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Episode 1191 of Bitcoin And . . . is LIVE!

Topics for today:

• First BTC Transaction On Square Terminal
• Trump: Full Blown Trade War
• $300 Trillion in PYUSD Minted
• It's Gold, Jerry. GOLD!

Circle P:

Oshi
 Artisan pecan butter, date bars and chocolates
 Website: https://www.oshigood.us/products
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Today's Articles:

https://bitcoinmagazine.com/business/compass-coffee-shop-debuts-first-ever-bitcoin-payment-on-square-terminal-in-washington-dc


https://cointelegraph.com/news/trump-declares-us-trade-war-with-china


https://www.coindesk.com/markets/2025/10/16/paxos-fat-fingers-usd300t-of-paypal-stablecoin-outpacing-usd-s-usd2-4t-supply


https://bitcoinmagazine.com/markets/gold-beats-bitcoin-as-new-safe-haven

https://tether.io/news/tether-donates-250000-to-opensats-to-strengthen-free-and-open-source-ecosystems-supporting-bitcoin-and-freedom-tech/


https://cointelegraph.com/news/lost-bitcoin-california-recovery-law


https://decrypt.co/344481/uk-repay-7-billion-bitcoin-chinese-fraud-victims


https://www.theblock.co/post/374893/okx-standard-chartered-custody-europe-off-exchange


https://cointelegraph.com/news/shareholder-sues-semler-scientific-to-block-strive-merger


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[00:00:02] David Bennett:

It is 09:28AM   Pacific Daylight Time. It is the October   2025,   and this is episode eleven ninety one   of Bitcoin and coffee   shop. Yep. Got a coffee shop. First ever Bitcoin payment on Square.   We will get all into it.   Trump   confirms that we're in a trade war with China.   You're here   because of all this and more. It's all the news that you can use   about Bitcoin and more, especially in today's world about   more macroeconomic   stuff, which we will get into. We're also gonna talk about gold. We're gonna talk about this fat fingerprint   of $300,000,000,000,000.  

It's not exactly what you think.   We're also gonna be talking about California a little bit.   Tether stepped up to the plate and has donated   quite a bit of money,   to open source development, but I I Jack just   Jack Dorsey just doesn't think it's quite enough and they're probably gonna need a list of burn centers   after, Jack's,   tweet reply on that. It was kind of funny.   California is in the news. The UK is in the news.   OKX is expanding   their   custody partnership with a huge bank, and   Strive   and Similar Scientific's   deal may be on the chopping block. We'll we'll have to see. But first,   coffee, because everybody loves it,   Unless you just don't like poison bean juice. Alright. So Bitcoin Magazine, Micah Zimmerman's got this one. First up for the day,   Compass Coffee Shop debuts first ever Bitcoin payment   on Square Terminal   in Washington, DC.  

A customer just bought a coffee   using Bitcoin at Compass Coffee.   This reportedly marked the first ever Square terminal in the world to accept Bitcoin,   The pilot launch showcased during DC Fintech Week   was made possible through Square's new Bitcoin payment integration.   According to a Compass Coffee ex post, the system worked seamlessly   across multiple Bitcoin wallets,   demonstrating the power of open payment standards   and the Lightning Network.   You know, because pausing just to say if you remember Roger Ver's   major argument about Lightning and Bitcoin,   especially back in the twenties in the twenty seventeen days before Lightning,   Roger Ver was all about coffee and that Bitcoin, because of   reasons, couldn't you couldn't buy coffee with Bitcoin, and that was   quite literally one of his three major,   you know, prongs in his attack   on Bitcoin that resulted in the fork to Bitcoin Cash. But the other one was lightning.  

It just doesn't work. I've never been able to make it work, said Roger Ver, but, no, it did work. He just was making   making a mountain out of a molehill.   And now lightning pretty much is   almost flawless. I mean, are there still issues? Of course, there's still issues.   This is all new tech.   It's, you know, there's I've had failed Lightning payments.   So what? I try it again. And if it fails then, I try it a third time.   And within the course of a minute and two failed payments, I still get my payment through. I'd I honestly   don't see what the issue is. But   continuing on Compass Coffee,   a beloved   DC chain with 27 locations,   hosted the demonstration   and invited lawmakers and fintech leaders   to see the technology in action. Quote, cannot wait to see this come to Square devices   worldwide   soon, the team posted on x.  

Square recently announced the launch of   Square Bitcoin,   which is going to be a new suite of tools designed to make Bitcoin usable for everyday businesses   from coffee shops to local retailers.   The platform will let merchants and small businesses accept Bitcoin payments, automatically convert a portion of their sales   into BTC,   and manage holdings in a built in Bitcoin wallet all from the same dashboard they already use   for point of sale and banking.   Pausing again because that is always the most important point.   If you're going to introduce something new   to anybody,   and in this case, to vendors,   you cannot say, oh, well, if you're gonna do this, if you're gonna accept Bitcoin, well, we're gonna have to install this, and you're gonna have to hit this button, and then you're gonna have to go over here and hit this button to make sure that well, no. You're already lost. It's you you've already lost that battle.  

It has to be it has to be under the hood.   It has to be like taking your car in for a I don't know. Let's say you got   a notice in the mail that says,   hey. Your transmission   on your Chevy, we found out that it's it's faulty,   so we're gonna exchange it out. All you gotta do is take it to the shop, and we'll we'll, you know, give you a brand new transmission or or whatever it is. And you take it to the shop. They give you a loaner car. You go about your day, and you come back, and your car doesn't look any different, and it drives the same, but it's got a brand new transmission.   You didn't have to do anything. You didn't have to pay for it. You didn't have to get a voucher for it. Nothing.  

If it's not like that,   then you can forget about Bitcoin payments. And that's why this   square Bitcoin   was such a huge announcement.   At least in my mind, I honestly think it should be in your mind too, but this is the way you handle user experience.   You don't   change it.   If you do, you've lost.   Continuing on, the rollout   will begin 11/10/2025   with no processing fees for Bitcoin payments   during the first year.   Square says the goal is to make using Bitcoin as seamless as card payments, simplifying what has long been a complex process for small businesses.   By integrating Bitcoin directly into Square's ecosystem,   sellers won't need external wallets or third party apps. They can choose to hold Bitcoin on their balance sheets or instantly convert it to dollars.  

Miles Suter,   head of Bitcoin product at Block, said that the move aims to make Bitcoin   everyday money.   For merchants, it could mean lower costs and faster settlement than traditional card networks. And for Bitcoin, this news is just another step towards mainstream adoption.   Bitcoin can be used as payments elsewhere.   Popularly,   Stake and Shake began accepting Bitcoin payments at all US locations in May using the Lightning Network   via QR codes on kiosks and point of sale systems.   The move boosted   same store sales by roughly 11% in the second quarter, cut payment processing fees in half, and drove more customer visits,   establishing Bitcoin   as a strong alternative to traditional payments.  

So the first ever Square Bitcoin   vendor customer transaction on Bitcoin has occurred,   and it did so   without the vendor having to change a damn thing.   And, again, I and I cannot reiterate this enough.   When it comes to user experience,   not changing   an already tried and true unified   user experience   is critical.   When you start mucking around with that kind of thing,   again,   you lost.   You you lost.   And who's gonna lose this one? Trump confirms that The United States is indeed   in a trade war   with China.   So here we are, and this is why we're looking at a 108   to a 107,000   Bitcoin.  

Yep.   Yep. We had another price drop. It   happens,   especially when   markets are fragile,   people's nerves are on edge   globally,   not just in the West, not just in The United States, but globally,   everybody's on the edge of a knife   politically,   emotionally,   sociologically,   if that's even a word.   I mean, everybody's just   poised to explode.   Nobody knows what to do with their money, and everybody is realizing something's wrong with the money. Hence, why you've got gold soaring to new price new all new all time highs yet again today.   But let's find out more from Braden Lindry of Cointelegraph.  

Donald Trump has confirmed The US is in an active trade war with China after threatening a 100% tariff on all Chinese imports last week. Quote,   well, we're in one now, Trump said after being asked by White House reporters whether The US is preparing   for a sustained trade war with China. Quote, if we didn't have tariffs,   we would be exposed   as being a nothing.   We would have no defense, Trump explained,   calling the tariffs an important measure for America's national security.   A social media post from Trump last Friday threatened the tariffs,   sparked a, threatening the tariffs sparked a crypto market crash that saw Bitcoin fall from a 121,500   to a 100 and third a $103,000   over several hours.  

Trump said that he would impose a 100%   tariff on China after   China tightened its export controls on rare earth minerals   that are essential for building computer chips.   Trump's latest comments haven't triggered a significant market sell off.   Kinda they have, but   Bitcoin is up 0.1%   over the last hour. Yeah. That's that's now changed. It it's actually down from there.   US secretary,   treasury secretary Scott Bessen criticized China's trade tactics earlier on Wednesday,   claiming China's actions will backfire if they don't ease export controls, quote,   if some of the Chinese government   want to slow down the global economy through disappointing actions and through economic coercion, uh-oh,   the Chinese economy will be hurt the most. And make no mistake,   this is China   versus the world.  

We and our allies will neither be commanded   nor controlled   by a group of bureaucrats   in Beijing,   Bessent added.   I won't explain why I'm about to say this, but the irony is strong with that statement. Anyway, Trump's tariffs on several Asian countries have, however,   made it more challenging for US based miners to purchase ASIC Bitcoin miners.   The tariff currently stands at 57.6%   on China origin mining machines and 21.6%   on those from Indonesia, Malaysia, and Thailand,   making it significantly more expensive than before. Last year, Bitcoin miners also ran into problems with the United States customs and border protections,   which seized   thousands   thousands of Bitcoin miners under the impression that they were illegally imported radio frequency devices.  

Despite the issues, no major US Bitcoin mining company has shifted its operations overseas   as some industry analysts anticipated. No. They're locked into their power contracts.   It's more about where they're getting the electricity and the elect and the electrical infrastructure   versus being able to get a hold of machines because you can always rack up older machines.   And, honestly, this this whole mining thing needs to be more decentralized,   than ever, but that's that's an entire different story that we probably don't have a whole lot of time for. So let's move on   to CoinDesk,   and   Amkar Godbold is gonna tell us all about the Paxos   fat fingered   300,000,000,000,000   of PayPal stablecoin   construction yesterday,   outpacing USD's $2,400,000,000,000   supply.  

Just not shelling it.   Paxos   minted $300,000,000,000,000   of PayPal's,   what was it, Pi USD stablecoin?   300,000,000,000,000,   not billion,   not million,   $300,000,000,000,000.   The United States dollar only has a $2,400,000,000,000   supply.   It was a complete mistake, an error, but   it brings up some obvious issues. On Wednesday,   The stablecoin issuer, Paxos, accidentally,   note the word,   accidentally   minted $300,000,000,000,000   worth of PayPal Holding Incorporated's   Pi USD stablecoin on Ethereum,   a   fat finger error on the blockchain that far exceeded the total US dollar circulating supply of 2,400,000,000,000.   Quote,   at 03:12PM   Eastern Standard Time,   Paxos mistakenly minted excess Pi USD as part of an internal transfer.  

Paxos immediately identified the error and burned the excess Pi USD,   Paxos announced on x.   The issuer explained that a   technical   glitch caused the Pi USD supply to rapidly   and unintentionally   expand,   which was quickly identified   and then resolved.   Paxos emphasized that it was not a security breach and assured that all customer funds remain safe.   Still, the fact that a technical issue led to such an enormous amount of stablecoin creation without the requisite collateral has raised eyebrows. Quote, it's not the dollar amount you should be thinking about.   It's the fact that this is a collateralized   asset that can be created   without collateral.  

Let me read that again because this is important for all stablecoins.   It's not the dollar amount that you should be thinking about.   It's the fact that this is a collateralized   asset   that can be created   without   collateral.   I'm gonna try to come back to that.   At the time of writing,   Pi USD ranked as the world's seventh largest stablecoin with a market value of $2,600,000,000.   Each token is fully backed by highly liquid, high quality reserve assets to remain to maintain its one to one peg with the US dollar.   Fat finger errors have happened before in the crypto market. In 2019,   Tether,   the issuer of the world's largest dollar peg stablecoin, USDT,   mistakenly minted and quickly destroyed $5,000,000,000   in USDT.  

Okay. So we've got some mistakes here. But let's go back let's go back to the sentence.   It's the fact that this is a collateralized   asset   that can be created   without the collateral.   That's   the problem.   There's no hook   to the peg.   What do I mean?   I can create   stablecoin,   and it's not governed.   It's there's no governor on the on the minting of that stablecoin   using some kind of oracle like how many treasuries do I own?   And even if there was that, that could clearly be easily manipulated.   And this is this is sort of where the rubber is gonna meet the road because for   for over the last year, probably   a year and a half now,   I've been saying   that Tether represents the poster child of being able to print an enormous amount, if not an unlimited amount, of United States dollars   out of The United States and then ship that debt because that's what is gonna be debt creation,   ship that debt to every other country in the world in a little bit here, but moreover, it's probably gonna be to every other country in the world, especially developing third world countries   in the form of Tether.  

If at that point,   Tether's just gonna buy US treasuries. That's what they're gonna do. They're just gonna print treasuries.   Tether's gonna buy them along with God only knows what else, more farmland, more gold, more Bitcoin.   But it's gonna be the treasuries, and they're gonna be like the buyer of mid to last resort.   It's it's in many cases, first resort too. They're gonna have the entire spread. So the United States government will be able to sell   freshly minted debt instrumentation   in the form of treasury bonds directly into   the global   market.  

But then   we have a disconnect,   don't we?   It's the fact   that this is a collateralized   asset   that can be created without the collateral.   In this case, the collateral is normally, against Tether, is a basket of of of all kinds of stuff, but a lot of it is United States   treasuries.   And we can print that shit at will. We already know that.   Tether has real money, and they buy those treasuries with that money, and then they mint   Tether.   That Tether is collateralized   in part, and to a great part is collateralized   against those treasuries, which we're already printing   at will.  

Right? And we've all we already see weakness in the bond auction markets. There's a lot of people that really don't wanna buy United States debt. Oh, that's okay. Tether will do it.   But now we've got this extra little factoid going on that we really need to be wholly conscious of moving forward is the fact that any of these guys,   Circle,   Tether,   PayPal,   Paxos, all these guys, whoever it is that's responsible for minting   the stablecoin   can mint   it because it's completely unlocked   physically   in terms of code.   Like, having the code the minting code with whatever module in, like, let's say, Tether,   it when you go to Mint Tether,   it doesn't   check against how many treasuries you actually own.  

If it and if it did, again, it could be manipulated. But let's say it couldn't.   That check doesn't exist. Because if it did and it couldn't be manipulated,   and I don't think there's a way that you could make it unmanipulable,   because humans are humans and humans are gonna human,   it would say, oh, wait a minute. I can't print that many tether. You only have this much in your basket of currencies and this many treasuries and whatever else is collateralizing it.   Until you buy more treasuries,   you can't print any more Tether.   That's   probably never   going to be a feature,   which means   the printing and the minting of the stablecoins   are completely   unbridled,   and it will be up to   humans to keep themselves in check.  

What   could possibly   go wrong?   While you're asking yourself that question, you might wanna go to oshigood.us.   That's oshigood.us   and get yourself some   crunchy coffee huddle butter,   which, actually, he's out of stock. He's out of stock on on a lot of stuff according to his website.   That doesn't mean that doesn't mean that he doesn't have   good old fashioned OSHA bars,   crunchy coffee hotl butter, regular hotl butter. Oh, dude. And the crunchy coffee hotl butter? Oh my god. It's so good. He sent me a jar and I was, like, munching on it. My wife cleaned me out of it   for her for her morning toast.  

It was there for, like it was in the fridge for, like, three days, and I look at it, and the whole jar is just gone. I got a spoonful.   So the person that should really be talking about this is my wife, but she's not here right now. You can get huddle bars. He's got a, banana chocolate chip huddle bar, a mint cookie huddle bar. What are they?   I consider them energy bars. This is what I put in my backpack when I wanna go on a hike. If I'm hungry out on a hike and I eat one of these sons of bitches,   oh my lord. I am charged up for at least another hour and a half. And he's also got something called   BTHC   nodes, which are chocolate covered hollow bars or little bits of hollow bars that are infused with,   THC.  

Yeah. I believe so. Yeah. THC.   Probably not a whole lot. I haven't tried those, but   this stuff is good stuff, man.   And if you buy it, you're gonna be buying it in Bitcoin. Alright? So because if you don't sell your goods and services in Bitcoin, you're not in the circle p. Circle p is open for business. It's where I bring plebs with goods and services just like you to plebs just like you that want to purchase those goods and services, but you're gonna do it in Bitcoin. And when you go to oshigood.us,   use the code Bitcoin and.  

Bitcoin and is your coupon code. And he might give you a little bit off on that, but it's more about the value for value advertising model.   I'm the only one that's doing it. It is a handshake agreement between me and Oshie. There's no contract. He doesn't pay me upfront.   He only pays me   for sales that I make for him. And the only way he knows I made a sale for him is if you use the coupon code Bitcoin and   gold.   Gonna have to talk about it. Peter Schiff is dancing on our grave. And as many times as I've I've I've said I've told him directly, I I respect him.   You know, if you've listened to the show, you know I don't have a problem with gold.  

And yet and there's a lot of Bitcoiners that have, like, complete I mean, a lot. A lot of Bitcoiners   that have directly   contacted   Peter Schiff to say, hey,   You know, we don't really hate gold. I mean, some some people are are acting a fool and saying bad things to you, but   we we're pretty much in alignment as to the fact that fiat currency is kinda screwed and a whole bunch of other stuff that Peter Schiff and Bitcoiners agree on. And yet Peter Schiff   is just it's bad sportsmanship.   That's what I'm getting at. It's like the Texas Tech Kansas game.   You wanna talk about bad sportsmanship,   holy Nelly,   Between knives and tortillas and   everything else that the Red Raiders are accused of throwing onto the field, well, we definitely threw tortillas on the field. But that whole knife thing,   that actually ends up being a knife that was   we got video of it being chucked by Kansas,   staffer on the sidelines.  

It's poor sportsmanship,   and there's just no place for it. And I'm still going to extend the olive branch to Peter Schiff and say we agree on a lot more than we disagree on.   We should probably work together, but I just I don't I   he's just having too much fun right now, and I'm gonna let him. But Micah Zimmerman   from Bitcoin Magazine has this one.   Gold will   outshine Bitcoin as the new safe haven, says market researcher   Ed Yardeni.   I know. You're going, god, why are you gonna read this to me? Because you need to know. You need to know what the sentiment is out there so that you can ease or more easily navigate   what comes next, which nobody knows, but at least you'll be armed with knowledge. Gold's massive rise this year is capturing investor attention with market veteran Ed Yardeni   declaring it the, quote, new Bitcoin.  

Nice little turn of a turn of,   of terms there. Yardeni argued   that gold has outperformed Bitcoin as a safe haven asset amidst growing geopolitical uncertainty. Quote,   Bitcoin has been described as digital gold,   but we would describe gold as physical Bitcoin, Yardeni wrote, highlighting gold's historical reliability compared with Bitcoin's shorter track record   and risk on behavior, Yardeni wrote in a Wednesday note from Yardeni Research.   The numbers back up the claim.   Gold has indeed surged 60%   year to date,   while Bitcoin's gains remain   closer to 20%.  

In recent weeks, gold has rallied 4%,   while Bitcoin has fallen 9%,   And the Nasdaq has dipped almost 1%.   Gold is currently priced at over $250   an ounce. One year ago, it was roughly $2,600   an ounce.   The surge in gold today can be partially attributed to Trump threatening China with retribution over trade,   including a potential ban on, of all things, Chinese cooking oil   amid long standing tensions   involving soybeans and other commodities.   The escalation raises US economic uncertainty, boosting demand for gold as a safe haven asset.   Yardeni   attributed Bitcoin's decline to liquidity strains with around   19,000,000,000 in recent liquidations and leverage positions,   forcing some auto deleveraging   and widening market spreads.  

By contrast,   gold climbed after Trump hinted at 100%   tariffs against China reflecting its role as a geopolitical hedge.   Yardeni sees gold pushing past 5,000 in 2026,   potentially   reaching 10,000 by the decade's end.   Quote, investors seeking protection from mounting geopolitical   risks have been heading for the hills to mine for gold as well as silver.   Bitcoin has settled to near a $111,000   this week following a record high of above 126.   And as you know,   that that price has has fallen substantially today. It's it is it is what it is. I mean, we it's not like we haven't seen this behavior before.   People seem to be very upset   about Bitcoin's fall over the last, you know   well, since Friday, honestly.  

I I even, you know and I'm gonna I'll admit it. I'm not immune.   I'm not exactly feeling all chipper today either,   but I've been here before.   I've done this for ten years.   You'd think you'd get used to it,   but you don't.   And   it doesn't   help that long time Bitcoiners   will and I I'm pretty sure most of it's just tongue in cheek, but they'll make posts whether on Nostr or or on Twitter and and somebody that you'd know and love and respect in the Bitcoin space, and they'll say shit like, it's so over.   You might think you're being tongue in cheek,   but it's actually not helpful because it adds to a general psychology   that people are picking up. And when you add to that, even if yours is tongue in cheek, you gotta remember it's stacked between two tweets. One is Peter Schiff saying, see, I told you. And the other one is some other Bitcoiner who's showing you, like, like,   long   or longs getting blown out of the water and telling you how they're now switching to Zcash,   which is has been a trend over the last few days. It's a scam trend,   but it is a trend.  

But when when you do that,   you're just adding fuel to the fire.   You know, you you'd have to be if you wanna do that, then be very specific that you're, like, you'll say something like, it's so over, and then in parenthesis,   oh, bullshit. Or, I don't know, something that demonstrates that you don't really mean it. Because right now, like I said earlier,   the whole world is on edge   economically, politically, financially,   sociologically,   whateverly.   It's just it goes on and on and on. There nothing has escaped   the fear,   uncertainty,   and despair   that the world feels right now. It's just out there.  

If you wanna help,   don't say shit like it's so over, even if you're just kidding. And if you are kidding and you do wanna do that, then say you're kidding. It's not that freaking hard, people. Let's run numbers.   CNBC   Futures and Commodities   stocks have given up the gains,   and they trade lower.   Dow is down 300 points. That's breaking news   from CNBC dot com. Meanwhile, Brent Norsee is down over a point to $61.27   a barrel. West Texas Intermediate crude is down a point to $57.71.   Natural gas is down 2.12%   back below $3 per thousand cubic feet. Gasoline is down 1.2%   to a buck 81 a gallon. And Merban crude, everybody's favorite light sweet crude is down a half point to $63.25.  

And as you might imagine,   shiny metal rocks are doing very well today. All of them except copper, which is down a half point. Palladium is up 5%.   Gold up 2.14%   to $4,291.   That's a fresh new all time high. Platinum is up 3.5%.   Silver is up 3% to $52.84   an ounce.   All of ag   is in the green today except for coffee,   only loser point 67%   in the red. The biggest winner today is   chocolate,   3% to the upside.   Lean cattle is up a quarter.   No. Does say lean cattle I'm sorry. Live cattle is up a quarter. Lean hogs are down 1.14%,   and feeder cattle are up a quarter as well.  

And the rest of all the legacy indices are sucking swamp water today because, you know, trade war,   S and P is down a half point, Nasdaq down a third, Dow is down a half point, and the S and P Mini is down almost one full point. Meanwhile,   we're chilling out at a $109,060.   That's a $2,170,000,000,000   market cap. And now we can only purchase 25.2   ounces of shiny metal rocks with our one Bitcoin of which there are.   19,935,282.42   of. I'd like to I'd like to see Peter Schiff tell me exactly how many ounces   to two   decimal places   there are in the world.  

He can't do that.   I'm able to tell you to decimal places   every single weekday   how much Bitcoin is in circulation.   Average fees per block are low. 0.02   BTC taking the fees on a per block basis.   About 20 blocks carrying 45,000   unconfirmed transactions waiting to clear at high priority rates of four sats per v byte. Low priorities will get you in at two.   Holy   moly. Hash rate. One point it's a row of sticks.   1.11   zeta hashes per second. It's an all time high   for hash rate on the Bitcoin   network. It's all the security that you can use from   Nanny Binance. Yesterday's episode of Bitcoin and I got God's death with two thirty seven says, thank you, sir. No, thank you.  

Tulips 200   says, tulips. I guess bitcoin is just tulips and it's going to four hundred years of prosperity?   Got a little question mark in there. Pies with one twenty one says, thank you, sir. No, thank you. And god, that's it. That's all I got, man. Come on. Give me the boostograms. You gotta support the show.   I I I do this for you guys.   If you find seriously, if you do find value   in listening to what's going on on a daily basis   Bitcoin and the wider Bitcoin world, then consider donating to the show, either through Zaps, on Nostr,   go use podcasting two point o based apps, and you can stream me Satoshis. You can give me BoostiGrams.  

There's there's many other ways to do it.   You can even go to the web my website bitcoinandshow.com.   That's bitcoinandshow,all1word,.com,   and sign up. Just, you know, it's like $50.   You can sign up for free, but if you wanna support the show, I've got a tier   that gives you it it basically gives you everything everybody else gets, except   this way you show that you support the show. It's $50 for a year.   Is that I mean, for the for the whole year.   Just not $50 a month. It's $50 for the year. And it's just so that you can show your appreciation   if you are in fact getting value out of the show. And if you just don't have any money or or don't wanna part with your Bitcoin, if you can part with some of your time and throw me a five star review on Apple Podcasts,   that actually does help.  

It really does. Every single time I get a new review, I see a bump in listenership.   So if if you got no money and you're living under a bridge, but you got a cell phone,   well, throw me some love over there on Apple Podcasts. That is the weather report.   Welcome to part two of the news that you can use.   Tether   donates $250,000   to OpenSats   to strengthen free and open source ecosystems supporting Bitcoin and FreedomTech.   And this is directly from tether.io's,   blog.   The large   sorry. Tether,   the largest company in the digital assets industry, today announced a $250,000   donation to OpenSats.  

It's dedicated to funding contributors and projects that strengthen Bitcoin and advance open censorship resistant technologies.   The donation will support OpenSats   operations   and grant making efforts, enabling continued financial support for a wide range of free and open source initiatives   from protocol development and privacy tools to research and education.   OpenSats   allocates 100%   of funds directly to grantees,   sustaining its operations through separate donations, maintaining its transparent public interest mission. Quote, we at Tether   believe that Bitcoin and the free open source software that powers   it are indispensable to a freer decentralized future, said Paolo Arduinos, CEO of Tether.  

I quote,   OpenSats   is on the front line supporting the continued growth of this ecosystem by funding the next generation   of innovators,   and we are proud to support their work, end quote. OpenSats was established to create a sustainable, transparent funding model for contributors   to Bitcoin   and free and open source software.   Okay. So   I   believe Tether has donated open stats before, but I'm not   quite sure. However,   Jack Dorsey   replied   to the tweet from tether.io,   you know, announcing this this donation to Open Sats,   and he literally said one sentence.  

Why only $250,000?   Oh, burn it to the ground, buddy.   I don't know. I mean, we   should never look to get look a gift horse in the mouth.   It is $250,000   that OpenSats did not have before   to support free and open source software development as well as Bitcoin and and and Nostr and all kinds of other stuff.   But how how many billions of dollars did they make last quarter?   I mean, honestly, $250,000   is kinda   it's kinda like spitting in the wind. But, hey, again,   never look a gift horse in the mouth. Have you lost your Bitcoin in California?   Well, you might get it all back according to Aaron Wood out of Cointelegraph.  

Over the weekend,   California governor Newsom signed a bill into law that preserves abandoned Bitcoin holdings.   The bill was an update   to unclaimed property law and contained one key provision.   Abandoned Bitcoin or crypto holdings that are transferred to the state must be maintained in their original format,   not sold for cash,   for a certain amount of time. States with similar laws require that crypto be liquidated into cash immediately.   This can create difficulties for recovering lost property and also creates administrative burdens for exchanges and crypto custodians.   The new law in California reflects growing adoption and understanding of cryptocurrency   among lawmakers.  

It may also influence how other states choose to regulate crypto in the future.   State governments use the s cheat,   the reversion of property to the state,   and the sale of abandoned property as a revenue source. As cryptocurrencies become more popular, states are increasingly amending their unclaimed property statutes   to allow state administrators to take control of these assets as an untapped source of revenue,   wrote attorney Casey   Arnston   or no. Arntsen   in the Iowa law review. On October 11, Newsom signed s b eight twenty two into law. In doing so, California joined Delaware, Illinois, Kentucky, and New York as states that have included crypto in their laws surrounding abandoned property.   The law, which passed unanimously,   represents a critical update to the decades old UPL legislation that was already on the books. The new code stipulates that crypto is considered   abandoned   if it sits in an exchange   or custodian account for three years   without any action.  

These actions include   deposits and withdrawals,   trades, logging in,   other actions that reasonably   demonstrate the owner knows they have crypto in the account.   This initially raised concerns   among crypto observers who were under the impression that the state was out to steal their crypto.   One invoked the crypto slogan, not your keys, not your coins. Others thought the state could somehow transfer crypto from your wallet and then sell it.   Notably, the law only applies to custodial platforms.   Noncustodial   wallets   remain unaffected.  

Yes. Again, not your keys, not your coins. Even then,   the custodian must provide notice no less than six months after the state deems the property abandoned.   The California law sets itself apart from other states in the abandoned Bitcoin or   or in that abandoned   crypto   or Bitcoin need not be converted into fiat currency. Instead,   it will be turned over to a state appointed custodian.   Oh, yay.   State appointed custodian   in its original form.   In other states abandoned and has cheated,   Bitcoin is immediately converted into cash. Once the state has the crypto, it can only sell it after eighteen months   if it deems it necessary or beneficial to do so.  

Crucially, this will allow investors to receive their Bitcoin back in full if they claim the abandoned property.   Eric Peterson, policy director for the Bitcoin advocacy group Satoshi   Action Fund, said, quote,   the state will send you your Bitcoin back in Bitcoin rather than liquidating it years ago and sending it in cash.   Cryptocurrencies   and blockchain technology have often butted up against outdated   legislation. Simple inclusion of crypto under existing umbrellas don't always provide legal certainty   and can even, in some cases, make things murkier   murkier.  

As noted by a team of lawyers at Jones Day in Chicago, Illinois,   the local state law pertaining to abandoned crypto represented, quote,   an administrative   burden   for crypto custodians that may be unwelcome by long term crypto investors, end quote.   Illinois law and the laws of many other states require immediate liquidation,   which undermines the custodial   nature of crypto,   the council at Jones Day stated, quote, while owners can still collect their value,   that value is now fixed and finite,   unable to ride the ebbs and flows of the market, end quote.   This will likely result in a headache for the state,   investors and custodians alike.  

By law,   investors are entitled to the value of the crypto when sold but are not allowed recourse to recover any increase in value after it is sold.   Still, it is unlikely that this will dissuade legal action by the angry owner of crypto that increased tenfold since the date of liquidation.   And per historical   trends,   owners will not stand by as docile observers when a holder liquidates   his or her crypto.   Arntzen   also stressed that lawmakers need to bring their administrative capabilities into the modern age. She recommends   that states hire outside expertise to create the necessary   wallets and custodial capabilities to store crypto.  

She also said the state could use an exchange like Coinbase to liquidate its its cheated   assets.   S cheated.   I was s cheated out of my Bitcoin.   The cryptocurrency   industry has achieved several policy victories in The US over the last year.   Stablecoins have clearer laws, and congress is working on the massive responsible financial innovation act, the market structure bill for crypto. However, at the state level,   progress is moving in fits and starts.   So   boys and girls, what are we really saying here?   If you leave your Bitcoin on an exchange and, like,   you know, not touch it,   but also not log in,   not   remove it or not add to it,   then after three years,   it's gonna be considered abandoned property. Who gives anybody the right to do that?  

I mean, why, you know, why three years? Why is it not ten?   It's completely arbitrary number, and it seems a little bit   light in the loafers   for me, and so far as it should be, like, a heavier amount of time   before they start making decisions   for you,   the actual property owner.   I understand where the sentiment comes from, what what if somebody died,   you know, I I get it, but honestly,   the state should have no ability   to collect   personal property   because of   Insta rule. You know what? Maybe we should just make it to where somebody doesn't touch their stuff in three years, we can just take it. Yeah. That sounds like a good idea. Hey, let's get a law going for that. That's that's that's an Insta rule. There's there's there's   nothing   pressing in the world that says, if we don't do it, nuclear holocaust is gonna happen, or massive pandemics will sweep the earth, or mass starvation will occur, or all the blue whales in the ocean will die.  

Nothing was going on. It was lit literally the meme where it's like nobody.   Me. Hey. Let's make a law to steal people's property after three years of inactivity.   Allow just   we've got to be able to stop   and point at something and say, that's not right.   And this entire achievement   is not   right.   If if property goes abandoned,   too bad.   It's not the state's   I was I'm not gonna say right. What I'm gonna say is it's not it's not in the best. It's not in the interest of the state. Other than getting free money or free property, it's not in the interest of the state to have a mechanism   to just arbitrarily   say, hey, you haven't logged into your bank account for three years, so we're gonna take everything in it.  

It's just ridiculous,   as is The UK.   But they may be making the correct decision here. I'm not sure. We'll find out from Ryan Gladwin   out of Decrypt.   UK aims to repay Chinese victims of   $7,000,000,000   Bitcoin   fraud.   Prosecutors in The UK are planning   to repay the victims of a nearly $7,000,000,000   Bitcoin fraud in China   despite the UK government previously signaling its intention to keep   most of those funds.   In September, Chinese national, Zim and Quynh   pleaded guilty to acquiring and possessing criminal property in the form of Bitcoin valued at 6,800,000,000.0.   Qin or Qian, however you pronounce it, gained the funds through a fraudulent investment scheme that duped upwards of 128,000   individuals in China between 2014 and 2017.  

Over the years, she converted the illegally obtained funds into Bitcoin and attempted to launder the assets.   The Metropolitan   Police seized the stolen Bitcoin   from 2018   to 2021   after Kyun fled China and entered The UK with false documentation.   Over the last few weeks, questions   have abounded   over what the UK government plans to do with nearly $7,000,000,000   in Bitcoin.   Germany, for instance, sold billions of dollars worth of Bitcoin last year that had all been seized from various investigations.   By contrast,   the US government still holds $37,000,000,000   worth of seized assets,   and lawmakers in the country aim to use them to create a digital asset stockpile.  

After initially signaling an intention to keep most of the Bitcoin, prosecutors in the case today   said during a court hearing   that they are planning a victim compensation plan according to Bloomberg.   Several investors have reportedly applied   to the court to reclaim their money.   Some investors have suffered huge personal losses in the form of lives,   marriages,   fractured families, and businesses,   William Glover, a lawyer for the group of victims, told Bloomberg.   Prosecutors have yet to provide specific details   on how the compensation scheme will work.  

Quote,   given the unprecedented   scale   of the seizure   and public debate about any potential surplus, our position is clear.   Victim restitution   must come first,   Jackson Ng, a lawyer representing a set of investors, told Bloomberg.   Nick Harris, CEO of UK based crypto asset recovery firm Crypto Care, warns, however,   that victims could be disappointed   by the final result.   Quote, The UK could still retain the seized Bitcoin under the proceeds of crime act   rather than redistributing   it directly, Harris told Decrypt.   Quote,   typically,   confiscated assets are channeled into the treasury or law enforcement budgets through the asset recovery incentivization   scheme, a system mirrored in The US and Australia where victim restitution   is   not always   prioritized.  

So it's   it's still unclear as to whether the people that lost their Bitcoin are gonna get their Bitcoin back,   and will they get it back in Bitcoin, or will it be liquidated and then they'll be given the fiat?   Who knows? Because it's it's just unknown. It's   this   honestly, this is all kind of, like, new territory for all the people in government, and it's kind of fun to watch them fumble.   But it's not fun to watch people lose marriages, lives, families, and businesses because of their own fumble.   Just be very careful,   people.  

Pig butchering is real. Right? I talked to you about that yesterday.   The scam like the one that she was running in China, those are real.   Just   if you get it if you get a text on like, what I've been getting on on my phone lately is the following.   Your Coinbase account has been accessed   by some device in Singapore.   If this was you   or if this was not you, then call this telephone number and it's like an 888 number. Don't call that number.   The   Coinbase is never gonna text you to tell you this.   I mean, the if if something like that had happened,   you would you would get   you would not get texted on your phone. Let's just put it that way. Alright? That's not the way Coinbase is gonna work.  

My sister has called me three times in the last year   to ask me   about a particular text message in one k x in two cases, and then an email she got in another case. All three of them are scams.   They all say the same stuff.   Your   Coinbase account has been accessed by   x.   And if this was not you, call this number.   Don't do that.   That that's how you get scammed.   Right?   If you for whatever reason, if you get one of those texts and you're concerned,   call Coinbase   directly.   Do not call the telephone number that was listed in the alert because it's   99.99%   chance it's always going to be a scam.  

Alright. Just be careful out there. Meanwhile,   OKX   expands custody partnership with Standard Chartered into Europe,   letting clients trade while keeping assets off of exchanges.   This is the block written by James Hunt.   Crypto exchange, OKX, has expanded its custody partnership with Standard Chartered into the European economic area,   introducing a model that lets institutional   clients trade on OKX   while keeping their assets in the bank's custody.   The move extends a program first launched in The UAE earlier this year, creating a barrier   between trading and custody that is standard practice in traditional finance,   but not so in crypto.  

Traders have been seeking to mitigate the risk of holding assets on crypto trading platforms in general following the FTX debacle   of twenty twenty two.   Through the collaboration,   institutional clients can hold assets   with Standard Chartered, a global systematically   important systemically   important bank, while   mirroring those balances on OKX for trading.   This approach is designed to reduce counterparty risk and give clients the ability to access liquidity   and trading opportunities without transferring custody of their assets to the exchange.   The model offers bank grade security with direct access   or with direct exchange access, allowing clients   to trade within a more protected framework. OKX Europe CEO,   Errol   Guze,   said in a statement, adding that OKX's   MICA license provides the regulatory clarity institutions   need   to deploy capital   confidently.  

Quote,   the expansion highlights   not only Standard Chartered's confidence as the first and only   GSIB,   which I guess is globally systemically   important bank, to work directly with a crypto exchange, but also the growing trust of regulators in this model.   Margaret Harwood Jones,   global head of financing and security services at Standard Chartered,   said that the combination of the bank's established custody infrastructure   with OKX's   regulatory framework   will deliver secure and compliant solutions   for institutional clients in Europe.   OKEx previously partnered with Komenu to provide a similar custody arrangement for institutional clients in 2024.  

However, it's not the only crypto platform looking at such off exchange solutions with Derabit, Binance, and Bitget   also announcing plans in recent years.   And I know that the word crypto was bandied about a lot, and as you know, if you've listened to the show, I don't think anybody should trade this stuff.   But people are gonna trade this stuff.   And it is better   for them to trade this stuff   if   the actual underlying   assets that they're trading against each other   are held   off of the exchange.   It's better for everybody, including even those of us who don't trade in this garbage.   Because shock waves that that that could potentially happen with another FTX, Alameda,   BlockFi debacle   are   lessened   to a great extent.  

And right now, since everybody is jittery and on edge like   a beast,   it's probably a good thing that this is occurring, and it's I'm glad to see that these other exchanges   are looking for partnerships   that mirror that.   Last up for the day, Strive's crypto merger with Simler Scientific   faces a shareholder   revolt.   Wow. They're revolting over there.   Cointelegraph's   Amin Hasquinas has this one.   A shareholder of health care technology company, Simler Scientific,   filed a lawsuit   seeking to block the company's proposed merger with Strive,   the asset manager turned Bitcoin treasury company led by former US president candidate Vivek Ramaswamy.  

According to the complaint filed in the   US district court court of the Northern District Of Illinois   well, that's not in the Southern District Of New York. It's surprising.   Plaintiff Terry Tran accused Similar Scientific and its board of directors of violating sections 14 a and 20 a   of the SEC   act   of 1934,   which bans misleading shareholder voting materials   and holds company leaders liable for those violations.   Quote,   the registration   statement is materially   incomplete and misleading   with respect to the financial impacts of the proposed transaction on the combined company and the financial fairness   of the proposed transaction   the complaint complaint read.  

Under the deal announced in September, Strive,   an asset management company that recently merged with asset entities   to become a publicly traded Bitcoin treasury company,   plans to acquire Similar Scientific   through a stock for stock transaction.   Shareholders of Similar Scientific   would receive 21.05   shares of Strive's class a common stock   for each similar share that they own.   Trans lawsuit claims   that the similar board, including CEO Douglas Murphy Chittorian   and directors Eric Simler, William Chang, and Daniel Messina,   failed to disclose   sufficient details about the financial fairness of the deal and its implications to shareholders.  

The plaintiff is asking the court to halt the shareholder vote   or any steps towards completing the merger until the company issues   corrective disclosures addressing the gaps in the proxy statement. If the deal   has already been executed,   Tran seeks to cancel the merger or obtain monetary damages.   If the court grants the injunction,   the merger could face significant delays. The case, filed on Tuesday, is being handled by Ademi and Fritcher, a Wisconsin based securities litigation firm.   Similar Scientific is a health tech firm that adopted Bitcoin   as its primary treasure reserve in 2024. Yes. We know. We know. We get it.  

Let's see if there's anything else about the   and that's it. That's about all that is worthy of that particular story. So   shareholder revolt over there at similar scientific, they don't seem to be particularly   happy about the merger.   We'll have to see where that goes, but,   yeah,   Everybody   calm down   Seriously,   everybody calm down   Injecting   negative   sentiment   into something that is already negative   is not helping anything.   If you want to post   to whatever it is that you post to,   post a picture of flowers   or something. I don't know. But this entire I mean, like, my ex feed   is completely different than my Nostra feed. You know what's going on over at Nostra?  

People are posting pictures of what they ate today, what meals they cooked.   I've got a really good artist over there, Isabella Art.   Isola Bella, sorry. Isola Bella Art is over on Noster.   He's posting pictures of his oil paintings, which are gorgeous, and you should buy one if you if if you can get a chance to do that.   I've got people that tell, you know, like, with, I don't know,   you know,   positive thoughts.   Now if I go over to x, all I see is just it's the meme with the two people on the bus.   The guy on the left hand side of the picture is looking at the brick wall outside of the windows of his bus, and the guy on the right hand side of the picture is looking out at the sunshine,   the sun setting over this beautiful mountain scene because he can see out. That that it it is night and day difference.  

I feel bad for the people that are over on x because they are literally being fed   shovelful   after shovelful   of negativity   about everything   and in particularly   today about Bitcoin.   So   just be careful   and and think well,   think before you post. I sound like The UK.   Just, you know, be sensitive.   People are freaking out, man. They are really freaking out out there, and there's just no reason for them to freak out this bad. We've been here before   several times. And if you've been here in the game as long as I have for a decade,   it was a decade last September   for   me, then you've seen all this and much,   much more. Oh, and by the way,   so Bitcoin didn't die on October 10 when   what was released?  

V 30.   And everybody's still freaking out about that.   It was it was supposed to just stop Bitcoin in its tracks if you if you listen to anything on Twitter.   And in that case, in the v 30 case for Bitcoin Core, the version 30 stuff was also on Nostr.   There was you know, I was getting it from both directions. This time, Nostr is actually the clean slate that I can go to to take a deep breath, and x is where I can go doom scroll until the day that I die if I want to, at least about Bitcoin. So   just be aware   that version 30 didn't kill Bitcoin.  

The downturn in the market that we're we're seeing right now and and Peter Schiff dancing upon our graves, we've been here before.   If you go look at the gold versus Bitcoin chart, you'll you'll see that we've been here twice   at this over the last, like, three years, this is the third hump   after a deep dive by gold against Bitcoin. The value of gold   shrunk   against Bitcoin   for, like, the I don't know, since what whenever whenever they started doing that trading pair, at least on on trading view that I can see, just plummeted   rock bottom, man.  

And then we got a little hump that came up, another little hump that came up, and then another little hump, which we are on at present.   And every single time at the tippy tippy top of that hump,   you got Peter Schiff just dancing on our grave,   and all of the hardcore Bitcoiners are like,   but Peter, we actually like you.   We're we're not exactly against gold. I mean, it's like that's those are sort of the, the Bitcoiners that that I have a lot of respect for are those that   instead of just saying Bitcoin is the only thing ever and everything else   cannot have a place,   most of the guys that I trust say, well, Bitcoin and gold.  

You know? And, you know, raise a family.   Eat good food. I mean, these are these are all good things. And when I mean good food, I mean, like, good for you, like nutrient dense. Eat meat.   You know? Stop eating, like, nothing but pasta all day long for, like, five days a week. This shit's bad for you. Yeah. These are all good pieces of advice, and there's no reason to think that any one of them means that you hate all the rest of them. Right? So   just   take a break. Go outside. Touch grass. I'll see you on the other side.   This has been Bitcoin, and and I'm your host, David Bennett. I hope you enjoyed today's episode and hope to see you again real soon.  

Have a   great day.