Join me today for Episode 895 of Bitcoin And . . .
Topics for today:
- Brandon to Veto Bitcoin
- SEC/CFTC Actions to Continue
- Giant Bags of BTC to be Released
- The Wealth of Networks
#Bitcoin #BitcoinAnd
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
[[Episode 726]]: https://fountain.fm/episode/15491737864
Articles:
https://bitcoinmagazine.com/business/president-joe-biden-will-veto-legislation-allowing-financial-firms-to-custody-bitcoin-white-house
https://cointelegraph.com/news/crypto-sec-cftc-action-regulator
https://decrypt.co/230085/bitcoin-wallet-exodus-deeply-disappointed-sec-blocks-nyse-listing
https://www.coindesk.com/markets/2024/05/08/crypto-markets-under-pressure-as-2b-worth-of-altcoin-token-unlocks-and-11b-bitcoin-distribution-loom/
- 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://primal.net/e/note1h842qj25shjm8yrl20y6nlm8yxynlmn33ggu2fj5mh9nmsyjnkgs8pgse4
https://www.keychat.io/
https://primal.net/e/note1p0xz6jgfwukw8ds7sqahuhna03d5u2p6qsrg3effnck47ehpaerqdrxhw7
https://zap.store/
https://www.nobsbitcoin.com/coldcard-mk4-v5-3-0-and-v1-2-0q/
https://www.nobsbitcoin.com/bitcoin-keeper-v1-2-6/
https://www.nobsbitcoin.com/blockstream-green-desktop-v2-0-5/
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Licensed under Creative Commons: By Attribution 3.0 License
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[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 9:45 Pacific Daylight Time in the morning. It is in the morning Pacific Daylight Time. It is the 10th day of May 2024. This is episode 895 of Bitcoin. And, Comfrey, I I got my my buddy, shishi21m, that is s h I s h I 21m.
He sells it. He sells it, but he sells roots.
[00:01:11] Unknown:
This is a plant that you want in your garden.
[00:01:13] Unknown:
It does a lot for you. It is a medicine. It produces a bunch of high nitrogen biomass. In fact, out of all of the terrestrial plants, conferee is arguably the largest producer of sheer tonnage of biomass on a per acre bake, per acre, basis. And that's the thing is that you it's one of these plants that that you plant it, it never goes away. It's perennial. It always comes back. It's long lived. It's drought tolerant. Don't plant it in full sun except like full sun in the morning is fine. Full sun all day or in the in the afternoon and late afternoon Not so bueno, especially the further down south you get, you know Like if you're in the northern hemisphere you start getting into Texas and full sun and now you're gonna want morning sun there. But you can cut this thing down to like basically ground level and it will just come back. And you could I've done it about I think I've done it a maximum of 6 times, but that's just because I'm lazy.
I've heard people getting up to 8 to 10 cuttings of this plant and you use it to make compost tea or you just throw it in your compost pile or what I like what I ended up doing is I got so damn lazy I would just cut it and put the leaves and mulch around whatever plants I wanted mulch because it acts as a mulch suppresses weeds, and as it breaks down it feeds all the stuff in the soil with a high nitrogen diet. And Shishi's got this for sale one full root cutting for $20 or you can get small root cuttings for a dollar and the difference is the dollar root cuttings you can get, you know, you can get them pretty cheap. So I would buy 20 of them, But you're gonna have to wait a little while for them to come up anywhere between 2 7 weeks.
I've I've literally seen one of these conferee things come up and it took I don't
[00:03:14] Unknown:
know. It took like a full 10 weeks. I thought it was like I thought it was one of these things is just it was just dead.
[00:03:21] Unknown:
So, actually I'm gonna put in, oh, conferee. Hold on. Conferee. I'm gonna put in some, images of the conferee plant up here in the, in the, zap.stream. I've seen it come up and it takes like 10 weeks. But if you get the full root cutting, the one root cutting that he's selling for $20, that thing will come up in like a week to a week and a half because it's just got a lot more oomph to it. Alright? So get a hold of [email protected] if you want to get a hold of him by email. He's a little bit slower when it comes out when when you do it that way or you can get a hold of him over on Noster. I've got his in pub in the show notes. And now that my show notes work, thanks to pod thanks to pod home dot f m. Everything will be copacetic.
Buyer pays shipping, and he ships pretty much I think anywhere in the United States. He has 2 kinds, one called Bocking 4 and the other one is called Bocking 14. If you don't understand what it is that I'm talking about there, then you know you need to go listen to episode 726 of Bitcoin and I do an entire half of the show It's just all about comfrey and why you want this plant in your garden. Alright, let's get on to the news. First up, Bitcoin Magazine Nick Hoffman writing: President Joe Biden will veto legislation allowing financial firms to custody Bitcoin, according to a White House announcement.
The executive office of US president Joe Biden has announced its stance on proposed legislation HJ Resolution 109 that would allow highly regulated financial firms to act as custodians for Bitcoin and other cryptocurrencies. The administration strongly opposes passage of resolution 109, which would disrupt the Securities and Exchange Commission's work to protect investors in crypto president were presented with HJ resolution 109, he would veto it. Yep. So, what is 109? Well, it would overturn the Securities and Exchange Commission Staff Accounting Bulletin number 121, which imposes restrictions on financial institutions regarding the custody of digital assets under the Congressional Review Act.
By overturning SAB 121, this bipartisan resolution would remove roadblocks that prevent highly regulated financial institutions and firms from acting as custodians for Bitcoin and digital assets. United States congressman Patrick McHenry, chairman of the House Financial Services Committee, expressed support for overturning the SEC's SAB 121 stating, quote, Staff Accounting Bulletin or SAB 121 is one of the most glaring examples of regulatory overreach that has defined Gary Gensler's tenure at the SEC. Through SAB 121, the commission is trying to dictate how financial institutions and firms safeguard quote, that means banks would be required to take on significant capital, liquidity, and other costs under the existing prudential regulatory framework.
This essentially makes it cost prohibitive for financial institutions to custody their customers' digital assets. This is a massive deviation from how highly regulated banks are traditionally required to treat the assets they hold on behalf of their customers, end quote. United States congressman French Hill also spoke out in support of h j resolution 109 saying that, quote, holding reserves against the assets held in custody is not standard financial services practice. The Biden administration's SAB 121 is misguided and should be nullified.
Discouraged that president Biden issued a statement of administration policy saying he would veto HJ resolution 109, the joint resolution to nullify the SEC staff accounting bulletin 121, said Cody Carbone, chief policy officer at the Chamber of Digital Commerce, an American advocacy group that promotes the Bitcoin industry in Washington, D c, quote, SAB 121 effectively prohibits trusted custodians from being able to manage digital assets. Earlier this year, congressman Mike Flood and Wiley Nicholl coauthored a bipartisan op ed on the SEC's flawed SAB 121 guidance stating that, quote, when it comes to digital asset custody, it's clear our most regulated institutions need to be at the table expressing concern about the lack of custodian options for spot Bitcoin ETFs, which could lead to concentration risks.
So the Biden administration wants to nullify the ability basically, is going to nullify a resolution that in turn nullifies a Biden administration guidance that says no, you can't you can't do this. You're not going to be able we're going to put you in a situation where it's going to be a regulatory nightmare and financially kind of expensive for you to do what you always done with everything else but Bitcoin. So why why bring it to you? I mean, it's like we've got a, you know, a giant red candle on the way, you know, on the way down as of early, you know, a couple of hours ago. So somebody's wiping out all the longs. But I don't bring this to you as bad news.
This is just a statement of fact. It is further evidence that the United States, from the presidential administration all the way down through the regulatory ranks, are indeed lining up to fight us. They're well, actually, they're they're already fighting us. We're knee deep into it. But this is at this point, they've roped in the president of the United States to basically say, we're gonna make it so onerous for you to do this thing that you do that you do already with everything else that is not so onerous. It's totally fine for you to do to do this custody type thing with, like, every other asset that you hold for your customers, but not this one.
Not this one. So, again, and this smells exactly like Gary Gensler. Well, you can do everything, you know, that you've already that you've already done. But when it comes to this one thing, this Bitcoin thing, no. We're going to make it almost impossible for you to actually do. It'll be legal for you to do it, but it will be so expensive and so confusing, and we're gonna set so many traps for you that you're not going to want to actually do it. So by making it difficult, they don't have to actually pass a law because that law would indeed be unconstitutional in either event.
This is where we're at. Now we've got the president basically stating that he will veto a thing that will make it status quo for this asset that is Bitcoin to be treated in the exact same way that all other assets that are held in custody by all these financial and regulated financial institutions is gonna be treated differently at the level of the president of the United States. That's where we're at Friday, May 10, 2024. But it gets a little bit worse. Crypto firms brace for intensified SEC and CFTC actions after regulator warning Prusant Shaw writing for Cointelegraph.
The inflow of new investors into the industry, the crypto industry, has been a boon for adoption, but also comes at a cost. Now more than ever, the crypto industry is under the watchful eye of regulators concerned about, God forbid, market manipulation, like what they've been doing for decades anyway, investor protection, and the potential for crypto to facilitate illicit activities. Of course, the United States Commodity Futures Trading Commission, the CFTC, has warned that more enforcement actions will be taken against the crypto ecosystem in the coming 6 months to 2 years.
On May 6th, during the 27th Annual Milken Institute Global Conference.
[00:12:38] Unknown:
Milken. Why does that name sound familiar? Is that the the is that the junk bond trader? The guy that went to prison, that Milkin? Is it that Milkin? I don't know. I it doesn't matter. CFTC
[00:12:50] Unknown:
chair, Rosten Benham, said that the rise in the price of cryptocurrency and the inflow of new inexperienced retail investors, there will be another cycle filled with crypto centered scams and frauds. Quote, we're going to probably see in the next 6 to 18 months or 6 to 24 months another cycle of enforcement actions because of this cycle of asset appreciation and interested by retail investors. With no legal framework presently in place to regulate crypto service providers, the CFTC chair expects watchdogs to crack down on these firms. Since 2023, the SEC and the CFTC have cracked down heavily on firms.
According to research by the litigation consulting firm Cornerstone Research, SEC enforcement actions reached a 10 year high in 2023 with digital assets taking a top priority for the commission's attention. The SEC tripled the number of administrative proceedings in 2022 and initiated 46 enforcement actions in 2023. The regulator imposed $281,000,000 in fines for settlements. 1 third of all CFTC crypto enforcement actions in 20 20 3 were against crypto firms. The CFTC took 47 enforcement actions representing over 1 third. It represented over 1 third of the total enforcement actions brought by the commission since the year 2015.
US regulators have multiple cases pending against US crypto firms such as Kraken, Binance, and Coinbase. Regulators continued their enforcement efforts in 2024 when in April, the US justice department arrested the founders of a privacy focused samurai wallet on money laundering charges in May. The SEC issued a Wells notice against Robinhood. So there we that's where we're at. They're gonna do more. That's all this is saying, is that if you thought that it was over it is not. And what is the key word here? It's investor protection.
Okay, so who are these investors? The investors that they're worried about are inexperienced retail investors. The children, the little babies out there, the little babies that they have to have their hand held. They have to be walked across the street. They have to be spoon fed. Otherwise, they'll starve to death They have to be treated like infants because God forbid nobody but Gary Gensler and his crew of miscreants knows what's best for You know, they're the only ones that know knows what's best for you. You don't.
You're being treated like a child. You're being treated like you're ignorant You're being treated like you have no capacity to learn ie stupid. You're being treated as if you were stupid Nobody has the capacity to learn any of this apparently. And without Gary Gensler, we would all be in the poor house. I wholeheartedly disagree with that that it that sentiment, but it just keeps on going. We've got this one, Matt DeSalvo from Decrypt. Bitcoin wallet maker Exodus is deeply disappointed because the SEC has blocked their IPO and NYSE listing.
Yeah. Wasn't gonna happen. I didn't think it was. Bitcoin wallet software company, Exodus Movement, has said that it was surprised, confused, and deeply disappointed after the SEC moved to delay the company's planned listing on a United States stock exchange. Yesterday, the SEC postponed the crypto company's listing on the NYSE American and New York Stock Exchange's sibling market according to Exodus. Today, the SEC made a surprise last minute decision that delays Exodus from listing on the NYSE American. Excuse me.
While we are deeply disappointed, we will continue to empower customers all over the world to control their own wealth using our best in class self custody crypto wallet. In an official statement, Exodus CEO, JP Richardson said, while we're surprised and confused by this last minute decision, we remain hopeful that the SEC will follow through on its commitment to treat us as the law intends, whatever the hell that means. Exodus offers self custodial wallet software for a number of cryptocurrencies, and they declined to comment further. Of course they did. I'm not a huge fan of Exodus. I've I've heard things.
I've I've heard I've heard things, right? I'm putting up a picture. Oh, I don't want to we're not gonna show you Rainbow Grove. I was trying to put up a picture of comfrey in a full screen. Let me see if I can do it because I I this is a beautiful plant, especially when it's in flower. And I think you guys need to see this. Just open that up in a new tab. There we go. We'll put that up as a wallpaper. Yeah. I'm not a fan of Exodus. You know, it's a shitcoin wallet, but that doesn't mean that we shouldn't be understanding what the hell is going on here. This is a full scale onslaught.
Every every door is being shut. Every window is being closed. Does that mean it's going to work? No, it's not going to work. But what it will do is it will test my resolve. It will test your resolve. It's going to test everybody's resolve. And if everybody thought that this was all gonna be cleaned up in just a matter of weeks, you're wrong. This is just going to be an ongoing thing. And it won't be until the majority of the baby, quote, unquote, inexperienced retail investors get their fill of being fed, you know, baby food, and they just don't want any anymore and they basically stand up and say, dude, I can do this shit myself. It won't be until those moments and those, you know, could be years away, but it could happen faster.
It depends on at what point the human species just cries out and says I've had enough. But for now, this is just going to continue and continue and continue. Now, let's see. Where are we at? Hold on for a second. I wanna make sure of where we're at here. Yeah. Let's do this one. Crypto markets under pressure as $2,000,000,000 worth of altcoin tokens unlocks and 11 $1,000,000,000 worth of Bitcoin distributions loom. Now this was actually written on May 8th, so it's a little older, but it's out of CoinDesk written by Christian Sandor.
Let's get a grip on what the realities are. I just I don't like being the person that gets accused of feeding you guys hopium. But I I don't wanna depress the living shit out of you, but these are facts. And if facts depress you, this probably isn't bitcoin probably isn't for you. It takes a strong stomach, a resolute heart to be able to survive any of this shit for for any length of time at all. Okay. So cryptocurrencies are stuck in this stuck in this corrective phase. But a wave of supply events worth 1,000,000,000 of dollars could further delay any meaningful recovery. Quote, a rapid succession of nearly 2,000,000,000, that's with a b, 2,000,000,000 dollars worth of token unlocks during the next 10 weeks could lower the market for altcoins. Well, that's good. I hate altcoins.
But large token unlocks in crypto are usually bearish events increasing supplies by distributing assets that were previously locked up investing contracts to team members, organizations, early investors, including, you know, venture capital firms. So they give a list of all the shitcoins that are gonna be unlocked. I'm not gonna read them to you because they don't matter. But venture capital investors might be pressured to lock in recent gains which could cap any upside performance of tokens with positive momentum, especially those where unlocks become available.
But here's the other side of that story. Over 11 $1,000,000,000 worth of Bitcoin itself is going to be distributed to creditors of crypto exchange Gemini's earn program and the long defunct crypto marketplace, Mt. Gox, k33 research analyst, Welt Lund warned on in a Tuesday report. The next months are rigged to see waves of good old crypto FUD, said Lund, referring to the popular crypto acronym for fear, uncertainty, and doubt. Amid upcoming supply events, one market observer suggested that the FTX repayments might offer some relief pending bankruptcy court approval.
Some $14,000,000,000 to $16,000,000,000 of funds in US dollars could be paid out to creditors and a good chunk of that may flow back to the crypto market, said Arthur Chong, founder and chief investment officer of D Finance Capital, quote, expect at least 3 to $5,000,000,000 of crypto native liquidity to be injected back into the market, he said on a Twitter post last Wednesday. So that sort of kind of gives you a feel for what's going on. It should. Right? And this is never gonna stop. Again, the the regulatory environment is never gonna stop. There's always gonna be somebody with a bag full of Bitcoin ready to just unleash it on the market at at a, you know, in a day's notice. We've still got 45,000 or so Bitcoin being held by the Treasury Department with the United States depart or the United States Marshals Service.
Right? They sent it over to Coinbase, but I haven't actually seen any reports whatsoever that they've actually executed any trades with it, like sold it, I e on the open market. So there's that. We've got Mt. Gox coming up. Gemini earns coming up. There's always gonna be some bag holder that for whatever reason hates Bitcoin. They hold a bag of it and they think that it's like this ultimate weapon that they're going to destroy everybody's wealth all at once with this one bag of crypto. And while they get a sense of satisfaction over the, you know, the the next few days, weeks, possibly even months, the market recovers.
But this is where we're at.
[00:23:49] Unknown:
All the doors are being closed. All the windows are being slammed shut. Everybody hates us including the president of the United States. Arguably,
[00:23:59] Unknown:
the most still the most powerful person on the face of the planet whether economically or militarily, although they clearly work both hand in hand. And now we've got private bag holders, regulatory bag holders that are just ready to cut and run. It's FUD. It's fear, uncertainty, and doubt. But the only question is, how are you going to react while you think about that? Let's run the numbers. CNBC Futures and Commodities has West Texas Intermediate Crude down 1.14 percent to $78.36. Brent, North Sea also down a point, $82.97 a barrel. Natural gas is down 1 point 7 percent to $2.26 a 1000 cubic feet. Gasoline has fallen 1 and a third to $2.50 a gallon.
All your shiny metal rocks are doing very very well today, gold included, 1.5% to the upside, $2,374.80. Silver is up a half, platinum is up 1 and a half, copper is up over 1 and a half, and palladium is up 1.05%. Agricultural futures, the biggest winner of the day is gonna be, what, wheat? 3.14% to the upside. Biggest loser is cotton, well over 2% to the downside. Live cattle is up scant, basically sideways. Lean hogs are up almost a full point. Feeder cattle are down a half. The Dow is up a quarter of a point. The S and P is up point 06, and the Nasdaq is up point 16, while the S and P Mini is clearly in the red, point 16% to the downside.
We've got a we've got a giant red candle. We are back down to $60,800, which puts us at a $1,200,000,000,000 market cap. We may now only purchase 25 0.8 ounces of shiny metal rocks with our 1 Bitcoin of which there are 19,000,000,696,274 and a quarter of. And in fees on a per block basis, on average, still really still fairly low. 0.22btc taken in fees overall on average on a per block basis. Now, how many blocks are there? I don't know. Let's go over to mempool.space and check it out. 247 blocks waiting to clear at priority high priorities of 23 satoshis per vbyte, low priorities at 21. And anything under 10, you're gonna get kicked out of mempools around the world. And from economic civil disobedience, which was episode 894 of bitcoin and nat gas immersion with 19,600 satoshis. Damn, sir. Thank you. That's what he says, and I say no. Thank you. Dubravco with 1710 says regarding the Wells notice, yes.
I know it is a false equivalency, but I have an entire playlist dedicated to the absolute fucking chicanery Wells Fargo got up to a couple of years ago for your amusement and for the purpose of never forgetting, and he gives a YouTube link and I'll try to get that in the show notes. It actually is you can just act you can get that from the, from the fountain boost themselves. Everybody can see my boosts. They're they're in full public view. Okay? Just so you know. Just go to the Bitcoin and over on fountain.app. If you're not using a podcasting 2.0 app like fountain.app or Sphinx chat or Podverse or something like that, you're missing out on transcripts, chapters, cover art. You're missing out on all kinds of neat stuff and the ability to boost me, your favorite podcaster, because god knows and eat it, and to stream these satoshis. You can do all that. You can support the Bitcoin and show. You can do that with podcasting 2.0. You will never be able to do that with any legacy podcasting app. You will never be able to show your appreciation.
You will never be able to help produce the shows that you love to listen to. All advertising models are broken, which is why I bring you the circle p first thing every single show. Continuing on with Dubravco, 17/10 says number 1, whoever wrote that list, slow clap. 2, we consulted our non binding interdepartment I won't spell it for you because it's just him misspelling it all the time. But thank you, Dibravko. Appreciate that. Kenneth Lloyd with 550 things. Thank you. And these guys are are what they're doing is they're referring to yesterday's show, clearly, where I read a list of 50 things that you should be doing now.
Not my list. I got it off of a website which is in the show notes. I tell you all about the the site in yesterday's show. If you haven't listened to yesterday's show, go listen to it. That list of 50 things, honestly, is I think it's pretty much written well before the time of Bitcoin, but slightly after the first instances of digital private cash systems started coming online. There's a lot of nuggets in there that you should probably listen to. God's death with 337. Thank you, sir. No. Thank you. MCOT 3 d285 says cheers.
Satoshitika with 101 says
[00:29:35] Unknown:
motherfucker.
[00:29:37] Unknown:
My eyes with a 100. Cheers, brother. No. No. He says cheers, and then I say cheers, brother, back. Alright. That's the weather report. Welcome to part 2 of the news that you can use KeyChat app. KeyChat. I just saw it today on Nostr, started looking into it. Looks kind of interesting. There's not a whole lot written on it yet because clearly it's kind of brand new. But I am going to put this one up in the zap. Stream KeyChat app KeyChat is a chat app built on Bitcoin e cash, the Nostra protocol, and signal protocol. Alright, so key chat is inspired by the United States Postal System. Actually, it just says postal system. Post offices, letters, you know, send in a letter if you post offices, letters, you know, send in a letter if you ever remember doing that.
KeyChat uses Bitcoin e cash as the stamp and the Nostra relays as the post offices. Senders send messages stamped with Bitcoin e cash to noster relays. The noster relays collect the Bitcoin e cash and then deliver the messages to the receivers. Unlike centralized postal system, keychat can use multiple bitcoin e cash issuers and noster relays each maintained by distinct operators. Key chat uses signal protocol to ensure message encryption security and metadata privacy. The content of the letter can be exposed easily by opening the envelope. Key chat messages are end to end encrypted via signal protocol with a unique encryption key generated for each single message.
Only the sender and the receiver can decrypt the message. The addresses of both parties on the envelope can be tracked. In theory, this problem is solved if they change addresses daily. So key chat reuses signal protocol to update sending and receiving addresses for nearly every message. Like the postal system, key chat requires no registration. Users just generate nostril keys as IDs. Okay, so now they've got this post over here. Well, this note over here in Nostril, and it's from KeyChat. And I think I've got this note is going to be in the show notes. If you want to follow KeyChat, just open that note up, because it's it's a full link. It'll open up a Nostr client for you, and then you can go to KeyChat and get their in pub directly from their profile.
But this note says, and I'm going to throw this one into the, into the zap.stream chat. See, because they it comes with a nice little picture. It says, in practice, when we fill out an envelope, we don't need to include the sender's information. We only need to write the recipient's address and there's no need to write the recipient's name. As long as the recipient's address is precise enough, the letter can be successfully delivered. Not needing to write the sender's information is equivalent to being able to write any random address.
So it's a chat system, which we're you know you know, and possibly you can you think of it as a as a direct messaging system that a is encrypted end to end and b uses some of the coolest stuff in Bitcoin going on right now and that is e cash. Cash you stuff. Sure, if you want to yell at me and call it a shit coin, I don't blame you. I will take your slings and arrows. But I'm kind of fascinated with eCash. It's one of the only straight up non Bitcoin systems that I have been fascinated with, and I'm only fascinated with it because it leverages Bitcoin layer 2 network. Okay, so
[00:34:05] Unknown:
This is the ability to sort of use e cash and noster and signal all together Now, what does it affect? Well,
[00:34:17] Unknown:
to me to send you a message that nobody else can read and that nobody knew that I sent it to you. The only person that knows that I sent it to you is me and you. And the only person that I know received a message from me is me and you. That's it. That's it. It will be interesting if some kind of multisig which is probably not the best way to put it, but some kind of multisig is involved later on in this key chat thing to where multiple people can have a little encrypted chat space, but that's that comes later. But the point is is it also would limit spam because you gotta pay for your message. You got to pay with e cash that you've got to stamp the envelope.
That stamp costs money real money. So automatically, we go all the way back in time to Adam Back's, HashCash. Right? Where where the whole system was designed so that you couldn't just email bulk emails without paying through the nose for it. Right? So we're we're we're pulling the we're pulling the past up into the future. So we're starting to implement all of the things that the cypherpunks were thinking about but never got any traction. And now you've got a bunch of pissed off inexperienced retail investors who are tired of the bullshit and they're starting to implement all this stuff themselves.
And KeyChat is an example of it. And thank god, it's going to be interesting to see how this works. I don't know if they have anything out in the wild, but start following keychat. KeyChat, k e y c h a t over on Noster and see if, this is actually I don't know. I should have been following them. I just found out that I'm not following KeyChat and that just seems weird. I thought I followed them on Domus. I I guess my primal client didn't pick up on it. Okay, on to other things. This one be actually before if I can remember how to do all this and and and not have like, you know, my my brain cells just fry on me. There was a point that I wanted to make on key chat, but maybe it's better if we if we get this out first.
This is from Andrew on Noster and he's talking about a Noster bridge to blue sky. Now before you lose your ever loving mind and say why would you want to do that? I'll get to that. Hold on. But if you want to, and I recommend that you do even if you don't like blue sky. I rarely use Blue. Actually, I'd never go there for any kind of interaction. I just put the show announcement on Blue Sky. That's all I do. And now I don't really even have to log in to Blue Sky to do that. What the hell am I talking about? It's the bridge, right? So if you want to bridge your nostril profile to Blue Sky, Andrew's got the way to do it.
If you want to bridge your Nostra profile and your posts over to the Fediverse slash mastodon and Blue Sky by the way the first thing that you need to do is add a relay. That relay is relay. Momoster. Pink momoster is spelled m o m o s t r dot pink relay. Momoster dot pink add that to your relays Then you need to follow a Nostr account. It's bridgyfed4bluesky bridgyfedforblueskybluesky. Bridgyfedforbluesky. When you do both of those things, when you when you add that relay and you follow bridgyfedfor blue sky, whatever notes that you post. And I've tested this and it works. It works beautifully. It even sends over pictures. It's awesome. I haven't tried it with GIFs or or m p fours or audio files or anything like that, but pictures and not only one, but multiple pictures in a single post, they go over almost it looks perfectly formatted over in Blue Sky, and I don't have to do nothing. Right?
So here's what I'm getting at and somebody asked why would you want to engage yourself in the depravity that goes on over a blue sky? Well, that's actually a fair question to ask because blue sky has just turned into this hell even Jack Has not only did he step down from the board of blue sky he deleted his Blue Sky account. Talk about not having any faith at all in blue sky, the guy that basically championed this entire thing, got his fill. He stepped down from the board and I think yesterday, it was either yesterday or early this morning or something like that, he deleted his profile from blue sky.
Now that's that's pretty terrible when you think about it. Not not on Jack's part, but the fact that it's turned into just a clusterfuck. So that brings us back to the question, why would you want to engage in any way with Blue Sky when we have Nostr? This goes back to what I was saying with KeyChat. Remember what I said. KeyChat uses 3 systems. It uses eCash. It uses Nostr. And it uses signal. Now we've got this bridge and this this, my master dot pink if you just add the relay and and don't follow the bridge y for blue sky, you will be posting your profile and all your notes over to the Fediverse. If you want them also to post to blue sky and the Fediverse slash massodon, etcetera, etcetera, then you need to follow at bridgyfedforblue sky.
What this is the same thing as the key chat, and I don't mean it affects the same thing. I mean at the back end,
[00:40:29] Unknown:
it's fungus. What I've always thought and I still cannot get a clear answer, but
[00:40:39] Unknown:
Ecto my like any kind of like well, I was gonna say ectomycorrhizal, let's just say, mycorrhizal fungi in the soil Doesn't matter if it's ecto or endo, let's just say mycorrhizal fungi in the soil. You've heard me talk about it before. 1 like if one spore that is genetic, you know, has the carries the genetics from the parent and that one spore gets into a situation where it's doing well. It sprouts in the soil. It hooks up with a couple of trees, get some nutrients, and then boom, it's off to the races and it grows. It sends out its spores and if those spores generate and they're kind of in the same vicinity and they have mycelium, they're slightly genetically different, but they're genetically similar enough that those 2 mycelial networks confuse.
And I don't mean wrap around each other to make structures. I mean connect and the liquid that's flowing through the cells of 1 mycelium is actually now able to sell or flow into the mycelium
[00:41:43] Unknown:
of the daughter or son or or sibling or whatever you want to call it the offspring, right? What
[00:41:46] Unknown:
I'm or sibling or whatever you want to call it the offspring. Right? What I've always wondered is if 2 completely different species of mycelium in the soil can connect, like oyster mushroom and matsusaki. If their mycelial networks are able to fuse together and they can share intercellular fluid or internetwork fluids, the bacteria that's flowing down those networks, the genetic structure, because these mycelial mats they send whole nuclei of themselves from cell to cell to cell to cell. They actually whole nuclei move through the network. So the question I always had was can 2 completely different fungal species connect?
I think they can but I haven't found any direct like, you know, scientific papers written about it. But let's say that I'm right. If you're able to connect 2 completely different yet fully formed networks together and share information. Holy shit. Talk about like, you know, we're talking about network effects that are not only exponential but exponential plus geometric in growth, massive growth. This is what we're doing. There's an e cash ecosystem and that's genetically different than the Nostra ecosystem. But it looks like it's just similar enough that those two things can connect and start sharing data. Boom. Exponential slash geometric growth.
And then you got signal. Been a huge ecosystem for a very long time. All of a sudden, we can cannibalize that and turn it to our own purposes. The same thing with the Fediverse, the same thing with Blue Sky. The only people that are going to be completely insulated from any of these effects are gonna be the people that are still over on Twitter because there's no access point in nor out of Twitter. Especially since the API got closed off. They are completely insulated against this kind of some people will call it an attack. I don't think of it as an attack.
I think of it as a natural progress of organic systems even though that they're based on digital infrastructure, these are organic systems. They do everything just like organic networks and they're starting to fuse together and we have no idea at all what the true effects, what the true import, what the true power of that is gonna be, but I suspect that it's going to be powerful in ways that we can't even imagine. Will there be negative effects? Of course, there will be negative effects. There always are negative effects with change. But I'm looking at this going holy shit.
The in the Internet age, the age of information has never seen anything like this. Nobody knows what's coming. I know something's coming I just don't know what it is, but I can see the hallmarks. These hallmarks of genetically different species of networks coming together infusing in a way that they can import and export large amounts of data to each other and functionally act upon that information to do certain things that are of utility to the human species, nobody's ever seen this before. Because all of these protocols have basically been kept away from each other. We've been addicted to firewalls because we're gonna get hurt, right?
Not anymore. Now that means that pain some pain will be imported because we're dropping firewalls. But the amount of shit we're gonna build is going to be on fucking fire. Now let's get to zap. Store. Zap.store that is zap. Store is a permissionless app store. An app for phone stuff. Zap.store. It uses Nostr to establish identity linking release artifacts to social profiles validated from the web of trust and this enables secure installs, a new app discoverability layer, and develop developer monetization via zaps. Right now, 0.1.0 is available. It's for Android only.
So what are we talking about? We're talking about the first, as far as I know, the first
[00:46:46] Unknown:
private app store for Android
[00:46:50] Unknown:
that is based on the Nostra network and Nostra identities. Again, we're seeing these networks of different types that we never thought would fuse together. Not only are they fusing together, they're fusing together in mass. It goes on and on and on. Now, cold card mark 4 version 5.3.0 and q version 1.2.0 shared code bases has been released. What's new? Add Nunchuck and Zeus options to export wallet, view identity, shows temporary seed active at the top. You can specify start index for address explorer export and browsing. You can allow unlimited index for BIP 80 5 derivations.
Passphrase menu is no longer offered if bip 39 passphrase is already in use. Remove the ability to add passphrases to master seed if active temporary seed. And a whole bunch of other stuff. There's a brick me option for if wrong pin caused yikes. And I don't know exactly what that means, but it looks to me like a whole bunch of stuff has been added to the firmware, of the mark 4 and q. So I'm looking forward to that. Bitcoin keeper version 1 wallet with wallet with inheritance features available on both Ios and Android. You can backup vaults to your personal cloud.
You can use canary wallets to detect unauthorized key usage. They have concierge support out in their beta, UX and UI enhancements, bug fixes and performance improvements. So if you're interested in looking at a multisig wallet for both iOS and Android, go check out Bitcoin Keeper. I have not used it myself so I don't know. If you get a chance to check it out and you've got something add single sig watch only wallets and more. Add single sig watch only wallets and more. The Blockstream Green app version 2.0.5 has just dropped. The update adds the ability to add or import single sig watch only wallets, new watch only section in settings, an option to expose XPUBs and output descriptors of single sig accounts, handling of VIP 21 payments on Linux, and more.
So if you are a user of Blockstream Green, you might want to consider updating to the version 2.0.5, or I think, honestly, I always wait like a few weeks before I install anything. Like for instance, I've got my server 1 from start 9 is up and running with Bitcoin core, lightning node or lightning core. All kinds of stuff is on it. And I've already noticed that I need to upgrade to Bitcoin core 27.0.0. It's it's already been out for 3 weeks. I'm gonna let it roll. And that's what I love about Bitcoin is that I can do that. I don't have to update to the latest and greatest version. And in fact, I never do. When it comes to Bitcoin core, I let that son of a bitch burn in for, like, a good 6 weeks before I even consider upgrading to the newer version.
And I've never gotten into trouble because of that. I've never had any issues of not upgrading immediately, And I've heard of people that have had issues when they have upgraded immediately instead of waiting to make sure that all the bugs have been shaken out of that shit. Anyway, that's gonna do it for the morning roundup. Dad says jokes.
[00:51:01] Unknown:
The genie, what's your first wish? Steve says, I wish I was rich. Janie says, what's your second wish, rich? Get it?
[00:51:13] Unknown:
Be careful of what you wish for. That's all every single every single time that anybody tells a genie joke or there's a genie story or there's some idiot running rubbing some kind of lamp and getting 3 wishes. The theory of what that is supposed to represent is always the same. It is be careful of what you wish for. And there's 2 things that we wished for or I'll say I. I I have wished for 2 things for a long time. One is is for Bitcoin to become mainstream. Be careful of that. What are we seeing? We're seeing serious regulatory pushback, and now they've roped in diaper dude from the highest office in the world, the president of the United States. Okay.
So clearly that's not the good part. But all of this stuff, like, if you want Bitcoin to go mainstream, if you want more and more people to use it, if you want true honest to God circular economies, then expect the pain. It's gonna happen. You did no. There is no growth without pain. Remember when you were a kid and your legs hurt like they were on fire? It's because you were growing. There is no growth without pain. It never happens.
[00:52:29] Unknown:
Alright, so and the second thing is when
[00:52:33] Unknown:
when networks get larger AKA adding more nodes, right, they grow exponentially. You know, 1 a node of 1 is not a network at all. It's a network of 1, which is not a network. I I I think that a network starts at the number 2. There has to be at least 2 nodes involved for anything approaching a network to actually look like a network. When you add 3, you get like 9 9 potential connections. If you've got 4 nodes, then it's, you know, you see how this do you see how this goes? This goes exponential. But think about it when you've got a solid network of hundreds of nodes, a huge network a massive amount of potential interlinking or interlink communication features within that one network, and then you've got another network that is a different network.
But it's just similar enough that it can connect to the other network and then you've got a huge massive network that was a geometric growth on top of an exponential growth, which makes the exponential growth and geometric growth functions and then you grow exponential growths by geo and then you grow exponential growths by geometric growth it is almost unfathomable what can be done. Be prepared to see a completely different Internet. Be prepared to see a completely different way that people are interacting not only with each other but with themselves.
Watch introspection and people start taking time for themselves multiply. Watch people stop getting interested in stupid bullshit and become more interested in the things that actually do matter. And I really do think that these interlinked networks are going to have a major say in not only how that happens, but why it happens in the first place. There's a book called The Wealth of Networks.
[00:54:52] Unknown:
I have not read it, but I'm thinking very seriously
[00:54:57] Unknown:
maybe if I had enough interest with a couple of people out on Noster that maybe we could read it together and have like a small book club on the wealth of networks. I'm sure it's written after Adam Smith's of Wealth A Wealth of Nations. So it's probably by, you know, the author is probably somebody that we can be at least at least halfway copacetic with. But, again, since I haven't read it, I'm talking out of my ass. But a whole book has been written about a wealth of networks. When you have multiple networks and they start connecting with each other, watch out because real shit's gonna change real fast, 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 9:45 Pacific Daylight Time in the morning. It is in the morning Pacific Daylight Time. It is the 10th day of May 2024. This is episode 895 of Bitcoin. And, Comfrey, I I got my my buddy, shishi21m, that is s h I s h I 21m.
He sells it. He sells it, but he sells roots.
[00:01:11] Unknown:
This is a plant that you want in your garden.
[00:01:13] Unknown:
It does a lot for you. It is a medicine. It produces a bunch of high nitrogen biomass. In fact, out of all of the terrestrial plants, conferee is arguably the largest producer of sheer tonnage of biomass on a per acre bake, per acre, basis. And that's the thing is that you it's one of these plants that that you plant it, it never goes away. It's perennial. It always comes back. It's long lived. It's drought tolerant. Don't plant it in full sun except like full sun in the morning is fine. Full sun all day or in the in the afternoon and late afternoon Not so bueno, especially the further down south you get, you know Like if you're in the northern hemisphere you start getting into Texas and full sun and now you're gonna want morning sun there. But you can cut this thing down to like basically ground level and it will just come back. And you could I've done it about I think I've done it a maximum of 6 times, but that's just because I'm lazy.
I've heard people getting up to 8 to 10 cuttings of this plant and you use it to make compost tea or you just throw it in your compost pile or what I like what I ended up doing is I got so damn lazy I would just cut it and put the leaves and mulch around whatever plants I wanted mulch because it acts as a mulch suppresses weeds, and as it breaks down it feeds all the stuff in the soil with a high nitrogen diet. And Shishi's got this for sale one full root cutting for $20 or you can get small root cuttings for a dollar and the difference is the dollar root cuttings you can get, you know, you can get them pretty cheap. So I would buy 20 of them, But you're gonna have to wait a little while for them to come up anywhere between 2 7 weeks.
I've I've literally seen one of these conferee things come up and it took I don't
[00:03:14] Unknown:
know. It took like a full 10 weeks. I thought it was like I thought it was one of these things is just it was just dead.
[00:03:21] Unknown:
So, actually I'm gonna put in, oh, conferee. Hold on. Conferee. I'm gonna put in some, images of the conferee plant up here in the, in the, zap.stream. I've seen it come up and it takes like 10 weeks. But if you get the full root cutting, the one root cutting that he's selling for $20, that thing will come up in like a week to a week and a half because it's just got a lot more oomph to it. Alright? So get a hold of [email protected] if you want to get a hold of him by email. He's a little bit slower when it comes out when when you do it that way or you can get a hold of him over on Noster. I've got his in pub in the show notes. And now that my show notes work, thanks to pod thanks to pod home dot f m. Everything will be copacetic.
Buyer pays shipping, and he ships pretty much I think anywhere in the United States. He has 2 kinds, one called Bocking 4 and the other one is called Bocking 14. If you don't understand what it is that I'm talking about there, then you know you need to go listen to episode 726 of Bitcoin and I do an entire half of the show It's just all about comfrey and why you want this plant in your garden. Alright, let's get on to the news. First up, Bitcoin Magazine Nick Hoffman writing: President Joe Biden will veto legislation allowing financial firms to custody Bitcoin, according to a White House announcement.
The executive office of US president Joe Biden has announced its stance on proposed legislation HJ Resolution 109 that would allow highly regulated financial firms to act as custodians for Bitcoin and other cryptocurrencies. The administration strongly opposes passage of resolution 109, which would disrupt the Securities and Exchange Commission's work to protect investors in crypto president were presented with HJ resolution 109, he would veto it. Yep. So, what is 109? Well, it would overturn the Securities and Exchange Commission Staff Accounting Bulletin number 121, which imposes restrictions on financial institutions regarding the custody of digital assets under the Congressional Review Act.
By overturning SAB 121, this bipartisan resolution would remove roadblocks that prevent highly regulated financial institutions and firms from acting as custodians for Bitcoin and digital assets. United States congressman Patrick McHenry, chairman of the House Financial Services Committee, expressed support for overturning the SEC's SAB 121 stating, quote, Staff Accounting Bulletin or SAB 121 is one of the most glaring examples of regulatory overreach that has defined Gary Gensler's tenure at the SEC. Through SAB 121, the commission is trying to dictate how financial institutions and firms safeguard quote, that means banks would be required to take on significant capital, liquidity, and other costs under the existing prudential regulatory framework.
This essentially makes it cost prohibitive for financial institutions to custody their customers' digital assets. This is a massive deviation from how highly regulated banks are traditionally required to treat the assets they hold on behalf of their customers, end quote. United States congressman French Hill also spoke out in support of h j resolution 109 saying that, quote, holding reserves against the assets held in custody is not standard financial services practice. The Biden administration's SAB 121 is misguided and should be nullified.
Discouraged that president Biden issued a statement of administration policy saying he would veto HJ resolution 109, the joint resolution to nullify the SEC staff accounting bulletin 121, said Cody Carbone, chief policy officer at the Chamber of Digital Commerce, an American advocacy group that promotes the Bitcoin industry in Washington, D c, quote, SAB 121 effectively prohibits trusted custodians from being able to manage digital assets. Earlier this year, congressman Mike Flood and Wiley Nicholl coauthored a bipartisan op ed on the SEC's flawed SAB 121 guidance stating that, quote, when it comes to digital asset custody, it's clear our most regulated institutions need to be at the table expressing concern about the lack of custodian options for spot Bitcoin ETFs, which could lead to concentration risks.
So the Biden administration wants to nullify the ability basically, is going to nullify a resolution that in turn nullifies a Biden administration guidance that says no, you can't you can't do this. You're not going to be able we're going to put you in a situation where it's going to be a regulatory nightmare and financially kind of expensive for you to do what you always done with everything else but Bitcoin. So why why bring it to you? I mean, it's like we've got a, you know, a giant red candle on the way, you know, on the way down as of early, you know, a couple of hours ago. So somebody's wiping out all the longs. But I don't bring this to you as bad news.
This is just a statement of fact. It is further evidence that the United States, from the presidential administration all the way down through the regulatory ranks, are indeed lining up to fight us. They're well, actually, they're they're already fighting us. We're knee deep into it. But this is at this point, they've roped in the president of the United States to basically say, we're gonna make it so onerous for you to do this thing that you do that you do already with everything else that is not so onerous. It's totally fine for you to do to do this custody type thing with, like, every other asset that you hold for your customers, but not this one.
Not this one. So, again, and this smells exactly like Gary Gensler. Well, you can do everything, you know, that you've already that you've already done. But when it comes to this one thing, this Bitcoin thing, no. We're going to make it almost impossible for you to actually do. It'll be legal for you to do it, but it will be so expensive and so confusing, and we're gonna set so many traps for you that you're not going to want to actually do it. So by making it difficult, they don't have to actually pass a law because that law would indeed be unconstitutional in either event.
This is where we're at. Now we've got the president basically stating that he will veto a thing that will make it status quo for this asset that is Bitcoin to be treated in the exact same way that all other assets that are held in custody by all these financial and regulated financial institutions is gonna be treated differently at the level of the president of the United States. That's where we're at Friday, May 10, 2024. But it gets a little bit worse. Crypto firms brace for intensified SEC and CFTC actions after regulator warning Prusant Shaw writing for Cointelegraph.
The inflow of new investors into the industry, the crypto industry, has been a boon for adoption, but also comes at a cost. Now more than ever, the crypto industry is under the watchful eye of regulators concerned about, God forbid, market manipulation, like what they've been doing for decades anyway, investor protection, and the potential for crypto to facilitate illicit activities. Of course, the United States Commodity Futures Trading Commission, the CFTC, has warned that more enforcement actions will be taken against the crypto ecosystem in the coming 6 months to 2 years.
On May 6th, during the 27th Annual Milken Institute Global Conference.
[00:12:38] Unknown:
Milken. Why does that name sound familiar? Is that the the is that the junk bond trader? The guy that went to prison, that Milkin? Is it that Milkin? I don't know. I it doesn't matter. CFTC
[00:12:50] Unknown:
chair, Rosten Benham, said that the rise in the price of cryptocurrency and the inflow of new inexperienced retail investors, there will be another cycle filled with crypto centered scams and frauds. Quote, we're going to probably see in the next 6 to 18 months or 6 to 24 months another cycle of enforcement actions because of this cycle of asset appreciation and interested by retail investors. With no legal framework presently in place to regulate crypto service providers, the CFTC chair expects watchdogs to crack down on these firms. Since 2023, the SEC and the CFTC have cracked down heavily on firms.
According to research by the litigation consulting firm Cornerstone Research, SEC enforcement actions reached a 10 year high in 2023 with digital assets taking a top priority for the commission's attention. The SEC tripled the number of administrative proceedings in 2022 and initiated 46 enforcement actions in 2023. The regulator imposed $281,000,000 in fines for settlements. 1 third of all CFTC crypto enforcement actions in 20 20 3 were against crypto firms. The CFTC took 47 enforcement actions representing over 1 third. It represented over 1 third of the total enforcement actions brought by the commission since the year 2015.
US regulators have multiple cases pending against US crypto firms such as Kraken, Binance, and Coinbase. Regulators continued their enforcement efforts in 2024 when in April, the US justice department arrested the founders of a privacy focused samurai wallet on money laundering charges in May. The SEC issued a Wells notice against Robinhood. So there we that's where we're at. They're gonna do more. That's all this is saying, is that if you thought that it was over it is not. And what is the key word here? It's investor protection.
Okay, so who are these investors? The investors that they're worried about are inexperienced retail investors. The children, the little babies out there, the little babies that they have to have their hand held. They have to be walked across the street. They have to be spoon fed. Otherwise, they'll starve to death They have to be treated like infants because God forbid nobody but Gary Gensler and his crew of miscreants knows what's best for You know, they're the only ones that know knows what's best for you. You don't.
You're being treated like a child. You're being treated like you're ignorant You're being treated like you have no capacity to learn ie stupid. You're being treated as if you were stupid Nobody has the capacity to learn any of this apparently. And without Gary Gensler, we would all be in the poor house. I wholeheartedly disagree with that that it that sentiment, but it just keeps on going. We've got this one, Matt DeSalvo from Decrypt. Bitcoin wallet maker Exodus is deeply disappointed because the SEC has blocked their IPO and NYSE listing.
Yeah. Wasn't gonna happen. I didn't think it was. Bitcoin wallet software company, Exodus Movement, has said that it was surprised, confused, and deeply disappointed after the SEC moved to delay the company's planned listing on a United States stock exchange. Yesterday, the SEC postponed the crypto company's listing on the NYSE American and New York Stock Exchange's sibling market according to Exodus. Today, the SEC made a surprise last minute decision that delays Exodus from listing on the NYSE American. Excuse me.
While we are deeply disappointed, we will continue to empower customers all over the world to control their own wealth using our best in class self custody crypto wallet. In an official statement, Exodus CEO, JP Richardson said, while we're surprised and confused by this last minute decision, we remain hopeful that the SEC will follow through on its commitment to treat us as the law intends, whatever the hell that means. Exodus offers self custodial wallet software for a number of cryptocurrencies, and they declined to comment further. Of course they did. I'm not a huge fan of Exodus. I've I've heard things.
I've I've heard I've heard things, right? I'm putting up a picture. Oh, I don't want to we're not gonna show you Rainbow Grove. I was trying to put up a picture of comfrey in a full screen. Let me see if I can do it because I I this is a beautiful plant, especially when it's in flower. And I think you guys need to see this. Just open that up in a new tab. There we go. We'll put that up as a wallpaper. Yeah. I'm not a fan of Exodus. You know, it's a shitcoin wallet, but that doesn't mean that we shouldn't be understanding what the hell is going on here. This is a full scale onslaught.
Every every door is being shut. Every window is being closed. Does that mean it's going to work? No, it's not going to work. But what it will do is it will test my resolve. It will test your resolve. It's going to test everybody's resolve. And if everybody thought that this was all gonna be cleaned up in just a matter of weeks, you're wrong. This is just going to be an ongoing thing. And it won't be until the majority of the baby, quote, unquote, inexperienced retail investors get their fill of being fed, you know, baby food, and they just don't want any anymore and they basically stand up and say, dude, I can do this shit myself. It won't be until those moments and those, you know, could be years away, but it could happen faster.
It depends on at what point the human species just cries out and says I've had enough. But for now, this is just going to continue and continue and continue. Now, let's see. Where are we at? Hold on for a second. I wanna make sure of where we're at here. Yeah. Let's do this one. Crypto markets under pressure as $2,000,000,000 worth of altcoin tokens unlocks and 11 $1,000,000,000 worth of Bitcoin distributions loom. Now this was actually written on May 8th, so it's a little older, but it's out of CoinDesk written by Christian Sandor.
Let's get a grip on what the realities are. I just I don't like being the person that gets accused of feeding you guys hopium. But I I don't wanna depress the living shit out of you, but these are facts. And if facts depress you, this probably isn't bitcoin probably isn't for you. It takes a strong stomach, a resolute heart to be able to survive any of this shit for for any length of time at all. Okay. So cryptocurrencies are stuck in this stuck in this corrective phase. But a wave of supply events worth 1,000,000,000 of dollars could further delay any meaningful recovery. Quote, a rapid succession of nearly 2,000,000,000, that's with a b, 2,000,000,000 dollars worth of token unlocks during the next 10 weeks could lower the market for altcoins. Well, that's good. I hate altcoins.
But large token unlocks in crypto are usually bearish events increasing supplies by distributing assets that were previously locked up investing contracts to team members, organizations, early investors, including, you know, venture capital firms. So they give a list of all the shitcoins that are gonna be unlocked. I'm not gonna read them to you because they don't matter. But venture capital investors might be pressured to lock in recent gains which could cap any upside performance of tokens with positive momentum, especially those where unlocks become available.
But here's the other side of that story. Over 11 $1,000,000,000 worth of Bitcoin itself is going to be distributed to creditors of crypto exchange Gemini's earn program and the long defunct crypto marketplace, Mt. Gox, k33 research analyst, Welt Lund warned on in a Tuesday report. The next months are rigged to see waves of good old crypto FUD, said Lund, referring to the popular crypto acronym for fear, uncertainty, and doubt. Amid upcoming supply events, one market observer suggested that the FTX repayments might offer some relief pending bankruptcy court approval.
Some $14,000,000,000 to $16,000,000,000 of funds in US dollars could be paid out to creditors and a good chunk of that may flow back to the crypto market, said Arthur Chong, founder and chief investment officer of D Finance Capital, quote, expect at least 3 to $5,000,000,000 of crypto native liquidity to be injected back into the market, he said on a Twitter post last Wednesday. So that sort of kind of gives you a feel for what's going on. It should. Right? And this is never gonna stop. Again, the the regulatory environment is never gonna stop. There's always gonna be somebody with a bag full of Bitcoin ready to just unleash it on the market at at a, you know, in a day's notice. We've still got 45,000 or so Bitcoin being held by the Treasury Department with the United States depart or the United States Marshals Service.
Right? They sent it over to Coinbase, but I haven't actually seen any reports whatsoever that they've actually executed any trades with it, like sold it, I e on the open market. So there's that. We've got Mt. Gox coming up. Gemini earns coming up. There's always gonna be some bag holder that for whatever reason hates Bitcoin. They hold a bag of it and they think that it's like this ultimate weapon that they're going to destroy everybody's wealth all at once with this one bag of crypto. And while they get a sense of satisfaction over the, you know, the the next few days, weeks, possibly even months, the market recovers.
But this is where we're at.
[00:23:49] Unknown:
All the doors are being closed. All the windows are being slammed shut. Everybody hates us including the president of the United States. Arguably,
[00:23:59] Unknown:
the most still the most powerful person on the face of the planet whether economically or militarily, although they clearly work both hand in hand. And now we've got private bag holders, regulatory bag holders that are just ready to cut and run. It's FUD. It's fear, uncertainty, and doubt. But the only question is, how are you going to react while you think about that? Let's run the numbers. CNBC Futures and Commodities has West Texas Intermediate Crude down 1.14 percent to $78.36. Brent, North Sea also down a point, $82.97 a barrel. Natural gas is down 1 point 7 percent to $2.26 a 1000 cubic feet. Gasoline has fallen 1 and a third to $2.50 a gallon.
All your shiny metal rocks are doing very very well today, gold included, 1.5% to the upside, $2,374.80. Silver is up a half, platinum is up 1 and a half, copper is up over 1 and a half, and palladium is up 1.05%. Agricultural futures, the biggest winner of the day is gonna be, what, wheat? 3.14% to the upside. Biggest loser is cotton, well over 2% to the downside. Live cattle is up scant, basically sideways. Lean hogs are up almost a full point. Feeder cattle are down a half. The Dow is up a quarter of a point. The S and P is up point 06, and the Nasdaq is up point 16, while the S and P Mini is clearly in the red, point 16% to the downside.
We've got a we've got a giant red candle. We are back down to $60,800, which puts us at a $1,200,000,000,000 market cap. We may now only purchase 25 0.8 ounces of shiny metal rocks with our 1 Bitcoin of which there are 19,000,000,696,274 and a quarter of. And in fees on a per block basis, on average, still really still fairly low. 0.22btc taken in fees overall on average on a per block basis. Now, how many blocks are there? I don't know. Let's go over to mempool.space and check it out. 247 blocks waiting to clear at priority high priorities of 23 satoshis per vbyte, low priorities at 21. And anything under 10, you're gonna get kicked out of mempools around the world. And from economic civil disobedience, which was episode 894 of bitcoin and nat gas immersion with 19,600 satoshis. Damn, sir. Thank you. That's what he says, and I say no. Thank you. Dubravco with 1710 says regarding the Wells notice, yes.
I know it is a false equivalency, but I have an entire playlist dedicated to the absolute fucking chicanery Wells Fargo got up to a couple of years ago for your amusement and for the purpose of never forgetting, and he gives a YouTube link and I'll try to get that in the show notes. It actually is you can just act you can get that from the, from the fountain boost themselves. Everybody can see my boosts. They're they're in full public view. Okay? Just so you know. Just go to the Bitcoin and over on fountain.app. If you're not using a podcasting 2.0 app like fountain.app or Sphinx chat or Podverse or something like that, you're missing out on transcripts, chapters, cover art. You're missing out on all kinds of neat stuff and the ability to boost me, your favorite podcaster, because god knows and eat it, and to stream these satoshis. You can do all that. You can support the Bitcoin and show. You can do that with podcasting 2.0. You will never be able to do that with any legacy podcasting app. You will never be able to show your appreciation.
You will never be able to help produce the shows that you love to listen to. All advertising models are broken, which is why I bring you the circle p first thing every single show. Continuing on with Dubravco, 17/10 says number 1, whoever wrote that list, slow clap. 2, we consulted our non binding interdepartment I won't spell it for you because it's just him misspelling it all the time. But thank you, Dibravko. Appreciate that. Kenneth Lloyd with 550 things. Thank you. And these guys are are what they're doing is they're referring to yesterday's show, clearly, where I read a list of 50 things that you should be doing now.
Not my list. I got it off of a website which is in the show notes. I tell you all about the the site in yesterday's show. If you haven't listened to yesterday's show, go listen to it. That list of 50 things, honestly, is I think it's pretty much written well before the time of Bitcoin, but slightly after the first instances of digital private cash systems started coming online. There's a lot of nuggets in there that you should probably listen to. God's death with 337. Thank you, sir. No. Thank you. MCOT 3 d285 says cheers.
Satoshitika with 101 says
[00:29:35] Unknown:
motherfucker.
[00:29:37] Unknown:
My eyes with a 100. Cheers, brother. No. No. He says cheers, and then I say cheers, brother, back. Alright. That's the weather report. Welcome to part 2 of the news that you can use KeyChat app. KeyChat. I just saw it today on Nostr, started looking into it. Looks kind of interesting. There's not a whole lot written on it yet because clearly it's kind of brand new. But I am going to put this one up in the zap. Stream KeyChat app KeyChat is a chat app built on Bitcoin e cash, the Nostra protocol, and signal protocol. Alright, so key chat is inspired by the United States Postal System. Actually, it just says postal system. Post offices, letters, you know, send in a letter if you post offices, letters, you know, send in a letter if you ever remember doing that.
KeyChat uses Bitcoin e cash as the stamp and the Nostra relays as the post offices. Senders send messages stamped with Bitcoin e cash to noster relays. The noster relays collect the Bitcoin e cash and then deliver the messages to the receivers. Unlike centralized postal system, keychat can use multiple bitcoin e cash issuers and noster relays each maintained by distinct operators. Key chat uses signal protocol to ensure message encryption security and metadata privacy. The content of the letter can be exposed easily by opening the envelope. Key chat messages are end to end encrypted via signal protocol with a unique encryption key generated for each single message.
Only the sender and the receiver can decrypt the message. The addresses of both parties on the envelope can be tracked. In theory, this problem is solved if they change addresses daily. So key chat reuses signal protocol to update sending and receiving addresses for nearly every message. Like the postal system, key chat requires no registration. Users just generate nostril keys as IDs. Okay, so now they've got this post over here. Well, this note over here in Nostril, and it's from KeyChat. And I think I've got this note is going to be in the show notes. If you want to follow KeyChat, just open that note up, because it's it's a full link. It'll open up a Nostr client for you, and then you can go to KeyChat and get their in pub directly from their profile.
But this note says, and I'm going to throw this one into the, into the zap.stream chat. See, because they it comes with a nice little picture. It says, in practice, when we fill out an envelope, we don't need to include the sender's information. We only need to write the recipient's address and there's no need to write the recipient's name. As long as the recipient's address is precise enough, the letter can be successfully delivered. Not needing to write the sender's information is equivalent to being able to write any random address.
So it's a chat system, which we're you know you know, and possibly you can you think of it as a as a direct messaging system that a is encrypted end to end and b uses some of the coolest stuff in Bitcoin going on right now and that is e cash. Cash you stuff. Sure, if you want to yell at me and call it a shit coin, I don't blame you. I will take your slings and arrows. But I'm kind of fascinated with eCash. It's one of the only straight up non Bitcoin systems that I have been fascinated with, and I'm only fascinated with it because it leverages Bitcoin layer 2 network. Okay, so
[00:34:05] Unknown:
This is the ability to sort of use e cash and noster and signal all together Now, what does it affect? Well,
[00:34:17] Unknown:
to me to send you a message that nobody else can read and that nobody knew that I sent it to you. The only person that knows that I sent it to you is me and you. And the only person that I know received a message from me is me and you. That's it. That's it. It will be interesting if some kind of multisig which is probably not the best way to put it, but some kind of multisig is involved later on in this key chat thing to where multiple people can have a little encrypted chat space, but that's that comes later. But the point is is it also would limit spam because you gotta pay for your message. You got to pay with e cash that you've got to stamp the envelope.
That stamp costs money real money. So automatically, we go all the way back in time to Adam Back's, HashCash. Right? Where where the whole system was designed so that you couldn't just email bulk emails without paying through the nose for it. Right? So we're we're we're pulling the we're pulling the past up into the future. So we're starting to implement all of the things that the cypherpunks were thinking about but never got any traction. And now you've got a bunch of pissed off inexperienced retail investors who are tired of the bullshit and they're starting to implement all this stuff themselves.
And KeyChat is an example of it. And thank god, it's going to be interesting to see how this works. I don't know if they have anything out in the wild, but start following keychat. KeyChat, k e y c h a t over on Noster and see if, this is actually I don't know. I should have been following them. I just found out that I'm not following KeyChat and that just seems weird. I thought I followed them on Domus. I I guess my primal client didn't pick up on it. Okay, on to other things. This one be actually before if I can remember how to do all this and and and not have like, you know, my my brain cells just fry on me. There was a point that I wanted to make on key chat, but maybe it's better if we if we get this out first.
This is from Andrew on Noster and he's talking about a Noster bridge to blue sky. Now before you lose your ever loving mind and say why would you want to do that? I'll get to that. Hold on. But if you want to, and I recommend that you do even if you don't like blue sky. I rarely use Blue. Actually, I'd never go there for any kind of interaction. I just put the show announcement on Blue Sky. That's all I do. And now I don't really even have to log in to Blue Sky to do that. What the hell am I talking about? It's the bridge, right? So if you want to bridge your nostril profile to Blue Sky, Andrew's got the way to do it.
If you want to bridge your Nostra profile and your posts over to the Fediverse slash mastodon and Blue Sky by the way the first thing that you need to do is add a relay. That relay is relay. Momoster. Pink momoster is spelled m o m o s t r dot pink relay. Momoster dot pink add that to your relays Then you need to follow a Nostr account. It's bridgyfed4bluesky bridgyfedforblueskybluesky. Bridgyfedforbluesky. When you do both of those things, when you when you add that relay and you follow bridgyfedfor blue sky, whatever notes that you post. And I've tested this and it works. It works beautifully. It even sends over pictures. It's awesome. I haven't tried it with GIFs or or m p fours or audio files or anything like that, but pictures and not only one, but multiple pictures in a single post, they go over almost it looks perfectly formatted over in Blue Sky, and I don't have to do nothing. Right?
So here's what I'm getting at and somebody asked why would you want to engage yourself in the depravity that goes on over a blue sky? Well, that's actually a fair question to ask because blue sky has just turned into this hell even Jack Has not only did he step down from the board of blue sky he deleted his Blue Sky account. Talk about not having any faith at all in blue sky, the guy that basically championed this entire thing, got his fill. He stepped down from the board and I think yesterday, it was either yesterday or early this morning or something like that, he deleted his profile from blue sky.
Now that's that's pretty terrible when you think about it. Not not on Jack's part, but the fact that it's turned into just a clusterfuck. So that brings us back to the question, why would you want to engage in any way with Blue Sky when we have Nostr? This goes back to what I was saying with KeyChat. Remember what I said. KeyChat uses 3 systems. It uses eCash. It uses Nostr. And it uses signal. Now we've got this bridge and this this, my master dot pink if you just add the relay and and don't follow the bridge y for blue sky, you will be posting your profile and all your notes over to the Fediverse. If you want them also to post to blue sky and the Fediverse slash massodon, etcetera, etcetera, then you need to follow at bridgyfedforblue sky.
What this is the same thing as the key chat, and I don't mean it affects the same thing. I mean at the back end,
[00:40:29] Unknown:
it's fungus. What I've always thought and I still cannot get a clear answer, but
[00:40:39] Unknown:
Ecto my like any kind of like well, I was gonna say ectomycorrhizal, let's just say, mycorrhizal fungi in the soil Doesn't matter if it's ecto or endo, let's just say mycorrhizal fungi in the soil. You've heard me talk about it before. 1 like if one spore that is genetic, you know, has the carries the genetics from the parent and that one spore gets into a situation where it's doing well. It sprouts in the soil. It hooks up with a couple of trees, get some nutrients, and then boom, it's off to the races and it grows. It sends out its spores and if those spores generate and they're kind of in the same vicinity and they have mycelium, they're slightly genetically different, but they're genetically similar enough that those 2 mycelial networks confuse.
And I don't mean wrap around each other to make structures. I mean connect and the liquid that's flowing through the cells of 1 mycelium is actually now able to sell or flow into the mycelium
[00:41:43] Unknown:
of the daughter or son or or sibling or whatever you want to call it the offspring, right? What
[00:41:46] Unknown:
I'm or sibling or whatever you want to call it the offspring. Right? What I've always wondered is if 2 completely different species of mycelium in the soil can connect, like oyster mushroom and matsusaki. If their mycelial networks are able to fuse together and they can share intercellular fluid or internetwork fluids, the bacteria that's flowing down those networks, the genetic structure, because these mycelial mats they send whole nuclei of themselves from cell to cell to cell to cell. They actually whole nuclei move through the network. So the question I always had was can 2 completely different fungal species connect?
I think they can but I haven't found any direct like, you know, scientific papers written about it. But let's say that I'm right. If you're able to connect 2 completely different yet fully formed networks together and share information. Holy shit. Talk about like, you know, we're talking about network effects that are not only exponential but exponential plus geometric in growth, massive growth. This is what we're doing. There's an e cash ecosystem and that's genetically different than the Nostra ecosystem. But it looks like it's just similar enough that those two things can connect and start sharing data. Boom. Exponential slash geometric growth.
And then you got signal. Been a huge ecosystem for a very long time. All of a sudden, we can cannibalize that and turn it to our own purposes. The same thing with the Fediverse, the same thing with Blue Sky. The only people that are going to be completely insulated from any of these effects are gonna be the people that are still over on Twitter because there's no access point in nor out of Twitter. Especially since the API got closed off. They are completely insulated against this kind of some people will call it an attack. I don't think of it as an attack.
I think of it as a natural progress of organic systems even though that they're based on digital infrastructure, these are organic systems. They do everything just like organic networks and they're starting to fuse together and we have no idea at all what the true effects, what the true import, what the true power of that is gonna be, but I suspect that it's going to be powerful in ways that we can't even imagine. Will there be negative effects? Of course, there will be negative effects. There always are negative effects with change. But I'm looking at this going holy shit.
The in the Internet age, the age of information has never seen anything like this. Nobody knows what's coming. I know something's coming I just don't know what it is, but I can see the hallmarks. These hallmarks of genetically different species of networks coming together infusing in a way that they can import and export large amounts of data to each other and functionally act upon that information to do certain things that are of utility to the human species, nobody's ever seen this before. Because all of these protocols have basically been kept away from each other. We've been addicted to firewalls because we're gonna get hurt, right?
Not anymore. Now that means that pain some pain will be imported because we're dropping firewalls. But the amount of shit we're gonna build is going to be on fucking fire. Now let's get to zap. Store. Zap.store that is zap. Store is a permissionless app store. An app for phone stuff. Zap.store. It uses Nostr to establish identity linking release artifacts to social profiles validated from the web of trust and this enables secure installs, a new app discoverability layer, and develop developer monetization via zaps. Right now, 0.1.0 is available. It's for Android only.
So what are we talking about? We're talking about the first, as far as I know, the first
[00:46:46] Unknown:
private app store for Android
[00:46:50] Unknown:
that is based on the Nostra network and Nostra identities. Again, we're seeing these networks of different types that we never thought would fuse together. Not only are they fusing together, they're fusing together in mass. It goes on and on and on. Now, cold card mark 4 version 5.3.0 and q version 1.2.0 shared code bases has been released. What's new? Add Nunchuck and Zeus options to export wallet, view identity, shows temporary seed active at the top. You can specify start index for address explorer export and browsing. You can allow unlimited index for BIP 80 5 derivations.
Passphrase menu is no longer offered if bip 39 passphrase is already in use. Remove the ability to add passphrases to master seed if active temporary seed. And a whole bunch of other stuff. There's a brick me option for if wrong pin caused yikes. And I don't know exactly what that means, but it looks to me like a whole bunch of stuff has been added to the firmware, of the mark 4 and q. So I'm looking forward to that. Bitcoin keeper version 1 wallet with wallet with inheritance features available on both Ios and Android. You can backup vaults to your personal cloud.
You can use canary wallets to detect unauthorized key usage. They have concierge support out in their beta, UX and UI enhancements, bug fixes and performance improvements. So if you're interested in looking at a multisig wallet for both iOS and Android, go check out Bitcoin Keeper. I have not used it myself so I don't know. If you get a chance to check it out and you've got something add single sig watch only wallets and more. Add single sig watch only wallets and more. The Blockstream Green app version 2.0.5 has just dropped. The update adds the ability to add or import single sig watch only wallets, new watch only section in settings, an option to expose XPUBs and output descriptors of single sig accounts, handling of VIP 21 payments on Linux, and more.
So if you are a user of Blockstream Green, you might want to consider updating to the version 2.0.5, or I think, honestly, I always wait like a few weeks before I install anything. Like for instance, I've got my server 1 from start 9 is up and running with Bitcoin core, lightning node or lightning core. All kinds of stuff is on it. And I've already noticed that I need to upgrade to Bitcoin core 27.0.0. It's it's already been out for 3 weeks. I'm gonna let it roll. And that's what I love about Bitcoin is that I can do that. I don't have to update to the latest and greatest version. And in fact, I never do. When it comes to Bitcoin core, I let that son of a bitch burn in for, like, a good 6 weeks before I even consider upgrading to the newer version.
And I've never gotten into trouble because of that. I've never had any issues of not upgrading immediately, And I've heard of people that have had issues when they have upgraded immediately instead of waiting to make sure that all the bugs have been shaken out of that shit. Anyway, that's gonna do it for the morning roundup. Dad says jokes.
[00:51:01] Unknown:
The genie, what's your first wish? Steve says, I wish I was rich. Janie says, what's your second wish, rich? Get it?
[00:51:13] Unknown:
Be careful of what you wish for. That's all every single every single time that anybody tells a genie joke or there's a genie story or there's some idiot running rubbing some kind of lamp and getting 3 wishes. The theory of what that is supposed to represent is always the same. It is be careful of what you wish for. And there's 2 things that we wished for or I'll say I. I I have wished for 2 things for a long time. One is is for Bitcoin to become mainstream. Be careful of that. What are we seeing? We're seeing serious regulatory pushback, and now they've roped in diaper dude from the highest office in the world, the president of the United States. Okay.
So clearly that's not the good part. But all of this stuff, like, if you want Bitcoin to go mainstream, if you want more and more people to use it, if you want true honest to God circular economies, then expect the pain. It's gonna happen. You did no. There is no growth without pain. Remember when you were a kid and your legs hurt like they were on fire? It's because you were growing. There is no growth without pain. It never happens.
[00:52:29] Unknown:
Alright, so and the second thing is when
[00:52:33] Unknown:
when networks get larger AKA adding more nodes, right, they grow exponentially. You know, 1 a node of 1 is not a network at all. It's a network of 1, which is not a network. I I I think that a network starts at the number 2. There has to be at least 2 nodes involved for anything approaching a network to actually look like a network. When you add 3, you get like 9 9 potential connections. If you've got 4 nodes, then it's, you know, you see how this do you see how this goes? This goes exponential. But think about it when you've got a solid network of hundreds of nodes, a huge network a massive amount of potential interlinking or interlink communication features within that one network, and then you've got another network that is a different network.
But it's just similar enough that it can connect to the other network and then you've got a huge massive network that was a geometric growth on top of an exponential growth, which makes the exponential growth and geometric growth functions and then you grow exponential growths by geo and then you grow exponential growths by geometric growth it is almost unfathomable what can be done. Be prepared to see a completely different Internet. Be prepared to see a completely different way that people are interacting not only with each other but with themselves.
Watch introspection and people start taking time for themselves multiply. Watch people stop getting interested in stupid bullshit and become more interested in the things that actually do matter. And I really do think that these interlinked networks are going to have a major say in not only how that happens, but why it happens in the first place. There's a book called The Wealth of Networks.
[00:54:52] Unknown:
I have not read it, but I'm thinking very seriously
[00:54:57] Unknown:
maybe if I had enough interest with a couple of people out on Noster that maybe we could read it together and have like a small book club on the wealth of networks. I'm sure it's written after Adam Smith's of Wealth A Wealth of Nations. So it's probably by, you know, the author is probably somebody that we can be at least at least halfway copacetic with. But, again, since I haven't read it, I'm talking out of my ass. But a whole book has been written about a wealth of networks. When you have multiple networks and they start connecting with each other, watch out because real shit's gonna change real fast, 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.
