The Phoenix Flies
Episode 877 of Bitcoin And . . . is LIVE!
Topics for today:
- Outflow FUD
- SEC Delays Decision on ScamCoin ETF
- Apple M-Chip Vulnerability
- A Word From American Hodl
- Phoenixd Released For Servers
#Bitcoin #BitcoinAnd
https://fountain.fm/episode/6uYm4ROMbgDNIPAlU3Us
https://soundcloud.com/bitcoin-and/the-phoenix-flies-ep877
Circle P:
npub: npub1ugnq57hn8va6xqr5zywy2eunem6c624583vkt0dmv40ep7tnnxkqrr898l (faster)
email: [email protected] (slower)
Product: Comfrey
One full root for 20$
Or root cutting for 1$ each
Buyer pays shipping
All About Comfrey: https://fountain.fm/episode/15491737864
Articles:
https://primal.net/e/note1mmpksa6hsdt9l8fnclp3m8za3cpadnqmt4a5gxmp8pdkwv0p24pqx4qcg4
https://www.benzinga.com/markets/cryptocurrency/24/03/37874298/bitcoin-etfs-see-outflows-exceed-261m-blackrock-boasts-single-day-net-inflow-of-49m
https://bitcoinmagazine.com/business/stratum-reference-implementation-launches-sri-1-0-0-to-enhance-bitcoin-mining
https://cointelegraph.com/news/eu-probe-apple-google-meta-violation-digital-markets-act
https://decrypt.co/223068/sec-delays-decision-on-grayscale-ethereum-etf-until-may
https://www.coindesk.com/policy/2024/03/25/nigeria-charges-binance-with-tax-evasion-reports/
- https://www.cnbc.com/futures-and-commodities/
- https://www.cnbc.com/bonds/
- https://dashboard.clarkmoody.com/
- https://mempool.space/
- https://fountain.fm/show/eK5XaSb3UaLRavU3lYrI
https://www.nobsbitcoin.com/eu-inches-closer-to-new-draconian-aml-agreement/
https://www.nobsbitcoin.com/gofetch-mac-m-series-chip-vulnerability/
https://www.nobsbitcoin.com/phoenixd-released/
Find me on nostr
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[00:00:00]
David Bennett:
Good morning. This is David Bennett, and this is Bitcoin Ant, a podcast where I try to find the edge effect between the worlds of Bitcoin, gaming, permaculture, podcasting, and education to gain a better understanding of all. Edge effect is a concept from ecology describing a greater diversity of life where the edges of 2 systems overlap. While species from either system can be found at the edge, it is important to note there are species in the overlap that existed neither system. That is what I seek to uncover. So join me in discovering the variety of things being created as Bitcoin rubs up against other systems. It is 10:30 AM Pacific Daylight Time. It is the 25th day of the 3rd month of the brand new year, which honestly is getting older and older and older as the days go by. It's man, I can't believe we're almost at the end of the Q1 of the year.
Good lord. Have mercy on all of us. Episode 877 coming to you live on zapdot stream. If you're not in the zapdot stream, the hell's wrong with you? I dude, we got there's people over here. Say hello. Come in. Rub me the wrong way. Point your fingers at me and laugh. You can do all that and more much much more. This is the Bitcoin and podcast. Now, let's get a couple of things out of the way. 1st is the Circle P. Circle P is the way that I bring you plebs just like yourself that have goods and services for sale for Bitcoin. Because if they're not selling it for Bitcoin, they ain't in the circle p. It's just not gonna happen. It's the only way that I can it's what I can do for you to start a Bitcoin centric market.
This is this is the way that I'm doing it. It's called the Circle P. Strange things are afoot at the circle p, and this time it's Shishi with Confrey. What the hell is Confrey? Well, episode 726. That's episode 726 of the Bitcoin Ant Podcast. I tell you why you want this plant. It is a plant. And once you buy it, you'll never have to buy it again if you listen to that show. And the reason why you want that plant and to propagate the living crap out of it everywhere that you can, well, all that is in the show too. But suffice it to say, it heals all kinds of wounds.
It's a really good plant to have around. It's a medicinal plant. It's a forage plant for, like, if you got, like, chickens or some bunnies or something like that, or even some livestock. It's good for them. Just that cannot be the only thing that you feed it. It's got to be a supplement because that you just don't want to feed you don't want to feed your animals just this one thing. Alright? But it's got a whole lot of protein in it. It's got a lot of minerals in it. It's a what's called a mineral miner. It sends taproots down deep in the earth. And when they get deep enough, they become drought resistant.
But you you gotta water them for, like, 3 or 4 years. But once that tap root gets down there, holy smokes. A, yay never getting rid of it. B, you can't get rid of it because it won't die. Because it's like it it it's sucking water from deep deep deep within the earth. It's a marvelous plant, and she she has it for sale. That is she she I will have his in pub on Noster in the show notes. If you wanna go a little slower, you can email him at shishi, that's s h I s h I 21, m as in Mary, atprotonmail.com. It's a bit slower, but you will get the product and that product is what?
Well, you can get one full root for $20. You plug that root into your soil, you keep it watered a little bit, and all of a sudden, a few weeks later, boom, you got a brand new conferee plant. Or you can get whole like, just a whole smattering of root cuttings, which do the same thing. The the thing with a full root is that it will come up a little bit quicker and it will establish a lot faster, but there's no reason in the world that for a dollar each you can't buy a whole handful of root cuttings of this magical plant, and it is a magical plant. This thing has been around for centuries.
Hell Pliny the Elder, I think he was a guy from Greece or something before the time of Jesus, was talking about this plant. Anyway, anyway, if you wanna find out all about this plan, you go listen to episode 726. It's all about comfrey. I think I got some news on the back end of it. But up front, it is everything that you need to know about Confre.
[00:04:57] Unknown:
Now now let's get into it. But we're not going to start with the news. We're going to start with,
[00:05:05] David Bennett:
American HODL. And his name is now Hoddle, h o d l, over there on Noster. He's dropped the American part, but it's the same guy. And I wanted to read this to you because you'll figure it out.
[00:05:18] Unknown:
He says after having a little money for a few years and dabbling in some of the finer things, I can tell you that nothing beats an ordinary life. Getting a slice of pizza and seeing a movie with your wife. Hitting the bar and having drinks and conversation with your friends.
[00:05:38] David Bennett:
Hanging out at the park throwing a frisbee around, taking the kids for ice cream on a hot summer day, an economy plane ticket to go visit family or an old friend, a reliable car that takes you where you need to go, a great blanket to snuggle up in on a cold winter's day. If you have these things already, trust me, you are wealthier than you know. Drinking $1,000 wine and eating caviar with famous people won't make you any happier. In fact, it may have the opposite effect. As the Bitcoin price rises, you should definitely dabble in fancy shit if you feel compelled. But once you get a peek behind the curtain, you'll find out pretty quick it's hollow and meaningless compared to the things that really matter.
Okay. That's the end of the note that he put on Noster, and I I wanted to make sure that I I bridged this properly. American HODL is done with his bid. Now it's my turn.
[00:06:42] Unknown:
He's right. He's right. The more money you have, the more miserable it seems to make people. And I know that for the people that are out there that just heard that that don't have any money at all,
[00:06:57] David Bennett:
I can understand why you want to throw me through a window right now. I get it. I really do. I understand you. But that's not what I'm talking about. If you're dirt poor and you've always been dirt poor, well, then, yeah, that sucks. We're not talking about being poor. We're talking about for those of you that have a substantial amount of Bitcoin, which at this point may very well be just a handful of satoshis, because you never know.
[00:07:26] Unknown:
What we're what he's trying to tell you and what I've seen with my own eyes is that this this mega amounts of money, it doesn't help.
[00:07:39] David Bennett:
And you know what really what I've really seen that doesn't help? Is this malinvestment. People that have an extraordinary amount of money
[00:07:49] Unknown:
and yes,
[00:07:50] David Bennett:
this is going to be my opinion
[00:07:53] Unknown:
Investing it in shit that doesn't matter things that won't last things that are short term thinking
[00:08:02] David Bennett:
They'll build a strip mall and that strip mall will make them all their money back, and then some, and it's great. But that strip mall is not going to last. It's going to end up with weeds coming up through cracks in the in the pavement. It's just it's going to be an eyesore. It's going to be bullshit that nobody remembers, and nobody will connect your name to it. What we do with our money, and how we build the future that we are going to build, and it's going to be the Bitcoiners that bring beauty back to this planet. Because it sure as shit ain't gonna be somebody like Warren Buffett or his buddy Charlie Munger, which I well, I know we're talking about some the death and well, there's other people like Elon Musk. I mean, he will be remembered, I guess, for, you know, launching shit into space. Hey, good for him. Okay? At least that's something.
But when you are a real estate developer and you're just plowing 1,000,000,000 and 1,000,000 of dollars into yet one more ugly ass glass faced building
[00:09:05] Unknown:
that will end up being a homeless encampment in 50 years, who gives a shit? It's about beauty.
[00:09:12] David Bennett:
And that's what Hoddle is trying to say here. It's beautiful taking your wife to a movie. It's beautiful going and getting beers with her, Sharing some pizza with your family. We do that every Friday night. That's what matters. It really is. That's what matters. Everything else is an illusion. It's all bullshit. Some of you that are listening to me are going to have one of these days, maybe sooner, maybe later, more money than you can look at. And then you will have to ask yourself the question, what do I do with it? And if you're going to be the person that buys Lamborghinis and like 50 houses and you're just squandering the cash Then I highly recommend that you readjust what it is. You think wealth really is
[00:10:01] Unknown:
because it ain't that That's not being wealthy.
[00:10:05] David Bennett:
That's just squandering time and energy that could be put to better use. Now for the news Bitcoin ETFs see outflows exceeding $261,000,000 and BlackRock boast a single day net inflow of $49,000,000. This is from what is this from? Benzinga.com. Don't overlook inflation projection or protection. Get to know the themes and companies. Get to know the themes and companies that may benefit from this elevated inflationary regime and what ETFs can protect your portfolio from. The Bitcoin spot exchange traded funds continue to see these net outflows for a 3rd consecutive day, raising questions about investor sentiment in the cryptocurrency markets.
SoSoValues data reveals a total net outflow of $261,000,000 on Wednesday, March 20th. Among the ETFs experiencing outflows, of course, the Grayscale Bitcoin Trust reported the most substantial single day net outflow of $386,000,000 worth of bitcoin. This latest withdrawal has contributed to GBTC's total historical net outflow, which is reaching alarming levels of $13,270,000,000 highlighting a persistent trend of capital withdrawal from the fund. Contrasting this trend, the BlackRock ETF, iBit, stood out with a notable single day net inflow of $49,280,000 This inflow is a positive sign for IBIT, bringing the historical total net inflow to an impressive $13,090,000,000 The inflow into IBIT emits widespread outflows from other Bitcoin spot ETFs suggest a shifting investor preference within the cryptocurrency ETF space.
The recent outflows from bitcoin spot ETFs, particularly the significant withdrawals from GBTC, raised questions about investor sentiment towards Bitcoin as an investment vehicle. Hold on. Hold on. I'll get to it. I'll get to it. I promise.
[00:12:24] Unknown:
Meanwhile,
[00:12:25] David Bennett:
the inflow into BlackRock's Ibit may indicate a growing trust in certain funds possibly due to their management structure or perceived stability. And that's it. Okay. So I read you this so that you can understand something about the fact that the person that's writing this kind of doesn't know what the hell is going on.
[00:12:48] Unknown:
And you can tell because well, let's see if I can find it again. It's in here. Capital withdraw from the fund, notable single day value.
[00:13:02] David Bennett:
Yeah. What basically it's saying, yeah, substantial single day net outflow of $386,000,000 net outflow reaching an alarming $13,270,000,000 single day net outflow. It's the single day net outflow is listed in this article multiple times. And these words of alarming and substantial and this and then there was this this issue of, you know, the I you know, it's possible that that people are just running for the hills. You're getting out of crypto. But all the time, they continuously tell you what's really going on. They're not really leaving. Sure.
Sure. 261,000,000 well, hold on. No. Let me see. Was it yeah. There there's a substantial amount of a couple of 100, $300,000,000 that have escaped the Bitcoin ecosystem altogether and did not go into BlackRock's Ibit. But the point that I'm trying to make here is that the majority of all of the Bitcoin that has flowed out of GBTC ever since January 11th this year when they said okay to all the spot Bitcoin ETFs flowed directly into what? A BlackRock. Nobody's scared. They just don't want to pay the 1.5% management fee, which I thought was 2.5%, but I guess they finally reneged and kind of dropped it a little bit. But still, the guys at GBTC, their management fee is just too high.
That's all that's going on. And anybody that wants to stop paying them 1.5 when they can pay somebody like BlackRock 0.25%, they're going to do it. So all of this is from Benzinga or whatever the hell this outfit is is a scare tactic to try to get people to get afraid and say, oh, we're big. It's all going down. No. It's just changing its address. That's all that's happening. That's all that's happening. That's all that's happening. So I know yesterday last week was a rough ass week. We're gonna have more of them. We might have another one this week. Why? Well, because the price of Bitcoin is at $70,400. We've had a whole string of hourly green candles.
And that seems to be a pattern that I'm seeing develop from, from BlackRock, is that Monday is by Bitcoin day. And then they don't do anything Tuesday, Wednesday, Thursday, Friday. They close the markets and then during that time we bleed out. And then over the weekend, the scare people, the the ghosts and the goblins come out of the walls, they try to scare the rest of the weekends out of their shit over the weekend, so that what? Well, that BlackRock can buy starting by their Bitcoin again on their Monday. That seems to be what's going on, at least in the short term. That seems to be the local cycle.
So don't get shook out if you didn't get shook out last week. Don't get shook out this week, Right? I'm just seeing a cycle of accumulation. It's accumulate, scare the shit out of everybody throughout the week, and then scare them even more throughout the weekend, and then buy all the fear
[00:16:27] Unknown:
on the open market Monday morning opening bell. Rinse and repeat. That's an accumulation cycle. Don't be fooled. Now, we're going to tackle the Stratum reference implementation. The Stratumv2
[00:16:41] David Bennett:
thing that I was talking about last week, we're going to do it again, but this time we're going to see what Nick Hoffman out of Bitcoin Magazine has to say about it, and he says the following. The Stratum reference implementation team has unveiled the SRI 1.0.0 which is a new milestone in their journey to decentralize and optimize bitcoin mining according to a press release. Some of the key highlights are as follows: miners can connect to Stratum V2 pools without upgrading existing Stratumv1 firmware through translation proxy or directly using an SV2 firmware device like brains OS 2, miners have the flexibility to run their Bitcoin nodes, construct templates, and declare them to the s v two pool.
And 3rd 3rd and finally, the implementation of pool fallback functionality ensures continuity in mining activities even if a pool decides to censor transactions, thereby incentivizing pools to prioritize miners' interests. This new version is the culmination of enhancements in the stratumv2 specification achieved through collaboration with the working group and rigorous testing with the interoperability suite to ensure seamless compatibility between implementations of the stratumv2 protocol. The release allows miners using s v one or sv2 firmware to connect directly to an sv2 pool or through a translation proxy.
Miners can construct their block templates using a locally hosted job declaration client and a patched version of Bitcoin Core Node, enabling them to send their templates to the job declarator server operated by the s v2 pool. Importantly, this update also allows independent third parties to run the node and JDC expanding operational capabilities. The newly implemented pool fallback feature ensures that miners maintain mining activity by automatically switching to alternative pools in the event that a pool rejects their templates. This mechanism serves as a strong incentive for pools to act in the miner's best interest ensuring miners' hash power remains secure as well as competitive.
SRI's user friendly pool setup and upcoming enhancements make it an attractive option for miners and pools seeking streamlined mining experiences. The project says it welcomes contributions and support from individuals and corporate entities interested in providing grants to help accelerate the development, research, and innovation in Bitcoin mining technology. Alright. So, yes, I wanted to make sure that you guys have this top of mind this week that Stratum v 2 is now live and people can use it. But what was not said by me last week, at least as far as I know, is that they made it very clear that if you are using the stratum version 1, that you can still connect to stratumv2 through proxy service and have all the functionality of stratumv2.
And this is great because if you're upgrading 1 miner from Stratum V1 firmware to Stratum V2, okay, that doesn't seem like it's such a big deal. Yeah. Do that with 10,000 machines. Do that with 10,000 machines. See how happy you are at the end of it. Right? So at this point, what's great about the Stratum team is they have allowed people to keep their shit intact so that they don't have to run around like chickens with their head cut off because they've been waiting waiting waiting on stratumv2. They've enabled them to actually be able to use stratumv2 while using their existing rig setup.
That is amazing. That must have taken a lot of work. But honestly, that was the best way to bootstrap Stratum V2 and not lose users along the way by forcing them By forcing them to say you can't you're not going to be able to take part of this unless you upgrade all of your shit. Nobody wants to have that handed to them. So the guys over at Stratum did the hard thing. They wrote code that allowed the Stratumv1 implementation to actually work with Stratumv2. If you're out there and you're a miner and you're using stratumv1 and you're breathing a sigh of relief, don't breathe that sigh of relief too long.
Now you have time to get your implementation plans together for your mining operation to switch from s1 or v1 to v2. And it looks to me like you might be able to do that on a machine per machine basis and slowly but surely turn your entire operation over to stratumv2, which for various reasons you're probably going to want to do. Now, EU the PU has launched a probe into Apple, Google, and Meta over violations of the Digital Markets Act, Savannah Fortis tells us more, cointelegraph.com. The European Commission has announced a noncompliance investigation into Apple, Meta, Amazon, Alphabet, under its Digital Markets Act or the DMA, according to the statement released March 25th. That would be today.
The commission suspects that the measures put in place by these gatekeepers fall short of effective compliance of their obligations under the DMA. That's a direct quote. More specifically, the EU antitrust regulators have targeted Alphabet's rules on steering in its Google Play Store and self preferencing on Google search, Apple's rules on steering steering in the App Store, and the choice for Safari along with Meta's pay or consent model. Additionally, the commission said it is looking into steps relating to Apple's new fee structure for alternative app stores and Amazon's ranking practices in its marketplace.
Now we could go through the rest of this article, but we don't need to. Because the whole reason that I'm putting this in front of you this morning is because of this. Apple is being sued in the United States, or at least being investigated. I think they're actually full blown being sued in the United States, as an antitrust. It's an antitrust suit, right, against Apple. And I believe it has everything to do with
[00:23:26] Unknown:
with forcing a repatriation
[00:23:29] David Bennett:
of the well over $1,000,000,000,000 I think it's over $1,000,000,000,000 of cash and other assets owned by Apple that live offshore, that is outside of the boundaries of the United States. The second those assets are repatriated, the United States Internal Revenue Service gets to tax those at somewhere around now probably anywhere between 40 50%, which would immediately immediately if they did this if Apple have were to have done this voluntarily and repatriate all this stuff, immediately, Tim Cook would be sued by his board of directors and all of the shareholders. He would be ousted, be gone.
Right? And anybody that carried on in his footsteps would also be ousted because you're going to tear up shareholder value on that transfer of value from offshore back into the shores of the United States, because half of that value is going to be gone. Now, the best cover story that you can have if you're someone like Tim Apple is to have the United States government sue you in an antitrust suit so that you have to do it. And that you had no choice. You had no choice. That way you have plausible well more than plausible deniability to your shareholders so you don't get sued.
But but but now we got Europe. They probably want some of that money, too. So all of a sudden, there's antitrust actions going on against Apple, Google and Meta. I don't think it has anything really to do with Google or Meta or anything else. I think they want Apple's money. I think they want a piece of that pie because that's an awfully big pie. That's a $1,000,000,000,000.
[00:25:21] Unknown:
It's a lot of money. So what we're seeing
[00:25:27] David Bennett:
is carrion feeders,
[00:25:29] Unknown:
buzzards, vultures flying around. Apple's money.
[00:25:37] David Bennett:
They're that desperate. We're seeing western governments turn into carrion eaters instead of actually providing value to not only their citizenry, but to the businesses that have chose to remain headquartered in the United States. And when we were supposed to have the bald eagle in the United States as our national bird,
[00:26:01] Unknown:
it looks very much like we are shifting into having a vulture as our national bird.
[00:26:09] David Bennett:
This is sick, but it demonstrates the the that it looks to me like the Western governments are starting to realize, or at least they probably realized a long time ago, but they're starting to take action on the rot that they have allowed to grow within their organizations, their general governmental organizations. And the only way they can shore this up is to steal the money from other places. Do I like Tim Cook? No, I don't. I he can go suck an egg for all I care. Am I a fan of Google? Not really. I mean, I use an Apple phone. So but does that make me a fanboy of Apple? No. But it's a good product. It's a great product, in fact. I've never had a problem with any of the Apple phones that I've ever owned.
But that doesn't mean that I'm a fanboy for Apple. All I'm saying is that this is not what it appears. I think it's a money grab, and I think they're allowing or the the way that they're doing this is that the United States is allowing cover for Tim Cook, and now other countries are, like, trying to tear pieces of that pie off as it potentially shifts its home from wherever it is offshore back over to the United States. Now, the SEC has again delayed a decision on the grayscale Ethereum ETF. It's probably because it's a security, and it's unregulated, and it's undeclared. But that's my opinion. Decrypt.
Jason Nelson. Let's see what's up. SEC has postponed a decision on whether to approve great grayscale Ethereum Futures Trust Ethereum ETF application, the agency said in a document on Friday. These Securities Exchange Act of 1934 gives the agency 180 days or 6 months from when notice of the proposed rule change is published. The grayscale application was first filed in September and the agency deferred making a decision in November. The commission finds that it is appropriate to designate a longer period within which to issue an order approving or disproving the proposed rule change so that it has sufficient time to consider said proposed rule change and the issues raised therein, in quote, the SEC said, echoing previous statements.
Bitcoin and Ethereum ETFs are a type of investment fund that tracked the price of digital assets and traded on traditional stock exchanges. But in January, after approving 11 bitcoin ETFs, the SEC delayed its decision making on spot Ethereum ETF applications from Grayscale and BlackRock. The very next month, the SEC delayed its decision on a joint spot Ethereum ETF application from investing firms Invesco and Galaxy Digital. While the SEC's decision on Grayscale's Ethereum futures ETF may disappoint, cryptocurrency investors and enthusiasts I'm an enthusiast.
Some say that the agency's delay is a good thing, allowing for greater adoption of Bitcoin ETFs. Quote, spot Ethereum ETFs will gather more assets if they launch in December versus if they launch in May, Bitwise chief information officer Matt Hugan said on Twitter. On Tuesday, TradFi hold on. On Tuesday, quote, TradFi needs more time to digest the Bitcoin ETFs. I really don't like hearing that from Matt Hogan from bitwise. I really whatever. Finishing up. The SEC's postponing of its Ethereum ETF decision adds to negative pressure pushing the price of Ethereum down. On Friday, Ethereum was down 10% for the week and is currently trading at some number. I don't give a shit according to coin gecko. Alright, so here's here's the thing
[00:30:12] Unknown:
I want
[00:30:13] David Bennett:
trading view is free. You can go to tradingview.com. Is it? Yeah. I think it's tradingview.com. Let me just make sure here. Tradingview.com and I'm going to pull this up and for the guys over there in zap stream, which are awfully quiet today. Is there anybody in there or am I all by myself? I have I am I think I may very well be all by myself. I don't care. It's all right. I love you guys nonetheless.
[00:30:37] Unknown:
All right. So here's the chart for Bitcoin. This is the hourly chart. Let's look at the chart for Ethereum.
[00:30:49] David Bennett:
It's the same chart. It's the exact same chart. It has the same dips. It has almost the exact same tangential lines, which basically means 90 degrees to any point on a curve. I won't get into it. It just means the slopes of, like, the downtrends and the uptrends. The slopes of the lines that would track that are almost the same. The only thing that's not the same is the actual end price, but the movements between these two are almost exactly the same. And this is no different than it was in 2015 when I first got into it in 2016 and 2017 and 2018, 1920,
[00:31:30] Unknown:
21, 22, 23. It's always been the same. It's Bitcoin that matters. Ethereum is just a joke. Stop thinking that it's going to be a thing. Because I guarantee you that warrant canary thing that I brought you on Friday,
[00:31:50] David Bennett:
that's that's an important issue for the guys over at the Ethereum Foundation. Why?
[00:31:56] Unknown:
Because they're being investigated. Finally.
[00:32:01] David Bennett:
I mean, I'm not I'm not one for regulation, but jeez, when you've got this many snakes in the grass, you unless you know how to deal with the snakes yourself, you're gonna call somebody to come kill the snakes for you. In this case, that's the SEC. So it just happens that the SEC and all the rest of these people started ramping up their investigation into Ethereum and the Ethereum Foundation after a particular event. Do you know what that event might have been? I'll tell you what it was. And I because I told you what happened when they did it, and sure enough, this is exactly what the fallout was.
When they changed their mining and security model from proof of work using actual GPUs and sucking real energy out of a wall outlet somewhere over to proof of stake, they put the nail in the coffin for the SEC. It was all the SEC needs. When they were still at proof of work and using mining, there was almost a chance that these guys could say, dude, it's not it's not a security because you're not depending on a third party to do anything, including the security. The security of the asset. The security of the asset was provided not by a third party. Provided by the energy used to secure the situation.
But now now they went to proof of stake. No. No. No. That's
[00:33:36] Unknown:
that just means the more Ethereum I have, the more say I have over
[00:33:42] David Bennett:
the transactions that are put through the system and the protocol itself. I am a third party that is safeguarding the entire system and the value proposition of that system. Therefore, you pass the Howey test, at least on that one point. You're depending your profits depend on the actions of a third party.
[00:34:05] Unknown:
That is 1 third, if not one that's 1 quarter at least, if not 1 third of passing the Howey test. It's
[00:34:15] David Bennett:
Ethereum is a security. Please stop thinking that it's not. Alright. Here we go. Leaving you. Let's go on. Oh, actually, you know what? Let's not go on. It is now time to run the numbers. CNBC Futures and Commodities. They got West Texas Intermediate Oil is up almost 1 and a half percent to $81.79 a barrel. Brent, North Sea up to no. 1 a quarter. However, natural gas has fallen on its ass almost 2 full points to the downside. Gasoline is up scant to $2.74 a gallon. All your shiny metal rocks are having a blessed day. Gold is up 3 quarters of a point to $21.75.70.
Silver is up scant. Platinum is up just over a point. Copper is up point 2, and palladium is up almost 2 full points. Ag, let's see. Oh, chocolate making a swing for the fences. 8% upside for chocolate today. Biggest loser is gonna be rough rice. It's down 2.5. Live cattle is down 3 quarters of a point. Lean hogs are up a quarter. Feeder cattle are down a half. Indices and traditional markets are also not looking good. Dow future or I'm sorry. The Dow is down 0.42%. S and P is down 0.17, and the Nasdaq is down point 16%. The S and P is the only thing in the green. The mini is up a quarter of a point today. What are bonds doing? Bond yields have all been pushed higher, every single one of them, from the 1 month to the 30 year, which is yielding 4.42%.
The 20 years yielding 4.51%. The 10 year, 4.25%. Oh, $70,610 for 1 Bitcoin gets you a $1,390,000,000,000
[00:36:22] Unknown:
market cap. There is 19,663,936.3
[00:36:28] David Bennett:
quarter BTC in circulation. Hash rate on average over the last 20s, 2016 blocks is 595.8 exahashes per second. Average fees per block stand at a quarter of a bitcoin, and the having estimate is now at 420 2024. Man, that's some numerology right there. It'll be April 20th 2024. And if everything stays the same, we're we might be looking at a having happening on 4/20. That will be that'll be a blast, honestly. The block space percentage used to take out the trash that is inscriptions and ordinals is at 1.6 percent which is well off of its high of 2.6 percent that we were seeing a few weeks ago. Now on to mempool. What is mempool doing? The mempool has a measly 179 blocks, carrying a 128,000 unconfirmed transactions waiting to clear. However, prices are high.
40 satoshis per v byte on a high priority transaction, 34 for a low priority transaction, and anything under 5 satoshis per vbyte, yeah, you're gonna get purge from mempools around the world. Now from ETH warrant canary died episode 876 of bitcoin, and I've got wartime boosting me. Nice. 3,333. That's a lot of threes, and he's got clinking glasses. So I guess he's saying cheers. I say cheers to you back. Axelrod boosted 525 sets, says shitcoin number 1 is BlackRock template to tokenize them all and in the darkness, buying them. Bitcoin is freedom. Yes. Some Lord of the Rings reference there.
Pies with 420. Thank you, sir. No. Thank you. God's death with 337. Thank you, sir. No. Thank you. The bird boosted me a 100 satoshis, another solid show, and I thank you, sir. That's gonna do it for the weather report. Welcome to part 2 of the news that you can use. What do we got? Oh, yeah. Yeah. Yeah. Yeah. Okay. So I'm I'm going to join the toastmasters.
[00:38:49] Unknown:
Have you ever heard of the toastmasters?
[00:38:52] David Bennett:
It is a club, and they're celebrating their 100th year. No, they're not paying me to make an advertisement. I'm actually doing this as a public service, not for them, but for you. If you have a problem public with public speaking, like you're scared to do it, you don't want to do it, You get butterflies in your stomach because you got to stand up. And even if it's just a small group of people and say a few words, dude, Toastmasters is the way to get over that shit. Because it is all about meetings, presentations,
[00:39:25] Unknown:
how to speak publicly. And honestly,
[00:39:29] David Bennett:
it's like a $120 a year. You pay it twice, $60 every 6 months, which works out to what? It's a 100 it's like $10 a month. It's honestly, it's not bad, and it will teach you how to present well. Mentorship. It'll give you career advice. It's about leadership. It's about being able to run shit. Because if you can run a meeting and keep it on time and make the people in the meeting at least think that they got something out of it, That's leadership. I know it sounds dumb but it's not. That's actually a demonstration of solid leadership is being able to organize a meeting, have the meeting like, if it's a 15 minute meeting, it is literally over 15 minutes and everything that needed to be said was said.
That's leadership. How many times have you been in a meeting that you wanted to shoot yourself because you were in that meeting and they just went on and on? Toastmasters will teach you how to not do that. And you can go 3 times for free. Your 4th one, you gotta pay up. But I think it's gonna be worth it. So every once in a while, I will bring you tales from the toastmasters, as to, you know, what act you know, not what occurred in the meeting, but I'll just mention it a couple of times because this is a long lost art. Public speaking is almost a golden key to any city.
Nobody wants to speak in public. And if you're one of the people that learn how to get over that shit and be the speaker, the guy that will get up on stage and get in public Yeah. People get paid for that shit, by the way. Now, let's move on to some more news. EU to vote on yeah. I know. We're gonna go back to the EU because they're not done being stupid. Not by a long shot. They're gonna vote on new draconian AML package for service providers on April 22nd. So this is a little bit more news of what's been going on over there in the EU when it comes out to all this stuff. Now, no bullshit bitcoin has this one the sweeping aml package aims to eliminate anonymous cash payments over €3,000 in commercial transactions they've changed it They've changed it. Holy shit.
3,000 in commercial transaction and prohibit cash payments above €10,000 in business transactions and AML KYC checks literally all the way around. So, quote, generally prohibiting anonymous commercial business payments would at best have minimal effect on crime, but it would deprive innocent innocent citizens of their financial freedom. The medicines or sex toys that I buy is nobody's business. This is coming back from last week. To collect donations, dissidents such as the late Alexei Navalny and his wife are increasingly reliant on anonymous donations and virtual currencies worldwide.
So it's it seems that what's happened is that they've in they've actually increased the amounts involved because yeah. The the yeah. This is this looks like they've increased the business transaction side of it,
[00:42:48] Unknown:
But they're gonna vote on this now. It's gonna be April 22nd.
[00:42:53] David Bennett:
And it's gonna it's just gonna tear everything up. And meanwhile, they've got this lawsuit that they're want to launch against, like, 4 of the biggest companies on the face of the planet, which are all based in the United States. Apple, Meta, Google, and that other one. I can't remember the other one. But, yeah. So it looks to me like the EU has just gone full on apeshit crazy. It's sad, but if you're living in the EU, be prepared because this shit is coming down on April 22nd. Just just understand it's coming quick. Very, very quick. This is just a few weeks away.
Anyway, so now speaking of Apple, vulnerability in M Series Mac Chips lets attackers steal encryption keys Again, no bullshit Bitcoin. A vulnerability that's been baked into Apple's M series of chips enables extraction of secret keys from Macs when they perform widely used cryptographic operations academic researchers have revealed in a paper. Go fetch is a microarchitectural side channel attack that can extract secret keys from constant time cryptographic implementations via data memory dependent prefetchers or DMPs. The flaw, a side channel allowing end to end key extractions when Apple chips run implementations of widely used protocols, can't be patched directly because it stems from the microarchitectural design of the silicon itself.
Instead, it can only be mitigated by building defenses into third party cryptographic software that could drastically degrade m series performance when executing cryptographic operations, particularly on the earlier m1andm2 generations of chips. Basically, an attacker could trick the processor into loading secret keys into a cache and then steal them from the cache. For that, they wouldn't need administrator privileges. That makes the attack particularly dangerous as any malicious application on the system could run it, explains cybernews. The go fetch app requires less than an hour to extract a 2,048 bit RSA key and a little over 2 hours to extract a 2048 bit Diffie Hellman key.
The attack takes 54 minutes to extract the material required to assemble a Kyber 512 key and about 10 hours for a dilithium 2 key, not counting offline time needed to process the raw data. For users, we recommend using the latest versions of the software as well as performing updates regularly. Developers of cryptographic libraries can either set the do it bit and ditbit bits which disable the dmp on some cpus. Additionally, input blinding can help some cryptographic schemes avoid having attacker controlled intermediate values, avoiding key dependent DMP activation, wrote the researchers.
And finally, preventing attackers from measuring DMP activation in the first place, for example, by avoiding hardware sharing and further enhance the security of cryptographic protocols. This is bad. This is bad. This is bad bad bad bad bad bad bad bad bad bad. Why? It's when they said it's baked into the chip, they literally mean it's baked into the silicon. It's the actual physical three-dimensional architecture of the chip that is the vulnerability, which means there is no patch. If you're using an Apple device that has an M1 chip and M2 chip, you're vulnerable.
Please take whatever safeguards that you need to take. I don't have to worry about it because I don't use Apple Computers. I have an Apple iPhone. It's really old. I think it's an 11 pro. I'm not exactly sure, but it certainly isn't one of the newer ones. And I don't think they use the m chips anyway. But be that as it may please please for the love of God be careful out there now Phoenix. No. Yeah. Phoenix d
[00:47:21] Unknown:
Phoenix D4 server okay no bs bitcoin.com
[00:47:25] David Bennett:
Phoenix D is a minimal specialized lightning node designed for developers and businesses that make it easy to send and receive lightning payments without compromising on self custody. It's just like Phoenix for mobile, except that it runs on a server. Announcing Phoenix for server all the goodness of Phoenix Wallet available to developers announced the guys over there Phoenix Wallet. Phoenix D makes it very easy to develop any application that needs to interact with lightning by abstracting away all the complexity without compromising on the self custody.
Phoenix d uses the same software as the Phoenix Wallet, but it runs on a server instead of a mobile device. It offers an HTTP API instead of a GUI. Has fully automated liquidity management to facilitate receive heavy use cases like merchants and crowdfunding, etcetera, etcetera. So if you're a developer, you can build anything on top of it and integrate effortlessly into lightning. You can get ready in seconds with absolutely 0 config, No channel management, no peer management, no liquidity management, no firewall configuration, said the developers. Is there anything else? Fully automated liquidity.
Get infinite inbound liquidity from the largest and most liquid node in the network. No headaches for merchants or other heavy use use cases effective receive fee is as low as 1% plus the mining fees absolutely no configuration There's no channel management, no peer management, no liquidity management, and again, no firewall configuration. It's lightweight as well as native. Phoenix D is compiled to native binaries for Linux, Mac, and Windows. Phoenix was already fast on mobile, but on a server it flies. Is there anything else? Okay, so that's it. So the guys over at Phoenix Wallet have basically taken Phoenix Wallet and turned it into an application that you can leverage off of a server.
This is probably going to be bigger than we think, but I like the way that they're going with the architecture. They're trying to extract abstract away all of the shit that everybody continuously complains about when it comes to lightning. Oh, there's no the liquidity startups are they suck and channel management sucks. Yes. There's lots of stuff. When you build a car, you know, for the first time, like, think of, like, Henry Ford, you know, trying to figure out how to get a car built on but instead of building it, like, 1 at a time, Ford's contribution to to the automotive industry was not the invention of the automobile.
Several people came up with that shit all by themselves in different places around the world. What Ford did was figure out a way to make the automobile be assembled on a moving assembly line so that several cars could be built all at once and they just spit out the other side of the assembly line. But think about it this way. The early cars were, oh my God. Talk about a mess. And why wouldn't they be a mess? We're just figuring out how an actual internal combustion engine is going to work. You have to control explosions
[00:50:59] Unknown:
inside of a bunch of canisters and have all that energy transferred to several different arms that spin a flywheel that provide power to something else. This is not exactly simple. The engines that we have today don't look anything like the engines that Henry Ford was working with when he was building the assembly line for Ford Motor Plant. It's just different because we learn so much. But it took a century
[00:51:34] David Bennett:
from what Ford did to get something like we've got today, a 100 years. We're not going to be taking that much time to get situations where you've got a liquidity problem and channel management problems and these other problems and firewall issues and is it gonna be over Tor? Is it not gonna be over Tor? How the hell do you keep your your shit safe? All of that that you have to actually screw with as a channel management guy, a lightning node operator like myself. And got guess what? I don't mess with that. I put my chant my lightning node is on tor. I don't mess with channel management, and it just works. It does mean that I don't have as much inbound liquidity at any given time. And sometimes payments on my lightning node stick. I don't have the routing stuff going on because I don't have perfectly balanced channels.
But you know what? It still works. I don't have to mess with it that much. Something like Phoenix d running on a server, something that I might be able to tap into one of these days, is going to try to help take care of all the crap so that my channels are automatically balanced and I don't have to worry about it. So channel management is done and liquidity. I've already got liquidity, so I don't have to worry about it. But if I was bootstrapping a node and I had, like, literally nobody giving me incoming liquidity it might take care of that too. It's going to make bootstrapping a lightning node much easier and that's the whole point And you should be running a lightning node. I'm not gonna say that it's a moral imperative, I'm just saying that you might as well learn about the the way the guts and feathers are all how it's how it all works and how it's all stuck together now, so that when it's abstracted away you still know the basics of what's going on behind the scenes. So you don't feel at any given time that you should be asking the question, how are you gonna fuck me?
Because every every time something is abstracted away, it also means that it's been obfuscated from your view because you don't have to touch it, which means that some nefarious shit can go on behind closed doors. The obfuscation Because that room the inside of that room that the doors are closed on has been abstracted away and now all you see is the doors and all you need to know is that there's some room behind that door and it does something. That's what's going on here. So I'm not saying that the feet guys over at Phoenix wallet are are going to fuck you I'm just saying in the future it's better to know how something works than to not know how it works and the only way to know how lightning network and nodes and shit work is to run one so that you can see behind the scenes. I'm telling you, man. It it really is. It's really worth it. Alright. See, what do we got else? We anything else? Nope. I think that's gonna do it for today. That's gonna do it for the morning roundup.
Dad says jokes. I have a disease where I can't stop telling airport jokes. My doctor says it's terminal. Sorry. I shouldn't laugh at my own jokes. Can't help it. I am not a trained comedian by any stretch of the imagination. Alright, ladies and gentlemen. What have we learned? I honestly can't remember. So you know what? I'll see you on the other side. This has been Bitcoin, and and I'm your host, David Bennett. I hope you enjoyed today's episode and hope to see you again real soon. Have a great day.
Good morning. This is David Bennett, and this is Bitcoin Ant, a podcast where I try to find the edge effect between the worlds of Bitcoin, gaming, permaculture, podcasting, and education to gain a better understanding of all. Edge effect is a concept from ecology describing a greater diversity of life where the edges of 2 systems overlap. While species from either system can be found at the edge, it is important to note there are species in the overlap that existed neither system. That is what I seek to uncover. So join me in discovering the variety of things being created as Bitcoin rubs up against other systems. It is 10:30 AM Pacific Daylight Time. It is the 25th day of the 3rd month of the brand new year, which honestly is getting older and older and older as the days go by. It's man, I can't believe we're almost at the end of the Q1 of the year.
Good lord. Have mercy on all of us. Episode 877 coming to you live on zapdot stream. If you're not in the zapdot stream, the hell's wrong with you? I dude, we got there's people over here. Say hello. Come in. Rub me the wrong way. Point your fingers at me and laugh. You can do all that and more much much more. This is the Bitcoin and podcast. Now, let's get a couple of things out of the way. 1st is the Circle P. Circle P is the way that I bring you plebs just like yourself that have goods and services for sale for Bitcoin. Because if they're not selling it for Bitcoin, they ain't in the circle p. It's just not gonna happen. It's the only way that I can it's what I can do for you to start a Bitcoin centric market.
This is this is the way that I'm doing it. It's called the Circle P. Strange things are afoot at the circle p, and this time it's Shishi with Confrey. What the hell is Confrey? Well, episode 726. That's episode 726 of the Bitcoin Ant Podcast. I tell you why you want this plant. It is a plant. And once you buy it, you'll never have to buy it again if you listen to that show. And the reason why you want that plant and to propagate the living crap out of it everywhere that you can, well, all that is in the show too. But suffice it to say, it heals all kinds of wounds.
It's a really good plant to have around. It's a medicinal plant. It's a forage plant for, like, if you got, like, chickens or some bunnies or something like that, or even some livestock. It's good for them. Just that cannot be the only thing that you feed it. It's got to be a supplement because that you just don't want to feed you don't want to feed your animals just this one thing. Alright? But it's got a whole lot of protein in it. It's got a lot of minerals in it. It's a what's called a mineral miner. It sends taproots down deep in the earth. And when they get deep enough, they become drought resistant.
But you you gotta water them for, like, 3 or 4 years. But once that tap root gets down there, holy smokes. A, yay never getting rid of it. B, you can't get rid of it because it won't die. Because it's like it it it's sucking water from deep deep deep within the earth. It's a marvelous plant, and she she has it for sale. That is she she I will have his in pub on Noster in the show notes. If you wanna go a little slower, you can email him at shishi, that's s h I s h I 21, m as in Mary, atprotonmail.com. It's a bit slower, but you will get the product and that product is what?
Well, you can get one full root for $20. You plug that root into your soil, you keep it watered a little bit, and all of a sudden, a few weeks later, boom, you got a brand new conferee plant. Or you can get whole like, just a whole smattering of root cuttings, which do the same thing. The the thing with a full root is that it will come up a little bit quicker and it will establish a lot faster, but there's no reason in the world that for a dollar each you can't buy a whole handful of root cuttings of this magical plant, and it is a magical plant. This thing has been around for centuries.
Hell Pliny the Elder, I think he was a guy from Greece or something before the time of Jesus, was talking about this plant. Anyway, anyway, if you wanna find out all about this plan, you go listen to episode 726. It's all about comfrey. I think I got some news on the back end of it. But up front, it is everything that you need to know about Confre.
[00:04:57] Unknown:
Now now let's get into it. But we're not going to start with the news. We're going to start with,
[00:05:05] David Bennett:
American HODL. And his name is now Hoddle, h o d l, over there on Noster. He's dropped the American part, but it's the same guy. And I wanted to read this to you because you'll figure it out.
[00:05:18] Unknown:
He says after having a little money for a few years and dabbling in some of the finer things, I can tell you that nothing beats an ordinary life. Getting a slice of pizza and seeing a movie with your wife. Hitting the bar and having drinks and conversation with your friends.
[00:05:38] David Bennett:
Hanging out at the park throwing a frisbee around, taking the kids for ice cream on a hot summer day, an economy plane ticket to go visit family or an old friend, a reliable car that takes you where you need to go, a great blanket to snuggle up in on a cold winter's day. If you have these things already, trust me, you are wealthier than you know. Drinking $1,000 wine and eating caviar with famous people won't make you any happier. In fact, it may have the opposite effect. As the Bitcoin price rises, you should definitely dabble in fancy shit if you feel compelled. But once you get a peek behind the curtain, you'll find out pretty quick it's hollow and meaningless compared to the things that really matter.
Okay. That's the end of the note that he put on Noster, and I I wanted to make sure that I I bridged this properly. American HODL is done with his bid. Now it's my turn.
[00:06:42] Unknown:
He's right. He's right. The more money you have, the more miserable it seems to make people. And I know that for the people that are out there that just heard that that don't have any money at all,
[00:06:57] David Bennett:
I can understand why you want to throw me through a window right now. I get it. I really do. I understand you. But that's not what I'm talking about. If you're dirt poor and you've always been dirt poor, well, then, yeah, that sucks. We're not talking about being poor. We're talking about for those of you that have a substantial amount of Bitcoin, which at this point may very well be just a handful of satoshis, because you never know.
[00:07:26] Unknown:
What we're what he's trying to tell you and what I've seen with my own eyes is that this this mega amounts of money, it doesn't help.
[00:07:39] David Bennett:
And you know what really what I've really seen that doesn't help? Is this malinvestment. People that have an extraordinary amount of money
[00:07:49] Unknown:
and yes,
[00:07:50] David Bennett:
this is going to be my opinion
[00:07:53] Unknown:
Investing it in shit that doesn't matter things that won't last things that are short term thinking
[00:08:02] David Bennett:
They'll build a strip mall and that strip mall will make them all their money back, and then some, and it's great. But that strip mall is not going to last. It's going to end up with weeds coming up through cracks in the in the pavement. It's just it's going to be an eyesore. It's going to be bullshit that nobody remembers, and nobody will connect your name to it. What we do with our money, and how we build the future that we are going to build, and it's going to be the Bitcoiners that bring beauty back to this planet. Because it sure as shit ain't gonna be somebody like Warren Buffett or his buddy Charlie Munger, which I well, I know we're talking about some the death and well, there's other people like Elon Musk. I mean, he will be remembered, I guess, for, you know, launching shit into space. Hey, good for him. Okay? At least that's something.
But when you are a real estate developer and you're just plowing 1,000,000,000 and 1,000,000 of dollars into yet one more ugly ass glass faced building
[00:09:05] Unknown:
that will end up being a homeless encampment in 50 years, who gives a shit? It's about beauty.
[00:09:12] David Bennett:
And that's what Hoddle is trying to say here. It's beautiful taking your wife to a movie. It's beautiful going and getting beers with her, Sharing some pizza with your family. We do that every Friday night. That's what matters. It really is. That's what matters. Everything else is an illusion. It's all bullshit. Some of you that are listening to me are going to have one of these days, maybe sooner, maybe later, more money than you can look at. And then you will have to ask yourself the question, what do I do with it? And if you're going to be the person that buys Lamborghinis and like 50 houses and you're just squandering the cash Then I highly recommend that you readjust what it is. You think wealth really is
[00:10:01] Unknown:
because it ain't that That's not being wealthy.
[00:10:05] David Bennett:
That's just squandering time and energy that could be put to better use. Now for the news Bitcoin ETFs see outflows exceeding $261,000,000 and BlackRock boast a single day net inflow of $49,000,000. This is from what is this from? Benzinga.com. Don't overlook inflation projection or protection. Get to know the themes and companies. Get to know the themes and companies that may benefit from this elevated inflationary regime and what ETFs can protect your portfolio from. The Bitcoin spot exchange traded funds continue to see these net outflows for a 3rd consecutive day, raising questions about investor sentiment in the cryptocurrency markets.
SoSoValues data reveals a total net outflow of $261,000,000 on Wednesday, March 20th. Among the ETFs experiencing outflows, of course, the Grayscale Bitcoin Trust reported the most substantial single day net outflow of $386,000,000 worth of bitcoin. This latest withdrawal has contributed to GBTC's total historical net outflow, which is reaching alarming levels of $13,270,000,000 highlighting a persistent trend of capital withdrawal from the fund. Contrasting this trend, the BlackRock ETF, iBit, stood out with a notable single day net inflow of $49,280,000 This inflow is a positive sign for IBIT, bringing the historical total net inflow to an impressive $13,090,000,000 The inflow into IBIT emits widespread outflows from other Bitcoin spot ETFs suggest a shifting investor preference within the cryptocurrency ETF space.
The recent outflows from bitcoin spot ETFs, particularly the significant withdrawals from GBTC, raised questions about investor sentiment towards Bitcoin as an investment vehicle. Hold on. Hold on. I'll get to it. I'll get to it. I promise.
[00:12:24] Unknown:
Meanwhile,
[00:12:25] David Bennett:
the inflow into BlackRock's Ibit may indicate a growing trust in certain funds possibly due to their management structure or perceived stability. And that's it. Okay. So I read you this so that you can understand something about the fact that the person that's writing this kind of doesn't know what the hell is going on.
[00:12:48] Unknown:
And you can tell because well, let's see if I can find it again. It's in here. Capital withdraw from the fund, notable single day value.
[00:13:02] David Bennett:
Yeah. What basically it's saying, yeah, substantial single day net outflow of $386,000,000 net outflow reaching an alarming $13,270,000,000 single day net outflow. It's the single day net outflow is listed in this article multiple times. And these words of alarming and substantial and this and then there was this this issue of, you know, the I you know, it's possible that that people are just running for the hills. You're getting out of crypto. But all the time, they continuously tell you what's really going on. They're not really leaving. Sure.
Sure. 261,000,000 well, hold on. No. Let me see. Was it yeah. There there's a substantial amount of a couple of 100, $300,000,000 that have escaped the Bitcoin ecosystem altogether and did not go into BlackRock's Ibit. But the point that I'm trying to make here is that the majority of all of the Bitcoin that has flowed out of GBTC ever since January 11th this year when they said okay to all the spot Bitcoin ETFs flowed directly into what? A BlackRock. Nobody's scared. They just don't want to pay the 1.5% management fee, which I thought was 2.5%, but I guess they finally reneged and kind of dropped it a little bit. But still, the guys at GBTC, their management fee is just too high.
That's all that's going on. And anybody that wants to stop paying them 1.5 when they can pay somebody like BlackRock 0.25%, they're going to do it. So all of this is from Benzinga or whatever the hell this outfit is is a scare tactic to try to get people to get afraid and say, oh, we're big. It's all going down. No. It's just changing its address. That's all that's happening. That's all that's happening. That's all that's happening. So I know yesterday last week was a rough ass week. We're gonna have more of them. We might have another one this week. Why? Well, because the price of Bitcoin is at $70,400. We've had a whole string of hourly green candles.
And that seems to be a pattern that I'm seeing develop from, from BlackRock, is that Monday is by Bitcoin day. And then they don't do anything Tuesday, Wednesday, Thursday, Friday. They close the markets and then during that time we bleed out. And then over the weekend, the scare people, the the ghosts and the goblins come out of the walls, they try to scare the rest of the weekends out of their shit over the weekend, so that what? Well, that BlackRock can buy starting by their Bitcoin again on their Monday. That seems to be what's going on, at least in the short term. That seems to be the local cycle.
So don't get shook out if you didn't get shook out last week. Don't get shook out this week, Right? I'm just seeing a cycle of accumulation. It's accumulate, scare the shit out of everybody throughout the week, and then scare them even more throughout the weekend, and then buy all the fear
[00:16:27] Unknown:
on the open market Monday morning opening bell. Rinse and repeat. That's an accumulation cycle. Don't be fooled. Now, we're going to tackle the Stratum reference implementation. The Stratumv2
[00:16:41] David Bennett:
thing that I was talking about last week, we're going to do it again, but this time we're going to see what Nick Hoffman out of Bitcoin Magazine has to say about it, and he says the following. The Stratum reference implementation team has unveiled the SRI 1.0.0 which is a new milestone in their journey to decentralize and optimize bitcoin mining according to a press release. Some of the key highlights are as follows: miners can connect to Stratum V2 pools without upgrading existing Stratumv1 firmware through translation proxy or directly using an SV2 firmware device like brains OS 2, miners have the flexibility to run their Bitcoin nodes, construct templates, and declare them to the s v two pool.
And 3rd 3rd and finally, the implementation of pool fallback functionality ensures continuity in mining activities even if a pool decides to censor transactions, thereby incentivizing pools to prioritize miners' interests. This new version is the culmination of enhancements in the stratumv2 specification achieved through collaboration with the working group and rigorous testing with the interoperability suite to ensure seamless compatibility between implementations of the stratumv2 protocol. The release allows miners using s v one or sv2 firmware to connect directly to an sv2 pool or through a translation proxy.
Miners can construct their block templates using a locally hosted job declaration client and a patched version of Bitcoin Core Node, enabling them to send their templates to the job declarator server operated by the s v2 pool. Importantly, this update also allows independent third parties to run the node and JDC expanding operational capabilities. The newly implemented pool fallback feature ensures that miners maintain mining activity by automatically switching to alternative pools in the event that a pool rejects their templates. This mechanism serves as a strong incentive for pools to act in the miner's best interest ensuring miners' hash power remains secure as well as competitive.
SRI's user friendly pool setup and upcoming enhancements make it an attractive option for miners and pools seeking streamlined mining experiences. The project says it welcomes contributions and support from individuals and corporate entities interested in providing grants to help accelerate the development, research, and innovation in Bitcoin mining technology. Alright. So, yes, I wanted to make sure that you guys have this top of mind this week that Stratum v 2 is now live and people can use it. But what was not said by me last week, at least as far as I know, is that they made it very clear that if you are using the stratum version 1, that you can still connect to stratumv2 through proxy service and have all the functionality of stratumv2.
And this is great because if you're upgrading 1 miner from Stratum V1 firmware to Stratum V2, okay, that doesn't seem like it's such a big deal. Yeah. Do that with 10,000 machines. Do that with 10,000 machines. See how happy you are at the end of it. Right? So at this point, what's great about the Stratum team is they have allowed people to keep their shit intact so that they don't have to run around like chickens with their head cut off because they've been waiting waiting waiting on stratumv2. They've enabled them to actually be able to use stratumv2 while using their existing rig setup.
That is amazing. That must have taken a lot of work. But honestly, that was the best way to bootstrap Stratum V2 and not lose users along the way by forcing them By forcing them to say you can't you're not going to be able to take part of this unless you upgrade all of your shit. Nobody wants to have that handed to them. So the guys over at Stratum did the hard thing. They wrote code that allowed the Stratumv1 implementation to actually work with Stratumv2. If you're out there and you're a miner and you're using stratumv1 and you're breathing a sigh of relief, don't breathe that sigh of relief too long.
Now you have time to get your implementation plans together for your mining operation to switch from s1 or v1 to v2. And it looks to me like you might be able to do that on a machine per machine basis and slowly but surely turn your entire operation over to stratumv2, which for various reasons you're probably going to want to do. Now, EU the PU has launched a probe into Apple, Google, and Meta over violations of the Digital Markets Act, Savannah Fortis tells us more, cointelegraph.com. The European Commission has announced a noncompliance investigation into Apple, Meta, Amazon, Alphabet, under its Digital Markets Act or the DMA, according to the statement released March 25th. That would be today.
The commission suspects that the measures put in place by these gatekeepers fall short of effective compliance of their obligations under the DMA. That's a direct quote. More specifically, the EU antitrust regulators have targeted Alphabet's rules on steering in its Google Play Store and self preferencing on Google search, Apple's rules on steering steering in the App Store, and the choice for Safari along with Meta's pay or consent model. Additionally, the commission said it is looking into steps relating to Apple's new fee structure for alternative app stores and Amazon's ranking practices in its marketplace.
Now we could go through the rest of this article, but we don't need to. Because the whole reason that I'm putting this in front of you this morning is because of this. Apple is being sued in the United States, or at least being investigated. I think they're actually full blown being sued in the United States, as an antitrust. It's an antitrust suit, right, against Apple. And I believe it has everything to do with
[00:23:26] Unknown:
with forcing a repatriation
[00:23:29] David Bennett:
of the well over $1,000,000,000,000 I think it's over $1,000,000,000,000 of cash and other assets owned by Apple that live offshore, that is outside of the boundaries of the United States. The second those assets are repatriated, the United States Internal Revenue Service gets to tax those at somewhere around now probably anywhere between 40 50%, which would immediately immediately if they did this if Apple have were to have done this voluntarily and repatriate all this stuff, immediately, Tim Cook would be sued by his board of directors and all of the shareholders. He would be ousted, be gone.
Right? And anybody that carried on in his footsteps would also be ousted because you're going to tear up shareholder value on that transfer of value from offshore back into the shores of the United States, because half of that value is going to be gone. Now, the best cover story that you can have if you're someone like Tim Apple is to have the United States government sue you in an antitrust suit so that you have to do it. And that you had no choice. You had no choice. That way you have plausible well more than plausible deniability to your shareholders so you don't get sued.
But but but now we got Europe. They probably want some of that money, too. So all of a sudden, there's antitrust actions going on against Apple, Google and Meta. I don't think it has anything really to do with Google or Meta or anything else. I think they want Apple's money. I think they want a piece of that pie because that's an awfully big pie. That's a $1,000,000,000,000.
[00:25:21] Unknown:
It's a lot of money. So what we're seeing
[00:25:27] David Bennett:
is carrion feeders,
[00:25:29] Unknown:
buzzards, vultures flying around. Apple's money.
[00:25:37] David Bennett:
They're that desperate. We're seeing western governments turn into carrion eaters instead of actually providing value to not only their citizenry, but to the businesses that have chose to remain headquartered in the United States. And when we were supposed to have the bald eagle in the United States as our national bird,
[00:26:01] Unknown:
it looks very much like we are shifting into having a vulture as our national bird.
[00:26:09] David Bennett:
This is sick, but it demonstrates the the that it looks to me like the Western governments are starting to realize, or at least they probably realized a long time ago, but they're starting to take action on the rot that they have allowed to grow within their organizations, their general governmental organizations. And the only way they can shore this up is to steal the money from other places. Do I like Tim Cook? No, I don't. I he can go suck an egg for all I care. Am I a fan of Google? Not really. I mean, I use an Apple phone. So but does that make me a fanboy of Apple? No. But it's a good product. It's a great product, in fact. I've never had a problem with any of the Apple phones that I've ever owned.
But that doesn't mean that I'm a fanboy for Apple. All I'm saying is that this is not what it appears. I think it's a money grab, and I think they're allowing or the the way that they're doing this is that the United States is allowing cover for Tim Cook, and now other countries are, like, trying to tear pieces of that pie off as it potentially shifts its home from wherever it is offshore back over to the United States. Now, the SEC has again delayed a decision on the grayscale Ethereum ETF. It's probably because it's a security, and it's unregulated, and it's undeclared. But that's my opinion. Decrypt.
Jason Nelson. Let's see what's up. SEC has postponed a decision on whether to approve great grayscale Ethereum Futures Trust Ethereum ETF application, the agency said in a document on Friday. These Securities Exchange Act of 1934 gives the agency 180 days or 6 months from when notice of the proposed rule change is published. The grayscale application was first filed in September and the agency deferred making a decision in November. The commission finds that it is appropriate to designate a longer period within which to issue an order approving or disproving the proposed rule change so that it has sufficient time to consider said proposed rule change and the issues raised therein, in quote, the SEC said, echoing previous statements.
Bitcoin and Ethereum ETFs are a type of investment fund that tracked the price of digital assets and traded on traditional stock exchanges. But in January, after approving 11 bitcoin ETFs, the SEC delayed its decision making on spot Ethereum ETF applications from Grayscale and BlackRock. The very next month, the SEC delayed its decision on a joint spot Ethereum ETF application from investing firms Invesco and Galaxy Digital. While the SEC's decision on Grayscale's Ethereum futures ETF may disappoint, cryptocurrency investors and enthusiasts I'm an enthusiast.
Some say that the agency's delay is a good thing, allowing for greater adoption of Bitcoin ETFs. Quote, spot Ethereum ETFs will gather more assets if they launch in December versus if they launch in May, Bitwise chief information officer Matt Hugan said on Twitter. On Tuesday, TradFi hold on. On Tuesday, quote, TradFi needs more time to digest the Bitcoin ETFs. I really don't like hearing that from Matt Hogan from bitwise. I really whatever. Finishing up. The SEC's postponing of its Ethereum ETF decision adds to negative pressure pushing the price of Ethereum down. On Friday, Ethereum was down 10% for the week and is currently trading at some number. I don't give a shit according to coin gecko. Alright, so here's here's the thing
[00:30:12] Unknown:
I want
[00:30:13] David Bennett:
trading view is free. You can go to tradingview.com. Is it? Yeah. I think it's tradingview.com. Let me just make sure here. Tradingview.com and I'm going to pull this up and for the guys over there in zap stream, which are awfully quiet today. Is there anybody in there or am I all by myself? I have I am I think I may very well be all by myself. I don't care. It's all right. I love you guys nonetheless.
[00:30:37] Unknown:
All right. So here's the chart for Bitcoin. This is the hourly chart. Let's look at the chart for Ethereum.
[00:30:49] David Bennett:
It's the same chart. It's the exact same chart. It has the same dips. It has almost the exact same tangential lines, which basically means 90 degrees to any point on a curve. I won't get into it. It just means the slopes of, like, the downtrends and the uptrends. The slopes of the lines that would track that are almost the same. The only thing that's not the same is the actual end price, but the movements between these two are almost exactly the same. And this is no different than it was in 2015 when I first got into it in 2016 and 2017 and 2018, 1920,
[00:31:30] Unknown:
21, 22, 23. It's always been the same. It's Bitcoin that matters. Ethereum is just a joke. Stop thinking that it's going to be a thing. Because I guarantee you that warrant canary thing that I brought you on Friday,
[00:31:50] David Bennett:
that's that's an important issue for the guys over at the Ethereum Foundation. Why?
[00:31:56] Unknown:
Because they're being investigated. Finally.
[00:32:01] David Bennett:
I mean, I'm not I'm not one for regulation, but jeez, when you've got this many snakes in the grass, you unless you know how to deal with the snakes yourself, you're gonna call somebody to come kill the snakes for you. In this case, that's the SEC. So it just happens that the SEC and all the rest of these people started ramping up their investigation into Ethereum and the Ethereum Foundation after a particular event. Do you know what that event might have been? I'll tell you what it was. And I because I told you what happened when they did it, and sure enough, this is exactly what the fallout was.
When they changed their mining and security model from proof of work using actual GPUs and sucking real energy out of a wall outlet somewhere over to proof of stake, they put the nail in the coffin for the SEC. It was all the SEC needs. When they were still at proof of work and using mining, there was almost a chance that these guys could say, dude, it's not it's not a security because you're not depending on a third party to do anything, including the security. The security of the asset. The security of the asset was provided not by a third party. Provided by the energy used to secure the situation.
But now now they went to proof of stake. No. No. No. That's
[00:33:36] Unknown:
that just means the more Ethereum I have, the more say I have over
[00:33:42] David Bennett:
the transactions that are put through the system and the protocol itself. I am a third party that is safeguarding the entire system and the value proposition of that system. Therefore, you pass the Howey test, at least on that one point. You're depending your profits depend on the actions of a third party.
[00:34:05] Unknown:
That is 1 third, if not one that's 1 quarter at least, if not 1 third of passing the Howey test. It's
[00:34:15] David Bennett:
Ethereum is a security. Please stop thinking that it's not. Alright. Here we go. Leaving you. Let's go on. Oh, actually, you know what? Let's not go on. It is now time to run the numbers. CNBC Futures and Commodities. They got West Texas Intermediate Oil is up almost 1 and a half percent to $81.79 a barrel. Brent, North Sea up to no. 1 a quarter. However, natural gas has fallen on its ass almost 2 full points to the downside. Gasoline is up scant to $2.74 a gallon. All your shiny metal rocks are having a blessed day. Gold is up 3 quarters of a point to $21.75.70.
Silver is up scant. Platinum is up just over a point. Copper is up point 2, and palladium is up almost 2 full points. Ag, let's see. Oh, chocolate making a swing for the fences. 8% upside for chocolate today. Biggest loser is gonna be rough rice. It's down 2.5. Live cattle is down 3 quarters of a point. Lean hogs are up a quarter. Feeder cattle are down a half. Indices and traditional markets are also not looking good. Dow future or I'm sorry. The Dow is down 0.42%. S and P is down 0.17, and the Nasdaq is down point 16%. The S and P is the only thing in the green. The mini is up a quarter of a point today. What are bonds doing? Bond yields have all been pushed higher, every single one of them, from the 1 month to the 30 year, which is yielding 4.42%.
The 20 years yielding 4.51%. The 10 year, 4.25%. Oh, $70,610 for 1 Bitcoin gets you a $1,390,000,000,000
[00:36:22] Unknown:
market cap. There is 19,663,936.3
[00:36:28] David Bennett:
quarter BTC in circulation. Hash rate on average over the last 20s, 2016 blocks is 595.8 exahashes per second. Average fees per block stand at a quarter of a bitcoin, and the having estimate is now at 420 2024. Man, that's some numerology right there. It'll be April 20th 2024. And if everything stays the same, we're we might be looking at a having happening on 4/20. That will be that'll be a blast, honestly. The block space percentage used to take out the trash that is inscriptions and ordinals is at 1.6 percent which is well off of its high of 2.6 percent that we were seeing a few weeks ago. Now on to mempool. What is mempool doing? The mempool has a measly 179 blocks, carrying a 128,000 unconfirmed transactions waiting to clear. However, prices are high.
40 satoshis per v byte on a high priority transaction, 34 for a low priority transaction, and anything under 5 satoshis per vbyte, yeah, you're gonna get purge from mempools around the world. Now from ETH warrant canary died episode 876 of bitcoin, and I've got wartime boosting me. Nice. 3,333. That's a lot of threes, and he's got clinking glasses. So I guess he's saying cheers. I say cheers to you back. Axelrod boosted 525 sets, says shitcoin number 1 is BlackRock template to tokenize them all and in the darkness, buying them. Bitcoin is freedom. Yes. Some Lord of the Rings reference there.
Pies with 420. Thank you, sir. No. Thank you. God's death with 337. Thank you, sir. No. Thank you. The bird boosted me a 100 satoshis, another solid show, and I thank you, sir. That's gonna do it for the weather report. Welcome to part 2 of the news that you can use. What do we got? Oh, yeah. Yeah. Yeah. Yeah. Okay. So I'm I'm going to join the toastmasters.
[00:38:49] Unknown:
Have you ever heard of the toastmasters?
[00:38:52] David Bennett:
It is a club, and they're celebrating their 100th year. No, they're not paying me to make an advertisement. I'm actually doing this as a public service, not for them, but for you. If you have a problem public with public speaking, like you're scared to do it, you don't want to do it, You get butterflies in your stomach because you got to stand up. And even if it's just a small group of people and say a few words, dude, Toastmasters is the way to get over that shit. Because it is all about meetings, presentations,
[00:39:25] Unknown:
how to speak publicly. And honestly,
[00:39:29] David Bennett:
it's like a $120 a year. You pay it twice, $60 every 6 months, which works out to what? It's a 100 it's like $10 a month. It's honestly, it's not bad, and it will teach you how to present well. Mentorship. It'll give you career advice. It's about leadership. It's about being able to run shit. Because if you can run a meeting and keep it on time and make the people in the meeting at least think that they got something out of it, That's leadership. I know it sounds dumb but it's not. That's actually a demonstration of solid leadership is being able to organize a meeting, have the meeting like, if it's a 15 minute meeting, it is literally over 15 minutes and everything that needed to be said was said.
That's leadership. How many times have you been in a meeting that you wanted to shoot yourself because you were in that meeting and they just went on and on? Toastmasters will teach you how to not do that. And you can go 3 times for free. Your 4th one, you gotta pay up. But I think it's gonna be worth it. So every once in a while, I will bring you tales from the toastmasters, as to, you know, what act you know, not what occurred in the meeting, but I'll just mention it a couple of times because this is a long lost art. Public speaking is almost a golden key to any city.
Nobody wants to speak in public. And if you're one of the people that learn how to get over that shit and be the speaker, the guy that will get up on stage and get in public Yeah. People get paid for that shit, by the way. Now, let's move on to some more news. EU to vote on yeah. I know. We're gonna go back to the EU because they're not done being stupid. Not by a long shot. They're gonna vote on new draconian AML package for service providers on April 22nd. So this is a little bit more news of what's been going on over there in the EU when it comes out to all this stuff. Now, no bullshit bitcoin has this one the sweeping aml package aims to eliminate anonymous cash payments over €3,000 in commercial transactions they've changed it They've changed it. Holy shit.
3,000 in commercial transaction and prohibit cash payments above €10,000 in business transactions and AML KYC checks literally all the way around. So, quote, generally prohibiting anonymous commercial business payments would at best have minimal effect on crime, but it would deprive innocent innocent citizens of their financial freedom. The medicines or sex toys that I buy is nobody's business. This is coming back from last week. To collect donations, dissidents such as the late Alexei Navalny and his wife are increasingly reliant on anonymous donations and virtual currencies worldwide.
So it's it seems that what's happened is that they've in they've actually increased the amounts involved because yeah. The the yeah. This is this looks like they've increased the business transaction side of it,
[00:42:48] Unknown:
But they're gonna vote on this now. It's gonna be April 22nd.
[00:42:53] David Bennett:
And it's gonna it's just gonna tear everything up. And meanwhile, they've got this lawsuit that they're want to launch against, like, 4 of the biggest companies on the face of the planet, which are all based in the United States. Apple, Meta, Google, and that other one. I can't remember the other one. But, yeah. So it looks to me like the EU has just gone full on apeshit crazy. It's sad, but if you're living in the EU, be prepared because this shit is coming down on April 22nd. Just just understand it's coming quick. Very, very quick. This is just a few weeks away.
Anyway, so now speaking of Apple, vulnerability in M Series Mac Chips lets attackers steal encryption keys Again, no bullshit Bitcoin. A vulnerability that's been baked into Apple's M series of chips enables extraction of secret keys from Macs when they perform widely used cryptographic operations academic researchers have revealed in a paper. Go fetch is a microarchitectural side channel attack that can extract secret keys from constant time cryptographic implementations via data memory dependent prefetchers or DMPs. The flaw, a side channel allowing end to end key extractions when Apple chips run implementations of widely used protocols, can't be patched directly because it stems from the microarchitectural design of the silicon itself.
Instead, it can only be mitigated by building defenses into third party cryptographic software that could drastically degrade m series performance when executing cryptographic operations, particularly on the earlier m1andm2 generations of chips. Basically, an attacker could trick the processor into loading secret keys into a cache and then steal them from the cache. For that, they wouldn't need administrator privileges. That makes the attack particularly dangerous as any malicious application on the system could run it, explains cybernews. The go fetch app requires less than an hour to extract a 2,048 bit RSA key and a little over 2 hours to extract a 2048 bit Diffie Hellman key.
The attack takes 54 minutes to extract the material required to assemble a Kyber 512 key and about 10 hours for a dilithium 2 key, not counting offline time needed to process the raw data. For users, we recommend using the latest versions of the software as well as performing updates regularly. Developers of cryptographic libraries can either set the do it bit and ditbit bits which disable the dmp on some cpus. Additionally, input blinding can help some cryptographic schemes avoid having attacker controlled intermediate values, avoiding key dependent DMP activation, wrote the researchers.
And finally, preventing attackers from measuring DMP activation in the first place, for example, by avoiding hardware sharing and further enhance the security of cryptographic protocols. This is bad. This is bad. This is bad bad bad bad bad bad bad bad bad bad. Why? It's when they said it's baked into the chip, they literally mean it's baked into the silicon. It's the actual physical three-dimensional architecture of the chip that is the vulnerability, which means there is no patch. If you're using an Apple device that has an M1 chip and M2 chip, you're vulnerable.
Please take whatever safeguards that you need to take. I don't have to worry about it because I don't use Apple Computers. I have an Apple iPhone. It's really old. I think it's an 11 pro. I'm not exactly sure, but it certainly isn't one of the newer ones. And I don't think they use the m chips anyway. But be that as it may please please for the love of God be careful out there now Phoenix. No. Yeah. Phoenix d
[00:47:21] Unknown:
Phoenix D4 server okay no bs bitcoin.com
[00:47:25] David Bennett:
Phoenix D is a minimal specialized lightning node designed for developers and businesses that make it easy to send and receive lightning payments without compromising on self custody. It's just like Phoenix for mobile, except that it runs on a server. Announcing Phoenix for server all the goodness of Phoenix Wallet available to developers announced the guys over there Phoenix Wallet. Phoenix D makes it very easy to develop any application that needs to interact with lightning by abstracting away all the complexity without compromising on the self custody.
Phoenix d uses the same software as the Phoenix Wallet, but it runs on a server instead of a mobile device. It offers an HTTP API instead of a GUI. Has fully automated liquidity management to facilitate receive heavy use cases like merchants and crowdfunding, etcetera, etcetera. So if you're a developer, you can build anything on top of it and integrate effortlessly into lightning. You can get ready in seconds with absolutely 0 config, No channel management, no peer management, no liquidity management, no firewall configuration, said the developers. Is there anything else? Fully automated liquidity.
Get infinite inbound liquidity from the largest and most liquid node in the network. No headaches for merchants or other heavy use use cases effective receive fee is as low as 1% plus the mining fees absolutely no configuration There's no channel management, no peer management, no liquidity management, and again, no firewall configuration. It's lightweight as well as native. Phoenix D is compiled to native binaries for Linux, Mac, and Windows. Phoenix was already fast on mobile, but on a server it flies. Is there anything else? Okay, so that's it. So the guys over at Phoenix Wallet have basically taken Phoenix Wallet and turned it into an application that you can leverage off of a server.
This is probably going to be bigger than we think, but I like the way that they're going with the architecture. They're trying to extract abstract away all of the shit that everybody continuously complains about when it comes to lightning. Oh, there's no the liquidity startups are they suck and channel management sucks. Yes. There's lots of stuff. When you build a car, you know, for the first time, like, think of, like, Henry Ford, you know, trying to figure out how to get a car built on but instead of building it, like, 1 at a time, Ford's contribution to to the automotive industry was not the invention of the automobile.
Several people came up with that shit all by themselves in different places around the world. What Ford did was figure out a way to make the automobile be assembled on a moving assembly line so that several cars could be built all at once and they just spit out the other side of the assembly line. But think about it this way. The early cars were, oh my God. Talk about a mess. And why wouldn't they be a mess? We're just figuring out how an actual internal combustion engine is going to work. You have to control explosions
[00:50:59] Unknown:
inside of a bunch of canisters and have all that energy transferred to several different arms that spin a flywheel that provide power to something else. This is not exactly simple. The engines that we have today don't look anything like the engines that Henry Ford was working with when he was building the assembly line for Ford Motor Plant. It's just different because we learn so much. But it took a century
[00:51:34] David Bennett:
from what Ford did to get something like we've got today, a 100 years. We're not going to be taking that much time to get situations where you've got a liquidity problem and channel management problems and these other problems and firewall issues and is it gonna be over Tor? Is it not gonna be over Tor? How the hell do you keep your your shit safe? All of that that you have to actually screw with as a channel management guy, a lightning node operator like myself. And got guess what? I don't mess with that. I put my chant my lightning node is on tor. I don't mess with channel management, and it just works. It does mean that I don't have as much inbound liquidity at any given time. And sometimes payments on my lightning node stick. I don't have the routing stuff going on because I don't have perfectly balanced channels.
But you know what? It still works. I don't have to mess with it that much. Something like Phoenix d running on a server, something that I might be able to tap into one of these days, is going to try to help take care of all the crap so that my channels are automatically balanced and I don't have to worry about it. So channel management is done and liquidity. I've already got liquidity, so I don't have to worry about it. But if I was bootstrapping a node and I had, like, literally nobody giving me incoming liquidity it might take care of that too. It's going to make bootstrapping a lightning node much easier and that's the whole point And you should be running a lightning node. I'm not gonna say that it's a moral imperative, I'm just saying that you might as well learn about the the way the guts and feathers are all how it's how it all works and how it's all stuck together now, so that when it's abstracted away you still know the basics of what's going on behind the scenes. So you don't feel at any given time that you should be asking the question, how are you gonna fuck me?
Because every every time something is abstracted away, it also means that it's been obfuscated from your view because you don't have to touch it, which means that some nefarious shit can go on behind closed doors. The obfuscation Because that room the inside of that room that the doors are closed on has been abstracted away and now all you see is the doors and all you need to know is that there's some room behind that door and it does something. That's what's going on here. So I'm not saying that the feet guys over at Phoenix wallet are are going to fuck you I'm just saying in the future it's better to know how something works than to not know how it works and the only way to know how lightning network and nodes and shit work is to run one so that you can see behind the scenes. I'm telling you, man. It it really is. It's really worth it. Alright. See, what do we got else? We anything else? Nope. I think that's gonna do it for today. That's gonna do it for the morning roundup.
Dad says jokes. I have a disease where I can't stop telling airport jokes. My doctor says it's terminal. Sorry. I shouldn't laugh at my own jokes. Can't help it. I am not a trained comedian by any stretch of the imagination. Alright, ladies and gentlemen. What have we learned? I honestly can't remember. So you know what? I'll see you on the other side. This has been Bitcoin, and and I'm your host, David Bennett. I hope you enjoyed today's episode and hope to see you again real soon. Have a great day.
The importance of learning about the inner workings of lightning network and nodes
Wrap-up of the episode
