Join me today for Episode 953 of Bitcoin And . . .
Topics for today:
- Microstrategy Buys a Metric S%$# Ton of Bitcoin
- SEC Expands Binance Case by Calling More Alts Securities
- 50 BPS FED Cut at 45%
- Stable Coins Accelerate Dollar Milkshake Theory
#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 9:50 am Pacific Daylight Time. It's the 13th day. It's Friday 13th in fact. Uh-oh.
Uh-oh. Oh, of 2024. This is episode 953 of Bitcoin and I finally was able to capture a full length interview with Tomek from the Get Albi team. That's not going to come to you today. I have found that Friday shows don't do all that well and but I do them anyway simply because this is what I do. Right? This is what I do. So I'm going to edit that thing down and and get, you know, in caps and all get it all pretty, you know, level out the stuff and get it to you, I don't know, Tuesday, Wednesday, or Thursday of next week. I'm not going to sit on it that long, but I just I I think that the the Get Albie discussion that we had is important. I know people are getting ready for their weekend.
God knows I hope you have a good one. I hope you barbecue even though it's after Labor Day. Apparently, that's the the end of barbecue season. Unless you're me, in which case mid February is also, you know, barbecue season. Anyway, I hope you guys have a great weekend. Look forward to that, episode with Tom Eck from the Get Alby team sometime in the middle of next week, I I guess. So sorry. I'm drinking some coffee. What do we got today? Well, we're just gonna get as usual, because I just think it's easier to do it this way, let's just jump right in. A Bitcoin Magazine Vivec SIN Your favorite guy, Michael Saylor, and his company, MicroStrategy, has bought an additional $1,110,000,000 worth of Bitcoin.
It's kind of a big buy. It's kind of a big buy, dude. So MicroStrategy announced it has purchased 18,300 Bitcoin for $1,100,000,000 boosting its total holdings to 244,800 BTC that has been acquired for a total of $9,450,000,000 The business intelligence firm led by Michael Saylor has been steadily accumulating Bitcoin for, its corporate strategy since 2020. I mean, he's been in the game for a while now, man. It's damn near 4 years. Micah Strategy's latest $1,000,000,000 purchase was conducted at an average price of $60,000 or $60,408 per Bitcoin according to Saylor. The company has achieved a 17% Bitcoin yield year to date, capitalizing on BTC's appreciation as it continues to borrow fiat at low interest rates to expand its holdings.
God only knows what happens when they drop the interest rates this month. At current prices, MicroStrategy's Bitcoin trove is now worth over $15,000,000,000 greatly benefiting shareholders. The company's stock prices surged in tandem with its Bitcoin accumulation. Despite rough market conditions in 2024, MicroStrategy continues just buying Bitcoin and continuing to compound its Bitcoin position for the long term. The firm treats Bitcoin as a superior treasury asset compared to cash that is subject to inflationary debasement.
MicroStrategy is executing the biggest speculative attack on fiat currency in history by acquiring the hardest money for its treasury. Other public companies are following MicroStrategy's lead by adopting Bitcoin Treasury policies and acquiring Bitcoin exposure on their balance sheets. However, MicroStrategy remains the largest corporate holder of Bitcoin in the world. And by harnessing underutilized capital to capture Bitcoin's upside, MicroStrategy has molded itself into an emerging Bitcoin development company that is powering the worldwide adoption of Bitcoin. There's two things about this article that I don't like.
When Vivek Senn says that MicroStrategy is executing the biggest speculative attack on fiat currency in history, I have absolutely no numbers given in this article to back that up. Is it really the largest speculative attack on fiat currency in the history? Because he doesn't say the history of the United States. He doesn't say the history of the dollar. He just says the largest speculative attack on fiat currency. Well, fiat currencies has been around with us for years. There's several different kinds of fiat currencies. There's the British pound sterling, there's the US dollar, there's I don't know, name your poison. It's all fiat at this point.
Is this really the largest speculative attack on fiat currency in history? Over all countries, over all fiat currencies? I don't know the answer to that. I really don't. But I don't think that that statement is actually true. All I can think about is who's that idiot? The global guy? Soros. George Soros did a speculative attack on fiat currencies himself where he bought I believe it was the British pound and then somehow or another he basically was able to tank the British pound and then go back into the United States dollar. That also was a form of speculative attack. And I get the feeling that that was a larger speculative attack on a fiat currency than MicroStrategy's buying of Bitcoin, although I can't be sure.
The second is where was it? The Bitcoin development company. I don't look at MicroStrategy as a Bitcoin development company. I have seen nothing of about development in Bitcoin from MicroStrategy at all. Now, I'm not I'm not being a Michael Saylor MicroStrategy hater. I'm just saying that when you make these statements, are they actually true? What development has MicroStrategy done in Bitcoin? I don't see any grants for developers. I don't see any internal development. I've heard them talk about it but I haven't seen anything actually released. Just by buying Bitcoin doesn't mean that you're developing on Bitcoin. It just means that you're buying Bitcoin.
Whatever. Okay, let's move on to the SEC. That is they're expanding their Binance lawsuit and now have said that AXS, FIL, and Adam shit coins are now securities. Josh O'Sullivan again, Cointelegraph. The United States Securities and Exchange Commission has expanded its lawsuit against crypto exchange Binance to broaden the scope of its claims. I'm pausing to note that there was also another news story that I'm not gonna bring you today, But I just wanted to give you the headline of it. It essentially says that the United States government is pushing Nigeria to release the Binance Executive.
Yet, at the same time, they're expanding their lawsuit against the very same company, finance. You do the math. I can't I have only 4 brain cells left. I'm not going to do that math. Anyway, continuing on the SEC's updated legal filings. Now list an additional range of tokens as securities including Axie Infinity's Axie Infinity Shards, Filecoin, Cosmos's ATOM, The Sandbox's SAND, and Decentraland's MANA. So Decentraland just got thrown under the bus along with all the rest of these dudes. The development follows the continued pattern of the SEC's ongoing efforts to regulate or choke out the crypto industry and classify digital assets as securities. In the latest update to the SEC versus Binance lawsuit, the regulator has now accused Binance and its US affiliate BAM or BAM Trading of facilitating the trade of tokens now considered unregistered securities.
The SEC has alleged that the Binance platforms actively promote these tokens newly deemed securities to customers and highlight their potential investment returns. Quote, Binance and BAM Trading fill these markets with information republishing and amplifying the issuer and promoter statements and activity promoting tokens as an investment. End quote. We've always known that Binance were shitcoiners. I mean, it's not like that that was gonna change. The SEC's amendment to the complaint also reiterates its position that Binance operated illegally as an unregistered exchange broker dealer and clearing agency. The regulator stated that at all relevant times, Binance, quote, used means and instrumentalities of interstate commerce, oh shit, to engage in the business of effecting transactions in securities for the account of others, end quote. In the claims, the SEC has stated that Binance failed to provide appropriate disclosures regarding the risk and legality of the token trading on its international and US platforms.
Amid the ongoing lawsuit with Kraken, the SEC has come under scrutiny after admitting that crypto asset security is a made up term as highlighted by Stuart Aldertoy, chief legal officer at Ripple. Alder oh, Alder oh, no. Alderotti. Sorry. Not Alder Toy. It doesn't matter. Alderotti mocked the regulatory entity for its twisted pretzel of contradictions prompted by footnote 6 of the amended complaint against Binance stating that the regulator regulates or regrets any confusion that it may have invited. Paul Gruwell, chief legal officer at Coinbase, highlighted the regulators claim that XRP itself is a security in 2020 in the Ripple et al lawsuit and then asked the SEC why mislead the court.
Who knows what the hell is going on with that last part of this, this this particular story? It's all confusing. The only thing that we really have a takeaway on is that they're going to continue to list the shitcoins as securities. And I've always said the following. All the shitcoins are good for Bitcoin for one reason and one reason only. They don't expand it. They don't expand its reach. They don't expand Bitcoin's functionality. They don't really add anything new under the sun. They are strictly designed to take your money. Alright? So in so doing, they're good for Bitcoin because they become what's called a blade of armor. If you don't know what a blade of armor is, it's spelled with an a not an o. That was my when I was searching for I never could find oblate of armor and there's a reason because it's a blade of armor. It's armor that explodes upon impact of a projectile.
So what happens is a tank that has a blade of armor on it gets hit by say, oh, I don't know, a Tomahawk cruise missile. The idea is that at the point of contact the ablative armor explodes outwards and by doing so it counteracts the wave force of the explosion of the tomahawk missile I'm not sure if a blade of armor will stop a tomahawk but let's say an RPG rocket propelled grenade let's go let's take it down a few notches so the rocket propelled grenade hits the side of the tank the ablative armor explodes in the opposite direction a 180 degrees in the opposite direction right If you think of it as waveforms as the explosive force as energy waveforms like sine waves like 40 Hertz 40 kilohertz you know a 100 Hertz think of noise canceling headphones, Right?
If your headphones pick up a noise pattern in the background, what it does is it samples that, and then it takes that waveform out of phase, and then puts it back into your headphones. And the theory and it's not just a theory, it actually works is that if you have 2 exact waveforms that are exactly a 180 degrees out of phase with each other, they cancel each other out to almost 0 decibels. This is the same thing. I think shitcoins have been and will continue to be for quite a while a blade of armor for Bitcoin. While the projectiles of the SEC are really trying to get to Bitcoin they keep hitting the ablative armor of the shit coins so they have to expend all of their energy to destroy all of the ablative armor around Bitcoin before they can actually start attacking the real target.
That's the monster that or they view as a monster Bitcoin because it has the ability to pull all their teeth to completely I don't know cut their balls off basically make them eunuchs, and send them away out into the four winds to twist. We don't need these people anymore. We're fine on our own. But they are going to continue to attack Bitcoin. So in this particular case, this is an example of the amount of energy they're going to have to expend on this handful of shit coins. There's 10,000 of them. There's 10,000 shit coins. It's going to take them forever to clean off the ablative armor around Bitcoin before they can finally start looking at the target that they actually want to see. Let's continue on with what the Fed's gonna do. What is the Fed gonna do? Well, there's there's chances are more than likely that they're going to cut rates. In fact, we know they're going to cut rates this month. The question becomes, is it 25 basis points or is it 50 basis points? And I've talked about this before.
Well, this piece from CoinDesk and Steven Alfer may let us know that they might be considering a 50 basis point move because the rate or the the odds of a 50 point fed cut next week jumps to 45%. This was not this was not the case yesterday, but now it's jumped. Okay, so just 24 hours ago it was thought to be nearly a done deal that the U. S. Federal Reserve would trim the benchmark Fed funds rate by just 25 basis points when it meets next week. But but but but but but the calculus has quickly changed. After all, the employment picture, as suggested by the August jobs report last week, remained robust.
And inflation, as shown by this week's CPI and PPI reports, continue to remain a bit stickier than hoped. Wall Street Journal report, Nick Timerose or reporter Nick Timerose occasionally referred to it as Nicki Leaks due to his excellent sources inside the Federal Reserve and Thursday afternoon he published an article suggesting that the decision on the size of the rate cut was still up for debate. Quote, I think it is a close call, John Faust, previously a senior adviser to Fed chair Jerome Powell, told Timmy Timmy Raos, I cannot pronounce that name, Timmy Raos. Timiraos. Timiraos.
We'll say that one. You can make a very good case for 50, said Esther George, president of the Kansas City Federal Reserve for more than a decade until last year. And she noted that the Fed moved quickly to tighten policy above the neutral rate so it might make sense for the central bank to move just as quickly to ease. Shortly following the article, the chances of the Fed slashing 50 basis points next week, jumped to more than 40 or more jumped to more than 40% from percentages in the high teens just a few days earlier. And at press time, the odds of a 50 basis point cut had risen a bit further all the way up to 45 percent. The news may also have been responsible for a quick turnaround in the US stock market Thursday afternoon, which closed with decent gains after sporting losses earlier in the session.
Bitcoin too rose to about its highest in more than a week, 58 k. 58,400. It has since slipped to, from, wait. Wait. Okay. They've got a really bad sentence. I'm gonna read it just so you know. This the editing at CoinDesk. Please, people, check this shit out. Bitcoin rose to about its highest in more than a week to 58,400. It since slipped. Oh, okay. That's my this is my mistake. 58,400. Now it's back down to 57, uh,800. But there's a big green dildo. We'll talk about that later. All things being equal, easier monetary policy is generally assumed to be a good thing for risk assets, Bitcoin included. But in Bitcoin's current bear phase, assumptions can quickly change. At least some analysts have said that the Fed moving faster with rate cuts might send prices even lower. Yeah. We talked a little bit about that last week. For some reason, there are a lot of people that the reason that the, 50 basis point rate cut was at 12% chances, like, a couple of days ago was because there's a sentiment that if the Fed cuts rates too fast, that is going to have the opposite effect of what we think.
That cheaper money will make riskier assets more palatable, more desirable. Instead, some of these people are saying well, not so fast. Here's another raft of things that you should think about when it comes to a high rate cut like 50 basis points rather than 25, that it might actually signal that they are in emergency mode and that that was signaling something a deeper problem in the markets in general. And we all know that there's deeper problems in the market. My God Almighty, we've known this shit for a decade minimum. And people that are way smarter than me knew this shit was coming down the pipe 40 years ago.
Just just saying. So there's a chance that we may get 50 basis point cut. What will Bitcoin do? How hell, I don't know. I'm not even gonna speculate. But this one's interesting. And this is out of decrypt, written by Andrew Thorballis. The United States dollar is taking over the world thanks to stablecoins, according to a report. This is this is this is something that I've been thinking about. It seems to me that stablecoins somehow or another How to say this without sounding like a goddamn shit coiner, and I don't really know. I'm not going to say that stable coins are good. I don't use them. I don't see a reason I need to use them. I'm not a trader. And when stable coins first came out and if you don't know what a stable coin is, it's just a shit token that's pegged somehow to some fiat currency.
In most cases, stablecoins are always pegged to the dollar. I'm sure that one exists that's pegged to the I don't know. The the British pound sterling. No one gives a shit. Alright? They're only care we only care about the stable coins that are pegged to the United States dollar. That made trading shit coins easier. Right? Because you could just go into a stable coin. You didn't have to go into the US dollar. You didn't have to worry about bank accounts. You didn't have to worry about doing all these transaction fees. You could just keep your stable coin after you sold your doge or whatever on an exchange as US dollar equivalents and then go do your degeneracy without actually having to take your money out or keep it in actual dollars that's where it started but now it's morphed and why did it morph Because Tether started buying United States Treasury bonds like they were candy and like they were 4 years old.
Because we all know 4 year olds love to just destroy their pancreas for whatever reasons. Be that as it may, we've got a situation now where stablecoins are now so well accepted to the point that even the United States government is probably loath to do anything about Tether and what what's the other one? USDC. Circle's Circle has a stable coin too. Specifically, when we talk about Tether, it's because the sheer amount of United States debt in the form of United States Treasury bills or bonds or whatever you want to call like the 30 year bond, the 10 year the 5 year all that shit they've bought so much that they might as well be a sovereign country that's how much US debt they've bought they're like a buyer of last resort All right? So that's the premise of what we're about to read.
Let's get into it. Stablecoins are boosting U. S. Dollar dominance around the world in countries that otherwise have no access to the currency according to a new report sponsored by Visa. Yeah. Visa credit cards. Authored by Castle Island Ventures and Brevin Howard Digital, the report outlined how stablecoin adoption is rising irrespective of crypto market cycles and gaining adoption as a monetary instrument for reasons unrelated to digital asset trading and speculation. For example, data from Visa and Allium Labs show that stablecoin volumes reached $461,000,000,000 in August alone.
That's the 3rd highest month on record, surpassing any point from the 2021 bull market despite crypto's market slump over the past 2 quarters, even though they are small still they are extending the reach of the dollar the United States dollar especially in countries where USD is scarcely available wrote Nick Carter general partner at Castle Island Ventures on Twitter on Thursday. Stablecoins are blockchain based currencies. We already know what they are. I told you about that, so we'll skip that. As the authors note, a whopping 98.97% of stablecoins in circulation are currently backed by US dollars making the USD even more dominant in the stablecoin sector than other areas of foreign exchange dominance.
Chief among them is Tether, which alone accounts for 69% of the $170,000,000,000 stablecoin market according to DeFi Llama. The report includes results from a survey of 2,500 individuals across Nigeria, India, Indonesia, Turkey, and Brazil, all countries where traditional dollar banking services are limited. And they found that 69% of crypto users surveyed had converted their local currency to stable coins. Carter said they believe these conversions represent net flows into dollars rather than a mere substitution of dollar balance sheets from $1 instrument to another. And furthermore, 39% of respondents had used stablecoins to pay for a good or a service, and 39% had used stables to send money to relatives in another country. And overall, 72% said they expected to increase their use of stablecoins in the future.
Quote, stablecoins are preferred to United States dollar banking due to yield, efficiency and lower likelihood of government interference, the report added. Among the 5 countries, stablecoins were easily the most popular in Nigeria, where 75% of the respondents said that they had a very favorable opinion of the tokens. Quote, crypto dollarization events are likely to happen. We believe one such event is actively occurring in Nigeria right now despite government hostility, Carter wrote. Quote, end users want digital dollar instruments and currency substitution will happen regardless.
Alright. So first of all, I need to ask everybody listening that hate stablecoins because they just think that they're nothing but a shitcoin to just hold on for a sec. Right? Hold on for a sec because there there's something happening here that I think we need to be really aware of and we're not going to be able to really get the impact of this if we just look through the lenses of I hate you. Okay? It doesn't mean that you have to stop hating them. I'm just asking you to suspend your hate for just a second. Because we've got this thing called the dollar milkshake theory. And the theory goes like this.
All fiat currencies will collapse against the dollar until the dollar itself is the only real fiat currency in the world. Therefore, making it or holding its position and even bolstering its position as the world's reserve currency. Except this report is it and it's not that I automatically believe the report. It's not that I automatically believe everything Nick Carter says. It's just if we can if we look at what this report is saying, it's telling us that stablecoins themselves are indeed facilitating the dollar milkshake theory. I believe that the stablecoins are actually speeding up the inevitable dollar milkshake theory. That's what I really believe.
I think that let's say that stablecoins never had existed. And that there and let's go further and say that only Bitcoin ever occurred and nobody really got into trying to rip everybody off of their money and destroy their families by offering them Doge. Okay? Let's say that there's only Bitcoin and the fiat currencies. The dollar milkshake theory would have happened anyway. Because the dollar milkshake theory go for Bitcoin for for Bitcoiners like me anyway goes like this all fiat currencies collapse into the dollar and the dollar either collapses into Bitcoin directly or Bitcoin ends up being the backing or the backing asset for the currency that is the US dollar that is now after the milkshake theory plays out the only fiat currency that all countries use it becomes the worldwide global currency not just the global reserve currency but the global utilized currency that every like you would be in Turkey and people would be paying in dollars you would be in China and people would be paying in dollars. That's a stretch, I know, but just hear me out.
It would have happened anyway. It would have taken a lot longer. That's what I'm saying. But somehow, that's one of the reasons why I'm kinda suspending my hatred towards stablecoins. I'm not gonna use them. I don't suggest anybody actually do. But if you're not watching what's going on with stablecoins, if you're looking at altcoins possibly being the barrier to widespread Bitcoin adoption, you might wanna just we need to stop looking at altcoins. The SEC, let's let them look at altcoins. We need to be keeping our attention on what the hell is going on with BUSD, Tether, DAI, USDC, all this shit.
All of this shit. Because now what's going to happen all I always said altcoins is like what Jesus said. Altcoins will always be with you and so will the poor because of the altcoins. But now this is becoming this is becoming a thing. And most people go, dude, I knew it was a thing 3 years ago. Okay, fine. You beat me to the punch. But it's very clear to me now that stablecoins is probably an enemy of Bitcoin. I don't exactly know how this is gonna play out. But this is important. We should not be closing our eyes to what the hell is going on with stable coins. So here's my recommendation. Stop looking at altcoins.
Stop putting any energy at all into, you know, wondering why the hell somebody would buy Doge. We need to start wondering why the hell somebody would buy BUSD. Tether, USDC, Dai, all the rest of this crap. The coinbase has got one. I mean, it's fucking ridiculous, right? So I'm reserving The reason that I don't want to go full out hating stablecoins right now is because is it possible here's my question: Is it possible that somehow or another the dollar milkshake theory is sped up 10, 100x by stablecoins. The stablecoins themselves sort of start replacing the United States dollar, but it will still have the name the USD the United States dollar there will still be the same regulatory bullshit that controls all this crap that we have with the SEC the federal reserve all those guys are still in place in this thought experiment or this this thought question experiment if you will and somehow Bitcoin still ends up being the backing asset I don't know but this is something that I kind of didn't expect I kind of I had kind of thought maybe, like, last year. I'm like this is this stablecoin thing is getting a little out of hand, it's getting a little bit bigger, but now it's the what I see is a couple of possible paths are starting to the fog is starting to lift and I'm starting to see these couple of different paths very, very clearly.
One is okay. It is definitely better than the other one. The other one we've got problems. We've got we've got some serious problems. I still will always hold true to the to the following. Just buy Bitcoin, hold Bitcoin. Because these stable coins like let's just take tethers be the last thing I say about it. What is it backed by? These coins are backed by debt. They're not backed by gold. They're not backed by silver. They're not backed by anything other than debt. And specifically, United States debt. This is not good debt. This is toxic debt. And that toxicity is now plunged into Tether and USDC and Dai and BUSD and Coinbase's stablecoin. They carry that toxicity of the United States debt everywhere they go.
My conclusion is the only safe way out of this is if all stable coins are backed by actual Bitcoin. That's what I'm gonna say. And that's all I'm gonna say about it. Let's run the numbers. CNBC Futures and Commodities, but before we do it, there's a couple of headlines. I'm just gonna read the headlines. Harris's rise in the polls has sparked a wave of wealth transfers to children. Under current law, individuals can transfer up to $13,610,000 Couples can send up to $27,220,000 to family members or beneficiaries without owing estate or gift taxes.
Somebody please tell me why, instead of maybe not voting for this woman, that they just instead decide, okay, well we'll vote for her anyway, but she's obviously terrible so we're gonna send our money to our kids now before she takes all our money away from us. Somebody please tell me the logic behind this structure. I don't get it. How about this? How about you don't vote for her? If you don't want to lose your money, maybe not vote for her. I don't I don't I don't get it. I don't get it. Anyway, so oil down a quarter of a point to 6878. Brent, North Sea down 25 points to 71.79.
Natural gas down, oh, I don't know, 1.87 percent. And gasoline is up 0.65 to 194 a gallon. Shiny Metal Rock is doing very, very, very, very well today. Gold is up 1 a quarter. Silver is up 3 a third. Platinum is up 2 a quarter. Copper is up 3 quarters. And palladium is up just over 2 points. Ag mixed. We'll just call it mixed. Biggest winner is coffee. 3.87 percent to the upside. Biggest loser today, who is it? Who is it? It's gonna be sugar. 0.68 percent to the downside. Live cattle up 0.1%. Lean hogs down a quarter. Feeder cattle moving sideways. The Dow is up almost a point. S and P is up 2 thirds.
Nasdaq is up a half a point and the S and P Mini is up 1.72%. Yay. And Bitcoin is up today. We've got a we've got a pretty good sized green dildo going on. I don't know why. I don't know why. Maybe it's that 50 basis point move. Who knows? $59,590 per Bitcoin gives us $1,180,000,000,000 of market cap. That will enable us to purchase 23 point ounces of shiny metal rocks with our 1 Bitcoin of which there are 19,000,000 753,446.12 of, and average fees per block have dropped to 0.05 BTC on average on a per block basis. Whoop dee doo. Well, there's a 114 blocks carrying 220,000 unconfirmed transactions waiting to clear at high priority rates of, get this, 9 satoshis per vbyte.
Low priorities gonna get you in at 5 satoshis per vbyte. Hash rate looks like it is sitting at 622 oh, we had a big old drop in hash rate. 624 exahashes per second. I'm just seeing this massive dip in hash rate. Hold on, I want to go check it. On September 11th, Hash rate fell to 493 exahashes per second. That is a massive drop. I wonder why. Was it the difficulty adjustment? I don't know. I don't know. I'm not I'm not gonna conjecture on it. Alright, so there you go. There's that. Now, before we do the boostograms, I want to say a few words about podcasting 2.0.
If you are not using a podcasting 2.0 app, then you're missing out. And people have often asked me: well, you say that, but what apps are there? Okay. Here are the podcasting apps that offer boostagrams and streaming of Satoshis. Okay, now I'm finding this on podcastindex.org and I went to their apps there's a little button at the very top of podcastindex.org it says apps that will take you to where all of your nice stuff is if you want to find a good podcasting app for podcasting 2.0 True Fans there's Podverse Podcast Guru My favorite, which kinda got broken a little bit from yesterday's update, but I'm sure they'll fix it Fountain App There's PeerTube There's LNBZ There's CurioCaster There's Cast O Matic there's, Podstation.
Hell, it's a browser extension. And then there's Breeze. So those those particular ones, there's some of them are for just for desktop, some of them are for mobile. Alright? Let's see if I want to go let's see if I can go over to mobile. Let's see what's on Android. On Android that has boostograms and sat streaming, you can get Trufans, Podverse, Podcast Guru, Fountain and Breeze. If you want iOS, there's Trufans, Podverse, Podcast Guru, Fountain and Breeze. So those 5 apps are mobile podcasting apps that are fully podcast 2.0 enabled and they work both on iOS and Android.
There is no excuse for you guys who are not using podcasting 2.0 There's no excuse. There's 5. They work on both Android and iOS. Clearly, they're mobile. What's holding you back? If we don't start doing this now the faster we can get this done the faster we can starve the legacy beast that is everything whether it's social media, podcasting, YouTube, you name it and move it over into our world. If we're not going to gut up, get a spine and go down to Walmart and buy a ball sack they have them on sale then we're going to always continuously be slaves inside the walled garden.
This is your chance. True Fans, Podverse, Podcast Guru, Fountain, Breeze. And it's by fountain app that I was able to get golfwinches, no, 6,777 sat says thank you for the show. I love it. Your passion is infectious. Please donate to this gentleman. He deserves it. I think I do too. Thank you, golf witch. Winch. I appreciate it. Joey DD with 3333, a palindrome boost, and a row of threes. Bitcoin rocks yard signs will also be available in Canada if an election is triggered. Stickers and business kits are still free for the asking. Alright. So there you go. DeBravco with 2,329 SAT says in the winter what happens in the desert at night?
The ambient temperature drops like a rock. So if you have micro turbines in the desert and can open up the conduit to their heat after the sun sets and the temperature drops, it can lend itself and much more efficient, vigorous sources of energy. Now do that in American in an American desert like the United States Southwest or Mexico and the Sahara. You have 2 energy sources that can power miners and AI farms for maybe 18 hours of the day and night. As I said before, the sun never sets, the wind never stops blowing, and the methane never stops burning in the Bitcoin network. Dobrovko with another 2330 says, I mixed on the terrible Altman.
1, suck it, Trebek. Eat Singaporean dick. 2, it is more profitable to sell shovels, water, whiskey, and steak or gruel than it is to pan for and dig for gold. Good on him. The heat batteries have a really good niche just right off the bat. You can get different media very hot and wait, yeah, you can get different media very hot and keep it if properly insulated and different techniques of storing various energies continue to be investigated. You mentioned hot places. Solar panels are actually more effective when the ambient temperature is cooler or colder. So solar is just looking for sunny places.
Case in point: you have to measure and make sure that your panels and your system don't overload your controller in the witi. And I don't know what that last part meant. Debravco with another 2320 says, good thing the FUDBI are here to help protect me from the 87% of fraud out there. Pretty cool that tour is on Amethyst. Dubravko with another 2310. Dude, you are boosting the shit out of me today, man. Boost for leaving lost Twitter. I was I I like that that, that, that title. That was a good title. Slow slow with 21100 says Bitcoin rocks. I'm in. Pies to play with 420 says thank you, sir. No. Thank you. Matt f r l with a 100 says thank you, sir. No. Thank you. And that's the weather report.
Welcome to part 2 of the news that you can use. OpenSats grants a long term support for WireGuard creator, Jason Doenfeld. OpenSats is proud to provide long term support for Jason Doenfeld, a pivotal figure in developing essential graphic and networking tools, announced the nonprofit. He is the creator of WireGuard, a secure VPN protocol and primary author of the Linux kernel's RNG. WireGuard secures node and datacenter communications while the Linux RNG generates cryptographic keys essential for Bitcoin security. With this grant, he will continue developing and maintaining WireGuard across platforms enhance the Linux kernel RNG for cryptographic robustness, advance other cryptography related components within the Linux kernel, and potentially update tools like cgit and pass.
Alright, so Bitcoin's name was mentioned once. But I want to make sure that we understand that Jason Doenfeld does not really work on Bitcoin. He doesn't really work on Lightning. He doesn't work on eCash or Fedimint, and he certainly doesn't work on Nostr. So why is Open Sats granting somebody that's completely outside the realm of Bitcoin and Lightning and eCash and nastr why are they doing it? Because I believe that they see that it's going to take more people than just the people that are inside this realm of Bitcoin and Lightning and eCash and blah blah blah blah blah blah to get this shit done.
So what makes me happy is that the guys over at Open Sats have reached out beyond our bubble and are starting to give grants to people who don't directly work on Bitcoin. They're expanding their mission just a bit. The only thing that I would ask them to guard against is continued scope creep. You don't want that shit. I think that just the privacy aspects like Tor or this thing like WireGuard and VPNs, I honestly think that that should be the limit of the bubble, but I may be wrong. But what makes me happy, again, is that they are reaching outside of the Bitcoin bubble and granting people on the other side of that. Blue Wallet version 7.0.4.
Advanced mode unleashed. Blue Wallet has been around forever and it is a bitcoin and lightning wallet built with react native and Electrum. Blue Wallet version 7.0.4 is now available on iOS, Android and macOS. This release makes advanced mode options available contextually on each screen top right options. It also adds learn a a learn more link for LND hub in the add wallet section and includes a variety of bug fixes. And I won't get into what's new, well I'm just going to scan it for just a second. Oh, they had a oh. They have fixed their broken lnurlpaver via ln address. Thank god.
This may actually make me wanna open up my my, blue wallet again. So if you're you if you're a user of blue wallet, you might wanna consider upgrading to 7.0.4. If you haven't ever used Blue Wallet, maybe look into it because it looks like they are, getting their their stuff together. And I say that only because I hadn't seen any development on Blue Wallet in quite a while. That may be my fault, maybe I missed it, I don't know. But Bitkit version 1.0.4 is also out. Transfer notifications and replace by fee is on by default and more. Bitkit is a self custodial Bitcoin wallet and a lightning wallet with payable contacts.
It's available both on Android and iOS. And this update brings notifications on transfer activity. It enables RBF and improves CPFP functionality improves the transfer flow experience and delivers a variety of bug fixes, as well as improvements. So what's new? Transfer notifications, channel information, replace by fee, replace by fee by default, transfer flow update and react native LDK update. And then they've got some UI enhancements, bug fixes, and some other things. It's actually a huge update. It's actually very, very large. And we got one more LNbits version 0.12.11.
It fixes, refactors, UI improvements, and there's new funding sources as well. It is a free and open source Lightning Wallet and accounts system. LN Bits has been released. Huge thanks to all the contributors. This is a biggie. A bunch of fixes and refactors, more developer tests, dependency updates, and some UI improvements, such as the lovely gradient option. Oh, nice. Benarc also released a tutorial for running LN bits on liquid via trustless bolts swaps on a Luna Node server. It is a great option for merchants who don't want to run a node and don't want to use custodial services, said the developer. And this list is freaking massive. Holy shit.
There's no way that I'm going to read this to you at all. But as always, all of the links of everything that I brought to you today will be in the show notes. I also do chapters, so if your podcasting 2.app supports chapters, consider using those, just so that we can support all the features in podcasting 2.0. And the reason I wanted to make sure that I mentioned podcasting 2.0 today is because this is how you can support me directly. If you want to support the show, if you think I'm bringing you any kind of value at all, donate to the show. I'm not asking for tips, right? I'm trying to stay away from, you know, getting down the advertiser, you know, rabbit hole simply because I don't really want meetings.
I don't I don't wanna sit in a Zoom conference call having people say, you know, when you said that sentence in our in our write up, it really you just didn't deliver it as much as we thought. It's a daily show, motherfucker. I mean, it's like I do a show every week. They're not all gonna be winners, okay? So, just I'm just saying that if you want me to just be able to be me and not have somebody on my ass about how I didn't say a thing the right way or how I didn't include something or how I screwed something else up, then donate to the show. You can do that with podcasting 2.0. You can do a boostogram.
And if you do, please leave me a note. I will read it on the air. You can stream me satoshis. I think, on fountain, I think the limit the lower limit is 10. And 1% of that always goes to podcast index to support Adam Curry and, Dave Jones and that outfit out there. Because without podcast index, none of this shit works. Right? And they are building their side of it so that if they both die in a fiery plane wreck over the Pacific Ocean, God forbid that that happens, that podcasting 2.0 will go on. Almost all podcast apps, no matter if they're 2.0 or not, look at podcast index so they can pull the RSS feed out of it. So it's a big deal.
And they need support too. And they they've got it set up to where 1% of podcasting 2.0 stuff goes directly to them. And I'm not exactly sure how that works, but I know that I am always giving 1% of anything that you guys give me to support the show will go to support podcast index because podcast index in return also supports my show. Adam Curry supports my show simply by having podcast index. Dave Jones supports my show simply by building podcast index. And the way I see this working is a circular we call it a circular economy, but in this particular case it's artists and creatives and podcasters trying to support each other.
And by giving them that 1%, I'm supporting Podcast Index, which in turn supports me. When you guys support me by giving me boostagrams and donating to the show and and streaming me satoshis by saying I find that you have given me given me value today so therefore I'm going to give you value back by donating to the show either boostagram or or streaming stats. That's the way that I'm going to support you. When you do that, you're supporting podcast index by proxy. And Podcast Index is supporting me, by enabling you to be able to support the show. See how this works? And if more and more if I can get more and more people to donate to this show, I will be able to donate more and more to other projects.
So by donating to this show, you would be able to be able to support those projects. And don't worry, I'm not gonna support I don't know. I'm not gonna support some idiot for president. I don't care about any either of these dudes. Right? I don't care about Kamala. I mean, it's like I know that some people in this audience want me to care about Trump. I can't. You know, it's probably a better choice than Kamala, but I'm not gonna support anybody for president. That's not where my support is gonna go. My support, I wanna be able to send sats to open sats. I wanna be able to send sats to a developer directly. I like laserin and all those guys over at Project Alexandria.
I wanna be able to support them, but I can't do that unless I get supported myself. Podcast index is in the same boat. They want to support my show, but they can't do that unless I'm able to support them. And I can't do that unless you guys support me. And the more that we grow this network of support amongst each other, I almost guarantee that there will be a synergy where 1+1 doesn't equal 2. It equals more like 6 or 500. Nobody knows how synergy actually works, but we do know that it works. And by having more people donate to this show, I will be able to help more people donate to what they want to donate to.
So consider that because it's when you donate to just my show, you might think that you're just donating to my show, but that's not true. You're also donating to one of the most important projects in the podcasting space and that's podcasting 2.0 and podcast index. So keep that in mind. Go out and have the best weekend you ever had, 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 9:50 am Pacific Daylight Time. It's the 13th day. It's Friday 13th in fact. Uh-oh.
Uh-oh. Oh, of 2024. This is episode 953 of Bitcoin and I finally was able to capture a full length interview with Tomek from the Get Albi team. That's not going to come to you today. I have found that Friday shows don't do all that well and but I do them anyway simply because this is what I do. Right? This is what I do. So I'm going to edit that thing down and and get, you know, in caps and all get it all pretty, you know, level out the stuff and get it to you, I don't know, Tuesday, Wednesday, or Thursday of next week. I'm not going to sit on it that long, but I just I I think that the the Get Albie discussion that we had is important. I know people are getting ready for their weekend.
God knows I hope you have a good one. I hope you barbecue even though it's after Labor Day. Apparently, that's the the end of barbecue season. Unless you're me, in which case mid February is also, you know, barbecue season. Anyway, I hope you guys have a great weekend. Look forward to that, episode with Tom Eck from the Get Alby team sometime in the middle of next week, I I guess. So sorry. I'm drinking some coffee. What do we got today? Well, we're just gonna get as usual, because I just think it's easier to do it this way, let's just jump right in. A Bitcoin Magazine Vivec SIN Your favorite guy, Michael Saylor, and his company, MicroStrategy, has bought an additional $1,110,000,000 worth of Bitcoin.
It's kind of a big buy. It's kind of a big buy, dude. So MicroStrategy announced it has purchased 18,300 Bitcoin for $1,100,000,000 boosting its total holdings to 244,800 BTC that has been acquired for a total of $9,450,000,000 The business intelligence firm led by Michael Saylor has been steadily accumulating Bitcoin for, its corporate strategy since 2020. I mean, he's been in the game for a while now, man. It's damn near 4 years. Micah Strategy's latest $1,000,000,000 purchase was conducted at an average price of $60,000 or $60,408 per Bitcoin according to Saylor. The company has achieved a 17% Bitcoin yield year to date, capitalizing on BTC's appreciation as it continues to borrow fiat at low interest rates to expand its holdings.
God only knows what happens when they drop the interest rates this month. At current prices, MicroStrategy's Bitcoin trove is now worth over $15,000,000,000 greatly benefiting shareholders. The company's stock prices surged in tandem with its Bitcoin accumulation. Despite rough market conditions in 2024, MicroStrategy continues just buying Bitcoin and continuing to compound its Bitcoin position for the long term. The firm treats Bitcoin as a superior treasury asset compared to cash that is subject to inflationary debasement.
MicroStrategy is executing the biggest speculative attack on fiat currency in history by acquiring the hardest money for its treasury. Other public companies are following MicroStrategy's lead by adopting Bitcoin Treasury policies and acquiring Bitcoin exposure on their balance sheets. However, MicroStrategy remains the largest corporate holder of Bitcoin in the world. And by harnessing underutilized capital to capture Bitcoin's upside, MicroStrategy has molded itself into an emerging Bitcoin development company that is powering the worldwide adoption of Bitcoin. There's two things about this article that I don't like.
When Vivek Senn says that MicroStrategy is executing the biggest speculative attack on fiat currency in history, I have absolutely no numbers given in this article to back that up. Is it really the largest speculative attack on fiat currency in the history? Because he doesn't say the history of the United States. He doesn't say the history of the dollar. He just says the largest speculative attack on fiat currency. Well, fiat currencies has been around with us for years. There's several different kinds of fiat currencies. There's the British pound sterling, there's the US dollar, there's I don't know, name your poison. It's all fiat at this point.
Is this really the largest speculative attack on fiat currency in history? Over all countries, over all fiat currencies? I don't know the answer to that. I really don't. But I don't think that that statement is actually true. All I can think about is who's that idiot? The global guy? Soros. George Soros did a speculative attack on fiat currencies himself where he bought I believe it was the British pound and then somehow or another he basically was able to tank the British pound and then go back into the United States dollar. That also was a form of speculative attack. And I get the feeling that that was a larger speculative attack on a fiat currency than MicroStrategy's buying of Bitcoin, although I can't be sure.
The second is where was it? The Bitcoin development company. I don't look at MicroStrategy as a Bitcoin development company. I have seen nothing of about development in Bitcoin from MicroStrategy at all. Now, I'm not I'm not being a Michael Saylor MicroStrategy hater. I'm just saying that when you make these statements, are they actually true? What development has MicroStrategy done in Bitcoin? I don't see any grants for developers. I don't see any internal development. I've heard them talk about it but I haven't seen anything actually released. Just by buying Bitcoin doesn't mean that you're developing on Bitcoin. It just means that you're buying Bitcoin.
Whatever. Okay, let's move on to the SEC. That is they're expanding their Binance lawsuit and now have said that AXS, FIL, and Adam shit coins are now securities. Josh O'Sullivan again, Cointelegraph. The United States Securities and Exchange Commission has expanded its lawsuit against crypto exchange Binance to broaden the scope of its claims. I'm pausing to note that there was also another news story that I'm not gonna bring you today, But I just wanted to give you the headline of it. It essentially says that the United States government is pushing Nigeria to release the Binance Executive.
Yet, at the same time, they're expanding their lawsuit against the very same company, finance. You do the math. I can't I have only 4 brain cells left. I'm not going to do that math. Anyway, continuing on the SEC's updated legal filings. Now list an additional range of tokens as securities including Axie Infinity's Axie Infinity Shards, Filecoin, Cosmos's ATOM, The Sandbox's SAND, and Decentraland's MANA. So Decentraland just got thrown under the bus along with all the rest of these dudes. The development follows the continued pattern of the SEC's ongoing efforts to regulate or choke out the crypto industry and classify digital assets as securities. In the latest update to the SEC versus Binance lawsuit, the regulator has now accused Binance and its US affiliate BAM or BAM Trading of facilitating the trade of tokens now considered unregistered securities.
The SEC has alleged that the Binance platforms actively promote these tokens newly deemed securities to customers and highlight their potential investment returns. Quote, Binance and BAM Trading fill these markets with information republishing and amplifying the issuer and promoter statements and activity promoting tokens as an investment. End quote. We've always known that Binance were shitcoiners. I mean, it's not like that that was gonna change. The SEC's amendment to the complaint also reiterates its position that Binance operated illegally as an unregistered exchange broker dealer and clearing agency. The regulator stated that at all relevant times, Binance, quote, used means and instrumentalities of interstate commerce, oh shit, to engage in the business of effecting transactions in securities for the account of others, end quote. In the claims, the SEC has stated that Binance failed to provide appropriate disclosures regarding the risk and legality of the token trading on its international and US platforms.
Amid the ongoing lawsuit with Kraken, the SEC has come under scrutiny after admitting that crypto asset security is a made up term as highlighted by Stuart Aldertoy, chief legal officer at Ripple. Alder oh, Alder oh, no. Alderotti. Sorry. Not Alder Toy. It doesn't matter. Alderotti mocked the regulatory entity for its twisted pretzel of contradictions prompted by footnote 6 of the amended complaint against Binance stating that the regulator regulates or regrets any confusion that it may have invited. Paul Gruwell, chief legal officer at Coinbase, highlighted the regulators claim that XRP itself is a security in 2020 in the Ripple et al lawsuit and then asked the SEC why mislead the court.
Who knows what the hell is going on with that last part of this, this this particular story? It's all confusing. The only thing that we really have a takeaway on is that they're going to continue to list the shitcoins as securities. And I've always said the following. All the shitcoins are good for Bitcoin for one reason and one reason only. They don't expand it. They don't expand its reach. They don't expand Bitcoin's functionality. They don't really add anything new under the sun. They are strictly designed to take your money. Alright? So in so doing, they're good for Bitcoin because they become what's called a blade of armor. If you don't know what a blade of armor is, it's spelled with an a not an o. That was my when I was searching for I never could find oblate of armor and there's a reason because it's a blade of armor. It's armor that explodes upon impact of a projectile.
So what happens is a tank that has a blade of armor on it gets hit by say, oh, I don't know, a Tomahawk cruise missile. The idea is that at the point of contact the ablative armor explodes outwards and by doing so it counteracts the wave force of the explosion of the tomahawk missile I'm not sure if a blade of armor will stop a tomahawk but let's say an RPG rocket propelled grenade let's go let's take it down a few notches so the rocket propelled grenade hits the side of the tank the ablative armor explodes in the opposite direction a 180 degrees in the opposite direction right If you think of it as waveforms as the explosive force as energy waveforms like sine waves like 40 Hertz 40 kilohertz you know a 100 Hertz think of noise canceling headphones, Right?
If your headphones pick up a noise pattern in the background, what it does is it samples that, and then it takes that waveform out of phase, and then puts it back into your headphones. And the theory and it's not just a theory, it actually works is that if you have 2 exact waveforms that are exactly a 180 degrees out of phase with each other, they cancel each other out to almost 0 decibels. This is the same thing. I think shitcoins have been and will continue to be for quite a while a blade of armor for Bitcoin. While the projectiles of the SEC are really trying to get to Bitcoin they keep hitting the ablative armor of the shit coins so they have to expend all of their energy to destroy all of the ablative armor around Bitcoin before they can actually start attacking the real target.
That's the monster that or they view as a monster Bitcoin because it has the ability to pull all their teeth to completely I don't know cut their balls off basically make them eunuchs, and send them away out into the four winds to twist. We don't need these people anymore. We're fine on our own. But they are going to continue to attack Bitcoin. So in this particular case, this is an example of the amount of energy they're going to have to expend on this handful of shit coins. There's 10,000 of them. There's 10,000 shit coins. It's going to take them forever to clean off the ablative armor around Bitcoin before they can finally start looking at the target that they actually want to see. Let's continue on with what the Fed's gonna do. What is the Fed gonna do? Well, there's there's chances are more than likely that they're going to cut rates. In fact, we know they're going to cut rates this month. The question becomes, is it 25 basis points or is it 50 basis points? And I've talked about this before.
Well, this piece from CoinDesk and Steven Alfer may let us know that they might be considering a 50 basis point move because the rate or the the odds of a 50 point fed cut next week jumps to 45%. This was not this was not the case yesterday, but now it's jumped. Okay, so just 24 hours ago it was thought to be nearly a done deal that the U. S. Federal Reserve would trim the benchmark Fed funds rate by just 25 basis points when it meets next week. But but but but but but the calculus has quickly changed. After all, the employment picture, as suggested by the August jobs report last week, remained robust.
And inflation, as shown by this week's CPI and PPI reports, continue to remain a bit stickier than hoped. Wall Street Journal report, Nick Timerose or reporter Nick Timerose occasionally referred to it as Nicki Leaks due to his excellent sources inside the Federal Reserve and Thursday afternoon he published an article suggesting that the decision on the size of the rate cut was still up for debate. Quote, I think it is a close call, John Faust, previously a senior adviser to Fed chair Jerome Powell, told Timmy Timmy Raos, I cannot pronounce that name, Timmy Raos. Timiraos. Timiraos.
We'll say that one. You can make a very good case for 50, said Esther George, president of the Kansas City Federal Reserve for more than a decade until last year. And she noted that the Fed moved quickly to tighten policy above the neutral rate so it might make sense for the central bank to move just as quickly to ease. Shortly following the article, the chances of the Fed slashing 50 basis points next week, jumped to more than 40 or more jumped to more than 40% from percentages in the high teens just a few days earlier. And at press time, the odds of a 50 basis point cut had risen a bit further all the way up to 45 percent. The news may also have been responsible for a quick turnaround in the US stock market Thursday afternoon, which closed with decent gains after sporting losses earlier in the session.
Bitcoin too rose to about its highest in more than a week, 58 k. 58,400. It has since slipped to, from, wait. Wait. Okay. They've got a really bad sentence. I'm gonna read it just so you know. This the editing at CoinDesk. Please, people, check this shit out. Bitcoin rose to about its highest in more than a week to 58,400. It since slipped. Oh, okay. That's my this is my mistake. 58,400. Now it's back down to 57, uh,800. But there's a big green dildo. We'll talk about that later. All things being equal, easier monetary policy is generally assumed to be a good thing for risk assets, Bitcoin included. But in Bitcoin's current bear phase, assumptions can quickly change. At least some analysts have said that the Fed moving faster with rate cuts might send prices even lower. Yeah. We talked a little bit about that last week. For some reason, there are a lot of people that the reason that the, 50 basis point rate cut was at 12% chances, like, a couple of days ago was because there's a sentiment that if the Fed cuts rates too fast, that is going to have the opposite effect of what we think.
That cheaper money will make riskier assets more palatable, more desirable. Instead, some of these people are saying well, not so fast. Here's another raft of things that you should think about when it comes to a high rate cut like 50 basis points rather than 25, that it might actually signal that they are in emergency mode and that that was signaling something a deeper problem in the markets in general. And we all know that there's deeper problems in the market. My God Almighty, we've known this shit for a decade minimum. And people that are way smarter than me knew this shit was coming down the pipe 40 years ago.
Just just saying. So there's a chance that we may get 50 basis point cut. What will Bitcoin do? How hell, I don't know. I'm not even gonna speculate. But this one's interesting. And this is out of decrypt, written by Andrew Thorballis. The United States dollar is taking over the world thanks to stablecoins, according to a report. This is this is this is something that I've been thinking about. It seems to me that stablecoins somehow or another How to say this without sounding like a goddamn shit coiner, and I don't really know. I'm not going to say that stable coins are good. I don't use them. I don't see a reason I need to use them. I'm not a trader. And when stable coins first came out and if you don't know what a stable coin is, it's just a shit token that's pegged somehow to some fiat currency.
In most cases, stablecoins are always pegged to the dollar. I'm sure that one exists that's pegged to the I don't know. The the British pound sterling. No one gives a shit. Alright? They're only care we only care about the stable coins that are pegged to the United States dollar. That made trading shit coins easier. Right? Because you could just go into a stable coin. You didn't have to go into the US dollar. You didn't have to worry about bank accounts. You didn't have to worry about doing all these transaction fees. You could just keep your stable coin after you sold your doge or whatever on an exchange as US dollar equivalents and then go do your degeneracy without actually having to take your money out or keep it in actual dollars that's where it started but now it's morphed and why did it morph Because Tether started buying United States Treasury bonds like they were candy and like they were 4 years old.
Because we all know 4 year olds love to just destroy their pancreas for whatever reasons. Be that as it may, we've got a situation now where stablecoins are now so well accepted to the point that even the United States government is probably loath to do anything about Tether and what what's the other one? USDC. Circle's Circle has a stable coin too. Specifically, when we talk about Tether, it's because the sheer amount of United States debt in the form of United States Treasury bills or bonds or whatever you want to call like the 30 year bond, the 10 year the 5 year all that shit they've bought so much that they might as well be a sovereign country that's how much US debt they've bought they're like a buyer of last resort All right? So that's the premise of what we're about to read.
Let's get into it. Stablecoins are boosting U. S. Dollar dominance around the world in countries that otherwise have no access to the currency according to a new report sponsored by Visa. Yeah. Visa credit cards. Authored by Castle Island Ventures and Brevin Howard Digital, the report outlined how stablecoin adoption is rising irrespective of crypto market cycles and gaining adoption as a monetary instrument for reasons unrelated to digital asset trading and speculation. For example, data from Visa and Allium Labs show that stablecoin volumes reached $461,000,000,000 in August alone.
That's the 3rd highest month on record, surpassing any point from the 2021 bull market despite crypto's market slump over the past 2 quarters, even though they are small still they are extending the reach of the dollar the United States dollar especially in countries where USD is scarcely available wrote Nick Carter general partner at Castle Island Ventures on Twitter on Thursday. Stablecoins are blockchain based currencies. We already know what they are. I told you about that, so we'll skip that. As the authors note, a whopping 98.97% of stablecoins in circulation are currently backed by US dollars making the USD even more dominant in the stablecoin sector than other areas of foreign exchange dominance.
Chief among them is Tether, which alone accounts for 69% of the $170,000,000,000 stablecoin market according to DeFi Llama. The report includes results from a survey of 2,500 individuals across Nigeria, India, Indonesia, Turkey, and Brazil, all countries where traditional dollar banking services are limited. And they found that 69% of crypto users surveyed had converted their local currency to stable coins. Carter said they believe these conversions represent net flows into dollars rather than a mere substitution of dollar balance sheets from $1 instrument to another. And furthermore, 39% of respondents had used stablecoins to pay for a good or a service, and 39% had used stables to send money to relatives in another country. And overall, 72% said they expected to increase their use of stablecoins in the future.
Quote, stablecoins are preferred to United States dollar banking due to yield, efficiency and lower likelihood of government interference, the report added. Among the 5 countries, stablecoins were easily the most popular in Nigeria, where 75% of the respondents said that they had a very favorable opinion of the tokens. Quote, crypto dollarization events are likely to happen. We believe one such event is actively occurring in Nigeria right now despite government hostility, Carter wrote. Quote, end users want digital dollar instruments and currency substitution will happen regardless.
Alright. So first of all, I need to ask everybody listening that hate stablecoins because they just think that they're nothing but a shitcoin to just hold on for a sec. Right? Hold on for a sec because there there's something happening here that I think we need to be really aware of and we're not going to be able to really get the impact of this if we just look through the lenses of I hate you. Okay? It doesn't mean that you have to stop hating them. I'm just asking you to suspend your hate for just a second. Because we've got this thing called the dollar milkshake theory. And the theory goes like this.
All fiat currencies will collapse against the dollar until the dollar itself is the only real fiat currency in the world. Therefore, making it or holding its position and even bolstering its position as the world's reserve currency. Except this report is it and it's not that I automatically believe the report. It's not that I automatically believe everything Nick Carter says. It's just if we can if we look at what this report is saying, it's telling us that stablecoins themselves are indeed facilitating the dollar milkshake theory. I believe that the stablecoins are actually speeding up the inevitable dollar milkshake theory. That's what I really believe.
I think that let's say that stablecoins never had existed. And that there and let's go further and say that only Bitcoin ever occurred and nobody really got into trying to rip everybody off of their money and destroy their families by offering them Doge. Okay? Let's say that there's only Bitcoin and the fiat currencies. The dollar milkshake theory would have happened anyway. Because the dollar milkshake theory go for Bitcoin for for Bitcoiners like me anyway goes like this all fiat currencies collapse into the dollar and the dollar either collapses into Bitcoin directly or Bitcoin ends up being the backing or the backing asset for the currency that is the US dollar that is now after the milkshake theory plays out the only fiat currency that all countries use it becomes the worldwide global currency not just the global reserve currency but the global utilized currency that every like you would be in Turkey and people would be paying in dollars you would be in China and people would be paying in dollars. That's a stretch, I know, but just hear me out.
It would have happened anyway. It would have taken a lot longer. That's what I'm saying. But somehow, that's one of the reasons why I'm kinda suspending my hatred towards stablecoins. I'm not gonna use them. I don't suggest anybody actually do. But if you're not watching what's going on with stablecoins, if you're looking at altcoins possibly being the barrier to widespread Bitcoin adoption, you might wanna just we need to stop looking at altcoins. The SEC, let's let them look at altcoins. We need to be keeping our attention on what the hell is going on with BUSD, Tether, DAI, USDC, all this shit.
All of this shit. Because now what's going to happen all I always said altcoins is like what Jesus said. Altcoins will always be with you and so will the poor because of the altcoins. But now this is becoming this is becoming a thing. And most people go, dude, I knew it was a thing 3 years ago. Okay, fine. You beat me to the punch. But it's very clear to me now that stablecoins is probably an enemy of Bitcoin. I don't exactly know how this is gonna play out. But this is important. We should not be closing our eyes to what the hell is going on with stable coins. So here's my recommendation. Stop looking at altcoins.
Stop putting any energy at all into, you know, wondering why the hell somebody would buy Doge. We need to start wondering why the hell somebody would buy BUSD. Tether, USDC, Dai, all the rest of this crap. The coinbase has got one. I mean, it's fucking ridiculous, right? So I'm reserving The reason that I don't want to go full out hating stablecoins right now is because is it possible here's my question: Is it possible that somehow or another the dollar milkshake theory is sped up 10, 100x by stablecoins. The stablecoins themselves sort of start replacing the United States dollar, but it will still have the name the USD the United States dollar there will still be the same regulatory bullshit that controls all this crap that we have with the SEC the federal reserve all those guys are still in place in this thought experiment or this this thought question experiment if you will and somehow Bitcoin still ends up being the backing asset I don't know but this is something that I kind of didn't expect I kind of I had kind of thought maybe, like, last year. I'm like this is this stablecoin thing is getting a little out of hand, it's getting a little bit bigger, but now it's the what I see is a couple of possible paths are starting to the fog is starting to lift and I'm starting to see these couple of different paths very, very clearly.
One is okay. It is definitely better than the other one. The other one we've got problems. We've got we've got some serious problems. I still will always hold true to the to the following. Just buy Bitcoin, hold Bitcoin. Because these stable coins like let's just take tethers be the last thing I say about it. What is it backed by? These coins are backed by debt. They're not backed by gold. They're not backed by silver. They're not backed by anything other than debt. And specifically, United States debt. This is not good debt. This is toxic debt. And that toxicity is now plunged into Tether and USDC and Dai and BUSD and Coinbase's stablecoin. They carry that toxicity of the United States debt everywhere they go.
My conclusion is the only safe way out of this is if all stable coins are backed by actual Bitcoin. That's what I'm gonna say. And that's all I'm gonna say about it. Let's run the numbers. CNBC Futures and Commodities, but before we do it, there's a couple of headlines. I'm just gonna read the headlines. Harris's rise in the polls has sparked a wave of wealth transfers to children. Under current law, individuals can transfer up to $13,610,000 Couples can send up to $27,220,000 to family members or beneficiaries without owing estate or gift taxes.
Somebody please tell me why, instead of maybe not voting for this woman, that they just instead decide, okay, well we'll vote for her anyway, but she's obviously terrible so we're gonna send our money to our kids now before she takes all our money away from us. Somebody please tell me the logic behind this structure. I don't get it. How about this? How about you don't vote for her? If you don't want to lose your money, maybe not vote for her. I don't I don't I don't get it. I don't get it. Anyway, so oil down a quarter of a point to 6878. Brent, North Sea down 25 points to 71.79.
Natural gas down, oh, I don't know, 1.87 percent. And gasoline is up 0.65 to 194 a gallon. Shiny Metal Rock is doing very, very, very, very well today. Gold is up 1 a quarter. Silver is up 3 a third. Platinum is up 2 a quarter. Copper is up 3 quarters. And palladium is up just over 2 points. Ag mixed. We'll just call it mixed. Biggest winner is coffee. 3.87 percent to the upside. Biggest loser today, who is it? Who is it? It's gonna be sugar. 0.68 percent to the downside. Live cattle up 0.1%. Lean hogs down a quarter. Feeder cattle moving sideways. The Dow is up almost a point. S and P is up 2 thirds.
Nasdaq is up a half a point and the S and P Mini is up 1.72%. Yay. And Bitcoin is up today. We've got a we've got a pretty good sized green dildo going on. I don't know why. I don't know why. Maybe it's that 50 basis point move. Who knows? $59,590 per Bitcoin gives us $1,180,000,000,000 of market cap. That will enable us to purchase 23 point ounces of shiny metal rocks with our 1 Bitcoin of which there are 19,000,000 753,446.12 of, and average fees per block have dropped to 0.05 BTC on average on a per block basis. Whoop dee doo. Well, there's a 114 blocks carrying 220,000 unconfirmed transactions waiting to clear at high priority rates of, get this, 9 satoshis per vbyte.
Low priorities gonna get you in at 5 satoshis per vbyte. Hash rate looks like it is sitting at 622 oh, we had a big old drop in hash rate. 624 exahashes per second. I'm just seeing this massive dip in hash rate. Hold on, I want to go check it. On September 11th, Hash rate fell to 493 exahashes per second. That is a massive drop. I wonder why. Was it the difficulty adjustment? I don't know. I don't know. I'm not I'm not gonna conjecture on it. Alright, so there you go. There's that. Now, before we do the boostograms, I want to say a few words about podcasting 2.0.
If you are not using a podcasting 2.0 app, then you're missing out. And people have often asked me: well, you say that, but what apps are there? Okay. Here are the podcasting apps that offer boostagrams and streaming of Satoshis. Okay, now I'm finding this on podcastindex.org and I went to their apps there's a little button at the very top of podcastindex.org it says apps that will take you to where all of your nice stuff is if you want to find a good podcasting app for podcasting 2.0 True Fans there's Podverse Podcast Guru My favorite, which kinda got broken a little bit from yesterday's update, but I'm sure they'll fix it Fountain App There's PeerTube There's LNBZ There's CurioCaster There's Cast O Matic there's, Podstation.
Hell, it's a browser extension. And then there's Breeze. So those those particular ones, there's some of them are for just for desktop, some of them are for mobile. Alright? Let's see if I want to go let's see if I can go over to mobile. Let's see what's on Android. On Android that has boostograms and sat streaming, you can get Trufans, Podverse, Podcast Guru, Fountain and Breeze. If you want iOS, there's Trufans, Podverse, Podcast Guru, Fountain and Breeze. So those 5 apps are mobile podcasting apps that are fully podcast 2.0 enabled and they work both on iOS and Android.
There is no excuse for you guys who are not using podcasting 2.0 There's no excuse. There's 5. They work on both Android and iOS. Clearly, they're mobile. What's holding you back? If we don't start doing this now the faster we can get this done the faster we can starve the legacy beast that is everything whether it's social media, podcasting, YouTube, you name it and move it over into our world. If we're not going to gut up, get a spine and go down to Walmart and buy a ball sack they have them on sale then we're going to always continuously be slaves inside the walled garden.
This is your chance. True Fans, Podverse, Podcast Guru, Fountain, Breeze. And it's by fountain app that I was able to get golfwinches, no, 6,777 sat says thank you for the show. I love it. Your passion is infectious. Please donate to this gentleman. He deserves it. I think I do too. Thank you, golf witch. Winch. I appreciate it. Joey DD with 3333, a palindrome boost, and a row of threes. Bitcoin rocks yard signs will also be available in Canada if an election is triggered. Stickers and business kits are still free for the asking. Alright. So there you go. DeBravco with 2,329 SAT says in the winter what happens in the desert at night?
The ambient temperature drops like a rock. So if you have micro turbines in the desert and can open up the conduit to their heat after the sun sets and the temperature drops, it can lend itself and much more efficient, vigorous sources of energy. Now do that in American in an American desert like the United States Southwest or Mexico and the Sahara. You have 2 energy sources that can power miners and AI farms for maybe 18 hours of the day and night. As I said before, the sun never sets, the wind never stops blowing, and the methane never stops burning in the Bitcoin network. Dobrovko with another 2330 says, I mixed on the terrible Altman.
1, suck it, Trebek. Eat Singaporean dick. 2, it is more profitable to sell shovels, water, whiskey, and steak or gruel than it is to pan for and dig for gold. Good on him. The heat batteries have a really good niche just right off the bat. You can get different media very hot and wait, yeah, you can get different media very hot and keep it if properly insulated and different techniques of storing various energies continue to be investigated. You mentioned hot places. Solar panels are actually more effective when the ambient temperature is cooler or colder. So solar is just looking for sunny places.
Case in point: you have to measure and make sure that your panels and your system don't overload your controller in the witi. And I don't know what that last part meant. Debravco with another 2320 says, good thing the FUDBI are here to help protect me from the 87% of fraud out there. Pretty cool that tour is on Amethyst. Dubravko with another 2310. Dude, you are boosting the shit out of me today, man. Boost for leaving lost Twitter. I was I I like that that, that, that title. That was a good title. Slow slow with 21100 says Bitcoin rocks. I'm in. Pies to play with 420 says thank you, sir. No. Thank you. Matt f r l with a 100 says thank you, sir. No. Thank you. And that's the weather report.
Welcome to part 2 of the news that you can use. OpenSats grants a long term support for WireGuard creator, Jason Doenfeld. OpenSats is proud to provide long term support for Jason Doenfeld, a pivotal figure in developing essential graphic and networking tools, announced the nonprofit. He is the creator of WireGuard, a secure VPN protocol and primary author of the Linux kernel's RNG. WireGuard secures node and datacenter communications while the Linux RNG generates cryptographic keys essential for Bitcoin security. With this grant, he will continue developing and maintaining WireGuard across platforms enhance the Linux kernel RNG for cryptographic robustness, advance other cryptography related components within the Linux kernel, and potentially update tools like cgit and pass.
Alright, so Bitcoin's name was mentioned once. But I want to make sure that we understand that Jason Doenfeld does not really work on Bitcoin. He doesn't really work on Lightning. He doesn't work on eCash or Fedimint, and he certainly doesn't work on Nostr. So why is Open Sats granting somebody that's completely outside the realm of Bitcoin and Lightning and eCash and nastr why are they doing it? Because I believe that they see that it's going to take more people than just the people that are inside this realm of Bitcoin and Lightning and eCash and blah blah blah blah blah blah to get this shit done.
So what makes me happy is that the guys over at Open Sats have reached out beyond our bubble and are starting to give grants to people who don't directly work on Bitcoin. They're expanding their mission just a bit. The only thing that I would ask them to guard against is continued scope creep. You don't want that shit. I think that just the privacy aspects like Tor or this thing like WireGuard and VPNs, I honestly think that that should be the limit of the bubble, but I may be wrong. But what makes me happy, again, is that they are reaching outside of the Bitcoin bubble and granting people on the other side of that. Blue Wallet version 7.0.4.
Advanced mode unleashed. Blue Wallet has been around forever and it is a bitcoin and lightning wallet built with react native and Electrum. Blue Wallet version 7.0.4 is now available on iOS, Android and macOS. This release makes advanced mode options available contextually on each screen top right options. It also adds learn a a learn more link for LND hub in the add wallet section and includes a variety of bug fixes. And I won't get into what's new, well I'm just going to scan it for just a second. Oh, they had a oh. They have fixed their broken lnurlpaver via ln address. Thank god.
This may actually make me wanna open up my my, blue wallet again. So if you're you if you're a user of blue wallet, you might wanna consider upgrading to 7.0.4. If you haven't ever used Blue Wallet, maybe look into it because it looks like they are, getting their their stuff together. And I say that only because I hadn't seen any development on Blue Wallet in quite a while. That may be my fault, maybe I missed it, I don't know. But Bitkit version 1.0.4 is also out. Transfer notifications and replace by fee is on by default and more. Bitkit is a self custodial Bitcoin wallet and a lightning wallet with payable contacts.
It's available both on Android and iOS. And this update brings notifications on transfer activity. It enables RBF and improves CPFP functionality improves the transfer flow experience and delivers a variety of bug fixes, as well as improvements. So what's new? Transfer notifications, channel information, replace by fee, replace by fee by default, transfer flow update and react native LDK update. And then they've got some UI enhancements, bug fixes, and some other things. It's actually a huge update. It's actually very, very large. And we got one more LNbits version 0.12.11.
It fixes, refactors, UI improvements, and there's new funding sources as well. It is a free and open source Lightning Wallet and accounts system. LN Bits has been released. Huge thanks to all the contributors. This is a biggie. A bunch of fixes and refactors, more developer tests, dependency updates, and some UI improvements, such as the lovely gradient option. Oh, nice. Benarc also released a tutorial for running LN bits on liquid via trustless bolts swaps on a Luna Node server. It is a great option for merchants who don't want to run a node and don't want to use custodial services, said the developer. And this list is freaking massive. Holy shit.
There's no way that I'm going to read this to you at all. But as always, all of the links of everything that I brought to you today will be in the show notes. I also do chapters, so if your podcasting 2.app supports chapters, consider using those, just so that we can support all the features in podcasting 2.0. And the reason I wanted to make sure that I mentioned podcasting 2.0 today is because this is how you can support me directly. If you want to support the show, if you think I'm bringing you any kind of value at all, donate to the show. I'm not asking for tips, right? I'm trying to stay away from, you know, getting down the advertiser, you know, rabbit hole simply because I don't really want meetings.
I don't I don't wanna sit in a Zoom conference call having people say, you know, when you said that sentence in our in our write up, it really you just didn't deliver it as much as we thought. It's a daily show, motherfucker. I mean, it's like I do a show every week. They're not all gonna be winners, okay? So, just I'm just saying that if you want me to just be able to be me and not have somebody on my ass about how I didn't say a thing the right way or how I didn't include something or how I screwed something else up, then donate to the show. You can do that with podcasting 2.0. You can do a boostogram.
And if you do, please leave me a note. I will read it on the air. You can stream me satoshis. I think, on fountain, I think the limit the lower limit is 10. And 1% of that always goes to podcast index to support Adam Curry and, Dave Jones and that outfit out there. Because without podcast index, none of this shit works. Right? And they are building their side of it so that if they both die in a fiery plane wreck over the Pacific Ocean, God forbid that that happens, that podcasting 2.0 will go on. Almost all podcast apps, no matter if they're 2.0 or not, look at podcast index so they can pull the RSS feed out of it. So it's a big deal.
And they need support too. And they they've got it set up to where 1% of podcasting 2.0 stuff goes directly to them. And I'm not exactly sure how that works, but I know that I am always giving 1% of anything that you guys give me to support the show will go to support podcast index because podcast index in return also supports my show. Adam Curry supports my show simply by having podcast index. Dave Jones supports my show simply by building podcast index. And the way I see this working is a circular we call it a circular economy, but in this particular case it's artists and creatives and podcasters trying to support each other.
And by giving them that 1%, I'm supporting Podcast Index, which in turn supports me. When you guys support me by giving me boostagrams and donating to the show and and streaming me satoshis by saying I find that you have given me given me value today so therefore I'm going to give you value back by donating to the show either boostagram or or streaming stats. That's the way that I'm going to support you. When you do that, you're supporting podcast index by proxy. And Podcast Index is supporting me, by enabling you to be able to support the show. See how this works? And if more and more if I can get more and more people to donate to this show, I will be able to donate more and more to other projects.
So by donating to this show, you would be able to be able to support those projects. And don't worry, I'm not gonna support I don't know. I'm not gonna support some idiot for president. I don't care about any either of these dudes. Right? I don't care about Kamala. I mean, it's like I know that some people in this audience want me to care about Trump. I can't. You know, it's probably a better choice than Kamala, but I'm not gonna support anybody for president. That's not where my support is gonna go. My support, I wanna be able to send sats to open sats. I wanna be able to send sats to a developer directly. I like laserin and all those guys over at Project Alexandria.
I wanna be able to support them, but I can't do that unless I get supported myself. Podcast index is in the same boat. They want to support my show, but they can't do that unless I'm able to support them. And I can't do that unless you guys support me. And the more that we grow this network of support amongst each other, I almost guarantee that there will be a synergy where 1+1 doesn't equal 2. It equals more like 6 or 500. Nobody knows how synergy actually works, but we do know that it works. And by having more people donate to this show, I will be able to help more people donate to what they want to donate to.
So consider that because it's when you donate to just my show, you might think that you're just donating to my show, but that's not true. You're also donating to one of the most important projects in the podcasting space and that's podcasting 2.0 and podcast index. So keep that in mind. Go out and have the best weekend you ever had, 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.
The Role of Shitcoins as Ablative Armor
The Impact of Stablecoins on Bitcoin
Updates on Bitcoin Wallets and Tools
Supporting Podcasting 2.0 and the Circular Economy
