Join me today for Episode 908 of Bitcoin And . . .
Topics for today:
- Texas Stock Exchange is Coming
- Australia Launches BTC ETF on Largest Exchange
- EU's Going Dark
- Ditto: A New Yet Different nostr Client
#Bitcoin #BitcoinAnd
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Articles:
https://bitcoinmagazine.com/business/australias-largest-stock-exchange-approves-its-first-bitcoin-etf
https://cointelegraph.com/news/txse-stock-exchange-crypto-texas
https://www.nobsbitcoin.com/eu-first-encryption-report/
- 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/rtl-v0-15-1-alpha/
https://www.nobsbitcoin.com/civkit-v1-alpha-released/
https://www.nobsbitcoin.com/bitkit-wallet-v1-0-0-beta-120/
https://www.nobsbitcoin.com/navigating-the-social-graph/
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Music by:
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Licensed under Creative Commons: By Attribution 3.0 License
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Find me on nostr
npub1vwymuey3u7mf860ndrkw3r7dz30s0srg6tqmhtjzg7umtm6rn5eq2qzugd (npub)
6389be6491e7b693e9f368ece88fcd145f07c068d2c1bbae4247b9b5ef439d32 (Hex)
Twitter:
https://twitter.com/DavidB84567
StackerNews:
stacker.news/NunyaBidness
Podcasting 2.0:
fountain.fm/show/eK5XaSb3UaLRavU3lYrI
Apple Podcasts:
tinyurl.com/unm35bjh
Mastodon:
https://noauthority.social/@NunyaBidness
Support Bitcoin And . . . on Patreon:
patreon.com/BitcoinAndPodcast
Find Lightning Network Channel partners here:
https://t.me/+bj-7w_ePsANlOGEx (Nodestrich)
https://t.me/plebnet (Plebnet)
Music by:
Flutey Funk Kevin MacLeod (incompetech.com)
Licensed under Creative Commons: By Attribution 3.0 License
creativecommons.org/licenses/by/3.0/
[00:00:00]
Unknown:
Good morning. This is David Bennett, and this is Bitcoin and, a podcast where I try to find the edge effect between the worlds of Bitcoin, gaming, permaculture, podcasting, and education to gain a better understanding of all. Edge effect is a concept from ecology describing a greater diversity of life where the edges of 2 systems overlap. While species from either system can be found at the edge, it is important to note there are species in the overlap that exist in neither system, and that is what I seek to uncover. Uncover. So join me in discovering the variety of things being created as Bitcoin rubs up against other systems. It is 9:21 AM Pacific Daylight Time. It is the 17th day of June 2024, and this is episode 908 of Bitcoin. And I'm hoping that it will be no longer than 30 minutes. I'm going to shoot for that for a little bit, as we get into these summer months, and people have been asking me for a shorter show. So let's give it a shot one more time, ladies and gentlemen.
One more time. Circle p is open for business. Circle p is where I bring plebs like you to plebs like you, except these plebs have goods and services for sale in Bitcoin. If you're not selling it for Bitcoin, you're not in the circle p. Today, enjoy sovereignty and style. Get a wallet. Get a belt. Get a passport holder. Get all kinds of stuff. Man, they got all kinds of neat stuff down there at the leathermint.com. That's right. It's the leathermint.com. You can find them on nostr@leathermint, m I n t, or on dead bird's site, otherwise known as Twitter, at the leathermint.
All one word. Again, mint, m I n t. They got a special wallet that is up for pre order. Go to their website, the leathermint.com. It's got an NFC chip and it's got a payment chip inside of it that is fully programmable so that you can just touch and go and pay with Bitcoin. It's a nice looking wallet. Ladies and gentlemen, give it a shot. Alright. Here we go. Austin. Nope. Not Austin. Not yet. Australia. The grinder, thank you for 420 satoshis. And to you, sir, good morning. Australia's largest stock exchange has approved its 1st Bitcoin ETF.
Bitcoin Magazine Vivek Sain writing Australia's largest stock market, the Australian Securities Exchange, approved the listing of the very first Bitcoin exchange traded fund or ETF on its platform on June 20th. The issuer will be Van Eck, and the instrument will be dubbed the Van Eck Bitcoin ETF. The decision of the leading Australian Stock Exchange came after the success of the Bitcoin ETFs in the United States, where 11 such instruments have been listed. Hong Kong then also launched some of their Bitcoin ETFs following the US, and here we are now in Australia.
Arian Nyrian CEO and managing director at VanEck Asia Pacific said, quote, the demand for access to bitcoin via a listed vehicle traded on ASX has been increasing And many of our clients have told us that their clients are already positioned to have an allocation ready to invest. They're ready to go, ladies and gentlemen. They are ready to rumble. Australia already had spot Bitcoin ETFs. And the first to debut in Australia was the Global X 21 Shares Bitcoin ETF, which launched back in April of 2022. And most recently, the Monochrome Bitcoin ETF was approved and began trading on June 4th on Australia's 2nd largest stock exchange, the CBOE Australia Exchange.
The arrival of a Bitcoin ETF on Australia's main dog, their biggest, largest hound they got in the hunt, Their main exchange is a significant milestone as the country's largest stock exchange, the ASX, brings greater visibility, credibility, and access to Bitcoin exposure for both institutional and retail investors. These approvals indicate a growing acceptance and interest in Bitcoin investments, and products within the Australian market and worldwide, and most countries will likely follow suit. And I guess because that news came out, that's why we have the red dildos going down because, you know, you sell the news. Doesn't matter if it's good news, neutral news, bad news, news from heaven, news from hell, it doesn't matter.
If it's news, apparently that's what you do. You just sell. You don't question the news. You don't try to interpret the news. You just pull the trigger and you punch out like all the paper hands we see doing that this morning. Okay. Now we're back into Austin. At least, I assume it's gonna be in Austin, but this is about Texas in general. And the Texas Stock Exchange, it's an upstart stock exchange, and it could become a crypto friendly challenger. Oh, crypto joy. Cointelegraph, Andrew Singer is gonna tell us about it. The United States is fracturing politically and culturally into red states and blue states.
So why should stock listing exchanges be any different? Oh, let's politicize my equities. Oh, yay. Rumors have been circulating for months about an start anti woke stock exchange launching in Texas, according to The Wall Street Journal. And recently, the rumors came to fruition. TXSE Group announced plans on June 5th to launch the Texas Stock Exchange, again, the TXSE, headquartered oh, in Dallas. Oh, yay. Importantly, the venture has already raised $120,000,000 in capital from BlackRock, your friends at BlackRock, and Citadel Securities, among others.
It's a bold initiative. Bold, I say. Bold. And immediately raised a slew of questions, like, I don't know. You gonna sell steak? Sorry. Having a having a morning this morning. Was the New York duopoly of the New York Stock Exchange and Nasdaq, the world's 2 largest stock exchange by market capitalization, really ripe for disruption? Was this development truly part of a shifting corporate towards states with more favorable regulatory and taxation policies as the WSJ suggested? Texas Stock Exchange will initially look to attract capital seeking companies in the southeast quadrant of the United States, including Texas, Alabama, Arkansas, Florida, Georgia, Louisiana, Mississippi, North Carolina, Oklahoma, South Carolina, and Tennessee.
But do startups in that region really require their own stock exchange? And what about the emerging blockchain and cryptocurrency industry? Wasn't this good news? An upstart stock exchange seemingly custom made for an insurgent crypto sector? What is one to make of this announcement, even if it is significant? Is it newsworthy? Yes. Is it interesting? Yes. Larry Tabb, head of market structure research at Bloomberg Intelligence, Cole, told Cointelegraph, quote, but will it be impactful? Perhaps not. It will be a hard road to hoe in Texas, predicted mister Tabb.
Quote, there are costs for companies moving away from New York, Owen Lau, senior analyst at Oppenheimer and Company told Cointelegraph. The TXSE has taken the first step to appeal to companies for specific themes and specific regions, but it remains questionable on how much liquidity they can build and how many companies will eventually list there. Others, however, think that the New York Stock Exchange could profit from some competition. What this is mostly about is just a classic example of NYSE and Nasdaq having a lot of power, refusing to innovate, and using regulatory capture to maintain their duopoly.
Lee Drogan, general partner and chief investment officer at Star Killer Capital, an institutional investment management firm told CoinTelegraph for that reason. It makes sense for bigger players like Citadel and BlackRock to back a new exchange wherever it might be located to loosen the grip of those 2 players and force innovation, added Drogin. We know that BlackRock CEO Larry Fink is supportive of the idea of tokenization. NYSE and NASDAQ won't be and they will use their regulatory capture to slow down crypto. Most of the world's leading exchanges including in London, Tokyo, Zurich and cities have announced that they will upgrade to digital exchanges capable capable of handling natively digital assets.
We expect Texas will do the same. Matthew Lemurle or Merle, cofounder and managing partner at Blockchain Co CoinVestors, told Cointelegraph, quote, Texas has been one of the most pro innovation, pro digital asset states in America, and it would be very natural for a new stock exchange to begin with the latest technologies and to support digital assets from day 1. Elsewhere, BlackRock has been criticized for its environmental, social and governance investing initiatives, which some consider to be too woke. Supporting a Texas exchange might help the world's largest asset manager improve its image in Texas, suggested TAB. Meanwhile, Citadel CEO Ken Griffin has supported the Republican party. Oh, shock and horror. He moved Citadel headquarters from blue state Illinois to red state Florida 2 years ago.
That said, even a Texas based stock exchange will require approval from the United States Securities and Exchange Commission. And if the SEC doesn't bless crypto, it doesn't matter. Where the exchange is based, said tab, at least from a crypto listing standpoint. And moreover, excuse me, among companies that sell their shares to the public, the first priority is almost always market valuation. It's not about scoring political or cultural points, Tabb said, quote, are they likely to get a higher price multiple for their new stock listing on the NYSE with its 200 years of history or Nasdaq with its 50 years than in Texas?
Yeah, most probably. By this logic, a Texas location probably wouldn't sway a blockchain or crypto firm looking to go public. It still would follow the money. As for trying to break the New York duopoly on stock exchanges, Loud noted that other exchanges tried, but most of them failed to achieve what they had initially hoped for. Trading is already a crowded space, and it's getting hard to build meaningful liquidity. And for stock listings in particular, he added, there are factors such as pride, brand and even index consideration associated with listing in NYSE or the Nasdaq. You may lose that by listing on other venues.
Cloud Fodder, good morning. Still, given the heated political temperature in the United States, it's hard to overlook the blue state, red state aspect of this. Bulent Timmel, a professor of economics at the University of Texas in San Antonio, told the Texas Standard that the incumbent stock exchanges have been imposing burdensome regulatory mandates on companies lately. One such mandate is a rule change requiring that Nasdaq listed companies satisfy certain diversity requirements on their boards set by the Nasdaq. This, along with other complaints such as high trading fees, has spurred a backlash of sorts in a search for alternative exchanges.
Quote, that's why I think those large firms such as or such a project with quite significant sums, said Tamil, referencing the BlackRock and Citadel Investments. Could we soon be talking about red state stock exchanges and blue state stock exchanges then? I don't think it's a good idea to have a red state and blue state stock exchange. I am not sure how this idea can appeal to new companies coming to the United States. Maybe an innovative New Texas stock exchange would encourage more crypto firms to go public, though. I don't know. Quote, I haven't seen anything concrete about them appealing to the crypto and blockchain blockchain industries.
There is certainly room for them to put more emphasis on building a blockchain based exchange and tokenizing securities, we'll see how this evolves in the future. End quote. Drogon, for his part, doesn't see a red state, blue state fracturing when it comes to equities trading market places, quote, I wouldn't lean too heavily into the culture war thing because it's a bit of a red herring and the real story is a lot more important. He views what the Texas Stock Exchange is doing as a rational move to erode the power of the NYSE slash NASDAQ by pursuing more efficient forms of transactions because it doesn't suffer from the innovator's dilemma, I e a circumstance in which the largest incumbent players have a disincentive to innovate.
Moreover, if crypto firms want to demonstrate its libertarian or anti woke credentials, there are other ways to do it, TAB suggested. They could apply for a secondary listing on the TXSE, for example. This could probably be done for a fraction of the NYSE's $300,000 flat rate initial listing fee for common stock. Jeez. Talk about pay to play. Their primary listing would still be one of the New York exchanges, presumably. All in all, it's hard to see how additional competition in the United States stock market exchange sector can be bad for crypto firms looking to sell their company's equity shares to the public BlackRock CEO Larry Fink has been articulate in describing the benefits of digital assets on blockchain rails, declared LaMerle.
We hope and expect that BlackRock's backing of the new Texas Exchange will include a focus on blockchain technology and natively digitized assets. Elsewhere, the Texas Stock Exchange CEO James Lee told Dallas Morning News, we aim to be the number 3 listing venue in the United States. When Cointelegraph contacted the Texas Stock Exchange, the company referred us to the same Dallas Morning news story that was equivocal on the matter of crypto firm listings. The overall suggestion was that the TXSE would stay focused on building critical mass at least initially Will the new exchange succeed?
Will they challenge NYSE and NASDAQ? No. Appined tab. Will they do better than some of the other 18 or so stock exchanges operating or soon to be operating in the United States? Perhaps, Tabb acknowledged. Still, any crypto startup that wants to get a $1,000,000,000 valuation for their public shares still needs to go to the NYSE or the NASDAQ for that to have a chance of happening, at least for the foreseeable future suggested tab. Okay. So there we are, ladies and gentlemen. Texas is getting its own stock exchange. Much ado has been made about it, but understand, there are 18 stock exchanges in the United States, and I guarantee you, you only know about 3 of them. And now you know about the potential of a 4th one.
I kinda get the feeling that here's what's this is what I kinda see happening. I think the Texas Stock Exchange is gonna be more about Texas company innovation and the ability for Texas based companies to list on stock exchanges or on a stock exchange for the benefit of Texas investors, for the benefit of the Texas company that's listing, for the benefit of the Texas Stock Exchange itself. And this looks like an autonomy move rather than a direct competition move. I don't think that the Texas Stock Exchange is really going out there to go head to head with NYSE.
I think it's a pressure release valve and it's going to work, but it is not like Tabb said. It it it's not it's not gonna get a $1,000,000,000 valuation for its Texas based companies unless those Texas based companies wants to go over and play with the big boys at NYSE. Right? So but the other issue here that is kinda tantalizing is this, Red state or let's just call it what it is. Red exchange versus blue exchange. This, not only is the idea not helpful at all, but if such a thing were to occur where it was just written in stone, is really not good.
This is really, really, really not good. There is nothing about red stocks, red equities, red investment packages, portfolios, pension plans versus the blue version of any of those. What it will do is it will have you will have gaming facilities and trading arbitrage opportunities for every scammer under the sun to play both sides of that fence. We already have enough problems. We don't need those problems. So anybody who's rah rah that they just wanna have a red exchange in a red state or a blue exchange in a blue state, and that that that way they can figure out what they're going to invest in, You're just going to get your ass handed to you. It's just gonna happen.
Please stop. You have to divorce yourself from from what does the company believe and go back to the basics. What does the company manufacture? What service does it provide? Are they making payroll? Are they cutting a profit? Are they able to keep their head above water? What is their earnings? That's all I care about. I don't give a shit if they're if they're making blue hair dye. I don't give a shit if they're manufacturing guns. All I care about is are they profitable? Are they well run? We'll have to see. Okay. Now this one is interesting. I'm not going to read the whole thing. I'm going to let you know that there's something going on in the EU, and, well, let's just let some guys from no bullshit Bitcoin tell us about it, at least for the first few paragraphs, because that's everything else is just detail work.
But the European Union's encryption report finds that Layer 2's private ownership of Bitcoin is problematic for law enforcement. The first report on encryption by the EU Innovation Hub for Internal Security argues that Bitcoin's Lightning Network and other layer 2 solutions, as well as widely used encryption based tools, present new challenges and opportunities for law enforcement investigations. The report provides a broad overview prevailing and up and overview of prevailing and up and coming encryption technologies including quantum computing, bitcoin and other cryptocurrencies, DNS protocols, 5 g networks, machine learning and artificial intelligence, and explores, quote, how to uphold citizens' privacy while enabling criminal investigation and prosecution.
It is vital that relevant stakeholders in the justice and home affairs domain are aware of these developments and are provided with the means to stay on top of these technological advancements concludes the report. Now, a member of European Parliament, Patrick Breyer of the Pirate Party warns that the following push against secure encryption comes as a part of renewed push for European mass surveillance by Europol and the European Commission itself. Briar also warns that European Council has already agreed to green light chat control version 2.0, the proposal that is due next week.
Several sections of the encryption report focus specifically on Bitcoin and other cryptocurrencies and these include the following excerpts. I'm going to read the first two. There are mainly 2 types of wallets. Custodial and non custodial, or self custody. Custodial wallets refer to wallets where the user does not hold their own private key, but the service does so on behalf of the user. This is very common as for example funds stored at centralized cryptocurrency exchanges are custodial. The phrase not your keys, not your crypto refers to such storage.
Further quote, while easy to use, there can be risks using custodians and the company holds the private keys, the user has no cryptographic control over these funds. For enforcement, specifically law enforcement agencies, this can be beneficial as they can request exchanges and custodian wallet providers to freeze or seize cryptocurrency assets when they have a legal grounds to do so and the exchange cooperates with law enforcement request. The rest of this European report, I'm not going to read to you. Because we already know what they want, we already know what they intend to do, we just don't know exactly how they intend to pull it off.
But one thing is certain: if you have Bitcoin on an exchange, get it off, get it off right now. You cannot have your Bitcoin under any other authority or any other control than your own private keys. Please, please, please do not do that crap. Alright. Let's get over into I'm gonna skip, market report today and get right on into the boostograms, which I got from mined out miners, which was episode 907 of Bitcoin. And Golf Winch with 6,777 says, please donate what you can afford. This man is providing a fantastic service to all Bitcoiners. Thank you, sir. No. Thank you. Letter 6173 with 5,001 says nothing.
Mangy Pigeon with 5,000 says thanks for the show. Thanks for the nudge. I appreciate you, pal. And nat Gas Immersion with 5,000 says, thank you, sir. No thank you. And Joey Delage with 3333. Oh, magic number. Boosting, he says. BTC Jason boosted 2,000 says, love the show and your consistent principled discussions, Dave. Wish more people would follow you on fountain. You're doing God's work. Thank you, man. Appreciate that. I wish more people were following too, and you could help with that. You get them to use podcasting 2.0 and throw away their podcasting leg legacy podcasting app, and then give them give them the address of my show, give them the URL, tell them how to search for me, say, just go search for the Bitcoin and and you'll get it. That would help. That would help greatly because it's not about trying to get the existing listeners to give more.
It's about trying to get the existing listeners to get more listeners. That's the only that's the only way that this works. Because it's not about just leaning on you guys who are the the bedrock of the show. It's that's not fair. Right I mean but I like I am a terrible marketer so if any of you guys know how to market do it you know, that that can be your treasure. Figure out a way to market the show to get more listeners in and get them to donate as well as you guys do. That's the way that I believe that this is going to work. Now, let's get into what would normally be the second part of the show. Like I said, I'm going I'm I'm trying to nail down 30 minutes for those people that don't want to invest an hour or an hour and a half time.
This is news. Alex Gleason has announced Ditto, d I t t o. He says in a note, people of Noster and the Fetty verse, I have just released the first version of Ditto. Take a look here. And it gives the URL soapbox. Pubforward/blogforward/announcingditto. So I'm going to go to that and it says that exactly what it is it's the blog post and here's what's going on After a year of work, I'm pleased to announce the first release of Ditto. Ditto is a nostr community server. It has a built in nostr relay its own web UI and it implements Mastodon's REST API.
It has moderation, it has spam filters, it has Nippo 5 self-service, it has quote post, emoji reactions and zaps. The scope of this project is absolutely huge. It aims to take everything that's good about Mastodon and implement it on Nostr with none of the downsides. A huge thank you to OpenSats for sponsoring this project. So that's what it is. It is a Nostr client. But it's bringing over a lot of the stuff from Mastodon but not the crappy stuff. And one of the crappiest things about Mastodon is that if I get deleted off of somebody's server, I have to go make a brand new identity somewhere else. I don't have to do that. I don't have to worry about that crap with Nostra.
I mean, sure, I can still be on the Fetty verse, but it's gonna be under a new username. Like, I have none you business at no agenda dot social. Even Adam Curry and John c Dvorak don't like no the new no, no authority dot social which is for their no agenda show. They don't even like it. They hate it. They think it's mismanaged. They think it's crap. And they don't even they're not even going to use it. Right? But if somebody gets mad at me for posting things on no authority dot social, they can delete me from that server. But I can go to somebody else's server. But what I cannot do is take my followers with me. This is a this is like like a Twitter 2.0 problem.
When Twitter delete me deletes me, there's no other Twitter to go to. When Mastodon or somebody like a server in the Feddy verse deletes me, there's a lot of different servers, but all the following that I built up on the server that deleted me, I I I I can't find them. I can't go I mean, I can go get them again, but it's a it's a lot of work. And enter so enter Noster, where none of that is present. None of that is real. None of that shit exists. So now here's here's the catch you can go to ditto.pubpubditto.pubpub but be careful. And I'm gonna tell you why.
Brand new clients that come on the scene have the very bad habit of deleting all of the people that you follow. It doesn't delete the people that follow you, only they can do that. Only the follower can decide that they wanna unfollow you. Nostra protocol cannot make that determination. But you when you lose your followers, you base your your feed gets all jacked up. And this happened to me, and I'm pretty sure that it was Ditto's fault. That's okay. What I mean, I'm able to get my shit back. I'm able to go to where is it? Hold on. Let me see if I can't find it.
If you lose your followers, you need to go over to hist.noster.landland And it will you will be able to recover all of your followers if you get your followers deleted. But this has been an issue with Nostr from from the, like, the beginning of the time that I've been using it. Right? So when you try out a new client and you use your, like, keys to get in, like, if you're using GetAlBI and you log in with your, nostril keys on your main your main nostril identity, you stay in the chance in any new client of losing all of your relays and losing all of your followers. Guys, we're early. Please stop bitching about this. If you want to go try out a new client, it's as easy as the doing the following. Go log out of whatever client that you've been using the most and spin up a new set of keys and call it test identity And then you can use that identity to go test out and use all of the other stuff and your other identity will remain intact.
Okay. Ladies and gentlemen, I had a whole bunch more for you, but I'm gonna stick to my word. 30 minute show, and I will see you on the other side. This has been Bitcoin, and and I'm your host, David Bennett. I hope you enjoyed today's episode and hope to see you again real soon. Have a great day.
Good morning. This is David Bennett, and this is Bitcoin and, a podcast where I try to find the edge effect between the worlds of Bitcoin, gaming, permaculture, podcasting, and education to gain a better understanding of all. Edge effect is a concept from ecology describing a greater diversity of life where the edges of 2 systems overlap. While species from either system can be found at the edge, it is important to note there are species in the overlap that exist in neither system, and that is what I seek to uncover. Uncover. So join me in discovering the variety of things being created as Bitcoin rubs up against other systems. It is 9:21 AM Pacific Daylight Time. It is the 17th day of June 2024, and this is episode 908 of Bitcoin. And I'm hoping that it will be no longer than 30 minutes. I'm going to shoot for that for a little bit, as we get into these summer months, and people have been asking me for a shorter show. So let's give it a shot one more time, ladies and gentlemen.
One more time. Circle p is open for business. Circle p is where I bring plebs like you to plebs like you, except these plebs have goods and services for sale in Bitcoin. If you're not selling it for Bitcoin, you're not in the circle p. Today, enjoy sovereignty and style. Get a wallet. Get a belt. Get a passport holder. Get all kinds of stuff. Man, they got all kinds of neat stuff down there at the leathermint.com. That's right. It's the leathermint.com. You can find them on nostr@leathermint, m I n t, or on dead bird's site, otherwise known as Twitter, at the leathermint.
All one word. Again, mint, m I n t. They got a special wallet that is up for pre order. Go to their website, the leathermint.com. It's got an NFC chip and it's got a payment chip inside of it that is fully programmable so that you can just touch and go and pay with Bitcoin. It's a nice looking wallet. Ladies and gentlemen, give it a shot. Alright. Here we go. Austin. Nope. Not Austin. Not yet. Australia. The grinder, thank you for 420 satoshis. And to you, sir, good morning. Australia's largest stock exchange has approved its 1st Bitcoin ETF.
Bitcoin Magazine Vivek Sain writing Australia's largest stock market, the Australian Securities Exchange, approved the listing of the very first Bitcoin exchange traded fund or ETF on its platform on June 20th. The issuer will be Van Eck, and the instrument will be dubbed the Van Eck Bitcoin ETF. The decision of the leading Australian Stock Exchange came after the success of the Bitcoin ETFs in the United States, where 11 such instruments have been listed. Hong Kong then also launched some of their Bitcoin ETFs following the US, and here we are now in Australia.
Arian Nyrian CEO and managing director at VanEck Asia Pacific said, quote, the demand for access to bitcoin via a listed vehicle traded on ASX has been increasing And many of our clients have told us that their clients are already positioned to have an allocation ready to invest. They're ready to go, ladies and gentlemen. They are ready to rumble. Australia already had spot Bitcoin ETFs. And the first to debut in Australia was the Global X 21 Shares Bitcoin ETF, which launched back in April of 2022. And most recently, the Monochrome Bitcoin ETF was approved and began trading on June 4th on Australia's 2nd largest stock exchange, the CBOE Australia Exchange.
The arrival of a Bitcoin ETF on Australia's main dog, their biggest, largest hound they got in the hunt, Their main exchange is a significant milestone as the country's largest stock exchange, the ASX, brings greater visibility, credibility, and access to Bitcoin exposure for both institutional and retail investors. These approvals indicate a growing acceptance and interest in Bitcoin investments, and products within the Australian market and worldwide, and most countries will likely follow suit. And I guess because that news came out, that's why we have the red dildos going down because, you know, you sell the news. Doesn't matter if it's good news, neutral news, bad news, news from heaven, news from hell, it doesn't matter.
If it's news, apparently that's what you do. You just sell. You don't question the news. You don't try to interpret the news. You just pull the trigger and you punch out like all the paper hands we see doing that this morning. Okay. Now we're back into Austin. At least, I assume it's gonna be in Austin, but this is about Texas in general. And the Texas Stock Exchange, it's an upstart stock exchange, and it could become a crypto friendly challenger. Oh, crypto joy. Cointelegraph, Andrew Singer is gonna tell us about it. The United States is fracturing politically and culturally into red states and blue states.
So why should stock listing exchanges be any different? Oh, let's politicize my equities. Oh, yay. Rumors have been circulating for months about an start anti woke stock exchange launching in Texas, according to The Wall Street Journal. And recently, the rumors came to fruition. TXSE Group announced plans on June 5th to launch the Texas Stock Exchange, again, the TXSE, headquartered oh, in Dallas. Oh, yay. Importantly, the venture has already raised $120,000,000 in capital from BlackRock, your friends at BlackRock, and Citadel Securities, among others.
It's a bold initiative. Bold, I say. Bold. And immediately raised a slew of questions, like, I don't know. You gonna sell steak? Sorry. Having a having a morning this morning. Was the New York duopoly of the New York Stock Exchange and Nasdaq, the world's 2 largest stock exchange by market capitalization, really ripe for disruption? Was this development truly part of a shifting corporate towards states with more favorable regulatory and taxation policies as the WSJ suggested? Texas Stock Exchange will initially look to attract capital seeking companies in the southeast quadrant of the United States, including Texas, Alabama, Arkansas, Florida, Georgia, Louisiana, Mississippi, North Carolina, Oklahoma, South Carolina, and Tennessee.
But do startups in that region really require their own stock exchange? And what about the emerging blockchain and cryptocurrency industry? Wasn't this good news? An upstart stock exchange seemingly custom made for an insurgent crypto sector? What is one to make of this announcement, even if it is significant? Is it newsworthy? Yes. Is it interesting? Yes. Larry Tabb, head of market structure research at Bloomberg Intelligence, Cole, told Cointelegraph, quote, but will it be impactful? Perhaps not. It will be a hard road to hoe in Texas, predicted mister Tabb.
Quote, there are costs for companies moving away from New York, Owen Lau, senior analyst at Oppenheimer and Company told Cointelegraph. The TXSE has taken the first step to appeal to companies for specific themes and specific regions, but it remains questionable on how much liquidity they can build and how many companies will eventually list there. Others, however, think that the New York Stock Exchange could profit from some competition. What this is mostly about is just a classic example of NYSE and Nasdaq having a lot of power, refusing to innovate, and using regulatory capture to maintain their duopoly.
Lee Drogan, general partner and chief investment officer at Star Killer Capital, an institutional investment management firm told CoinTelegraph for that reason. It makes sense for bigger players like Citadel and BlackRock to back a new exchange wherever it might be located to loosen the grip of those 2 players and force innovation, added Drogin. We know that BlackRock CEO Larry Fink is supportive of the idea of tokenization. NYSE and NASDAQ won't be and they will use their regulatory capture to slow down crypto. Most of the world's leading exchanges including in London, Tokyo, Zurich and cities have announced that they will upgrade to digital exchanges capable capable of handling natively digital assets.
We expect Texas will do the same. Matthew Lemurle or Merle, cofounder and managing partner at Blockchain Co CoinVestors, told Cointelegraph, quote, Texas has been one of the most pro innovation, pro digital asset states in America, and it would be very natural for a new stock exchange to begin with the latest technologies and to support digital assets from day 1. Elsewhere, BlackRock has been criticized for its environmental, social and governance investing initiatives, which some consider to be too woke. Supporting a Texas exchange might help the world's largest asset manager improve its image in Texas, suggested TAB. Meanwhile, Citadel CEO Ken Griffin has supported the Republican party. Oh, shock and horror. He moved Citadel headquarters from blue state Illinois to red state Florida 2 years ago.
That said, even a Texas based stock exchange will require approval from the United States Securities and Exchange Commission. And if the SEC doesn't bless crypto, it doesn't matter. Where the exchange is based, said tab, at least from a crypto listing standpoint. And moreover, excuse me, among companies that sell their shares to the public, the first priority is almost always market valuation. It's not about scoring political or cultural points, Tabb said, quote, are they likely to get a higher price multiple for their new stock listing on the NYSE with its 200 years of history or Nasdaq with its 50 years than in Texas?
Yeah, most probably. By this logic, a Texas location probably wouldn't sway a blockchain or crypto firm looking to go public. It still would follow the money. As for trying to break the New York duopoly on stock exchanges, Loud noted that other exchanges tried, but most of them failed to achieve what they had initially hoped for. Trading is already a crowded space, and it's getting hard to build meaningful liquidity. And for stock listings in particular, he added, there are factors such as pride, brand and even index consideration associated with listing in NYSE or the Nasdaq. You may lose that by listing on other venues.
Cloud Fodder, good morning. Still, given the heated political temperature in the United States, it's hard to overlook the blue state, red state aspect of this. Bulent Timmel, a professor of economics at the University of Texas in San Antonio, told the Texas Standard that the incumbent stock exchanges have been imposing burdensome regulatory mandates on companies lately. One such mandate is a rule change requiring that Nasdaq listed companies satisfy certain diversity requirements on their boards set by the Nasdaq. This, along with other complaints such as high trading fees, has spurred a backlash of sorts in a search for alternative exchanges.
Quote, that's why I think those large firms such as or such a project with quite significant sums, said Tamil, referencing the BlackRock and Citadel Investments. Could we soon be talking about red state stock exchanges and blue state stock exchanges then? I don't think it's a good idea to have a red state and blue state stock exchange. I am not sure how this idea can appeal to new companies coming to the United States. Maybe an innovative New Texas stock exchange would encourage more crypto firms to go public, though. I don't know. Quote, I haven't seen anything concrete about them appealing to the crypto and blockchain blockchain industries.
There is certainly room for them to put more emphasis on building a blockchain based exchange and tokenizing securities, we'll see how this evolves in the future. End quote. Drogon, for his part, doesn't see a red state, blue state fracturing when it comes to equities trading market places, quote, I wouldn't lean too heavily into the culture war thing because it's a bit of a red herring and the real story is a lot more important. He views what the Texas Stock Exchange is doing as a rational move to erode the power of the NYSE slash NASDAQ by pursuing more efficient forms of transactions because it doesn't suffer from the innovator's dilemma, I e a circumstance in which the largest incumbent players have a disincentive to innovate.
Moreover, if crypto firms want to demonstrate its libertarian or anti woke credentials, there are other ways to do it, TAB suggested. They could apply for a secondary listing on the TXSE, for example. This could probably be done for a fraction of the NYSE's $300,000 flat rate initial listing fee for common stock. Jeez. Talk about pay to play. Their primary listing would still be one of the New York exchanges, presumably. All in all, it's hard to see how additional competition in the United States stock market exchange sector can be bad for crypto firms looking to sell their company's equity shares to the public BlackRock CEO Larry Fink has been articulate in describing the benefits of digital assets on blockchain rails, declared LaMerle.
We hope and expect that BlackRock's backing of the new Texas Exchange will include a focus on blockchain technology and natively digitized assets. Elsewhere, the Texas Stock Exchange CEO James Lee told Dallas Morning News, we aim to be the number 3 listing venue in the United States. When Cointelegraph contacted the Texas Stock Exchange, the company referred us to the same Dallas Morning news story that was equivocal on the matter of crypto firm listings. The overall suggestion was that the TXSE would stay focused on building critical mass at least initially Will the new exchange succeed?
Will they challenge NYSE and NASDAQ? No. Appined tab. Will they do better than some of the other 18 or so stock exchanges operating or soon to be operating in the United States? Perhaps, Tabb acknowledged. Still, any crypto startup that wants to get a $1,000,000,000 valuation for their public shares still needs to go to the NYSE or the NASDAQ for that to have a chance of happening, at least for the foreseeable future suggested tab. Okay. So there we are, ladies and gentlemen. Texas is getting its own stock exchange. Much ado has been made about it, but understand, there are 18 stock exchanges in the United States, and I guarantee you, you only know about 3 of them. And now you know about the potential of a 4th one.
I kinda get the feeling that here's what's this is what I kinda see happening. I think the Texas Stock Exchange is gonna be more about Texas company innovation and the ability for Texas based companies to list on stock exchanges or on a stock exchange for the benefit of Texas investors, for the benefit of the Texas company that's listing, for the benefit of the Texas Stock Exchange itself. And this looks like an autonomy move rather than a direct competition move. I don't think that the Texas Stock Exchange is really going out there to go head to head with NYSE.
I think it's a pressure release valve and it's going to work, but it is not like Tabb said. It it it's not it's not gonna get a $1,000,000,000 valuation for its Texas based companies unless those Texas based companies wants to go over and play with the big boys at NYSE. Right? So but the other issue here that is kinda tantalizing is this, Red state or let's just call it what it is. Red exchange versus blue exchange. This, not only is the idea not helpful at all, but if such a thing were to occur where it was just written in stone, is really not good.
This is really, really, really not good. There is nothing about red stocks, red equities, red investment packages, portfolios, pension plans versus the blue version of any of those. What it will do is it will have you will have gaming facilities and trading arbitrage opportunities for every scammer under the sun to play both sides of that fence. We already have enough problems. We don't need those problems. So anybody who's rah rah that they just wanna have a red exchange in a red state or a blue exchange in a blue state, and that that that way they can figure out what they're going to invest in, You're just going to get your ass handed to you. It's just gonna happen.
Please stop. You have to divorce yourself from from what does the company believe and go back to the basics. What does the company manufacture? What service does it provide? Are they making payroll? Are they cutting a profit? Are they able to keep their head above water? What is their earnings? That's all I care about. I don't give a shit if they're if they're making blue hair dye. I don't give a shit if they're manufacturing guns. All I care about is are they profitable? Are they well run? We'll have to see. Okay. Now this one is interesting. I'm not going to read the whole thing. I'm going to let you know that there's something going on in the EU, and, well, let's just let some guys from no bullshit Bitcoin tell us about it, at least for the first few paragraphs, because that's everything else is just detail work.
But the European Union's encryption report finds that Layer 2's private ownership of Bitcoin is problematic for law enforcement. The first report on encryption by the EU Innovation Hub for Internal Security argues that Bitcoin's Lightning Network and other layer 2 solutions, as well as widely used encryption based tools, present new challenges and opportunities for law enforcement investigations. The report provides a broad overview prevailing and up and overview of prevailing and up and coming encryption technologies including quantum computing, bitcoin and other cryptocurrencies, DNS protocols, 5 g networks, machine learning and artificial intelligence, and explores, quote, how to uphold citizens' privacy while enabling criminal investigation and prosecution.
It is vital that relevant stakeholders in the justice and home affairs domain are aware of these developments and are provided with the means to stay on top of these technological advancements concludes the report. Now, a member of European Parliament, Patrick Breyer of the Pirate Party warns that the following push against secure encryption comes as a part of renewed push for European mass surveillance by Europol and the European Commission itself. Briar also warns that European Council has already agreed to green light chat control version 2.0, the proposal that is due next week.
Several sections of the encryption report focus specifically on Bitcoin and other cryptocurrencies and these include the following excerpts. I'm going to read the first two. There are mainly 2 types of wallets. Custodial and non custodial, or self custody. Custodial wallets refer to wallets where the user does not hold their own private key, but the service does so on behalf of the user. This is very common as for example funds stored at centralized cryptocurrency exchanges are custodial. The phrase not your keys, not your crypto refers to such storage.
Further quote, while easy to use, there can be risks using custodians and the company holds the private keys, the user has no cryptographic control over these funds. For enforcement, specifically law enforcement agencies, this can be beneficial as they can request exchanges and custodian wallet providers to freeze or seize cryptocurrency assets when they have a legal grounds to do so and the exchange cooperates with law enforcement request. The rest of this European report, I'm not going to read to you. Because we already know what they want, we already know what they intend to do, we just don't know exactly how they intend to pull it off.
But one thing is certain: if you have Bitcoin on an exchange, get it off, get it off right now. You cannot have your Bitcoin under any other authority or any other control than your own private keys. Please, please, please do not do that crap. Alright. Let's get over into I'm gonna skip, market report today and get right on into the boostograms, which I got from mined out miners, which was episode 907 of Bitcoin. And Golf Winch with 6,777 says, please donate what you can afford. This man is providing a fantastic service to all Bitcoiners. Thank you, sir. No. Thank you. Letter 6173 with 5,001 says nothing.
Mangy Pigeon with 5,000 says thanks for the show. Thanks for the nudge. I appreciate you, pal. And nat Gas Immersion with 5,000 says, thank you, sir. No thank you. And Joey Delage with 3333. Oh, magic number. Boosting, he says. BTC Jason boosted 2,000 says, love the show and your consistent principled discussions, Dave. Wish more people would follow you on fountain. You're doing God's work. Thank you, man. Appreciate that. I wish more people were following too, and you could help with that. You get them to use podcasting 2.0 and throw away their podcasting leg legacy podcasting app, and then give them give them the address of my show, give them the URL, tell them how to search for me, say, just go search for the Bitcoin and and you'll get it. That would help. That would help greatly because it's not about trying to get the existing listeners to give more.
It's about trying to get the existing listeners to get more listeners. That's the only that's the only way that this works. Because it's not about just leaning on you guys who are the the bedrock of the show. It's that's not fair. Right I mean but I like I am a terrible marketer so if any of you guys know how to market do it you know, that that can be your treasure. Figure out a way to market the show to get more listeners in and get them to donate as well as you guys do. That's the way that I believe that this is going to work. Now, let's get into what would normally be the second part of the show. Like I said, I'm going I'm I'm trying to nail down 30 minutes for those people that don't want to invest an hour or an hour and a half time.
This is news. Alex Gleason has announced Ditto, d I t t o. He says in a note, people of Noster and the Fetty verse, I have just released the first version of Ditto. Take a look here. And it gives the URL soapbox. Pubforward/blogforward/announcingditto. So I'm going to go to that and it says that exactly what it is it's the blog post and here's what's going on After a year of work, I'm pleased to announce the first release of Ditto. Ditto is a nostr community server. It has a built in nostr relay its own web UI and it implements Mastodon's REST API.
It has moderation, it has spam filters, it has Nippo 5 self-service, it has quote post, emoji reactions and zaps. The scope of this project is absolutely huge. It aims to take everything that's good about Mastodon and implement it on Nostr with none of the downsides. A huge thank you to OpenSats for sponsoring this project. So that's what it is. It is a Nostr client. But it's bringing over a lot of the stuff from Mastodon but not the crappy stuff. And one of the crappiest things about Mastodon is that if I get deleted off of somebody's server, I have to go make a brand new identity somewhere else. I don't have to do that. I don't have to worry about that crap with Nostra.
I mean, sure, I can still be on the Fetty verse, but it's gonna be under a new username. Like, I have none you business at no agenda dot social. Even Adam Curry and John c Dvorak don't like no the new no, no authority dot social which is for their no agenda show. They don't even like it. They hate it. They think it's mismanaged. They think it's crap. And they don't even they're not even going to use it. Right? But if somebody gets mad at me for posting things on no authority dot social, they can delete me from that server. But I can go to somebody else's server. But what I cannot do is take my followers with me. This is a this is like like a Twitter 2.0 problem.
When Twitter delete me deletes me, there's no other Twitter to go to. When Mastodon or somebody like a server in the Feddy verse deletes me, there's a lot of different servers, but all the following that I built up on the server that deleted me, I I I I can't find them. I can't go I mean, I can go get them again, but it's a it's a lot of work. And enter so enter Noster, where none of that is present. None of that is real. None of that shit exists. So now here's here's the catch you can go to ditto.pubpubditto.pubpub but be careful. And I'm gonna tell you why.
Brand new clients that come on the scene have the very bad habit of deleting all of the people that you follow. It doesn't delete the people that follow you, only they can do that. Only the follower can decide that they wanna unfollow you. Nostra protocol cannot make that determination. But you when you lose your followers, you base your your feed gets all jacked up. And this happened to me, and I'm pretty sure that it was Ditto's fault. That's okay. What I mean, I'm able to get my shit back. I'm able to go to where is it? Hold on. Let me see if I can't find it.
If you lose your followers, you need to go over to hist.noster.landland And it will you will be able to recover all of your followers if you get your followers deleted. But this has been an issue with Nostr from from the, like, the beginning of the time that I've been using it. Right? So when you try out a new client and you use your, like, keys to get in, like, if you're using GetAlBI and you log in with your, nostril keys on your main your main nostril identity, you stay in the chance in any new client of losing all of your relays and losing all of your followers. Guys, we're early. Please stop bitching about this. If you want to go try out a new client, it's as easy as the doing the following. Go log out of whatever client that you've been using the most and spin up a new set of keys and call it test identity And then you can use that identity to go test out and use all of the other stuff and your other identity will remain intact.
Okay. Ladies and gentlemen, I had a whole bunch more for you, but I'm gonna stick to my word. 30 minute show, and I will see you on the other side. This has been Bitcoin, and and I'm your host, David Bennett. I hope you enjoyed today's episode and hope to see you again real soon. Have a great day.
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