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Episode 1153 of Bitcoin And . . . is LIVE!

Topics for today:

• FED Capitulation!
• China's Stablecoin: Yes, It's Coming
• No CBDC's in NDAA
• N. Korea Targeting Employment at Coinbase
• Philippines Propose 10,000 SBR 

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Vance Crowe
 https://nostr.com/npub1xg7374us5pftmntt7ptd0rqk26fyfahlqy04gpawar8k7ta8plnq7w9d2x
https://njump.me/

Circle P:

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

https://bitcoinmagazine.com/markets/bitcoin-price-falls-nobody-knows-why
https://www.coindesk.com/markets/2025/08/21/powell-puts-september-rate-cut-in-play-bitcoin-pushes-higher
https://cointelegraph.com/news/dont-expect-china-stablecoin-touch-mainland
https://decrypt.co/336383/us-house-slips-cbdc-ban-into-defence-spending-bill
https://www.coolr.chat/
https://cointelegraph.com/news/coinbase-tightens-workforce-security-after-north-korea-remote-worker-threats
https://cointelegraph.com/news/philippine-bill-strategic-bitcoin-reserve-10000-btc

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It is 08:08AM   Pacific Daylight Time. It is the August   2025,   and this is episode   eleven fifty three   of Bitcoin.   And   pal has switched to a dovish tone.   And he did that this morning   at the Jackson Hole, Wyoming   retreat or whatever it is that they do with the Federal Reserve in The United States.   And he signaled that it's possible,   possible   that they may be trimming rate cuts. We'll get into it. And then we're gonna talk about China and their stablecoin,   and   we'll see. We'll see because there's a there's an interesting development in the way China's approaching   their stablecoin.  

And, yes, there is not a CBDC.   They're talking about their own stablecoin,   But, well, we'll we'll we'll get into it. I I think it's I think it's really interesting. And speaking of CBDCs,   the United States House of Representatives   is slipping a CBDC   ban   into a bill, and we'll get into all of that.   Then I want BitChat is freaking out.   The or rather, it's blowing up and people are freaking out about it.   There are a plethora   of tools that are starting to be built around Jack Dorsey's BitChat.   I mean, ancillary stuff, whole   websites   that are connecting to BitChat. It's   it's an ecosystem   that is growing like a jungle. So we're gonna wanna probably say a few words about that.  

And then then Coinbase,   they've got a problem with their workforce in North, as North Korean,   people are, well, threatening the remote workers, I I guess. And then The Philippines are about to do something interesting.   And,   that should that should end up today.   And round round and round out the week.   This week, I think it's the 30 week of the year. We'll just go ahead and go back and talk about Jerome Powell.   He did the thing.   People were begging for it. Trump was begging for it. Trump was threatening   Jerome Powell to do it. And it looks like Jerome Powell may actually do the deed.   Powell puts September rate cut in play,   and Bitcoin,   along with everything   else, pushes   way higher.  

Steven Alpher is writing this one for CoinDesk.   Perhaps   surprising markets, which had expected a hawkish tone,   Federal Reserve chair Jerome Powell firmly put a September rate cut on the table   today.   Speaking at the Kansas City Feds Economic Symposium in Jackson Hole, Wyoming,   Powell said that the shifting balance of risks   may warrant   adjusting policy.   Quote, downside risks to employment   are rising,   said   Powell. If those risks materialize,   they can do so quickly   in the form of sharply higher layoffs and rising unemployment.   Bitcoin has gained about 2% since the remarks hit the wires,   rising to a 114,200,   and it's well past a 116,000   right now.  

We'll have to see if it holds, but   let's continue.   US stocks have added more than 1% and the ten year Treasury yield is lower by six basis points   to 4.27%.   The dollar index has dipped around a half a percent and gold is higher by about point six.   In anticipation   that Powell would remain hawkish, risk markets,   crypto among them, had been under sizable pressure in the days leading up to his address.   Touching   a record high of just above 124,000   about a week ago alongside September rate cut expectations   that had risen to nearly 100%,   Bitcoin has slumped nearly 10% to 112,000   since   as those monetary easing hopes quickly dwindled to just 69%   in the hours ahead   of Powell's speech.  

In the minutes following,   those odds have rerisen to nearly 90%   per CME Fed watch.   The correction   in the perhaps more speculative   ether honestly, I don't give a shit about ether. In traditional markets, the Nasdaq dipped   3% over the past few days as it too priced in lessening chances of a rate cut.   So he did the thing.   He said the words. He's appeased the people.   And now all we have to do is wait till September and see what they actually do. Because just because Fed Chairman   Jerome Powell decided to say the words   does not mean   it's going to happen.  

So just   please,   everybody remain calm.   Everybody   remain calm and let's let's move over to China.   Don't expect China's stablecoin to touch the Mainland.   Let me repeat that.   Don't expect China's   stablecoin   to touch the Mainland, and they're talking about Mainland China.   What have I been saying about United States stablecoins?   Designed specifically to export   debt, an eye watering amount of freshly printed debt instrumentation,   but not really gonna be touching The United States. Now that that could change because   Circle is interior in The United States, and they seem to have a mandate to kinda mess around with stablecoins inside The United States.  

And Tether themselves   has hired Bo Hines   to get Tether into The United States. So   I may I may be a little jumping the gun a little bit on on my expectations that we're going to print an inordinate amount of debt, and we're going to export it all across the world, and none of it will touch The United States.   I could be wrong.   I still don't think I am.   Or I think it would be a different   I just think it's gonna be different if we do   get Tether completely regulated inside The United States for for internal usage.   I somehow or another think it's gonna be somehow separate.  

But   China   may be planning to do the same thing. Let's let's find out here in Cointelegraph   from Yohan Yuan.   The cryptocurrency   industry is abuzz   with speculation   after recent reports suggested China may soften its stance   on a one backed stablecoin,   but law experts caution against over interpreting the news.   Reuters reported Wednesday   that Beijing is considering approving a stablecoin   pegged to the renminbi   as part of a roadmap to boost the currency's   internationalization.   It was the second report this month following a similar Financial Times story on August 5.   Despite the news,   Chinese officials have yet to confirm whether it's considering a stablecoin push.  

Even if Chinese authorities move ahead,   analysts stress that such a stablecoin would almost certainly   circulate   offshore,   not in the Mainland.   Quote, the news about stablecoins linked to China's currency is likely genuine,   but it's not what most people assume.   China is unlikely   to issue stablecoins   onshore,   but we can expect them offshore. Joshua Chu, co chair of the Hong Kong Web three Association, told Cointelegraph.   China's currency operates in two distinct markets.   The onshore yuan   and the offshore   yuan   Any stablecoin initiative would likely be tied to the latter.   China's currency has been deliberately split   into CNY and CNH.  

The CNY is strictly confined to the Mainland,   and it's not a currency that moves freely in and out of China.   A stablecoin   pegged to the CNY would clash   with Beijing's   strict capital control rules.   The CNH and CNY are the same currency, but their prices can diverge   because they trade in different markets.   Simply put, if overseas markets are bearish on China, the CNH can weaken   more than the CNY.   If there's strong foreign demand for Chinese assets,   CNH can trade more strongly than CNY.   A similar effect known as the kimchi premium is seen in South Korea's Bitcoin market, where BTC often trades at a premium due to the country's confined crypto markets.   Previous reports suggest   China's Internet giants have lobbied to green light the offshore yuan stablecoin   within the domestic market. Beijing has been committed to the digitization of its CNY through the development of its central bank digital currency,   the digital yuan, also known as the eCNY.  

Winston Ma,   an adjunct professor professor   at law   at New York University   and former managing director of the sovereign wealth fund China   Investment Corporation's North America's office,   said that if Beijing   were to consider a CNY stablecoin, it would have to work alongside the CBDC.   Quote, within Mainland China, the government push of sovereign CBDC   via both state bank channels and mobile payment interfaces   shows no sign of slowing down, Ma said Cointelegraph.   Quote,   in the Mainland market,   any stablecoin   trial   would most likely   most likely be integrated with existing c n y, which has already been tested by hundreds of millions of Chinese users in numerous transactional contexts.  

In June   2010,   Beijing expanded its cross border RMB   trade settlement   to 20   provinces   and all foreign counterparties,   a move that triggered the rise of Hong Kong's offshore   CNH market.   Hong Kong quickly grew into the largest liquidity pool for CNH.   It pioneered the issuance of the dim sum bonds denominated in offshore yuan and became the primary value for CNH based trading.   Other centers such as London and Singapore have since developed their own markets.   The city also serves as a policy bridge. It allows Chinese authorities to test the internationalization   of the yuan   while keeping the onshore CNY market under strict control.  

And at the same time, Hong Kong provides a legal framework for cryptocurrency trading   with exchanges able to apply for licenses that remain   unavailable   on the mainland.   Authorities have even reportedly used the city as a venue to liquidate confiscated crypto holdings.   That bridge now extends into stable coins.   On August 1, Hong Kong's new stable coin rules took effect,   requiring issuers to obtain a license.   The rollout followed Washington's   own push for stable coin dominance under the Genius Act, a federal framework reinforcing the US dollar's primacy.   Quote, most likely,   China's stable coin experiment will be in Hong Kong,   which is in a unique position to test both CBDCs   and stablecoins   related to the Chinese renminbi.  

Chinese academics   have repeatedly warned that dollar backed stablecoins   pose a threat to the yuan.   In June, two scholars writing in China Economic Times   argued that the growth of Tether's USDT   risks eroding China's financial autonomy.   Okay. So now it's   now we're getting into the weaponization   phase of stablecoins.   Boy, that escalated quickly. Anyway, the same concern was echoed this week by Zang Manan,   deputy head of the Institute of American and European Studies at the China Center for International Economic Exchanges,   who said that the Genius Act will reinforce dollar dominance. But but but she added   that Hong Kong stablecoin rules   open the possibility   for a 1 peg token to challenge the dominance   if ever permitted.  

For now, the onshore CNY remains under capital control,   leaving little room for any stablecoin that competes with the eCNY.   Offshore CNH,   with Hong Kong as its testing ground, is the far more likely candidate.   However, a stablecoin   pegged to the CNH   may not match global volumes, argues Chu, as the offshore yuan market is relatively small   compared to the onshore market.   China's broad money supply stood at 329,940,000,000,000.00   won, which is about $45,000,000,000,000   at the July.   By comparison, Hong Kong's offshore yuan deposit pool was just 800,000,000,000.0   yuan by the June,   barely   point 27%   of the Mainland supply. Quote,   with Hong Kong's stablecoin   ordinance now active,   a CNH backed stablecoin is very likely. However, its scale, to the disappointment of some crypto bros, may not match larger global stablecoins.  

Well, we're   with dollar backed coins controlling nearly all of the sector,   Xu interprets China's stablecoin push as less about chasing retail crypto demand   and more about carving out strategic space for its currency in an increasingly digital financial system.   In that sense,   Beijing's stablecoin experiment looks less like a controlled pilot in Hong Kong and more like a way to extend the yuan's reach   without loosening   its grip at home.   So that's the article.   Nowhere in that article does it suggest   that China is about to crank up their own money printers   and export that debt to other countries like I think is going to happen with The United States.  

In fact, this Cointelegraph   article   is rather persuasive that that's not the intention   that China's looking for.   China approaches their currency in a completely different way than The United States and pretty much all of all of the West   western nations do.   They've separated their currencies.   If it's if it's in China, they're using the CNY.   If it's anywhere else in the world, it's the CNH.   And this has always been quite puzzling to me.   And now   I'm starting to well, I kind of get it.   But   with before stablecoins,   that kind of system, yeah, sure. It's it it works.  

It works for them. I mean, they're a big enough country that they'd be able to do it. They they basically   build all of the crap that that ends up in United States and and   the western countries' landfills because it's just cheap Chinese garbage. But   they do build it. They do build most of it. Most of the stuff we buy does in fact come from China.   Given that,   having separate currencies for onshore and offshore usage   as a way to regulate capital controls does make sense.   But it's not going to make sense very much longer.   And I get the feeling,   the gut feeling   that it's going to hinder and hamper China going forward   now that we have the advent   of stablecoins   that are pegged to, in in our case, pegged to the dollar. In their case, it would be pegged to the one, but it would only be pegged to the offshore one. I   get the feeling   that it's not going to work out the way that they think it's going to work out.  

I get the feeling that the landscape   of the way that we view currencies,   especially bifurcated   currencies like the c n y and c n h,   I think that landscape changes greatly   and quickly, and I do not think it's going to do for China what China thinks it's going to do for them. And in fact, it may put them in a really, really bad situation.   But,   again, as always, we we gotta wait and see how this shakes out. I mean, it it could be good for them, but I just   I honestly don't see how.   I think it's going to be a confusing mess for everybody, but it's going to be especially confusing   for people that have two separate sets of currencies   for onshore and offshore usage, and the only people that I know that do that is China. So,   again, we'll we'll wait and see. And while we're waiting, you might as well go ahead and get yourself an eight ounce jar of HODL butter from my friend, Oshi.  

You can go over there to oshigood.us.   Oshigood.us.   That's o s h I good   dot us, and go grab yourself   one of his   bottles of Hottle butter.   What's in what what is it?   Well, it starts with local handpicked and sorted pecans straight from Southeast USA.   More nuanced than a two hour Bitcoin podcast,   this small batch craft delicacy can be enjoyed as a topping on anything edible or straight out of the reusable   glass jar. He doesn't use plastic.   It's got   pecans   ground up. That's why it's butter. It's like pecan butter, except it's got more than just pecans in it. It's got maple sugar,   sea salt flakes,   cinnamon,   and black pepper.  

I mean, if you thought   it would be weird to put black pepper into something like peanut butter, let's say,   you would be wrong because it gives a certain amount of umami that, you know, brings some some other flavor profiles   to the table.   So go over to oshigood.us.   That's oshigood.us.   Make sure you use the the coupon code Bitcoin. And   that lets him that lets Oshi know that I made the sale. So if I make a sale, Oshi gets to figure out how much that sale was worth to him, and then he cuts me in for a little bit of the, proceeds on that sale. It's the value for value model of advertising   here at the Circle p.  

Circle p is open for business. It's where I bring plebs with goods and services just like you to plebs just like you that want to buy said goods and services.   Oshigood.us   oshigood.us.   Go grab some huddle butter. He also has other he's also got other stuff.   Sometimes he's out of stock on it, but he's got, like, huddle bars,   which are like energy like, you know, snack bars, but they're, like, packed with dates and, you know, energy and all kinds of stuff. He's got these things called b t.   Hold on. B t h c nodes, which have a little bit of THC. They're like little chocolate candies. They're I think they're little they're little pieces of   of of, huddle bars   dipped in chocolate,   but also have THC in them. Right now, he's out of stock stock of those. But he's got some bucket hats. If you wanna get some some swag, he's got it all, man. Go to oshigood.us.  

That's oshigood.us.   Use Bitcoin and   in the coupon code. Now onto this one,   US House   slips a CBDC   ban   into the defense spending bill. It's an interesting place to put a CBDC   ban.   Cal and Quinn from decryp.co.   House Republicans have added a provision banning central bank digital currencies into a 1,300   page bill,   which lays out defense spending and priorities for the next financial year.   The amendment included in bill h r thirty eight thirty eight   would prohibit   the Federal Reserve from testing,   developing, or implementing   a CBDC   under any label.  

It adds an exception   for any dollar denominated   currency that is open, permissionless, and private   and fully preserves the privacy protections   of The United States coins and physical currency, end quote. Further quote,   attaching our anti CBDC surveillance state act to the NDAA   will ensure unelected bureaucrats are never allowed to trade Americans' financial privacy   for a CCP   style surveillance tool,   GOP majority whip Tom Emmer said last month referring to the bill.   The charge   to stop CBDCs   in The United States is largely a Republican led effort.   Emmer himself   attempted to introduce a CBDC   anti surveillance state act in 2023,   but it failed to gain momentum.  

It was reintroduced   upon Trump coming to office and is currently making its way through the senate.   Globally, however, CBDCs are advancing rapidly.   According to the Atlantic Council, a 137   countries are exploring digital versions of their currencies,   up from just 35 in 2020.   And with 72 already in advanced stages of development,   The US remains an outlier after president Trump's executive order earlier this year,   halting all retail   CBDC   work.   The opposition to CBDCs in The United States reflects competing   visions   of the future of money.  

Critics of CBDC   fear government overreach, surveillance, and disruption to the banking sector.   The American Bankers Association, which backed the house measure in July, argued that a CBDC   would fundamentally   change the relationship   between citizens   and the Federal Reserve,   undermine the important role banks play in extending credit,   exacerbate   economic and liquidity crises,   and impede the transmission of sound monetary policy.   Nanak   Nehal   Kalsha,   if that's the way I pronounce it, cofounder of Human. Tech by Hala Nym, told Decrypt that he hoped the senate bill against CBDCs passes   because he feared   sleepwalking into surveillance money.  

That's a good way to put it. Quote, the fears are definitely justified, he said,   programmable   money controlled by the state.   Once every transaction runs through a state ledger, privacy is gone by default.   And the question isn't if it gets abused, it's when.   If The United States   takes a stand against CBDCs,   it opens up space   to build alternatives that are open,   permissionless,   and actually preserve privacy,   the things that made digital money worth caring about in the first place,   Khalsa said.   Khalsa added that stablecoins issued by private companies   also carried some of the same risks.  

Excuse me. Allergies are going off a little bit today.   Private companies have the same incentives to track, exclude,   monetize, he said. The only difference is   who you're forced to trust,   a state   or a corporation.   Without privacy guarantees built into the protocol itself,   you're choosing which empire you want to live under.   Europe based financial nonprofit Finance Watch told Decrypt that it believed   concerns about surveillance are about design, not about the concept of a CBDC   itself.   It is entirely possible to create a CBDC that is open permissionless and preserves the same privacy protections as cache.   That requires   privacy by design and by default,   strict limits on data collection and offline functionality for small payments.  

The real question   is whether money should be run by private companies or issued by the central bank as with cash,   they added, arguing that the digital euro being developed in the EU is being designed as a   public alternative   to established,   privately controlled means of payment,   reasserting citizens' control over money and payments.   That's ridiculous.   That's completely ridiculous.   Just use Bitcoin.   We already have the tool.   We already have the tool. We're we're we're   continuously legitimizing   these people's existence by   continuously   deferring. Is this okay?  

May I have some more?   Is it alright if I use this? May I go to the bathroom?   You know where all this started? Public schools.   If you need to go to the bathroom, you go to the bathroom. That's your human right to go relieve your bladder or empty your bowels. I know it's disgusting to talk about this early in the morning, but still, that's your right. You don't need to ask permission for that.   You you really don't ask have to ask permission.   And the this entirety of the last fifty years or seventy years of public school where you   were were taught   to raise your hand   to go to the bathroom.  

Is   that this is what it's this is what we've lost is our ability to say,   no,   you don't get to give us a choice as to bad or worse.   We're taking the good. We already have Bitcoin.   But as long as we live with a bunch of people   that still think they need to raise their hand because they need to ask permission to go to the bathroom,   then we're going to have to live with the consequences of that shit. And the best way to live with the consequences   of really stupid shit   is to not only ignore it,   but to make yourself   unavailable   for it to affect you.  

Remove yourself from the situation. I told my kids this before.   If somebody's   if somebody like let's say somebody's at school, I don't know, bullying another kid,   the best thing that that kid could do,   honestly, is to remove themselves from that situation.   Don't get around that person.   If you see that person, just   ignore them as much as possible. Does that mean the bullying will stop? No. But you end up with a lot more control over yourself   than if you constantly think that   that you've somehow or another have to engage with this person. You don't have to engage with this person.   If the person forces it on you, that's that's a deal. But you're not in any   in any way, shape, format or fashion   required to actually put yourself into a situation when you don't have to.  

If you don't have to be in the same in the presence of the bully,   then don't.   I mean, unless you unless that person is where you actually want to be, then you're going to have to risk it. But if that person is just, I don't know, there   and you can just not be where that person's at,   well, then that's where you should probably be. And that extends to things like this.   I don't I   don't I'm not going to plan on using   tether,   especially after The United States, starts really saying, okay, well, now we're gonna regulate it. I'm not gonna be using a CBDC.   I mean, you you might go, well, yeah, you're gonna have to to pay your bills.  

Do I   at that point, that triggers things in my head.   Do I really need to live   the way that somebody else thinks that I need to live?   What if I did want to go off grid? And then you'll say, oh, well, well, you're gonna have to buy a property and they're not gonna accept you don't know that.   You don't know what they'll accept.   You don't know who I might buy the property from. Why why is it always an assumption   that I've got to buy it from the United States government when almost all sales are private in The United States?   So there's that. And then you'll say, well, you're gonna have to pay your property taxes in The United States CBDC because eventually we'll get one.  

Really?   What if I hire a what if I hire a third party   firm to do it for me and I just actually use Bitcoin?   And then they I give them Bitcoin and and they take care of everything else. So I don't have to interact with this poison.   See, I mean, it doesn't mean that I have all the answers, and I don't. I I have I have   probably just, you know, a few answers.   But I don't I'm not going to put myself in a position where I'm I have to interact with this bully, where I have to interact with this bullshit.   I don't know, man. I I get the feeling. I I just it just struck me that I'll probably be alive   long enough to see   a lot of the powers of the state be stripped away because the citizenry of the world, I think, is just   almost there. We're almost tired of it to the point that we might   actually do something about it. Who knows? Let's run the numbers.  

Futures and commodities. And while everybody else is having fun, oil is basically doing nothing.   Energy sector is basically flat.   West Texas Intermediate is up, you know, like,   a fifth of a point.   Brent North Sea is basically sideways.   Natural gas is making the only move, but it's three and a half percent into the red.   Gasoline is up point 14%.   And, oh, wow. This is an interesting addition.   Murban Crude has been added to energy futures on cnbc.com.   I've never heard   of Murban   Crude.   This is this is interesting.   It's trading at $70.61   per barrel   after slipping 0.06%   into the red.  

Merban crude   is apparently the most expensive crude oil there is, at least as far as cmbc.com   is concerned. And all your shiny metal rocks are having a really good day   because they're all risky. Gold is up 1.2%   to thirty four twenty two and six nine. Silver is up two and a half. Platinum is up one and a half. Copper is up point six nine percent, and palladium is up two and three quarters of a point.   Ag is almost all in the green today.   Biggest loser is cotton. No rough rice,   point 59%   to the downside.   Biggest winner is gonna be   coffee, three and a half percent to the upside.  

Meanwhile,   live cattle up point 65%.   Lean hogs   up 1.65%,   and feeder cattle is up point 65%   as well.   And then we get to the legacy financial   world.   The indices,   the Dow. Holy smokes. It's up   945   after a 2.11%   bump to the upside.   S and P is up 1.65%.   Nasdaq is up 1.7,   and the S and P Mini is up just over three full percentage points.   Now,   hundred and sixteen thousand eight hundred and not no. A 116,900   gets us back to a $2,330,000,000,000   market cap, and we can purchase 34.6   ounces of shiny metal rocks with our one Bitcoin of which there are   19,909,772.69   of, and average fees per block are extremely low, 0.02   BTC,   taking fees on a per block basis.  

There's about 35 blocks carrying a 125,000   unconfirmed transactions,   waiting to clear at high priority rates of 1 satoshi per v byte. Low priority is gonna get you in at 1 satoshi per v byte.   And we are at 941   exahashes per second. So hash rate on the mining   side of Bitcoin is coming back up from its yesterday's   927   exahashes   per second.   And from all my children,   at least I think it's from all my children, which was yesterday's episode of Bitcoin and I got a regaliki,   Says   regalicky   and gives me a 100 sats for it.   There's an oh, good lord. There's a, unresolved in pub number here. Not so I don't know who it is. But it's 250   sats says   VPN into The UK,   VPN out of The UK,   use Internet freely,   you too can tell the UK government to fuck off.  

Seventeen seventy six with 1,776   says Bitcoin Policy Institute UK   has unwittingly   created a tool that makes it easy for UK Bitcoiners to put themselves on the map for tax authorities future   draconian measures   complete with full name and postal code that can be referenced to the individual through past tax returns. I'm sorry,   but all of us including The UK need to get it through our heads   that engaging these psychopathic   socialist leaders   isn't going to do squat.   Does anyone really think that the international   banking cartels are going to permit anything   that threatens their control in any form other than a watered down version that keeps the masses in their paddocks?  

You might wanna listen to the, the wisdom there of 1776,   man.   Because that's not, I mean, that's a different way of looking at it.   I mean, you're not giving your address, but if you do give your full name and your postal code,   that's   that's some granularity   that can be used.   It it could be used.   It now the question becomes, what happens if you use a fake name?   And what   what other information goes along with that send?   Is it your MAC address on the phone or your MAC on your phone?   Does that does the machine address code go along with it? Because that can definitely be tied to the owner of the phone through   through AT and T and or any of the people that actually sell, unless it's a burner phone, in which case that that's a different deal. But if it's like, you know, if you've got an iPhone   and you bought it through whoever services   your telephone in The UK,   there's a MAC address that's tied to that.  

So just, you know,   be aware.   Cousin Vinny with two ten says I can't stop thinking of all the details of how fucking awesome the cathedral could be.   Thanks for the mind splinter. Yeah. It's a bit of a mind virus. I would give it that.   Perma Nerd with thousands says, please listen to these cathedral episodes of Bitcoin and learn how stacking functions,   and not just Sats creates an ecosystem of symbiosis and minimizes overall workload   like an abundance of honey locust pods making a mess on your property.   The problem is   the solution. Pies with a hundred and twenty one says, thank you sir, no thank you. Fountain   with 500 says, nothing. Psyduck   with 749   says,   Psyduck.  

That's the weather report.   Welcome to part two of the news you can use. Cooler.chat   was dropped sometime either late last night or early this morning. I think it was late last night. And you may be asking yourself, what is cooler.chat?   Well, first of all, it's Nostr   or or or it's part of the Nostr ecosystem, so cooler would be spelled c o o l r, not e r, but c00lr.chat.   And it's essentially, it looks exactly like BitChat,   which in turn looks exactly like the IRC chats of old.   The thing with cooler.chat   is is that   it   seems to be a way to connect   with the BitChat   community   just through a browser.  

You don't actually do it through BitChat.   Now I may I'm I'm still looking into this, and I may be wrong about that, but I I don't think I am because it seems to be   that   for those of you who were around in the old days of IRC or Internet relay chat Internet relay chat,   bit chat looks a lot like IRC,   which has been said. And then we've got cooler dot chat, and it actually   uses,   nostril relays.   And since BitChat   one of the upgrades to BitChat was that, hey, if if you're within,   like, the Bluetooth range of the other person with BitChat,   then Bluetooth is basically doing all that. And if your mesh network is wide enough, then the chat that of of the people that if you're talking to just people that are within that particular mesh network of Bluetooth,   well, then your Bluetooth is taking that over. However,   Jack Dorsey introduced the ability for for BitChat to reach out to the Internet   and use Noster relays to bounce   messages   to people that were no longer in your mesh network,   Bluetooth chat.  

So now,   BitChat is reaching out to to the wider Internet.   And yesterday or the day before, Jack Dorsey introduced   geocaching   hashtags   so that you could look at chats that are happening   in your area, like, I don't know, Atlanta   or whatever.   Right? So   this cooler.chat   seems to be able to tap into that.   So if you're interested, you you can actually log in   with your in pub extension, which foolishly I did   foolishly I did,   last night, and I I can't prove it.   But I think that's how I lost well over half of the people that I follow.   I know. I know. There's there's places that I can go to restore that. I've tried them all and nothing is restored like by other   I think I was following around 2,500   people. I've got, like, 940   of them left, and 50 of those I actually had to go refollow this morning.  

If I was following you on Noster   and I'm no longer following you on Noster,   then reach out to me on Noster. Either just hit me up directly, not through a DM, but,   hit me up through just, like, you know, saying, hey. You're not following me anymore and make sure that you put in, like, at none your business so that that I see it or reply to one of my, you know, reply to one of my, notes or something like that just so that I have a chance to add you back into my follow list. If I stop following you,   this is the reason why. It's not because I got mad and you said something and I stopped following you because you're a dork. No. No. No. No. I love my dorks. I'm not going to stop following you because you're dorky. I'm just saying,   I think that when I logged in   to cooler.chat,   I have always noticed and I've always warned against this. Don't use your your your main,   in pub   to do things like this. And I did exactly I went exactly against my own advice, and we all do that. And I've I've paid and I've I've paid dearly because I've lost,   like, I don't know, probably   1,700   followers that or or or follows that that I'm now going to be missing from my feed.  

So but still,   cooler.chat   is something you should check out.   But just a reminder,   whenever it is that you try a new Nostra client,   even if it's something like that's more   attuned to bit chat than it is what we're used to in Nostr.   And if it's using your NPUB and your NSEC and you're logging in with an extension,   if it's new, remember,   it's relay set   is probably going to be very different than what your relay set is.   And this is the problem. So when I log into this and it's like giving me like   two,   like relays and I've never been on those relays before,   that's what I think happens to my follower list. Like when when I'm following somebody,   I lose that person because the relays that when I log into a new chat or a new noster client and it's not using enough of the relays that I already use,   I think that that's where I run the risk   of losing the people that I follow.  

So I I like I said, I don't know if that's what happened.   But cooler.chat,   c00lr.chat,   probably something that you want to go look at if you're interested in what's going on   with bit chat.   Now,   on that,   somebody has released   bitchat-world-view.vercel.app.   So it's vercel, so it's kind of like they're just working on it. But this is   tied   to the BitChat   geohashing,   system that Jack installed and dropped, like, either yesterday or or the day before.   So I can look it it's got like it shows me the chat,   and it shows me the chat rooms   just like I would see on,   the new version of BitChat.  

But this one's got a map. And if I click onto the map,   I can zoom in and I can say, wow, there's   there's five people.   There's five people. Where are they? Where are they? There's five people,   kind of North   West Of Spokane   that are on BitChat,   which it it looks to me like they're out in the middle of freaking nowhere. They're over there by   what river is that?   They're over For those of you by, that are West Of Spokane on the Spokane River,   I'm looking at you right now.   This is what I mean. This is this could probably get us into trouble. There's some there's one person in Portland.   One measly person in Portland,   but there's like a 140   in Saint Louis,   which, that's where Royal lives.  

Let's see. There's one person in Tulsa.   Looks like there may be 13 people in the Sinaloa drug cartel   down there and   below Ciudad   Juarez.   Let's see. There's a whole bunch of people in Austin. Yep. Which I would expect.   But see but the deal is is that now when I click that,   if I click one of those things,   it takes me it one of those little bubbles with that's on the map.   I can go and I can look at at their chat. So I'm gonna go up here to the guys in Spokane   and, somebody's saying tests, somebody else is saying, hey,   sup y'all, yo, what up.  

Not not a very not not not not not a very interesting chat.   But now we've got a visual queue of where people that are using BitChat are.   This like, you know, what seventeen seventy six was saying,   it doesn't necessarily mean that it's it's bad, but it also doesn't necessarily mean that mapping where you are using bit chat   bit chat is good either. Just just   be careful with this stuff. Right. Especially because we're all like, this is all brand new.   But what I'm what I want to, you know, reiterate here is that   the amount of tooling   that's going on around bit chat   that isn't being done by Jack Dorsey or any of his team because it's a it's a private project just for that Jack did by himself is   amazing   that people are being that are so enamored with bit chat that they are starting to build ancillary tools   and the ecosystem is starting to take off.  

So how far does it go? I don't know. But it's gonna be fun to watch. I'll I'll give it that. So now let's let's get back to the news. Coinbase   tightening its workforce security   after North Korea remote worker threats.   Zoltan Vardai, Cointelegraph,   Coinbase,   the world's third largest cryptocurrency exchange by volume, has come under a wave of threats from North Korean hackers   seeking remote employment with the company.   They're trying to infiltrate   Naked Mole Rat's outfit.   North Korean IT workers are increasingly targeting Coinbase's   remote worker policy   to gain access to its very sensitive systems.  

In response,   Coinbase CEO, Nathan Mulrath,   is rethinking the crypto exchange's internal security measures,   including requiring all workers   to receive in person trading   in The United States while people with access to sensitive systems   will be required to hold US citizenship and submit to fingerprinting.   Quote, DPRK   is very interested in stealing crypto,   Armstrong   Armstrong told Cheeky Pint podcast host, John Collins, in a Thursday episode.   Quote, we can collaborate with law enforcement, but it feels like there's 500 new people graduating every quarter   from some kind of school they have   and that's their whole job.  

He added   that some operatives are coerced into working for the regime.   In many of these cases,   it's not the individual person's fault.   Their   family is being coerced or detained   if they don't cooperate, said Armstrong.   Armstrong's   comments come amid a wave of rising North Korean cyber activity   beyond Coinbase.   In June,   four North Korean operatives   infiltrated   multiple crypto firms as freelance developers   stealing a cumulative   $900,000   from these startups, Cointelegraph   reported.   Armstrong's new measures comes three months   after the exchange confirmed   that less than 1% of his transacting monthly users were affected by a data breach, which may cost the exchange up to $400,000,000   in reimbursement   expenses   Cointelegraph   reported on May 15.  

However,   the human cost of this data breach may be much higher for users   according to Michael Arrington,   the founder of TechCrunch and Arrington Capital, who highlighted   that the breach   included   home addresses   and account balances   leading to potential   physical attacks.   Among all United States crypto firms,   the Coinbase brand was the most impersonated in phishing attacks in 2024,   fraudulently   fraudulently used across 416   reported phishing scams in the four previous years, according to MailSuite report   which that was shared with Cointelegraph.   Accounting for all US brands,   Facebook's parent company Meta was the most impersonated brand by scammers   appearing in at least   10,500   reported scam incidents during the past four years.  

The United States Internal Revenue Service was the second on the list,   having been impersonated in at least 9,762   scams.   So North Korea   targeting   gaining employment   with crypto firms, and it looks like Brian Armstrong's,   Coinbase is highest on the list.   That's an that's interesting.   That's a very interesting way to go. We wanna be hired by you so that we can gain better access,   and it makes a lot of sense. But, wow,   I guess Brian Armstrong is gonna have to really rethink his policies.   Anyway, okay.   So   I was talking to a guy named Vance Crow the other day. Vance, if you're listening, how you doing, pal?   He suggested   he suggested something, which is why I brought you Texas Slim as a nostril personality that you should probably be looking at and following.  

Today   is Vance Crowe, And you can find Vance Crowe on nostr, void stairs back.   There's two there's   nostr gets confusing for some people depending on what client you're using,   depending on that client search function.   Sometimes if you type in Vance,   you'll see,   well,   Bert from   Bert and Ernie, if you were if you were a fan of Sesame Street.   You know, if you don't know what Bert looks like, just put in type in Bert and Ernie, and he's the yellow guy with the cone looking head.   That's the in pub or that's the PFP   that you'd be looking for with Vance or Void Stairs Back. And like I said, the the search functions can be different. Sometimes you would actually have to look and search for void stairs back. Sometimes you can search for Vance and and Bert will show up. And sometimes you actually have to type in Vance Crowe, c r o w e. But Vance is part well, he he started this thing called legacy interviews.  

And what he does is he gets hired by people   to interview their grandparents   or their parents   or or their sons and daughters or their brothers and sisters, their family members. That's why it's legacyinterviews.com.   What he's doing is, like, the what he what he's able to do is he's able to capture a record of this person's life.   Events in this person's life that maybe they wouldn't, you know, necessarily   remember to share with their son or daughter or   somebody else in their family. And this is a way to capture   the history of somebody who's probably just as interesting as Winston Churchill. It doesn't matter who we are. We're all humans, and we all have the same potential.  

So   Vance is a really good follow, and he's he's   he talks about Noster   on interviews.   He is a Bitcoiner, and he talks about Bitcoin on interviewers   on interviews when he's on on on several different podcasts. And so   because of that,   this is somebody that that you probably you probably wanna follow.   That and the fact that he's knee deep into ag, and I won't get into his background. He can share that with you if you ask him. But he's he is knee deep into agriculture.   And as you know, if you've listened to me for any length of time whatsoever,   I have a great deal of,   interest in what's going on in agriculture.  

Also, I just wanna make mention of njump.me,   njump.me.   If you're listening to me and you've been thinking about getting on Nostra, but you don't know where to start, start there.   It'll take you through a chain. Like, literally, it'll take you through a tutorial.   Like, you do this step and then you do this step. And when you get to the end and it takes maybe like two or three minutes to to do,   you will end up with   with your own Nostra account, your own insect, your own in pub. You'll understand what those are.   And it doesn't take any time at all. You'll be set up and you'll be rocking and rolling with Nostra at in jump dot me. That's anjump.menjump.me.  

Go there. Get on Noster.   Get off the x, man.   Psychologically,   it's just pummeling you and it's not healthy.   Although,   we are gonna talk about something that may not be healthy for The Philippines or it may be. It depends on if they're if they're full of shit or not.   A Philippine bill is charting the path   to creation of a strategic Bitcoin reserve   holding 10,000   Bitcoin.   We'll see. Ezra Reguera, Cointelegraph.   The Congress of the Philippines is weighing a proposal that could see the country's central bank establish a strategic reserve of 10,000 Bitcoin,   positioning the country among the first in Southeast Asia to adopt Bitcoin as a strategic asset.  

A house of representatives   bill filed by   I can't pronounce it. There's no way.   In June,   made headlines on Thursday as it aims to mandate the Banco Central   in   Filipinas,   the country's central bank, to purchase 2,000 Bitcoin annually over a five year period.   The bill, called the Strategic Bitcoin Reserve Act,   aims to mandate the BSP,   I guess the Philippine Central Bank, to buy 10,000   Bitcoin worth 1,100,000,000.0   at current market prices.   The bill states that the asset would be locked in a trust for twenty   years at least,   and this would mean that the coins could not be sold, swapped, or disposed of   except for when retiring government debt.  

Quote,   this representation   deems it vital that The Philippines stockpiles strategic assets such as Bitcoin to serve important national interest,   such as providing financial stability among others,   Vilafuarte   wrote,   adding that it's imperative   for congress to write new laws aimed at diversifying the country's assets   to ensure financial security.   Yay. Well, the lawmaker described Bitcoin as digital gold, citing its annual growth rate of 40%   over the last five years and its recent all time high.   He said The Philippines must, quote, cash in   on the increasing role of crypto in global markets pointing towards El Salvador   and other nations already exploring and implementing Bitcoin reserve strategies.  

The strategic Bitcoin reserve act   would mandate that the central bank implement a Bitcoin purchase program.   It would mandate   that the central bank hold the asset for a minimum of twenty years. It would also require the central bank to have a proof of reserve system.   This would compel the central bank governor to provide publicly available quarterly reports on the strategic Bitcoin reserve that include information   on holdings,   transactions,   and control of public and private   hold on. Transactions and control of private keys.   If approved, the bill could push The Philippines above El Salvador and near Bhutan in Bitcoin holdings.  

El Salvador, a country that buys Bitcoin daily, has a mere 6,276   Bitcoin.   Meanwhile, the Royal Government of Bhutan has around 10,565   worth nearly $1,200,000,000   according to ARCEM Intelligence.   So this is a would be nice if they don't if they do it,   but anybody can talk a big game.   Especially if it's going to give you enough of a boost and you don't actually have to execute on it, then sure, you'll say anything it takes. And right now,   the Bitcoin strategic reserve, whether for country   or business,   all you have to do is say it.   You don't have to execute it. You just have to say it.  

And in most cases,   you're gonna get something out of it. And that's what's saddening about the entire thing.   But   there was something here that really,   well, really kinda got me thinking in this particular one. Where is it?   Hold on. Let me see if I can do it this way.   Yes. Here we go.   This would mean that the coins could not be sold. They're talking about locking it into trust for twenty years. Right?   This would mean that the coins could not be sold, swapped, or disposed of   except   for when retiring   government   debt.  

And this gets us back into   into a completely different discussion than just Bitcoin.   I'm not talking about the fact that they would sell it to retire government debt.   I'm talking about the fact that   they   speak of it so nonchalantly.   Well, there's only one particular case that we would actually, you know, do this for, and that would be to to get rid of our debt. Well, why did you have the debt in the first place?   See,   every government is in debt.   And people are at this point, people are starting to ask the question,   who are we in debt to? Like, if we just look at The United States and we ask the the question becomes asked,   but who owns our debt?  

That's an easy answer.   Anybody that owns the United States Treasury bill.   That's who The United States owes money to.   That's how we get our money from other countries. We issue debt instrumentation.   In this case, the form takes treasury bills.   So China buys a whole bunch of treasury bills.   Well, they own that debt.   We are indebted   to the instrumentation   that we created   And the fact that China bought those particular box fulls of of debt   is not   is not it's as much to do about China is the fact that it doesn't matter who holds it.   All these countries buy United States   Treasury bills. So when you ask the question, who owns the debt?  

Who are who is The United States indebted to? It's any country that bought United States Treasury bills. But there's more.   We also owe The United States owes   any company   that holds   treasury bills on their balance sheets. If a company like AT and T has a billion dollars worth of   Treasury bills from The United States, then The United States owes AT and T $1,000,000,000.   It gets better.   Retail,   me and you, I can go buy a Treasury bill if I wanted to. I could call my broker and say, hey. I wanna I want   I want to put this much money, let's say $10,000   into the Treasury markets. And they say, sure, well, you want short, medium, long term? And I say, well, this is a little we'll do a mix of two year, five year or two year, ten year and thirty year.  

Okay.   Now the United States government owes me   because I   own   the treasury or the debt instrumentation.   So the next time somebody asks you the question, if you're talking about United States debt, and they say, yeah, but who do we owe it to? You you have your answer.   We owe it to anybody that holds a United States Treasury bill. That's how it works.   Just wanted to clear that up. Also, a reminder here,   the Comfrey owner's manual is here.   Go find it at the bitcoinandshow.com   if you've ever heard me talk about Comfrey and you wanna know where to get it from. You wanna know how to plan it. You wanna know how to divide it, and you wanna know what you can do with it once you start growing it, well, then you need to go to bitcoinandshow.com   and sign up with your email. Doesn't cost you nothing, but I do want your email in return   for   it's an owner's manual of comfrey.  

And it's not short. It's not it's not but it's also not so long that you don't wanna read it. It's like it's a good informational   brochure.   Right? And it tells you everything you need to do from making liquid fertilizer out of comfrey,   to making mulch out of comfrey,   to planting it, to dividing it, to scaling it, to do whatever it is that you wanna do with it. It's all in the guide. Go find it at bitcoinandshow.com   forward slash the comfrey owners manual is here.   And there's hyphens in between those. So bitcoin and show.com. Just go to bitcoinandshow.com.   And if you want to, just use a little search button up at the top left and and type in comfrey.  

You will find it.   Find it and and and sign up for it, and you will get it as a PDF.   And   you'll be you'll know exactly what to do with comfrey, and you'll know exactly where to buy it, and you'll know exactly   what is capable of doing from healing wounds   to making the best compost   to making liquid fertilizer.   And I mean all by itself. You don't have to add anything into it. It's just just nothing but comfrey leaves. You make   comfrey extract, which is like   extra heavy duty potency   fertilizer   all from comfrey because comfrey's got it all. It's got the nitrogen, it's got potassium, it's got it's got the magnesium, it's got the molybdenum, it's got everything in it. It's got macronutrients   and micronutrients.  

Concrete is all you need. It digs deep into the ground. It pulls minerals and stuff that have been locked away for centuries, and it pulls it up to the surface where you can actually use it   to feed other plants with. It's this stuff is amazing. It also heals wounds, but we won't get into it right now.   Go to bitcoinandshow.com.   That's bitcoinandshow.com,   and I will see you on the other side.   This has been Bitcoin and, and I am your host, David Bennett. I hope you enjoyed today's episode and hope to see you again real soon.   Have a great day.