Share on social media:

Episode 1213 of Bitcoin And . . . is LIVE! 

Topics for today: 

• IMF Left With Egg on Face
• NAKA TANKING More
• US to Join International Tax Reporting Scheme
• Latin American Steak 'n Shake'

Circle P:

 
Permanerd
 
Freeze Dried Fruits and Herbs
 Comfrey Salve
 2.1% off with BitcoinAnd
 
https://sats4snacks.com/

https://primal.net/p/nprofile1qqspqxs39j9dctnfuqqrz98lrswnddlumcrdsn28j689n824susmphcfxudsz
 

Today's Articles:

 
https://cointelegraph.com/news/el-salvador-bitcoin-buy-imf-loan-questions

https://decrypt.co/348979/bitcoin-treasury-kindlymd-extends-stock-collapse-earnings-delay

https://www.theblock.co/post/379242/cloudflare-global-network-outage-hits-multiple-crypto-front-ends-in-widespread-disruption

https://atlas21.com/white-house-considers-joining-the-carf-possible-new-tax-rules-for-foreign-crypto-accounts/

https://bitcoinnews.com/adoption/steak-n-shake-el-salvador-expansion/

https://www.coindesk.com/business/2025/11/18/tether-invests-in-ledn-to-expand-bitcoin-backed-lending-eyeing-surging-demand

https://cointelegraph.com/news/mt-gox-bitcoin-transfer-creditor-repayments-delay-2026

https://www.coindesk.com/markets/2025/11/17/bitcoin-accumulation-amid-market-weakness-sharp-rise-in-1k-btc-holders-suggests-so

Get You're Free Comfrey Owner's Manual Here:
https://www.bitcoinandshow.com/the-comfrey-owners-manual-is-here/

Find the Bitcoin And Podcast on every podcast app here:
https://episodes.fm/1438789088

Find me on nostr
npub1vwymuey3u7mf860ndrkw3r7dz30s0srg6tqmhtjzg7umtm6rn5eq2qzugd (npub)
6389be6491e7b693e9f368ece88fcd145f07c068d2c1bbae4247b9b5ef439d32 (Hex)

Twitter:
https://twitter.com/DavidB84567

StackerNews:
stacker.news/NunyaBidness

Podcasting 2.0:
fountain.fm/show/eK5XaSb3UaLRavU3lYrI

Apple Podcasts:
tinyurl.com/unm35bjh

Mastodon:
https://noauthority.social/@NunyaBidness

Support Bitcoin And . . . on Patreon:
patreon.com/BitcoinAndPodcast

Find Lightning Network Channel partners here:
https://t.me/+bj-7w_ePsANlOGEx (Nodestrich)
https://t.me/plebnet (Plebnet)

Music by:
Flutey Funk Kevin MacLeod (incompetech.com)
Licensed under Creative Commons: By Attribution 3.0 License
creativecommons.org/licenses/by/3.0/

[00:00:02] David Bennett:

It is 09:17AM   Pacific Standard Time. It is what loads? The 11/18/2025   and this is episode twelve thirteen   of Bitcoin. And we're gonna run down south first to El Salvador. That's where the news that you can use begins this morning.   But then,   we're really gonna need to,   look at KindlyMD   again.   I was talking about the whole David Bailey,   Brandon Green switch up   at BTC   Inc, which is the parent company of Bitcoin Magazine.   And, you know, David Bailey got himself into that whole issue with Kindly MD and Nakamoto,   and I've I I talked all about this yesterday.  

But now Kindly MD is back in the news. So we're gonna talk about that. CloudFlare   has been causing all manner of problems this morning. In fact,   it wasn't even allowing me   to get to my own   podcast host website, which would be podhome.fm.   I love those guys. It's a great service. If you've got a podcast   and you're not liking your host, you might wanna consider podhome.fm,   but I couldn't even get over there because   CloudFlare was all jacked up. And, by the way,   it ain't just me that was having problems. We got some   crypto that got crippled because, you   know, centralization.  

Then the White House considers   joining some kind of weird international   tax plan.   Then we're gonna run back down south,   back to El Salvador   where   something else is going on, which is kinda interesting.   It's,   tasty. It it'll be a tasty, tasty   treat.   Tether   is making yet another investment.   I'm I'm telling you guys,   this is a company that just seems to be on fire,   but   it's it seems like it's just going unnoticed.   I notice it. It's not it's not because I'm a fan or if, you know, this isn't a fan favorite of mine.   I just can't not see   these rather large moves   that this company that started out by building a stable coin so that degen traders   didn't have to go into USD   on crypto exchanges could use,   but is very clear to me that they have their design set on something a hell of a lot larger   than just being a stablecoin   provider than Mt. Gox.  

Of all the times   to move Bitcoin,   yesterday was not one of them, especially when you're not gonna do dick with it. I wonder why they did that.   And then let's see. What else we got?   Good lord. I can't even I can't even I can't even see this. What the hell's going on? Oh, yeah. Yeah.   Today, I will end up with in this, show   talking just a little bit about   what's going on with Bitcoin because, clearly,   unless you're living under a rock, shit's going on with Bitcoin. But first, El Salvador   and their latest $100,000,000   Bitcoin   haul.  

It's rekindled questions around that IMF program that would be the International Monetary Fund.   Adrian Zmunsky   from Cointelegraph   is gonna get into some detail here. El Salvador,   the first country to adopt Bitcoin as legal tender,   says that it has bought   more than $100,000,000   in Bitcoin   despite pledging,   swearing,   hand over heart to the International Monetary Fund to limit public exposure to the asset as part of a loan agreement.   So according to data from El Salvador's Bitcoin office,   the government acquired 1,090   Bitcoin   worth more than $100,000,000   on Tuesday.  

Taco Tuesday.   The purchase comes after the IMF said in a July report that the Central American nation had not bought any new Bitcoin since the organization approved a $1,400,000,000   loan program   at the 2024.   According to El Salvador's Bitcoin Reserve data,   the country's Bitcoin holdings went from 5,968   on December   18   when the government inked the deal with the IMF   to over 7,474   Bitcoin following its latest   purchase announcement,   El Salvador's reserves,   were valued at roughly $683,000,000   at the time of writing.   Despite Bitcoin losing ground after falling 28%   from the all time high of over 126,000   in early October   to $96,000   at the time of writing,   and, well,   it that we've yeah. Okay. We won't talk about it.  

It'll be okay.   The move follows comments in July from Quentin   Ennerman,   general manager at My First Bitcoin, a nongovernmental   organization focused on Bitcoin adoption, who said   that El Salvador's Bitcoin reserve had a limited impact   on the broader population. He said that since the government entered into this contract with the IMF,   Bitcoin is no longer legal tender,   and we haven't seen any other effort to educate people.   Quote, the government,   apparently,   continues to accumulate Bitcoin, which is beneficial to the government.   It's not directly good for the people, end quote.  

The IMF and the Salvadoran government did not respond   for request,   for comment.   Data from El Salvador's Bitcoin office appears   to show   that the government has continued to accumulate BTC   since signing   the IMF agreement. The IMF also requested that the country restrict Bitcoin purchases in early March in accordance with terms of the previous loan agreement. Still,   a letter of intent signed by El Salvador Central Bank president   and minister of finance quoted in the aforementioned   July IMF report claims   that the Central American country bought no Bitcoin   since the 2024   loan.  

So the IMF report explained that Chivo, the wallet,   does not adjust its Bitcoin reserves to reflect changes in clients' Bitcoin deposits, which led to minor discrepancies   that made it appear   that El Salvador's public sector was accumulating BTC.   Oh, bullshit.   That is bullshit.   Wow. Talk about reaching for straws. My god. The IMF just   pull up your big girl panties. Holy crap. The letter   signed by Salvadoran officials further stated that in line with commitments under the program,   the stock of Bitcoin held by the public sector remains unchanged.   It also promised that steps to reduce exposure are being taken.  

Quote, we are taking steps   to mitigate financial risks by reducing the public sector's role in the Chivo wallet and reframing the Bitcoin project, end quote. Those assurances   came before the latest   and   unusually large Bitcoin purchase. Even so, the government has continued to at least suggest it was steadily accumulating Bitcoin   before this week's buy, raising   fresh questions   over just how closely it is adhering to the IMF deal and how its Bitcoin reserves are being reported. That's the end of the article. It makes me wonder, ladies and gentlemen,   is it possible   is it possible   that let's just let's say that this is true,   that that it there's proof positive,   no questions remaining that El Salvador did, in fact, purchase a $100,000,000   worth of Bitcoin   sometime early this morning or late yesterday, whenever whenever it was.  

Let's say it's true. Let's also let's further conjecture   that they have consistently   been buying Bitcoin   ever since the IMF loan deal was made back in 2024.   Let's further   review the fact that, well, the IMF has sent several letters to El Salvador. They've made several statements   that El Salvador is   required to do this thing, and they really don't like Bitcoin. That shit we know is true.   Well, there's no doubt about that at all. There's not even a a hint   of problems in understanding that one. So, take it all together,   is it possible   that Bukele is playing with the IMF on the national stage   only to leave them with a bunch of egg on their face? Which would   which would I'm I'm sorry. It would. It would make the IMF   look much weaker   in the eyes of all the nations of the world. If something   as small as El Salvador can thumb their nose   at the IMF,   bring them to the table,   waste   their time   signing an agreement,   never   under any circumstances   for one freaking second, not one nanosecond,   having any attention   to honor any part of that deal.  

Think about that.   What   what exactly would happen   if through all these, you know, public embarrassments and, again, we have to assume,   or or rather, we're conjecturing that what we know about this purchase and the other purchases of Bitcoin by El Salvador is true. We don't know.   Right? There's some opaqueness there. Right. So none of us really actually know.   We have some kind. We have some ancillary evidence. We have, you know, wallet addresses that seem to be linked to El Salvador. But we don't   really 100%   know,   which is problematic.  

But we are making the assumption here for purposes of argument that they have done all this, that we do know.   And let's say they just carry this out and they just go on and on and on and they continuously   buy Bitcoin and their IMF is continuously writing them letters essentially to say, please stop embarrassing us. And then finally, Bukele just stands up and says, you know what?   You can take your loan   and you can shove it.   We've been buying Bitcoin this entire time.   You look like buffoons.   What would I mean, honestly,   at that point,   the reputation of the International Monetary Fund   takes a hit. I don't really care who oh, the oh, it was just El Salvador. Yeah.  

But when when one of this   most   unpopulated   countries in the world or at least one of the lowest population countries in the world, because of their size, it is a tiny, tiny country.   I could probably fit I could probably fit 5,000   El Salvadors inside of the state of Texas. Not exactly sure about that. So, you know, if you do the math and I'm fundamentally wrong, you know, give me a break. I'm just saying.   I'm just saying. This is one of the smallest countries in the world, and if they can do it,   if they have literally   no shame in just making the IMF look like the morons that they are,   then what does that do to their reputation on the national stage?  

I I think it takes a hit.   And I I, for one,   am hoping for exactly this.   I hope they're buying Bitcoin, and I hope they have every intention   of coming out of the closet saying all this time, we've been basically thumbing our nose at you. I would laugh my ever loving ass off.   But some other people that, you know, they're not laughing.   And it ain't the IMF. It's well,   anybody who's tied up with KindlyMD,   the Bitcoin Treasury company,   has extended   stock collapse   after they delayed their earnings report.   Do you dude, that is something you do not do. And when you do do it, it chances are good, it's not an internal snafu.   You didn't forget.  

This is something that is extremely   problematic going on inside Kindly, MD, AKA Nakamoto or whatever the hell you wanna call it. Let's find out more from Stacy Jones at decrypt.co.   Bitcoin treasury company Kindly MD's   share price dropped nearly 10 percent Monday   after the firm said on Friday that it won't be able to meet the deadline for its third quarter earnings   without   unreasonable effort   or expense.   Okay. Let's just pause right there. Unreasonable   effort or expense.   You're putting together an earnings report.   You should have been these numbers should have been   at your beck and call   throughout most of the quarter. The the number should be compiled   at least on a weekly basis by your chief financial officer's crew. That's the way shit like this works. It's not hard.  

It's not hard to do this   unless you unless you act like you're in high school   and you've got a term paper coming up and you wait until the day before   it's due   to actually start writing the paper and you realize just how much effort and expense is going to have to go into it. This   this does not look good.   From a leadership level, this looks like something that might be run by kindergarteners.   I'm not sure   continuing on the company shares which trade on the Nasdaq under the NACA ticker, n a k a, had fallen to a mere 55¢.   By the end of the trading day, Naka is down down,   25%   from a week ago and more than 95%   lower than it was just six months ago. Large companies   file within forty days after the end of the quarter. All other US publicly traded companies, including Kindly, MD, have forty five days to file after the end of the quarter.  

For the third quarter, which ended September 30,   that cutoff   was November 14.   But instead of its q 10 or 10 q,   Kindly MD filed paperwork   with the United States Securities and Exchange Commission on Friday to say   that the complexity of accounting   related to its merger with Nakamoto has, quote,   necessitated   additional time to ensure the accuracy and completeness of the information, end quote. Oh, they're pulling that one out of the bag. Bag. Okay. Well,   it is mergers are complicated. I get it. Still, though, you knew the deadline. You knew when the deadline was coming up.   Right? That that should have been assigned to at least a couple of people. Hey.  

You you guys you guys need to make sure that we've got numbers. Anyway, Kindly MD merged earlier this year with Nakamoto,   a Bitcoin treasury firm formerly known as Nakamoto Games. Oh, I I did not know that part. Oh, interesting.   As part of the merger, Nakamoto founder David Bailey was named CEO in August.   Bailey has remained on Twitter or remarked on Twitter about a new CEO taking over at BTC Inc, which he cofounded,   but has not directly commented on the company's share price   or late quarterly earnings.   The firm did signal in its filing that its numbers will show a significant change compared to this time next year. Yeah. I'll bet.  

NACA said,   it expects to report a realized loss of 1,400,000.0   on digital   assets, meaning that it has sold some of them.   There will also be an unrealized loss of more than $22,000,000   on digital assets that it still holds   and a $14,400,000   loss on extinguishment of debt.   The filing also says the company will report a $59,000,000   loss   on its acquisition of Nakamoto,   meaning that it paid more to acquire the company than the fair value of net assets received.   Buy high, sell low. Hey. What about the company? It also said it expects to report a $21,800,000   positive change in the fair value of contingent liability.  

That means   one of the company's liabilities   has been marked down in value, which shows up in earnings as a gain.   This   is a   this is a dumpster fire.   This Kindly MD Nakamoto thing is a dumpster   fire, and you would do well   to stay as far away from it.   And honestly,   most Bitcoin treasury companies   in fact,   all of them.   I mean, even strategy.   I need to see I need to see strategy making more products   and selling more products   before I even entertain   the thought of looking in the direction of the possibility   of buying at least one share of that company, which I probably will never do. It's just not worth it to me.   Everything   everything dumped.  

When you've tied   your entire future to a single asset and I'm I mean, I love Bitcoin. You this is the Bitcoin and podcast.   But still,   if you have no revenue,   if you're not offering a service for sale,   and you've tied the entire company   to this one asset,   even if you've got some shit coins in reserve, you you're still tying yourself to Bitcoin in total,   what do you expect to happen when the price of Bitcoin goes down?   What did you think was gonna happen?   And the fact is they've sold some.   That's gonna and and that's not gonna look good in the news, but we knew that was going to happen. I'm just   I'm I'm still   trying to figure out, though,   how it ended up being Nakamoto   that was the main pressure release valve   for the pressure building up in the bubble that was or is Bitcoin treasury companies. I mean, yes.  

Meta Planet's lost and strategy stock prices down below 200.   I get all that.   But as far as just blowing your top off,   dude, it's Nakamoto   in this Kindly MD mess.   95%   down.   Next time,   find a widget to sell to people. I I don't know.   And then there's CloudFlare.   The global network outage, yeah, CloudFlare was down globally,   hits multiple crypto front ends and widespread   disruption, James Hunt writing for the block dot c o. CloudFlare   suffered a global   global network outage on Tuesday that has impacted the front ends   of multiple crypto platforms, including exchanges,   block explorers, defi protocols,   as well as analytics services. CloudFlare   provides global network infrastructure, powering security, traffic routing, and edge computing   services   used by millions of websites and applications.  

Coinbase and Kraken, of course, are among the crypto exchanges impacted by the issue, with blockchain explorer, Etherscan,   lending platform, Aave, and data provider, Defi Llama, all experiencing   intermittent Cloud Flare 500 internal server error pages.   The issue is also impacting   major web two sites, including Twitter   or, well, x, whatever. Cloud Flare first acknowledged the issue on a status page at around 11:48   forty eight AM UTC,   describing it as an internal service degradation   affecting parts of its global network. The company said   the issue had been identified and that a fix was being implemented.  

The outage comes amid scheduled maintenance at several CloudFlare data centers, although the firm has not confirmed whether the two events are connected.   Of course, they're connected.   Y'all performed multiple server migrations all at once, and and and you just expected everything to go swimmingly?   Okay.   So, anyway, CloudFlare   really, really screwed the pooch this morning. I mean, there's more to this article, but all we'd really need to know is that Cloudflare went down.   And when it does,   it always exposes who's swimming without underwear insofar as all these people that claim that they're decentralized.   No. They're not.  

You know who didn't go down? Bitcoin. That's right. Bitcoin did not go down. Bitcoin does not rely on on CloudFlare.   Are there some wallets?   Are there some some companies that use Bitcoin and build themselves out as Bitcoin companies that were affected?   Of course.   But the Bitcoin network itself,   it it's nothing happened at all.   Blocks blocks flowed.   Transactions   got confirmed.   Dude,   it's just fine.   But   when this happens   and you see who's swimming without   swimming trunks,   you should remember their names.   Okay.   Sats4snacks.com.   That's sats4snacks.com.  

Go and visit my friend, perma nerd,   at satsforsnacks.com.   That's sats, thenumberfour,snacks.com,   and get yourself   some freeze dried pineapple.   He sells them in five packs for 44,000   sats.   Sats, you say? Yes. I did say sats because this is the circle p. It's where I bring plebs with goods and services   for sale in Bitcoin to you,   plebs who might want to buy said goods and services in Bitcoin. Because if you're not selling into Bitcoin, you ain't in the circle p. And Perma Nerd is definitely one of the spotlight vendors in the circle p. Sats4Snacks,   you can get freeze dried pineapple,   freeze dried peaches, freeze dried mango.  

You can get freeze dried   sweet stack medley packs,   which got mangoes and dried strawberries, dried pineapple and dried peaches. And we're talking freeze dried,   not dehydrated.   There's a difference.   Some of these fruits, when you dehydrate them, they call it fruit leather   for a reason.   It ain't so pleasant.   But freeze drying this stuff,   that changes the texture completely.   And for 44,000   satoshis, you can get five packs   of all of these things, including   five packs   of freeze dried bananas, which are   freaking fabulous, man. But he's also got proof of healing comfrey salve. It's not a fruit. It's not freeze dried. It's a salve. You put it on   cuts and bruises and scrapes and, you know, like bee stings and and things like that, and it really   accelerates the healing process.  

Don't use it on really deep cuts. Like, if you think, man, I should probably go to the hospital. No. I'll just put some comfrey on it. Don't know. No. No. No. No. Don't do that shit. If you think you've gotta cut deep enough to go to the hospital,   then go to the hospital.   Let them sew your ass up, and then treat the wound   after a couple of days of healing   with salve   with comfrey, you know. And get your comfrey salve from sats4snacks.com.   That's sats4snacks.com.   Make sure that you use the,   code Bitcoin and in the coupon code, get 2.1%   off of your entire purchase. And it also lets Perma Nerd that I made a sale for him here on the Bitcoin and podcast,   and he will be able to get me back on the other side with what he thinks   that sale was worth to him. It's the only podcast with value for value advertising anywhere in the world. It's the Circle p.  

On to the White House.   Who, for whatever reason, is considering   joining the CARF,   possible due tax rules for foreign crypto accounts.   They wanna know.   They wanna make sure that they can find   every single piece of value you own because   government's only intention   ever   is to steal from their citizenry,   tell them that they're giving them services for it, and then   not provide good service.   It's like the antithesis of capitalism. Anyway,   the White House is reviewing a proposal   from the Internal Revenue Service that would mark a shift in how digital assets are taxed   and reported   in The United States Of America.  

The initiative involves adopting the   CARF or crypto   asset reporting framework, which is a global tax standard that would grant the United States tax agency full access   to data related to foreign accounts held by American citizens.   The proposal   titled   broker digital transaction reporting   are submitted to the White House on November 14,   and it would align with The US tax system with or it would align The US tax system with that of 72 other countries that have already committed to implementing the CARF by the year 2028.   Although the IRS has not classified the measure as economically significant,   then why are you doing it? Its introduction would nonetheless require American taxpayers to adopt stricter standards   even when reporting capital gains generated on foreign platforms.  

The CARF is an initiative   of the Organization   for Economic Co operation and Development   launched at the 2022.   Keep that year in mind. This is brand new shit.   This is brand new globalist crap that I'll bet most people have already forgotten about. God knows I did. 2022   was the installation of the Organization   for Economic Cooperation and Development.   It started or with a stated objective of facilitating the sharing of cryptocurrency   information   among participating countries to combat international tax evasion.   That's not why it's there.  

That's not why it's there.   According   to the policy recommendations   report published by the White House last July, implementing the CARF would help   discourage   US taxpayers from moving their digital assets to offshore exchanges while preventing domestic platforms from being   disadvantaged   compared to international competitors.   Adopting this international The   United States in line with more than   one third of the world's countries.   The rollout of the CARF is expected in 2027   with 50 nations prepared to join, including   Brazil,   Indonesia,   Japan,   Germany, France, Italy, Spain,   of course, and Mexico as well as The United Kingdom.  

Then there's another 23 countries that have reportedly committed to implementing the framework by 2028.   In parallel with joining the CARF, The United States is preparing to introduce stricter tax rules   at the national level beginning in January   2026.   Form ten ninety nine   d a, which I presume stands for digital assets,   will take effect requiring US based exchanges   to provide far more detailed transactional data, including both incoming and outgoing   transfers.   Clinton Donnelly, a tax attorney specializing in digital assets in The United States, stated in a post on x, quote, right now,   the IRS doesn't   have instant visibility into everything that you're doing on the blockchain.  

However,   that's about to change. A few years down the road, with better tools and data integration,   they'll be able to scan blockchain networks at scale   to identify major non reporters   and target them for audits.   You need to get your shit off the exchange.   You need   to sell   everything that is not Bitcoin   if it's a digital asset. I'm not saying, hey. Go sell your home. I'm just saying, hey. If you own Solana, dude, it is time to get rid of   it, then sell it into Bitcoin,   then get every all of your Bitcoin off of exchanges.   I really like the guys at Square   for enabling 4,000,000 merchants that use the Square point of sale devices at their place of business so that I would be able to, you know,   buy or not buy and sell Bitcoin, but buy and sell their goods or, well, at least buy their goods with Bitcoin directly.  

But they're going to fall under the 10 the ten ninety nine d a, possibly,   even though they're not an exchange.   It probably won't be a ten ninety nine. It will be another kind of reporting   because a ten ninety nine is basically an income   tax statement.   But there will be something.   And what we really, really need to do is lean into   selling your goods and services directly for Bitcoin with wallets that you hold,   wallet addresses that you've built   to take Bitcoin in for goods and services that you sell.   We need to lean into that.   You know, it's it's about time that the apathy stop.  

And so, well, Dave, I don't wanna go to jail. Well, you know, nobody wants to go to jail.   Nobody in The United well, at the time, the colonies nobody in the British Colonies in in what became The United States, none of them wanted to die.   Hell, I'll bet half of them that died in the revolutionary   war against King George would much rather   have cooled their heels inside of a fucking jail cell   than to have a hole blown through their torso and then die.   But yet they did it. I and you you gotta ask yourself, why?   Because enough, at one point, literally becomes enough.  

They were much   more able to get over that that mountain of apathy   that just locks people into their station,   which   which governments and and people in power use. They know apathy is a hard hill to climb.   It's so much easier to just bask in,   oh, well,   it's for the roads. It no, man. It ain't for the fucking roads.   All these people do all day long is figure out new and improved ways to steal from you and make it look like they're not stealing from you. That's what they do.   And it's never it   it it I'm not sure if it's ever been worse. But then again, I wasn't alive three hundred years ago, so I don't know what living I I wasn't alive in, like, you know, medieval Europe either, so I don't know what that shit looked like.   But it seems to me, given the history that I do know, that humanity   has basically just been   filched,   just fleeced   of   everything,   everywhere, all the time. It's got to stop, y'all.  

One of these days, it's gotta stop, and then we're gonna be able to run the numbers. But   before that, we'll run the numbers right here.   CNBC   Futures and Commodities, Murbond crude is up point 06%   to $65   and 8 dimes. Brent Norcey   up 0.08,   and West Texas Intermediate is actually up wow. Good gain, bro. Almost a full half point to $60.16.   Meanwhile, the hedge that is natural gas is down 1.79%   to $4.28,   and gasoline is down another third   to go to, what, a buck 98 a gallon.   Good good luck finding it.   Shiny metal rock's not doing well, except for palladium, the only thing in the green, point,   12%   to the upside.  

Gold, still hanging on to $4,000,   but just barely. 4,073   in six dimes. Platinum is down   point 05%.   Silver is down a quarter and copper is down a half.   Fully mix of AG futures today. Biggest winner looks to be   coffee. 2.2%   to the upside.   Biggest loser,   it's a tie between   chocolate and sugar. Both are down point 61%   in the red. Live cattle is   down two thirds of a point. Lean hogs down.   Poor   pork prices are down basically 2.14%.   McRib's on the way.   Feeder cattle are also down by a third of a point. The S and P is down a half.   Nasdaq is down point eight.  

Dow is down point 89%.   Only thing in the green is the S and P Mini. It's up one quarter   of 1%,   and we're at $93,080.   That is a $1,860,000,000,000   market cap.   We can only purchase 23.1   ounces of shiny metal rocks with our one Bitcoin of which there are   19,000,000,   950,000,   335   and 1 half of, and average fees per block are   moderate 0.03   BTC taking the fees on a per block basis.   There's about 35 blocks carrying 46,000   transactions waiting to clear at high priority rates of three sets per v byte. Low priorities get you in at one   and still in Zeta Hash territory.  

So 1.08   Zeta Hash's per second.   It's the hash rate of the network. That is all the security   that we need and more. Perpetual   shock.   The boosts   from yesterday's episode of Bitcoin, and I got BTC master   399   SAT says, ABC   web designs will work for SATs. Yes. That's right.   Websites   for Satoshis   and tulips. Brother   brother   he just hammered down   25,000   SATs. Dude, tulips, I love you, man. He says, tulips.   Twenty five years?   25,000   sats then. Congratulations.   Get your wife some flowers or something.   I love the current price action. I hope we can keep it like this for a few more years.   To a tulip can dream   of what? A tulip can dream too. Because I like my sats like I like my women, cheap and fungible. Oh,   I don't know if I want a fungible woman.  

Hey, you know, I'll just exchange this woman for another woman.   They're just the same.   Yeah. I'd probably end up, you know, crucified on a cross somewhere for that one. I wrote down   all the market price predictions from the biggest Bitcoiners out there from a 150 k to 1,000,000 per coin. They were all wrong except for Odell and you, sir. Okay. Thank you.   Stay humble and stack sets or something like that. You said,   it turned out to be right. Humbled I've been.   All predictions,   all trading, and all stocks and shit coins are just tulips,   and they are going to zero.  

Tulips is one of my favorite people, man. Nick underscore dose,   104   says, cheers.   And Nikaz eighteen with two ten says, congrats on your marriage. Live free and live aloha. I hear you, pal. I hear you. That's the weather report.   Welcome to part two of the news that you can use. Let's go back down south to El Salvador where Steak and Shake is planning   an expansion.   Alex Larry from Bitcoin News.   Steak and Shake,   the American fast food chain famous for its burgers and shakes and recently its Bitcoin adoption,   is expanding in l into El Salvador.  

It's a perfect place for them to go. This decision   comes after the company embraced Bitcoin payments and saw a boost in sales across The United States.   The company then announced its expansion   after taking part in the Bitcoin historico event,   which was held in El Salvador.   This event brings together well known Bitcoin supporters and businesses. The company's leaders said that the visit helped confirm   that El Salvador was the right place for their first Latin American location.   Dan Edwards, the company's chief operations officer, explained the decision very clearly. He said, quote,   El Salvador is a country that is innovating and leading the way, and we greatly respect what president Bukele is doing here.  

This is Bitcoin country, and we want our first restaurant in Latin American or Latin America to be in El Salvador,   end quote.   Steak and Shake started accepting Bitcoin,   in US restaurants 05/16/2025,   and the company even introduced special items like the Bitcoin steak burger to promote the launch.   This helped create excitement around new payment options.   Since adding Bitcoin payments, the company has seen strong sales and growth or strong growth sales. Sorry. Reports show an 11%   increase in same store sales in the second quarter and a 15% increase in the third.   These increases were higher   than those of major fast food competitors like McDonald's, Burger King, Taco Bell, and Starbucks.  

The company believes accepting Bitcoin helped attract more customers,   especially those in the Bitcoin community.   It stated that its embrace of BTC likely helped drive the uptake, while analysts say it's hard to prove this directly.   The timing does suggest   that Bitcoin payments did play an important role. Although, Stake and Shake strongly supports Bitcoin, it briefly considered accepting Ethereum.   Yeah. We know how that went.   Steak and Shake is now working to make Bitcoin an important part of its identity.   The company has even launched a Bitcoin reserve,   choosing to store all of the Bitcoin that they've received from customers instead of converting it directly to   US dollars.  

And we should pause there to reflect on that decision.   I talked about it before on this show, but it's it's   it's it's a good plan   to think a little bit about that.   They were converting all of their Bitcoin sales directly into dollars, and and we said, okay.   Hell hell, at least you're taking Bitcoin.   But now they're keeping the Bitcoin, and they're not converting it to dollars. And this is a major American fast food chain.   Thought that just needed its own little   little element right there. Anyway,   where were we? Oh, Steak and Shake has also partnered with Fold,   a Bitcoin rewards app to give customers $5 in Bitcoin when they buy select Bitcoin meal items.  

These actions have strengthened the company's image in the Bitcoin community, and many people now see Steak and Shake as one of the most Bitcoin friendly fast food chains   in The United States.   The expansion into El Salvador is more than just opening a new restaurant.   It represents the company's goal of growing its presence in Latin America, and Bitcoin friendly El Salvador   seems like the best place to start.   Edwards said, quote, we are here to grow together.   We want to enter Latin America, but we want our first flag to be planted in El Salvador.   That's the end of the article. This is a company who understands the future.  

And I was talking about the future yesterday. The future is Latin America.   The future is the continent of Africa.   There's there's more places,   Balkans and Baltics and stuff like that, but it's really   Africa and Latin America. That's these are the two central places on the planet   that   have the potential for   explosive   growth   in almost every aspect that you can think of.   And Steak and Shake sees it.   Because I'll bet you my hat that the store in   El Salvador is not going to be their last restaurant that they open in Latin America.   Alright. On to Tether,   who is also in El Salvador,   by the way. Just   let's be clear about that.  

However, this is not about Tether being in El Salvador.   This is about Tether investing in LEDN,   l e d n,   to expand Bitcoin backed lending   amid a surging demand. Well, I'm probably sure it's not surging right now, but, you know, okay.   Jamie Crowley, let's find out more out of CoinDesk.   Tether has made a strategic investment in Leaden, one of the foremost providers of Bitcoin backed consumer loans, in a move aimed   at expanding access to credit secured by digital assets,   the firm said in an emailed announcement on Tuesday.   The size of the investment has not been disclosed.  

Tether declined to provide any further details   when contacted by CoinDesk.   The investment forms part of Tether's push to support real world financial services built on digital asset rails.   Bitcoin backed lending allows users to access liquidity without selling BTC to unlock short term capital.   Lenden was one of the only survivors   of the route of the crypto backed lending sector in 2022, which saw the likes of BlockFi, Voyager, Celsius, and Genesis   collapse.   The Cayman Islands registered company has streamlined its service,   following a Bitcoin only model to simplify its offering and sharpen its focus.  

Leaden, which had originated over 2,800,000,000.0,   that's billion with a b, dollars in BTC backed loans since launch,   is on track for its strongest year yet. More than 1,000,000,000   in loans have been issued in 2025,   including   392,000,000   in the third quarter alone,   nearly matching the firm's entire 2024   volume.   Tether CEO, Paolo Ardoino, said   the investment reflects a commitment to financial empowerment   through self custodial   credit.   That is an interesting phrase,   self custodial   credit,   where you basically build you you basically   provide your own credit.  

It's an interesting term, and I doubt you that this will be the last time that we hear about that.   So Tether investing   in leaden is a really good sign.   Leaden like, you say what you will about Bitcoin loans.   After the 2022   debacle of and it wasn't just I mean, honestly, all those lending companies that were talked about, this it wasn't a lending a Bitcoin lending company catastrophe.   It was all linked to FTX   and Alameda   and that entire thing. Right?   Nobody escaped. But the people that really got hurt were the people that were holding loans   with their Bitcoin,   and we watched as the Bitcoin price just took a nosedive. Much like what we're we're seeing today, except in in those years, 2021,   2022,   it was really bad.  

Really, really bad, and a lot of people lost a lot of their Bitcoin because they got   they got their collateral called   because the price of Bitcoin fell below the value of the loan.   And this is the problem with these lending companies.   It's not that they it's not that they're the problem. It's the the problem is people don't understand what a loan is. Just because you make the loan   and collateralize it with Bitcoin doesn't make it any less of an actual loan.   If the collateral value   of the loan that you've taken out with anybody   falls below the loan amount, you're gonna get a call.  

This is the way this shit works.   I've had that call before in in a business that I started a long, long time ago that I had to shut down. I got that call from my baker saying, dude,   the collateralized assets against the loan value,   you're gonna have to liquidate.   It was a hard phone call to have.   That's a tough phone call. But   people started going, well, it's just   I think BlockFi was a terrible company. I think it was terribly run, and I I think they were they were predators.   And I think a lot of the people   that were basically, you know, advertising, you know, for them without, you know, without thinking twice about it   on podcasts and YouTube channels and whatnot like that, I I think that they were complicit.  

Even if they didn't know what they were even if they didn't know what was going on at BlockFi,   when everybody is screaming at you to stop   advertising for BlockFi because there's something fucking clearly wrong, then maybe you should actually listen   and stop advertising for a predatory   company   that went tits up   the second that Bitcoin lost 10% to 20% of its price structure.   I I'm sorry. I've just I I can't let that one go.   So many people got got so hosed   by BlockFi and the rest of these idiots that they you know, companies that were talked about in this news story   that it was it was just sad to watch.  

People losing   hard earned Bitcoin.   They had held it for years and years and years, and they were like, okay. Well, I don't wanna sell it, but I can take a loan against it.   And they were just led down a primrose path of, oh, it's gonna be fine. It's gonna be fine.   And it wasn't fine. But now everybody's grown   up. And everybody with   on the other end of my voice should understand.   If you put up one Bitcoin   for,   let's say let's say bitcoin let's just call it a $100,000.   I know it's below that. A $100,000   is easy math.   Leaden   and people like Unchained Capital   won't even think about giving you 75%   of the value,   like BlockFi was doing, or 85%,   or 90%.  

You'll be lucky to get half the value. That's for your protection,   as well as the the company that's making the loan itself.   Right? That's for your protection.   But still,   it's always possible that that could happen.   And if you don't understand how this works, then you don't have any business whatsoever taking a loan against your Bitcoin.   So   if you ever think, you know, I don't wanna sell it, I I wanna get a loan for it, please   do the math   and take yourself through the mental exercise of   what does it actually   mean to take a loan   against your Bitcoin, especially   if shit goes south.  

Now speaking about shit going south, Mt. Gox is back in the news.   For whatever reason,   somebody at that company woke up and decided well, it's not a company anymore. It's really the trustee of the bankruptcy. But   whoever woke up and decided that it'd be a real good idea,   after eight months of almost complete and utter silence,   to move almost $1,000,000,000   worth of Bitcoin   yesterday.   Yeah.   I'm telling you, man. Zoltan Varde is gonna tell us even more from Cointelegraph.   Defunct Japanese cryptocurrency exchange, Mt. Gox,   has made its   largest Bitcoin move   in eight months, even as it pushes back creditor repayments until late twenty twenty six.  

Then why did you move Bitcoin?   Why did you move Bitcoin   yesterday or today?   When when when clearly   any market signal   is going to cause people to have heart attacks   and shit the bed.   What possible reasoning could you have   to do anything at all if you've already said we're going to delay all of the rest of the payments and they've made most of them already?   But there are still some stragglers,   and they decided because there's so many stragglers that haven't filed the paperwork   that they're gonna push these payments back for one more year, then why move the Bitcoin?   Why   move the Bitcoin?  

Because the Mt. Gox labeled cold wallet   that we're talking about here   transferred 10,600   Bitcoin worth over $953,000,000   into a brand new cryptocurrency   wallet,   marking its first large scale transfer in eight months.   The transfer was also the first movement   above $1,000,000   from the address since March 25   when a mere 893   b t c worth 77,000,000   were moved according to Arcam Intelligence.   Mt. Gox still holds 34,689   Bitcoin worth about $3,140,000,000   at the time of writing.   The transfer   came as a surprise for the crypto community.   Surprise.  

As the default crypto exchange delayed its repayments by another year until 10/31/2026,   citing incomplete creditor procedures. Quote,   as it is desirable to make the repayments to such rehabilitation   creditors   to the extent   reasonably practicable,   the rehabilitation   trustee, with the permission of the court,   has changed the deadline,   wrote Mt. Gox in an October 27 announcement.   The delay means that around $4,000,000,000   in Bitcoin will be kept off the market for another year, reducing the risk of sudden sell offs by Mt. Gox defunct creditors.   Mt. Gox repayments have a diminishing impact on Bitcoin price as new institutional   entrants,   including Bitcoin treasury firms and US spot Bitcoin exchange traded funds, have been absorbing   newly released supplies.  

And then they talk about Bitcoin's price.   Then we'll go on and talk about this. Some industry watchers   viewed the transfer as a concerning sign   that Mt. Gox was looking to sell its holdings. Dude, you can't do that.   It's not your holdings. You're holding it in trust for the creditors.   That's the whole point of the bankruptcy at this point for Mt. Gox.   And people automatically   assumed, oh my god, Mt. Gox is gonna sell. They can't. They have to give this shit back to the creditors.   But this potentially   this move potentially added more downside pressure to the crypto market correction.   Quote, Mount Gox has just moved over 900,000,000   in Bitcoin, likely preparing to dump it on the market,   wrote fucking idiot Jacob   King,   literally a financial analyst and CEO at Swan desk in a Tuesday x post.  

That is not only reprehensible,   it's juvenile.   Jacob King is juvenile.   You know better.   Continuing, however, the receiving wallet labeled   one a n k d has so far only held   the 10,608   BTC that it received. It has not sent any coins to centralized exchanges,   which would be a stronger sign that the sale is imminent.   Mt. Gox was one of the world's dominant Bitcoin exchange,   handling more than 70% of all Bitcoin trades at its peak in 2010.   The Tokyo based platform collapsed in 2014 after revealing it had lost 850,000   Bitcoin in a security breach, and it remains one of the largest hacks in crypto history.  

A years long civil rehabilitation   process   has since attempted to recover and distribute all the coins.   I wanna get back up to this Jacob King business.   Let's read the quote again.   Mount Gox has just moved over 900,000,000   in Bitcoin,   likely preparing to dump it on the market.   Does Jacob   Jacob King not understand how bankruptcy   proceedings work?   Especially when we've had very clear and detail   detailed   outlines   of what Mt. Gox has been doing   for years,   What their plan has been   for   years.   Ladies and gentlemen,   this kind of reporting   is malfeasance.  

Jacob King has no business   saying anything at all, not only because of his position,   but because he clearly doesn't understand how bankruptcy   works.   When we have a rehabilitation   plan that has essentially been told to us several, several, several times   that the plan for Mt. Gox is to redistribute the coins to the creditors directly as BTC.   There were some sales early on,   but at this point,   everybody   understands what the rehabilitation   plan is. And all of a sudden,   you think they're just going to, you know what?   Screw that plan. Let's just sell it all in the open market. Dude, they gotta go back to court.  

They gotta jump through hoops. They gotta file paperwork. They gotta do all kinds of shit, and we would have heard about all of it   before today. And this dipshit,   Jacob King, decides   on x,   given his position and his amount of followers,   to say that he thinks that a dump of Bitcoin on the market is imminent even though he knows better.   Unacceptable.   Unacceptable.   That's somebody who needs to be looked at   very, very closely.   And, honestly,   once you finish looking at his ass, you never listen to another word he says.   He either is manipulating   sentiment   or he clearly doesn't understand   how a basic procedure of bankruptcy works, and it's sad that people are falling for it.  

Meanwhile,   Bitcoin accumulation   amid market weakness,   well, there is a sharp rise in 1,000   Bitcoin   holders,   and that suggests that,   yeah,   maybe is   accumulation time. And this is from oh, who's writing it? Oh, James Van Stratton out of CoinDesk. I like James. Over the past week, the number of unique entities holding at least 1,000 BTC   has climbed to 1,436   even as Bitcoin has tumbled   and held firmly below a $100,000.   This marks a sharp reversal from the broader 2025   trend where   OGs   and long term participants have been steady net sellers.   For context,   this cohort peaked above 1,500   entities   in November   2024   in the excitement and bull move following   Donald Trump's election victory,   it declined to about 1,300   in October.  

The last time a price rally was seen with a rise in large holder entities was January   2024,   just ahead of the ETF launch in The United States when the number rose from thirteen eighty   to 1,512   entities holding 1,000 or more Bitcoin.   Bitcoin ultimately topped out at around $70,000   a couple of months later. Further evidence supports this from the accumulation   trend score   by Glassnode,   which breaks down wallet cohort behavior.   This metric measures the relative strength of coin acquisition across different balance tiers   based on entity size and the volume of coins accumulated   over the past fifteen days.  

A reading   near the number one   indicates accumulation,   while a reading near zero indicates   distribution.   Entities such as exchanges and miners are excluded.   For the first time since August,   whales holding more than 10,000   Bitcoin   are no longer heavy sellers   with their score now around point five.   So that means that they're accumulating as much as they're actually distributing.   Entities   holding between 1,000 and 10,000 BTC   are now showing modest accumulation.   The strongest accumulation?   Well, that comes from holders with between 100   and 1,000 BTC   and from wallets holding less than 1 Bitcoin.  

The data suggests growing conviction from both small and large entities   that Bitcoin is undervalued   at these current levels.   So there's at least your little ray of sunshine,   like, you know   sure. I can be accused of of of, you know, belching out a little bit of opium,   but   it is math.   It does there does seem to be some accumulation   occurring right now, and that's, you know, that's always good news. We like to see people buy and hold Bitcoin.   The only question is is will they hold it? Well,   only time will tell. Alright. That's it for the news that you can use. Your host has been me, David Bennett of the Bitcoin End Podcast, and I will see you on the other side.   This has been Bitcoin End, 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.