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Episode 1177 of Bitcoin And . . . is LIVE!

Topics for today:

• CALM DOWN! Not There Yet.
• BlackRock's New Yield Bearing BTC ETF
• SEC Smells Blood in Treasury Co's Water
• Deutsche Bank Sees BTC in Central Banks by 2030

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Today's Articles:

https://www.therage.co/leaked-luke-dashjr-bitcoin-hardfork/

https://cointelegraph.com/news/blackrock-files-for-bitcoin-premium-income-etf

https://x.com/HodlMagoo/status/1971334239607193692

https://www.reuters.com/sustainability/boards-policy-regulation/us-regulators-probe-stock-moves-before-companies-made-crypto-treasury-2025-09-26/

https://atlas21.com/china-launches-international-operations-center-for-the-digital-yuan/


https://bitcoinmagazine.com/politics/satoshi-needs-you-bitcoin-advocates-issue-call-to-action-to-protect-peer-to-peer-rights

https://bitcoinnews.com/markets/deutsche-bank-bitcoin-central-banks-2030/

• https://www.dbresearch.com/PROD/RI-PROD/PDFVIEWER.calias?pdfViewerPdfUrl=PROD0000000000603643

https://cointelegraph.com/news/uk-finance-tokenized-sterling-deposits-barclays-hsbc-quant

https://www.theblock.co/post/372315/cipher-mining-google-backed-3-billion-usd-ai-hosting-deal

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[00:00:02] David Bennett:

It is 08:41AM   Pacific Daylight Time. It is the September   2025,   and this is episode 11,077   of Bitcoin and,   well,   we might be looking at a hard fork.   We might be looking at a hard fork, but I want   to caveat everything we talk about when it comes to the the supposed hard fork   that we should all be taking anything   right now with a grain of salt.   This is not this is still   not 2017.   We are not there yet.   Alright? So,   also, the information   that I'm about to impart to you,   you need to take it with a grain of salt as well.   Just everybody calm down.  

For those people that are that are understanding exactly what the hell I'm talking about,   we all need to calm   way down. This is becoming a little bit ridiculous.   It has been a little bit ridiculous. It's now escalated into a little bit more ridiculous.   But that's not all we've got to talk about today here on Bitcoin. And and I am your host, David Bennett.   I do hope you're having a wonderful Friday.   We're gonna get you into the weekend   with some more news from,   well,   BlackRock.   Well,   yield.   It's all about the yield, guys.   They've they've got a new, a new Bitcoin   product that they wanna release. We'll talk about it. And then US regulators   are having a little bit of beef with Bitcoin treasury companies.  

Seems there may be some chicanery going on.   It's   I love all this news. In fact,   there   one of the larger companies in the space and not not a Bitcoin treasury company by the way, one of the oldest   Bitcoin   companies,   getting sued.   I don't have a lot of information on it because the only   news about it   is from a law website that I am not going to pay for a subscription for, and,   archive.ph   cannot get past its its paywall. So, I have almost no information on this.   So, again,   take it with a grain of salt   for the love of God.   China's gonna be in the news.  

Digital Yuan seems to be on pace. We've got a little bit of   inflation news out of The United States, and then we're gonna rock on over   to talk about a piece from Frank Korva out of Bitcoin Magazine,   about protecting peer to peer rights. There is a call to action that I want to read to you.   Deutsche Bank   is in the news   about Bitcoin specifically. They've released a very long   lengthy report   looking at both gold and Bitcoin,   and they're not pooh poohing Bitcoin.   And we'll get into that one.   UK Finance   pilots a tokenized   sterling   deposit.  

Yes. I know.   UK is is ramping up to their version of a CBDC   stable coin. I I   the way that they're looking at it, I can't see the difference, but, hey,   it is what it is.   And then   we've got a Bitcoin   This is Lola   Leets from the   This is   Lola Lites from The Rage.   That's her her outfit.   And she dropped a pretty much of a bombshell   story   about Luke Dasher   and hard forking Bitcoin.   And I want everybody   to take a deep breath,   close their eyes,   and meditate on the fact that, well,   she's human.   She may be wrong.   She may have taken things out of context.   Maybe she's right.  

The fact of the matter is, ladies and gentlemen, we don't know.   We're not going to know for a long time   as to exactly what the hell's going on. But for those of you who saw the Lola elites piece   and haven't read it, I'm going to read it for you right now. From the rage and Lola elites   leaked,   Luke Dasher plans hard fork to, quote, save Bitcoin.   Yes. Gonna save Bitcoin.   There has been an ongoing dispute between supporters of the alternative node implementation,   Bitcoin knots,   and the supporters of the reference client, BitcoinCore.   The dispute originally evolved out of Core's consideration to increase the op return size in order to prevent non monetary   transactions from using more harmful methods on the blockchain,   such as data in unspendable   outputs,   while BitcoinKnot's   proponents argue that non monetary data, first described as spam,   has no place in Bitcoin   and that core developers should not optimize for it.  

To combat said spam, the BitcoinKnots   client maintained by Bitcoin core contributor LoopDasher   implements what is described as filters in which transactions   which communicate   non monetary data are kept out of the knots nodes mempool.   Over the past year,   the discussion around knots filters has grown increasingly   out of control.   As the narrative changed from protecting node operators from spam   to protecting node operators from hosting   child sexually abusive material, also known as CSAM.   An argument that is technically unfeasible as long as node operators continue to run   any node that follows the current consensus rules as all nodes must host the same data once a block is approved   In private messages shared with the rage,   Dasher now appears to conclude   that policing the mempool is insufficient to stop nodes from hosting theoretical CSAM.  

Instead,   he proposes the implementation of a multisig quorum on Bitcoin   that grants a designated group of people the ability to retroactively   alter data that is hosted on the blockchain.   Pausing to remind you,   let's not get ahead of ourselves here and let's make sure   that we get   as much of information from different sources as we possibly can before we start coming to any conclusions   as to whether or not that particular statement is in fact the case.   Alright. So again,   deep breaths,   calm down.   I've been through this before   in 2016,   2017,   and 2018.  

Right? That was that was basically the the ramp up, the peak,   and the ramp down of the Bitcoin   block size war.   And it was   it was awful.   It was absolutely   awful.   However, because many of us have been through that before and we saw it unfold real time because we were there,   this one,   it doesn't hurt so bad. In fact,   I'm almost unfazed by it, and I really think that if you're if you're nervous   or if you're feeling some kind of anxiety about it,   we are not there yet.   Right? So we are not there yet. Continuing,   by Dasher's description,   the trusted multisig committee would review transactions   and replace any data it identifies as CSAM   with a zero knowledge proof.  

Node operators could then remove   said data from their nodes altering their version of the blockchain   while continuing to be able to prove that the transaction that contained the affected data   is valid.   Quote. And I'm going to pause right here to say that these quotes   are coming from   the the   the quote unquote   leaked   screenshots of Luke Dasher's discussion with somebody else.   Right? Which is problematic.   It's already problematic that we have all these screenshots of this private conversation   that Luke Dasher had with somebody else, and it's problematic for two reasons. One, if it really is from Luke Dasher,   then it's private information that has been released to the public probably without Luke Dasher's permission, and that is private information.  

That's a problem.   Two,   I can't I can't confirm that it came from Luke Dasher.   However,   it does seem that other people are saying that, yes, it is in fact from Luke Dasher,   and one of the people that's closer to Luke Dasher is saying, yeah, this was a discussion that we had. It's kinda crappy that it was released like this, but hey, it is what it is, but we're not actually talking about a hard fork. There are many facets   to what's going on here.   And and and picking   and thinking that you know what the hell's going on is absolutely the wrong road to travel.   You must hold yourself in abeyance   and just wait to see   what happens. It's very important. So this quote that I'm about to read is from, and all these other quotes are actually from,   these leaked screenshots   of this private conversation   from at least Luke Dasher   supposedly   and somebody else who and that somebody else. I'm not sure who it is. I think it might be mechanic,   but again,   I don't know. I'm that what I just said, I'm talking out the side of my head. So   hold all   hold it all in abeyance and just be calm.  

Quote,   right now,   the only options would be Bitcoin dies or we have to trust someone, Dasher writes.   The proposed solution would require a consensus change   activating   a Bitcoin hard fork.   In follow-up messages, Dasher   reveals that public letters are being drafted by third parties to seemingly support the sanctioning   of illegal content on the entire Bitcoin network.   On advice   of Ocean's lawyer,   the mining pool founded by Dasher, the Knotts team decided that it is better if the letter not be perceived as coming from us, and that is another quote from this exchange.   When asked for a comment by the rage on the proposed hard fork, Dasher asked, quote, you're writing an article on completely unfounded lies? And there's an actual question mark there.  

Dasher had no further comment for the rage.   Dasher's proposal   raises immediate concerns on altering the permissionless nature of Bitcoin,   effectively invalidating the blockchain's inherent censorship resistance.   If the trusted committee enables node operators to remove c SAM data, it also gains the power to remove any other form of data it deems unfavorable.   In effect,   Dasher's   proposal could place note operators at risk of criminal penalties   for noncompliance   with the committee's request for the removal of data.   By setting the precedent that transactional data could be retroactively   altered via a trusted committee,   law enforcement may begin to demand censoring entire transactions they deem elicit,   arguably opening the door for the enforcement of KYC   slash AML.  

As Dasher anticipates   in the shared messages,   the handling of illicit activities on Bitcoin is an active debate amongst policymakers,   miners, and pool operators alike. The authenticity of the material   we received was verified via video proof.   For transparency,   we are sharing the relevant messages we obtained below.   And then that's the end of the article except below is an like like, I don't know, three, yeah, like three or four screenshots   of this,   and I'm gonna say supposed   discussion that Luke Dasher had with who whoever the hell it was.   I find this rather problematic.  

There's a couple of things here.   Again, it's a private conversation   that's been published.   I I'm not sure that that's   that's the way to go here.   I I don't think it's proper. I I I really don't think it's appropriate.   However, I, you know, who the hell am I to say, you know, whatever. I'm just   want everybody to understand that   it doesn't matter whether this was proper or improper.   The information that has been released   needs to be looked at   pretty severely. One of the things that was said by according to   this piece and according to this supposed conversation is that Luke Luke Dash junior is basically saying, look, man,   if somebody decides to put in a picture of, you know, CSAM   or something like that into   this transaction   and Bitcoin picks it up as a valid transaction,   so therefore everybody's gonna carry this,   then is there a way that we can remove   the data   but still have   essentially   the transaction,   the monetary part of the transaction still in place   and use something like z k proofs   to do that?  

It's possible.   It's not impossible   to truncate   information   off of a transaction   the way that Luke Dasher is talking about,   but still have   the valid   monetary inputs and outputs   that are necessary   for the blockchain to carry forward. All he's wanting to do is take away the parts that he deems as spam or c Sam or irrelevant or nonmonetary,   whatever.   It it that part,   it it really is a big whatever.   I still don't like that   because it is censorship.   And   once you plant that seed, those beanstalks   grow, dude,   and they grow into things that you probably don't expect. You don't you can't really guide where a beanstalk grows.   Right. So.  

The other thing that's that's bugging me about this.   Is that just because Luke Dasher had a discussion with somebody about the possibility   of a hard fork doesn't mean that he's actually planning a hard fork.   So what does this all tell us?   This is   fog of war.   Nobody really knows what's going on.   Nobody can say definitively   whether or not Luke Dash Junior is actually going to do this   or not.   But let's let's just take it to the extreme.   And Luke Dasher is in fact planning a hard fork of Bitcoin, and that his version of the hard fork of Bitcoin will literally have censorship on it, and a committee of people will look at each and   each at every individual transaction, which is it probably would be used more like like AI would go through and scan the,   scan the transactions   and look for something as, you know, deemed as nonmonetary   and then flag those for, you know, further review by, I guess, a committee of peers. And then they take a vote and then they decide to remove that. However, if it is a monetary transaction or contains   a monetary transaction   material in it, then that would be kept and the rest would basically be done with. You're if you're talking about a hard fork, you're talking about a completely   different chain. Even if   the let's just call them the transaction headers that have the actual monetary data in it, even if they remain the same and the hashes still come out to be all the same,   great. Okay. Fine. You've got the the same blockchain.  

However, this is like this it would be a different kind of hard fork than anything that we've ever seen before because the two chains would actually line up.   However, one would have censorship   and the other one   would not.   However, the one that would not   would contain   material   that, well,   could,   from Luke Dasher's point of view, since he's all about CSAM right now,   land you in prison.   This   is   bullshit.   It's not that it doesn't exist.   It's not that   that CSAM   look. I I got I'm I'm I'm I've got a note in my backroom right now.   It has CSAM on it. I know it has CSAM on it.  

I haven't seen it   because I'm not gonna go look for it,   but I know it's there   because we've talked about this for years.   Back in 2016   through the years 2018,   we had this thing called rare Pepes.   This is before Taproot. This is before Ordinals. This is before SegWit. This is before   inscriptions   and all that bullshit.   Right? We were well, I wasn't, but people were putting these things called rare Pepes on   inside Bitcoin transactions,   and they're still there. And they're little caught they're little cards of of the Pepe meme,   and they're they're pictures.  

Right?   But they're there and they've been there since 2016.   They I think there's, like, there's, like, 3,000 of them.   And it was a big deal. In fact,   Pepe thing is is one of the things that brought down one of my favorite Bitcoin podcasts in the early days.   And I I   I can't remember the name of it right now, but if you know who I'm talking about, then you know who I'm talking about. But those pictures are there.   And that was before any of this stuff,   any of the taproot, any of the SegWit, any of the ordinals.   For Luke to suggest that they would be able to completely   dismiss   this data that would be put into the op return   because that's what Core wants to do is, like, just take sort of take the limits off of how much data you can shove into an op return in a transaction.  

We we were putting we were putting stuff inside of Bitcoin transactions   long before   anybody even thought about raising the limits of op return.   This entire   argument   at this point is so overblown   that it's causing nothing but fear,   and everybody needs to take a step back and relax.   This is nowhere we are nowhere close to the block size wars of twenty sixteen, seventeen, and eighteen.   Nowhere close. And anybody that tells you we're close either doesn't know what they're talking about,   wasn't there, or is straight up lying.   We are not   there.  

Everybody   calm down.   We've got other things to worry about,   like BlackRock   Pulling this out of their ass,   BlackRock chases Bitcoin yield in latest ETF offering as a sequel   to iBit.   Braden Lindria from Cointelegraph   has it.   Asset management giant BlackRock filed to register   a Delaware trust company for its proposed   Bitcoin   premium   income ETF on Thursday, signaling a push to broaden its Bitcoin offerings.   Bloomberg ETF analyst Eric Balchunas said BlackRock's proposed product would sell covered call options   on Bitcoin futures   collecting premiums   to generate yield.  

So it's an ETF   on   call options,   on futures,   and if they win and get a positive yield out of it, that will actually go   to the people that own shares of the ETF. That's sort of what they're talking about. So it's it's gambling   wrapped in,   fixed income.   Yay.   The regular distributions would, however, trade away potential upside from investing a BlackRock spot Bitcoin ETF, which mirrors Bitcoin's price movements. Quote, this is a covered call Bitcoin strategy in order to give Bitcoin some yield.   This will be a 33   Act Spot product sequel to the $87,000,000,000   iBit, end quote.  

Registering a trust filing in Delaware typically indicates that the ETF issuer will imminently file an s one registration statement   or a 19 b dash four filing with the Securities and Exchange Commission to officially kick off the process.   US regulators,   particularly the SEC, have signaled openness to a wider range of crypto investment products as part of Donald Trump's promise to make America the crypto capital of the world.   The new BlackRock product would complement its iShares Bitcoin ETF,   which has clocked over $60,700,000,000   in inflows since launching in January   2024,   by far the largest of its kind,   with the Fidelity wise Origin Bitcoin Fund coming in next at 12,300,000,000.0.  

One of the earliest   reasons why many TradFi investment companies overlooked Bitcoin   is that it isn't a native yield generating asset.   However,   solutions have popped up such as one of Strategy's convertible preferred stock offerings, STRK,   which leverages its 639,835   Bitcoin to offer investors   stable income.   If approved, BlackRock's proposed product would add to the few prominent yield generating Bitcoin products in The United States.   Sounds to me like they don't wanna be left out. Balchuna said that in light of all the other   coins about to be ETFized,   the filing shows BlackRock is opting to build around Bitcoin and shitcoin number one and lay off the rest, well, at least for now.  

Quote, this makes the horse race for these other coins much more wide open, he said.   Potential approvals may start coming in quicker too with the SEC last week approving a generic listing standard that wouldn't require each application to be assessed individually.   So we've got   BlackRock   is about to launch   a   yield   generating   Bitcoin   ETF that is based upon   essentially   gambling   on the futures market.   Please   don't even think about buying this.   It's it's   what here's here's what really   what what really raises the hackles on my neck is the fact that they're doing it at all   while Bitcoin treasury companies are having their asses handed to them,   and we'll get into we'll get into some more of that.  

There's a lot of wreckage   that is about to occur, especially on the long tail end of these new, quote, unquote, Bitcoin treasury companies.   And it probably   is a good time to start by   getting this story   from Reuters.   US regulators   probe stock moves   before companies made crypto treasury announcement according to The Wall Street Journal.   US regulators have examined   sharp movements in the stock prices of companies   before they announced plans to raise money to buy cryptocurrency   for signs of potential insider trading and disclosure violations The Wall Street Journal reported on Thursday.   The Securities and Exchange Commission and Financial Industry Regulation Authority, or Dennaro,   have contacted   some of the more than 200   companies that announced crypto treasury strategies   this year,   the report added, citing people familiar with the matter. Okay. So 200   companies have been contacted by the SEC and FINRA.  

That's almost all of them.   In fact, that's kinda all of them. Although,   they said announced crypto treasury strategies   this year.   Well,   that does that wouldn't include   strategy.   And I think it's possible that Meta Planet is outside of that scope. I'm I'm not exactly sure.   But at least strategy   escapes that particular,   that particular   ramification there.   Let's continue on.   SEC officials warned firms about possible breaches of rules against selective sharing of material nonpublic information, the journal said. The SEC has declined to comment, while FINRA   did not immediately respond to a request for comment.  

Many publicly listed companies have been buying cryptocurrency   seeking to replicate   the success of strategy formerly known as MicroStrategy.   So   what what what is this?   Well,   if you go and look at a couple of these companies   and you mark the day that they made the announcement that they were going to actually start buying Bitcoin or whatever, and you look at their stock price the few days before   and I haven't looked at all of them, but I've seen a couple of examples.   You see a trend and there is   significant buying of that stock that was   essentially flat.  

And all of a sudden, there's this brief rise of the stock price, and it stays risen   until   the day   that the announcement is made publicly.   So if I know   like, even, like, even if   if I'm the guy at a company and I make the decisions   and everybody's gotta listen to me or they're fired, and I make the decision that I'm going to announce on Thursday   that I'm gonna that this company is gonna start buying Bitcoin and and we're gonna do a Bitcoin treasury strategy and not a single other person in that company knows yet,   and I start buying my own company's stock,   and then I release the data,   I'm guilty of insider trading even though I've never told anybody.  

See how that works?   Because I knew it was going to happen because everybody has to listen to me or they're fired. I call all the shots. I don't have a board of directors. Let's let's just pretend   that it it's that simple.   I'm the only one that knows, and I start buying my own stock   in the previous days before I tell the company and the rest of the world Bitcoin treasury strategy.   I'm guilty of insider trading.   I could be thrown in prison.   I could I'm certainly going to be fined.   Right?   So now we expand that to the actual world, the way the real world works. There's more than one person that knows these companies are gonna do that, and they're all all insiders. And a lot of these people are looks like they were buying stock   the days before they made the announcement public. They're not supposed to buy any stock until the second   they make the news public. As long as they've released the news publicly, you can start buying stock, it'll be fine.  

That's not the case here.   And these guys have sent the SEC and FINRA have sent out 200   communications.   It's probably gonna be ugly.   It's probably gonna be ugly, but we're not done yet.   Bitcoin Magazine   well, not the magazine itself, but the   bitcoin BTC   Inc, and BTC Incorporated   is being sued   by a Swiss firm.   Now   I tried   to look at any other news article that I could find   about this. I I've searched   high low. I I've searched everywhere that I can. The only thing that I can find is this.   I think it's like it's like law.com   article. Yeah. Law.com   article   and it's behind a paywall. So here's the only thing that I can tell you about what's going on   here. Swiss firm sues Bitcoin media company BTC Inc   citing a $150,000,000   fraud.  

And then the only part of the article that I can see is this. A Swiss digital asset firm has sued the Nashville, Tennessee based operator of Bitcoin Magazine,   accusing it of fraudulently   inducing   months of strategic consulting   and introductions   while never intending to follow through on promised merger.   So   BTC Inc is being sued. I've got I have   zero sources   that that has looked at this particularlaw.com   article and pulled it apart   and then rediseminated   it for public consumption.   So the what I just told you is all that I know at this time.   So even and what's odd is that the Swiss   are suing a Nashville based   comp you know, well, a US based company.  

Just I don't know.   So we don't know what's happening here. But treasury companies are being getting weird,   right, with the SEC stuff. The Swiss are suing b you know, BTC Inc, which includes Bitcoin Magazine as well as the giant Bitcoin conference.   And iBit wants to release a brand new Bitcoin ETF,   and more Treasury companies continuously   are saying that they're putting I I've saw saw, like, like, two announcements yesterday   that even more are more of these treasury companies are coming.   So it's a very dirty world out there, which is why you need SoapMiner.   Soapminer.com,   handmade tallow soap. Do you feel dirty? Well, you can get away clean with soapminer.com.  

He's got all kinds of nice soaps, and they're all handmade, and they're all a 100% tallow.   He's got comfrey tallow. So if you are a gardener or you're always ending up with abrasions and, like, small cuts and scratches, doing whatever it is that you do, consider comfrey tallow soap because   it heals those small abrasions, bruises,   bumps, stings, things that you get while you're working in the garden or doing, you know, maybe you're a mechanic or something like that, and you get scrapes.   Don't use it on deep cuts. Comfrey heals,   skin and abrasions and stuff so fast   that it if you get a deep, deep cut and use Comfrey on it, it can close the wound over   the deeper wound, and that can cause problems. So if you got sprained ankles, if you've got, like, abrasions, bruises, cuts, small cuts, you know, bee stings, wasp stings, stuff like that, use comfrey   tallow soap from SoapMiner.  

He's also got Earl Grey. He's got goat's milk. He's got lemongrass. He's got all manner of flavors.   It's not on his website yet, but Soap Miner has just released a line of tallow   deodorants,   which I haven't tried yet because it's not on his website.   But   use the code Bitcoin and get 10% off your entire purchase at soapminer.com.   That's soap miner, all one word, dot com. Bitcoin and is the coupon code. China   launching international   operations center for the digital   yuan out of Atlas 21. On September 25,   the PBOC   officially inaugurated   an international   operations center for its central bank digital currency,   the digital yuan, in the financial hub of Shanghai according to South China Morning Post.  

PBOC   deputy   governor Lu Li   described the initiative as part of the historical inevitability   in the evolution of payment systems with the goal of building a more efficient, inclusive, and globally accessible cross border financial ecosystem.   Quote, looking ahead, the PBOC will continue to support the stable and sustained development of the international operations center for the digital yuan, providing strong backing to facilitate cross border trade, investment, and financing,   Liu Li stated.   The launch of the center marks another step in the broader strategy to integrate the digital yuan into the global economy,   and this push towards adoption of China's CBDC   comes at a sensitive moment   as the government takes a stricter stance on tokenization.  

Earlier this week, China's financial market regulator asked several brokerages   to temporarily suspend their real world asset tokenization   activities in Hong Kong.   The cross border payment system based on the digital yuan will explore the use of the eCNY   in international trade transactions.   Quote,   this project helps strengthen China's influence in the global financial system and provides a Chinese   solution that is open,   inclusive,   and innovative   for   improving the global cross border payment system, said Tian Zuan or Wan,   president of the National Institute of Financial Research at Tsinghua   University. For years, China has worked to internationalize   the yuan while simultaneously   testing the digital yuan through domestic pilot programs.  

During these trials, the e c n y has been used for retail payments, government disbursements,   and salary transfers,   as well as public transportation   fees. You're too late.   Tether's gonna take it all over, dude.   It just is, and and I'm not I'm not singing Tether's praises. I'm just telling you the reality on on the ground.   Tether already won.   Tether already won.   Let's run the numbers.   Let's start out with this.   Got a report here from Reuters.   Steady US inflation data reassured Wall Street leading to gains on Friday while treasury yields   stayed largely flat   and gold firmed on expectations   that the Federal Reserve may continue cutting interest rates this year.  

US consumer spending rose slightly more than expected in August, while the inflation rate rose from 2.7%   from 2.6%   in July in line with economist expectations.   So that news dropped.   So the the interest rates or or rather inflation   is in line with economist expectations.   So, therefore,   all is good and everybody's happy and   more rate cuts are coming.   And that is sort of guiding   today's market action.   So what is the market action today? Well, oil is doing very well this morning. Brent Norsee is up one and a half   to $70.48.  

West Texas Intermediate is up 1.74%   to 66   and 11¢.   Natural gas is doing its thing. It's the only one down today. 1.83%   to the downside.   Gasoline is up almost 2%   to $2.04   a gallon. And Murbon crude, everybody's favorite light sweet crude is   up point eight three to $71.72.   So energy seems to be making a brief comeback.   Palladium   is well, all metals are doing well today.   Palladium is up 2.6.   Gold is up almost a full percent. Looks like another new all time high.   $3,808   and 1 dime for gold. Platinum is up 3.25%.   Platinum has been on a tear lately.   And if you don't know anything about platinum,   it's heavier than gold.  

It actually has more industrial uses than gold, and yet it still trades on a per ounce basis at $1,579.70.   It has been ripping lately. It's actually been leaving gold and silver behind in the dust. And speaking of silver, it is up 2.6%   to $46.28.   Ag is fully mixed this morning.   Biggest winner is lumber, 1.46%   to the upside. Biggest loser is wheat,   1.28%   to the downside.   And for those of you that follow commodities,   I'm I am seeing   I am seeing a lot of people say that they're like, 70% of respondents to a couple of polls have said that their corn harvest this year   is worse than last year. So if you're of that kind of, you know, mind and like to trade commodities,   you might look into grain futures   over the next coming because some of these things have been dropping pretty readily, and I'm wondering if we don't see an increase in prices   on the commodities markets after,   USDA reports come out with their final report on the harvest in The United States. Just just saying. Live cattle up point one five. Lean hogs, wow. Three points to the upside.  

Feeder cattle are up a half.   The S and P is crawling sideways. Nasdaq is down a fifth of a point, but the Dow is up a third, and the S and P Mini is up point 6%.   109,680.   After losing another couple of grand last night, we are now at a $2,190,000,000,000   market cap for Bitcoin and can only purchase 28.9   ounces of shiny metal rocks with our one Bitcoin, of which there are 19,926,282.42   of.   Pausing to say, why do I do that? Why do I tell you what the money supply is every day?   Because I can.   Because anybody can. Anybody that runs a node knows exactly how much Bitcoin   is out in the wind.  

Right? And it's important for us to do an audit every single day on the only thing that you can do in every single day audit of, and that is Bitcoin. Everything else basically blows chunks.   Average fees per block, 0.03   BTC   on a per block basis. There's a lot of blocks.   There's 70,   a little bit over 70 blocks carrying 209,000   unconfirmed transactions.   And right now, fees are actually kinda high.   7 satoshis per vbyte   gets you in for high priorities and five for low priorities.   And hash rate is chilling out at a 100 no, 101.05   Zeta Hash's per second so we are still in the Zeta Hash range   not bad not too shabby   okay from   UXUI,   you know, which was   yesterday's episode of Bitcoin and I got,   progressively worse with a row of ducks. Twenty two twenty two satoshi says, keep doing what you do, mister b. For anyone that's interested, next week is the second   r soil online conference. That's r   soil, the letter r,   soil   online conference.  

Five days of speakers hosting a fistful of topics all revolving around soil,   plants, microbes, permaculture,   and more.   Free to sign up and partake.   Some familiar faces that most of us know will be there as well.   Nigel Palmer,   Jack Spierko will be there,   Chris Trump,   John Kempf is gonna be there, and Ray Arculeta is gonna be there. Oh my god. This is fucking awesome.   Dude, Maurice Diaz is gonna be there.   That's just some of the names that are on the roster. Go sign up at www.rtheletterr-soil.com.   That's our -soil.com.   Life's garden.  

Dig it.   I have signed I have I have so signing up for that. In fact, before I forget,   I gotta I I gotta I gotta look at this thing. Hold on. Because this   if if you guys don't know who Ray if you're if you're a soil nerd and you don't know who Ray Archuleta is,   you gotta find out who Ray Archuleta is. He's retired now, but he was he was at,   oh god.   USDA   has a subsection   that is usually attached to universities,   and I think it's NRCS,   something something like that. He's one of the first people that truly   understood   what we were dealing with when it came to soil.  

Right? So,   second annual RSOIL conference, October,   it is it is a free online conference focused on soil.   Everyone relies on soil.   You are all invited. There's 30 speakers,   five days. It's all free.   Six talks per day plus live panels,   daily talks and panels, questions and answers,   daily live giveaways.   Holy smokes, dude. This is this is absolutely amazing.   Let's see if there's   let's see.   Okay. So here here's the deal.   Free, you can watch all week free. You can watch the videos all week long. You can join live panels and giveaways.   Includes replays all week and weekend. Includes community access.  

Or you can relisten   and rewatch for $99.   So   you for the free, you you have to watch it during that week, and you can't replay them. For $99,   it seems like you can keep them.   Lifetime yes. Lifetime streaming access with that $99.   If you want to do a deep dive, it's $200 or well, actually it's a 199.   It it includes everything plus a goodie bag, t shirt, all kind exclusive 30% discount code for regenerative soil,   conference,   discount   code for regenerative   soil, conference, or or course,   all kinds of man, this is this is absolutely   amazing. I've I've got I'll try to make sure that I remember to put this website into the show notes for you guys. Oh, man. This is I'm I'm really excited about this.  

Big BTC on board with a 100 sats.   Lots of emojis that I can't read because, yes, my operating system is that old. And you know what? I don't wanna hear it. Two angry cunts with a row of sticks says,   sending some v for v your way. I always enjoy your concise and direct perspectives on the many rumblings within the noise of BTC. Thank you, sir.   From a dame.   Pies with one twenty one says, thank you, sir. I enjoyed hearing you on the at bugle underscore newsboys   l f g. Yes. I was on bugle news.   It was a lot of fun.   So it was a lot of fun, man. I just wish I had had an extra beer on me when I was doing it.  

Code with 500   sat says nothing,   and I believe that's it.   Yep. That's it. That's the weather report.   Welcome to part two of the news you can use. Satoshi needs you.   Bitcoin advocates issue call to action to protect peer to peer rights,   Frank Korva,   Bitcoin magazine writing,   after the less than ideal outcomes of this summer's Tornado Cash trial and the samurai wallet case, it's more important than ever to protect peer to peer transaction rights.   This is why the Bitcoin Policy Institute has joined forces with Save Our Wallets,   Coin Center,   the Bitcoin Design Foundation,   and regional Bitcoin hubs throughout The United States to launch the Satoshi   needs you campaign.  

The initiative aims to catalyze Bitcoin enthusiasts from coast to coast to reach out to their elected officials   to request that they support the provisions from the Blockchain Regulatory Certainty Act that were included in the most recent version of the senate version of the Clarity Act.   The draft of the bill provides robust protections for developers and providers of noncustodial   crypto technology   as well   as protections for everyday users   who utilize noncustodial   Bitcoin and crypto tools. And without such protections,   Bitcoiners could could lose their right to transact with Bitcoin freely, and we could see more developers put on trial for creating   non custodial crypto technology.  

Quote, this is a moment of great danger   and great opportunity for the Bitcoin network, said Kyle Onley,   cofounder of saveourwallets.org,   in a press release shared with Bitcoin magazine, quote,   we can't take anything for granted until our fundamental rights to economic liberty in the digital realm have been codified into law.   We need every Bitcoiner to get involved,   contact the representatives in Washington DC,   and ensure this congress continues to execute on Bitcoin policy.   Quote, we have a responsibility   to fight for our freedoms, like the right to transact,   and to pass those rights on   for future generations, he added.  

So please don't hesitate.   Take action immediately by heading on over to saveourwallets.org.   That's saveourwallets.org.   Saveourwallets.org   to learn more about the Clarity Act and to obtain contact information   for your senators so that you can get in touch with them and tell them to support   the most current senate draft of the bill,   particularly   section   one zero nine,   section one zero nine.   On to Deutsche Bank.   Bitcoin to join gold on central banks balance sheets by 02/1930.   This is Alex Larry writing for Bitcoin News.   Bitcoin,   once considered a wild gamble, is getting recognition from one of Europe's biggest banks.  

In a recent report,   Deutsche Bank   said it believes Bitcoin could join gold as a strategic reserve asset   on central banks' balance sheets   by 02/1930.   The German bank compared Bitcoin's current path to gold's journey to acceptance in the twentieth century. Quote,   history appears to be repeating itself, Deutsche Bank researchers wrote.   Quote, like Bitcoin,   gold was once subject to skepticism,   suspicion,   and demand speculation.   A key argument from the bank is that Bitcoin's notorious volatility is decreasing.   In August, Bitcoin's thirty day vol fell to historic lows even as the price hit an all time high above 123,500.   Quote, this combination suggests we may be witnessing the start of a gradual decoupling between Bitcoin spot prices   and volatility as the crypto's integration into portfolios is maturing, Deutsche Bank analysts said.  

The bank noted that lower volatility plus more regulatory clarity in major markets like The US, UK, and EU could help Bitcoin shed its speculative reputation.   Marion Laborde, a Deutsche Bank   research analyst,   went so far as to say she could see Bitcoin becoming digital gold in the next few years.   Deutsche Bank reports   consistently   say   Bitcoin will not dethrone the US dollar as the world's reserve currency.   The dollar is still the biggest part of the central bank's reserves,   down from 60%   in 2000 to 43%   in 2025.   Instead,   the bank sees Bitcoin and gold coexisting as complementary   assets. Quote, there is room for both gold and Bitcoin to coexist   on central bank balance sheets by 2030,   analyst   Marion Labore and Camila   Saison   wrote.  

And then they talk about gold hitting an all time high. Okay. Yay.   So   I would normally   be skeptical   if it wasn't for the fact that Alex Larry put a,   URL   into this news piece that links directly to   the Deutsche Bank report itself,   that URL   to the Deutsche Bank report   itself   will be in the show notes.   It will be in the show notes, and I've looked at it,   and   it looks like Alex is is basically above board here. He's he's saying sort of what the report is is saying, and they get to it very, very quickly in this report, by the way. It is a long report.   Alright? So it's not it's, you know, it it's like several pages long and if you wanna wait through the whole damn thing, that's fine. I'm just saying I've looked at it and   I am in agreement with Alex Larry.  

Deutsche Bank is saying   that central banks could be putting Bitcoin in their reserve   by the year 2030,   which would be interesting to see,   but we'll have to wait and see. Helen Partz,   Cointelegraph,   UK Finance pilots tokenized sterling deposits   with six major banks.   It's a pilot program, but six major banks   are involved.   UK Finance,   a trade association representing 300   financial service firms   in The UK, has launched a joint pilot project   for tokenized   sterling   deposits.   Wow. The trade group began the pilot phase for the tokenized deposit project, which aims to provide   a digital representation   of traditional British pound commercial bank money   announced on Friday.  

The pilot was launched in collaboration with six major banks operating in The UK, including Barclays,   HSBC,   loyal Lloyds Banking Group, NatWest   Nationwide, and Santander.   All of those banks are massive banks. They are not Bob's Backyard Bank.   Barclays is massive. HSBC   is massive. Lloyds Banking Group,   probably the oldest bank in that list.   Talking hundreds of years old. The pilot was launched oh, rather, UK Finance plans,   to run the pilot   until mid twenty twenty six and aims to explore benefits to customers, businesses, and The UK economy,   yada yada yada yada yada. UK finances   GBTD,   which is, I guess, the great British tokenized   d, I don't know what what d would stand for, but that's this tokenized sterling shit. Infrastructure will be provided by Quant Network,   a UK headquartered platform specializing in blockchain interoperability.  

So, yes, it's tokenization   on the blockchain.   Quant's involvement   builds on its successful delivery of the first phase of the regulated liability network, a UK led initiative for shared ledger based financial market infrastructure,   which UK Finance launched in 2024.   The RLN   project engaged all six banks participating in the GBTD   initiative along with other major financial institutions, including   Citi,   Mastercard,   Central Chartered,   Virgin Money, and Visa.   Again, a whole group of people that are real rather   large players in,   well,   money.  

Has three major use cases.   The GBTD   project will test three main areas, online marketplace payments,   remortgage   procedures,   and wholesale bond settlement.   According to Quant founder and CEO, Gilbert Verdian,   the project goes beyond improving payments   and is about enabling new forms of programmable money that will, quote, fundamentally   transform how value is moved and managed.   Online marketplace payments.   Programmable   payments designed to reduce fraud and boost confidence between buyers and sellers   remortgaging   processes   streamlining property transactions   improving transparency   and mitigating   conveyancing   frauds   wholesale bond settle settlement,   accelerating   clearing and settlement of digital assets   through instant delivery versus payment   with a single pool of liquidity.  

Quote, our involvement underscores   Quant's leadership in digital finance as we work alongside The UK's   leading institutions   to build the infrastructure   powering tomorrow's economy.   Suit speak. Dude, get it get it away.   UK Finance's   tokenized   deposits   pilot launched   amid the Financial Conduct Authority finalizing its crypto regulatory framework   with the full regime reportedly expected to come into effect in 2026.   In April 2025, the UK Treasury published a policy note on future financial services   regulatory   regime for crypto assets,   highlighting a clear distinction between   qualifying stablecoin   and tokenized deposits   and   electronic   money.  

According to the report, the Financial Times on Sunday,   the FCA   has been speeding up crypto approvals   in response to criticisms recently   as The UK inches closer to adopting a full regulatory framework next year. In the meantime,   the European Union has been steadily advancing the application of the markets and crypto assets regulation, which entered full force in late twenty twenty four.   These are some heavy hitters.   And what I think is going on is that The UK   may be looking at the possibility   of somehow or another   hybridizing   the CBDC   concept   with the stablecoin   concept.  

I would not touch this product with a 10 foot pole.   I would not plan on ever using it. If you're listening to me in The UK,   watch out for this.   This is   this is like it just screams   Trojan horse.   It looks like a stable coin,   but I guarantee you it's not going to be a stable coin. It's gonna it's gonna have all kinds of locks and gates and and and door keeping   around it   to where,   you know, transactions can be reversed.   You can only hold so much.   It's it's it's the great   great pound, but it acts like like a stable coin. These are all things that you've got to watch out for. Alright. If you if for whatever reason   you wanna use a stable coin,   I don't know. Just go use Tether if for whatever reason you need a stable coin, but   it's all moving that way.  

Which brings me back to Frank Korva's   plea   to get involved and make sure that peer to peer transactions   are always safe.   Because the people that are in power, no matter what government they're involved with,   I think they're all   kind of sick in their head. And maybe they didn't mean to be that way. Maybe they didn't mean to become the the people that they are. Maybe it's the environment that they're thrust in that forces them somehow to become the very thing   that humanity should rail against.   But we've got   we've got one more thing to cover before we leave for the week.  

Bitcoin miner Cipher signs a $3,000,000,000   Google backed   AI hosting deal   for the next ten years.   Cipher Mining, the fourth largest public Bitcoin miner by market cap, unveiled a two pronged strategic financing and expansion move on Thursday   centered on its growing high performance compute ambitions.   The company said it signed a ten year colocation   deal with AI cloud infrastructure   firm, FluidStack,   to simultaneously   propose a private offering   of $800,000,000   in,   you guessed it, convertible senior notes maturing in 2031.   Under the FluidStack agreement,   Cipher will provide 168   megawatts   of critical IT load capacity,   which is supported by its 244   megawatt gross capacity   at its Barber Lake development in Colorado City, Texas.  

The contract carries an estimated value of $3,000,000,000   over this its initial term   with options for two   five year renewals that could raise the total to about $7,000,000,000.   Google will backstop 1,400,000,000.0   of FluidStacks'   lease obligations   according   to a statement in exchange for warrants   that will allow it to acquire approximately   24,000,000   shares   of Cipher minor stock   equivalent to about 5.4%   of the pro form a equity   in return.   Cipher retains full ownership of the project, however, quote, we are thrilled,   probably suitspeak, we are thrilled to be working with FluidStack   to develop HPC data centers, and we look forward   to welcoming Google as an investor in Cypher. This transformative   transaction reinforces our HPC momentum   as we continue to attract attention from our large and growing pipeline of sites.  

We believe this transaction represents the first of several in the HPC space as we continue to scale our capabilities and strengthen our position   in this rapidly growing sector,   said Cipher CEO Tyler Page.   Concurrently,   Cipher announced a proposed private offering of $800,000,000   in convertible senior notes due October   2031.   As if we don't have enough convertible senior notes floating around there, the notes won't bear interest and will be convertible under certain conditions into shares, cash, or a combination of the two.   Cipher also expects to grant initial purchases,   purchasers   a thirteen day option to buy up an additional 120,000,000   shares,   in the well, a $120,000,000   in notes rather. Cypher intends to use the proceeds for multiple strategic purposes,   including funding the Barber Lake project build,   supporting its broader 2.4   gigawatt   HPC pipeline, and expanding other site development, the firm said.  

Following the news,   Cipher stock jumped 22.4%   premarket   on Thursday before correcting itself, and CIFR,   I guess that's the ticker, is currently changing hands for $14.95   at a market cap of $5,600,000,000,   having gained more than a 192%   year to date according to the block's cipher mining price page.   So cipher mining getting into bed with Google for AI   and at least   at least you know what I didn't hear?   That they were gonna use it to buy Bitcoin to put on their balance sheet because they're turning into a strategic Bitcoin treasury company. Thank god, 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.