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Episode 1162 of Bitcoin And . . . is LIVE!

Topics for today:

• Figma Crushes Earnings, Drops 20%
• Justin Sun Gets Millions Frozen by Trump
• SEC Loses 1 Year of Gensler Texts
• New Kidnapping in France

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Today's Articles:

https://bitcoinmagazine.com/business/sora-ventures-launches-asias-first-bitcoin-treasury-fund-plans-to-buy-1-billion-in-btc-within-6-months
https://decrypt.co/338171/figmas-shares-slide-earnings-company-says-it-isnt-bitcoin-treasury
https://cointelegraph.com/news/cbdc-debate-continues-in-the-u-s-as-congress-returns-from-recess
https://www.theblock.co/post/369601/justin-sun-wlfi
https://www.coindesk.com/markets/2025/09/05/u-s-added-just-22k-jobs-in-august-as-unemployment-rate-rose-to-4-3
https://cointelegraph.com/news/digital-euro-ecb-lawmakers-privacy-risks
https://decrypt.co/338205/sec-watchdog-blames-tech-failures-loss-gary-genslers-texts-2023
https://cointelegraph.com/news/coinbase-preferred-ai-coding-tool-hijacked-new-virus
https://decrypt.co/338219/french-police-detain-seven-following-latest-crypto-kidnap-attempt

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[00:00:02] David Bennett:

It is 08:41AM   Pacific Daylight Time this Friday,   09/05/2025,   and this is   episode eleven sixty two of Bitcoin. And we're gonna talk a little bit about   Sigma Sigma's big boss said something that that caused some problems.   There seems to be   some conceptual   problems in the market between those people that have Bitcoin on their balance sheet   and those people who have Bitcoin on their balance sheet,   but don't talk about having Bitcoin on their balance sheet. I I know it's it's confusing. I promise I will clear it up when we get all over the news because that's why you're here. It's all the Bitcoin news that you can use.   We've even got a CBDC   debate returning to the United States Congress. I thought we cleared that all up. I guess we didn't.  

And Justin   Sun begs Trump,   begs him like   a dog.   Why?   I don't think Justin Sun saw what happened to him,   coming.   Let's just let's just say that. And then we got some unemployment   numbers that came out, which will lead us directly into the markets. And when we,   when we go over all of the numbers and the ECB,   their pitch to the   about the digital euro,   it may actually   start to be falling that doesn't even make sense.   Their plea   about   a renewed   digital euro pitch seems to be falling   on deaf ears.   Let's hope so. Oh, yeah. I guess I should've I guess I should've put that story up too.   Hold on for a sec. Hold on. Let me get through the rest of this. The SEC   watchdog,   or rather an SEC watchdog   is looking into why an entire year of Gary Gensler's   texts   when he was chairman of the SEC   have mysteriously   vanished.  

They're just gone.   Yeah. Whole year whole I'm sure it's fine. I'm sure the dog in the burning room is going to be just fine.   But Coinbase,   yesterday, I talked about them and their AI coding.   Yeah.   That may not go as well as they think it's gonna go because already   there seems to be some trouble brewing on the horizon.   And we will end   the show and the week with a word of warning for those of you   who absolutely   refuse to stop talking in public about   crypto and and how much they own and whether or not they're Bitcoiners and you can tell because they're wearing the big orange Bitcoin thing and blah blah   stop wearing swag   It's gonna get you into trouble.  

Okay. So first,   Sora Ventures,   Sora, s o r a,   has launched Asia's first Bitcoin Treasury Fund, and it plans to buy,   plans to buy let me repeat that.   It plans to buy   $1,000,000,000   in Bitcoin   within six months.   That is all I'm going to read   to you from Nick out of Bitcoin Magazine because   it's all BS.   I I maybe they will, maybe they won't, but this this Bitcoin treasury and crypto treasury and digital asset treasury   stuff is gone.   It's at it at this point, it's it's no it's not good for Bitcoin.   I'm just saying it right now. At this point,   it is not good for Bitcoin, not because   some of this Bitcoin is going to be locked away by, you know, and owned by these so so called treasury companies.  

No. I'm talking it's not good for Bitcoin.   It's perception. It's not good for the precept the public perception of Bitcoin. This isn't good anymore. It used to be when it was just strategy and meta planet and similar scientific. Yes. Sure. It was gonna be fine. But now all it is right now is failing companies, and I don't know if Sora Ventures is is I don't know anything about them.   I I don't know if they're a failing, like, real estate company like, Meta Planet used to be.   I don't know if they're if they're brand new and they're put being put together just to be a Bitcoin   treasury company, and I don't care.  

I really, at this point, I don't care because I've got enough evidence that says   that one of two things occurs. Either your company   sucks so bad that your only hail Mary left   is to scrounge together whatever cash you can get, buy Bitcoin as much as you can, put it on your balance sheet, then drop   a press release to the world that says, hey. We're now a Bitcoin Treasury company. Oh, by the way, we're going going to print up preferred shares   at, I don't know, 5% interest,   and you'll have a warrant to be able to convert them into common stock later on.   Or   you are just walking around on the street like the like the guy and like Schindler in   the movie Schindler's List. He was like a nobody.  

He pawned the watch. You know, he gathered up all the cash that he could possibly have. He put together some some gift baskets for the for like the high ups and the Nazi party   hornswoggled   his way into this huge party where he gave where all these gift baskets were given or whatever, and he was he that it was marketing.   Schindler was just I mean, yes. I I know I now know at this point that Schindler didn't really exist, but the point is is that it's it's at at first, he started it off as just being a grifter.   Right? That's what these new companies are doing, I believe. Now am am I am I singling out Jack Mallers' company? No. Because Jack   Mallers and what they're doing over at twenty one,   while it may be the same and so far that it's a brand new company and they're go and they have bought Bitcoin and they are being a Bitcoin treasury company first and foremost,   Jack's got revenue generation on the other end with a couple of other companies.  

Right? He knows how to actually make the money. Right? That that's not where where my concern lies. I know nothing about Sora Ventures, and I know nothing about the 10   other brand new companies that just popped up for for   being Bitcoin treasury companies. I know. All I know about them is that they came out of nowhere. They said they were going to start buying Bitcoin. They bought a little bit of Bitcoin, then they started printing preferred shares.   And this is where it becomes really bad for Bitcoin because even freaking even the Nasdaq   just dropped a bomb yesterday. And I don't have it today,   but they dropped a bomb yesterday that they are going to or they have already started to   insert language into their platform   that curtails   what you can actually print shares of your company for. It's going to be interesting.  

In fact, you saw almost   there was at least one that was almost one company almost dropped double digits   because of this news coming up because they and I can't remember who it was, but because they were a Bitcoin Treasury company, they were doing the sailor playbook. They were printing preferred shares. They were selling it. They were buying more Bitcoin, blah blah blah blah. And the Nasdaq just said,   like, the meme with the dude in the silver mask, hold hold up companies,   the Nasdaq is speaking.   And that that's   somebody's putting the kibosh on this.  

So it's gonna be it's gonna be an interesting next few weeks. I can almost guarantee it. But who cares if Sora Ventures is going to buy or plan to buy $1,000,000,000   worth of Bitcoin?   Dude,   money talks, bullshit walks, either buy it or get off the pot. I don't care. But let's get over to Figma. Oh, no. Before we do Figma,   if you did not hear,   the deputy prime minister of The United Kingdom   resigned this morning, at least this morning for me. I guess it would be, you know, afternoon for for for you British people over there in The UK across the pond.   Yeah. So   it looks like there's some real problems with the Labour Party brewing.  

I've talked to a couple of Brits on Noster about it, and they think it's it's not really going going to amount to anything.   And even if the parliament was dissolved by King Charles and a new parliament was elected and a fresh prime minister stepped in, that it would be literally same boss, you know,   new boss, same as the old boss. So   it's really too bad. I'm I'm my heart is really breaking for the for my brethren over there in The UK.   If you're not following,   Jeremy,   Clarkson from the Clarkson,   farms,   Twitter account,   Man, I mean, his his accounts and he's just focused on farming at this point.  

Farming and land because they, obviously, they go hand in hand.   And what they what they're subjected to,   on a daily basis is just frightening.   Just absolutely frightening. He's looking square in the face of just having land taken from him. Him and and every other farmer   around him in The UK. It's just sad. So   God bless you guys over there in The UK. Let's get over here to Matt DeSalvo and Decrypt.   Figma's   shares slide.   Following the earnings call,   as companies   as the company says it is not   a Bitcoin treasury.   Not   the the the head honcho said that they were not   a Bitcoin treasury.  

Why do I absolutely love this person? You're gonna you're gonna find out.   Software giant Figma's shares plunged Thursday   after it published its first quarterly report as a publicly traded company with its chief executive officer claiming he wasn't trying to be strategy boss Michael Saylor   with regard to its Bitcoin holdings. And, yes,   this is me talking, Figma   has a substantial stash of Bitcoin.   Here's here's the rub here, man. Nasdaq data shows that Figma was down nearly 20%   Thursday afternoon,   just one hour ahead of the closing bell with shares priced at just over $54   Shares reached a high of $122   at the August,   just days after the company went public on the New York Stock Exchange.  

The drop came after earnings on Wednesday showed that the company's   revenue   grew.   Not only did it grow,   but it grew by 41%   year over year   to just under one quarter. No. I'm sorry. Yeah. 1 quarter of a billion dollars. So So $249,000,000.   And that was even slightly higher than expected,   but they lost 20%.   Now here here we get here's what happens when public perception   and public psychology in the markets   comes over   to play.   Adjusted operating income for 2025 is expected to be $88,000,000   to 98,000,000,   compared with an average projection of 88,000,000,   the firm said. The company said in July that it had been holding on to a multimillion dollar Bitcoin investment for more than a year via a Bitcoin ETF.  

So they don't have actual Bitcoin. They've got an IOU. But at the time,   that value was close to $70,000,000   But in an interview with CNBC,   the software firm said that it wasn't trying to be like strategy,   which is now the largest corporate holder of Bitcoin. Quote,   this is not a Bitcoin   holding company.   It is a design   company,   CEO   Dylan Field   said. Now I'm pausing here to say   this person has their head screwed on straight. They know exactly what they are. They know exactly what they're not going to try to be.   That means that this company, the stigma,   they have solid leadership.  

Unlike some of these Bitcoin treasury companies that are coming up and hail marrying all over the place,   this person, this Dillon,   this is a CEO   that actually understands what being a CEO of a company   means.   Continuing on, Figma   has bought Bitcoin as a diversified   hedge   rather than following in the footsteps of Bitcoin treasury companies that buy and hold the crypto to pump their stock.   Still, the software giant said that it would buy more Bitcoin back in   July, and a Wednesday filing with the SEC showed that it had nearly 91,000,000   in the cryptocurrency.  

Well, no. Just say in Bitcoin decrypt, please.   Founded in 2012, Figma began as a browser based interface design tool and has grown into a widely used platform for cross functional product teams.   That's the article.   What did it tell us?   It tells us it's got solid leadership.   They have not only solid earnings,   but a huge gain in earnings   and   even coming in   above expectations   of earnings   and simply because the the CEO who has his head screwed on straight   and tight,   got all his shit together,   said that they weren't a Bitcoin Treasury company. That's public perception in the markets jacking with the price.   When people look at charts and you think that there's some kind of technical analysis, do you know what you're really analyzing, whether it's Bitcoin or gold or or I don't know strategy stock or even Microsoft? Do you know what you're really looking at when you're doing technical analysis or you're looking at charts?  

You're looking at collective psychology of a mass of people. You're not looking at actual numbers.   You're looking at something that is not numbers.   Sorry about that. My cat decided to crawl into a paper bag that was on the floor.   You'll please excuse me. Sorry about that.   The measurement is isn't about price. It's about psychology.   It's not about it's not as much about time scales as it is about the way populations   of people, human beings,   think about what's going on in the market. For anybody who's out there trading   anything that you can chart,   that has a market,   that you can buy and sell of,   and you're not thinking that what you're doing is measuring the   market.  

And, that's that I   I've I've told that to a trader before,   and that trader just laughed at me. And I don't blame him. I mean, it's it's kind of psychotic when you think about it, but   I'm right.   I'm just gonna leave it right there. Let's talk about the CBDC   for The United States because I thought I was under the impression rather   that that we had dismissed this, that there was that there's language in in in all kinds of stuff that said, no. We're not gonna be doing this.   So let's get a little bit more detail here from Savannah Fortis out of Cointelegraph.   CBDC   debate continues in US as the Congress returns from its recess.  

As US lawmakers return from the August recess, the debate over central bank digital currency is, God forbid, once again at the forefront of crypto policy.   In the latest episode oh, sorry.   I accident.   I pulled a pulled a a was it Ron?   Ron, was it what's his name? Was that movie? I don't care. I accidentally read something I shouldn't have read. Supporters   of the measure argue that a CBDC would endanger civil liberties by giving the government unprecedented   access to their financial data.   Representative Tom Emmer, who sponsored the anti CBDC   Surveillance State Act,   which was passed by the house in July, warned, quote,   it is government controlled programmable money that, if designed without the privacy protections of cash, could give the federal government the ability to surveil and restrict Americans' transactions   and monitor every aspect of our daily lives, end quote, pause.  

Why do you think it would just be the United States government that would have access to that data?   Anything's hackable.   What would happen if   a government that was not so fond of us   found out   exactly the patterns of what we were doing as a population in The United States financially?   Or I don't even have to go there. I don't even have to go tinfoil hat. What if   a   what if a   small Eastern European country   decided to hack that financial data and use it as market analysis   to figure out what products United States citizenry would be most likely to buy   from this small podunk Eastern European country.  

Why is Tom Emmer only centered on   the fact that the United States government   is is,   I'm gonna say it, is evil and therefore will do all these things when what we really should be saying is that the United States government is incompetent   and will lose that data. And not only might they do nefarious things with it against their own people, I would be more worried about China,   Russia, India,   any number   of Central African countries, Latin American countries,   hell, even Canada.   And let's just say it, Australia and New Zealand because those guys are obviously evil. You get what I'm saying?   Let's continue. Policy experts suggest that particular framing   oversimplifies   the issue.  

The Federal Reserve has repeatedly said that it will not launch a CBDC without explicit authorization from Congress,   and any potential design could incorporate   privacy safeguards.   Spoiler,   they won't. Quote,   you can design a CBDC that has   significant blockers and protects privacy.   You can design a CBDC that is fully transparent   and has zero privacy blockers.   And these are design   choices,   Warren said.   Warren. Are they talking about Elizabeth Warren?   Did I skip something? I don't know who this Warren person is. I'm going to presume that it's Elizabeth Warren that said that, quote,   right   now, this idea that a CBDC is some urgent threat to American privacy, I just don't see it.  

A lot of the current posture is rhetorical   and political in nature.   Yeah. It sounds like something Warren, Elizabeth Warren would say. But The US position also stands in contrast   to other major economies. China   has already rolled out its version of a CBDC, while the European Union and India are running pilots.   Quote, what you were seeing now is actually quite a significant divergence from The US   from a lot of other major economies. The United States, under this administration and this Congress, has taken a very anti CBDC   stance,   Warren   said. Again, I wish I knew exactly what Warren they were talking about.  

She distinguishes   ah, we're we're centering in. So now we know she's female.   She distinguishes   between wholesale CBDC, which are used for interbank settlements and retail CBDCs,   which could be consumer facing in The US. I've never thought that a retail CBDC was actually going to happen.   Wholesale   makes sense. Retail   does not, she said.   Instead,   the growth of the stablecoins   may make the CBDC question less relevant. Congress recently passed the Genius Act, giving stablecoins a regulatory framework that could accelerate adoption.   Warren questioned,   quote, now that we have stable coins, they're going to expand and become what I've called the jet fuel of the digital economy.  

That changes the calculus on whether CBDCs   are even necessary, end quote.   While lawmakers remain fixated on the CBDC fight, some warn that more immediate threats to privacy are being overlooked.   Far bigger threats to my privacy   are what's happening with my data.   What I'm giving willingly, what most of us are giving to   AI, Warren says.   Continuing, she says, for example, GMC was selling individual driver data. I find that far more frightening. End quote.   Yeah. You   would. Listen to the full oh, god. I did it again. I did it again. I   god. I I   okay. Y'all can make fun of me over on Nostra.  

I'm I'm good with it.   What is this   oh, Sheila Warren. Okay.   CEO of the Project Liberty Institute.   That's the Warren that we were talking about. Okay. So not Elizabeth Warren. Alright. So I've finally figured that one out. Give me a break, guys. It's it's it's really early in the morning for me. Okay. So   Justin Sun,   he begs.   He pleads.   He cries to the sky. I am innocent.   Justin Sun calls for World Liberty Financial to unfreeze his WLFI   tokens.   Yeah. Trump froze his coins.   Well, I don't know if it was Trump, but it is World Liberty Financial.   They are tokens, and Justin Sun bought a lot of them, and now they're frozen.  

So Tron founder and early World Liberty Financial investor. Yeah. He was there at the at the very   ground zero.   Justin Sun was ground zero. He took to x early on Friday morning to plead his innocence to the Trump family backed DeFi project,   requesting that it release his tokens following a blacklisting   of his address on Thursday.   Pause.   Do you see what's problematic already here?   I'm just giving I'm just pausing just a little bit just so that you can think about it. Do you see the issue?   Not your keys.   Not your coins   I have contributed not only capital   but also my trust and support for the future of this project My goal   has always been to grow alongside the team and community and to jointly build a strong and healthy   WLF   ecosystem.  

However,   during the course of operations, my tokens   were unreasonably   frozen,   Sun wrote.   He added that he had bought   WLFI   in the same way as anyone else and, quote, deserves the same rights, calling the tokens sacred   and inviolable.   Well, no. They're not inviolable there, Justin. You just found out that they are very, very vile vialable,   and they are not sacred.   Dude, really sacred?   It's not a prayer. It's a shit coin. I just these people   anyway, part of what makes blockchain stronger and more fair than traditional finance,   he completes his thought. Quote, I call on the team to respect these principles, unlock my tokens, and let's move forward together   towards the success   of World Liberty Financial.  

I believe that a truly great financial brand,   financial   brand,   saying it one more time,   financial brand,   must be built on fairness, transparency, and trust, not on unilateral actions that freeze investor assets.   Such measures not only violate the legitimate rights of investors, but also risk damaging broader confidence in World Liberty Financial, end quote.   Responding to Nansen CEO Alex Svyndic's   post on the nuance of the situation, Sun declared, quote, I am innocent.   I am not a crook.   Come on.   The WLFI   token contract blacklisted an address linked to Sun on Thursday afternoon,   effectively freezing WLFI at the address   and revoking his ability to send or receive the tokens and participate in governance.  

One more time for the kids in the back, not your keys, not your coins. World Liberty Financial has yet to publicly comment on the blacklisting and has not returned a request for comment from the block regarding this situation. Oh, my god. It's therefore unclear   exactly   why the freezing took place.   We shall now refer to this as the freezing.   However,   it did come within hours   within hours   of the Justin Sun labeled address   sending 50,000,000   WLFI   worth around $9,000,000   US to an address   that an HTX   hot wallet labeled wallet   sent 0.2   ether   to   just before Sun's transfer according to Arkham. I don't think that matters. Sun is strongly linked to the crypto exchange   and is a member of HTX's   global advisory board. The 50,000,000 WLFI were subsequently transferred again   on Friday morning, routing via an unlabeled address before arriving at the same HTX hot wallet.  

Some 60,000,000 WLFI   or $11,100,000   were later sent from the hot wallet   onto the HTX   Gnosis   safe proxy address before or as as according to Arkham's dashboard, quote,   I think it's totally fair that your tokens were locked. You probably had a verbal agreement with the Trumps not to sell your tokens, one community member alleged, demonstrating broader frustration,   though Sun's transfer did not mean that the tokens were necessarily sold.   The crypto community also noted that on Thursday, HTX address,   HTX 48, the very same hot wallet address identified by Arkham, had also transferred approximately 60,000,000   WLFI   tokens to a Binance deposit address over the prior two days amid accusations of selling.  

This came during a period of substantial exchange deposit flow more generally,   including via BitGo and Flodesk according to Nansen,   with the volume spike creating extreme sell pressure.   Quote, a Binance deposit wallet connected to Justin Sun received over 60,000,000   WLFI   token   worth $12,000,000   yesterday from HTX.   Coinbase executive Connor Grogan said on Thursday,   quote, the 60,000,000   WLFI   deposit represents about 52.6%   of HTX's   total   WLFI   holdings at present From what I can find on chain based on HTX's public wallets, Arkham has also tentatively linked   the Binance deposit address to Justin Sun himself. Quote, our address   only carries out a few general exchange deposit tests with very small amounts,   followed by an address dispersion, Sun said in response to the allegations.  

Quote, no buying nor selling was involved, so it could not possibly have any impact on the market.   Of course   the simple transfer of funds from large crypto token holders can often spook the market yeah you think   you you you think   dude it's psychology man   People are twitchy, and they make bad decisions on almost no data whatsoever.   Well, oh, well. World Liberty Financial's native token started trading on crypto exchanges on Monday, and WLFI   plunged   by around   24   at one point on Thursday.   Though the majority of that move was ahead of Sun's transfer, it subsequently recovered slightly and is currently trading for   just just under 20 United States pennies,   so 19¢,   really. Sun has been one of the biggest supporters of both World Liberty Financial and Trump's meme coin.  

The crypto billionaire was named an adviser to the DeFi project and bought $75,000,000   worth of WLFI tokens.   He also committed to buy a 100,000,000 worth of the president   Trump meme coin.   In January,   World Liberty Financial bought millions of dollars worth of Tron's TRX token.   So is that's the end of the article, but is there bad blood beep brewing?   I don't know man.   Bad blood brewing could be. I   it's all shit coinery.   I understand that.   However,   two things are are of critical importance here. Not your keys, not your coins. And, no, this shit is not sacred, and stuff like this is clearly   violable.  

It can be violated   very easily.   And it also shows what happens if we allow this type of of of structure to enter into   general currency, like the currency that we use. I mean, if they take away cash from The United States and the rest of the West and pretty much most of the world at that point,   it's   all of these wallets are gonna be this way. They'll be able to look. They'll you know, you say something bad on social media in The UK, not only will you get arrested,   you won't be able to spend any money at all and you won't be allowed to get paid.   They'll they'll they'll freeze deposits on your account.  

So even if you go back to you you get out of jail, you go back to work, you get some money from doing your job and they try to deposit it in your account. Nope. Nope. It's just gonna bounce right back because they'll be able to shut off the input and the output.   There is no reason anybody at this point in human history   needs to trust   anybody in power at all because it's always abused   and we always find out that the people with that power   might as well be gangsters. They might as well be mafia. They might as well be the mob.   I don't   know. Are you ready for something tasty?  

Great ghee.   Greatghee.com.   Go get yourself some ghee. What is it? It's butter.   Only better. It's great, man. I love this stuff.   Ghee or clarified butter is made by simmering butter to remove water, milk, salts, and impurities, leaving behind a golden lactose free oil with a nutty flavor and high smoke point. And unlike regular butter,   ghee is shelf stable and versatile for cooking, baking, or even skin care. Shelf stable means you don't need to refrigerate it. You can just keep it on the shelf.   Making ghee is a way to preserve butter, and great ghee at greatghee.com   makes the best   Bitcoin   props for sale in Bitcoin product.  

It's like it's all the rest it's like all the rest of my circle p vendors, man. I love this guy. I love his product,   and he only takes   Bitcoin for it. It's he stated that that's a kind of a hard thing to do,   but   conviction   rules in this space. And you wanna talk about somebody with conviction,   ladies and gentlemen, Great Gee is your guy. Go to greatgee.com.   Use the code Bitcoin and in the coupon code   so that Great Gee knows that I made a sale for him. And then great guy will be able to determine how much that sale was worth to him. And then he can determine whether or not he wants to pay me for it. It's probably the crappiest advertising model ever. But, hey, we've got to figure out value for value. And, buddy, I'm doing my part.   The United States added,   measly   22,000   jobs in August as unemployment   rate has risen to 4.3%.  

James Van Stratten and, Stefan   Alpher   writing this one from CoinDesk. The employment situation in The US   continued to show softness   sorry, softness   last month like   sealing   the deal for a rate cut at the Federal Reserve's upcoming meeting in mid September.   Non farm payrolls, I I I skipped over that. I really did.   Likely   sealing the deal for a rate cut.   Really? Is it? Is it likely? Do you know that?   Because I'm not getting that feeling.   I mean, sure,   it would increase the odds   that Jerome Powell might,   moreover consider a rate cut, but I don't think the word likely   has any business being   in this particular story's vocabulary   capiche.  

Non farm payrolls rose by 22,000   in August According to Bureau of Labor Statistics report, that was shy of economist forecast for 75,000.   So, yeah, they missed their mark   bigly.   In July,   July's 79,000,   which was revised from an originally reported 73,000,   this is all alongside July 6,000 job upward revision. June's numbers was revised lower by 27,000   to a negative   13,000   in what would have been the first negative monthly jobs print since the COVID lockdowns of twenty twenty. Did did you hear that?   June's   the month of June, the jobs number   was revised   down   to negative. We lost 13,000   jobs and added   nothing.  

So we only lost negative 13   in June. Let's see. What would that what would that have been?   They were saying that we would have had 14,000   jobs. So the June report when it came out said, we added 14,000   jobs.   No. No. No.   No.   No. We actually lost 13,000.   We lost 13,000 jobs. And they knew   this is b s. They knew and they didn't tell us   because that would have shocked the market. See, but the revision,   nobody cares about these revised numbers. That that that never. I mean, sure, it makes the news, but the way that it's always presented by the talking heads on the news is that it's, hey. It's nothing to worry about.   You're never gonna see bad numbers   ever   come out in the news. You will only see them in the revisions.  

That's just sad. Let's let's run the numbers.   Woo doggy, man. The energy markets do not like the jobs numbers either, I I guess, because West Texas Intermediate is down over three full points,   back   down to sixty one fifty four. Brent Norsee down 2.7 to sixty five fifteen. Natural gas down point 8% to just over $3 per thousand cubic feet. Gasoline down   almost three full points to under $2 a gallon, and Murbon crude, everybody's light sweet oil is down two and a quarter percent to $67.71.   Take that energy.   Gold is down. No. Not down.  

Gold's having this moment, isn't it, guys?   You know,   go wish   Peter Schiff a good day.   You know, if you're if you're a if you're a Bitcoiner out there, just say, hey, Pete,   congratulations.   You know, extend the hand because you know how he beats on us all the all the all day long?   The best way to combat that is to be nice to the guy, and he's in a good mood right now.   Just I I guarantee it. So so just reach out to him and say, hey, Pete.   Congratulations, man.   Because it's up one and a quarter points to 3,652   and 5 dimes. Silver is up over a half. Platinum is up almost a full point. Copper is down point 1%. Palladium is down one and a third. Meanwhile,   ag   is pretty much red, but biggest winner today is chocolate, 1% to the upside. Biggest loser is   sugar, point 8% to the downside. Live cattle,   down point 6%, lean hogs are up one and a quarter.  

Feeder cattle are down point 8%. The Dow   yeah.   I know these markets don't like the job report. Dow was down a half point.   The S and P is down point 4%.   Nasdaq is down a measly point 14%,   but the S and P Mini is actually in the green today, point 17%   to the upside.   We've got a price of a $110,760.   That is a one point no one.   Not one. It's 2,210,000,000,000   market cap. We can only purchase 30.8   ounces of shiny metal rocks with our one Bitcoin of which there are 19,916,376.18   of an average fees per block or slightly high 0.04.   BTC taking in fees on a per block basis, there look to be about 36 blocks carrying 87,000   unconfirmed transactions waiting to clear   at high priority rates of 3 Satoshis per v byte. Low priority is gonna get you in at one, and hash rate remains at 959   exahashes per second.  

We hit that zenahash there for a little while, didn't we?   It'll be fine.   Now from Lagarde   Lescard, which was yesterday's episode of Bitcoin,   And I got I got tulips with 200 sats says, tulips.   You and everybody else laughed six months ago about how financial normies will be saying that Bitcoin crashed to a $110,000   and it will soon be dead.   How right you were.   PS,   it is all tulips and it is going to zero.   Alright, tulips. I have no idea if you're just pulling my chain, but you got your read. Turkey with 500   says nothing.  

Oh, here in gone,   gives me nothing.   Somehow or another, nothing. Says not to mention wait. Not to mention the fact that he said by 2300,   if he thinks AI is going to be the biggest threat against the population   at the point is even more ridiculous.   I can't believe I didn't get any money for that. Damn. That sucks. Psyduck with seven fifty three says,   Psyduck. And if you want the program, if you want the show to go on, donate to the Bitcoin and podcast.   Throw me your sats. Stream me your sats. Give me boostograms. Go over to Nostrand and zap   fat zaps   to none you business because that's that's the handle over there on on Nostrand.  

It's the only way I can keep the show going, and and donations have been really, really pathetic. And I think it's just   because dog days of summer.   Yeah. I've seen it happen before.   It'll happen again.   But donate to the show. Keep me going, guys. Keep me going.   That's weather report.   Welcome to part two of the news that you can use. EU lawmakers   skeptical of digital euro as the ECB   renews its   pitch. Jesse Coughlin,   CoinTelegraph.   The European Central Bank renewed its push to issue a digital euro,   drawing pushback from EU lawmakers over privacy protections and potential risks to commercial banks.   ECB board member Piero   Cip   O'Loan.  

Cip O'Loan, I think is how you pronounce it. Piero Cip O'Loan, or it may be Cip O'Loan e, c I p o l l o n e. Somebody, somewhere   suggest a good pronunciation   for it. But the board member of the ECB, Piero Cipollone,   told a parliamentary   economic committee on Thursday that a digital euro will ensure that all Europeans can pay at all times with a free,   universally accepted digital means of payment even in case of major disruptions, end quote.   Some parliamentarians   pushed back over concerns that the digital currency wouldn't protect user privacy   and that offering accounts backed by the central bank would undercut the private sector, and I think he means the private banking sector.  

Legislation for the central bank digital currency has been before the European Parliament since 2023   and has faced delays amid political concerns and, of course, the twenty twenty four elections.   The ECB's   Cipollone   said the core of the bloc's digital payment systems   comes from non EU providers,   which could hinder the capacity to act swift swiftly and independently,   particularly   in times of crisis.   He pitched the digital euro as a fallback in case of cyberattacks and network outages and noted US efforts to promote dollar backed stablecoins.   Cipollone   Cipollone   said a digital euro would complement physical cash, which remains key for resilience and inclusion, but added   that digital payments are now essential to daily life, which the government is expected to ensure.  

And some lawmakers raise concerns about the privacy implications   of a digital euro and the risk that EU citizens would choose to bank with the ECB over a commercial bank as it would present the safer option.   On privacy, Cipollone   Cipollone   stressed that the central bank will not know anything about your payer   or the payee and that an offline solution for the digital currency will be as good as cash in terms of preserving the privacy of the people, end quote. Do you believe them? Because I don't.   Pierre Pimpey   of the right wing this is actually a different a different guy. Pierre Pimpey   of the right wing euros   eurosceptic patriots   for Europe group said that accounts and private banks could be emptied due to a digital euro and took issue with the ECB having control over setting a cap on user accounts, which he argued the bank could raise in a crisis.  

Cipollone   said that the central bank's cap would be set on the basis of rigorous analysis and added that if corporations and wealthy individuals   see a crisis in Europe,   it will take time   or rather, it will take them   a second to buy a state to buy a stablecoins   denominated   in a different currency. It's a terrible sentence there. So I'm sorry. I'm I'm having to fight through a lot of this, guys. That's why I'm tripping up all over the place. Quote, the digital euro at that point would be the least of our problems, he added.   Cipollone said, the ECB was working under the assumption   that digital euro legislation would be in place by the 2026.  

Three EU institutions   have to green light the digital euro, including the parliament,   the European Commission, and the European Council.   Talks among them could take months.   After the law is passed, which could be as late as the 2026,   the ECB has to create and test the digital currency's infrastructure,   which could take up to three years,   putting a potential launch   around 2029   if no delays occur.   Dude,   you're you're you lost.   You just lost.   You I mean, actually, you lost a long time ago, but now   there's just no question.   Even y'all should see it. 2029   is too late.  

It's way too late. This should have been in the bag like last year.   Just Europe is just in bad trouble, man.   Everywhere you look is just really, really   nasty.   But not as nasty as losing a year of a chairman of the SEC's   text messages, which, you know, now they can't be subpoenaed because they don't exist.   If I'm not saying Gensler's under any in any trouble. I'm just saying that if something were to, you know, happen   and it involved Gary Gensler's text, well, you can kiss all that shit goodbye because the SEC watchdog   blames tech failures for loss of Gary Gensler's texts   in 2023.  

Wow. So Vince De Aquino from Decrypt has it for us.   The   US Securities and Exchange Commission lost nearly one year of text   messages from former chair Gary Gensler according to a review by the agency's office of the inspector general, which was released on Wednesday.   The SEC's OIG is responsible for conducting audits and evaluations and investigations   into the SEC's programs and operations.   On 07/06/2023,   Gary Gensler's SEC issued smartphone stopped syncing with the agency's device management system   even though it, quote, otherwise functioned normally and was used regularly.   For the next sixty two days, it appeared inactive, a status that went unnoticed by IT staff. And a month later on August 10, the Office of Information Technology   introduced a policy to automatically wipe any device that had not been connected for forty five days, assuming that it was either lost or stolen.  

Under that rule,   Gensler's   phone was wiped.   When he arrived at SCC Headquarters on 09/06/2023   and discovered agency apps missing,   Gensler approached staff for help.   Investigators said personnel, unaware of what had occurred, tried to restore the phone and instead   performed a factory reset,   which permanently   deleted nearly a year of text messages   covering 10/18/2022   through 09/06/2023.   I wonder what could have possibly happened during those dates. Oh, well. Missed warnings,   poor vendor coordination, and weak change management practices were also cited as factors that compounded the failure.   The office of the inspector general serves as the agency's independent watchdog   under the inspector general act of 1978   reporting to the SEC chair and the congress.  

Nearly one year of Gensler's lost text messages coincided with the, oh, the SEC's war on crypto.   In January 2023, the agency charged Genesis and Gemini   over unregistered   offerings, while lender Nexo agreed to a $45,000,000   settlement.   In the following month, it fined Kraken $30,000,000   for its staking service and warned Paxos that its Binance branded stablecoin   could be an unregistered security.   Shame, shame. By April, Gensler told congress that most crypto tokens meet the Howey test,   reinforcing his stance that they fall under securities law.   Internal records later revealed that the SEC had already labeled Ethereum a security in March 2023. And after his tenure at the SEC,   Gensler returned to MIT,   where he now teaches and does research on artificial intelligence, financial technology, and public policy.  

Oh, isn't that a shame   that all those texts during the war Biden's administration's   war on crypto are gone from the chairman of the SEC.   It's just so convenient.   It's like Building 7. It just won't go away.   Coinbase's   preferred AI coding tool that I was telling you about yesterday. Well, I was telling you about the fact that,   you know,   old homeboy,   old Baldi,   over there at Coinbase wants all his engineers to to either use AI or come up with an excuse as to why they don't have to.   Well,   it   it it appears that their preferred   artificial intelligence coding tool can be hijacked by a brand spanking new virus, check Jesse Coughlin,   Cointelegraph.  

The artificial intelligence coding tool favored by the likes of crypto exchange Coinbase   has a vulnerability,   allowing hackers to silently inject malware and spread itself   across an organization, says a cybersecurity   firm.   Hidden Layer reported on Thursday that a CopyPasta   license attack   can hide malicious instructions and common developer files to, quote, introduce deliberate vulnerabilities   into code bases that would otherwise be secure.   By convincing the underlying model that our payload is actually an important license file that must be included as a comment in every file that is edited by the agent,   we can quickly distribute the prompt injection   across entire code bases with minimal effort, it added.  

Hiddenlayer predominantly tested the virus on Cursor,   an AI powered coding tool that Coinbase's engineering team said in August was the preferred tool   for most of its developers   and had been used by every Coinbase engineer   by the month of February.   AI coding tools Windsurf, Kiro, and Eider   were also shown to be vulnerable of the attack according to Hidden Layer.   Hidden Layer explained   that the Copy Pasta attack   puts hidden instructions   or quote prompt injections   into license dot t x t and read me dot m d files that can direct AI coding tools without a user ever even knowing.   The virus or the prompt injection for the AI is hidden in the markdown comment   text within a readme file used for adding explainers or notes that aren't shown when it's rendered in its final format.  

Hidden layer created a code repository with the virus and asked Cursor to use it and the hidden instructions sought copy the prompt injection across the new files that it created. Quote,   this mechanism could be adapted to achieve   far more nefarious results.   Quote, injected code could be a backdoor, silently exfiltrate sensitive data,   introduce resource draining operations that cripple systems, or manipulate critical files to disrupt development and production environments, all   while being buried deep   inside files to avoid immediate detection,   hidden layer added.  

It came after Coinbase CEO Brian Armstrong said on Wednesday   that artificial intelligence has written up to 40%   of its code.   And and and wants to expand this to 50% next month, which prompted backlash. And I told you about all this yesterday,   quote, this is a giant red flag for any security sensitive business, said decentralized exchange,   Dango   founder Larry Liu.   Quote, software company leaders   don't do this.   AI is a tool, but mandating its use at a certain level is insane,   said Carnegie Mellon University computer science professor professor Jonathan Aldrich. Quote, I have no interest   in using Coinbase, but but even if I did, I certainly would not trust it with my money after seeing this.  

Oh, this is bad for Coinbase.   Delphi consulting head,   Ashwa I can't pronounce this name. I won't even try. Called   Coinbase's   goal performative and vague.   And it should instead focus on, quote, new features and fixing existing bugs,   while longtime Bitcoiner, Alex Pilar, said that as a major crypto custodian,   Coinbase should prioritize security.   However, Armstrong said in his post that AI generated code   needs to be reviewed and understood   and not all areas of the exchange can use it, but it should be used responsibly as much as we possibly can, end quote.   The Coinbase engineering team's blog post said   that AI adoption was deepest in teams working on   front end user   interfaces   and less sensitive   data back ends.  

So getting you from the front and the back, that sounds like your entire system is gonna be compromised. That's what it sounds like to me. But   complex and system critical exchange systems   have seen a slower uptake of the use of AI.   It may not honestly, in my opinion, I don't think it's gonna matter. I mean, this is just bad.   The team added that using AI for coding is not a magic bullet, but should expect teams to universally   adopt it. Armstrong said on Stripe cofounder   John Collison's podcast last month that he fired engineers   who did not try a AI tools after Coinbase bought licenses   for Cursor and GitHub's   Copilot.  

He recounted being told it would take months to get the engineers to use AI, admitting that he went rogue and told all engineers that it was mandatory that they use the tools.   Quote, I said AI is important.   We need you all to learn it and at least onboard.   You don't have to use it every day yet until we do some training, but at least onboard by the end of the week. And if not, I'm hosting a meeting on Saturday with everybody who hasn't done it, and I'd like to meet with you to understand why, Armstrong said. And at that meeting, Armstrong continued to say, there were a few engineers   who hadn't used AI and didn't present a good reason why,   and they got fired,   admitting it was a heavy handed approach   that some people really didn't like.  

Are   you kidding me?   So you as a leader of one of the largest companies,   and it doesn't matter what space. Coinbase is huge. It doesn't matter that it's a crypto exchange company. They could be making cars,   and they would be huge.   They could be, I don't know, building rockets to go into space, and they'd be huge. They could be baking freaking sandwiches at a franchise level and they'd be freaking huge. They'd have enough people to be at least on the Eastern Seaboard Of The United States.   You got a leader.   Your leader   asks you   to come in on a Saturday, and in The US, most people don't work. And if you're working in corporate,   a lot of people do not work on weekends.  

So asks you to come in on your one of your days off,   humbly   asks you   if you've tried something that   he wanted you to try,   and you had the guts   to say or tell the truth and tell him no,   and then you're packing up your office.   Is this a leader?   By any stretch of the imagination, is this   anybody who should have any say over somebody's   continued performance, even if it is his own company?   Don't you think that you should say, okay. Look, man.   I I think I need this is the way I would have approached it. Let's say I'm Brian Armstrong, I really want everybody to use AI, I've called everybody in on their day off, on their, you know, one of their two days off, I told them on Saturday, they're good enough to show up, and I asked them the question, hey, The thing that I wanted you to do, have you done the thing? And then five guys raised their hand and says, no, sir. We haven't done the thing. I will go, okay.   I want you to understand how critical of an issue this is for me. Now you're not getting fired today,   But if you don't do what I tell you to do and do it soon,   at least by next Saturday because we're gonna meet here again because enough people have raised their hands that they haven't done it, that we need to really talk about this because you don't seem to understand   how important this is to me to get done, and I'm depending on you to actually get the thing done.  

And you're not doing it, and it's not making me happy. So understand,   this is your only warning.   By next week,   you will come in and you will show me how it is that you've been at least trying to onboard with it.   And if you have,   then you get to keep your job. And even that's being a dick.   But at least it's not fire I mean, who does this?   What kind of company is this? What I mean, everything about this company is bad. Their back end goes down on high volume days.   We've got a situation where god only knows how much code may or may not be compromised at Coinbase, and maybe that causes problems for them on the back end when it goes down on high volume days. And then you got a leader who will just fire somebody because it makes them feel okay or makes them feel good or or they're using somebody as an abject lesson for others. Fuck you.   Uh-uh. No. Everything about this company needs to burn. It just needs to all burn the fuck down. Now French police   detained seven   following the latest crypto kidnap attempt. Listen up. Be careful. Stop wearing swag.  

Cal and Quinn decrypt.   French authorities have detained seven, count them, seven suspects following the kidnapping   of a 20 year old Swiss man   believed to be the latest case in France's growing wave of cryptocurrency related abductions.   The victim was rescued last Sunday, so thank god they got him back in Valence   during a special operations involving a 150   Jendarmees.   Jendarmees?   I'm not Swiss. I stop laughing at me, Swiss people. I can't pronounce it. He was reportedly found tied up in a house near the city's high speed train station according to the ridge regional newspaper.   The case is the latest in a spate of so called wrench attacks in France in which kidnappers target wealthy crypto traders, executives, or their families for ransom,   often using violent methods to force the surrender of digital assets.  

Security experts warn that the country or sorry. Security experts warn the country now leads Europe in such incidents with analyst Jameson Lop tracking at least 10 wrench attacks   in France in 2025   alone. And then they go into the history of other wrench attacks in France, which I've already told you about. And when I did, I would always keep   it to the end of the show   so that you can go off   thinking about stop wearing swag.   Do not put on the orange shoes with the Bitcoin symbol and then the orange socks with the Bitcoin symbol,   and then shorts that are orange with the Bitcoin symbol on the ass, and then a white shirt with a great big orange Bitcoin symbol on it front and back, and then cap it all off with a hat that   says Bitcoin.  

My you might you might as well just paint yourself as a target. Please kidnap me.   What an exciting way to get kidnapped. You know, that's I should start a clothing line that's just nothing but Bitcoin swag and call it what an exciting way to die.   I'm not lying, guys. This is ridiculous.   These people keep broadcasting   that they own this I   I I hand to God,   a guy I know had a popular a very popular podcast. It was on YouTube, but, okay, we'll call it a podcast.   Actually said the words of exactly how much Bitcoin he owned, and it was kind of a jaw dropping number.   Set it on air.  

Not hiding his face.   Everybody knows what the dude looks like.   It   was about a year after that. I I haven't heard anything from him again.   It's and I'm sure he's fine because if if if this guy had been, you know, abducted or something bad had happened, I'm absolutely certain that a few people that I follow on Twitter and Noster would have said something about it, at least, you know, prayers to our friend or whatever. I would know. And as far as I know, the guy's completely safe, but   it may explain why he all of a sudden very quickly after that   kind of just went away. And he was very popular. I'm not gonna say his name. I'm not I'm not gonna help box these people, but he went away.  

Few months after saying exactly how much bitcoin he owned.   And man, I I gotta tell you dude,   you've got to stop doing this.   You've got to stop advertising. Yes, I've got a podcast,   but I am not really on I'm not really on YouTube all that much. I mean, my face is out there, but it's not like all over the place, not like this guy's was,   you know? And I don't go to I've gone to one Bitcoin conference, BitBlock Boom. I think it was either 2021   or 2022. I can't I think it was 2021.   It was definitely when everybody was still, you know, really freaked out and masking up and stuff like that, and the hotel management had real problems with a bunch of Bitcoiners basically always saying,   no. I don't think so. I don't think I'm gonna wear my mask. We almost we got threat with getting thrown out. I mean, the whole the whole conference.  

Gary Leland, the the conference organizer,   he basic I don't know what he did to the to the hotel management, but he was basically I guess he basically said something like, look. None of these people care about what you say,   and I can't get them to stop. This is a free country.   And, yes, there's mandates, but I don't know what you want me to do. And if you throw us out, maybe I'll sue your ass because of breach of contract because nowhere in the contract does it say you have to wear masks   or something like that. Because   events essentially during, like, day two of that conference,   nobody was wearing their mask and none of the none of the management was losing their ever loving minds. So   hats off to Gary Leland. But for the rest of us   that that go to conference after conference after conference after conference,   stop wearing swag.  

It's   it. I mean, I'm not saying that it's bad that you're at a conference because conferences are bad. I'm saying these particular kinds of conferences do their target rich environments. You've if you don't see that,   then you're not going to have a chance and holy hell of having good operational security. Don't   don't let your family   start crying   because you got kidnaped and killed   over some digital stuff. Yes.   Bitcoin is important,   and I'm not   denigrating that. I'm just simply trying to remind you,   you know, unless you live in India, you wouldn't go around The United States wearing   like, a gold vest and, like, gold   sleeves and and, like, you know, 500 pounds of gold chains and shit. Yeah. Some people wear some heavy gold chains, but   wearing this much gold, like, they some some people that you'll find in India.  

In India, it's a cultural thing and nobody really disrespects that. But come over here with some of the amounts of physical gold that people be wearing in India and you put them over here.   Target.   Now get, like, 5,000 of those people and put them all into a building.   Now we have a target rich environment. Do do you see where I'm going with this, please?   I'm begging you.   Stop making yourself a target when you go to these things. It's okay to go. Just   be smart about it. Have good operational security, and I'll see you on the other side.   This has been Bitcoin and and I'm your host, David Bennett. I hope you enjoyed today's episode and hope to see you again real soon.  

Have a great day.