoin. In total, MicroStrategy now owns over $38,000,000,000 in Bitcoin. Other companies are now starting to copy MicroStrategy's playbook and and and run their strategy of accumulating Bitcoin as a strategic reserve asset. Sailor even presented to Microsoft CEO and board of directors on why they should adopt a Bitcoin standard.
Microsoft is the 3rd largest company in the world by market cap and is voting on whether or not they should add Bitcoin to their balance sheet. It's insane. Publicly traded Bitcoin miner, Mara, is also copying MicroStrategy's playbook and announced today that they're raising up to $805,000,000 in debt to buy more Bitcoin. Do you get it yet? Do you understand? This is not going to stop anytime soon. We have officially entered a new era of Bitcoin accumulation that is being led by these large corporations. Sailor, MicroStrategy, and other companies are going to scoop up every available coin that they can get their hands on. And if they're as convicted as MicroStrategy is, they're not selling.
That's not even to mention the other big players like BlackRock, Fidelity, Arc, etcetera, All of them buying up coins for their ETFs. The amount of demand for Bitcoin today is surreal. And here, we have Nicholas Hoffman, posted up one of his tweets that he put up, on Twitter. And it says, companies that have adopted a strategic Bitcoin reserve this month. And here's the list. Rumble. LQR House. Remix Point. Genius Group. Cosmos Health. Jiva Technologies, Hoth Therapeutics, Thumbs Up Media Corporation, and Akirk's Pharmaceuticals.
You know there seems to see there's Cosmos Health, Pharmaceuticals, therapeutics, and a lot of health care that's kinda jumping into getting into bitcoin on their balance sheet. That's an interesting play, but continuing, I think that everyone, this message is mainly for the newer bitcoiners, should follow suit in adopting their own personal strategic Bitcoin reserve for themselves and their families. I'm not saying or advising anyone to take on debt to buy Bitcoin, but rather adopted as your primary savings account and sit back and take in all the benefits of holding Bitcoin, especially in regards to holding your own private keys. The plan is simple.
You buy Bitcoin, secure it safely, and hold it for the long term. If you sell, you will be selling directly into the hands of MicroStrategy and every other company running this playbook. I agree with Nicholas Hoffman here. Don't sell your Bitcoin to MicroStrategy. Now I'm going to say this. There are people out there who every once in a while actually need to sell some of their Bitcoin to, oh, you know, pay bills. They got a part with some of their Bitcoin sometimes. If you don't have to, then don't. But also, if you have to, don't feel like you're somehow or another some kind of evil person.
You've got to live. You've got to have food. You've got to have bills. You've got to have a place to live. You've got to have gas in your car. I get it. We all get it. But if you don't have to sell your Bitcoin, then don't sell your Bitcoin. Now they mentioned Microsoft in the last piece. Here's another one about Microsoft from Daniel Ramirez Escudero from ToyCoin Telegraph. It says, Microsoft's Bitcoin dilemma. Ride a $5,000,000,000,000 BTC wave or avoid risk. Next week, December 10th. December 10th, guys. On December 10th. That will mark a key date for Microsoft and the Bitcoin community because the tech giant shareholders will vote on whether or not to add BTC to its balance sheet.
The results will show whether shareholders are attracted to the current Bitcoin bull market or or wish to stick to Microsoft's more pragmatic and profitable approach to tech development. On October 24th, before the United States presidential election, Microsoft's 14 a filing with the US Securities and Exchange Commission included a section called assessment of investing in Bitcoin. The filing says the company should consider diversifying its assets with bitcoin as an excellent, if not the best hedge against inflation. However, just beneath the proposal, in the board recommendation section, Microsoft's board of directors advised the shareholders to vote against it, saying that the company's management had already carefully considered the topic.
Nate Holliday, cofounder and CEO of Microsoft backed web 3 decentralized data firm Space and Time, told Cointelegraph, quote, the board's pre vote statement was clear. They have a sophisticated treasury management function that is returning tremendous returns for their investors. To assess the potential impact on the stock, Microsoft invited MicroStrategy Chairman Michael Sailor to make a pitch for adding bitcoin to the treasury. In a 3 minute slot containing 44 slides, Sailor went all in, claiming Microsoft could add $5,000,000,000,000 to its current value of about $3,190,000,000,000.
He argued that Microsoft should invest $100,000,000,000 annually in Bitcoin, asserting, quote, it makes more sense to buy Bitcoin than to buy back your own stock or hold bonds. Solo Cisse, cofounder and CEO of decentralized social web 3 platform, Galaxy, told CoinTelegraph that Saylor may have had an effect on shareholders as his, quote, relentless advocacy paved the way for BlackRock and the rest of orange peeled Wall Street to push Bitcoin nearly past a $100,000. However, Nick Cohen, CEO of Fintech firm, Valerium, told Cointelegraph that, quote, influencing Microsoft's board or shareholders would require more than just Saylor's endorsement. The decision will likely hinge on internal evaluations of risk, strategy alignment, and long term vision rather than external lobbying, he said.
While it's debatable whether Saylor's intervention will work, the shareholders' vote will be a massive event for adoption. Under Saylor's guidance, MicroStrategy became a Bitcoin proxy for market participants who want wanted to gain exposure to the asset through a US trading stock. However, founder and CEO of market maker, Peanut Trade, Alex Momot, told Cointelegraph that MicroStrategy and or Microsoft and MicroStrategy stocks are like apples and oranges. Quote, Microsoft enjoys consistent cash flow and revenue from product sales, while MicroStrategy largely relies on stock revaluation and virtual balance adjustments.
Microsoft's business model centers on tangible products driving stock value through actual sales growth, whereas MicroStrategy operates more as a market hedge. Quote, micros Microsoft scale, risk tolerance, and fiduciary responsibilities are far different from those of MicroStrategy, which, although originated as a software company, is now effectively a Bitcoin Treasury company, said Cohen. I need to pause to say something about that. Cohen seems to think that that MicroStrategy has, like, 0 0 0 products and sales and or service. And this is not the case. While it's clear that MicroStrategy in no way, shape, form, or fashion matches anywhere close to what Microsoft sales does, it does not mean that they do not have products in the pipeline.
It is my belief that those products and services are going to go away. But for right now, honestly, he's got products and services, so it's not like there's no revenue at all. And I just wanna make that clear because there are many companies out there that are going to start doing this that are entirely zombie companies. And they're somehow or another, they're gonna be able to get a hold of cash, and they're probably gonna sell debt to do it, and their stock price is gonna rise. And they really will have absolutely nothing to offer other than an instrumentation for people at retail to buy their stock to gain exposure to Bitcoin. That's it.
That is happening, and it's going to happen more and more. But for right now, it is not the case that MicroStrategy doesn't have anything in the pipeline. Now that said, Holiday highlighted that MicroStrategy was not a high growth software company. So in terms to drive or in order to drive growth, it had to change its focus to increase shareholder returns. Yeah. This is the transition phase that you're watching right now with a company that actually does have revenue into something where they don't have products, services, software. That's going to happen, mark my words. Quote, in contrast, Microsoft has an incredibly healthy balance sheet. They have proven growth over decades and are well positioned for the future powered by AI. Oh, yay. And data. Quote, if Microsoft were to make a significant Bitcoin investment, it could fundamentally alter how the market perceives the company, influence shareholder sentiment, and require a significant strategic pivot, said Momot.
The decision on whether to adopt Bitcoin comes at a pivotal moment as Bitcoin adoption is becoming institutionalized and could be just months away from becoming a US reserve asset. Microsoft shareholders must evaluate the pros and cons of adopting Bitcoin for the treasury. And the pros and cons are these. Daniel Kallray, chief strategy officer of Ton Wallet, Ton Keeper, told Cointelegraph that buying some Bitcoin as a diversification strategy is a good idea for public companies as inflation does slowly erode the value of cash over time. Bitcoin is becoming the modern day savings account right in front of our eyes with individuals and institutions parking long term capital in the asset instead of leaving it in US dollars or treasury bills that no longer outperform inflation.
Inflation destroys the purchasing power of cash. To battle this decrease in value, MicroStrategy followed a model where it invested practically all of its cash into Bitcoin. Kari pointed out Microsoft's frequent enormous pot of cash on hand. Quote, Microsoft's cash on hand, according to public reports, is around $75,000,000,000. So they certainly have the ability to convert some of that into bitcoin if they wanted to, end quote. Microsoft has reported well over $100,000,000,000 in cash on hand in prior years. Currently, it hovers around $80,000,000,000 Microsoft's decrease in cash reserves stems from significant tech investments and acquisitions, including a $68,700,000,000 purchase of video game developer Blizzard and the highly publicized $10,000,000,000 investment in chat GPT, quote, Microsoft's ability to invest is not the issue.
It's whether the potential risks align with its long term financial and strategic goals, said Cowen, Quote, holding bitcoin ties up liquidity that could otherwise be allocated to strategic acquisitions, research and development, or other initiatives more closely aligned with Microsoft's core business objectives, said Cowen. Momot said that for Microsoft's board, embracing such a strategy would require a complete overhaul of its business operations. Oh, bullshit. No. It no. It does not. Quote, he said, expecting major companies to pivot their models as MicroStrategy did is premature.
It's unlikely that any large corporation will take such a step in the foreseeable future as it would require a fundamental shift that doesn't align with their established objectives. What? Making money? Not losing money? How is that not an objective of, oh, I don't know, every corporation and business ever. However, the advantages of Bitcoin adoption are apparent. Cowen said that Bitcoin's finite supply makes it a compelling hedge against inflation. Holiday said, quote, Bitcoin should be a consideration for corporations as many will begin to consider digital assets to diversify their investments from a world of inflation and unsustainable spending and debt.
Cowen said that bitcoin could represent a unique tool for companies to hedge against fiat currencies, quote, incorporating bitcoin into its holdings could diversify Microsoft's assets, reducing dependency on fiat currencies and traditional financial investments. Furthermore, Cowen said, such an investment could signal forward thinking leadership, potentially attracting tech savvy investors and customers who value decentralization and technological innovation. Observers noted that there are, of course, some cons that Microsoft may take into account. Cowen pointed out that Bitcoin's price volatility poses significant risk as the company prioritizes stability in financial reporting and treasury management.
These price oscillations may be disliked by shareholders as Microsoft has always been known as a more conservative tech company. Daniel Cowrie, chief strategy officer of Ton Wallet. Tonkeeper told CoinTelegraph. And another disadvantage is that Bitcoin's evolving regulatory landscape could pose Microsoft compliance risks as well as potential liabilities. Microsoft's reputation is highly regarded as a solid and trustworthy tech company. Cowen said that Bitcoin's public perception also plays a role in the final decision making, which may deter Microsoft's Bitcoin adoption. Despite Bitcoin's growing acceptance, its association with speculative trading, money laundering, and environmental concerns could lead to reputational risk.
Quote, Microsoft has certainly focused a lot on AI efforts, and therefore, the board may consider a move such as this too aggressive for the company for the time being. Cowan said that the board may also prioritize allocating cash reserves to the core and growing businesses area or business areas such as AI, cloud computing, and acquisitions, which provide more tangible synergies and clearer returns rather than to an asset with uncertain destinies. Quote, the long term viability of Bitcoin as a store of value remains a subject of debate, potentially making it inconsistent with the company's financial principles, said Cowen.
Cowen then concluded that as micro strategy works on a smaller scale, it allows for greater risk taking. However, Microsoft must carefully manage decisions to maintain shareholder confidence and avoid undue exposure. Okay. So that's a long article and all of it to basically say that there's 2 or 3 guys out there that literally think that there's only one way to invest in Bitcoin for a company such as Microsoft, and that is to to completely cut loose their entire cash reserves and go all in on Bitcoin. Now and then we have Michael Saylor himself who told Microsoft, you better go all in on Bitcoin. Really? There's there's no shade of gray here?
It's either all in or nothing? Or is this the limit of our thinking nowadays? Is there oh, I don't know. No possible way that they could say, okay. We're not gonna go all in, but we're also gonna get off 0. Let's do a 2.5% play. And it would be like, oh, the rest of the year, we'd probably see a red spike to the downside as the bears say, see, they weren't really they're they're really just kinda playing with you guys. I don't think that would be the case. I I think we'd see a red candle, but I just don't think it would be the case that it would just be, like, they're not serious. 2 a half percent or even 1% of $80,000,000,000 is nothing to sneeze at.
So I'm just saying all I see is a bunch of people who literally only understand a binary description of investing in Bitcoin. You either invest nothing or you invest everything and there is no in between. I call bullshit. I call absolute complete bullshit on that. Alright. So let's get away from that one. I wanna get into this Coinbase. But first, I wanna look over at the, livestream because, yes, I am streaming again for episode 1000 to zap.stream. And Kidwarp, as usual, and like he was he's always been. Every time I I put up a live stream, Kidwarp is always there. Kidwarp, it's good to see you. Dark, it's good to see you too. Thank you for congratulating me on, show 1,000. I really do appreciate it. Let's see what Kidwarp has to say.
Pump the leather mint on the circle b. We got billions of cuck bucks. We don't want to spend. They could just buy MSTR outright. Yeah. You're right, kid. They they really could. Although, would they? I mean, they could. But given what these analysts, if that's what you wanna call them, are saying, that wouldn't really align with their core business principles of making a really shitty operating system. Used to be good. But now, I I don't give 2 pennies for Windows. I mean, but they've I mean, they've got a lot of other products. I get it. But still, given what these analysts are saying, them buying Microsoft wouldn't align with their core values. So it honestly, it's all bullshit.
Right? It's just a it it I think this is just a bunch of people fronting some kind of we're Microsoft, and we don't have to do what the rest of the people are doing. I think they're already planning on buying Bitcoin. They're just gonna do it at their own on their own time, and they may not even buy it directly. You know, kid, they may just buy a shit ton of Microsoft or a a MicroStrategy, a bunch of BlackRock, a bunch of Fidelity, and never actually have, you know, the the private keys to their their own actual Bitcoin. That's their problem.
But we're just gonna have to find out what they're gonna do. And that will happen either we'll either get news of what happened directly on December 10th, so 7 days from now, or we'll get it a couple of days after. Have no idea what the hell that's gonna look like. So alright. Let's move on to this one. Coinbase, the only thing that I've seen out of Brian Armstrong that I can even potentially agree with is this. And I agree with him a lot. I know. It's it's amazing. I can't can't believe I'm saying it. But Coinbase is cutting ties with any law firms hiring anti crypto SEC officials, Vismayev v from Decrypt says. Coinbase CEO Brian Armstrong has drawn a firm line in the sand announcing that the crypto exchange has severed ties with law firms who employ former US Securities and Exchange Commission officials who led what he described as a campaign to unlawfully kill the crypto industry quote.
We've let all of the law firms we work with know that if they hire anyone who committed these bad deeds in the prior administration, well, soon to be prior administration, we will no longer be a client of theirs, Armstrong wrote on X on Monday. I am pausing to remind every single person within the sound of my voice that while I completely agree with Brian Armstrong, there's a little bit of, oh, he's being a little hypocritical. Why? Because he signed his own name to the New York agreement that was going to, quote unquote, change Bitcoin forever, give us 4 megabyte blocks, and do all kinds of other shit.
And he is one of the one of the people in that group. There's only been one that's ever apologized and that's Bruce Fenton. So if you don't know who Bruce Fenton is, he is literally the only one that signed his name to the New York agreement to force to to try to forcibly change Bitcoin, which was never going to happen, but it was the intent. Right? Bruce Fenton, only guy that ever apologized for signing his name to that letter, and he did so publicly. I got a lot of respect for Bruce Fenton, and I wish he was on Noster. Far as Brian Armstrong is concerned, I don't give a shit if he ever gets on Noster. This is the only thing that I actually agree with him on. But still, he committed a bad deed.
He's never apologized for trying to destroy Bitcoin. And here he is in this hypocritical seat saying, oh, but if anybody does bad deeds that I deem bad deeds, well, we're going to cut ties with them. Well, a, you should. And, b, then you should look in a mirror and say you did bad deeds too. All I want from this motherfucker is an apology, but whatever. The crypto bull pointed specifically to Milbank, a global law firm headquartered in New York that recently hired Gerber Gruel, the former head of the SEC's division of enforcement as a partner.
Gruel oversaw a surge in regulatory actions against crypto firms during his time at the SEC, including lawsuits against Coinbase and Binance. Armstrong didn't mince words about the decision, quote, Milbank recently messed up and hired Gerber. We don't work with them now and never will while he works there. Quote, it's an ethics violation in my book to try and unlawfully kill an industry while refusing to publish clear rules. Armstrong continued referring to what he perceives as unjustified actions by the SEC. The SEC initiated over 100 enforcement actions under Grull's leadership with the former official defending his approach as essential to addressing fraud and protecting investors because, yes, all of us are stupid and like children and don't know how to change our own diapers, so we need someone like Gruul to look out for us. But Armstrong, however, criticized the overreach and highlighted the lack of clear rules for the industry, quote, if you were senior there, you cannot say you were just following orders.
They had the option to leave the SEC and many good people did, he stated. The Coinbase CEO also stressed that while he does not believe in permanently ostracizing individuals, the crypto industry should avoid supporting firms that employ figures who worked against the sector. Quote, let your law firms know that hiring these folks means losing you as a client, he urged the crypto community. The mogul's remarks came as the SEC itself is set for significant leadership changes. Chair Gary Gensler, who has faced criticism for his enforcement heavy approach to crypto regulation, announced his resignation effective January 20, 2025, the day of the inauguration.
Adding to the leadership exodus, SEC commissioner Jamie Liz Lizarraga also announced his resignation effective January 17th, citing personal reasons. Although bipartisan rules require at least 1 democratic commissioner, Trump will have the opportunity to appoint new members, potentially steering the SEC toward a more pro crypto direction. Yeah. Well, we'll have to see what the hell Trump Trump's gonna do. I the I want him doing one thing and one thing only on day 1, and that's free Ross. He has one job. All he has to do was one thing, and that's free Ross.
And he needs to do that day 1, not day 2, not day 3. I mean, not that I wouldn't take it if it was done day 2 or day 3. It would just mean that in my book, he he would have broken a promise and said, we're gonna free him on day 1 and then you didn't. That sets a bad tone for everything else going forward. I don't give a shit that he's orange man. I don't care what his political leanings are. He's got one fucking job. Day 1, free Ross. Day 1, free Ross. It's not all that difficult. Okay. Mara Holdings, well, they're bold $800,000,000 bet on Bitcoin wind farms and a 64% stock surge in 12 months.
I told you yesterday that $700,000,000 that they were going to offer in convertible notes was not going to hold. It was going to be oversubscribed. And again, I was right. Now they've gone up to $850,000,000 because this shit was oversubscribed. But let's read this one from Yahoo Finance. Mara Holdings just made waves announcing an 850,000,000 0 coupon convertible note offering due 2031 with an extra $150,000,000 on the table for initial purchasers, so they're expecting even more buy ins. The kicker? These notes come with a 40% premium over the current stock price, signaling investors are betting big on Mars' crypto driven future.
The company plans to use the cash to buy more bitcoin, retire $48,000,000 in older debt, and fund general expansions. With bitcoin doubling in value this year, this move aligns perfectly with Mara's aggressive growth strategy in the digital space. But Mara isn't stopping there. It's also diving headfirst into renewable energy with the purchase of a 114 megawatt wind farm in Texas. Interesting. The facility, which will power Mara's mining operations when the wind is blowing, that is, represents a sharp pivot from grid dependence. CEO Fred Thiel summed it up best.
We can move the market to where the electrons are. This shift is part of a broader response to an energy landscape dominated by AI giants paying top dollar for grid capacity forcing Bitcoin miners to get creative. Thiel also hinted at an appetite for more wind farm deals down the road. These moves put Mara squarely at the intersection of crypto and sustainability to megatrends reshaping the future. The wind farm play helps cut costs while reinforcing Mara's commitment to greener operations. Bullshit. Excuse me. Clear my throat there. And the $850,000,000 share ray or raise secures the capital needed to expand the Bitcoin war chest.
Shares are already up over 64% in the past 12 months. And and and if Mara executes this well, this combination of bold finance and renewable energy could be the secret sauce to dominate both markets. Investors, take note. Mara doesn't give a shit about sustainability. But I'll tell you what they do give a shit about electron flow. And they don't care where they get it. Just a reminder, Mara Digital will blacklist your Bitcoin wallet address if people like Finsen or those fat ass bitches over there in Europe that get their panties in a wad. Yes. So I'm I'm not a fan of Mara Mara Digital, but I have nothing to say about whether or not Mara Digital actually exists. They're going to exist and they're going to do shit like this, which in my opinion is actually a good move. There are so many windmills out in West Texas. And when the wind's blowing, a lot of them are shut down.
And the reason is they got nowhere to send their electrons because the wind only blows during the day, ladies and gentlemen. It doesn't really blow at night. I don't know if you've ever noticed that, but at 1 o'clock in the morning, anywhere on the planet, there's hardly ever any wind unless there's an actual storm. Alright. So this makes a lot of sense for Mara to do. Now the whole thing with this 40% premium, what does it mean? Well, it means when you buy one of these convertible notes, you're not buying you're you're paying their share price plus their share price multiplied by point 4.
So you're paying almost you're paying almost a oh, let's see. 1.5x. Technically, you're paying 1.4 times what their stock price is to buy one of these notes, which can then be converted into one share later on down the line if that's what they and you decide to do depending on how that shit's structured. All I'm saying is that if the if they get another $150,000,000, which would then take them to exactly $1,000,000,000 of interest. Not interest payments, of of of people that are interested in actually buying this shit. If they get a $1,000,000,000 out of this, the people that are buying all that are paying 40% more than their share price. So they are betting big.
Even at 850 even if nobody buys anymore. If they just hold this at $850,000,000, That is that's huge. That means that there is a lot of people who are, like, going, you damn Skippy. This stock price is going to go up by 40% from the day that I bought this particular convertible note to by the time that it's expiring in 2031. 40% premium. That honestly is rather huge. Let's run some more numbers. CNBC, Futures and Commodities. I got oil. Guess what? It's up. Why? North Korea, South Korea bullshit on the line. West Texas Intermediate is up 2 and 3 quarters of a point to 6998. Brent Norsee is up 2 and a half points to 73 62. Natural gas doing what it does. It's going down. Yeah. 4.6 percent of the downside, and gasoline is up 2 and a quarter, back up to a buck 96 a gallon. Gold is up almost a half. Silver is up 2 points. Platinum is up almost a full point.
And copper is up 1.73%, while palladium is taking a dive today, 0.57% to the downside. Ag is looking pretty red today, at least futures wise. Cocoa looks to be the biggest loser today, 3.19% to the downside. Biggest winner, gonna be sugar 1 and a third to the upside. I got live cattle up 0.84%. Lean hogs down a third. Feeder cattle are up 1.4%. The Dow and the S and P are both generally moving straight sideways. A little dippy, but, I mean, we're talking fractions here, man. So I'm not even gonna read it. The Nasdaq is also moving sideways. It's a little bit in the green, but not much. The S and P mini is the only real solid number. It's down a quarter of a point.
Bitcoin, 90 $5,740, that is a $1,89,000,000,000 market cap. You can get 36.2 ounces of the shiny metal rock with your one bitcoin, of which there are 19,790 1,724.15 of and fees have dropped again. Back down to 1 tenth of 1 Bitcoin on average on a per block basis, there are just over a 100 blocks carrying 267,000 unconfirmed transactions waiting to clear at high priority rates of 9 satoshis per vbyte, so we're back down into the single digits. Low priority is gonna get you in at 8. Hash rate on a 1 week moving average is at 700 and 27.8 exahashes per second.
I do believe that we just had a yeah. We just had a difficulty adjustment either yesterday or slightly the day before. We are estimated to go up another 4.15 percent in difficulty in about 12 days. Let me go back here. I wanna look at something. We are averaging blocks every 9.2 minutes, just so you know. And it'd be good if you're gonna do some consolidation, this may be the time that you wanna consider to do it. Oh, I don't want that one. Let's do this. From sell the news again, that was the last triple digit episode of bitcoin and also the last palindrome episode of the triple digit era.
So from sell the news again, which is yesterday's episode, we've got letter 6173 who tried very hard very hard to send me a 100,000 satoshis, ladies and gentlemen. A 100 1,000 satoshis. It didn't work, so he said, well, the first boost didn't work, and he gave me 50,000 sats. And that did go through, and then he came back with a letter 6 173 with 48,000 more sats in a third attempt. Thank you, letter 6173. I cannot tell you how much I appreciate this. It's it's it's, you know, kinda makes me a little misty eyed there sometimes. Mister statsacker with 5,000 says nothing. User, 1155-6842 with 4242 says, what's the significance of my boost?
4242 is 2121, multiplied by 2. So I can only assume that you might be talking about something to do with 40 the 21, 21 Michael Sailor plan, and the 42 being doubled up of 21. That's about all I got for you there there, pal. Mutant 8 with a 1000 says a 1,000 sats for a 1000 episodes. When sats reach parity with USD, you'll thank me. Yeah. That I'm that's what I'm saying, bro. Until then, thank you, sir. Keep up the awesome work or the awesome value, he says. Oh, well, no. Thank you, sir. FOMO chronic with 1,001 sat says nothing. And he literally writes that. Says nothing.
Bitguss with a 1,000 says buesed. And who we got here? God's death with 537 says, thank you, sir. How the f did I miss that pleb chain? I'll have time today to catch it. He's referring to pleb chain episode, I believe it was 89 I think it was 89 that I was on Pleb Chain Radio with Avi Burra and q w. We were talking about Bitcoin, podcasting on a Bitcoin podcast, and we also talked about Bitcoin. Mister Sat Stacker with 500. Pies to Pleb with 333 says thank you, sir. No. Thank you. Bags of SATS 21 with 420 says thanks and congrats. Rahab 1 says please support me. Thanks.
No, dude. You didn't even give me a SAT, but I'll I'll I'll give you I'll I'll I'll I'll give you a little heart there. Alright. Alright. That's gonna do it for the weather report. Welcome to part 2 of the news that you can use. Where are we at here? Yeah. Okay. Let South Korea's lit up like a Christmas tree this morning. And let's find out what the hell's going on. Now this is the latest that I got from CNBC. It says that the South Korean won, their currency, has cut losses after parliament votes to lift martial law.
Said, if you have no idea what the hell is going on, you're probably confused. So let's read this one. Who is there? Sam Meredith is writing for CNBC. South Korea's won on Tuesday cut losses against the US dollar after the country's parliament swiftly passed a resolution to demand the lifting of martial law. The vote comes less than 3 hours. 3 hours after president Yoon Suk yeol declared emergency martial law, which prompted the country's won to notch a fresh 2 year low against the US dollar. The greenback was last seen 1.2% higher against the won, having traded up as much as 2.7% earlier in the day.
South Korea's Yoon has accused opposition lawmakers of controlling the parliament and throwing the country into a political crisis. Quote, I declare martial law to protect the Free Republic of Korea from the threat of North Korean communist forces to eradicate the despicable pro North Korean anti state forces that are plundering the freedom and happiness of our people and to protect the free constitutional order, Yoon said according to a Reuters translation. The move, which hasn't been imposed in Asia's 4th largest economy since 1980, was sharply criticized by opposition lawmakers.
Martial law refers to the temporary imposition of military authority over a civilian population, typically during times of emergency. Yoon's conservative People Power Party has been deadlocked in negotiations with the liberal opposition Democratic Party over the 2025 budget bill. The 63 year old assumed office in May of 2022 shortly after winning the presidential election by the narrowest margin in the country's history. Oh, yes. This is probably just fine. His foreign policy stance has been dominated by a hard line stance on North Korea, while Yoon has sought to strengthen ties with the US and Japan. South Korea's Yonhap News Agency reported that scores of people had gathered in front of the country's national assembly in the early hours of the morning.
ETFs and US listed shares of Korean based firms tumbled on the news before staging a recovery after the country's parliament voted to lift the martial law. The MSCI South Korea ETF was last seen trading off by 2.7% after falling as much as 6.5% earlier in the session, and then there's some other stuff about it, or other financial stuff. But let's move to this one. South Korea's martial law commander and army general, Park An soo, said earlier that several measures were to come into force from 11 PM local time, quote, to safeguard liberal democracy and protect the safety of the people against anti state forces threatening to overthrow the Republic of Korea, end quote.
Park said all political activities and any act that denies or seeks to overthrow the liberal democratic system would be prohibited. Okay. All media and publications will be subject to the control of martial law command, and strikes and gatherings that incite social order were also said to be forbidden. Parks said medical professionals or media professionals would need to return to work within 48 hours and measures would be implemented to minimize inconvenience for ordinary citizens, except for anti state forces and those attempting to overthrow the system. Ladies and gentlemen, it sounds like South Korea is in a very dangerous situation with this president.
I my first reading of everything or well, my first impression of everything that I've seen this morning is that this this president, I I don't know. My gut feeling is something is very wrong. That there's really not any kind of, you know, more or less antagonism from their neighbors to the north, which would be North Korea. That they've lived with those guys next door to those guys for a long long time. Right? They they've never marched a troop over the border. It sounds to me that this guy is accusing members of his own parliament for being North Korean agents or somehow or another, you know, like, sympathetic to the the situation of North or not the situation, but North Korean kinda thinking. Well, he's been infiltrated as what and honestly, it's it it really feels like this guy is falling into paranoia.
And this is not a good situation for South Korea. South Korea is is not something to sneeze at. It's the 4th largest Asian economy. And in fact, if you get right down to it, it's I think it's one of the 10th largest economies in the world. South Korea is been has been a marvel of democracy, if that's what you wanna call their brand of democracy. But, I mean, they've got wonderful cities. They've got huge manufacturing. Dude, they've been they've been sailing for decades without problems, and all of a sudden, this guy gets in by the narrowest margin in you know, narrowest margin victory in the history of South Korea, and he immediately gets paranoid, basically looks at his own parliament and says, you guys are all filled with North Korean agents and sympathizers, and then declares martial law unilaterally to the point that nobody agreed with them, that the parliament came back into session and 3 hours later said no, we're not doing martial law.
So to all my brothers and sisters out there in South Korea, I'm sorry that you're having to go through this. I'm sure you're confused. Because down here at the very bottom, we will see this martial law commander and army general was saying that they were gonna do all still do all this stuff. So I'm not sure how much of the word of parliament has gotten to the people and all the commanders of all the military. I don't know what the hell is going on. But if if this doesn't settle down right now, you're probably looking at a coup in South Korea.
All I can hope and pray for is that South Koreans are safe and that this shit just goes away And maybe the maybe the old man woke up from a a a bad dream during a nap or something, freaked out a little bit, and did something that he shouldn't have done, and maybe we can all just forget about it. But if not, you may be looking at a coupe. Just saying. Alright. So, let's see. Hold on. Do I wanna do this one? Yep. BlackRock. Their spot ETF has surpassed half a 1000000 Bitcoin in assets under management. Alright. So what are we looking at? We're looking at MicroStrategy with just over 400,000, and now BlackRock's got 500,000.
That's just that's right at 900,000 Bitcoin, which is almost, you know, 10%. No. 121st. 1 like, one over 21 supply of the supply of Bitcoin held by these 2 companies right now. And yet, we're still not seeing price price movements to the upside, only to the downside. My question is why, but I can't answer that. So let's go on. The Ibit Spot Bitcoin exchange traded fund crossed 500,000 Bitcoin or $48,000,000,000 in assets under management on Monday. The ETF had already accumulated 496,854 as of November 29th according to the latest fund disclosures. Ibit's $338,300,000 worth of net inflows yesterday was just enough to tip it over the milestone reaching 500 1,000 BTC according to k 33 data.
2.38 percent of Bitcoin's total 21,000,000 supplied. If you do the math, maybe that means that Michael Saylor's dealing with 2%. So 2, 4, say, 4 and a half percent. Maybe well, let's say, yeah, let's say 2 let's say 4 and a half percent of all the Bitcoin ever to be that's either ever been mined or ever will be mined is already held by 2 entities. Is that good or bad, Dave? I don't know. I honestly don't know, man. I I I've I got a bad feeling about it, but not enough to make me wanna light myself on fire after pouring a can of gas on me. Alright? So I'm just saying, if Microsoft steps into this game if Microsoft steps into this game, you're gonna see a whole bunch of dominoes fall.
So when what's the date we're looking at? December 10th of this year. Somewhere around that time, either on that day or a couple days after, we will know what Microsoft intends to do. If they allocate any amount of of of their actual liquid capital to Bitcoin, you're going to see Domino's fall over. We're we're already seeing all manner of companies get into this. Stack your sats while ye may. Right? Okay. Because otherwise, people like Switzerland are gonna get into this shit too, bro. Because the Canton of Bern is evaluating Bitcoin mining, but they're doing it for power grid stability.
So there you go. The parliament oh, by the way, this is from Atlas 21, and there is no author line here. The parliament approves a feasibility study on mining despite opposition from the executive council. So there's some in infighting in the Canton of Bern who has approved with 85 votes in favor of and 46 against the launch of an in-depth study on Bitcoin mining. The initiative, led by the bitcoin parliamentary group comprising 23 cross party members, could mark a turning point despite resistance from the Cantonal executive.
The study will focus on 3 key aspects, identifying surplus energy sources in the canton potential collaborations with other Swiss miners and the impact of mining on power grid stability. The reference model is Texas, where integrating mining into energy policies has already shown promising results, according to the proposal. Creating a favorable environment for bitcoin related companies could give Bern a competitive edge over other regions aspiring to become innovation hubs for digital assets. Quote, bitcoin mining companies bring investments, they create jobs, and help many parts of the world develop renewable energy sources.
For several years now, bitcoin mining has been one of the greenest industries in the world, end quote. Through a post on Twitter, parliamentarian Samuel Coleman commented, quote, even though the debate was heavily influenced by classic FUD arguments and missed the point, their proposal ultimately found a clear majority. The result is an expression of the fact that the narrative on bitcoin is changing. The executive council, while opposing the initiative, raised concerns about the international scale of energy consumption noting that the Canton is an energy exporter.
It also highlighted the growing energy demand from traditional data centers. Well, maybe you shouldn't be exporting the energy. Maybe you should be buying bitcoin with it and putting it into a strategic bitcoin reserve for the citizenry of Switzerland. I'm just, you know, just thinking out loud there. Whatever. I I do wanna okay. Look. I got 2 quotes here. Now this may be cherry picking by the guys over at Atlas 21, but both of them both of them are basically saying that the narrative on Bitcoin is changing. And this other one is basically, you know, saying, hey. It's one of the greenest industries in the world, Bitcoin mining is. We should we should embrace it, as as a bunch of Swiss people.
The narrative is changing. Greenpeace USA, when was the last time you heard about any of those idiots running around saying anything? When was the last time you saw the skull with the nuclear energy helmet on that was, like, belching out some kind of smoke? Remember that remember the skull? They hired that artist to do that skull, that sculpture or whatever, the skull. We're all gonna die. None of this shit's working anymore. It's not working. We won. We've won we're winning everything. Every single thing. They called us toxic maximalist. We took it upon ourselves and said, you damn Skippy. Bitcoin maximalism is the way to go. We won that one.
You know, Bitcoin mining is gonna destroy the world and they had every environmental group gnashing their freaking teeth about it. And nobody even remembers who they were. Well, we were winning that one. Power grid. You're consuming way too much power. No. We're stabilizing energy grids. Around the world, everywhere we go, we're actually doing the thing that we said we were gonna be doing 5 years ago. And it's working. And we're winning that one too. There's too much winning going on. Maybe we shouldn't win as much. But that's probably why we're going to talk about Nostr, which is another way that we're winning too. Domus notebook alpha is now available to purple subscribers, so you gotta be a purple subscriber. And you gotta be something on something other than Windows 7 as an operating system because no dice.
I got an error when I when I tried to get to it. So if you don't know what note deck is, it is a native multi multi platform client for Nostr. It has been it was released by, Will, Cesaran? Cessarin? I cannot pronounce his last name. William, if you're listening to this, I'm sorry that I'm butchering your last name. But, you know, j b 55, you know, the guy that created Domus on that we all know and love on iOS. If you're using iOS and you're using Domus, I mean, it was like the only iOS client for the longest time, and it's it's what I use on my phone. So let's see if there's anything here about the note deck.
Domus note deck alpha is out now for Domus purple subscribers, so you you gotta be the purple subscriber. It's a a thing about Domus if you wanna support Will and do some other, you know, let let him, like, live his life and pay his bills, then you could become a purple subscriber. But currently, the alpha version of note deck supports browsing Nostra content, creating post replies, and the ability to quote notes. It also includes columns for profile, notifications, and hashtags, and has support for multiple accounts. NoteDeck is available on Linux, Mac OS, and Windows.
An Android version will be added in 2025 along with Ios and iPad OS eventually. The public release of note deck alpha is expected in a couple of weeks. Learn more about Domus Purple subscription here and of course here is a link. And if you go to the show notes for this show, this link to the nobsbitcoin.com article about this, you open that link up and then, you scroll down into the middle of this thing where you see learn more about Domus Purple subscription here, and you can go there because the link will be included in the link. Right? Okay. So so key features. It's a lightning fast client. Quote, it's built from the ground up with an ultra fast database made exclusively for Nostr leverage leveraging several state of the art performance techniques not available on web clients.
There's custom feeds. You can add a timeline, a hashtag, and notification columns of any nostril public key which means you can see the nostril landscape through other people's eyes. Account switching. Nostriches can also switch between multiple accounts quickly and easily, drastically improving personal and business use cases. Thank god. Future updates will include zap functionality, the, direct message support, embedded videos, likes, reactions, and reposts, Nostra search, and media uploads. Alright. So if you ever used, what was it? TweetDeck?
I used TweetDeck when I was still on Twitter. I used TweetDeck, and that was the only thing that I used. I never went to the actual Twitter client because I could have columns. Right? So I could see everything that I posted in one column. I could see my profile on the complete left hand side. I could let's see what else could I do. I could put in like well, I could put anything in there. I could put in, somebody else's, Twitter account and see what was going on on their account. I could do hashtags. I and so I would have like 4 columns. Right? What I post, what, what, you know, my bitcoin list of all the people that I were following would be on another column so I could see only the bitcoin stuff.
I could have a hashtag on another column and it was great. And that is the architecture that j v 55 is wanting to bring to Noster. And it honestly, it couldn't come it it I wish it had come sooner. Right? But right now, it's it's in pre alpha, so it's, you know, expect it to be funky. Alpha is still gonna be funky, and it's like a couple of weeks away. So just be aware. But this shit's coming. And this is going to be great especially with the fact that you can manage multiple accounts on the same client. Now ndk mobile, that's the Nostra development kit mobile, is a library for ios and android mobile nostril apps ndk mobile is a react native expo implementation of ndk the nostril development kit that provides a complete toolkit for building Nostra applications on mobile platforms.
This is a new library that I've been building as a byproduct in the past couple of months. It wraps ndk in a framework aimed at creating iOS and Android apps announced Pablo f seven z, the man who only ships and never sleeps. NDK mobile packages key features of the Nostra development kit, including outbox model support, login management, SQLite caching, subscription management, NIP 60 wallet support, and session support. This is the library that is behind Olas and the upcoming Honeypot Wallet, added the developer. Upcoming updates include documentation improvements, nip 29 support, nip 55 support, and more session management possibilities.
The key features are multiple signer implementations, s q lite based caching for offline support, subscription management with automatic reconnection, react native and expo compatibility, react hooks for easy state management, integrated wallet support, a bare bones NDK mobile sample application can be found here at github.comforward/pablof7zforward/ndkmobilesample. And again, if you need to get directly to it, well, you can just go to the show notes, find the very last link in the list because this is the very last story that I'm going to cover today for show 1,000.
1,000 shows. And I I wouldn't have done it had it not been for people in like like you kid warp over there in zap.stream. I got a lot of love on Nostra this morning. A lot of people were saying, you're about to flip over to a 1,000 shows. I've I've never I I mean, I I've never really kind of experienced the amount of people coming out of the woodwork to say congratulations and or thank you. And over the last couple of days on Nostra, it has just been like a nonstop flood of people, you know, wishing me well. And why would I not want to be a part of that?
That's all I got to say about that. So thank you for every single every single person out there that gave me massive zaps on yesterday's show, zapping me on Nostr. You know, I haven't seen a zap on, on, on zap dot stream yet, but that may be because I've I had to reconnect an Oster Wallet, and I'm not sure if it's working properly or not. Kidwarp, if you want to give me a zap or 2 just to see if it works, just keep it keep it low. Keep it, like, you know, 5 57 SATS or something like that. But all of you guys are the whole reason that I do this thing. I think it's important to know what's going on in the world as you're driving to work or as you're on, you know, taking a walk at work or somehow or another not working while you're at work, and you're listening to me and you're finding out about what the hell is going on with Bitcoin. And I I hope that I'm trying to, you know, I'm I'm trying to keep you guys sane and not especially the newcomers to Bitcoin, making sure that they don't make any of the mistakes that I saw being made by several 1,000 people around me when I first got into bitcoin back in 2015.
The absolute state of shit coinery at that time, woah. Probably it's mind blowing. It's actually not as bad right now. It probably will get bad, but back then, there were people that were just they got into Bitcoin, stayed there for a month, and then cash completely out and went to Doge or Ethereum or Ethereum classic or Ton or any number of shit coins that are out there. And they basically just lost all their Bitcoin is all that happened to them. And I'm hoping that I can keep people like, just you really need to actually look at what's going on with this other shit. You know, if you wanna waste your time looking at their white papers and and and, you know, going through their their, you know, their technology to see if it actually works.
Or you can spend your time doing that or you can just listen to me. Trust me. It's Bitcoin. It's Bitcoin only. Stack your sats. Hold your sats. And I will see you on the other side. This has been Bitcoin, and and I'm your host, David Bennett. I hope you enjoyed today's episode and hope to see you again real soon. Have a great day.
Good morning. This is David Bennett, and this is Bitcoin and, a podcast where I try to find the edge effect between the worlds of Bitcoin, gaming, permaculture, podcasting, and education to gain a better understanding of all. Edge effect is a concept from ecology describing a greater diversity of life where the edges of 2 systems overlap. While species from either system can be found at the edge, it is important to note there are species in the overlap that exist in neither system, and that is what I seek to uncover. So join me in discovering the variety of things being created as Bitcoin rubs up against other systems. It is 9:28 AM Pacific Standard Time.
It is the 3rd day of December 2024, and this is episode 1,000 of Bitcoin and I got a lot of shit to go through, man. North Korea is threatening South Korea. South Korea went into martial law. Maybe they did. Maybe they didn't. You're gonna find out more about that crap in the second half of the show. But first, I wanna talk to you a little bit about the Leather Mint. The Circle p is open for business. Hasn't been open for business in quite a while, but I'm bringing it back for show 1,000 because, hey, why the hell not? This dude over at the Leather Mint has some of the most amazing leather goods. They got wallets. He's got belts. They've got all kinds of stuff. And if you can't find something that you need on this website, which is the leathermint.com, the leathermint.com, you're probably not gonna need any leather. I'm I'm serious. And he sells all of his goods for Bitcoin. If you're not selling it for Bitcoin, you're not in the circle p. And if you do buy something from the leathermint.com, please please please, somehow or another, somewhere in the field where you're purchasing something or whatever it is that you're doing, please please please put in the fact that you heard it here on the Bitcoin and podcast in the Circle P Store and the Leather Mint may give me a cut of proceeds from the sale just because that's sort of the way the Circle P works. I give you a little bit of free advertising. If you find it valuable, this is a value for value proposition.
If you find it valuable, if you got a sale out of it, consider getting me back on the flip side. Okay. So there's the leathermint.com. Again, lots of belts, lots of wallets, all kinds of really high quality leather goods. They're handmade, by the way, and the stitching is where the rubber meets the road. Where else does the rubber meet the road? Well, let's say that it's probably, well, MicroStrategy. Donald, please please, for the love of God, people, stop selling your Bitcoin to Michael Saylor. He doesn't need any more. He doesn't he doesn't he doesn't. But Nicholas Hoffman is telling us straight out of Bitcoin Magazine, don't sell MicroStrategy or Bitcoin. Today, MicroStrategy announced that it purchased an additional 15,400 Bitcoin for approximately $1,500,000,000.
This brings its total holdings to over 400,000 BTC, which is almost 2% of the entire Bitcoin supply. Guys, please stop. Stop. Stop. Stop. Selling your Bitcoin to Michael Sailor. He doesn't need anymore. Okay. So in the month of November, Bitcoin rose almost 40%, while MicroStrategy bought over $12,000,000,000 worth of Bitcoin. In total, MicroStrategy now owns over $38,000,000,000 in Bitcoin. Other companies are now starting to copy MicroStrategy's playbook and and and run their strategy of accumulating Bitcoin as a strategic reserve asset. Sailor even presented to Microsoft CEO and board of directors on why they should adopt a Bitcoin standard.
Microsoft is the 3rd largest company in the world by market cap and is voting on whether or not they should add Bitcoin to their balance sheet. It's insane. Publicly traded Bitcoin miner, Mara, is also copying MicroStrategy's playbook and announced today that they're raising up to $805,000,000 in debt to buy more Bitcoin. Do you get it yet? Do you understand? This is not going to stop anytime soon. We have officially entered a new era of Bitcoin accumulation that is being led by these large corporations. Sailor, MicroStrategy, and other companies are going to scoop up every available coin that they can get their hands on. And if they're as convicted as MicroStrategy is, they're not selling.
That's not even to mention the other big players like BlackRock, Fidelity, Arc, etcetera, All of them buying up coins for their ETFs. The amount of demand for Bitcoin today is surreal. And here, we have Nicholas Hoffman, posted up one of his tweets that he put up, on Twitter. And it says, companies that have adopted a strategic Bitcoin reserve this month. And here's the list. Rumble. LQR House. Remix Point. Genius Group. Cosmos Health. Jiva Technologies, Hoth Therapeutics, Thumbs Up Media Corporation, and Akirk's Pharmaceuticals.
You know there seems to see there's Cosmos Health, Pharmaceuticals, therapeutics, and a lot of health care that's kinda jumping into getting into bitcoin on their balance sheet. That's an interesting play, but continuing, I think that everyone, this message is mainly for the newer bitcoiners, should follow suit in adopting their own personal strategic Bitcoin reserve for themselves and their families. I'm not saying or advising anyone to take on debt to buy Bitcoin, but rather adopted as your primary savings account and sit back and take in all the benefits of holding Bitcoin, especially in regards to holding your own private keys. The plan is simple.
You buy Bitcoin, secure it safely, and hold it for the long term. If you sell, you will be selling directly into the hands of MicroStrategy and every other company running this playbook. I agree with Nicholas Hoffman here. Don't sell your Bitcoin to MicroStrategy. Now I'm going to say this. There are people out there who every once in a while actually need to sell some of their Bitcoin to, oh, you know, pay bills. They got a part with some of their Bitcoin sometimes. If you don't have to, then don't. But also, if you have to, don't feel like you're somehow or another some kind of evil person.
You've got to live. You've got to have food. You've got to have bills. You've got to have a place to live. You've got to have gas in your car. I get it. We all get it. But if you don't have to sell your Bitcoin, then don't sell your Bitcoin. Now they mentioned Microsoft in the last piece. Here's another one about Microsoft from Daniel Ramirez Escudero from ToyCoin Telegraph. It says, Microsoft's Bitcoin dilemma. Ride a $5,000,000,000,000 BTC wave or avoid risk. Next week, December 10th. December 10th, guys. On December 10th. That will mark a key date for Microsoft and the Bitcoin community because the tech giant shareholders will vote on whether or not to add BTC to its balance sheet.
The results will show whether shareholders are attracted to the current Bitcoin bull market or or wish to stick to Microsoft's more pragmatic and profitable approach to tech development. On October 24th, before the United States presidential election, Microsoft's 14 a filing with the US Securities and Exchange Commission included a section called assessment of investing in Bitcoin. The filing says the company should consider diversifying its assets with bitcoin as an excellent, if not the best hedge against inflation. However, just beneath the proposal, in the board recommendation section, Microsoft's board of directors advised the shareholders to vote against it, saying that the company's management had already carefully considered the topic.
Nate Holliday, cofounder and CEO of Microsoft backed web 3 decentralized data firm Space and Time, told Cointelegraph, quote, the board's pre vote statement was clear. They have a sophisticated treasury management function that is returning tremendous returns for their investors. To assess the potential impact on the stock, Microsoft invited MicroStrategy Chairman Michael Sailor to make a pitch for adding bitcoin to the treasury. In a 3 minute slot containing 44 slides, Sailor went all in, claiming Microsoft could add $5,000,000,000,000 to its current value of about $3,190,000,000,000.
He argued that Microsoft should invest $100,000,000,000 annually in Bitcoin, asserting, quote, it makes more sense to buy Bitcoin than to buy back your own stock or hold bonds. Solo Cisse, cofounder and CEO of decentralized social web 3 platform, Galaxy, told CoinTelegraph that Saylor may have had an effect on shareholders as his, quote, relentless advocacy paved the way for BlackRock and the rest of orange peeled Wall Street to push Bitcoin nearly past a $100,000. However, Nick Cohen, CEO of Fintech firm, Valerium, told Cointelegraph that, quote, influencing Microsoft's board or shareholders would require more than just Saylor's endorsement. The decision will likely hinge on internal evaluations of risk, strategy alignment, and long term vision rather than external lobbying, he said.
While it's debatable whether Saylor's intervention will work, the shareholders' vote will be a massive event for adoption. Under Saylor's guidance, MicroStrategy became a Bitcoin proxy for market participants who want wanted to gain exposure to the asset through a US trading stock. However, founder and CEO of market maker, Peanut Trade, Alex Momot, told Cointelegraph that MicroStrategy and or Microsoft and MicroStrategy stocks are like apples and oranges. Quote, Microsoft enjoys consistent cash flow and revenue from product sales, while MicroStrategy largely relies on stock revaluation and virtual balance adjustments.
Microsoft's business model centers on tangible products driving stock value through actual sales growth, whereas MicroStrategy operates more as a market hedge. Quote, micros Microsoft scale, risk tolerance, and fiduciary responsibilities are far different from those of MicroStrategy, which, although originated as a software company, is now effectively a Bitcoin Treasury company, said Cohen. I need to pause to say something about that. Cohen seems to think that that MicroStrategy has, like, 0 0 0 products and sales and or service. And this is not the case. While it's clear that MicroStrategy in no way, shape, form, or fashion matches anywhere close to what Microsoft sales does, it does not mean that they do not have products in the pipeline.
It is my belief that those products and services are going to go away. But for right now, honestly, he's got products and services, so it's not like there's no revenue at all. And I just wanna make that clear because there are many companies out there that are going to start doing this that are entirely zombie companies. And they're somehow or another, they're gonna be able to get a hold of cash, and they're probably gonna sell debt to do it, and their stock price is gonna rise. And they really will have absolutely nothing to offer other than an instrumentation for people at retail to buy their stock to gain exposure to Bitcoin. That's it.
That is happening, and it's going to happen more and more. But for right now, it is not the case that MicroStrategy doesn't have anything in the pipeline. Now that said, Holiday highlighted that MicroStrategy was not a high growth software company. So in terms to drive or in order to drive growth, it had to change its focus to increase shareholder returns. Yeah. This is the transition phase that you're watching right now with a company that actually does have revenue into something where they don't have products, services, software. That's going to happen, mark my words. Quote, in contrast, Microsoft has an incredibly healthy balance sheet. They have proven growth over decades and are well positioned for the future powered by AI. Oh, yay. And data. Quote, if Microsoft were to make a significant Bitcoin investment, it could fundamentally alter how the market perceives the company, influence shareholder sentiment, and require a significant strategic pivot, said Momot.
The decision on whether to adopt Bitcoin comes at a pivotal moment as Bitcoin adoption is becoming institutionalized and could be just months away from becoming a US reserve asset. Microsoft shareholders must evaluate the pros and cons of adopting Bitcoin for the treasury. And the pros and cons are these. Daniel Kallray, chief strategy officer of Ton Wallet, Ton Keeper, told Cointelegraph that buying some Bitcoin as a diversification strategy is a good idea for public companies as inflation does slowly erode the value of cash over time. Bitcoin is becoming the modern day savings account right in front of our eyes with individuals and institutions parking long term capital in the asset instead of leaving it in US dollars or treasury bills that no longer outperform inflation.
Inflation destroys the purchasing power of cash. To battle this decrease in value, MicroStrategy followed a model where it invested practically all of its cash into Bitcoin. Kari pointed out Microsoft's frequent enormous pot of cash on hand. Quote, Microsoft's cash on hand, according to public reports, is around $75,000,000,000. So they certainly have the ability to convert some of that into bitcoin if they wanted to, end quote. Microsoft has reported well over $100,000,000,000 in cash on hand in prior years. Currently, it hovers around $80,000,000,000 Microsoft's decrease in cash reserves stems from significant tech investments and acquisitions, including a $68,700,000,000 purchase of video game developer Blizzard and the highly publicized $10,000,000,000 investment in chat GPT, quote, Microsoft's ability to invest is not the issue.
It's whether the potential risks align with its long term financial and strategic goals, said Cowen, Quote, holding bitcoin ties up liquidity that could otherwise be allocated to strategic acquisitions, research and development, or other initiatives more closely aligned with Microsoft's core business objectives, said Cowen. Momot said that for Microsoft's board, embracing such a strategy would require a complete overhaul of its business operations. Oh, bullshit. No. It no. It does not. Quote, he said, expecting major companies to pivot their models as MicroStrategy did is premature.
It's unlikely that any large corporation will take such a step in the foreseeable future as it would require a fundamental shift that doesn't align with their established objectives. What? Making money? Not losing money? How is that not an objective of, oh, I don't know, every corporation and business ever. However, the advantages of Bitcoin adoption are apparent. Cowen said that Bitcoin's finite supply makes it a compelling hedge against inflation. Holiday said, quote, Bitcoin should be a consideration for corporations as many will begin to consider digital assets to diversify their investments from a world of inflation and unsustainable spending and debt.
Cowen said that bitcoin could represent a unique tool for companies to hedge against fiat currencies, quote, incorporating bitcoin into its holdings could diversify Microsoft's assets, reducing dependency on fiat currencies and traditional financial investments. Furthermore, Cowen said, such an investment could signal forward thinking leadership, potentially attracting tech savvy investors and customers who value decentralization and technological innovation. Observers noted that there are, of course, some cons that Microsoft may take into account. Cowen pointed out that Bitcoin's price volatility poses significant risk as the company prioritizes stability in financial reporting and treasury management.
These price oscillations may be disliked by shareholders as Microsoft has always been known as a more conservative tech company. Daniel Cowrie, chief strategy officer of Ton Wallet. Tonkeeper told CoinTelegraph. And another disadvantage is that Bitcoin's evolving regulatory landscape could pose Microsoft compliance risks as well as potential liabilities. Microsoft's reputation is highly regarded as a solid and trustworthy tech company. Cowen said that Bitcoin's public perception also plays a role in the final decision making, which may deter Microsoft's Bitcoin adoption. Despite Bitcoin's growing acceptance, its association with speculative trading, money laundering, and environmental concerns could lead to reputational risk.
Quote, Microsoft has certainly focused a lot on AI efforts, and therefore, the board may consider a move such as this too aggressive for the company for the time being. Cowan said that the board may also prioritize allocating cash reserves to the core and growing businesses area or business areas such as AI, cloud computing, and acquisitions, which provide more tangible synergies and clearer returns rather than to an asset with uncertain destinies. Quote, the long term viability of Bitcoin as a store of value remains a subject of debate, potentially making it inconsistent with the company's financial principles, said Cowen.
Cowen then concluded that as micro strategy works on a smaller scale, it allows for greater risk taking. However, Microsoft must carefully manage decisions to maintain shareholder confidence and avoid undue exposure. Okay. So that's a long article and all of it to basically say that there's 2 or 3 guys out there that literally think that there's only one way to invest in Bitcoin for a company such as Microsoft, and that is to to completely cut loose their entire cash reserves and go all in on Bitcoin. Now and then we have Michael Saylor himself who told Microsoft, you better go all in on Bitcoin. Really? There's there's no shade of gray here?
It's either all in or nothing? Or is this the limit of our thinking nowadays? Is there oh, I don't know. No possible way that they could say, okay. We're not gonna go all in, but we're also gonna get off 0. Let's do a 2.5% play. And it would be like, oh, the rest of the year, we'd probably see a red spike to the downside as the bears say, see, they weren't really they're they're really just kinda playing with you guys. I don't think that would be the case. I I think we'd see a red candle, but I just don't think it would be the case that it would just be, like, they're not serious. 2 a half percent or even 1% of $80,000,000,000 is nothing to sneeze at.
So I'm just saying all I see is a bunch of people who literally only understand a binary description of investing in Bitcoin. You either invest nothing or you invest everything and there is no in between. I call bullshit. I call absolute complete bullshit on that. Alright. So let's get away from that one. I wanna get into this Coinbase. But first, I wanna look over at the, livestream because, yes, I am streaming again for episode 1000 to zap.stream. And Kidwarp, as usual, and like he was he's always been. Every time I I put up a live stream, Kidwarp is always there. Kidwarp, it's good to see you. Dark, it's good to see you too. Thank you for congratulating me on, show 1,000. I really do appreciate it. Let's see what Kidwarp has to say.
Pump the leather mint on the circle b. We got billions of cuck bucks. We don't want to spend. They could just buy MSTR outright. Yeah. You're right, kid. They they really could. Although, would they? I mean, they could. But given what these analysts, if that's what you wanna call them, are saying, that wouldn't really align with their core business principles of making a really shitty operating system. Used to be good. But now, I I don't give 2 pennies for Windows. I mean, but they've I mean, they've got a lot of other products. I get it. But still, given what these analysts are saying, them buying Microsoft wouldn't align with their core values. So it honestly, it's all bullshit.
Right? It's just a it it I think this is just a bunch of people fronting some kind of we're Microsoft, and we don't have to do what the rest of the people are doing. I think they're already planning on buying Bitcoin. They're just gonna do it at their own on their own time, and they may not even buy it directly. You know, kid, they may just buy a shit ton of Microsoft or a a MicroStrategy, a bunch of BlackRock, a bunch of Fidelity, and never actually have, you know, the the private keys to their their own actual Bitcoin. That's their problem.
But we're just gonna have to find out what they're gonna do. And that will happen either we'll either get news of what happened directly on December 10th, so 7 days from now, or we'll get it a couple of days after. Have no idea what the hell that's gonna look like. So alright. Let's move on to this one. Coinbase, the only thing that I've seen out of Brian Armstrong that I can even potentially agree with is this. And I agree with him a lot. I know. It's it's amazing. I can't can't believe I'm saying it. But Coinbase is cutting ties with any law firms hiring anti crypto SEC officials, Vismayev v from Decrypt says. Coinbase CEO Brian Armstrong has drawn a firm line in the sand announcing that the crypto exchange has severed ties with law firms who employ former US Securities and Exchange Commission officials who led what he described as a campaign to unlawfully kill the crypto industry quote.
We've let all of the law firms we work with know that if they hire anyone who committed these bad deeds in the prior administration, well, soon to be prior administration, we will no longer be a client of theirs, Armstrong wrote on X on Monday. I am pausing to remind every single person within the sound of my voice that while I completely agree with Brian Armstrong, there's a little bit of, oh, he's being a little hypocritical. Why? Because he signed his own name to the New York agreement that was going to, quote unquote, change Bitcoin forever, give us 4 megabyte blocks, and do all kinds of other shit.
And he is one of the one of the people in that group. There's only been one that's ever apologized and that's Bruce Fenton. So if you don't know who Bruce Fenton is, he is literally the only one that signed his name to the New York agreement to force to to try to forcibly change Bitcoin, which was never going to happen, but it was the intent. Right? Bruce Fenton, only guy that ever apologized for signing his name to that letter, and he did so publicly. I got a lot of respect for Bruce Fenton, and I wish he was on Noster. Far as Brian Armstrong is concerned, I don't give a shit if he ever gets on Noster. This is the only thing that I actually agree with him on. But still, he committed a bad deed.
He's never apologized for trying to destroy Bitcoin. And here he is in this hypocritical seat saying, oh, but if anybody does bad deeds that I deem bad deeds, well, we're going to cut ties with them. Well, a, you should. And, b, then you should look in a mirror and say you did bad deeds too. All I want from this motherfucker is an apology, but whatever. The crypto bull pointed specifically to Milbank, a global law firm headquartered in New York that recently hired Gerber Gruel, the former head of the SEC's division of enforcement as a partner.
Gruel oversaw a surge in regulatory actions against crypto firms during his time at the SEC, including lawsuits against Coinbase and Binance. Armstrong didn't mince words about the decision, quote, Milbank recently messed up and hired Gerber. We don't work with them now and never will while he works there. Quote, it's an ethics violation in my book to try and unlawfully kill an industry while refusing to publish clear rules. Armstrong continued referring to what he perceives as unjustified actions by the SEC. The SEC initiated over 100 enforcement actions under Grull's leadership with the former official defending his approach as essential to addressing fraud and protecting investors because, yes, all of us are stupid and like children and don't know how to change our own diapers, so we need someone like Gruul to look out for us. But Armstrong, however, criticized the overreach and highlighted the lack of clear rules for the industry, quote, if you were senior there, you cannot say you were just following orders.
They had the option to leave the SEC and many good people did, he stated. The Coinbase CEO also stressed that while he does not believe in permanently ostracizing individuals, the crypto industry should avoid supporting firms that employ figures who worked against the sector. Quote, let your law firms know that hiring these folks means losing you as a client, he urged the crypto community. The mogul's remarks came as the SEC itself is set for significant leadership changes. Chair Gary Gensler, who has faced criticism for his enforcement heavy approach to crypto regulation, announced his resignation effective January 20, 2025, the day of the inauguration.
Adding to the leadership exodus, SEC commissioner Jamie Liz Lizarraga also announced his resignation effective January 17th, citing personal reasons. Although bipartisan rules require at least 1 democratic commissioner, Trump will have the opportunity to appoint new members, potentially steering the SEC toward a more pro crypto direction. Yeah. Well, we'll have to see what the hell Trump Trump's gonna do. I the I want him doing one thing and one thing only on day 1, and that's free Ross. He has one job. All he has to do was one thing, and that's free Ross.
And he needs to do that day 1, not day 2, not day 3. I mean, not that I wouldn't take it if it was done day 2 or day 3. It would just mean that in my book, he he would have broken a promise and said, we're gonna free him on day 1 and then you didn't. That sets a bad tone for everything else going forward. I don't give a shit that he's orange man. I don't care what his political leanings are. He's got one fucking job. Day 1, free Ross. Day 1, free Ross. It's not all that difficult. Okay. Mara Holdings, well, they're bold $800,000,000 bet on Bitcoin wind farms and a 64% stock surge in 12 months.
I told you yesterday that $700,000,000 that they were going to offer in convertible notes was not going to hold. It was going to be oversubscribed. And again, I was right. Now they've gone up to $850,000,000 because this shit was oversubscribed. But let's read this one from Yahoo Finance. Mara Holdings just made waves announcing an 850,000,000 0 coupon convertible note offering due 2031 with an extra $150,000,000 on the table for initial purchasers, so they're expecting even more buy ins. The kicker? These notes come with a 40% premium over the current stock price, signaling investors are betting big on Mars' crypto driven future.
The company plans to use the cash to buy more bitcoin, retire $48,000,000 in older debt, and fund general expansions. With bitcoin doubling in value this year, this move aligns perfectly with Mara's aggressive growth strategy in the digital space. But Mara isn't stopping there. It's also diving headfirst into renewable energy with the purchase of a 114 megawatt wind farm in Texas. Interesting. The facility, which will power Mara's mining operations when the wind is blowing, that is, represents a sharp pivot from grid dependence. CEO Fred Thiel summed it up best.
We can move the market to where the electrons are. This shift is part of a broader response to an energy landscape dominated by AI giants paying top dollar for grid capacity forcing Bitcoin miners to get creative. Thiel also hinted at an appetite for more wind farm deals down the road. These moves put Mara squarely at the intersection of crypto and sustainability to megatrends reshaping the future. The wind farm play helps cut costs while reinforcing Mara's commitment to greener operations. Bullshit. Excuse me. Clear my throat there. And the $850,000,000 share ray or raise secures the capital needed to expand the Bitcoin war chest.
Shares are already up over 64% in the past 12 months. And and and if Mara executes this well, this combination of bold finance and renewable energy could be the secret sauce to dominate both markets. Investors, take note. Mara doesn't give a shit about sustainability. But I'll tell you what they do give a shit about electron flow. And they don't care where they get it. Just a reminder, Mara Digital will blacklist your Bitcoin wallet address if people like Finsen or those fat ass bitches over there in Europe that get their panties in a wad. Yes. So I'm I'm not a fan of Mara Mara Digital, but I have nothing to say about whether or not Mara Digital actually exists. They're going to exist and they're going to do shit like this, which in my opinion is actually a good move. There are so many windmills out in West Texas. And when the wind's blowing, a lot of them are shut down.
And the reason is they got nowhere to send their electrons because the wind only blows during the day, ladies and gentlemen. It doesn't really blow at night. I don't know if you've ever noticed that, but at 1 o'clock in the morning, anywhere on the planet, there's hardly ever any wind unless there's an actual storm. Alright. So this makes a lot of sense for Mara to do. Now the whole thing with this 40% premium, what does it mean? Well, it means when you buy one of these convertible notes, you're not buying you're you're paying their share price plus their share price multiplied by point 4.
So you're paying almost you're paying almost a oh, let's see. 1.5x. Technically, you're paying 1.4 times what their stock price is to buy one of these notes, which can then be converted into one share later on down the line if that's what they and you decide to do depending on how that shit's structured. All I'm saying is that if the if they get another $150,000,000, which would then take them to exactly $1,000,000,000 of interest. Not interest payments, of of of people that are interested in actually buying this shit. If they get a $1,000,000,000 out of this, the people that are buying all that are paying 40% more than their share price. So they are betting big.
Even at 850 even if nobody buys anymore. If they just hold this at $850,000,000, That is that's huge. That means that there is a lot of people who are, like, going, you damn Skippy. This stock price is going to go up by 40% from the day that I bought this particular convertible note to by the time that it's expiring in 2031. 40% premium. That honestly is rather huge. Let's run some more numbers. CNBC, Futures and Commodities. I got oil. Guess what? It's up. Why? North Korea, South Korea bullshit on the line. West Texas Intermediate is up 2 and 3 quarters of a point to 6998. Brent Norsee is up 2 and a half points to 73 62. Natural gas doing what it does. It's going down. Yeah. 4.6 percent of the downside, and gasoline is up 2 and a quarter, back up to a buck 96 a gallon. Gold is up almost a half. Silver is up 2 points. Platinum is up almost a full point.
And copper is up 1.73%, while palladium is taking a dive today, 0.57% to the downside. Ag is looking pretty red today, at least futures wise. Cocoa looks to be the biggest loser today, 3.19% to the downside. Biggest winner, gonna be sugar 1 and a third to the upside. I got live cattle up 0.84%. Lean hogs down a third. Feeder cattle are up 1.4%. The Dow and the S and P are both generally moving straight sideways. A little dippy, but, I mean, we're talking fractions here, man. So I'm not even gonna read it. The Nasdaq is also moving sideways. It's a little bit in the green, but not much. The S and P mini is the only real solid number. It's down a quarter of a point.
Bitcoin, 90 $5,740, that is a $1,89,000,000,000 market cap. You can get 36.2 ounces of the shiny metal rock with your one bitcoin, of which there are 19,790 1,724.15 of and fees have dropped again. Back down to 1 tenth of 1 Bitcoin on average on a per block basis, there are just over a 100 blocks carrying 267,000 unconfirmed transactions waiting to clear at high priority rates of 9 satoshis per vbyte, so we're back down into the single digits. Low priority is gonna get you in at 8. Hash rate on a 1 week moving average is at 700 and 27.8 exahashes per second.
I do believe that we just had a yeah. We just had a difficulty adjustment either yesterday or slightly the day before. We are estimated to go up another 4.15 percent in difficulty in about 12 days. Let me go back here. I wanna look at something. We are averaging blocks every 9.2 minutes, just so you know. And it'd be good if you're gonna do some consolidation, this may be the time that you wanna consider to do it. Oh, I don't want that one. Let's do this. From sell the news again, that was the last triple digit episode of bitcoin and also the last palindrome episode of the triple digit era.
So from sell the news again, which is yesterday's episode, we've got letter 6173 who tried very hard very hard to send me a 100,000 satoshis, ladies and gentlemen. A 100 1,000 satoshis. It didn't work, so he said, well, the first boost didn't work, and he gave me 50,000 sats. And that did go through, and then he came back with a letter 6 173 with 48,000 more sats in a third attempt. Thank you, letter 6173. I cannot tell you how much I appreciate this. It's it's it's, you know, kinda makes me a little misty eyed there sometimes. Mister statsacker with 5,000 says nothing. User, 1155-6842 with 4242 says, what's the significance of my boost?
4242 is 2121, multiplied by 2. So I can only assume that you might be talking about something to do with 40 the 21, 21 Michael Sailor plan, and the 42 being doubled up of 21. That's about all I got for you there there, pal. Mutant 8 with a 1000 says a 1,000 sats for a 1000 episodes. When sats reach parity with USD, you'll thank me. Yeah. That I'm that's what I'm saying, bro. Until then, thank you, sir. Keep up the awesome work or the awesome value, he says. Oh, well, no. Thank you, sir. FOMO chronic with 1,001 sat says nothing. And he literally writes that. Says nothing.
Bitguss with a 1,000 says buesed. And who we got here? God's death with 537 says, thank you, sir. How the f did I miss that pleb chain? I'll have time today to catch it. He's referring to pleb chain episode, I believe it was 89 I think it was 89 that I was on Pleb Chain Radio with Avi Burra and q w. We were talking about Bitcoin, podcasting on a Bitcoin podcast, and we also talked about Bitcoin. Mister Sat Stacker with 500. Pies to Pleb with 333 says thank you, sir. No. Thank you. Bags of SATS 21 with 420 says thanks and congrats. Rahab 1 says please support me. Thanks.
No, dude. You didn't even give me a SAT, but I'll I'll I'll give you I'll I'll I'll I'll give you a little heart there. Alright. Alright. That's gonna do it for the weather report. Welcome to part 2 of the news that you can use. Where are we at here? Yeah. Okay. Let South Korea's lit up like a Christmas tree this morning. And let's find out what the hell's going on. Now this is the latest that I got from CNBC. It says that the South Korean won, their currency, has cut losses after parliament votes to lift martial law.
Said, if you have no idea what the hell is going on, you're probably confused. So let's read this one. Who is there? Sam Meredith is writing for CNBC. South Korea's won on Tuesday cut losses against the US dollar after the country's parliament swiftly passed a resolution to demand the lifting of martial law. The vote comes less than 3 hours. 3 hours after president Yoon Suk yeol declared emergency martial law, which prompted the country's won to notch a fresh 2 year low against the US dollar. The greenback was last seen 1.2% higher against the won, having traded up as much as 2.7% earlier in the day.
South Korea's Yoon has accused opposition lawmakers of controlling the parliament and throwing the country into a political crisis. Quote, I declare martial law to protect the Free Republic of Korea from the threat of North Korean communist forces to eradicate the despicable pro North Korean anti state forces that are plundering the freedom and happiness of our people and to protect the free constitutional order, Yoon said according to a Reuters translation. The move, which hasn't been imposed in Asia's 4th largest economy since 1980, was sharply criticized by opposition lawmakers.
Martial law refers to the temporary imposition of military authority over a civilian population, typically during times of emergency. Yoon's conservative People Power Party has been deadlocked in negotiations with the liberal opposition Democratic Party over the 2025 budget bill. The 63 year old assumed office in May of 2022 shortly after winning the presidential election by the narrowest margin in the country's history. Oh, yes. This is probably just fine. His foreign policy stance has been dominated by a hard line stance on North Korea, while Yoon has sought to strengthen ties with the US and Japan. South Korea's Yonhap News Agency reported that scores of people had gathered in front of the country's national assembly in the early hours of the morning.
ETFs and US listed shares of Korean based firms tumbled on the news before staging a recovery after the country's parliament voted to lift the martial law. The MSCI South Korea ETF was last seen trading off by 2.7% after falling as much as 6.5% earlier in the session, and then there's some other stuff about it, or other financial stuff. But let's move to this one. South Korea's martial law commander and army general, Park An soo, said earlier that several measures were to come into force from 11 PM local time, quote, to safeguard liberal democracy and protect the safety of the people against anti state forces threatening to overthrow the Republic of Korea, end quote.
Park said all political activities and any act that denies or seeks to overthrow the liberal democratic system would be prohibited. Okay. All media and publications will be subject to the control of martial law command, and strikes and gatherings that incite social order were also said to be forbidden. Parks said medical professionals or media professionals would need to return to work within 48 hours and measures would be implemented to minimize inconvenience for ordinary citizens, except for anti state forces and those attempting to overthrow the system. Ladies and gentlemen, it sounds like South Korea is in a very dangerous situation with this president.
I my first reading of everything or well, my first impression of everything that I've seen this morning is that this this president, I I don't know. My gut feeling is something is very wrong. That there's really not any kind of, you know, more or less antagonism from their neighbors to the north, which would be North Korea. That they've lived with those guys next door to those guys for a long long time. Right? They they've never marched a troop over the border. It sounds to me that this guy is accusing members of his own parliament for being North Korean agents or somehow or another, you know, like, sympathetic to the the situation of North or not the situation, but North Korean kinda thinking. Well, he's been infiltrated as what and honestly, it's it it really feels like this guy is falling into paranoia.
And this is not a good situation for South Korea. South Korea is is not something to sneeze at. It's the 4th largest Asian economy. And in fact, if you get right down to it, it's I think it's one of the 10th largest economies in the world. South Korea is been has been a marvel of democracy, if that's what you wanna call their brand of democracy. But, I mean, they've got wonderful cities. They've got huge manufacturing. Dude, they've been they've been sailing for decades without problems, and all of a sudden, this guy gets in by the narrowest margin in you know, narrowest margin victory in the history of South Korea, and he immediately gets paranoid, basically looks at his own parliament and says, you guys are all filled with North Korean agents and sympathizers, and then declares martial law unilaterally to the point that nobody agreed with them, that the parliament came back into session and 3 hours later said no, we're not doing martial law.
So to all my brothers and sisters out there in South Korea, I'm sorry that you're having to go through this. I'm sure you're confused. Because down here at the very bottom, we will see this martial law commander and army general was saying that they were gonna do all still do all this stuff. So I'm not sure how much of the word of parliament has gotten to the people and all the commanders of all the military. I don't know what the hell is going on. But if if this doesn't settle down right now, you're probably looking at a coup in South Korea.
All I can hope and pray for is that South Koreans are safe and that this shit just goes away And maybe the maybe the old man woke up from a a a bad dream during a nap or something, freaked out a little bit, and did something that he shouldn't have done, and maybe we can all just forget about it. But if not, you may be looking at a coupe. Just saying. Alright. So, let's see. Hold on. Do I wanna do this one? Yep. BlackRock. Their spot ETF has surpassed half a 1000000 Bitcoin in assets under management. Alright. So what are we looking at? We're looking at MicroStrategy with just over 400,000, and now BlackRock's got 500,000.
That's just that's right at 900,000 Bitcoin, which is almost, you know, 10%. No. 121st. 1 like, one over 21 supply of the supply of Bitcoin held by these 2 companies right now. And yet, we're still not seeing price price movements to the upside, only to the downside. My question is why, but I can't answer that. So let's go on. The Ibit Spot Bitcoin exchange traded fund crossed 500,000 Bitcoin or $48,000,000,000 in assets under management on Monday. The ETF had already accumulated 496,854 as of November 29th according to the latest fund disclosures. Ibit's $338,300,000 worth of net inflows yesterday was just enough to tip it over the milestone reaching 500 1,000 BTC according to k 33 data.
2.38 percent of Bitcoin's total 21,000,000 supplied. If you do the math, maybe that means that Michael Saylor's dealing with 2%. So 2, 4, say, 4 and a half percent. Maybe well, let's say, yeah, let's say 2 let's say 4 and a half percent of all the Bitcoin ever to be that's either ever been mined or ever will be mined is already held by 2 entities. Is that good or bad, Dave? I don't know. I honestly don't know, man. I I I've I got a bad feeling about it, but not enough to make me wanna light myself on fire after pouring a can of gas on me. Alright? So I'm just saying, if Microsoft steps into this game if Microsoft steps into this game, you're gonna see a whole bunch of dominoes fall.
So when what's the date we're looking at? December 10th of this year. Somewhere around that time, either on that day or a couple days after, we will know what Microsoft intends to do. If they allocate any amount of of of their actual liquid capital to Bitcoin, you're going to see Domino's fall over. We're we're already seeing all manner of companies get into this. Stack your sats while ye may. Right? Okay. Because otherwise, people like Switzerland are gonna get into this shit too, bro. Because the Canton of Bern is evaluating Bitcoin mining, but they're doing it for power grid stability.
So there you go. The parliament oh, by the way, this is from Atlas 21, and there is no author line here. The parliament approves a feasibility study on mining despite opposition from the executive council. So there's some in infighting in the Canton of Bern who has approved with 85 votes in favor of and 46 against the launch of an in-depth study on Bitcoin mining. The initiative, led by the bitcoin parliamentary group comprising 23 cross party members, could mark a turning point despite resistance from the Cantonal executive.
The study will focus on 3 key aspects, identifying surplus energy sources in the canton potential collaborations with other Swiss miners and the impact of mining on power grid stability. The reference model is Texas, where integrating mining into energy policies has already shown promising results, according to the proposal. Creating a favorable environment for bitcoin related companies could give Bern a competitive edge over other regions aspiring to become innovation hubs for digital assets. Quote, bitcoin mining companies bring investments, they create jobs, and help many parts of the world develop renewable energy sources.
For several years now, bitcoin mining has been one of the greenest industries in the world, end quote. Through a post on Twitter, parliamentarian Samuel Coleman commented, quote, even though the debate was heavily influenced by classic FUD arguments and missed the point, their proposal ultimately found a clear majority. The result is an expression of the fact that the narrative on bitcoin is changing. The executive council, while opposing the initiative, raised concerns about the international scale of energy consumption noting that the Canton is an energy exporter.
It also highlighted the growing energy demand from traditional data centers. Well, maybe you shouldn't be exporting the energy. Maybe you should be buying bitcoin with it and putting it into a strategic bitcoin reserve for the citizenry of Switzerland. I'm just, you know, just thinking out loud there. Whatever. I I do wanna okay. Look. I got 2 quotes here. Now this may be cherry picking by the guys over at Atlas 21, but both of them both of them are basically saying that the narrative on Bitcoin is changing. And this other one is basically, you know, saying, hey. It's one of the greenest industries in the world, Bitcoin mining is. We should we should embrace it, as as a bunch of Swiss people.
The narrative is changing. Greenpeace USA, when was the last time you heard about any of those idiots running around saying anything? When was the last time you saw the skull with the nuclear energy helmet on that was, like, belching out some kind of smoke? Remember that remember the skull? They hired that artist to do that skull, that sculpture or whatever, the skull. We're all gonna die. None of this shit's working anymore. It's not working. We won. We've won we're winning everything. Every single thing. They called us toxic maximalist. We took it upon ourselves and said, you damn Skippy. Bitcoin maximalism is the way to go. We won that one.
You know, Bitcoin mining is gonna destroy the world and they had every environmental group gnashing their freaking teeth about it. And nobody even remembers who they were. Well, we were winning that one. Power grid. You're consuming way too much power. No. We're stabilizing energy grids. Around the world, everywhere we go, we're actually doing the thing that we said we were gonna be doing 5 years ago. And it's working. And we're winning that one too. There's too much winning going on. Maybe we shouldn't win as much. But that's probably why we're going to talk about Nostr, which is another way that we're winning too. Domus notebook alpha is now available to purple subscribers, so you gotta be a purple subscriber. And you gotta be something on something other than Windows 7 as an operating system because no dice.
I got an error when I when I tried to get to it. So if you don't know what note deck is, it is a native multi multi platform client for Nostr. It has been it was released by, Will, Cesaran? Cessarin? I cannot pronounce his last name. William, if you're listening to this, I'm sorry that I'm butchering your last name. But, you know, j b 55, you know, the guy that created Domus on that we all know and love on iOS. If you're using iOS and you're using Domus, I mean, it was like the only iOS client for the longest time, and it's it's what I use on my phone. So let's see if there's anything here about the note deck.
Domus note deck alpha is out now for Domus purple subscribers, so you you gotta be the purple subscriber. It's a a thing about Domus if you wanna support Will and do some other, you know, let let him, like, live his life and pay his bills, then you could become a purple subscriber. But currently, the alpha version of note deck supports browsing Nostra content, creating post replies, and the ability to quote notes. It also includes columns for profile, notifications, and hashtags, and has support for multiple accounts. NoteDeck is available on Linux, Mac OS, and Windows.
An Android version will be added in 2025 along with Ios and iPad OS eventually. The public release of note deck alpha is expected in a couple of weeks. Learn more about Domus Purple subscription here and of course here is a link. And if you go to the show notes for this show, this link to the nobsbitcoin.com article about this, you open that link up and then, you scroll down into the middle of this thing where you see learn more about Domus Purple subscription here, and you can go there because the link will be included in the link. Right? Okay. So so key features. It's a lightning fast client. Quote, it's built from the ground up with an ultra fast database made exclusively for Nostr leverage leveraging several state of the art performance techniques not available on web clients.
There's custom feeds. You can add a timeline, a hashtag, and notification columns of any nostril public key which means you can see the nostril landscape through other people's eyes. Account switching. Nostriches can also switch between multiple accounts quickly and easily, drastically improving personal and business use cases. Thank god. Future updates will include zap functionality, the, direct message support, embedded videos, likes, reactions, and reposts, Nostra search, and media uploads. Alright. So if you ever used, what was it? TweetDeck?
I used TweetDeck when I was still on Twitter. I used TweetDeck, and that was the only thing that I used. I never went to the actual Twitter client because I could have columns. Right? So I could see everything that I posted in one column. I could see my profile on the complete left hand side. I could let's see what else could I do. I could put in like well, I could put anything in there. I could put in, somebody else's, Twitter account and see what was going on on their account. I could do hashtags. I and so I would have like 4 columns. Right? What I post, what, what, you know, my bitcoin list of all the people that I were following would be on another column so I could see only the bitcoin stuff.
I could have a hashtag on another column and it was great. And that is the architecture that j v 55 is wanting to bring to Noster. And it honestly, it couldn't come it it I wish it had come sooner. Right? But right now, it's it's in pre alpha, so it's, you know, expect it to be funky. Alpha is still gonna be funky, and it's like a couple of weeks away. So just be aware. But this shit's coming. And this is going to be great especially with the fact that you can manage multiple accounts on the same client. Now ndk mobile, that's the Nostra development kit mobile, is a library for ios and android mobile nostril apps ndk mobile is a react native expo implementation of ndk the nostril development kit that provides a complete toolkit for building Nostra applications on mobile platforms.
This is a new library that I've been building as a byproduct in the past couple of months. It wraps ndk in a framework aimed at creating iOS and Android apps announced Pablo f seven z, the man who only ships and never sleeps. NDK mobile packages key features of the Nostra development kit, including outbox model support, login management, SQLite caching, subscription management, NIP 60 wallet support, and session support. This is the library that is behind Olas and the upcoming Honeypot Wallet, added the developer. Upcoming updates include documentation improvements, nip 29 support, nip 55 support, and more session management possibilities.
The key features are multiple signer implementations, s q lite based caching for offline support, subscription management with automatic reconnection, react native and expo compatibility, react hooks for easy state management, integrated wallet support, a bare bones NDK mobile sample application can be found here at github.comforward/pablof7zforward/ndkmobilesample. And again, if you need to get directly to it, well, you can just go to the show notes, find the very last link in the list because this is the very last story that I'm going to cover today for show 1,000.
1,000 shows. And I I wouldn't have done it had it not been for people in like like you kid warp over there in zap.stream. I got a lot of love on Nostra this morning. A lot of people were saying, you're about to flip over to a 1,000 shows. I've I've never I I mean, I I've never really kind of experienced the amount of people coming out of the woodwork to say congratulations and or thank you. And over the last couple of days on Nostra, it has just been like a nonstop flood of people, you know, wishing me well. And why would I not want to be a part of that?
That's all I got to say about that. So thank you for every single every single person out there that gave me massive zaps on yesterday's show, zapping me on Nostr. You know, I haven't seen a zap on, on, on zap dot stream yet, but that may be because I've I had to reconnect an Oster Wallet, and I'm not sure if it's working properly or not. Kidwarp, if you want to give me a zap or 2 just to see if it works, just keep it keep it low. Keep it, like, you know, 5 57 SATS or something like that. But all of you guys are the whole reason that I do this thing. I think it's important to know what's going on in the world as you're driving to work or as you're on, you know, taking a walk at work or somehow or another not working while you're at work, and you're listening to me and you're finding out about what the hell is going on with Bitcoin. And I I hope that I'm trying to, you know, I'm I'm trying to keep you guys sane and not especially the newcomers to Bitcoin, making sure that they don't make any of the mistakes that I saw being made by several 1,000 people around me when I first got into bitcoin back in 2015.
The absolute state of shit coinery at that time, woah. Probably it's mind blowing. It's actually not as bad right now. It probably will get bad, but back then, there were people that were just they got into Bitcoin, stayed there for a month, and then cash completely out and went to Doge or Ethereum or Ethereum classic or Ton or any number of shit coins that are out there. And they basically just lost all their Bitcoin is all that happened to them. And I'm hoping that I can keep people like, just you really need to actually look at what's going on with this other shit. You know, if you wanna waste your time looking at their white papers and and and, you know, going through their their, you know, their technology to see if it actually works.
Or you can spend your time doing that or you can just listen to me. Trust me. It's Bitcoin. It's Bitcoin only. Stack your sats. Hold your sats. And I will see you on the other side. This has been Bitcoin, and and I'm your host, David Bennett. I hope you enjoyed today's episode and hope to see you again real soon. Have a great day.
Introduction and Episode Overview
Geopolitical Tensions: North and South Korea
