Hedgehogs And Machankura
Join me today for Episode 878 of Bitcoin And . . . is LIVE!
Topics for today:
- topic
#Bitcoin #BitcoinAnd
Circle P:
npub: npub172mu27r5yny0nnmvgjqwhx055dmsesrrx7j0p5d3pxagfx6xgxfsv75p3q
nostr handle: @beisnerds
Twitter: @beisnerds
Product: Maple Syrup and Soaps
Articles:
https://www.theblock.co/post/285041/bitcoin-options-open-interest-for-march-expiry-on-deribit-hits-record-levels
https://bitcoinmagazine.com/markets/nigerian-binance-executive-escapes-custody-deepening-ongoing-feud-
https://cointelegraph.com/news/bitcoin-miner-giga-energy-launches-argentina-facility-gas-flaring
https://u.today/michael-saylor-surprisingly-picks-bitcoin-btc-over-his-own-stock
https://www.coindesk.com/policy/2024/03/27/coinbase-loses-most-of-motion-to-dismiss-sec-lawsuit/
- https://www.cnbc.com/futures-and-commodities/
- https://www.cnbc.com/bonds/
- https://dashboard.clarkmoody.com/
- https://mempool.space/
- https://fountain.fm/show/eK5XaSb3UaLRavU3lYrI
https://protos.com/scoop-nilam-resources-ceo-resigns-day-after-24800-bitcoin-announcement/
https://www.nobsbitcoin.com/alby-extension-v3-7-0/
https://www.nobsbitcoin.com/introducing-hedgehog/
https://www.nobsbitcoin.com/machankura-v2-0-teaser/
https://www.nobsbitcoin.com/mercurylayer-lightning-latch-swap-protocol/
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Licensed under Creative Commons: By Attribution 3.0 License
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[00:00:00]
David Bennett:
Good morning. This is David Bennett, and this is Bitcoin Ant, 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 two systems overlap. While species from either system can be found at the edge, it is important to note there are species in the overlap that exist in neither system, and that is what I seek to uncover. So join me in discovering the variety of things being created as Bitcoin rubs up against other systems. It is 9:50 AM Pacific Daylight Time. It's the 27th March 2024.
And this is episode 878, a palindrome episode of Bitcoin. And circle p is open for business. Let me get my circle p going on here. What do I got? I got, looks like I got she she again. No. Wait. No. No. I don't. Nope. I've got maple trade. Noster handle is at beisnerds, b e I s n e r d s. And if you want some serious maple syrup that's made by hand by somebody that actually has been making maple syrup by hand. He's not drop shipping it. He's actually making it. He's tapping the maple trees. He's getting the sap. He's boiling it down. He's putting it into bottles and he's shipping it to you, the plebs, for Bitcoin. Because if you're not selling your goods and services in Bitcoin, you're not in the circle p. It's not because I don't like you, It's because this we've got to start doing a circular economy.
We have to start doing it. That's why it's the circle p or circular economy plebs. Circle p. Strange things are afoot at the circle p. You can get a quart of handmade maple syrup for $27, 3 quarts for 68. You can get a half gallon for $45 or a whole gallon for 80. You can get 4 pints for $50. And again, he takes Bitcoin. I believe it's both on chain as well as lightning payments if you so choose. His sister Sarah also makes some great beef tallow based soaps and they're these are the kinds of handmade soaps that you'll see in stores but unlike the ones that you get, yeah, that melt away in your bathtub or your shower, these don't.
They're fantastic soaps. So if you want to get soap and maple syrup, you can get them both from my friend, Bizonerds, aka Maple Trade. He is at beisnerds on Twitter as well as Noster. So go find him, go DM him, and make sure that you tell him that you heard it here on the circle, p. Now, let's get on with the show. Let me, I got to pop something up here into the live chat for you guys. We'll get to this in just a second. But first, you might have noticed a couple of really weird looking candles this morning. We had I think we got up to 71,000 in change this morning, and then we plummeted.
Where are we at? We're at $69,007.73 on the price of Bitcoin today. Alright, so what the hell is going on?
[00:03:36] Unknown:
At first,
[00:03:38] David Bennett:
and I still think that this is probably some of it. It looked to me like they went hunting longs as well as shorts at the same time early this morning starting at 6 AM, which is usually when this this kind of crap normally starts happening. You start seeing action begin at about 6 o'clock AM. Why? Well, because that's when I start looking at the price of Bitcoin and it's like the gods just decide, hey, oh, look, David's looking at the price. Let's let's scare the living piss out of him. Why? Because we don't like him. No, that's just pure hubris. There's there's it's just coincidence. I happen to be waking up probably around the same time somebody somewhere else is like this is just when I decide to scare everybody to death. And like I said on Monday, what we normally see is a price run on Mondays because the Ibit shares or the iShares Ibit Bitcoin ETF from BlackRock, they do a buy on Monday morning.
And then during the week, we see it bleed down. And then over the weekend, shit gets even really more scary. And then Monday occurs and Ibit starts buying shares again cheaper than what they would have been able to get it for anyway. It seems to be the cycle and it doesn't seem to be stopping. However, this morning, it does feel a little bit different, and there's a couple of reasons why. And I'm going to get into 3 of them. 1st, from bitcoin or I'm sorry from the block theblock.co from Brian McGleanan. We've got this one. Bitcoin options open interest for March expiry on Derabits has hit record levels.
This is definitely one of the things that's charging this plunge this this rise up and this plunge down because over 9,500,000,000 that's billion with a b dollars worth of crypto options. Open interest is set to expire this week on Deribit cryptocurrency derivatives exchange. This makes Friday's end of month expiry one of the largest the leading crypto derivatives exchange has ever seen. This Friday marks one of the biggest expiries in Deribit's history as $9,500,000,000 worth of Bitcoin option open interest are out of $26,300,000,000 will expire or 40%. And I'm not exactly sure what that means. That's a quote from Derabit analysts, saying in a note that they sent to the block.
The date from Derabit corresponds with that from the block's data dashboard. According to the block's data, open interest in US dollar value for Friday's March end of month expiry for Bitcoin options contracts on Deribits has increased to a peak of $8,610,000,000 In contrast, the end of month expiries on Darabit for January February were significantly lower. We're talking 3,700,000,000 and 3,700,000,000 for both the months of January February. So March is seeing, like, 3 x that. According to Derabit, out of the $9,500,000,000 of Bitcoin option open interest.
At a current spot price level of around $70,000,000 $3,900,000,000 will expire in the money with a max paying price of $50,000 This means that if these options were to be exercised before or on Friday, they would generate a profit suggesting a significant portion of the options contracts are are currently valuable based on the current price of bitcoin. The Derabit analyst added that the present situation implies that a large number of options are profitable due to Bitcoin's recent price rally, which can lead to derivatives traders seeking to hedge their positions or speculate on further price movements.
Deribit analysts also suggested that with higher levels of in the money expiries or expiries increased buying activity may occur as option holders exercise their contracts. This activity could potentially exert upward pressure on the price of Bitcoin or increase volatility as traders adjust their positions. These levels are higher than usual, which can also be seen in the low max paying levels. The reason is, of course, the recent price rally. Higher levels of in the money expiries might lead to upward pressure or volatility in the underlying and a removal of the lower max pain magnet, Darabit analyst said.
I think some people are exercising their in the money contracts and basically just selling out. And I think that that's one of the things. But I still think that the way that the spike up and the spike down within 2 hours of each other, by the way, I mean, this was a 2 hour pocket. You know, it wasn't a whole long time. You get the first hour, it goes up to like 71,270 or something like that. And then the low side goes all the way down to like 68.2 or something. It was like I think it was like a 3000. It's Yeah, like a $3,000 plunge from that that first high. It looks to me like they were hunting longs and shorts.
And I'll bet you a bunch of longs as well as a bunch of shorts got liquidated. We'll find out numbers about that later on today or tomorrow. So we'll we'll we'll figure it out. Alright. An announcement before we get into the rest of what's causing this price swing action. I have moved the Bitcoin and podcast from my host, which has been SoundCloud for 5 years, over to podhome. Fm. The reason is this: SoundCloud is never going to engage in any of the podcasting 2.0 features. It's become evident that they are a dying platform along with quite a few of the other ones, And the only way that I was going to escape that mayhem that's coming in for them in the future as well as other platforms is to move my happy ass and all of my shit over to podhome.fm.
Now, I'm I'm pretty sure that this should not affect anything as far as you guys that are listening to the show are concerned. Alright, it should be exactly the same you should I mean your podcast app should just immediately be able to you know, get to the show without changing anything that you do. However, I reserve the right to be so freakishly wrong that it's not even funny. But be that as it may, as of this moment, this will be the this show that I'm recording right now will be the first show that I actually upload to podhome.
Fm and their interface rather than the SoundCloud interface. So, SoundCloud has been truncating all my well, not all of the shows individually but I have there's only 500 shows that you can actually get to, on my podcast. I have well over well, I have 878 shows as of this one. So do the math. They've truncated quite a few of my shows. I'm sick of it. Right? So the early shows you can't even listen to on SoundCloud. I'm gonna have to do quite a bit of surgery to get those earlier shows up. But I just wanted to let you guys know that if for whatever reason funkiness occurs, please, please, please let me know. Get on Noster, DM me, or just tag me in a note, whatever.
Send me a boostagram. That always works as well. Do whatever it is and tell me what it is that that that has happened that you're unable to listen to the show or some funkiness has occurred or if, you know, if if you know somebody that's saying I can't I I don't know how to get to a show anymore, please direct them, directly to me. I will try to figure it out. Anyway, so expect funkiness, because I am expecting funkiness. The second thing is this: I set up the value for value so if you're streaming me satoshis, or if you're giving me boostergrams, those for the moment are no longer going to my node directly.
They are streaming to the GetAlBI wallet. And I'm going to see if that works for for at least a little bit. Okay? Because I'm I'm always taking money off the table out of my Albi wallet and I'm throwing it directly into into my wallet. But my lightning node. But my lightning node has had some liquidity issues and people that want to, like, throw me, like, 45,000 sats, impossible. 10,000 sats seems to be the upper limit. If any of you guys want to test that upper limit out and throw me, like, 50,000, 100,000 sats to see if the git albie will be more receptive to larger boosts than my particular lightning node has been in the past.
I would appreciate it. You're under no obligation whatsoever to do that. Now, over here in the zap. Stream, I have a picture of the Wyoming sovereign roundup for 2024. Arceus is one of my bros. He's been DMing me about this thing apparently forever and my DM's on Noster. Come on. It's okay. I'm not mad. I'm not angry. But let's call a spade a spade. The DMs on Nostar are jacked up. I I don't get notices. Sometimes thing I don't know. It's just it's bizarre behavior. I can't really describe it because it's that bizarre. Again, I'm not upset. I'm not going to yell at fiat Joffe like other people are doing. Say, oh, dibs are so screwed up. Nostra's stupid.
No. We're all operating out here in the wild trying to build a new world. If you think it's gonna be easy, I got another thing coming to you. But I promised Arceus that I would talk about the Wyoming sovereign roundup for 2024, a decentralization summit in the cowboy state. So when is it? Well, it's in about 73 days from now in Wyoming. Tickets are $219 and you can buy them now on the website which is sovereign roundup.com. That's sovereignroundup.com It is in sleeping Giants ski resort at Cody, Wyoming. That's Cody, Wyoming at the sleeping giant ski resort Saturday, June 8th 2024.
Again, that's Saturday, June 8, 2024. And let's see who's gonna be oh, tickets include access to the speakers and workshops of the summit, 100% grass fed beef centered brunch and dinner, Carter country meats nutrient dense beef is gonna be doing that. Access to participate in extracurricular activities with summit attendees. I guess that means having a few drinks and possibly just getting bombed out of your tree. Anyway anyway anyway. Optional extra extra curricular Wyoming activities. White water rafting, horseback riding, shooting, hiking and more. And maybe the more includes the bar. I don't know. But here's the speaker list. Check it out. Caitlin Long, doctor Gerald Polak, Matt Hill, he's from Start9 Labs. Matt Hill's one of the coolest public speakers you will ever get to hear. It doesn't matter if you like Start 9 or not. I heard him give a speech that just lit the room on fire at Bitblockboom a few years ago and I was like, that motherfucker knows how to talk in public. If you don't know how to talk in public, consider joining the Toastmasters.
Again, yes, old club ancient history, but it works. Will Cole will be there. He's from Zaprite. Anjan Kata, I don't know who that is. Erwin LaCour, don't know who that is. R. C. Carter, AJ Richards from the farm and Jason Rick from Rick Ranches, Adam O from upstream data, and of course, Colin aka Arceres distributed hash. So again, tickets are $219. It is gonna be on June 8, 2023. Sleeping Giant Ski Resort, Cody, Wyoming. Wyoming actually sounds like it would be pretty damn cool, honestly. Alright. I'm just gonna leave that up and we're gonna move on to the second part of what the hell screwing up all this crap with the price today.
[00:17:04] Unknown:
It looks like,
[00:17:06] David Bennett:
and I'm not going to read all of this, but crypto exchange KuCoin has violated anti money laundering laws according to the United States charges being charged under the Bank Secrecy Act. And I'll just read you the highlights here. Crypto exchange KuCoin and 2 of its founders were charged with violating AML laws by US federal prosecutors. Homeland Security Investigations special agent Darren McCormick called KuCoin, quote, an alleged $1,000,000,000 criminal conspiracy, end quote. KuCoin's native token dropped by 5% after the announcement. Alright. So this actually occurred when? When did this occur? This was yesterday, is when this shit was announced.
Pretty early in the morning for my time, it was announced 8:11 AM Pacific Daylight Time. So this has been brewing in the background. So this is not helping. KuCoin's large. They've been around for a long time. And it looks like the federal prosecutors are gonna just decide to put the screws to them. I don't know which way it's gonna go. But this leads in to this other story from CoinDesk. Nicolas Day is writing it. Coinbase has lost most of its motion to dismiss the SEC lawsuit. So this is putting further pressure on the price of Bitcoin today. A federal judge ruled that the US Securities and Exchange Commission brought enough evidence of a case arguing that Coinbase is indeed operating an unregistered broker, exchange, and clearinghouse that it suits or that its suit against the cryptocurrency company should indeed move forward.
Judge Catherine Polk Faia of the US District Court for the Southern District of New York on Wednesday ruled against most of Coinbase's motion to dismiss the lawsuit, finding that the regulatory agency had a plausible case against the exchange. She has set an April 19th deadline for the parties to agree on a case scheduling plan. Alright. So that's all you need to know about that one. Alright. So Coinbase has been they they filed this motion a while back to get this entire suit against them dismissed. And the suit is that they're an unregistered brokerage. Now this is interesting.
Why? Because Coinbase is the repository and the third party custodian for most of the bitcoin spot ETFs. Only 2 of the bitcoin spot ETFs out of the 11 that were approved January 11th this year, only 2 of them self custody or custody with a different third party. All of the rest of them are using Coinbase and that includes BlackRock. And and here, we've got federal prosecutors with a pretty pretty big lawsuit against Coinbase that is going to move forward. So if I was, BlackRock, I would be looking for a new custodian. Just saying.
Just saying. And all the rest of the guys, if you're custodying with, you know, Coinbase, get your shit out. You should have never had your Bitcoin on that exchange in the first and place. But if you needed any more reason what so ever to get your shit off of Coinbase, now is it. This is it. This is it. This thing is going forward. Does it mean that the SEC will win? I honestly, my gut feeling is that no, they won't. That somehow or another they're gonna pull their that Coinbase is gonna either pull it out of the fire or they are going to do everything that they can to satisfy the SEC and say, look, we're here to play ball.
And that's the way it's gonna roll. Right? So there so the SEC is either going to lose another case, or this case is gonna be so serious and so costly that Brian and all the rest of the naked mole rats over there at Coinbase are gonna do every single thing that the SEC tells them to do and more to make this go away or if they are found guilty, then it's just a simple monetary slap on the wrist. But either way, nobody nobody should have their coins over on CoinDesk. Now we're gonna go over to Africa with yet with yet another exchange situation going on.
Nigerian Binance executive has escaped custody, deepening an ongoing feud. Bitcoin Magazine Landon Manning has this one. In Nigeria Excuse me. Hold on for a sec. I need to check one thing. Alright. In Nigeria, home of the largest digital asset economy in Africa, a feud has been developing between the government of Nigeria and Binance, a feud that has culminated with one of the company's executives escaping house arrest and fleeing the country. Boasting the 6th largest population in the world, the Federal Republic of Nigeria holds a large economic influence over the African continent and a respectable sway in the greater world market.
Although the possible future for Nigeria's economic development has been a topic of great interest for global financial institutions, a particular point of interest is the nation's apparent affinity for Bitcoin. For example, the country is at the top of nations by relevant Google search, such as you invest in crypto and other searches like that. Additionally, due to some of the classic reasons like rampant inflation and declining local currency, Nigeria also contains the largest trading volumes in all of Africa. And for these reasons, the possible Bitcoinization of Nigeria would be a significant boon to Bitcoiners worldwide, and the country may one day be a real hub for the industry. And therefore, Bitcoiners today should certainly be interested in the developing feud concentrated between Binance and the Nigerian government with special attention to the possibility of a broader crackdown on the industry.
The quarrel began in earnest in February of 2024 when an alleged glitched in Binance's peer to peer transaction for Nigeria and trying to manipulate the currency to ground 0. The central bank considered the widespread usage of p two p Bitcoin transactions as a possible contributor to the naira's falling performance and sought to take action against finance. Considering the inflation in Nigeria is climbing at the fastest rate in decades, the problem this seemed especially or this problem seemed especially concerning to authorities. And to this end, a somewhat confusing series of events unfolded.
Reports circulated in February that the government was blocking services from major exchanges like Binance, Coinbase, and Kraken. Coinbase, for its part, claimed that they had experienced no such troubles with the Nigerian government at the time. The government went on to clarify its position when the CBN singled out Binance, announcing that some $26,000,000,000 in untraceable funds had Additionally, of course, such a large figure certainly reflects a relatively high level of interest in adoption in the broader population. After Binance refused to cooperate with allegations that it had enabled various financial crimes on its platform, the government took the aggressive step of detaining not 1 but 2 executives, a British and an American citizen.
This step led to a flurry of activities as the situation between Nigeria and the crypto economy became increasingly muddied. Was the government targeting Binance due to its recalcitrant attitude, or is it only the first step in a planned crackdown on the wider world of Bitcoin? The government shuttered the largest p two p exchange in the nation, but is the practice of p two p Bitcoin trading itself next on the chopping block? Nigerian regulators published an updated list of guidelines for foreign exchanges to follow and the government additionally entered a new partnership to experiment with the feasibility of rolling out a CBDC, the eNIRA. In the United States, the Chamber of Digital Commerce even pressured the White House to intervene in the situation demanding that the American Binance official be released from custody.
This tense and ambiguous situation came to a head in a very unexpected way when Nadim Anjarwalla, a dual British Kenyan national and arrested Binance executive, escaped escaped Nigerian custody with a smuggled passport and fled the country 2 days ago March 25th. Although his family claimed that his exit from the company or country was entirely legal, Nigeria has asked Interpol to post an international arrest warrant for him. Apparently, his guards allowed him to leave house arrest to visit a nearby mosque and attend worship services, and that's where he disappeared. Not only have the guards been arrested, pending an investigation, but the government has also formally charged Binance with tax evasion.
Our Anjarwala's American colleague, Tigran Gambarian, remains in federal custody and has been named as a defendant in the accusations. Alright. So there's but there's a few more things to the story, but we're not we don't have to get into that. What I think happened is that this dude bribed the guards and said, hey look, I'm gonna I need to go to church. And while he was being walked to church with the guards, he was having a non monitored conversation because, you know, they bugged his house. I mean, you know they're listening. They put a listening device somewhere in there. But, you know, I bet you. So he's walking down the street with his 2 guards or in maybe even in a car, and he's telling them, look, man. You let me go,
[00:27:52] Unknown:
I'll send you some I'll send you some Bitcoin. And that's what I think happened. I don't think he escaped the guards, I think the guards let him go. I think this whole thing is stinks to high heaven, but what what's
[00:28:09] David Bennett:
really what's really the point here is that Nigeria, they're going to be one of the largest dominoes to fall when it comes to the Bitcoin hyper Bitcoinization, Bitcoin circular economy, and basically people burning their Nigerian fiat for actual real money that's going to matter to them in the very very very near future. And the Nigerian government doesn't like that. And I guarantee you that the Nigerian government doesn't like that because they've been told not to like that by the IMF, the United States, the UN, the World Bank, World Monetary Fund, you name it.
They have been told to hate Bitcoin, and they're going to hate Bitcoin more than any other countries that are under the same people's thumbs. Why? Because they have an actual economy in Africa. Nigeria is a huge nation when it comes to not only the population, but the amount of trade that they execute, not only inter Africa, but internationally. It's just it's huge. It's it's I mean, they have really really come a long way, but because they listen to the IMF and the World Bank and all the rest of these idiots, their fiat currency is dissolving before the eyes of its citizenry and their citizenry is at the edge of their rope. They're at the end of their rope and they're just haven't done of it. So they're buying Bitcoin with it and they're being I guarantee you the Nigerian government is being told you will stop this or you can kiss all IMF future loans goodbye, which is exactly what they should be doing. But we've got a couple more things to do here.
US Bitcoin miner, Giga Energy is launching a facility in Argentina, according to Braden Lindria from Cointelegraph. Texas based Bitcoin miner, Giga Energy, has expanded its operations into the country of Argentina as a part of a move to utilize wasted energy from natural gas flaring on the South American nation's oil fields. Gas flaring is the burning of the natural gas associated with oil extraction, methane being released as part of the process, which giga then converts into electricity to power Bitcoin mining rigs. The expansion will see giga place a large shipping container with thousands of Bitcoin miners on top of an oil well, which will divert the excess gas into electrical generators and then harnessing that energy to power the mining rigs according to a report, March 26th from CNBC.
Wow. CNBC is covering it. The mining site based in the province of Mendoza has been in test phase since December and has already mined between 200,000 a quarter $1,000,000 worth of Bitcoin, the firm's other cofounder, Matt Losteraug, told CNBC. However, the firm is still waiting to import all the necessary equipment before it can fully scale the operation. And until then, the firm doesn't expect to turn a profit. So now we've got Texas. And I've always thought this,
[00:31:32] Unknown:
Argentina is South America's
[00:31:36] David Bennett:
Texas. Lots of cattle ranching, lots of fuck you attitude. I mean, you name it man. The Argentinians remind me a lot of Texans. And and the environment down in Argentina reminds me a lot of Texas, at least from what I know about it. I've not actually actually ever been there, but be that as it may. I think this is a perfect marriage. And what's neat is that it links Texas, not the United States, but the state of Texas directly to Argentina, which is something that I always thought should have happened, but just didn't know how it was going to occur. And now I do.
Alright. Let's run the notes. CNBC Futures and Commodities, West Texas Intermediate is down just over half a point to $81.7 a barrel. Brent, North Sea, likewise down 0.66 percent to 85.68. Natural gas is down 3.86 percent to a buck 70 1, and gasoline is down a third to $2.69. Gold and silver are up. All the rest of your shiny metal rocks are down. Gold looking at $2,212.30 after a point 6% rise. Silver is up a third to 2470. Platinum is down 1.2%. Copper is down scant. Palladium is down 1 and a half points. Lumber, lumber, lumber. Lumber is down 1.83%, but cotton has got it beat. It is down 3.01%.
Is down almost a half point. Lean hogs are up, 2.79% to the upside. Live cattle is down almost a half point. Lean hogs are up, 2 thirds of a point. And feeder cattle is down 0.12%. United States Treasury bond yields are all up except for the 4 month no. They're all down. Sorry. God, how do I get that shit together? All of the treasury bond yields are in the red today on their change. They're all down except for the 4 month, which is actually up. The 30 year is now yielding 4.35%, 20 year, 4.45%, and the 10 year, 4.19%. Alright. Clark Moody's dashboard price is $69,210.
That is a $1,360,000,000,000 market cap. There are 19,000,000,000 665,600 and 11.74 BTC in circulation, and the hash rate for the past 2016 blocks is an average of 593.4 exahashes per second. Honestly, the hash rate has seemed very very stable as of late. Not a whole lot of swings going on. And generally speaking, I used to see a lot of swings, but I'm not seeing them that much anymore. 0.23 BTC. So about a quarter of a BTC taken in fees on a per block basis. Halving is still gonna be 420, 2024. That's a palindrome, by the way. I've found that out on, on, Noster. So 420 2024 is a pound syndrome. So 420-2024 is read the same way both ways. So anyway, 420 bro. 420.
1.6 percent is how much block space we're having to give over to house ordinals and inscriptions. It's such a waste of space. It's such a waste of space. Alright. 181 blocks carrying 127,000 unconfirmed transactions waiting to clear high priority. Transaction costs are 33 satoshis per vbyte. And low priority cost is also 33 satoshis per vbyte. The magic number, 33. Anything under 4.75 satoshis per vbyte gonna get you, ejected from mempools around the world. Hash rate that I'm seeing on mempool.spaceforward/mining is 546 exahashes per second, so that pretty well. Now from the phoenix flies, episode 877 of the Bitcoin and podcast. 10,001 sats from letter 6173 says these sats are for cold storage usage only. And that's exactly where they are, brother. Cold storage.
Bubba with 2112. 2 palindrome boosts in a row, bitches. Good for Hoddle. He found the simple life, as you and I and others now know. It is the way. We got a small house in the Mojave Desert. We got some Bitcoin and s 73vwratrodbug is a toy. It's a nice simple life. Yeah. There's something to be said about that and Hoddle said it all yes, on Monday. DeBravco with 1590, just hearing this commercial enough times to make these clips makes me feel sick. Can you see the holes in the business plan from these fuck faces that want to farm our children? Yeah. Dubravco, put out a clip of an advertisement for a children's social media platform that is going to be quote unquote moderated by real people, you know, real adults.
But it's all 100% for children. Yeah. I wouldn't I wouldn't do that. Let's see. Nodes and Hodes, 1,000 sat says conferee is amazing. Thanks for another great show. Bitcoin boas 921 hashtag [email protected]. Excuse me. WiseHuddle with 6.90 says great show. Thank you, man. God's death with 337. Thank you, sir. No. Thank you. Pies with a 100 says thank you, sir. No. Thank you. And a 100 from myself when I was testing a boost to see if this shit was actually gonna work when I changed over from SoundCloud. Alright. Now let's see where we at. Oh, no. That that that's it for the weather report.
[00:38:12] Unknown:
Welcome to part 2 of the news that you can use. Do you remember
[00:38:18] David Bennett:
earlier this week this place called Nylem Resources said that they were gonna buy a whole bunch of Bitcoin? I think that was Monday afternoon they said that. It turns out that Nylum Resources was a gold miner, but it was like a penny stock. And you looked at their chart, it was like, Well, they're back in the news today. Nylon Resources CEO has resigned one day after a 24,800 bitcoin announcement. Wow, this actually was written yesterday. This is out of, outfit called protosprotos.com. In a confusing press release that described a letter of intent, a penny stock called Nylon Resources announced that along with based company, excuse me, Zyber Data, that it would be acquiring a yet to be established special purpose entity called mindwave so that it could get its hands on 24,800 bitcoin. However, the letter didn't detail how it will obtain the 1,000,000,000 of dollars worth of the cryptocurrency.
The confusion around the acquisition is compounded by the current financial status of each firm, with Nylon Resources corporate snapshot projecting it will have only 2,000,000 dollars in earnings before interest, taxes, depreciation, and amortization or EBITDA. Zyber Data's unaudited financial statements revealed that it had approximately $70,000,000 in shareholder funds with only 1,500,000 cash in hand. This is significantly less than the approximately $1,200,000,000 price of the Bitcoin these firms are supposedly acquiring. And it's not clear how either firm would raise that much. However, the press release did note that Nylam will be issuing new class c stock as part of this transaction and pulling a sailor, and it's not gonna work. Because, unfortunately, despite seeing a more than 1,000 percent increase in the stock price, it seems as though it's not all good news for Nylon Resources because the CEO has cried foul.
Protos called Nylon Resource executive Ron McIntyre to ask about the Bitcoin acquisition and was told in no uncertain terms that quote, as of today, I have resigned as CEO and had my name removed from all corporate documents, end quote. Though he was still listed as CEO on the website, McIntyre was indeed removed from the position sometime in the past week. However, McIntyre still appears in corporate documents for the Nevada entity as the director, president, secretary and treasurer. He has stated that he has resigned from those roles effective immediately as well.
When asked why he resigned from the position, he told our reporter to quote, just look at the chart. It's a classic pump and dump. There will be no there will be a FINRA investigation into Nylem Resources, he added. Wow. Dude, he just walked away. He said, you know what? You guys are insane. Anyway, McIntyre stated that while his coworkers had indicated that there was a transaction forthcoming, they never gave him the details of the deal and issued the press release without letting him review it or even telling him about the announcement, quote, I will be going to the appropriate state bar, end quote.
Okay, so I don't know what that actually means because the state bar that's I just it's really weird because the bar is for lawyers. You have a bar license. You have the right to approach the bar. That's sort of where that comes from. That's an old British term. But if that's about that, that is a legal thing. So I don't know, Is he approaching the bar because somebody who did this at Nylem Resources is a lawyer and he wants them to revoke his bar license? I I don't know. But this thing is sketch af. It is sketchy. It's shady. And this dude is like, I am having none of this.
Alright. So here's what it sounds like to me. The guys at Nylon Resources on their last legs, barely able to operate. There's no VC money anymore. All these banks are like there's no lending available anymore, at least not at rates that are, you know, dirt dirt cheap like they used to be. So they have this is a hail Mary pass. So bypassing the CEO, the rest of the c suite executives got together and said, let's pull a Michael Saylor. We're gonna issue stock, also known as issuing debt, and they're gonna use that stock sale to buy the Bitcoin, and they're gonna do exactly what Michael Sailor was gonna has been successful at doing. Except that Michael Saylor wasn't sitting on a shit company without any assets, without any money, without any liquidity.
Because he did have liquidity, he got the money, he got the assets, and he knew how to operate in the industry. And he's been able to sell debt, like, 5 times now and buy Bitcoin with it, and he's won every single time. So here comes Nylum Resources. We're gonna do the playbook. Guys, if you were gonna execute the playbook that Michael Saylor gave all the CEOs and CFOs 2 years ago, actually, 3 years ago now, He had he gave him the playbook. He said, this is how you do it. This is how your chief financial officer should be operating if you guys want to, you know, do what I've done. He had meetings, he had zoom calls, he had he had a whole online webinar about it.
How to do this shit? This is what happens when you wait to execute. Now, do I know if Nylon Resources was in on that webinar and read the playbook that Saylor gave him? No, I don't. I think but I do think that what happened is that they kept reading about what Michael Saylor was doing in the news and thought that they were gonna put one over on their CEO and quote unquote
[00:44:52] Unknown:
save the company. That company, there's gonna be some arrests out of this. Even his own CEO said that there's going to be a FINRA investigation
[00:45:03] David Bennett:
because he knows that there will be a FINRA investigation. Not that he talked to FINRA, but he's like, dude, what you guys just did, you're going to be investigated by FINRA. You're going to be found guilty. You're going to go to trial and you'll be found guilty again. I just like, oh my god. It's just amazing what people get up to nowadays. But speaking of Michael Saylor, he has surprisingly picked Bitcoin over his own stock. What the hell is that about? Well, Godfrey Benjamin from you today has it. MicroStrategy chairman Michael Saylor has given in a surprise statement to the abundance summit more credit to Bitcoin than to his company's stocks.
In a contemplative note, Saylor expressed his confidence in Bitcoin's enduring present presence over the centuries while stating that he and his company are rather transient. A video circulating on x as shared by Trey Sellers features a question and answer session where an attendee posed a thought provoking question to Michael Saylor asking whether it would be wiser to invest in MicroStrategy stock instead of directly purchasing Bitcoin. The attendee maintained that he has made 5 times more profit for MicroStrategy than with Bitcoin.
Experts say that this is not surprising considering that MicroStrategy has eclipsed ecommerce giant Amazon as far as trading volume goes, according to recent data. In response, Saylor advised prospective investors to dedicate sufficient time to studying bitcoin thoroughly before going ahead to invest in the digital asset. He suggests a minimum of 100 hours of research before making any investment decisions whatsoever. Saylor harped on the importance of making informed decisions when it comes to investing in the digital asset. He recommended intensive research intending to understand the optimal method of Bitcoin ownership self custody, institutional custody or via an exchange traded fund.
This, of course, will spark debate in the broader cryptocurrency community as different people have their preferred entry point and preferences related to the digital asset. Regardless of their opinion, Saylor's unwavering confidence in Bitcoin as, quote, the signal remains unshaken even in light of market volatility. Saylor contrasted Bitcoin with the rigorous process required to invest in micro strategy stock, highlighting the extensive pages of disclosures that potential investors must read. He also pointed out a practical barrier for certain investors noting that individuals in Nigeria, for instance, cannot self custody MicroStrategy stock.
Saylor then shifted the focus to the broader mission of MicroStrategy highlighting the company's commitment to solving fundamental societal issues such as integrity, sovereignty, truth, and hope through the adoption of a protocol. He also acknowledged MicroStrategy's status as a high performing business. Interestingly, the MicroStrategy chairman revealed a unique restriction within his company stating that investors are prohibited from directly purchasing Bitcoin. Saylor says that instead, they are required to invest in publicly traded operating companies in the company's portfolio. That's really interesting.
I think that that's wrong. Now, I'll get to that here in a sec. Lastly, earlier this month, MicroStrategy reinforced its Bitcoin reserves by acquiring an extra 9,245 BTC valued at around $623,000,000 funded through convertible senior note proceeds and surplus cash from the digital asset firm. So that's the end of the article. Now there's 2 main things and I want to get the smaller one out first. When it says that Michael Saylor revealed a unique restriction within his company stating that investors are prohibited, I think what he means is that employees are prohibited from directly purchasing Bitcoin.
I don't know that. But if I if I buy stock in MicroStrategy, which I can do, I don't hold any, but I could if I wanted to As a private citizen in the United States, I can go buy MicroStrategy stock on the open market. Okay. Okay. He can't tell me whether or not I get to buy Bitcoin. So I would love if that paragraph was to be expanded. Because maybe he's talking about not employees and not general investors, but specific people like the people that are buying the senior convertible notes. That you sign a waiver or something like that to Michael Saylor that says, I understand that I am buying MicroStrategy preferred senior convertible notes for the process of MicroStrategy to buy more Bitcoin. And I promise that I will not purchase Bitcoin and hold it myself.
I've never heard of anything like that. That doesn't even make any sense. Why would Michael Sailor give shit 1 if one of their senior note convertible holders or senior convertible note holders also has Bitcoin. That doesn't make any sense to me whatsoever. If somebody can shed some light on that, please tell me. Here's the other thing, and this is much more important. This is the first time and I've I've heard Michael Saylor speak a lot. I've never really come out and just flat ass, you know, flat ass defended Michael Saylor against all of his detractors.
I do like the guy, but I never found it necessary to defend him against, you know, wrongdoing or somebody who said something stupid about him. But I've given you I'm putting that there just to give you a little bit of context. And what's the so that context leads me here. This is the first time after all the times that I've heard Michael Saylor talk about Bitcoin. This is the most salient things I've heard him say about Bitcoin. What do I mean by that? Well, when he says his confidence in Bitcoin's endearing presence over the centuries
[00:51:45] Unknown:
and that he and his company are rather transient, he
[00:51:53] David Bennett:
this tells me that he really understands what it means to look into the future further than than you will be alive. He's and what he says his company, that means he's looking farther than his legacy will survive. If his company, MicroStrategy, is his only legacy, then he's admitting that his own legacy will not survive the fires of time. That takes a pretty big man to admit publicly, especially when you're a billionaire because that could really spook some people that are quote unquote your investors but he's absolutely correct And honestly, this is like I said, I'm not a fanboy of Michael Saylor, but holy shit this this dude he actually fucking gets it.
Not just Bitcoin. This statement kind of shows me that he understands the nature of the universe, and that's hard to get your head around. And none of us actually get our heads all the way around it, but some of us have our heads around the nature of the universe more than others. Michael Saylor seems to be one of these cats that's walking around outside who actually understands existence What it means, what the passage of time actually means, what money actually is, what legacy means. Well, all these other people are out there larping around and jumping from one great deal to another or day trading themselves into an early grave, this cat actually understands the future. He's looking into the future for centuries.
That's important. And that gives me a hell of a lot more confidence in Michael Sailor than I had before I read this article. Let's move on. Albie extension version 3.7.0, Safari browser support, nip or nip 44, and new onboarding flows. Albi is a Bitcoin lightning browser extension that connects to different wallet interfaces and brings deep lightning integration to the web. So what's new? Improved permission management for Nostr? No more annoying Nostr request pop ups if you don't want them. That'll be interesting. I actually like the pop ups And the reason that I do is that it's giving me feedback that I really am talking to the Albie extension.
So I'm probably gonna keep my pop ups live, but it's nice that they give you the option to say, no, I don't want the pop ups. I just want you to when I zap somebody, I just want it to go through. I don't want to hear about it later. I don't want to give you more permission. Just get it done. And now we have and this is my favorite part. I love this. Apple support both Mac and iOS compatibility. Now you can use your Alby extension in Safari on both iOS macOS and iPad OS that means Yes, you can use this shit on your iPhone to sign in to other Nostra clients.
That along with doing all the other stuff that GetAlBI does, which is quite a bit, by the way. Stablesats integration is also new. View your Blink Stablesats balance in fiat. I don't know what Blink Stablesats are. I wish I oh, dude, Kidwarp. Thank God. Thank God Kidwarp, one of my favorite people is back. 420 sats just popped out of his wallet and into the zap. Stream. Thank you, my friend Kidwarp. I appreciate you and everything that you do. Like I said, I don't know what the hell Blink Stable Sats are, but I'm sure we'll hear about it later. New onboarding flows, They've simplified and combined master key backup and import flow and just import nostril flow. I wish they'd be a little bit more specific about what's going on here.
Nip 44 encrypted messages support is new. There's a new icon set called pop icons. What the hell? Pop icons? The hell's pop icons? Hold on. I got I got to see this. I got to see it. I got to see it. Let's see what pop icons. I'll put that up in the zap dot stream So these are apparently all the new papa cons that we can get, I guess. I don't know. It seems a little weird, but I'll just leave that up there. Multilingual setup wizard is new. Optimizations for smaller screens is new and lots of bug fixes as you might expect. So thank God for the Git Albie team. They are just heads down shipping, shipping, shipping, and hedgehog.
This is different. I haven't heard about hedgehog before, but this is apparently a protocol for asynchronous layer 2 Bitcoin payments. Hedgehog is a protocol for 2 party payment channels. Hedgehog channels are similar to lightning channels, but with a few comparative benefits such as offline receiving capabilities. Oh, no shit. Quote, my latest invention is hedgehog, a protocol for asynchronous layer 2 bitcoin payments announced Supertestnet, the developer behind Hedgehog. The user experience is similar to e cash protocols like Cashew or Fedimint, except no server.
Hedgehog is built on a primitive in bitcoin script called revocable connectors. To make revocable connectors, you need 2 even more primitive primitives, revocable scripts and connector outputs. I have an idea for how to use hedgehog channels to build a federated coin pool that I call burrow. It has a bunch of cool properties, but it requires a coordination server. See more about that here and he gives a link. Highlights. Hedgehog channels are simpler than lightning channels. State updates only require the sender to propose an update and the recipient to accept it. The recipient can wait to accept a state change until they want to propose another one. And that state change just means I send you coins through the channel, that's a state chain. You send me a different amount of coins through the channel, that's another state change. That's what they're talking about. Now, here it is. This is the one that leads me to believe that this well, there's 2 things that lead me to believe that hedgehog is going to be important.
One is that the developer is super testnet. K? That's just by itself. It's like, holy shit. But here's number 2.
[00:58:57] Unknown:
Cali, the developer of Cashew.
[00:59:01] David Bennett:
He's got a note here that says, this is incredible. Supertestnet just invented a new type of payment channel with offline receive. It makes use of connector outputs, which is a concept introduced by ARC. There is no service provider, however. Channels are peer to peer with 1% the complexity of lightning. Okay, so we got Supertestnet, one of the older developers in the space and one of the most respected developers in the state space announcing hedgehog, which you can receive lightning like payments offline without a server. And now we've got Cali, the guy behind cashew saying that it's incredible.
I think we're gonna need to watch for hedgehog. Okay? Watch for hedgehog, Watch for hedgehog. Watch for hedgehog. I'm going to put That's not oh, is that gonna work? I don't
[01:00:05] Unknown:
know why that worked. I'm just gonna put this up here. Alright.
[01:00:13] David Bennett:
No, I'm not gonna log in x. Say, so super test at at super underscore testnet on Twitter said, and this is what this was the announcement, my latest invention invention is hedgehog. Check out the video here and he links to, oh my god. Why am I why am I screwing this up? Hold on. I shouldn't my god. Stacker.news. Oh my god. I'm getting tired today. I should have known that. Stacker.news. Anyway, I'm not gonna play the video. But if you guys want to go see it, it's at stacker.news. And you'd see hedgehog or protocol for asynchronous layer 2 bitcoin payments. I think this is going to be important. I really do. I really do.
I really do. So don't don't miss out on this. Alright. I'm gonna go back to pop cons. And now, Machankura v2 is going to turn feature phones into Bitcoin signing devices. The developer, there is no way I can pronounce this guy's name, announced Machankura's Bitcoin Java card project at adopting Bitcoin Cape Town conference. The project will let feature phones double as non custodial bitcoin wallets. Quote, Java card is software that allows applets, basic computer programs that perform specific tasks to run on smart cards, which communicate with the sim cards in the phones.
In this case, the Java card software will enable African users to hold their Bitcoin private keys, sign transactions, and see their UTXO balances. The Java card is a chip that runs on your sim card. You stick it on a normal sim card and it adds functionality program an applet which has bitcoin related functionalities like signing. We have programmed the ability for it to produce a SegWit address. And now, just waiting for the next part to complete, where you are able to communicate with a relay, something like an electrum server, where the server feeds you all the blockchain data and then you can see your balance. Now, we can send a message to a relay from the Java card applet.
And what we need to do is successfully receive a message via the Java card project. The sim card can receive SMS with the chip, but the chip cannot trigger events while it's on the SIM card. That is the part that we're still working on. So that's amazing. So if you if you missed it, and you may have missed it. He's talking about pulling the sim card out of your iPhone or whatever smartphone you've got and putting a sticker on it. That's the Java card. It's not like a thick card. It can't be. Why? Because the sim card after it has the Java card stuck onto it has to fit back into the sim slot. So we're talking about fabric width layers of programmability.
This doesn't stop with bitcoin. What this dude just did is well and far away beyond the realm of Bitcoin and God forbid the wider cryptocurrency thing. This is going to change everything. To be able to put a sticky thing that, you know, the width of a piece of fabric on top of your pre existing phone card or your sim card for your phone plug it back into your phone and you've got new functionality for your phone especially if it's sovereign functionality like being able to hold bitcoin being able to transact with bitcoin being able to see your balances but also able to send nostril messages or be able to do all kinds of other stuff that has nothing to do with any of the things that I just mentioned. It's like the astronauts.
They've been giving them cyanide pills ever since the start of the space program, and they could list a thousand different reasons why you need to be able to kill yourself in a painless manner up in earth's orbit or if you're moving to the moon or going to Mars or something like that. But they really give it to you for all the reasons they cannot think of. This is the same, except much more bright of a future than killing yourself. Right? It's just I use that to illustrate the point that we could we could list a whole raft
[01:05:07] Unknown:
of examples of when you would how this would be cool, But
[01:05:13] David Bennett:
that pales in comparison to what we can't even see. Think about pulling your sim card out of your phone, putting a sticker on it, shoving it back into your phone, and you have something that you never had before on your phone and something that only you control. This is amazing. The amount of development in this space has me nothing but bullshit. And for those of you who don't understand the reference, that means bullish. Moving on, Commerce Block has introduced lightning latch swap protocol for mercury layer. A latch transfer enables a state coin to be transferred on condition of the successful payment of a lightning network without counterparty risk.
Lightning latch transfers unlocked. We here at Commerce Block been working hard on attaching spending conditions to existing state coins, announced Nicholas Gregory, or it's possibly pronounced Gregori. With Mercury layer's blinded servers, we can now leverage hodl invoices to lock funds until a payment hash pre image is revealed. This allows users to automatically sell assets like ordinals, oh god, or BTC by releasing the associated state coin upon a successful lightning payment. The possibilities are endless. Here it comes again. Watch out, ordinal artists.
Merchants, instant lightning liquidity providers can leverage this for new use cases. Lightning latch transfers open up a world of opportunities on top of mercury layer. So the ability to confirm that a payment has been made before another action occurs. This is well known in Bitcoin, but this is, you know, it's been that type of thing has been a style of thinking for quite a while. But Commerce Block has introduced a style of that called lightning latch swap for their mercury layer. And that, ladies and gentlemen, is gonna do it for the morning roundup.
[01:07:40] Unknown:
Dad says jokes. I had a happy childhood. My dad used to put me in tires and roll me down hills. Those were the good years. Good years. The good years. Get it?
[01:07:56] David Bennett:
Alright. We are so effing bullshit. I can't even imagine. I mean, hedgehog, this mercury layered lightning latch thing and what the, the other thing with putting a Java card or a well, it wasn't a Java card, but the hell was it? Whatever whatever it was. Hold on now. Now I gotta find it again. Hold on. Because it's really important. I think this is one of the most important things that I've seen in a long time. Mancha machankura machankura machankura machakuran, machankura, machankura, machankura, machankura, machankura, machankura, machankura, machankura, machankura, machankura, machankura, machankura, machankura, machankura, machankura, machankura, machankura, machankura, machankura, machankura, machankura, version 2.0.
This is amazing. The ability to just put a sticker on your sim card. You do not miss out on this. Please don't. Please go and read the full announcement. Now, that is the context of the last part of what I want to talk to you about is that move that I made from soundcloud
[01:09:02] Unknown:
over to podhome.fm
[01:09:05] David Bennett:
as my new podcast hosting platform. I am thinking that my show notes because they're always a mess and there's nothing that I can do about that. That is SoundCloud's issue. When I type in when I put in my stuff into the show notes section when I'm uploading the show to SoundCloud, it looks fine as far as SoundCloud is concerned. But when other like all the others, you know, well at least fountain, you know, but but I've seen it in several other apps. When those There's like no spacing. There's no formatting. There's no way to tell what the hell anything is. Links aren't live. Nothing of that.
I am crossing my fingers that we have that I have now fixed that by going to Pod home. But I will not know until I go through the motions of uploading this show and all of its ancillary stuff that goes along with it into the podhome interface rather than SoundCloud. This will be the first time. Yes, all of my shit is being redirected to Pod Home because they scraped all of my stuff that was over there on SoundCloud and brought it all over, But they brought it over the way that SoundCloud sees it. So none of the other show notes have been fixed. I've fixed a couple of them, but I'm not going to go fix 500.
Yes, I've been remiss in the fact that I've let this shit go on for too long. Hey, but it is what it is. You know, I'm by myself. I don't have a producer. I've got no sponsors. I've got no money coming in on this show, except for what you guys gratefully, and I'm very grateful for your graciousness when you throw me satoshis. That shit's important. That keeps me going. But I I've got to grow the show. I've got to get the word out there. I'm always always asking for your help to make sure that this show gets into as many hands on as many different platforms as I possibly can because I suck at marketing. And maybe one of you guys out there doesn't suck at marketing.
And now I've got the ability with Podhome to do real actual splits on a per episode basis. So here's the proposition. 1 of you guys out there listening to me today, you helped me and and and somehow or another show me that you how you've been able to get the word of the show out to other platforms and I don't know how you're gonna do it. You know, I I I have no idea how this is gonna work. I will put you into this show for 10 per or actually for the next show. Not this show, for the next show because by the time you do whatever it is you're gonna do, if you do it at all, and I may not get any takers and that's fine. I'm not gonna hold anybody accountable for it. I'm just saying
[01:12:18] Unknown:
that
[01:12:19] David Bennett:
by the time that all that shit's done, most of the boostograms will have already come through. Most of the streaming will already have been done and you won't get shit for it. So take this show, the palindrome show episode 878, and throw it out in the wind. And get back to me, let's say DMs through Noster from my just go to at Nonya and Nonya Business. If you know my Nostr account and you want to help, market this particular episode, not all of them, just this we'll do a test, this particular episode, and I see better performance on this particular episode, then I will cut you in for 10% of all the satoshis that I get on the next episode which I'm planning on releasing recording and releasing on Friday.
On Friday, okay? So if you want a 10% cut, I need your lightning wallet address. And we'll work that out as like it like if for whatever reason I plug you in and it like kicks you back out the next episode that I release then help me market episode 878, this episode. And let's see if that works. Like a like a different kind of circle p kind of thing where I'm asking for marketing help And I will pay you the pleb to help me market this show, and I will see you on the other side. This has been Bitcoin, and and I'm your host, David Bennett. I hope you enjoyed today's episode and hope to see you again real soon. Have a great day.
Good morning. This is David Bennett, and this is Bitcoin Ant, 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 two systems overlap. While species from either system can be found at the edge, it is important to note there are species in the overlap that exist in neither system, and that is what I seek to uncover. So join me in discovering the variety of things being created as Bitcoin rubs up against other systems. It is 9:50 AM Pacific Daylight Time. It's the 27th March 2024.
And this is episode 878, a palindrome episode of Bitcoin. And circle p is open for business. Let me get my circle p going on here. What do I got? I got, looks like I got she she again. No. Wait. No. No. I don't. Nope. I've got maple trade. Noster handle is at beisnerds, b e I s n e r d s. And if you want some serious maple syrup that's made by hand by somebody that actually has been making maple syrup by hand. He's not drop shipping it. He's actually making it. He's tapping the maple trees. He's getting the sap. He's boiling it down. He's putting it into bottles and he's shipping it to you, the plebs, for Bitcoin. Because if you're not selling your goods and services in Bitcoin, you're not in the circle p. It's not because I don't like you, It's because this we've got to start doing a circular economy.
We have to start doing it. That's why it's the circle p or circular economy plebs. Circle p. Strange things are afoot at the circle p. You can get a quart of handmade maple syrup for $27, 3 quarts for 68. You can get a half gallon for $45 or a whole gallon for 80. You can get 4 pints for $50. And again, he takes Bitcoin. I believe it's both on chain as well as lightning payments if you so choose. His sister Sarah also makes some great beef tallow based soaps and they're these are the kinds of handmade soaps that you'll see in stores but unlike the ones that you get, yeah, that melt away in your bathtub or your shower, these don't.
They're fantastic soaps. So if you want to get soap and maple syrup, you can get them both from my friend, Bizonerds, aka Maple Trade. He is at beisnerds on Twitter as well as Noster. So go find him, go DM him, and make sure that you tell him that you heard it here on the circle, p. Now, let's get on with the show. Let me, I got to pop something up here into the live chat for you guys. We'll get to this in just a second. But first, you might have noticed a couple of really weird looking candles this morning. We had I think we got up to 71,000 in change this morning, and then we plummeted.
Where are we at? We're at $69,007.73 on the price of Bitcoin today. Alright, so what the hell is going on?
[00:03:36] Unknown:
At first,
[00:03:38] David Bennett:
and I still think that this is probably some of it. It looked to me like they went hunting longs as well as shorts at the same time early this morning starting at 6 AM, which is usually when this this kind of crap normally starts happening. You start seeing action begin at about 6 o'clock AM. Why? Well, because that's when I start looking at the price of Bitcoin and it's like the gods just decide, hey, oh, look, David's looking at the price. Let's let's scare the living piss out of him. Why? Because we don't like him. No, that's just pure hubris. There's there's it's just coincidence. I happen to be waking up probably around the same time somebody somewhere else is like this is just when I decide to scare everybody to death. And like I said on Monday, what we normally see is a price run on Mondays because the Ibit shares or the iShares Ibit Bitcoin ETF from BlackRock, they do a buy on Monday morning.
And then during the week, we see it bleed down. And then over the weekend, shit gets even really more scary. And then Monday occurs and Ibit starts buying shares again cheaper than what they would have been able to get it for anyway. It seems to be the cycle and it doesn't seem to be stopping. However, this morning, it does feel a little bit different, and there's a couple of reasons why. And I'm going to get into 3 of them. 1st, from bitcoin or I'm sorry from the block theblock.co from Brian McGleanan. We've got this one. Bitcoin options open interest for March expiry on Derabits has hit record levels.
This is definitely one of the things that's charging this plunge this this rise up and this plunge down because over 9,500,000,000 that's billion with a b dollars worth of crypto options. Open interest is set to expire this week on Deribit cryptocurrency derivatives exchange. This makes Friday's end of month expiry one of the largest the leading crypto derivatives exchange has ever seen. This Friday marks one of the biggest expiries in Deribit's history as $9,500,000,000 worth of Bitcoin option open interest are out of $26,300,000,000 will expire or 40%. And I'm not exactly sure what that means. That's a quote from Derabit analysts, saying in a note that they sent to the block.
The date from Derabit corresponds with that from the block's data dashboard. According to the block's data, open interest in US dollar value for Friday's March end of month expiry for Bitcoin options contracts on Deribits has increased to a peak of $8,610,000,000 In contrast, the end of month expiries on Darabit for January February were significantly lower. We're talking 3,700,000,000 and 3,700,000,000 for both the months of January February. So March is seeing, like, 3 x that. According to Derabit, out of the $9,500,000,000 of Bitcoin option open interest.
At a current spot price level of around $70,000,000 $3,900,000,000 will expire in the money with a max paying price of $50,000 This means that if these options were to be exercised before or on Friday, they would generate a profit suggesting a significant portion of the options contracts are are currently valuable based on the current price of bitcoin. The Derabit analyst added that the present situation implies that a large number of options are profitable due to Bitcoin's recent price rally, which can lead to derivatives traders seeking to hedge their positions or speculate on further price movements.
Deribit analysts also suggested that with higher levels of in the money expiries or expiries increased buying activity may occur as option holders exercise their contracts. This activity could potentially exert upward pressure on the price of Bitcoin or increase volatility as traders adjust their positions. These levels are higher than usual, which can also be seen in the low max paying levels. The reason is, of course, the recent price rally. Higher levels of in the money expiries might lead to upward pressure or volatility in the underlying and a removal of the lower max pain magnet, Darabit analyst said.
I think some people are exercising their in the money contracts and basically just selling out. And I think that that's one of the things. But I still think that the way that the spike up and the spike down within 2 hours of each other, by the way, I mean, this was a 2 hour pocket. You know, it wasn't a whole long time. You get the first hour, it goes up to like 71,270 or something like that. And then the low side goes all the way down to like 68.2 or something. It was like I think it was like a 3000. It's Yeah, like a $3,000 plunge from that that first high. It looks to me like they were hunting longs and shorts.
And I'll bet you a bunch of longs as well as a bunch of shorts got liquidated. We'll find out numbers about that later on today or tomorrow. So we'll we'll we'll figure it out. Alright. An announcement before we get into the rest of what's causing this price swing action. I have moved the Bitcoin and podcast from my host, which has been SoundCloud for 5 years, over to podhome. Fm. The reason is this: SoundCloud is never going to engage in any of the podcasting 2.0 features. It's become evident that they are a dying platform along with quite a few of the other ones, And the only way that I was going to escape that mayhem that's coming in for them in the future as well as other platforms is to move my happy ass and all of my shit over to podhome.fm.
Now, I'm I'm pretty sure that this should not affect anything as far as you guys that are listening to the show are concerned. Alright, it should be exactly the same you should I mean your podcast app should just immediately be able to you know, get to the show without changing anything that you do. However, I reserve the right to be so freakishly wrong that it's not even funny. But be that as it may, as of this moment, this will be the this show that I'm recording right now will be the first show that I actually upload to podhome.
Fm and their interface rather than the SoundCloud interface. So, SoundCloud has been truncating all my well, not all of the shows individually but I have there's only 500 shows that you can actually get to, on my podcast. I have well over well, I have 878 shows as of this one. So do the math. They've truncated quite a few of my shows. I'm sick of it. Right? So the early shows you can't even listen to on SoundCloud. I'm gonna have to do quite a bit of surgery to get those earlier shows up. But I just wanted to let you guys know that if for whatever reason funkiness occurs, please, please, please let me know. Get on Noster, DM me, or just tag me in a note, whatever.
Send me a boostagram. That always works as well. Do whatever it is and tell me what it is that that that has happened that you're unable to listen to the show or some funkiness has occurred or if, you know, if if you know somebody that's saying I can't I I don't know how to get to a show anymore, please direct them, directly to me. I will try to figure it out. Anyway, so expect funkiness, because I am expecting funkiness. The second thing is this: I set up the value for value so if you're streaming me satoshis, or if you're giving me boostergrams, those for the moment are no longer going to my node directly.
They are streaming to the GetAlBI wallet. And I'm going to see if that works for for at least a little bit. Okay? Because I'm I'm always taking money off the table out of my Albi wallet and I'm throwing it directly into into my wallet. But my lightning node. But my lightning node has had some liquidity issues and people that want to, like, throw me, like, 45,000 sats, impossible. 10,000 sats seems to be the upper limit. If any of you guys want to test that upper limit out and throw me, like, 50,000, 100,000 sats to see if the git albie will be more receptive to larger boosts than my particular lightning node has been in the past.
I would appreciate it. You're under no obligation whatsoever to do that. Now, over here in the zap. Stream, I have a picture of the Wyoming sovereign roundup for 2024. Arceus is one of my bros. He's been DMing me about this thing apparently forever and my DM's on Noster. Come on. It's okay. I'm not mad. I'm not angry. But let's call a spade a spade. The DMs on Nostar are jacked up. I I don't get notices. Sometimes thing I don't know. It's just it's bizarre behavior. I can't really describe it because it's that bizarre. Again, I'm not upset. I'm not going to yell at fiat Joffe like other people are doing. Say, oh, dibs are so screwed up. Nostra's stupid.
No. We're all operating out here in the wild trying to build a new world. If you think it's gonna be easy, I got another thing coming to you. But I promised Arceus that I would talk about the Wyoming sovereign roundup for 2024, a decentralization summit in the cowboy state. So when is it? Well, it's in about 73 days from now in Wyoming. Tickets are $219 and you can buy them now on the website which is sovereign roundup.com. That's sovereignroundup.com It is in sleeping Giants ski resort at Cody, Wyoming. That's Cody, Wyoming at the sleeping giant ski resort Saturday, June 8th 2024.
Again, that's Saturday, June 8, 2024. And let's see who's gonna be oh, tickets include access to the speakers and workshops of the summit, 100% grass fed beef centered brunch and dinner, Carter country meats nutrient dense beef is gonna be doing that. Access to participate in extracurricular activities with summit attendees. I guess that means having a few drinks and possibly just getting bombed out of your tree. Anyway anyway anyway. Optional extra extra curricular Wyoming activities. White water rafting, horseback riding, shooting, hiking and more. And maybe the more includes the bar. I don't know. But here's the speaker list. Check it out. Caitlin Long, doctor Gerald Polak, Matt Hill, he's from Start9 Labs. Matt Hill's one of the coolest public speakers you will ever get to hear. It doesn't matter if you like Start 9 or not. I heard him give a speech that just lit the room on fire at Bitblockboom a few years ago and I was like, that motherfucker knows how to talk in public. If you don't know how to talk in public, consider joining the Toastmasters.
Again, yes, old club ancient history, but it works. Will Cole will be there. He's from Zaprite. Anjan Kata, I don't know who that is. Erwin LaCour, don't know who that is. R. C. Carter, AJ Richards from the farm and Jason Rick from Rick Ranches, Adam O from upstream data, and of course, Colin aka Arceres distributed hash. So again, tickets are $219. It is gonna be on June 8, 2023. Sleeping Giant Ski Resort, Cody, Wyoming. Wyoming actually sounds like it would be pretty damn cool, honestly. Alright. I'm just gonna leave that up and we're gonna move on to the second part of what the hell screwing up all this crap with the price today.
[00:17:04] Unknown:
It looks like,
[00:17:06] David Bennett:
and I'm not going to read all of this, but crypto exchange KuCoin has violated anti money laundering laws according to the United States charges being charged under the Bank Secrecy Act. And I'll just read you the highlights here. Crypto exchange KuCoin and 2 of its founders were charged with violating AML laws by US federal prosecutors. Homeland Security Investigations special agent Darren McCormick called KuCoin, quote, an alleged $1,000,000,000 criminal conspiracy, end quote. KuCoin's native token dropped by 5% after the announcement. Alright. So this actually occurred when? When did this occur? This was yesterday, is when this shit was announced.
Pretty early in the morning for my time, it was announced 8:11 AM Pacific Daylight Time. So this has been brewing in the background. So this is not helping. KuCoin's large. They've been around for a long time. And it looks like the federal prosecutors are gonna just decide to put the screws to them. I don't know which way it's gonna go. But this leads in to this other story from CoinDesk. Nicolas Day is writing it. Coinbase has lost most of its motion to dismiss the SEC lawsuit. So this is putting further pressure on the price of Bitcoin today. A federal judge ruled that the US Securities and Exchange Commission brought enough evidence of a case arguing that Coinbase is indeed operating an unregistered broker, exchange, and clearinghouse that it suits or that its suit against the cryptocurrency company should indeed move forward.
Judge Catherine Polk Faia of the US District Court for the Southern District of New York on Wednesday ruled against most of Coinbase's motion to dismiss the lawsuit, finding that the regulatory agency had a plausible case against the exchange. She has set an April 19th deadline for the parties to agree on a case scheduling plan. Alright. So that's all you need to know about that one. Alright. So Coinbase has been they they filed this motion a while back to get this entire suit against them dismissed. And the suit is that they're an unregistered brokerage. Now this is interesting.
Why? Because Coinbase is the repository and the third party custodian for most of the bitcoin spot ETFs. Only 2 of the bitcoin spot ETFs out of the 11 that were approved January 11th this year, only 2 of them self custody or custody with a different third party. All of the rest of them are using Coinbase and that includes BlackRock. And and here, we've got federal prosecutors with a pretty pretty big lawsuit against Coinbase that is going to move forward. So if I was, BlackRock, I would be looking for a new custodian. Just saying.
Just saying. And all the rest of the guys, if you're custodying with, you know, Coinbase, get your shit out. You should have never had your Bitcoin on that exchange in the first and place. But if you needed any more reason what so ever to get your shit off of Coinbase, now is it. This is it. This is it. This thing is going forward. Does it mean that the SEC will win? I honestly, my gut feeling is that no, they won't. That somehow or another they're gonna pull their that Coinbase is gonna either pull it out of the fire or they are going to do everything that they can to satisfy the SEC and say, look, we're here to play ball.
And that's the way it's gonna roll. Right? So there so the SEC is either going to lose another case, or this case is gonna be so serious and so costly that Brian and all the rest of the naked mole rats over there at Coinbase are gonna do every single thing that the SEC tells them to do and more to make this go away or if they are found guilty, then it's just a simple monetary slap on the wrist. But either way, nobody nobody should have their coins over on CoinDesk. Now we're gonna go over to Africa with yet with yet another exchange situation going on.
Nigerian Binance executive has escaped custody, deepening an ongoing feud. Bitcoin Magazine Landon Manning has this one. In Nigeria Excuse me. Hold on for a sec. I need to check one thing. Alright. In Nigeria, home of the largest digital asset economy in Africa, a feud has been developing between the government of Nigeria and Binance, a feud that has culminated with one of the company's executives escaping house arrest and fleeing the country. Boasting the 6th largest population in the world, the Federal Republic of Nigeria holds a large economic influence over the African continent and a respectable sway in the greater world market.
Although the possible future for Nigeria's economic development has been a topic of great interest for global financial institutions, a particular point of interest is the nation's apparent affinity for Bitcoin. For example, the country is at the top of nations by relevant Google search, such as you invest in crypto and other searches like that. Additionally, due to some of the classic reasons like rampant inflation and declining local currency, Nigeria also contains the largest trading volumes in all of Africa. And for these reasons, the possible Bitcoinization of Nigeria would be a significant boon to Bitcoiners worldwide, and the country may one day be a real hub for the industry. And therefore, Bitcoiners today should certainly be interested in the developing feud concentrated between Binance and the Nigerian government with special attention to the possibility of a broader crackdown on the industry.
The quarrel began in earnest in February of 2024 when an alleged glitched in Binance's peer to peer transaction for Nigeria and trying to manipulate the currency to ground 0. The central bank considered the widespread usage of p two p Bitcoin transactions as a possible contributor to the naira's falling performance and sought to take action against finance. Considering the inflation in Nigeria is climbing at the fastest rate in decades, the problem this seemed especially or this problem seemed especially concerning to authorities. And to this end, a somewhat confusing series of events unfolded.
Reports circulated in February that the government was blocking services from major exchanges like Binance, Coinbase, and Kraken. Coinbase, for its part, claimed that they had experienced no such troubles with the Nigerian government at the time. The government went on to clarify its position when the CBN singled out Binance, announcing that some $26,000,000,000 in untraceable funds had Additionally, of course, such a large figure certainly reflects a relatively high level of interest in adoption in the broader population. After Binance refused to cooperate with allegations that it had enabled various financial crimes on its platform, the government took the aggressive step of detaining not 1 but 2 executives, a British and an American citizen.
This step led to a flurry of activities as the situation between Nigeria and the crypto economy became increasingly muddied. Was the government targeting Binance due to its recalcitrant attitude, or is it only the first step in a planned crackdown on the wider world of Bitcoin? The government shuttered the largest p two p exchange in the nation, but is the practice of p two p Bitcoin trading itself next on the chopping block? Nigerian regulators published an updated list of guidelines for foreign exchanges to follow and the government additionally entered a new partnership to experiment with the feasibility of rolling out a CBDC, the eNIRA. In the United States, the Chamber of Digital Commerce even pressured the White House to intervene in the situation demanding that the American Binance official be released from custody.
This tense and ambiguous situation came to a head in a very unexpected way when Nadim Anjarwalla, a dual British Kenyan national and arrested Binance executive, escaped escaped Nigerian custody with a smuggled passport and fled the country 2 days ago March 25th. Although his family claimed that his exit from the company or country was entirely legal, Nigeria has asked Interpol to post an international arrest warrant for him. Apparently, his guards allowed him to leave house arrest to visit a nearby mosque and attend worship services, and that's where he disappeared. Not only have the guards been arrested, pending an investigation, but the government has also formally charged Binance with tax evasion.
Our Anjarwala's American colleague, Tigran Gambarian, remains in federal custody and has been named as a defendant in the accusations. Alright. So there's but there's a few more things to the story, but we're not we don't have to get into that. What I think happened is that this dude bribed the guards and said, hey look, I'm gonna I need to go to church. And while he was being walked to church with the guards, he was having a non monitored conversation because, you know, they bugged his house. I mean, you know they're listening. They put a listening device somewhere in there. But, you know, I bet you. So he's walking down the street with his 2 guards or in maybe even in a car, and he's telling them, look, man. You let me go,
[00:27:52] Unknown:
I'll send you some I'll send you some Bitcoin. And that's what I think happened. I don't think he escaped the guards, I think the guards let him go. I think this whole thing is stinks to high heaven, but what what's
[00:28:09] David Bennett:
really what's really the point here is that Nigeria, they're going to be one of the largest dominoes to fall when it comes to the Bitcoin hyper Bitcoinization, Bitcoin circular economy, and basically people burning their Nigerian fiat for actual real money that's going to matter to them in the very very very near future. And the Nigerian government doesn't like that. And I guarantee you that the Nigerian government doesn't like that because they've been told not to like that by the IMF, the United States, the UN, the World Bank, World Monetary Fund, you name it.
They have been told to hate Bitcoin, and they're going to hate Bitcoin more than any other countries that are under the same people's thumbs. Why? Because they have an actual economy in Africa. Nigeria is a huge nation when it comes to not only the population, but the amount of trade that they execute, not only inter Africa, but internationally. It's just it's huge. It's it's I mean, they have really really come a long way, but because they listen to the IMF and the World Bank and all the rest of these idiots, their fiat currency is dissolving before the eyes of its citizenry and their citizenry is at the edge of their rope. They're at the end of their rope and they're just haven't done of it. So they're buying Bitcoin with it and they're being I guarantee you the Nigerian government is being told you will stop this or you can kiss all IMF future loans goodbye, which is exactly what they should be doing. But we've got a couple more things to do here.
US Bitcoin miner, Giga Energy is launching a facility in Argentina, according to Braden Lindria from Cointelegraph. Texas based Bitcoin miner, Giga Energy, has expanded its operations into the country of Argentina as a part of a move to utilize wasted energy from natural gas flaring on the South American nation's oil fields. Gas flaring is the burning of the natural gas associated with oil extraction, methane being released as part of the process, which giga then converts into electricity to power Bitcoin mining rigs. The expansion will see giga place a large shipping container with thousands of Bitcoin miners on top of an oil well, which will divert the excess gas into electrical generators and then harnessing that energy to power the mining rigs according to a report, March 26th from CNBC.
Wow. CNBC is covering it. The mining site based in the province of Mendoza has been in test phase since December and has already mined between 200,000 a quarter $1,000,000 worth of Bitcoin, the firm's other cofounder, Matt Losteraug, told CNBC. However, the firm is still waiting to import all the necessary equipment before it can fully scale the operation. And until then, the firm doesn't expect to turn a profit. So now we've got Texas. And I've always thought this,
[00:31:32] Unknown:
Argentina is South America's
[00:31:36] David Bennett:
Texas. Lots of cattle ranching, lots of fuck you attitude. I mean, you name it man. The Argentinians remind me a lot of Texans. And and the environment down in Argentina reminds me a lot of Texas, at least from what I know about it. I've not actually actually ever been there, but be that as it may. I think this is a perfect marriage. And what's neat is that it links Texas, not the United States, but the state of Texas directly to Argentina, which is something that I always thought should have happened, but just didn't know how it was going to occur. And now I do.
Alright. Let's run the notes. CNBC Futures and Commodities, West Texas Intermediate is down just over half a point to $81.7 a barrel. Brent, North Sea, likewise down 0.66 percent to 85.68. Natural gas is down 3.86 percent to a buck 70 1, and gasoline is down a third to $2.69. Gold and silver are up. All the rest of your shiny metal rocks are down. Gold looking at $2,212.30 after a point 6% rise. Silver is up a third to 2470. Platinum is down 1.2%. Copper is down scant. Palladium is down 1 and a half points. Lumber, lumber, lumber. Lumber is down 1.83%, but cotton has got it beat. It is down 3.01%.
Is down almost a half point. Lean hogs are up, 2.79% to the upside. Live cattle is down almost a half point. Lean hogs are up, 2 thirds of a point. And feeder cattle is down 0.12%. United States Treasury bond yields are all up except for the 4 month no. They're all down. Sorry. God, how do I get that shit together? All of the treasury bond yields are in the red today on their change. They're all down except for the 4 month, which is actually up. The 30 year is now yielding 4.35%, 20 year, 4.45%, and the 10 year, 4.19%. Alright. Clark Moody's dashboard price is $69,210.
That is a $1,360,000,000,000 market cap. There are 19,000,000,000 665,600 and 11.74 BTC in circulation, and the hash rate for the past 2016 blocks is an average of 593.4 exahashes per second. Honestly, the hash rate has seemed very very stable as of late. Not a whole lot of swings going on. And generally speaking, I used to see a lot of swings, but I'm not seeing them that much anymore. 0.23 BTC. So about a quarter of a BTC taken in fees on a per block basis. Halving is still gonna be 420, 2024. That's a palindrome, by the way. I've found that out on, on, Noster. So 420 2024 is a pound syndrome. So 420-2024 is read the same way both ways. So anyway, 420 bro. 420.
1.6 percent is how much block space we're having to give over to house ordinals and inscriptions. It's such a waste of space. It's such a waste of space. Alright. 181 blocks carrying 127,000 unconfirmed transactions waiting to clear high priority. Transaction costs are 33 satoshis per vbyte. And low priority cost is also 33 satoshis per vbyte. The magic number, 33. Anything under 4.75 satoshis per vbyte gonna get you, ejected from mempools around the world. Hash rate that I'm seeing on mempool.spaceforward/mining is 546 exahashes per second, so that pretty well. Now from the phoenix flies, episode 877 of the Bitcoin and podcast. 10,001 sats from letter 6173 says these sats are for cold storage usage only. And that's exactly where they are, brother. Cold storage.
Bubba with 2112. 2 palindrome boosts in a row, bitches. Good for Hoddle. He found the simple life, as you and I and others now know. It is the way. We got a small house in the Mojave Desert. We got some Bitcoin and s 73vwratrodbug is a toy. It's a nice simple life. Yeah. There's something to be said about that and Hoddle said it all yes, on Monday. DeBravco with 1590, just hearing this commercial enough times to make these clips makes me feel sick. Can you see the holes in the business plan from these fuck faces that want to farm our children? Yeah. Dubravco, put out a clip of an advertisement for a children's social media platform that is going to be quote unquote moderated by real people, you know, real adults.
But it's all 100% for children. Yeah. I wouldn't I wouldn't do that. Let's see. Nodes and Hodes, 1,000 sat says conferee is amazing. Thanks for another great show. Bitcoin boas 921 hashtag [email protected]. Excuse me. WiseHuddle with 6.90 says great show. Thank you, man. God's death with 337. Thank you, sir. No. Thank you. Pies with a 100 says thank you, sir. No. Thank you. And a 100 from myself when I was testing a boost to see if this shit was actually gonna work when I changed over from SoundCloud. Alright. Now let's see where we at. Oh, no. That that that's it for the weather report.
[00:38:12] Unknown:
Welcome to part 2 of the news that you can use. Do you remember
[00:38:18] David Bennett:
earlier this week this place called Nylem Resources said that they were gonna buy a whole bunch of Bitcoin? I think that was Monday afternoon they said that. It turns out that Nylum Resources was a gold miner, but it was like a penny stock. And you looked at their chart, it was like, Well, they're back in the news today. Nylon Resources CEO has resigned one day after a 24,800 bitcoin announcement. Wow, this actually was written yesterday. This is out of, outfit called protosprotos.com. In a confusing press release that described a letter of intent, a penny stock called Nylon Resources announced that along with based company, excuse me, Zyber Data, that it would be acquiring a yet to be established special purpose entity called mindwave so that it could get its hands on 24,800 bitcoin. However, the letter didn't detail how it will obtain the 1,000,000,000 of dollars worth of the cryptocurrency.
The confusion around the acquisition is compounded by the current financial status of each firm, with Nylon Resources corporate snapshot projecting it will have only 2,000,000 dollars in earnings before interest, taxes, depreciation, and amortization or EBITDA. Zyber Data's unaudited financial statements revealed that it had approximately $70,000,000 in shareholder funds with only 1,500,000 cash in hand. This is significantly less than the approximately $1,200,000,000 price of the Bitcoin these firms are supposedly acquiring. And it's not clear how either firm would raise that much. However, the press release did note that Nylam will be issuing new class c stock as part of this transaction and pulling a sailor, and it's not gonna work. Because, unfortunately, despite seeing a more than 1,000 percent increase in the stock price, it seems as though it's not all good news for Nylon Resources because the CEO has cried foul.
Protos called Nylon Resource executive Ron McIntyre to ask about the Bitcoin acquisition and was told in no uncertain terms that quote, as of today, I have resigned as CEO and had my name removed from all corporate documents, end quote. Though he was still listed as CEO on the website, McIntyre was indeed removed from the position sometime in the past week. However, McIntyre still appears in corporate documents for the Nevada entity as the director, president, secretary and treasurer. He has stated that he has resigned from those roles effective immediately as well.
When asked why he resigned from the position, he told our reporter to quote, just look at the chart. It's a classic pump and dump. There will be no there will be a FINRA investigation into Nylem Resources, he added. Wow. Dude, he just walked away. He said, you know what? You guys are insane. Anyway, McIntyre stated that while his coworkers had indicated that there was a transaction forthcoming, they never gave him the details of the deal and issued the press release without letting him review it or even telling him about the announcement, quote, I will be going to the appropriate state bar, end quote.
Okay, so I don't know what that actually means because the state bar that's I just it's really weird because the bar is for lawyers. You have a bar license. You have the right to approach the bar. That's sort of where that comes from. That's an old British term. But if that's about that, that is a legal thing. So I don't know, Is he approaching the bar because somebody who did this at Nylem Resources is a lawyer and he wants them to revoke his bar license? I I don't know. But this thing is sketch af. It is sketchy. It's shady. And this dude is like, I am having none of this.
Alright. So here's what it sounds like to me. The guys at Nylon Resources on their last legs, barely able to operate. There's no VC money anymore. All these banks are like there's no lending available anymore, at least not at rates that are, you know, dirt dirt cheap like they used to be. So they have this is a hail Mary pass. So bypassing the CEO, the rest of the c suite executives got together and said, let's pull a Michael Saylor. We're gonna issue stock, also known as issuing debt, and they're gonna use that stock sale to buy the Bitcoin, and they're gonna do exactly what Michael Sailor was gonna has been successful at doing. Except that Michael Saylor wasn't sitting on a shit company without any assets, without any money, without any liquidity.
Because he did have liquidity, he got the money, he got the assets, and he knew how to operate in the industry. And he's been able to sell debt, like, 5 times now and buy Bitcoin with it, and he's won every single time. So here comes Nylum Resources. We're gonna do the playbook. Guys, if you were gonna execute the playbook that Michael Saylor gave all the CEOs and CFOs 2 years ago, actually, 3 years ago now, He had he gave him the playbook. He said, this is how you do it. This is how your chief financial officer should be operating if you guys want to, you know, do what I've done. He had meetings, he had zoom calls, he had he had a whole online webinar about it.
How to do this shit? This is what happens when you wait to execute. Now, do I know if Nylon Resources was in on that webinar and read the playbook that Saylor gave him? No, I don't. I think but I do think that what happened is that they kept reading about what Michael Saylor was doing in the news and thought that they were gonna put one over on their CEO and quote unquote
[00:44:52] Unknown:
save the company. That company, there's gonna be some arrests out of this. Even his own CEO said that there's going to be a FINRA investigation
[00:45:03] David Bennett:
because he knows that there will be a FINRA investigation. Not that he talked to FINRA, but he's like, dude, what you guys just did, you're going to be investigated by FINRA. You're going to be found guilty. You're going to go to trial and you'll be found guilty again. I just like, oh my god. It's just amazing what people get up to nowadays. But speaking of Michael Saylor, he has surprisingly picked Bitcoin over his own stock. What the hell is that about? Well, Godfrey Benjamin from you today has it. MicroStrategy chairman Michael Saylor has given in a surprise statement to the abundance summit more credit to Bitcoin than to his company's stocks.
In a contemplative note, Saylor expressed his confidence in Bitcoin's enduring present presence over the centuries while stating that he and his company are rather transient. A video circulating on x as shared by Trey Sellers features a question and answer session where an attendee posed a thought provoking question to Michael Saylor asking whether it would be wiser to invest in MicroStrategy stock instead of directly purchasing Bitcoin. The attendee maintained that he has made 5 times more profit for MicroStrategy than with Bitcoin.
Experts say that this is not surprising considering that MicroStrategy has eclipsed ecommerce giant Amazon as far as trading volume goes, according to recent data. In response, Saylor advised prospective investors to dedicate sufficient time to studying bitcoin thoroughly before going ahead to invest in the digital asset. He suggests a minimum of 100 hours of research before making any investment decisions whatsoever. Saylor harped on the importance of making informed decisions when it comes to investing in the digital asset. He recommended intensive research intending to understand the optimal method of Bitcoin ownership self custody, institutional custody or via an exchange traded fund.
This, of course, will spark debate in the broader cryptocurrency community as different people have their preferred entry point and preferences related to the digital asset. Regardless of their opinion, Saylor's unwavering confidence in Bitcoin as, quote, the signal remains unshaken even in light of market volatility. Saylor contrasted Bitcoin with the rigorous process required to invest in micro strategy stock, highlighting the extensive pages of disclosures that potential investors must read. He also pointed out a practical barrier for certain investors noting that individuals in Nigeria, for instance, cannot self custody MicroStrategy stock.
Saylor then shifted the focus to the broader mission of MicroStrategy highlighting the company's commitment to solving fundamental societal issues such as integrity, sovereignty, truth, and hope through the adoption of a protocol. He also acknowledged MicroStrategy's status as a high performing business. Interestingly, the MicroStrategy chairman revealed a unique restriction within his company stating that investors are prohibited from directly purchasing Bitcoin. Saylor says that instead, they are required to invest in publicly traded operating companies in the company's portfolio. That's really interesting.
I think that that's wrong. Now, I'll get to that here in a sec. Lastly, earlier this month, MicroStrategy reinforced its Bitcoin reserves by acquiring an extra 9,245 BTC valued at around $623,000,000 funded through convertible senior note proceeds and surplus cash from the digital asset firm. So that's the end of the article. Now there's 2 main things and I want to get the smaller one out first. When it says that Michael Saylor revealed a unique restriction within his company stating that investors are prohibited, I think what he means is that employees are prohibited from directly purchasing Bitcoin.
I don't know that. But if I if I buy stock in MicroStrategy, which I can do, I don't hold any, but I could if I wanted to As a private citizen in the United States, I can go buy MicroStrategy stock on the open market. Okay. Okay. He can't tell me whether or not I get to buy Bitcoin. So I would love if that paragraph was to be expanded. Because maybe he's talking about not employees and not general investors, but specific people like the people that are buying the senior convertible notes. That you sign a waiver or something like that to Michael Saylor that says, I understand that I am buying MicroStrategy preferred senior convertible notes for the process of MicroStrategy to buy more Bitcoin. And I promise that I will not purchase Bitcoin and hold it myself.
I've never heard of anything like that. That doesn't even make any sense. Why would Michael Sailor give shit 1 if one of their senior note convertible holders or senior convertible note holders also has Bitcoin. That doesn't make any sense to me whatsoever. If somebody can shed some light on that, please tell me. Here's the other thing, and this is much more important. This is the first time and I've I've heard Michael Saylor speak a lot. I've never really come out and just flat ass, you know, flat ass defended Michael Saylor against all of his detractors.
I do like the guy, but I never found it necessary to defend him against, you know, wrongdoing or somebody who said something stupid about him. But I've given you I'm putting that there just to give you a little bit of context. And what's the so that context leads me here. This is the first time after all the times that I've heard Michael Saylor talk about Bitcoin. This is the most salient things I've heard him say about Bitcoin. What do I mean by that? Well, when he says his confidence in Bitcoin's endearing presence over the centuries
[00:51:45] Unknown:
and that he and his company are rather transient, he
[00:51:53] David Bennett:
this tells me that he really understands what it means to look into the future further than than you will be alive. He's and what he says his company, that means he's looking farther than his legacy will survive. If his company, MicroStrategy, is his only legacy, then he's admitting that his own legacy will not survive the fires of time. That takes a pretty big man to admit publicly, especially when you're a billionaire because that could really spook some people that are quote unquote your investors but he's absolutely correct And honestly, this is like I said, I'm not a fanboy of Michael Saylor, but holy shit this this dude he actually fucking gets it.
Not just Bitcoin. This statement kind of shows me that he understands the nature of the universe, and that's hard to get your head around. And none of us actually get our heads all the way around it, but some of us have our heads around the nature of the universe more than others. Michael Saylor seems to be one of these cats that's walking around outside who actually understands existence What it means, what the passage of time actually means, what money actually is, what legacy means. Well, all these other people are out there larping around and jumping from one great deal to another or day trading themselves into an early grave, this cat actually understands the future. He's looking into the future for centuries.
That's important. And that gives me a hell of a lot more confidence in Michael Sailor than I had before I read this article. Let's move on. Albie extension version 3.7.0, Safari browser support, nip or nip 44, and new onboarding flows. Albi is a Bitcoin lightning browser extension that connects to different wallet interfaces and brings deep lightning integration to the web. So what's new? Improved permission management for Nostr? No more annoying Nostr request pop ups if you don't want them. That'll be interesting. I actually like the pop ups And the reason that I do is that it's giving me feedback that I really am talking to the Albie extension.
So I'm probably gonna keep my pop ups live, but it's nice that they give you the option to say, no, I don't want the pop ups. I just want you to when I zap somebody, I just want it to go through. I don't want to hear about it later. I don't want to give you more permission. Just get it done. And now we have and this is my favorite part. I love this. Apple support both Mac and iOS compatibility. Now you can use your Alby extension in Safari on both iOS macOS and iPad OS that means Yes, you can use this shit on your iPhone to sign in to other Nostra clients.
That along with doing all the other stuff that GetAlBI does, which is quite a bit, by the way. Stablesats integration is also new. View your Blink Stablesats balance in fiat. I don't know what Blink Stablesats are. I wish I oh, dude, Kidwarp. Thank God. Thank God Kidwarp, one of my favorite people is back. 420 sats just popped out of his wallet and into the zap. Stream. Thank you, my friend Kidwarp. I appreciate you and everything that you do. Like I said, I don't know what the hell Blink Stable Sats are, but I'm sure we'll hear about it later. New onboarding flows, They've simplified and combined master key backup and import flow and just import nostril flow. I wish they'd be a little bit more specific about what's going on here.
Nip 44 encrypted messages support is new. There's a new icon set called pop icons. What the hell? Pop icons? The hell's pop icons? Hold on. I got I got to see this. I got to see it. I got to see it. Let's see what pop icons. I'll put that up in the zap dot stream So these are apparently all the new papa cons that we can get, I guess. I don't know. It seems a little weird, but I'll just leave that up there. Multilingual setup wizard is new. Optimizations for smaller screens is new and lots of bug fixes as you might expect. So thank God for the Git Albie team. They are just heads down shipping, shipping, shipping, and hedgehog.
This is different. I haven't heard about hedgehog before, but this is apparently a protocol for asynchronous layer 2 Bitcoin payments. Hedgehog is a protocol for 2 party payment channels. Hedgehog channels are similar to lightning channels, but with a few comparative benefits such as offline receiving capabilities. Oh, no shit. Quote, my latest invention is hedgehog, a protocol for asynchronous layer 2 bitcoin payments announced Supertestnet, the developer behind Hedgehog. The user experience is similar to e cash protocols like Cashew or Fedimint, except no server.
Hedgehog is built on a primitive in bitcoin script called revocable connectors. To make revocable connectors, you need 2 even more primitive primitives, revocable scripts and connector outputs. I have an idea for how to use hedgehog channels to build a federated coin pool that I call burrow. It has a bunch of cool properties, but it requires a coordination server. See more about that here and he gives a link. Highlights. Hedgehog channels are simpler than lightning channels. State updates only require the sender to propose an update and the recipient to accept it. The recipient can wait to accept a state change until they want to propose another one. And that state change just means I send you coins through the channel, that's a state chain. You send me a different amount of coins through the channel, that's another state change. That's what they're talking about. Now, here it is. This is the one that leads me to believe that this well, there's 2 things that lead me to believe that hedgehog is going to be important.
One is that the developer is super testnet. K? That's just by itself. It's like, holy shit. But here's number 2.
[00:58:57] Unknown:
Cali, the developer of Cashew.
[00:59:01] David Bennett:
He's got a note here that says, this is incredible. Supertestnet just invented a new type of payment channel with offline receive. It makes use of connector outputs, which is a concept introduced by ARC. There is no service provider, however. Channels are peer to peer with 1% the complexity of lightning. Okay, so we got Supertestnet, one of the older developers in the space and one of the most respected developers in the state space announcing hedgehog, which you can receive lightning like payments offline without a server. And now we've got Cali, the guy behind cashew saying that it's incredible.
I think we're gonna need to watch for hedgehog. Okay? Watch for hedgehog, Watch for hedgehog. Watch for hedgehog. I'm going to put That's not oh, is that gonna work? I don't
[01:00:05] Unknown:
know why that worked. I'm just gonna put this up here. Alright.
[01:00:13] David Bennett:
No, I'm not gonna log in x. Say, so super test at at super underscore testnet on Twitter said, and this is what this was the announcement, my latest invention invention is hedgehog. Check out the video here and he links to, oh my god. Why am I why am I screwing this up? Hold on. I shouldn't my god. Stacker.news. Oh my god. I'm getting tired today. I should have known that. Stacker.news. Anyway, I'm not gonna play the video. But if you guys want to go see it, it's at stacker.news. And you'd see hedgehog or protocol for asynchronous layer 2 bitcoin payments. I think this is going to be important. I really do. I really do.
I really do. So don't don't miss out on this. Alright. I'm gonna go back to pop cons. And now, Machankura v2 is going to turn feature phones into Bitcoin signing devices. The developer, there is no way I can pronounce this guy's name, announced Machankura's Bitcoin Java card project at adopting Bitcoin Cape Town conference. The project will let feature phones double as non custodial bitcoin wallets. Quote, Java card is software that allows applets, basic computer programs that perform specific tasks to run on smart cards, which communicate with the sim cards in the phones.
In this case, the Java card software will enable African users to hold their Bitcoin private keys, sign transactions, and see their UTXO balances. The Java card is a chip that runs on your sim card. You stick it on a normal sim card and it adds functionality program an applet which has bitcoin related functionalities like signing. We have programmed the ability for it to produce a SegWit address. And now, just waiting for the next part to complete, where you are able to communicate with a relay, something like an electrum server, where the server feeds you all the blockchain data and then you can see your balance. Now, we can send a message to a relay from the Java card applet.
And what we need to do is successfully receive a message via the Java card project. The sim card can receive SMS with the chip, but the chip cannot trigger events while it's on the SIM card. That is the part that we're still working on. So that's amazing. So if you if you missed it, and you may have missed it. He's talking about pulling the sim card out of your iPhone or whatever smartphone you've got and putting a sticker on it. That's the Java card. It's not like a thick card. It can't be. Why? Because the sim card after it has the Java card stuck onto it has to fit back into the sim slot. So we're talking about fabric width layers of programmability.
This doesn't stop with bitcoin. What this dude just did is well and far away beyond the realm of Bitcoin and God forbid the wider cryptocurrency thing. This is going to change everything. To be able to put a sticky thing that, you know, the width of a piece of fabric on top of your pre existing phone card or your sim card for your phone plug it back into your phone and you've got new functionality for your phone especially if it's sovereign functionality like being able to hold bitcoin being able to transact with bitcoin being able to see your balances but also able to send nostril messages or be able to do all kinds of other stuff that has nothing to do with any of the things that I just mentioned. It's like the astronauts.
They've been giving them cyanide pills ever since the start of the space program, and they could list a thousand different reasons why you need to be able to kill yourself in a painless manner up in earth's orbit or if you're moving to the moon or going to Mars or something like that. But they really give it to you for all the reasons they cannot think of. This is the same, except much more bright of a future than killing yourself. Right? It's just I use that to illustrate the point that we could we could list a whole raft
[01:05:07] Unknown:
of examples of when you would how this would be cool, But
[01:05:13] David Bennett:
that pales in comparison to what we can't even see. Think about pulling your sim card out of your phone, putting a sticker on it, shoving it back into your phone, and you have something that you never had before on your phone and something that only you control. This is amazing. The amount of development in this space has me nothing but bullshit. And for those of you who don't understand the reference, that means bullish. Moving on, Commerce Block has introduced lightning latch swap protocol for mercury layer. A latch transfer enables a state coin to be transferred on condition of the successful payment of a lightning network without counterparty risk.
Lightning latch transfers unlocked. We here at Commerce Block been working hard on attaching spending conditions to existing state coins, announced Nicholas Gregory, or it's possibly pronounced Gregori. With Mercury layer's blinded servers, we can now leverage hodl invoices to lock funds until a payment hash pre image is revealed. This allows users to automatically sell assets like ordinals, oh god, or BTC by releasing the associated state coin upon a successful lightning payment. The possibilities are endless. Here it comes again. Watch out, ordinal artists.
Merchants, instant lightning liquidity providers can leverage this for new use cases. Lightning latch transfers open up a world of opportunities on top of mercury layer. So the ability to confirm that a payment has been made before another action occurs. This is well known in Bitcoin, but this is, you know, it's been that type of thing has been a style of thinking for quite a while. But Commerce Block has introduced a style of that called lightning latch swap for their mercury layer. And that, ladies and gentlemen, is gonna do it for the morning roundup.
[01:07:40] Unknown:
Dad says jokes. I had a happy childhood. My dad used to put me in tires and roll me down hills. Those were the good years. Good years. The good years. Get it?
[01:07:56] David Bennett:
Alright. We are so effing bullshit. I can't even imagine. I mean, hedgehog, this mercury layered lightning latch thing and what the, the other thing with putting a Java card or a well, it wasn't a Java card, but the hell was it? Whatever whatever it was. Hold on now. Now I gotta find it again. Hold on. Because it's really important. I think this is one of the most important things that I've seen in a long time. Mancha machankura machankura machankura machakuran, machankura, machankura, machankura, machankura, machankura, machankura, machankura, machankura, machankura, machankura, machankura, machankura, machankura, machankura, machankura, machankura, machankura, machankura, machankura, machankura, machankura, version 2.0.
This is amazing. The ability to just put a sticker on your sim card. You do not miss out on this. Please don't. Please go and read the full announcement. Now, that is the context of the last part of what I want to talk to you about is that move that I made from soundcloud
[01:09:02] Unknown:
over to podhome.fm
[01:09:05] David Bennett:
as my new podcast hosting platform. I am thinking that my show notes because they're always a mess and there's nothing that I can do about that. That is SoundCloud's issue. When I type in when I put in my stuff into the show notes section when I'm uploading the show to SoundCloud, it looks fine as far as SoundCloud is concerned. But when other like all the others, you know, well at least fountain, you know, but but I've seen it in several other apps. When those There's like no spacing. There's no formatting. There's no way to tell what the hell anything is. Links aren't live. Nothing of that.
I am crossing my fingers that we have that I have now fixed that by going to Pod home. But I will not know until I go through the motions of uploading this show and all of its ancillary stuff that goes along with it into the podhome interface rather than SoundCloud. This will be the first time. Yes, all of my shit is being redirected to Pod Home because they scraped all of my stuff that was over there on SoundCloud and brought it all over, But they brought it over the way that SoundCloud sees it. So none of the other show notes have been fixed. I've fixed a couple of them, but I'm not going to go fix 500.
Yes, I've been remiss in the fact that I've let this shit go on for too long. Hey, but it is what it is. You know, I'm by myself. I don't have a producer. I've got no sponsors. I've got no money coming in on this show, except for what you guys gratefully, and I'm very grateful for your graciousness when you throw me satoshis. That shit's important. That keeps me going. But I I've got to grow the show. I've got to get the word out there. I'm always always asking for your help to make sure that this show gets into as many hands on as many different platforms as I possibly can because I suck at marketing. And maybe one of you guys out there doesn't suck at marketing.
And now I've got the ability with Podhome to do real actual splits on a per episode basis. So here's the proposition. 1 of you guys out there listening to me today, you helped me and and and somehow or another show me that you how you've been able to get the word of the show out to other platforms and I don't know how you're gonna do it. You know, I I I have no idea how this is gonna work. I will put you into this show for 10 per or actually for the next show. Not this show, for the next show because by the time you do whatever it is you're gonna do, if you do it at all, and I may not get any takers and that's fine. I'm not gonna hold anybody accountable for it. I'm just saying
[01:12:18] Unknown:
that
[01:12:19] David Bennett:
by the time that all that shit's done, most of the boostograms will have already come through. Most of the streaming will already have been done and you won't get shit for it. So take this show, the palindrome show episode 878, and throw it out in the wind. And get back to me, let's say DMs through Noster from my just go to at Nonya and Nonya Business. If you know my Nostr account and you want to help, market this particular episode, not all of them, just this we'll do a test, this particular episode, and I see better performance on this particular episode, then I will cut you in for 10% of all the satoshis that I get on the next episode which I'm planning on releasing recording and releasing on Friday.
On Friday, okay? So if you want a 10% cut, I need your lightning wallet address. And we'll work that out as like it like if for whatever reason I plug you in and it like kicks you back out the next episode that I release then help me market episode 878, this episode. And let's see if that works. Like a like a different kind of circle p kind of thing where I'm asking for marketing help And I will pay you the pleb to help me market this show, and I will see you on the other side. This has been Bitcoin, and and I'm your host, David Bennett. I hope you enjoyed today's episode and hope to see you again real soon. Have a great day.
Announcement of moving the podcast from SoundCloud to podhome.fm
