Join me today for Episode 969 of Bitcoin And . . .
Topics for today:
- FUD Flowing in the Streets
- Is Trump the Better Choice for BTC?
- HBO Docustupidity
- Spot BTC ETFs Raking in Your Fear
#Bitcoin #BitcoinAnd
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https://decrypt.co/284980/supreme-court-4-4-billion-silk-road-bitcoin
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https://bitcoinmagazine.com/takes/a-trump-presidency-is-the-best-outcome-for-bitcoin
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[00:00:00]
David Bennett:
Good morning. This is David Bennett, and this is Bitcoin and, a podcast where I try to find the edge effect between the worlds of Bitcoin, gaming, permaculture, podcasting, and education to gain a better understanding of all. Edge effect is a concept from ecology describing a greater diversity of life where the edges of 2 systems overlap. While species from either system can be found at the edge, it is important to note there are species in the overlap that exist in neither system, and that is what I seek to uncover. So join me in discovering the variety of things being created as Bitcoin rubs up against other systems. It is 9:11 AM Pacific Daylight Time. It's the 8th day of October 2024.
And this is a palindrome episode of Bitcoin and episode number 969. Yep. It's forward and backwards. It's the same number. It's a palindrome show, and this show has got it all, man. Supreme Court action going on is scaring everybody under the sun. Crypto.com is also in court. We're gonna find out more about that shit. And then this HBO documentary about Satoshi Nakamoto. 2 things. 1, I don't care. 2, you don't need to care either because it's all bullshit. It's just getting eyeballs on something for HBO. It's just a nothing burger. Nothing. Nothing. There's nothing about this that even remotely is cool.
Spot Bitcoin ETFs did a thing and the Trump presidency or lack thereof or possibility of is doing everything from destroying marriages to getting on the show today. And FTX is adding to some Bitcoin FUD. But first, ladies and gentlemen, back into Texas, a small Texas town, well their residents are suing Marathon Digital over the crypto mining noise. Oh my God! Stephen Kate from Cointelegraph going to tell us all about it. More than 2 dozen residents of Granbury, Texas filed a lawsuit against crypto miner, Marathon Digital, claiming that its mining site near the town is intolerably loud.
The noise from Marathon's local Bitcoin mining facility is a nuisance, causing extreme discomfort and annoyance to those living nearby, the group claimed in an October 4th lawsuit filed in a Hood County Court. The lawsuit claimed that some residents have suffered sensory, emotional, psychological, and health impacts due to constant and unrelenting noise and the vibrations from Marathon's site. It added that some locals have experienced fatigue, headaches, memory issues, hearing loss, migraines, and tinnitus. The group also alleged that preexisting health conditions such as high blood pressure have gotten worse for some residents, quote, even in their own homes.
Residents can hear the Mara crypto mines noise and and and feel its vibrations, the suit claimed. It said Marathon site substantially interferes with plaintiff members' private use and enjoyment of their own properties. The group also claimed that mining operations energy usage has resulted in increases in their electricity bills and decreases in their property values. Now that's a big one right there. Rodrigo Cantu, a senior attorney with non profit environmental law firm Earthjustice, representing the residents said in an October 7th statement that his clients want Marathon to take immediate action to effectively mitigate their noise pollution or shut down operations altogether.
Of course, Marathon Digital didn't say squat when asked, but the residents are asking the court for a permanent injunction against Marathon's facility to prevent it from creating, causing, or allowing any unreasonable noise. They're also asking for any compensation that may be justly entitled and, of course, all the court costs. Marathon's Grand Grandbury Bitcoin mine was built in April of 2022 by the original owner Compute North Holdings, which was bought by Marathon. And is located alongside a gas fired power plant called the Wolf Hollow number 2.
It has changed ownership several times with Marathon taking over the lease in January. Rival miner, Hut 8 Corp. Operated the site until April 30th. Some of the residents said that they began noticing the noise from the mine around the spring of 2023. Marathon's July earning report said that it has 250,000 Bitcoin mining rigs. It's unclear how many of those actually exist at the Granbury site, but the mine does have a hash rate of 4.3 exahashes per second. That's a pretty pretty large mining operation, guys. In a similar 2022 case, resident of Hatzal, a Norwegian municipality, pushed to shut down a local Bitcoin mine over the noise.
And they were successful. Still, residents are now facing a spike in their electricity bills due to the loss of revenue for the local power company. Okay. There's a couple of things in here. And one of them one of them is actually the most well, there's 2 things that are very important. And I I'm gonna just I'm just gonna say that they're both as important as each other. Let's get into the first one. A senior attorney named Rodrigo Cantu is one of the people that are representing the residents. Okay? Now he's a senior attorney with the environmental law firm called Earthjustice.
The notion that the Bitcoin mining operations could be viewed as an environmental thing now brings in the possibility of EPA. Okay? I'm just I don't know this for sure. I'm not a lawyer. I certainly don't. I don't have anything to do with this lawsuit. You know about what I know. Right? That we read this together. We're in this together, so I don't know any more than you know. However, what I've seen in the cattle industry, and if you guys have not heard Ranch Wars, the King Ranch, and you wanna go listen to just how bad it can get with, you know, the state going up against ranchers and trying to destroy their livelihoods, by all means, go listen to the episode Ranch Wars, the King Ranch, from the from me that you're you're Bitcoin and host because I did that thing it's an hour and a half long and a lot of it has to a lot of it has to do with the department of environment and the Department of Natural Resources in Washington State in the United States.
If if this is successfully argued in the United States against Marathon, it will set precedence that now Bitcoin mines could possibly be an environmental hazard. Now here's the other thing. I believe that if you have a situation where you've got like a bunch of miners if you've ever heard these things they're loud it sucks it is a shitty noise it is a crappy noise and if you don't take steps to mitigate the noise it's going to cause problems. So, I'm not making fun of the residents of Granbury. It might have sounded that way, but I'm not. I'm actually taking them seriously. This is if you were to put something like a Bitcoin mine and you did not take any steps whatsoever to mitigate the noise that's coming out of those things, then you hate humanity.
Because what you've done is you've you have put a tower of, well, a tower of death. Because after a while that's going to mess you up. People get messed up when electric companies, and I'm talking like great big transmission line companies, put up those 60,000 or what are 600,000 volt those the big big transmission lines and they build them next to like people's houses they start complaining and that shit should be taken seriously because there's there is more about the electromagnetic spectrum and that includes audible, it includes what you can see, it includes the vibrations that you feel through your body, and it also includes stuff like microwaves going through your head. Now, I don't mean to say that microwaves are automatically going to cause cancer, but we've seen time and time and time again people just railing against smart meters. And most people well, not most. Many people rail against smart meters because they don't want the electric company turning off their air conditioning without their permission. You know? And smart meters, I mean, from what I understand, they can kind of throttle the power that's going to your house. That's the only reason I don't well, that's a a main reason that I don't like them. But a lot of people that don't give a shit about that, they have another thing.
They're saying that it's giving them headaches that's causing nosebleeds. It's making them crazy. It's putting them it's making them irritable. It's causing them loss of sleep. And again I take these people seriously when you dick around with the electromagnetic spectrum all the way from subsonics all the way to the you know basically microwave transmissions You're playing with fire. If you're not doing your level best to mitigate this bullshit, you're going to have problems. And if marathon does not step in and spend real money to mitigate what's going on out there, they're going to have real problems. Even if they lose this lawsuit, I guarantee you another set of residents in Granbury will also file suit.
It will be an ongoing thing. So what's the best way in the world to mitigate this shit? Stop using air cooled Bitcoin miners. And it just so happens that some liquid cooled or some liquid contact cooled miners that are 1 unit rack mountable in your standard rack mount type of infrastructure that you'll find in standard cloud compute service, high performance compute services, you know just general like just shitloads of ram storage services those kind of servers that are 1 unit high that's those those are here now they just they're just coming online but the fact that the the cooling is done by liquid and this is not submersible.
These look to me to have like liquid piped into the unit and then actually contact the physically contact the ASICs involved and drain the heat out of the unit means that it's damn near silent. That's the way we mitigate this. And so, there will be a lot of people that say, well, if the EPA steps in, you can kiss goodbye kiss Bitcoin Mining in the United States goodbye. Uh-uh. No. That's not going to happen. All it will do is force a reallocation of capital infrastructure from the air cooled miners, which probably should be done now. We've grown up as an industry.
We've got our big boy riches now and then convert all that shit over to liquid cooled because you can do it it's gonna it can be done and it is almost noiseless It would in in the guys in Granbury, there would be no vibrations. There would be no weird whining going on. It would be like an air conditioner because that's what they would use to cool the the reservoir of liquid. It would just be an air conditioner running outside and not even probably a a great big one. And the efficiency of bitcoin miners is gonna go up because of it. The amount of noise produced is gonna fall through the floor and nobody's gonna even know that it's there. This is actually gonna be good news for bitcoin mining.
The shuffle is gonna suck for bitcoin miners and some of them because of it are gonna go out of business. And that's if in the United States at least this case is won and especially if they bring in the epa so just be prepared for all of that now poly market betters have shuffled the odds of bitcoin's creator reveal ahead of the hbo documentary And I'm reading you this because of this one line, and you'll know where it is. By the way, this is written by Sam Reynolds and Shah Ramaulwa for CoinDesk. The odds of the late Lynn Sassemian being revealed as the elusive pseudonymous founder of Bitcoin, Satoshi Nakamoto, in an upcoming HBO documentary slumped to 14% after his wife, Meredith l Patterson, said he was not and that the company had not approached her when making the documentary.
A poly market contract asking Betters who the documentary would name saw the odds on Sassemian, who died in 2011 as high as 55% over the weekend. They dropped sharply after DL News published an interview with Patterson the program will be screened at 2 o'clock UTC Wednesday 9 pm Tuesday eastern time, in case you're wondering. I thought that was supposed to come out today. That's odd. I thought that was supposed to come out today. I guess not. Oh, well. Quote, I kind of wonder whether I'm screwing with the prediction markets by answering honestly when people ask me questions. But long story short, fuck them, Patterson told DL News. The early speculation on Sassemian led to a number of meme coins named after him, and some even after his cat, trending on social media and within crypto circles focused on various blockchains.
Some people contacted Patterson for confirmation and received an address on the Solana blockchain for token donations in return. Patterson was not the only contender. Bitcoin proponent and businessman Samson Moe said Blockstream CEO and early Bitcoin developer Adam Bak would be unveiled as Nakamoto. Another smart contracts pioneer, Nick Szabo, briefly led the odds on Polymarket in the late US hours on Monday before Sassemian retook the flag. Back refuted Mal's assertion, calling it a joke and tweeting a denial, saying he doesn't know who Satoshi is. Moe expected to appear in the documentary. Mhmm.
Mhmm. Despite no conclusive leak of the reveal, the divulge or deluge divulge of rumors and speculation was enough to move 1,000,000 of dollars among various candidates on Polymarket in the past 24 hours because people can't stop being degenerate gamblers. You'll bet we will bet on anything. Why here's what you should bet on. Keeping your money and buying Bitcoin. That that's the only thing that I bet on. Everything else is you might as well put your money in a brown paper bag, douse it with diesel, light it on fire, and throw it out the fucking window. As of Tuesday afternoon, Hong Kong time, other over multiple has over 56%, with Sasseman taking 13% ahead of Bakkt, who was just over 11 with over $13,000,000 in bets on the question.
$13,000,000 in bets on a name. Are you kidding me? You have nothing better to do with your money. Really? You have nothing better to do with your money than to gamble on a stupid ass HBO documentary. There are many sportsball games that you can go bet on. There are bookies everywhere. Do it the old fashioned way. Go bet on a baseball game or a football game or a basketball game or a hockey game or something. But TV? Is this what we fall into in humanity? Good God Almighty, y'all. Okay, and here's the big news of the day. This is the one that's causing the FUD, and if you don't know what the FUD is, you'll get to it real quick. Hold on. Coffee time.
I needed a little bit of drink of coffee to get into yet more stupid. The Supreme Court won't hear case over $4,400,000,000 in seized Silk Road Bitcoin. I'm not even gonna read the article just yet before I say the following. And by the way, this is by Sander Lutz out of Decrypt. Already on Nostr, I've seen at least 2 notes that are of people that are freaking out or causing other people to be freaked out on purpose. Right? One thing that I saw was a link to watcher guru a watcher guru article you know you know I'm pretty sure that watcher guru isn't you know it's probably just a like I don't know like a blog site, like, I don't know, whatever. Like, anybody can write to it and publish to it. I think. I don't know exactly what the hell Watcher Guru is. If it's a if if it's a full blown publication, they should be fucking ashamed of themselves Because they're taking what I'm about to tell you, and they've turned it into a headline that basically reads like this. The United States is going to sell all of its Bitcoin today, and the United States Marshals Service is getting ready for it.
Okay. That headline comes out of what I'm about to tell you from decrypt. The United States Supreme Court declined on Monday to hear a case concerning the ownership of 69,000 Bitcoin seized from Silk Road, apparently paving the way for the American government to sell the $4,380,000,000 stash of Bitcoin in question. In 2022, a federal court in California ruled against Battle Born Investments, a company that claimed it had purchased rights to seize Bitcoin via a bankruptcy estate. Battle Born argued that the debtor from the bankruptcy action, Raymond Gan, spelled n g a n, was the mysterious individual ex who had stolen 1,000,000,000 of dollars worth of Bitcoin from Silk Road, which the United States government had subsequently seized.
The federal court was unconvinced that Gan was really individual x and thus ruled that Battle Born did not have a valid claim on the seized Bitcoin. The following year, a federal appeals court in San Francisco upheld the ruling. Now that the Supreme Court has declined to hear Battle Born's case, the issue has more or less reached the end of the road. And that means that few obstacles remain to the government doing what it wishes with the seized funds, namely selling them. Yeah. Do you got proof that that's what they want to do? I don't know yet. I don't know.
Let's find out a little bit more. In recent months, the US government has moved around massive sums of Bitcoin seized from Silk Road. During 2 weeks in August July, for example, it sent some $2,600,000,000 worth of bitcoin to new wallets. These moves are typically made in preparation to sell the funds. However, the US Marshals Service has a custody deal with Coinbase Prime. So the exchange may have simply been holding the assets for the government. As governments around the world continue to offload huge sums of their financial well-being and the future of their citizenry oh, I'm sorry. I said this wrong, offload huge sums of crypto seized during enforcement actions.
The dumps have triggered fears about market volatility. Yes. That's a weapon in their that's a weapon in their bag. I don't suspect them to lose that weapon in their bag anytime soon because they can always use it to create FUD. Ending up here, the question of what the American government should do with Bitcoin seized by law enforcement has become an active one this election cycle. Because in July, speaking at the crip Bitcoin conference in Nashville, former president Donald Trump pledged to build a strategic Bitcoin stockpile if reelected. Quote, I'm announcing that if I'm elected, I will be the policy or it will be the policy of my administration, the United States of America, to keep 100% of all the Bitcoin the US government currently holds or acquires into the future, Trump said at the time.
Nowhere in this nowhere in this, not just this, but anything else that I've read today, have I seen anything that suggests that the United States government is chomping at the bit to sell this particular stash of Bitcoin. And what here here's here's let's put it this way. Let's say they did. Let's say that we know full well that the United States Marshals Service is almost having nothing but conniption fits, and they have doctors orders and prescriptions to sell that Bitcoin before all of the United States Marshals Service falls down a hole and starts drooling on themselves and just goes fetal. Right? Let's say that it's actually prescribed by medical professionals from one end of the country to the other that unless we sell this Bitcoin, the entire United States Marshals Service and government is going to die of anxiety and conniption fits.
It would not take all that much. It would not take that many lawyers. It would not take something like the Bitcoin Policy Institute to put up a blockade in front of the United States government and probably have several senators and representatives of the United States legislative branch backing them up to say you will not sell this Bitcoin. You're not going to do that we're going to sue the united states government specifically through the united states marshal service that they are not allowed to divest the American people or the united states government itself of this asset And I honestly, I kind of expect that to happen. Do I know that for a fact? No, I do not.
But the fact that Trump started talking about a strategic reserve and now we get this, it wouldn't it just wouldn't surprise me. If the citizens versus the United States government is a becomes a or or happens and then is a class action lawsuit that says, basically, look, we got all these all these people here. They don't want you to sell the Bitcoin. Right now, if you own the Bitcoin as the United States government, then the citizenry of the United States technically owns that Bitcoin because technically the United States citizenry owns everything. That's technical.
That doesn't mean that this idea works. It doesn't mean that I'm right. It doesn't mean anything other than from a technical standpoint. It is the citizenry of the United States that owns everything. Now, of course, we keep getting stolen from. I get that. I hear you screaming out there going, Oh, you naive son of a bitch. I'm not talking about reality. I'm talking about technicality. And technicality is the soil from which lawsuits blossom, motherfuckers. And if you don't think one couldn't blossom out of what I just told you you'd be wrong does that mean it will I don't know I hope so I hope that there's like before they even pull the trigger on even saying that they want to sell all this bitcoin.
I hope that there is an injunction against the United States that says, we know that you haven't said you're going to sell the bitcoin, but we're here to tell you that you're not going to sell the bitcoin because we're automatically suing your ass right here, right now. I wish I knew what bitcoin policy institute was doing I hope that they are I hope that they already have a filing just a blue back just ready to go ready to hand into a federal court in the state of texas that says, no. You may not. No. You may not. And that would tie that Bitcoin up. So so far after the election cycle, it wouldn't even be funny. We're talking another 2 years right there.
But we've got other fish to fry when it comes to, well, federal courts. Because crypto.com is suing the SEC after it received a legal threat from the US regulators. So this is how we fight in the schoolyard nowadays, ladies and gentlemen. Andrew Hayward gonna tell us the rules of the fight from Decrypt. Cryptocurrency exchange crypto.com announced on Tuesday that it has filed suit against the SEC after they received a notice of impending legal action from the regulator. So I guess that's the Wells notice. I don't know. We'll find out. In a post sharing the news, crypto.com said that it received oh, here it is. A Wells notice from the SEC or a notice that the agency plans to take legal action over what it believes to be securities violations by the company. Quote, our decision to sue the SEC follows our receipt of a Wells notice from the commission staff illustrating that the SEC's unauthorized and unjust regulation by enforcement campaign continues despite bipartisan indications that the next administration will take a more constructive and effective approach to advancing crypto in the United States.
For now, improper SEC enforcement actions are part of the process of operating a legitimate and licensed crypto business in the United States. It continued. While this is an unprecedented move for our company, you know, to file suit against a federal agency, actions by that agency towards our industry have left us no other choice. Now put that together with the with this quote unquote impending sale of all the Silk Road Bitcoin from the by the United States government via the Marshals Service. It really does look okay. If and the thing about it is please remember the United States government hasn't said breathed a word that they're going to do that with these coins. They've done it in the past, but that's all we have to go on.
And just because somebody did something like, you know, a few years ago doesn't mean that they're going to do the exact same thing. It doesn't mean they won't. I'm just saying just don't get your panties all in a snitch just yet. Alright? If if it were to be the case that the Bitcoin Policy Institute, the lawyers thereof, got together and filed suit against the United States government and put basic you know, basically asked for an injunction on the sale of all that Bitcoin. And Coinbase is suing the SEC. I think it's still suing the SEC for the same reason that crypto.com is suing the SEC because the their their regulatory environment is making it impossible for them to do business I'm not a fan of crypto.com I'm sure as shit not a fan of coinbase but I certainly hope they win because this is like they're they're just the sec is just making it impossible to do anything they're not being clear about the regulations and they keep sending these wells notices to people that are just trying to figure out a way to do business And they can't figure out the way to do business unless the SEC becomes clear about what is and is not a security when it comes to shit coins.
In my opinion, the answer is easy. They're all securities. But until the SEC actually comes to the table and says they're all securities except for Bitcoin because it's the one thing that does not pass the Howey Test, well, then you're gonna have this shit. But we've got numbers to run, so let's run the numbers. West Texas Intermediate taking a dump. Why? Because Israel is refusing to attack Iran for its latest missile attack. At least that's what CNBC and the rest of the news talking heads are saying right now. Although I haven't actually seen a news story that says that Israel is not at all going to attack Iran.
The only news that's being talked about is that they can't attack the nuclear sites or they won't attack the nuclear sites. So there has been no news that actually rules out any Israeli response to the latest barrage of missiles from Iran. But still, West Texas Intermediate is down 5 full points back down to 73.22. Brenton, North Sea is down 5 full points to $76.89. Natural gas is down at only a quarter of a point, but gasoline is down 4 and a half points back to $2.05 a gallon. All your shiny metal rocks are doing poorly today. Everything is getting hit. Gold down 1.3%. Silver is down 4 and a half.
Platinum is down 2a half. And copper is down the same. Palladium is down 1.64%. Ag, mostly in the red, but the biggest winner today is chocolate. 2.87% to the upside. Biggest loser is cotton. 2% to the downside. While live cattle is up a third, lean hogs are up a half, and feeder cattle are up a quarter. The Dow I guess legacy equity markets are doing okay. The Dow is up a 5th of a point. S and P is up 0.77%. Nasdaq is up 1 and a quarter, and the S and P Mini is up a third. But we've got red dildos for Bitcoin and it's $62,420. Nice.
$1,230,000,000,000 is the market cap, and you can only purchase 23.7 ounces of shiny metal rocks with your 1 Bitcoin, of which there are 19,764,724 a quarter of. And average fees per block have gone through the roof. 0.1 BTC in fees on average on a per block basis. Let's get more from mempool.space. Showing 93 blocks carrying a 100 and 89,000 transactions. High priority clearances of 17 satoshis per vbyte. Low priorities, you're gonna get your transaction in at 10. So what's going on with the hash rate? Big hash rate. 733.3 exahashes per second. So what do you so if you're asking the question, what do I think is going on, FUD?
It's this it's this stupid ass story about the the Silk Road Bitcoin they they pull this goddamn train out every single time they want to scare the dickens out of everybody and it works because we're just that gullible God's sakes almighty. Now from a very Bitcoin Texas, which was Bitcoin and's episode yesterday, Monday, I got DeBravco floating me 23140 sat says, you get to keep your natural sciences membership card after realizing it is bad for minors to be mono cropping their entire income stream. I would have asked you to turn it over otherwise. Are PS 3s hooked together still a thing for supercomputing?
Well, probably hooked together for shit like SETI at home and Folding at home but probably not for actual supercomputing. Agie Chute with 1,000 says, I'm guessing Vali Vova is how you pronounce that lady's name. One thing is to do a pregnancy or wait. It's one thing to do a pregnancy test in a cafe bathroom. It's another to write about it. Yeah. No shit. Jory x McKee with 666 SATs. Oh, it's a devil donation. Says, just checking in, sir. Well, howdy do, bro? God's death with 5:37 says, thank you, sir. No. Thank you. Wartime with 420 says, leave it to Dave to take my hopium pipe away at every opportunity. Well, I did that shit again today, didn't I, wartime? Who also comes in with another 420 says, yeehaw. Pies to Pleb with 420 says, LFG. Thank you, sir. No thank you. Pies to Pleb with 420 says, LFG. Thank you, sir. No thank you. Pies to Pleb with 420 says, Thank you, sir. No thank you. And with 300 stats coming up at the bottom, Pleb to Polymath says we need to make more Texas. Great show. No. As far as Texas is concerned, there can be only one.
Welcome to part 2 of the news that you can use. The United States spot Bitcoin ETFs saw $235,000,000 in net inflows yesterday led by Fidelity's FBTC. Seems odd that the Supreme Court the very next day decided to scare the piss out of everybody by suggesting that the United States Marshals Service is going to sell it all. Yeah. I'm calling bullshit all over the place. Timmy Shen from the block is riding this one. US spot Bitcoin exchange traded funds reported $235,000,000 of net inflows on Monday. Fidelity's FBTC recorded the largest daily inflows amongst the 12 ETFs on Monday with inflows of 103 0.68000000 according to so so value.
And then coming in second is BlackRock's iBit, the largest spot Bitcoin ETF by assets. It experienced net inflows of a mere 97,880,000 after reporting 0 flows last Friday. Grayscale's GBTC, the 2nd largest spot Bitcoin ETF and 6 other ETFs saw 0 flows on Monday. The total trading volume of the 12 ETFs amounted to 1 point 2,000,000,000 on Monday, slightly up from 1,190,000,000 on Friday and 1,130,000,000 on Thursday. And then Ether ETF saw no flows. None 0 nobody gives a shit about this stick in the mud man I swear but maybe Trump will help nah probably not but a Trump presidency is the best outcome for bitcoin according to Nicholas and this is Bitcoin Magazine written by Nicholas, and his last name is Hoffman.
The other week, I made my opinion clear that I believe Donald Trump is the best candidate for Bitcoin in the upcoming 2024 presidential elections. Aaron responded, and after reading it, I feel he's still missing the bigger picture. Aaron's main point seems to be that Trump is just using Bitcoiners for their votes and that he won't follow through on his promises. Pausing to let you know something about Bitcoin Magazine, they've introduced this thing called short takes. And honestly, dude, Nicholas Hoffman, you're probably not listening to me.
I know that you put a hot link in here where you say Aaron responded and you want me to go read that take. But can you I'm honestly, it just this doesn't feel right. This takes thing, the way that you guys are, like, banding back and forth amongst different takes. No. No. No. So that's that's what this is. Aaron is one of the other is Aaron von Wertham and he's got one of these other takes and they're they're using it seems like the the first of this is the as bitcoin magazine has introduced this that the different authors are using their takes almost like it's a thread on Twitter or something. And, honestly, it just I don't think that's the way that this publication should roll. But then again, I ain't the editor in chief. Y'all can do whatever the hell you want. Continuing on, while I partly agree with the former point, I disagree with the latter.
Contrary to what I've seen some Bitcoiners online say, I do not think Trump has to be a hardcore Bitcoin maximalist and cypherpunk to be a great Bitcoin president, and here's why. Trump needs all the votes he can get. Of course, he is going to try to appeal to our voters, especially when most of us have already are right leaning have right leaning political views. It makes sense for the Republican party to adopt freedom money given that they lean more towards the principles of freedom now, while the Democrats have become more authoritarian.
Yeah. That is very clear. Voting for Trump, then, is a win win. He gets more votes, some in critical swing states, and we get a better environment for our industry. And it sounds like a good trade to me. And that leads me into what I disagree with Aaron on. I believe that Trump will keep most if not all of his promises he's made when it comes to Bitcoin. Because, well, most of the promises he has made seems like relatively easy things to implement. It's not like he's alone on the issue. There are now many pro bitcoin senators and congresspeople to hold him accountable. There's senator Cynthia Lummis who wants to create a strategic bitcoin reserve using BTC already owned by the government.
There is congressman Tom Emmer who already wants to fire SEC chair Gary Gensler and appoint someone better for the industry. You can go to stand with crypto dot com to see the rest. If elected, Trump would have loads of other, arguably more important issues on his plate to deal with. The fact that his policies would give Bitcoiners a friendlier regulatory environment to build in, stop anti Bitcoin politicians from continuing to attack this industry all without Trump meddling in it, sounds like a perfect storm for innovation. The fact that he's done things like bring Bitcoin miners to Mar a Lago to better understand the industry is enough evidence to make this point.
I think many are overly critical of Trump because he said he wasn't a fan of bitcoin in 2019, but that was ages ago, and everything has changed since then. It doesn't make sense to hate people on or hate on people for coming around to bitcoin after not being a fan of it. I do, however, think it's okay to be critical of the non Bitcoin initiatives Trump's Trump has promoted, like, God forbid, World Liberty Financial, but even that isn't worth losing all the benefits of his presidency. So why would Trump free Ross now when he already had the chance last term?
In politics, as in Bitcoin, it's all about incentives. And the incentives here are aligned. Okay. I mean, I I kinda tend to agree with this, but there was there was something that he said here hold on for a sec, I gotta find this. Oh, here it is. The fact that he's doing things like bringing Bitcoin miners to Mar a Lago to better understand the industry is enough evidence to make this point. No. It's not. No. It's not. I don't disagree with the author. I'm just saying that that's that's the that's the kind of sentence that if you handed this in to my wife who teaches technical communication and rhetoric at a full blown, full bird state university would make you cry with her comments.
I'm just saying that this is a fact. There is that that is not anywhere close to enough evidence, dude. Not anywhere close. But what he says about the fact that these other pro Bitcoin rep you know, well, pro Bitcoin representatives and senators like Cynthia Lummis holding Trump's feet to the fire? Yeah. They probably would. They probably would indeed. But yeah just because he brought some miners to mar a largo is not evidence enough for me that he will follow through on all of his promises about bitcoin if he gets elected and honestly I don't want him to promise anything except he doesn't sell the reserves and he either burns them in a burn address, like, Matt Odell says, because I kind of I kind of caught into that idea that you can't keep it. You have to burn it if he sees it.
But if you don't burn it, then you can't sell it on the open market. And you can't actually sell it. You've you've got to keep it in trust, and you've got to hire a team of people that know the industry, that know about Bitcoin, that have their hooks into other, you know, private companies that maybe you can fabricate a really nice type of things like, you know, thing like Alaska does with their oil money. And everybody's got it's like the Alaskan Oil Trust or something. I can't remember exactly what the name is it. But every, every state citizen of Alaska gets a check every month from the from those oil runs.
I don't mind that. I mean, it's like it like I said, technically, the United States citizenry owns all of everything that's above, on top of, and below every square centimeter of United States soil and that includes the oil in Alaska. And that brings up the point of, well, what are you gonna do? Tell tell Exxon Chevron or Chevex or whatever they call that company now that they're gonna have to give all their money to the citizenry? No. I'm not I I don't wanna get into that. I don't wanna get into the vagaries of it. How Alaska does it, I don't know. I don't think they're stealing money directly from the oil companies. I think they have their own state owned rigs, and they hired a couple of oil guys to actually go drill those rigs in the name of the state of Alaska, and that's what they're doing. I don't think that they're they've, you know, appropriated all the the the, oil wells that are in Alaska that are privately owned. I don't think that's the way they're doing it. I'm just saying that all I need Trump to do is to stop selling Bitcoin at the federal level. That's it. And then and then figure out a way to plug in to all the nice Bitcoin companies that really know what the hell they're doing.
Things like River, you know, and Strike, and and start producing some type of state trust or or federal trust for the citizenry of the United States that helps them with their taxes. It's just you guys are just not ever going to not tax our ass, at least put together a package that helps us pay those fucking taxes. At least do that. But, you know, the selling of Bitcoin, honestly, I think is kind of a red herring. I think it's being dangled out in front of us just to scare the piss out of the market because they always do this. Now, ending up at the last story of the day from Decrypt's Matt DeSalvo.
FTX will return $16,000,000,000 to customers following court's bankruptcy approval. So more FUD is on the way. And I hate to end the show with it, but you gotta know what's going on. Otherwise, you won't be able to make good decisions with your life. Customers have collapsed. Crypto exchange FTX will soon get their money back after a judge gave the green light on Monday to the firm's bankruptcy plan following 2 years of recovering funds and reaching various settlements along the way. Pardon me. Judge John Dorsey of the United States Bankruptcy Court for the District of Delaware approved the plan to pay back former clients of the exchange using the $16,000,000,000 recovered since the company collapsed, Reuters reported on Monday.
And as you know, FTX was one of the best recognized brands and then just caught on fire and burned to the fucking ground. But cofounder and former CEO, Sam Bankman Fried, was arrested, charged, and later jailed for fraud and criminally mismanaging the exchange. He is currently serving a 25 year prison sentence. Those lawyers recently filed an appeal claiming that he was presumed guilty going into the trial. I don't care. Whatever. I guess I should care, but I don't know. I don't think he was presumed guilty. I think the dude was actually guilty. Anyway, customers who use the exchange to buy, sell, or bet on the future prices of cryptocurrencies have been waiting to get their funds back since the firm filed for bankruptcy. The plan approved on Monday will pay the vast majority of customers at least 118 percent of the US dollar value in their accounts as of November 2022. That's what we call a forced HODL, ladies and gentlemen.
Customers were initially expecting to get back digital assets. But the plan filed in May will pay them back in cash. Mhmm. Some investors have been upset that they will not be repaid with their original crypto assets. Some of which like Bitcoin have significantly appreciated in value over the last 2 years Yes, I know and they go back into Bankman fried serving a 25 year prison sentence Why? Dude, what? Whatever Hold on. Wait a minute. Wait a minute. Wait a minute. The last paragraph says Bankman Fried is serving a 25 year prison sentence. Those lawyers recently filed an appeal claiming that he was presumed guilty going into trial. Yeah, you already had that entire paragraph. Wow, yep.
Up here it's the second it's the second sentence of like the 5th paragraph in the story word for word. Editing, people, editing. Oh my God, where are your editors? Okay, look, enough of all that bullshit. Let's get off of that. Okay, so, FUD, you're not out of the woods yet. And we're not going to be out of the woods for a while. I told you yesterday about the fact that we've got more economic news coming this week. So don't expect any kind of general movements from Bitcoin to the upside until after that. And now I've just told you that there's yet one step closer of a chance that the United States government sells all its Bitcoin. So what if it does?
What if it does? I mean, really? Have we not heard the bells at midnight before? If you don't understand, that's a Shakespeare reference, which means that we were partying with the hookers in the bar until that son of a bitch closed down. You've seen what I've seen, and I've seen what you've seen and if you've never seen something like this then understand I have absolutely no intention of getting out of my bitcoin position because that there's there's FUD in the streets like blood in the streets. We call it FUD in the streets. A whole barrel full of FUD and FUD has been released and now the FUD is flowing down the gutters and everybody's freaking out and it's gonna be that way for days.
And again, I mean, let's say that they don't sell. Then retail, who is currently selling, I can tell because well, actually, some people are buying it back. But I've got 2 red dildos over the last 2 hours. And 1 in this last one, this current, candle that we're on is fairly green. But for the last 2 hours since this news dropped, people in retail, and it was retail, were selling their coin. And word on the street there was some word on the street about this shit last night. And then we get this news that FTX, or not FTX, Ibit and Fidelity Bitcoin ETFs were just scooping up cheap Bitcoin $235,000,000 worth of it yesterday.
I mean, does this see, this shaking retail out of its positions whether it's in equities and legacy markets or Bitcoin is easy as shit because nobody has any conviction. The conviction of the human species has been drummed out of us. It's just this constant droning of Israel's going to war, Iran's going to war, Russia's going to war, Ukraine's going to war. All of our tax money is basically going everywhere else except where it's needed and right now that's in Tennessee and North Carolina because climate change has caused the most massive storm with the most destruction in the history of mankind. Nobody's ever seen it. It just goes on and on and on.
And, I mean, and I'm just giving you the shit that I hear on Noster. I don't look at mainstream media anymore. I don't look at Twitter unless I'm looking at something very specific or I'm posting the announcement of the daily episode. That's it. I don't hang around on Twitter. I don't look at what's trending on Twitter. I don't watch the news. I don't go to cnn.com. Hell, I don't even go to Drudge Report anymore. And that was I haven't done that in over 7 years. I went to Drudge Report for the first time in 7 years, like, a couple of days ago, just to see what it looked like. And it was the same shit that I was addicted to before I left my job at Texas Tech, before we moved to Canyon.
I was addicted to Drudge Report. Like, what new headlines are gonna scare the piss out of me today? It is a blessing that Noster is here. Yeah. I see a couple of things that suck, you know, like like I said, that that litany of crap that I gave you. You're not going to get away from everything by being on Noster, but it is certainly a much nicer experience. So I'll just, you know, a couple of ending thoughts. Go get on Noster. It ain't gonna cost you nothing. You don't need an email. You don't need a phone number. You don't need a credit card. You just need you sitting in front of your computer. It you can do that in your underwear without any information whatsoever. You can get an insect and an in pub and you can spin up a presence on Nostra without a single piece of plastic or a dollar bill or a wallet or a checkbook or nothing. You don't even need to remember your fucking phone number. You don't need an email address. Just spin it up and understand what it's like to detach from this god awful dumpster fire that is being shoved in front of your face and forced down your throat every single time you turn on a screen.
And the second, donate to the show. This shit is value for value, man. I mean, this doesn't work without you guys. This doesn't work without you guys streaming. This doesn't work without you boosting. And I've just kind of gotten used to saying I need the donations. You know, I mean, I don't have advertisers. And sure, there's a lot of people out there who go value for value will never work. Well, it'll never work if we say it will never work. That's a self fulfilling prophecy. This shit can work. We can have musicians just living their best life creating their best art without the need for a contract with Sony Music and their entire fleet of a and r representatives that get paid 6 figures just for sitting on their ass telling people they're gonna make them a star. And if you want to be that star, you need to go to a ditty party.
This is the way value for value works. By people like me just finally saying, you know what? I'm not embarrassed to ask for donations. This show needs donations. The more donations I get if I get across a certain point of donations, I can start doing better shows because I don't have to worry about the electricity bill. I mean, if I don't have to worry about the electricity bill and have to go figure out ways to shake down money for that shit, I can spend more time on this show. I don't even know what this show would look like if all I did was this show. If I didn't have to do anything else except this show, what would that look like? What would it look like if I get it like because I love driving. One of my favorite things in the world is to drive.
If I had nothing to do all day long but plan this show out and, you know, call ranchers because I really want a whole bunch of ranchers on this show. I want to know what they've heard about Bitcoin. I want them to tell you what it's like ranching. I want them to tell you what it's like to start a ranch. I want them to tell you what the realities of being in the middle of February and having to pull a, you know, a dead baby calf out of its mother with your bare hands, because that happens sometimes. What that's like? What that does to you? You know, what are the economics of meat? When I give you the the futures prices of live cattle, what does that actually mean? Oh, I don't know. I'd like to talk to about 12 different ranchers to get a good view of what that actual what that number means. But without donations, I'm never I'm not gonna do it because I I just I just I don't want to go get the advertisers.
I don't want to do it. It's not that there's not a couple of companies out there that I that, you know, I wouldn't want to have as advertisers. There certainly are. But value for value has to work for more than just me. It has to work for more than just podcasting. It's got to work for filmmakers. It's got to work for people that write books, both nonfiction and fiction screenwriters, playwrights musicians of all banners and sorts jazz musicians and rock musicians and blues musicians and people that have experimental music the only thing that I hope value for value doesn't work on is experimental dance just because I think think it's fucking stupid. But even then I'm wrong. I want it to work for experimental dance. Or what do they call it?
Interpretive dance. That's what I'm talking interpret I'm going to tell you about Bitcoin through interpretive dance and then you just look stupid for a while. Fine give them money too if that's your bag then you be the funders of it and stop asking Sony Music to do all the things that they do for musicians which is nothing except get rich off of them. They market the crap out of their musicians. They take 99% of all the profits unless you're Taylor Swift or P. Diddy. And why do you think that is? Well, I'll let you speculate on that shit. But the rest the great guts and feathers of their repertoire, that's what a and r stands for artist and repertoire.
Basically, that's the people that handle the catalogs at Sony Music. That's the people that curate and get more artists into the catalog. That's what they do. So when I say a and r, think of a librarian that's buying books to put on the shelves at the library. That's that's essentially a and r. Right? And they rep these guys. And for the great guts and feathers of all the musicians and all the artists that are in the repertoire of Sony Music, they're getting nothing. They're getting nothing for their time. It's all going to the executives. It's all going to p. Diddy. It's all going to Taylor Swift because I don't think that there's that many people that actually pay for Taylor Swift's music, Whether they like it or not. Value for value is the only way to go forward. So it's really not just saying, hey, donate to the show or, god forbid, tip the show if you like the content. It's not a tip.
This is how people can make their living. I'm not looking for Learjets. You know that. I'm not looking for Lamborghinis. If I want to drive a Lamborghini, I will rent 1. You can actually rent them fairly cheap for the day in Italy. I mean, all I gotta do is get my ass over to Italy and I can rent 1. I can rent 1 in LA, but it's a lot more expensive, and I don't like LA. I don't wanna go there. I'm just saying this is how people like me can make their modest livings so that we can be around our children, have a good marriage, have a wonderful life, because we understand that wealth is not what they told us it is. And that's why I keep fighting for value for value.
It's why I keep talking about what is wealth. That question permeates almost every cell in my body. We're at this turning point. I feel it amongst a whole bunch of people that they're like, This 18 room house is too big. I don't want this. It's too much management. I've got 12 cars. What the fuck am I gonna do with 12 cars? There are so many people that got duped into lining their beautiful robes with lead. That is a reference to Dante's Inferno. It's one of the circles of hell. And I can't remember who it was reserved for, but the people in that particular circle some of them were wearing these beautiful robes. They looked kingly and they were made of these gorgeous furs and it was just oh my God it was super awesome.
But they were lined with lead, which meant that the weight they were carrying around with them was super awful. The management weight of being the kind of person that that Robin Leach back in the eighties told you you needed to be with the lifestyles of the rich and famous show that was almost number 1 on the charts for like 7 straight years. Everybody wanted to know what they didn't have. Everybody wanted to be made to feel bad that they were fucking poor, even though they were probably living a much better life than the person in the mansion. Because our view of what wealth is is changing.
And that's why many of us are taking it on the chin for value for value. It's an important component of our future and the people that just sit around and say it'll never work are doomed to never see that future. They're doomed to stay in the present which will soon become my past And I'm more than happy to leave them behind. Gas, grass, or ass, motherfucker. No one rides for free. 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.
Good morning. This is David Bennett, and this is Bitcoin and, a podcast where I try to find the edge effect between the worlds of Bitcoin, gaming, permaculture, podcasting, and education to gain a better understanding of all. Edge effect is a concept from ecology describing a greater diversity of life where the edges of 2 systems overlap. While species from either system can be found at the edge, it is important to note there are species in the overlap that exist in neither system, and that is what I seek to uncover. So join me in discovering the variety of things being created as Bitcoin rubs up against other systems. It is 9:11 AM Pacific Daylight Time. It's the 8th day of October 2024.
And this is a palindrome episode of Bitcoin and episode number 969. Yep. It's forward and backwards. It's the same number. It's a palindrome show, and this show has got it all, man. Supreme Court action going on is scaring everybody under the sun. Crypto.com is also in court. We're gonna find out more about that shit. And then this HBO documentary about Satoshi Nakamoto. 2 things. 1, I don't care. 2, you don't need to care either because it's all bullshit. It's just getting eyeballs on something for HBO. It's just a nothing burger. Nothing. Nothing. There's nothing about this that even remotely is cool.
Spot Bitcoin ETFs did a thing and the Trump presidency or lack thereof or possibility of is doing everything from destroying marriages to getting on the show today. And FTX is adding to some Bitcoin FUD. But first, ladies and gentlemen, back into Texas, a small Texas town, well their residents are suing Marathon Digital over the crypto mining noise. Oh my God! Stephen Kate from Cointelegraph going to tell us all about it. More than 2 dozen residents of Granbury, Texas filed a lawsuit against crypto miner, Marathon Digital, claiming that its mining site near the town is intolerably loud.
The noise from Marathon's local Bitcoin mining facility is a nuisance, causing extreme discomfort and annoyance to those living nearby, the group claimed in an October 4th lawsuit filed in a Hood County Court. The lawsuit claimed that some residents have suffered sensory, emotional, psychological, and health impacts due to constant and unrelenting noise and the vibrations from Marathon's site. It added that some locals have experienced fatigue, headaches, memory issues, hearing loss, migraines, and tinnitus. The group also alleged that preexisting health conditions such as high blood pressure have gotten worse for some residents, quote, even in their own homes.
Residents can hear the Mara crypto mines noise and and and feel its vibrations, the suit claimed. It said Marathon site substantially interferes with plaintiff members' private use and enjoyment of their own properties. The group also claimed that mining operations energy usage has resulted in increases in their electricity bills and decreases in their property values. Now that's a big one right there. Rodrigo Cantu, a senior attorney with non profit environmental law firm Earthjustice, representing the residents said in an October 7th statement that his clients want Marathon to take immediate action to effectively mitigate their noise pollution or shut down operations altogether.
Of course, Marathon Digital didn't say squat when asked, but the residents are asking the court for a permanent injunction against Marathon's facility to prevent it from creating, causing, or allowing any unreasonable noise. They're also asking for any compensation that may be justly entitled and, of course, all the court costs. Marathon's Grand Grandbury Bitcoin mine was built in April of 2022 by the original owner Compute North Holdings, which was bought by Marathon. And is located alongside a gas fired power plant called the Wolf Hollow number 2.
It has changed ownership several times with Marathon taking over the lease in January. Rival miner, Hut 8 Corp. Operated the site until April 30th. Some of the residents said that they began noticing the noise from the mine around the spring of 2023. Marathon's July earning report said that it has 250,000 Bitcoin mining rigs. It's unclear how many of those actually exist at the Granbury site, but the mine does have a hash rate of 4.3 exahashes per second. That's a pretty pretty large mining operation, guys. In a similar 2022 case, resident of Hatzal, a Norwegian municipality, pushed to shut down a local Bitcoin mine over the noise.
And they were successful. Still, residents are now facing a spike in their electricity bills due to the loss of revenue for the local power company. Okay. There's a couple of things in here. And one of them one of them is actually the most well, there's 2 things that are very important. And I I'm gonna just I'm just gonna say that they're both as important as each other. Let's get into the first one. A senior attorney named Rodrigo Cantu is one of the people that are representing the residents. Okay? Now he's a senior attorney with the environmental law firm called Earthjustice.
The notion that the Bitcoin mining operations could be viewed as an environmental thing now brings in the possibility of EPA. Okay? I'm just I don't know this for sure. I'm not a lawyer. I certainly don't. I don't have anything to do with this lawsuit. You know about what I know. Right? That we read this together. We're in this together, so I don't know any more than you know. However, what I've seen in the cattle industry, and if you guys have not heard Ranch Wars, the King Ranch, and you wanna go listen to just how bad it can get with, you know, the state going up against ranchers and trying to destroy their livelihoods, by all means, go listen to the episode Ranch Wars, the King Ranch, from the from me that you're you're Bitcoin and host because I did that thing it's an hour and a half long and a lot of it has to a lot of it has to do with the department of environment and the Department of Natural Resources in Washington State in the United States.
If if this is successfully argued in the United States against Marathon, it will set precedence that now Bitcoin mines could possibly be an environmental hazard. Now here's the other thing. I believe that if you have a situation where you've got like a bunch of miners if you've ever heard these things they're loud it sucks it is a shitty noise it is a crappy noise and if you don't take steps to mitigate the noise it's going to cause problems. So, I'm not making fun of the residents of Granbury. It might have sounded that way, but I'm not. I'm actually taking them seriously. This is if you were to put something like a Bitcoin mine and you did not take any steps whatsoever to mitigate the noise that's coming out of those things, then you hate humanity.
Because what you've done is you've you have put a tower of, well, a tower of death. Because after a while that's going to mess you up. People get messed up when electric companies, and I'm talking like great big transmission line companies, put up those 60,000 or what are 600,000 volt those the big big transmission lines and they build them next to like people's houses they start complaining and that shit should be taken seriously because there's there is more about the electromagnetic spectrum and that includes audible, it includes what you can see, it includes the vibrations that you feel through your body, and it also includes stuff like microwaves going through your head. Now, I don't mean to say that microwaves are automatically going to cause cancer, but we've seen time and time and time again people just railing against smart meters. And most people well, not most. Many people rail against smart meters because they don't want the electric company turning off their air conditioning without their permission. You know? And smart meters, I mean, from what I understand, they can kind of throttle the power that's going to your house. That's the only reason I don't well, that's a a main reason that I don't like them. But a lot of people that don't give a shit about that, they have another thing.
They're saying that it's giving them headaches that's causing nosebleeds. It's making them crazy. It's putting them it's making them irritable. It's causing them loss of sleep. And again I take these people seriously when you dick around with the electromagnetic spectrum all the way from subsonics all the way to the you know basically microwave transmissions You're playing with fire. If you're not doing your level best to mitigate this bullshit, you're going to have problems. And if marathon does not step in and spend real money to mitigate what's going on out there, they're going to have real problems. Even if they lose this lawsuit, I guarantee you another set of residents in Granbury will also file suit.
It will be an ongoing thing. So what's the best way in the world to mitigate this shit? Stop using air cooled Bitcoin miners. And it just so happens that some liquid cooled or some liquid contact cooled miners that are 1 unit rack mountable in your standard rack mount type of infrastructure that you'll find in standard cloud compute service, high performance compute services, you know just general like just shitloads of ram storage services those kind of servers that are 1 unit high that's those those are here now they just they're just coming online but the fact that the the cooling is done by liquid and this is not submersible.
These look to me to have like liquid piped into the unit and then actually contact the physically contact the ASICs involved and drain the heat out of the unit means that it's damn near silent. That's the way we mitigate this. And so, there will be a lot of people that say, well, if the EPA steps in, you can kiss goodbye kiss Bitcoin Mining in the United States goodbye. Uh-uh. No. That's not going to happen. All it will do is force a reallocation of capital infrastructure from the air cooled miners, which probably should be done now. We've grown up as an industry.
We've got our big boy riches now and then convert all that shit over to liquid cooled because you can do it it's gonna it can be done and it is almost noiseless It would in in the guys in Granbury, there would be no vibrations. There would be no weird whining going on. It would be like an air conditioner because that's what they would use to cool the the reservoir of liquid. It would just be an air conditioner running outside and not even probably a a great big one. And the efficiency of bitcoin miners is gonna go up because of it. The amount of noise produced is gonna fall through the floor and nobody's gonna even know that it's there. This is actually gonna be good news for bitcoin mining.
The shuffle is gonna suck for bitcoin miners and some of them because of it are gonna go out of business. And that's if in the United States at least this case is won and especially if they bring in the epa so just be prepared for all of that now poly market betters have shuffled the odds of bitcoin's creator reveal ahead of the hbo documentary And I'm reading you this because of this one line, and you'll know where it is. By the way, this is written by Sam Reynolds and Shah Ramaulwa for CoinDesk. The odds of the late Lynn Sassemian being revealed as the elusive pseudonymous founder of Bitcoin, Satoshi Nakamoto, in an upcoming HBO documentary slumped to 14% after his wife, Meredith l Patterson, said he was not and that the company had not approached her when making the documentary.
A poly market contract asking Betters who the documentary would name saw the odds on Sassemian, who died in 2011 as high as 55% over the weekend. They dropped sharply after DL News published an interview with Patterson the program will be screened at 2 o'clock UTC Wednesday 9 pm Tuesday eastern time, in case you're wondering. I thought that was supposed to come out today. That's odd. I thought that was supposed to come out today. I guess not. Oh, well. Quote, I kind of wonder whether I'm screwing with the prediction markets by answering honestly when people ask me questions. But long story short, fuck them, Patterson told DL News. The early speculation on Sassemian led to a number of meme coins named after him, and some even after his cat, trending on social media and within crypto circles focused on various blockchains.
Some people contacted Patterson for confirmation and received an address on the Solana blockchain for token donations in return. Patterson was not the only contender. Bitcoin proponent and businessman Samson Moe said Blockstream CEO and early Bitcoin developer Adam Bak would be unveiled as Nakamoto. Another smart contracts pioneer, Nick Szabo, briefly led the odds on Polymarket in the late US hours on Monday before Sassemian retook the flag. Back refuted Mal's assertion, calling it a joke and tweeting a denial, saying he doesn't know who Satoshi is. Moe expected to appear in the documentary. Mhmm.
Mhmm. Despite no conclusive leak of the reveal, the divulge or deluge divulge of rumors and speculation was enough to move 1,000,000 of dollars among various candidates on Polymarket in the past 24 hours because people can't stop being degenerate gamblers. You'll bet we will bet on anything. Why here's what you should bet on. Keeping your money and buying Bitcoin. That that's the only thing that I bet on. Everything else is you might as well put your money in a brown paper bag, douse it with diesel, light it on fire, and throw it out the fucking window. As of Tuesday afternoon, Hong Kong time, other over multiple has over 56%, with Sasseman taking 13% ahead of Bakkt, who was just over 11 with over $13,000,000 in bets on the question.
$13,000,000 in bets on a name. Are you kidding me? You have nothing better to do with your money. Really? You have nothing better to do with your money than to gamble on a stupid ass HBO documentary. There are many sportsball games that you can go bet on. There are bookies everywhere. Do it the old fashioned way. Go bet on a baseball game or a football game or a basketball game or a hockey game or something. But TV? Is this what we fall into in humanity? Good God Almighty, y'all. Okay, and here's the big news of the day. This is the one that's causing the FUD, and if you don't know what the FUD is, you'll get to it real quick. Hold on. Coffee time.
I needed a little bit of drink of coffee to get into yet more stupid. The Supreme Court won't hear case over $4,400,000,000 in seized Silk Road Bitcoin. I'm not even gonna read the article just yet before I say the following. And by the way, this is by Sander Lutz out of Decrypt. Already on Nostr, I've seen at least 2 notes that are of people that are freaking out or causing other people to be freaked out on purpose. Right? One thing that I saw was a link to watcher guru a watcher guru article you know you know I'm pretty sure that watcher guru isn't you know it's probably just a like I don't know like a blog site, like, I don't know, whatever. Like, anybody can write to it and publish to it. I think. I don't know exactly what the hell Watcher Guru is. If it's a if if it's a full blown publication, they should be fucking ashamed of themselves Because they're taking what I'm about to tell you, and they've turned it into a headline that basically reads like this. The United States is going to sell all of its Bitcoin today, and the United States Marshals Service is getting ready for it.
Okay. That headline comes out of what I'm about to tell you from decrypt. The United States Supreme Court declined on Monday to hear a case concerning the ownership of 69,000 Bitcoin seized from Silk Road, apparently paving the way for the American government to sell the $4,380,000,000 stash of Bitcoin in question. In 2022, a federal court in California ruled against Battle Born Investments, a company that claimed it had purchased rights to seize Bitcoin via a bankruptcy estate. Battle Born argued that the debtor from the bankruptcy action, Raymond Gan, spelled n g a n, was the mysterious individual ex who had stolen 1,000,000,000 of dollars worth of Bitcoin from Silk Road, which the United States government had subsequently seized.
The federal court was unconvinced that Gan was really individual x and thus ruled that Battle Born did not have a valid claim on the seized Bitcoin. The following year, a federal appeals court in San Francisco upheld the ruling. Now that the Supreme Court has declined to hear Battle Born's case, the issue has more or less reached the end of the road. And that means that few obstacles remain to the government doing what it wishes with the seized funds, namely selling them. Yeah. Do you got proof that that's what they want to do? I don't know yet. I don't know.
Let's find out a little bit more. In recent months, the US government has moved around massive sums of Bitcoin seized from Silk Road. During 2 weeks in August July, for example, it sent some $2,600,000,000 worth of bitcoin to new wallets. These moves are typically made in preparation to sell the funds. However, the US Marshals Service has a custody deal with Coinbase Prime. So the exchange may have simply been holding the assets for the government. As governments around the world continue to offload huge sums of their financial well-being and the future of their citizenry oh, I'm sorry. I said this wrong, offload huge sums of crypto seized during enforcement actions.
The dumps have triggered fears about market volatility. Yes. That's a weapon in their that's a weapon in their bag. I don't suspect them to lose that weapon in their bag anytime soon because they can always use it to create FUD. Ending up here, the question of what the American government should do with Bitcoin seized by law enforcement has become an active one this election cycle. Because in July, speaking at the crip Bitcoin conference in Nashville, former president Donald Trump pledged to build a strategic Bitcoin stockpile if reelected. Quote, I'm announcing that if I'm elected, I will be the policy or it will be the policy of my administration, the United States of America, to keep 100% of all the Bitcoin the US government currently holds or acquires into the future, Trump said at the time.
Nowhere in this nowhere in this, not just this, but anything else that I've read today, have I seen anything that suggests that the United States government is chomping at the bit to sell this particular stash of Bitcoin. And what here here's here's let's put it this way. Let's say they did. Let's say that we know full well that the United States Marshals Service is almost having nothing but conniption fits, and they have doctors orders and prescriptions to sell that Bitcoin before all of the United States Marshals Service falls down a hole and starts drooling on themselves and just goes fetal. Right? Let's say that it's actually prescribed by medical professionals from one end of the country to the other that unless we sell this Bitcoin, the entire United States Marshals Service and government is going to die of anxiety and conniption fits.
It would not take all that much. It would not take that many lawyers. It would not take something like the Bitcoin Policy Institute to put up a blockade in front of the United States government and probably have several senators and representatives of the United States legislative branch backing them up to say you will not sell this Bitcoin. You're not going to do that we're going to sue the united states government specifically through the united states marshal service that they are not allowed to divest the American people or the united states government itself of this asset And I honestly, I kind of expect that to happen. Do I know that for a fact? No, I do not.
But the fact that Trump started talking about a strategic reserve and now we get this, it wouldn't it just wouldn't surprise me. If the citizens versus the United States government is a becomes a or or happens and then is a class action lawsuit that says, basically, look, we got all these all these people here. They don't want you to sell the Bitcoin. Right now, if you own the Bitcoin as the United States government, then the citizenry of the United States technically owns that Bitcoin because technically the United States citizenry owns everything. That's technical.
That doesn't mean that this idea works. It doesn't mean that I'm right. It doesn't mean anything other than from a technical standpoint. It is the citizenry of the United States that owns everything. Now, of course, we keep getting stolen from. I get that. I hear you screaming out there going, Oh, you naive son of a bitch. I'm not talking about reality. I'm talking about technicality. And technicality is the soil from which lawsuits blossom, motherfuckers. And if you don't think one couldn't blossom out of what I just told you you'd be wrong does that mean it will I don't know I hope so I hope that there's like before they even pull the trigger on even saying that they want to sell all this bitcoin.
I hope that there is an injunction against the United States that says, we know that you haven't said you're going to sell the bitcoin, but we're here to tell you that you're not going to sell the bitcoin because we're automatically suing your ass right here, right now. I wish I knew what bitcoin policy institute was doing I hope that they are I hope that they already have a filing just a blue back just ready to go ready to hand into a federal court in the state of texas that says, no. You may not. No. You may not. And that would tie that Bitcoin up. So so far after the election cycle, it wouldn't even be funny. We're talking another 2 years right there.
But we've got other fish to fry when it comes to, well, federal courts. Because crypto.com is suing the SEC after it received a legal threat from the US regulators. So this is how we fight in the schoolyard nowadays, ladies and gentlemen. Andrew Hayward gonna tell us the rules of the fight from Decrypt. Cryptocurrency exchange crypto.com announced on Tuesday that it has filed suit against the SEC after they received a notice of impending legal action from the regulator. So I guess that's the Wells notice. I don't know. We'll find out. In a post sharing the news, crypto.com said that it received oh, here it is. A Wells notice from the SEC or a notice that the agency plans to take legal action over what it believes to be securities violations by the company. Quote, our decision to sue the SEC follows our receipt of a Wells notice from the commission staff illustrating that the SEC's unauthorized and unjust regulation by enforcement campaign continues despite bipartisan indications that the next administration will take a more constructive and effective approach to advancing crypto in the United States.
For now, improper SEC enforcement actions are part of the process of operating a legitimate and licensed crypto business in the United States. It continued. While this is an unprecedented move for our company, you know, to file suit against a federal agency, actions by that agency towards our industry have left us no other choice. Now put that together with the with this quote unquote impending sale of all the Silk Road Bitcoin from the by the United States government via the Marshals Service. It really does look okay. If and the thing about it is please remember the United States government hasn't said breathed a word that they're going to do that with these coins. They've done it in the past, but that's all we have to go on.
And just because somebody did something like, you know, a few years ago doesn't mean that they're going to do the exact same thing. It doesn't mean they won't. I'm just saying just don't get your panties all in a snitch just yet. Alright? If if it were to be the case that the Bitcoin Policy Institute, the lawyers thereof, got together and filed suit against the United States government and put basic you know, basically asked for an injunction on the sale of all that Bitcoin. And Coinbase is suing the SEC. I think it's still suing the SEC for the same reason that crypto.com is suing the SEC because the their their regulatory environment is making it impossible for them to do business I'm not a fan of crypto.com I'm sure as shit not a fan of coinbase but I certainly hope they win because this is like they're they're just the sec is just making it impossible to do anything they're not being clear about the regulations and they keep sending these wells notices to people that are just trying to figure out a way to do business And they can't figure out the way to do business unless the SEC becomes clear about what is and is not a security when it comes to shit coins.
In my opinion, the answer is easy. They're all securities. But until the SEC actually comes to the table and says they're all securities except for Bitcoin because it's the one thing that does not pass the Howey Test, well, then you're gonna have this shit. But we've got numbers to run, so let's run the numbers. West Texas Intermediate taking a dump. Why? Because Israel is refusing to attack Iran for its latest missile attack. At least that's what CNBC and the rest of the news talking heads are saying right now. Although I haven't actually seen a news story that says that Israel is not at all going to attack Iran.
The only news that's being talked about is that they can't attack the nuclear sites or they won't attack the nuclear sites. So there has been no news that actually rules out any Israeli response to the latest barrage of missiles from Iran. But still, West Texas Intermediate is down 5 full points back down to 73.22. Brenton, North Sea is down 5 full points to $76.89. Natural gas is down at only a quarter of a point, but gasoline is down 4 and a half points back to $2.05 a gallon. All your shiny metal rocks are doing poorly today. Everything is getting hit. Gold down 1.3%. Silver is down 4 and a half.
Platinum is down 2a half. And copper is down the same. Palladium is down 1.64%. Ag, mostly in the red, but the biggest winner today is chocolate. 2.87% to the upside. Biggest loser is cotton. 2% to the downside. While live cattle is up a third, lean hogs are up a half, and feeder cattle are up a quarter. The Dow I guess legacy equity markets are doing okay. The Dow is up a 5th of a point. S and P is up 0.77%. Nasdaq is up 1 and a quarter, and the S and P Mini is up a third. But we've got red dildos for Bitcoin and it's $62,420. Nice.
$1,230,000,000,000 is the market cap, and you can only purchase 23.7 ounces of shiny metal rocks with your 1 Bitcoin, of which there are 19,764,724 a quarter of. And average fees per block have gone through the roof. 0.1 BTC in fees on average on a per block basis. Let's get more from mempool.space. Showing 93 blocks carrying a 100 and 89,000 transactions. High priority clearances of 17 satoshis per vbyte. Low priorities, you're gonna get your transaction in at 10. So what's going on with the hash rate? Big hash rate. 733.3 exahashes per second. So what do you so if you're asking the question, what do I think is going on, FUD?
It's this it's this stupid ass story about the the Silk Road Bitcoin they they pull this goddamn train out every single time they want to scare the dickens out of everybody and it works because we're just that gullible God's sakes almighty. Now from a very Bitcoin Texas, which was Bitcoin and's episode yesterday, Monday, I got DeBravco floating me 23140 sat says, you get to keep your natural sciences membership card after realizing it is bad for minors to be mono cropping their entire income stream. I would have asked you to turn it over otherwise. Are PS 3s hooked together still a thing for supercomputing?
Well, probably hooked together for shit like SETI at home and Folding at home but probably not for actual supercomputing. Agie Chute with 1,000 says, I'm guessing Vali Vova is how you pronounce that lady's name. One thing is to do a pregnancy or wait. It's one thing to do a pregnancy test in a cafe bathroom. It's another to write about it. Yeah. No shit. Jory x McKee with 666 SATs. Oh, it's a devil donation. Says, just checking in, sir. Well, howdy do, bro? God's death with 5:37 says, thank you, sir. No. Thank you. Wartime with 420 says, leave it to Dave to take my hopium pipe away at every opportunity. Well, I did that shit again today, didn't I, wartime? Who also comes in with another 420 says, yeehaw. Pies to Pleb with 420 says, LFG. Thank you, sir. No thank you. Pies to Pleb with 420 says, LFG. Thank you, sir. No thank you. Pies to Pleb with 420 says, Thank you, sir. No thank you. And with 300 stats coming up at the bottom, Pleb to Polymath says we need to make more Texas. Great show. No. As far as Texas is concerned, there can be only one.
Welcome to part 2 of the news that you can use. The United States spot Bitcoin ETFs saw $235,000,000 in net inflows yesterday led by Fidelity's FBTC. Seems odd that the Supreme Court the very next day decided to scare the piss out of everybody by suggesting that the United States Marshals Service is going to sell it all. Yeah. I'm calling bullshit all over the place. Timmy Shen from the block is riding this one. US spot Bitcoin exchange traded funds reported $235,000,000 of net inflows on Monday. Fidelity's FBTC recorded the largest daily inflows amongst the 12 ETFs on Monday with inflows of 103 0.68000000 according to so so value.
And then coming in second is BlackRock's iBit, the largest spot Bitcoin ETF by assets. It experienced net inflows of a mere 97,880,000 after reporting 0 flows last Friday. Grayscale's GBTC, the 2nd largest spot Bitcoin ETF and 6 other ETFs saw 0 flows on Monday. The total trading volume of the 12 ETFs amounted to 1 point 2,000,000,000 on Monday, slightly up from 1,190,000,000 on Friday and 1,130,000,000 on Thursday. And then Ether ETF saw no flows. None 0 nobody gives a shit about this stick in the mud man I swear but maybe Trump will help nah probably not but a Trump presidency is the best outcome for bitcoin according to Nicholas and this is Bitcoin Magazine written by Nicholas, and his last name is Hoffman.
The other week, I made my opinion clear that I believe Donald Trump is the best candidate for Bitcoin in the upcoming 2024 presidential elections. Aaron responded, and after reading it, I feel he's still missing the bigger picture. Aaron's main point seems to be that Trump is just using Bitcoiners for their votes and that he won't follow through on his promises. Pausing to let you know something about Bitcoin Magazine, they've introduced this thing called short takes. And honestly, dude, Nicholas Hoffman, you're probably not listening to me.
I know that you put a hot link in here where you say Aaron responded and you want me to go read that take. But can you I'm honestly, it just this doesn't feel right. This takes thing, the way that you guys are, like, banding back and forth amongst different takes. No. No. No. So that's that's what this is. Aaron is one of the other is Aaron von Wertham and he's got one of these other takes and they're they're using it seems like the the first of this is the as bitcoin magazine has introduced this that the different authors are using their takes almost like it's a thread on Twitter or something. And, honestly, it just I don't think that's the way that this publication should roll. But then again, I ain't the editor in chief. Y'all can do whatever the hell you want. Continuing on, while I partly agree with the former point, I disagree with the latter.
Contrary to what I've seen some Bitcoiners online say, I do not think Trump has to be a hardcore Bitcoin maximalist and cypherpunk to be a great Bitcoin president, and here's why. Trump needs all the votes he can get. Of course, he is going to try to appeal to our voters, especially when most of us have already are right leaning have right leaning political views. It makes sense for the Republican party to adopt freedom money given that they lean more towards the principles of freedom now, while the Democrats have become more authoritarian.
Yeah. That is very clear. Voting for Trump, then, is a win win. He gets more votes, some in critical swing states, and we get a better environment for our industry. And it sounds like a good trade to me. And that leads me into what I disagree with Aaron on. I believe that Trump will keep most if not all of his promises he's made when it comes to Bitcoin. Because, well, most of the promises he has made seems like relatively easy things to implement. It's not like he's alone on the issue. There are now many pro bitcoin senators and congresspeople to hold him accountable. There's senator Cynthia Lummis who wants to create a strategic bitcoin reserve using BTC already owned by the government.
There is congressman Tom Emmer who already wants to fire SEC chair Gary Gensler and appoint someone better for the industry. You can go to stand with crypto dot com to see the rest. If elected, Trump would have loads of other, arguably more important issues on his plate to deal with. The fact that his policies would give Bitcoiners a friendlier regulatory environment to build in, stop anti Bitcoin politicians from continuing to attack this industry all without Trump meddling in it, sounds like a perfect storm for innovation. The fact that he's done things like bring Bitcoin miners to Mar a Lago to better understand the industry is enough evidence to make this point.
I think many are overly critical of Trump because he said he wasn't a fan of bitcoin in 2019, but that was ages ago, and everything has changed since then. It doesn't make sense to hate people on or hate on people for coming around to bitcoin after not being a fan of it. I do, however, think it's okay to be critical of the non Bitcoin initiatives Trump's Trump has promoted, like, God forbid, World Liberty Financial, but even that isn't worth losing all the benefits of his presidency. So why would Trump free Ross now when he already had the chance last term?
In politics, as in Bitcoin, it's all about incentives. And the incentives here are aligned. Okay. I mean, I I kinda tend to agree with this, but there was there was something that he said here hold on for a sec, I gotta find this. Oh, here it is. The fact that he's doing things like bringing Bitcoin miners to Mar a Lago to better understand the industry is enough evidence to make this point. No. It's not. No. It's not. I don't disagree with the author. I'm just saying that that's that's the that's the kind of sentence that if you handed this in to my wife who teaches technical communication and rhetoric at a full blown, full bird state university would make you cry with her comments.
I'm just saying that this is a fact. There is that that is not anywhere close to enough evidence, dude. Not anywhere close. But what he says about the fact that these other pro Bitcoin rep you know, well, pro Bitcoin representatives and senators like Cynthia Lummis holding Trump's feet to the fire? Yeah. They probably would. They probably would indeed. But yeah just because he brought some miners to mar a largo is not evidence enough for me that he will follow through on all of his promises about bitcoin if he gets elected and honestly I don't want him to promise anything except he doesn't sell the reserves and he either burns them in a burn address, like, Matt Odell says, because I kind of I kind of caught into that idea that you can't keep it. You have to burn it if he sees it.
But if you don't burn it, then you can't sell it on the open market. And you can't actually sell it. You've you've got to keep it in trust, and you've got to hire a team of people that know the industry, that know about Bitcoin, that have their hooks into other, you know, private companies that maybe you can fabricate a really nice type of things like, you know, thing like Alaska does with their oil money. And everybody's got it's like the Alaskan Oil Trust or something. I can't remember exactly what the name is it. But every, every state citizen of Alaska gets a check every month from the from those oil runs.
I don't mind that. I mean, it's like it like I said, technically, the United States citizenry owns all of everything that's above, on top of, and below every square centimeter of United States soil and that includes the oil in Alaska. And that brings up the point of, well, what are you gonna do? Tell tell Exxon Chevron or Chevex or whatever they call that company now that they're gonna have to give all their money to the citizenry? No. I'm not I I don't wanna get into that. I don't wanna get into the vagaries of it. How Alaska does it, I don't know. I don't think they're stealing money directly from the oil companies. I think they have their own state owned rigs, and they hired a couple of oil guys to actually go drill those rigs in the name of the state of Alaska, and that's what they're doing. I don't think that they're they've, you know, appropriated all the the the, oil wells that are in Alaska that are privately owned. I don't think that's the way they're doing it. I'm just saying that all I need Trump to do is to stop selling Bitcoin at the federal level. That's it. And then and then figure out a way to plug in to all the nice Bitcoin companies that really know what the hell they're doing.
Things like River, you know, and Strike, and and start producing some type of state trust or or federal trust for the citizenry of the United States that helps them with their taxes. It's just you guys are just not ever going to not tax our ass, at least put together a package that helps us pay those fucking taxes. At least do that. But, you know, the selling of Bitcoin, honestly, I think is kind of a red herring. I think it's being dangled out in front of us just to scare the piss out of the market because they always do this. Now, ending up at the last story of the day from Decrypt's Matt DeSalvo.
FTX will return $16,000,000,000 to customers following court's bankruptcy approval. So more FUD is on the way. And I hate to end the show with it, but you gotta know what's going on. Otherwise, you won't be able to make good decisions with your life. Customers have collapsed. Crypto exchange FTX will soon get their money back after a judge gave the green light on Monday to the firm's bankruptcy plan following 2 years of recovering funds and reaching various settlements along the way. Pardon me. Judge John Dorsey of the United States Bankruptcy Court for the District of Delaware approved the plan to pay back former clients of the exchange using the $16,000,000,000 recovered since the company collapsed, Reuters reported on Monday.
And as you know, FTX was one of the best recognized brands and then just caught on fire and burned to the fucking ground. But cofounder and former CEO, Sam Bankman Fried, was arrested, charged, and later jailed for fraud and criminally mismanaging the exchange. He is currently serving a 25 year prison sentence. Those lawyers recently filed an appeal claiming that he was presumed guilty going into the trial. I don't care. Whatever. I guess I should care, but I don't know. I don't think he was presumed guilty. I think the dude was actually guilty. Anyway, customers who use the exchange to buy, sell, or bet on the future prices of cryptocurrencies have been waiting to get their funds back since the firm filed for bankruptcy. The plan approved on Monday will pay the vast majority of customers at least 118 percent of the US dollar value in their accounts as of November 2022. That's what we call a forced HODL, ladies and gentlemen.
Customers were initially expecting to get back digital assets. But the plan filed in May will pay them back in cash. Mhmm. Some investors have been upset that they will not be repaid with their original crypto assets. Some of which like Bitcoin have significantly appreciated in value over the last 2 years Yes, I know and they go back into Bankman fried serving a 25 year prison sentence Why? Dude, what? Whatever Hold on. Wait a minute. Wait a minute. Wait a minute. The last paragraph says Bankman Fried is serving a 25 year prison sentence. Those lawyers recently filed an appeal claiming that he was presumed guilty going into trial. Yeah, you already had that entire paragraph. Wow, yep.
Up here it's the second it's the second sentence of like the 5th paragraph in the story word for word. Editing, people, editing. Oh my God, where are your editors? Okay, look, enough of all that bullshit. Let's get off of that. Okay, so, FUD, you're not out of the woods yet. And we're not going to be out of the woods for a while. I told you yesterday about the fact that we've got more economic news coming this week. So don't expect any kind of general movements from Bitcoin to the upside until after that. And now I've just told you that there's yet one step closer of a chance that the United States government sells all its Bitcoin. So what if it does?
What if it does? I mean, really? Have we not heard the bells at midnight before? If you don't understand, that's a Shakespeare reference, which means that we were partying with the hookers in the bar until that son of a bitch closed down. You've seen what I've seen, and I've seen what you've seen and if you've never seen something like this then understand I have absolutely no intention of getting out of my bitcoin position because that there's there's FUD in the streets like blood in the streets. We call it FUD in the streets. A whole barrel full of FUD and FUD has been released and now the FUD is flowing down the gutters and everybody's freaking out and it's gonna be that way for days.
And again, I mean, let's say that they don't sell. Then retail, who is currently selling, I can tell because well, actually, some people are buying it back. But I've got 2 red dildos over the last 2 hours. And 1 in this last one, this current, candle that we're on is fairly green. But for the last 2 hours since this news dropped, people in retail, and it was retail, were selling their coin. And word on the street there was some word on the street about this shit last night. And then we get this news that FTX, or not FTX, Ibit and Fidelity Bitcoin ETFs were just scooping up cheap Bitcoin $235,000,000 worth of it yesterday.
I mean, does this see, this shaking retail out of its positions whether it's in equities and legacy markets or Bitcoin is easy as shit because nobody has any conviction. The conviction of the human species has been drummed out of us. It's just this constant droning of Israel's going to war, Iran's going to war, Russia's going to war, Ukraine's going to war. All of our tax money is basically going everywhere else except where it's needed and right now that's in Tennessee and North Carolina because climate change has caused the most massive storm with the most destruction in the history of mankind. Nobody's ever seen it. It just goes on and on and on.
And, I mean, and I'm just giving you the shit that I hear on Noster. I don't look at mainstream media anymore. I don't look at Twitter unless I'm looking at something very specific or I'm posting the announcement of the daily episode. That's it. I don't hang around on Twitter. I don't look at what's trending on Twitter. I don't watch the news. I don't go to cnn.com. Hell, I don't even go to Drudge Report anymore. And that was I haven't done that in over 7 years. I went to Drudge Report for the first time in 7 years, like, a couple of days ago, just to see what it looked like. And it was the same shit that I was addicted to before I left my job at Texas Tech, before we moved to Canyon.
I was addicted to Drudge Report. Like, what new headlines are gonna scare the piss out of me today? It is a blessing that Noster is here. Yeah. I see a couple of things that suck, you know, like like I said, that that litany of crap that I gave you. You're not going to get away from everything by being on Noster, but it is certainly a much nicer experience. So I'll just, you know, a couple of ending thoughts. Go get on Noster. It ain't gonna cost you nothing. You don't need an email. You don't need a phone number. You don't need a credit card. You just need you sitting in front of your computer. It you can do that in your underwear without any information whatsoever. You can get an insect and an in pub and you can spin up a presence on Nostra without a single piece of plastic or a dollar bill or a wallet or a checkbook or nothing. You don't even need to remember your fucking phone number. You don't need an email address. Just spin it up and understand what it's like to detach from this god awful dumpster fire that is being shoved in front of your face and forced down your throat every single time you turn on a screen.
And the second, donate to the show. This shit is value for value, man. I mean, this doesn't work without you guys. This doesn't work without you guys streaming. This doesn't work without you boosting. And I've just kind of gotten used to saying I need the donations. You know, I mean, I don't have advertisers. And sure, there's a lot of people out there who go value for value will never work. Well, it'll never work if we say it will never work. That's a self fulfilling prophecy. This shit can work. We can have musicians just living their best life creating their best art without the need for a contract with Sony Music and their entire fleet of a and r representatives that get paid 6 figures just for sitting on their ass telling people they're gonna make them a star. And if you want to be that star, you need to go to a ditty party.
This is the way value for value works. By people like me just finally saying, you know what? I'm not embarrassed to ask for donations. This show needs donations. The more donations I get if I get across a certain point of donations, I can start doing better shows because I don't have to worry about the electricity bill. I mean, if I don't have to worry about the electricity bill and have to go figure out ways to shake down money for that shit, I can spend more time on this show. I don't even know what this show would look like if all I did was this show. If I didn't have to do anything else except this show, what would that look like? What would it look like if I get it like because I love driving. One of my favorite things in the world is to drive.
If I had nothing to do all day long but plan this show out and, you know, call ranchers because I really want a whole bunch of ranchers on this show. I want to know what they've heard about Bitcoin. I want them to tell you what it's like ranching. I want them to tell you what it's like to start a ranch. I want them to tell you what the realities of being in the middle of February and having to pull a, you know, a dead baby calf out of its mother with your bare hands, because that happens sometimes. What that's like? What that does to you? You know, what are the economics of meat? When I give you the the futures prices of live cattle, what does that actually mean? Oh, I don't know. I'd like to talk to about 12 different ranchers to get a good view of what that actual what that number means. But without donations, I'm never I'm not gonna do it because I I just I just I don't want to go get the advertisers.
I don't want to do it. It's not that there's not a couple of companies out there that I that, you know, I wouldn't want to have as advertisers. There certainly are. But value for value has to work for more than just me. It has to work for more than just podcasting. It's got to work for filmmakers. It's got to work for people that write books, both nonfiction and fiction screenwriters, playwrights musicians of all banners and sorts jazz musicians and rock musicians and blues musicians and people that have experimental music the only thing that I hope value for value doesn't work on is experimental dance just because I think think it's fucking stupid. But even then I'm wrong. I want it to work for experimental dance. Or what do they call it?
Interpretive dance. That's what I'm talking interpret I'm going to tell you about Bitcoin through interpretive dance and then you just look stupid for a while. Fine give them money too if that's your bag then you be the funders of it and stop asking Sony Music to do all the things that they do for musicians which is nothing except get rich off of them. They market the crap out of their musicians. They take 99% of all the profits unless you're Taylor Swift or P. Diddy. And why do you think that is? Well, I'll let you speculate on that shit. But the rest the great guts and feathers of their repertoire, that's what a and r stands for artist and repertoire.
Basically, that's the people that handle the catalogs at Sony Music. That's the people that curate and get more artists into the catalog. That's what they do. So when I say a and r, think of a librarian that's buying books to put on the shelves at the library. That's that's essentially a and r. Right? And they rep these guys. And for the great guts and feathers of all the musicians and all the artists that are in the repertoire of Sony Music, they're getting nothing. They're getting nothing for their time. It's all going to the executives. It's all going to p. Diddy. It's all going to Taylor Swift because I don't think that there's that many people that actually pay for Taylor Swift's music, Whether they like it or not. Value for value is the only way to go forward. So it's really not just saying, hey, donate to the show or, god forbid, tip the show if you like the content. It's not a tip.
This is how people can make their living. I'm not looking for Learjets. You know that. I'm not looking for Lamborghinis. If I want to drive a Lamborghini, I will rent 1. You can actually rent them fairly cheap for the day in Italy. I mean, all I gotta do is get my ass over to Italy and I can rent 1. I can rent 1 in LA, but it's a lot more expensive, and I don't like LA. I don't wanna go there. I'm just saying this is how people like me can make their modest livings so that we can be around our children, have a good marriage, have a wonderful life, because we understand that wealth is not what they told us it is. And that's why I keep fighting for value for value.
It's why I keep talking about what is wealth. That question permeates almost every cell in my body. We're at this turning point. I feel it amongst a whole bunch of people that they're like, This 18 room house is too big. I don't want this. It's too much management. I've got 12 cars. What the fuck am I gonna do with 12 cars? There are so many people that got duped into lining their beautiful robes with lead. That is a reference to Dante's Inferno. It's one of the circles of hell. And I can't remember who it was reserved for, but the people in that particular circle some of them were wearing these beautiful robes. They looked kingly and they were made of these gorgeous furs and it was just oh my God it was super awesome.
But they were lined with lead, which meant that the weight they were carrying around with them was super awful. The management weight of being the kind of person that that Robin Leach back in the eighties told you you needed to be with the lifestyles of the rich and famous show that was almost number 1 on the charts for like 7 straight years. Everybody wanted to know what they didn't have. Everybody wanted to be made to feel bad that they were fucking poor, even though they were probably living a much better life than the person in the mansion. Because our view of what wealth is is changing.
And that's why many of us are taking it on the chin for value for value. It's an important component of our future and the people that just sit around and say it'll never work are doomed to never see that future. They're doomed to stay in the present which will soon become my past And I'm more than happy to leave them behind. Gas, grass, or ass, motherfucker. No one rides for free. 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.
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