Join me today for Episode 964 of Bitcoin And . . .
Topics for today:
- Dumptober
- Forbes Features #V4V, nostr, and Music
- Gemini Bails Out of Canada
- Binance Enters Argentina
- Check out ONOSENDAI
#Bitcoin #BitcoinAnd
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https://decrypt.co/284090/metaplanet-adds-6-6-million-bitcoin-to-its-corporate-treasury
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https://bitcoinmagazine.com/technical/aaron-oceans-datum-is-tackling-bitcoins-most-pressing-problem
https://cointelegraph.com/news/canada-gemini-exit-reasons-crypto-exchanges
https://cointelegraph.com/news/binance-fully-available-argentina-vasp-registration
https://www.nobsbitcoin.com/introducing-onosendai/
https://www.nobsbitcoin.com/volt-wallet-v0-4-5-beta-1/
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[00:00:00]
David Bennett:
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. So join me in discovering the variety of things being created as Bitcoin rubs up against other systems. It is 9:0:8 AM Pacific Daylight Time. It's the 1st day of October, except we're down. 2024. This is episode 600 and no.
964 of Bitcoin. And we are going to talk about what happened early this morning at 6 o'clock AM because that's technically, you know, that's when I'm up. And, you know, they'll all see a whole bunch of green candles going up and say, yeah. And then 6 o'clock hits, and then it's like, traditionally for me in the morning, 6 o'clock is where I get to watch everything retrace because, you know, week hands and all that stuff. But I do have a somebody's analysis of the, price of Bitcoin dropping versus Jerome Powell's hint at rate cuts. And then I kinda wanna talk about Meta Planet. There's a couple things going on with Meta Planet that, well, especially in comparison to similar scientific. And there's some between these two companies and their Bitcoin portfolios.
And it's not the Bitcoin portfolio that I'm concerned about. It's the fact that they've both adopted a strategy for Bitcoin, and one seems to be working and the other one doesn't. And then lo and behold, value for value and people like Manlike Quex and Ainsley Costello and and Noster have been mentioned in yet another Forbes article. This one is specifically about musicians. We'll get into all of that. And then, what else do we got? Oh, there's a little bit more on the ocean mining situation that I wanna get into. Gemini is gonna bail out of Canada, and then Binance is getting into some place else. We'll get into all that. But first, why is Bitcoin dropping?
Let's find out. Why is Bitcoin's price dropping despite Powell's hints at 2 more rate cuts in 2024? Jordan Lanshev is writing this one for crypto potato, which I don't normally do, But, hey, he's gonna talk about this for, you know, the whole price versus Jerome Powell's rate cut thing. Anyway, so Bitcoin soared in mid September when the US Federal Reserve announced the first interest rate cut in over 4 years. And as such, many expected this to be the case after Powell's speech on Monday. But they have been proven wrong. Wrong. You're wrong. The question arises of why BTC failed to produce impressive gains despite the Fed Chair's hint at yet more upcoming rates this year. Why no pump? Why no pump?
It was the end of August this year when Jerome Powell, the chairman of the US Central Bank, said it was time for the Fed to follow the example set by the ECB, the Bank of England, the Bank of Canada, and others, and lower the local interest rates. Bitcoin, considered a riskier asset that is heavily influenced by macroeconomic events, surged immediately. However, it dropped hard in the following weeks from over 65,000 to under 53,000 on September 7th in anticipation of the Fed's, you know, actual rate cut. And that occurred on September 18th.
And it was the first reduction in the rate of 50 basis points since 2020 pushed BTC's price up into the following 10 days or so from 59,000 to 66,500 last weekend. Nevertheless, the cryptocurrency lost traction since then, and all eyes turned on Powell again yesterday. Please, brother Powell, save us. Save us. And he was expected expected to address the Fed's monetary policy pivot in Nashville, Tennessee. And in his speech, the Fed chair suggested that the central bank will likely slash the rates 2 more times this year by 25 basis points each this would mean a total reduction of a 1% within the span of just a few months So why did BTC drop?
Well while this sounds like all promising news for riskier assets like Bitcoin the cryptocurrency could not mimic its previous performance and failed to produce any substantial gains. Just the opposite it's down by over 2% over the past 24 hours and now trades at a multi day low of 62,500 after it was rejected at 64,000 earlier today. Recall that a few industry experts warned warned about potential price calamities for BTC after the Fed's rate reduction. First, it was Arthur Hayes who said that the rate cut could cripple the crypto market market, especially in the short term. The research department of Bitfinex went a bit further indicating that BTC's price could tumble to 45,000 after the Fed's pivot.
And that is the end of the article. But it's even Arthur Hayes came out and said that he's just been clearly wrong. I think he said 4 out of 5 times. Of all of his predictions, across all these times, Arthur Hayes himself said that he's been wrong more often than not. Bitfinex? Oh, who knows? But here's the thing. Not only did we get the the, Fed speech yesterday, Jerome Powell said, yes, indeed. They are gonna cut the rates by at least 2 more times, but they're not gonna do it by 50 bps. They're gonna do it by 25 bps each. Okay. Hey. That's great.
But also this morning, we had the Jolt job openings report come in hot. I mean, as in good for jobs or at least according to the report. Now, do I believe it? Well, all these reports get revised down and sometimes up. And in fact, the Jolt job report got wow. My cat is destroying something. I'm sorry. The Jolt job report last time actually was revised up. And then today, it came in at 8,040,000 job openings, which was way over what they expected at like 7,500,000. So we had a great jobs report. Well, one of the mandates of the Fed is full employment even though none of us actually believe that and rightly so. However, and still, that should that should have done a couple of things it should have said hey all this shit's working of course we know it's not working they're just they're just bandaging the patient so it doesn't bleed out but it's still in ICU and it's still got problems like major major fucking problems.
In either event you would think that that would have bolstered but no it didn't. So the thing is we have no clue what's going on but I have a suspicion that now that institutional money is here, that the institutional money that's here is doing what institutional money does to damn near every market. It figures out a way to stymie it. It figures out a way to try to crush it, or figures out a way to make the price not what it actually should be. Just look at gold for the last, what, 20 years, 30 years, or however ever since they allowed us to buy it again in the early eighties or it was either the early eighties or the very late seventies is when, the United States enabled the purchase of gold by its citizenry. And ever since then, the spot price of gold has been fairly suppressed.
I mean, it didn't take long for a gold ETF to open up right after that. I don't know if this is true. I don't know if what I say is the actual God's honest truth. It's merely a feeling. Except that I've got another part of that gut feeling. I think this is an accumulation move. I really do. I think it's an institutional accumulation move and they're using everything under the sun that they can to keep the price of bitcoin inside this trend line that we see which is sort of like a wedge looking thing that we've been trapped in for 6 months. I honestly honest to God, I think that institutions want as much bitcoin at this price in this trench that they can possibly get. And they're going to do everything that they can everything that they can to have some kind of purchasing power of bitcoin between $52,070,000 that that's their target range to be able to buy and get and hold as much bitcoin as they possibly can before the rest of the world figures this shit out because this is really there's only a very few assets avail there's only very few assets available to the citizenry of the world that everybody can participate in Because not everybody can participate in the stock market in Japan and not everybody can do the same in the United States, right? But things like gold and silver, you can you can buy that asset. You can actually physically hold that asset.
Bitcoin on the other hand while you can buy and hold the asset is the first asset of its kind that allows people from different religions and different cultures and different monetary systems different everything different languages especially especially when it comes to pricing language like what does something that we all need and want like a chicken actually cost in every single country in the world Bitcoin answers that question. If you've ever read the story about the tower of Babel, right, the whole that whole old testament thing where all these these people came together to build this tower to the heavens so that they could stand on top and be gods themselves. And that's why it wasn't because they were trying to get to God. It was because they were trying to actually be gods themselves. And God said, No, no, no. Here's what I'm gonna do. Y'all all spoke the same language earlier this morning and you could understand everybody?
Not anymore. Not anymore. And I've always taken that and it worked. I mean, construction on the Tower of Babel completely ceased. And it was because it was the construction that was stopped that makes me wonder if the language that was being spoken was not the language that I used to say good morning that it was the language that I used to price things in and that what God actually did was not change the tongue of these different men and women. He changed their view of what economies are and what things are priced in. Bitcoin is the very first thing to come back into our lives that actually sets that right.
Maybe God changed his mind and said, I think it's time. They've been punished enough. We're going to give them something that pulls their commerce, their ability to price things together, their ability to do projects together. We're going to pull it all back. We're going to do it with this new asset. So, I get the feeling that we're not the only people that understand this. Jerome Powell and his cadre of guys, they're not idiots. Do not think that they are because if you do think that they are you're gonna end up into trouble. But I'm just I I I really do think that this is the first time that we're seeing institutional money used to suppress a price because they actually want to buy the underlying asset, which I do not think, although I could be wrong, but I do not think that that was the case with gold.
I don't I'm like I said, I'm not sure. Other countries are wild about gold. United States and Europe and Canada, clearly Canada, because they sold every single ounce that they ever possessed in their entire history. We've not really been buying that much gold. India, China, those guys, Russia, those guys, they get it. The West, they don't we don't get it. But we've got other fish to fry like Meta Planet. They've added 6 point $6,000,000 worth of Bitcoin to its corporate treasury. Decrypt Mertza Merchant is writing this one. MetapLANET, a Japanese investment firm, has announced the acquisition of an additional 107 Bitcoin for 1,000,000,000 yen equivalent to roughly $6,600,000 The purchase was made at an average price of 9,266,000 yen or around 61,900 per Bitcoin dollars per bitcoin, according to a press release. With the latest purchase, their total bitcoin holdings for Meta Planet now stands at 506.75 bitcoin.
The company's total investment in bitcoin has reached $31,800,000 with an average purchase price of $62,000 per Bitcoin. So they're basically kinda breaking even right now at 62,500, which is the present price on my chart. The company's Bitcoin holdings have swelled to 24,000,000, almost 20% of its $125,000,000 market capitalization according to bitcoin treasuries.net. Meta Planet began its aggressive Bitcoin purchasing strategy in April 2024 describing the move as a strategic pivot. At the time, the company's leadership argued that investing in Bitcoin was the most valuable thing that we can do for our shareholders. The shift in strategy initially paid off as Meta Planet stock surged from $1.32, USD prior to the announcement to a peak of $7 However, despite briefly reaching $20.95 in late July, the stock has since pulled since pulled back. It's currently trading back at $7 USD according to data from Google Finance.
Meta Planet's approach mirrors that of the United States software firm MicroStrategy which has become well known for its substantial bitcoin holdings. Under the direction of bitcoin advocate, Michael Saylor, they've amassed $15,900,000,000 worth of bitcoin totaling 252,220 BTC. MetaPlan's Bitcoin acquisition aligns with a broader trend of companies integrating crypto assets into their long term investment strategies. Apart from MicroStrategy, Tesla made headlines back in 2021 when it bought Bitcoin but then it sold a whole bunch of it later on to quote unquote diversify its portfolio.
Square has incorporated bitcoin into its long term strategy purchasing $50,000,000 worth of bitcoin in 2020 and an additional 170 $1,000,000 worth in 2021. Even PayPal has entered the crypto market enabling users to buy, hold, and sell cryptocurrencies. Okay. Well, so this is all this is all well and good. Right? Well, not for, I mean, it's okay. They're doing they're doing alright. And I'm gonna pull up a chart here. Let's see if I can get it up here. I'm gonna pull up a chart here. And I've got similar scientific and meta planet charts.
And I'm looking at it and meta planet goes back a long way. Meta planet has been around since, oh, what is it, 2,006, 2,005. Yeah, somewhere around we'll call it October of 2,005 is the first price I've got on this chart for Meta Planet. And they were at, oh, 200 I think the highest price they ever got was back in February of 06 357,000 yen. Where are they now? They have bled off and they get hit a bottom of 100 and was it my god they hit a bottom of 144 yen. So, from 350,000 yen to 144 yen. But right around and that was in December of 2023.
And then right at their bottom of February 2024 is when they started coming back up. And that was right around the time that they started saying that they were gonna start buying Bitcoin. Now this is Meta Planet. Okay. Since then, they they peaked all the way up to 3,000 yen and now they're back down to 1,000 yen. Alright? So if you're looking at this chart, it's just this slow grinding bleed down. And if I do not look at their Bitcoin holdings in the time like if I don't look at the time at their stock price after they started buying Bitcoin I would look at this thing as a dog with fleas and if you own any Meta Planet stock you've got to get rid of it.
Bitcoin was their only saving grace in this particular company. However, I've got another chart and this is similar scientific Who is almost opposite? So they're they but they only go back to February of 2014. And then they hit a peak and they started out let's see what their price was. $6. They got to a low in 2016 of a buck 13, and then they reached a high in 2021 of a $150. And now they're sitting at $22. But right on the day that they actually announced, that they had a Bitcoin strategy let's see, where was that price? That was Tuesday, May 28, 2024.
They had a bottom on that week of $25 and they shot up to $35 in that same week. They reached a high of $46 the week after, and it's been nothing but a slow bleed off since. So similar at this point it looks to me like they figured out that they were going to have to do the same thing. They had no choice but to buy Bitcoin. I've heard it said several times from Michael Saylor himself that they want to pivot. They it sounds to me from everything that Michael Saylor has said that there's no reason to stay in the software game and compete against people like Oracle. They're getting out. They're gonna go full finance. It's gonna be all Bitcoin based, and that's what they mean when they say Bitcoin development company. They're not actually developing software anymore, or at least they I think that that's what the plan is, that they're gonna be just nothing but some kind of financing arm that rose out of the ashes that was MicroStrategy's old business, which was business intelligence software like SaaS, Oracle, things like that. And it looks to me like Michael's going, why do we even wanna put in the work to compete when all we've gotta do is hold Bitcoin?
So in some cases, this strategy works. But for similar, it doesn't seem to work. Meta Planet will have to see. They were a dog with fleas until they started buying Bitcoin and now they look way better. Will it last? I don't know. But we've got this story from Frank Korva. And he writes about Bitcoin and he writes for a couple of other things, but he got hit this article into Forbes Magazine. And it's under the section it's under Forbes Digital Assets, but still it's it's like one of their main, headlines today on their website. And it came out exactly today.
And it says, the, the headline is musicians can now earn Bitcoin for streaming their songs. Okay. We've heard about this. Right? From singer songwriters to hip hop artists, musicians from across the world are now earning satoshis for streaming their music. Many of these artists are actually earning more in Bitcoin by sharing their songs through platforms like Wave Lake and Fountain than they are in traditional currencies for streaming their music through digital streaming platforms like Spotify and Apple Music. Quote, in 5 years on traditional DSPs, digital streaming platforms, I made only $750 in royalties from over 500,000 streams, American pop rock artist Ainsley Costello shared with me via email.
In 1 year distributing to the Valu verse, I received over 21,000,000 satoshis which is equivalent to $13,278 as of September 23, 2024. The value verse, also referred to as value for valuespace, Costello mentioned refers to the suite of platforms including the aforementioned Wavelink and Fountain that also users that allow users to tip musicians and podcasters like me and other content creators for their work in satoshis. More and more musicians globally are beginning to experience the financial benefits that come with sharing their songs in the value for value space. UK based singer songwriter, Jo Martin has earned $12.80 worth of sats on wave lake and Fountain alone since releasing his first tracks on the platform in late 2022, while he only earned $2.40 total from DSPs through which he had been streaming music since 2017.
Hip hop artist from Tanzania, Manlike Quex, earned a total of $25 from United Masters. The distribution company he uses for traditional DSPs, for which he pays an annual $60 fee. While he's earned 2,300,000 sats, which is over $1500 at the time of publishing from Wave Lake alone. Quex provided some context. Quote, I am based in Tanzania where a 1,000 sats is worth 1,731 TSH. I guess that's Tanzanian shillings. I I don't know. I'm not sure. You can go to a local restaurant and get a soda for a 1,000 shillings, a meal for 3,000 shillings, a bus ride for 600 shillings, and a bottle of water for 500. So, when someone zaps me 10,000 sats for my song, which is currently worth 17,310 shillings, it goes a long way.
A zap is slang for a tip in sats over the lightning network a layer built on top of Bitcoin that enables quick cheap payments. The term was popularized by users of the decentralized social identity network Nostr. Woohoo! Where users can send one another tips for their content. While Martin is currently earning significantly more sats through a platform like Wavelake than he is through Nostr, he's optimistic that Noster itself will play a much larger role in the careers of artists in the future. As of now, the zaps I receive on Noster do not make up a meaningful part of my daily income. But I can foresee a future where I could release a sneak peek of a newly written song or behind the scenes at an important gig and a few 100 of my followers could zap me a dollar or 50¢ worth of sats.
End quote. Quex, who's more active on Nostra than he is on traditional social media platforms like Twitter also commented on how important the protocol has been for his work as an artist. Nostra has been pivotal for me to engage with the community. That's where I post my songs, interact, and even collaborate with other artists. Costello believes that Noster makes it easier for fans to show love for their favorite artists. Zaps and boosts provide for an instant and intimate fan relationship that we don't get from likes and loves, said Costello. When someone zaps you, they are actually providing you with value in the form of a micropayment, not a series of ones and zeros in the shape of a heart on Instagram. She added.
The amount doesn't matter, but the intent, be it a few cents or a few dollars, speaks volumes. End quote. Wave Lake, which was built by a music industry veteran who wanted to make it easier for artists to share and get paid for their music is perhaps the easiest platform to get started with. Users create an account and can begin uploading their songs directly through the platform immediately. The platform also enable artist splits which means you can arrange for satoshis to be sent directly to a certain member of a musical outfit or a producer in the process of uploading a song or album.
Wavelake doesn't charge artists to upload songs but it does take a 10% cut of the sats streamed through the site. To stream songs through fountain, users have 2 options. For the first, they can upload songs to wave lake and then connect their wave lake account over to fountain. In the second option, they first need to set up an RSS feed. RSS Blue enables artists to establish their RSS feed and upload up to 10 tracks per month. The fee for the service is $5 per month for its service and Fountain charges an additional 2% fee on each payment creators receive.
Once the RSS feed is live, users can create an account on Fountain and claim their feed. To use Nostr, users first have to select a client which is an app that serves as an interface to the protocol. Primal and Domus are popular social media clients for Nostr. The Wavelake app available for iOS and Android devices is also a Nostr client. So is Fountain, by the way. That's just me talking, but whatever. Martin encourages musicians to start sharing their work on these platforms immediately as these tools put power back in the hands of the musicians who've notoriously been exploited by the music industry. Quote, Every indie artist today is totally disillusioned with the state of the industry and is in desperate need of an alternative, said Martin.
The revolution has to come from the bottom up. From the artists demanding change and actually taking matters into their own hands by uploading to Wave Lake and getting on Noster. Now, there's that's the end of the article. And there's one thing that that was not said in this about, well, about uploading your stuff, like like Joe Martin is talking about to Wave Lake. You own the rights. You own the rights. If you go to if you're a musician and you have a deal worked out with one of these guys from Sony Music, you've signed the rights of your music and your work away for life, dude.
For life. You will never get them back. Who's that who's that girl that I can't remember, who was it? There's this there was this woman. God, it I cannot remember who it is. And it may be a pop artist that nobody likes. It may be Taylor Swift, but I don't think so. Had to re record her entire library of music her entire catalog she re recorded everything so that she could get the rights to all her music back She didn't have she still won't own the rights to the original recordings, but she does own the rights to all of the new recordings, and that's the only way that it can be done. Do you if you're an artist, do you really want to go through that headache? And this goes for writers. This goes for everybody.
When Joe Martin is talking about a bottom up revolution he's not talking about just musicians. Maybe he's talking about people that produce movies and directors. Maybe he's talking also about people that write fiction or write for news outlets we have we have anxiously given our rights away to everybody who promises us marketing. That's that's why you get the record contract if you're in the music industry. Everybody wants the record contract. Right? Hell, even you can even hear this in the album Wish You Were Here from Pink Floyd.
There's an entire part of a song that's literally a discussion between the music executives and the band. Love your stuff, man. Which one of you is pink? Which is like that one sentence says it all in that song. Which one's pink well nobody that's the name of the band which means that that discussion was displaying to the artist that this person knew nothing about their art Didn't give a shit. Didn't even take time to look into them. They're just saying glad handing everybody and say, here's your contract. We're all going to get rich together. Let's kick some ass. And you end up signing your rights away.
It's not a good deal, man. It's definitely not a good deal. Alright. So that I I'm glad that Forbes published this article. It's important that we get the names of Wavelake and Fountain and especially Nostr out to the wider public. It's gotta go again and again and again. Most people need several touches of a certain thing before it sinks in. You tell them once, they'll completely forget about it. Tell them again, they'll forget about it, but it'll take longer. Tell them a third time, they'll probably forget it again, but it will take even longer. But when you get to 4, 5, and 6, it starts to raise them back up.
And then and only then does the consciousness of something that you're trying to impart really really start taking hold. Right? It's multiple touches. So, we need all of these things to be in we need a lot of people writing about this and putting it not just in Bitcoin Magazine, but this needs to go to Forbes. It needs to go to Barron's. It needs to go to, I don't know, the, the Economist. Right? I mean, this thing needs to be out there so that other musicians can stop banging their head up against the streaming wall. These guys there are people that I've heard of that have millions of downloads on Spotify and they're getting like 18¢.
It just it doesn't work for them anymore because they're giving all their money to Spotify. They're just leeches and parasites. So do your part. Get the word out about Fountain, Wave Lake, Nostar, value for value, value verse. Get it out there. Get it out there to any of your musician friends and let's see if we can start something to help Ainsley Costello, band like Quex and Joe Martin, as well as Wave Lake Fountain and Oster out. Let's run the numbers. CNBC Futures and Commodities. Oil rallying hard today. From what I can gather, this is because there's news or they've got some kind of intelligence that there is an impending attack by Iran on Israel.
I haven't been able to vet that myself, but the at least two major, you know, mainstream media news outlets have both said that oil is generally rallying on the fact that there is intelligence that Iran is planning an attack on Israel. Accordingly, the change in the price of West Texas Intermediate is up 4.39%, back up to $71.22. Brent, North Sea is up 4.16 to 74.68. Natural gas doing its thing. It's actually down 0.62% to $2.90 per 1,000 cubic feet. Excuse me. Gasoline is up almost 3%, just under $2 a gallon. Gold rallying is well, actually, most of the shiny metal rocks are rallying again today. 1.19 percent of the upside puts gold at $2,690.
Silver is up 1 and a third as is platinum. Copper is up 0.8%. Palladium moving sideways but still in the green. Wheat is up. It's gonna be the biggest winner today. 2% to the upside. Sugar is rallying as well. 1.6%. The biggest loser is chocolate again. 8 a half percent to the downside. Wouldn't wanna be a chocolate producer today. And live cattle up a half. Lean hogs up almost 2%. Feeder cattle up a third. The Dow is down almost a half. The S and P is down as well, just over one point. Nasdaq is down 1.62%, and the S and P Mini is down 1%.
I guess the equity markets really just don't like thoughts of attacks on Israel. And we've got yet another dump coming into Bitcoin. We are now at $62,030. We've dumped down to a 1.23 trillion market cap. We can now only get 23.2 ounces of shiny metal rocks with our 1 bitcoin of which there are 19,761,258.62 of. And average fees per block are holding stable and they're relatively low. 0.05 BTC taken in fees on a per block basis on average. And there are only 98 blocks carrying a 150,000 unconfirmed transactions waiting to clear at high priority rates of 5 sats per bit v byte. Low priority is gonna get you in at 3. And the hash rate is up to 636.5 exahashes per second.
Do that what you will, but don't pass the Howey test. That was episode 963 of Bitcoin and God's death with 537 sat says, thank you, sir. No. Thank you. And then wartime with 333 says, TY, sir, no TYU. And Pies De Pleb says, thank you, sir, no thank you. Laguz with a 100 says, thank you for the podcast. I appreciate it. Rog Swann with a 100 says, another great pod. I appreciate all of you. And that's part of the Valueverse. You know, this is podcasters are here too. We're we're right alongside Ainsley Costello, Man Like Quex, Joe Martin, and the rest of all these really cool artists that are going into the wave lake and fountain space with their music. Well, the podcasters are doing the same. We all need to get boosted, donate to our shows, donate to the you know, keep the music alive, keep the podcasting alive.
You know, don't let us go and get sponsors that will tell us that they really just didn't like the last show because I talked a little too much about Trump or I talked a little too much about Harris and Biden. And they don't like that. Because, honestly, advertising, as Adam Curry says, can be used as a form of censorship. So, keep that in mind. If you want to keep music flowing, if you want to keep like podcasts being able to say what they need what we need to say to give you the news that you need to get or the stories that you want to listen to, It's got to come from the value verse. It's got to be value for value. It's got to be boosting and streaming of satoshis, donating to the shows in the form of satoshis.
Sure. You can do it with cash. I've got a Geyser fund. You can do it there. I've got like what what else? Oh, a couple of other things that you can donate cash to. They're all in the show notes. If you want, you can find them. There's a Patreon for Bitcoin and podcast. The link to that is directly in the show notes. And if you want to donate cash to that by all means do so because it will instantly can get converted when I take it over to strike when I get it over to strike it's automatically gonna convert into Bitcoin. So just be aware that I'm going to destroy the fiat the second that I get it. But it's still a donation.
It's still what makes the show run. So please please please if you guys are in a position at all to donate to not only this show but to other podcasts or Ainsley Costello's music or Joe Martin's music or Man Like Quex, please, please, please do so and keep us running. Alright, that's it for the weather report. Welcome to part 2 of the news you can use. Aaron Von Weardam is writing this one out of Bitcoin Magazine. Ocean's datum is tackling Bitcoin's most pressing problem. He says, it's difficult to find a more fundamental threat to Bitcoin's continued existence than mining centralization. If, say, there are only a few mining pools, there is a very real possibility that those organizations face regulatory pressure of the kind that exchanges have also had to deal with. They could be forced to only include KYC transactions into blocks.
Since censorship resistance is arguably its core value proposition, I seriously doubt that Bitcoin would, in this scenario, have much long term viability at all. To that end, it was great to see Ocean launch Datum, also known as decentralized alternative templates for universal mining, this weekend. Similar to Stratum v2, implemented by Demandpool, Datum allows miners, or hashers if you will, to select the transactions they include in the blocks that they find while still splitting the block reward with other users of the pool. In other words, hashers get the benefit of pooled mining without having to outsource transaction selection to the ocean pool operators, thus making it more difficult to enforce regulation.
It's much easier to regulate a few big businesses, mining pools, in in a handful of jurisdictions than it is to regulate many smaller businesses and individuals or hashers from around the world. Of course, the adversarial mindset will recognize that this doesn't in itself solve the problem of mining centralization in its entirety. Most obviously, draconian lawmakers could ultimately just ban this type of pool mining altogether. Besides, it's not really clear that there is a demand from Hashers to construct their own blocks in the first place. Though, they might that might, of course, quickly change if and when there is, in fact, a regulatory pressure that stops pools from including certain transactions into blocks.
Either way, datum is an important step in the right direction. If nothing else, it should take away a lot of the concerns of Ocean themselves refusing to include certain spam transactions in their blocks. Now every hasher can decide for themselves what transactions they do and do not want to include. The more difficult it is to thwart Bitcoin's censorship resistance, the brighter Bitcoin's future looks. Alright. I only have one I I got a serious problem with one of the things that he says. He says, since censorship resistance is arguably its core value proposition, I seriously doubt that Bitcoin would, in this scenario, have much long term viability at all. I disagree.
Now, I don't want to see it. I I want to see complete and total autonomy of being able to make whatever transaction I want to make with whoever I want to make it with. But I don't think that Bitcoin's long term viability would be crushed. I think for a while it might be stymied, but there I've just seen humans I've seen humans work around problems too many times for me to sit there, read these words, and say, you know what, Aaron? You're completely right. I don't think so. I think that it would take not very long at all for a workaround to happen because that's the thing that humans do. We wait and we wait and we wait until the problem that we know can occur actually does occur before we figure out a way to build around it. I don't know why we don't do it upfront, but we don't. That's not the way humans act.
If we can understand that, then we'll understand how it is that, yeah, if for whatever reason, this scenario of a centralized mining pool or set of pools come under pressure by regulators around the world and they can't include anything but KYC transactions, you bet your bottom dollar somebody will figure out a way to include sensor transactions. It's going to happen and that's why it does not worry me. But shit like this worries me about the heart, minds, and souls of the people that are early bitcoiners that went in and built exchanges like Gemini's exchange.
Helen Parks, Cointelegraph, Gemini's exit from Canada. What's driving crypto exchanges out? Well, it's Canada for 1. On September 30th, cryptocurrency exchange Gemini founded by Cameron and Tyler Winklevoss notified Canadian users that that it's shutting down its operations in all of Canada. The unexpected move has triggered many questions about the reasons behind Gemini's exit. At the same time, Canadian authorities have been tightening regulations in the industry, prompting several exchanges to withdraw from the market. Gemini's exit came just a few days after the Canadian securities administrator released an update to crypto trading platforms on September 26th regarding stablecoins.
In that update, the regulator once again extended the deadline by which CTPs, or crypto trading platforms, would no longer be allowed to offer stablecoins that do not comply with applicable terms and conditions by the CSA. That's the Canadian Securities Administrator. Alright. So after initially requesting exchanges comply by April 30, 2024, the CSA moved that deadline to October 31st, citing technical issues in compliance. Subsequently the regulator notified the public of another deadline extension on September 26th requesting that CTPs comply by December 31st this year the extension aims to provide more time for these people to either comply with the terms and conditions or get the hell out. Quote, even if a specific VRCA meets the terms and conditions of an applicable registration, exemptive relief decision, or PRU, preregistration undertaking. And I I don't know what that means either, so don't feel bad. It does not mean that the CSA approves or endorses the VRCA.
Let's see. Do they explain VRCA? Where is that? I don't know what a VRCA is. Oh, good lord. It does not mean the CSA approves or endorses the VRCA or endorses its safety or that it is compliant with Canadian securities laws. Cointelegraph approached the CSA to provide a list of approved VRCAs in Canada but they didn't receive a response. The CSA initially restricted the trading of stablecoins in December of 2022 claiming that stablecoins may be categorized as securities or derivatives. The authority then clarified it may allow trading of certain stablecoins subject to terms and conditions including transparency and qualified custodial services.
According to CSA's official records, at least 12 crypto exchanges are currently authorized to provide services in the country. Those exchanges include Bitbuy Technologies Coinbase Canada Coinberry Fidelity Clearing Canada Netcoins Newton Crypto Shakepay WealthSimple Investments as well as a few others. The CSA also provides a list of crypto firms that have filed for PRUs, including exchanges such as Bitex, Crypto dotcom, Digifinex, GeminiKraken, NDAX, SatStreet, and Uphold. Finding or filling a PRU does not mean a platform will be granted registration. Additionally, the CSA also provided a list of crypto firms that were banned in certain jurisdictions in Canada.
The list called banned crypto trading platforms include companies like CataLex, Coinnex Global, KuCoin, Poloniex, XT.com, and LiquiTrade. While Gemini decided to leave Canada, some exchanges such as Coinbase have actively been working to boost the local presence. Well, of course, because they're the cherished sun. They're going to win. I I hate it, but they are. In April of 2024, Coinbase publicly announced plans to introduce a stablecoin tied to the Canadian dollar on its platform. The company previously secured restricted dealer license status in Canada, allowing it to operate there.
Coinbase's entrance to Canada came just about a month before major rival Binance officially announced its own departure from Canada in May of 2023. Binance specifically cited issues brought by the CSA's rules that required the exchange to file for PRU and comply with new restrictions. Several other crypto companies including OKX, dydx, Paxos, and Bybit decided to also exit Canada in 2023 amid changes to the regulatory environment. Social media users speculated that departures of exchanges like Binance could be linked to their use of stablecoins as main trading pairs.
Others suggested that the departures could be due to the use of Tether or Tether's USDT and the now defunct stablecoin, Binance USD. While many have linked USDT to regulatory issues in China, there is currently no official ban on the stablecoin's use in the country. However, USDT is not allowed as part of restricted dealer's license according to a statement by Netcoins. Major operating exchanges like Kraken and Coinbase delisted USDT from their Canadian platforms in 2023. I honestly believe this has more to do with the use of stablecoins than anything else. But no matter what it was, these guys were not gonna stay in Canada.
Canada wants to be poor. I don't know why, but they're just gonna end up being poor. And I guess that I guess they want it that way. But, yeah, these guys they're all getting out. I mean, you're talking about a country again that sold all 100% of its physical gold reserves. And they did it quickly they did it like a fire sale almost over the last few years and you have to ask yourself why would you do that? It's the same question like is we're asking the same question over and over and over again to several countries. And Canada is one of the worst offenders. Why do you want to have fun staying poor? Because Argentina is not going to do that.
Binance is now fully available in Argentina after the VASP registration. Ezra Rogueira Cointelegraph Crypto exchange Binance has announced that its mobile and web applications are now fully available to users in Argentina after it registered as an official crypto service provider In an announcement shared with Cointelegraph, Binance highlighted that it had been incorporated into the Argentine Virtual Asset Service Provider Registry of the National Securities Commission The exchange said this is the 20th registration with regulators worldwide This follows Kazakhstan, India and Indonesia.
On September 9th, Binance subsidiary, Tokio or sorry, Toko Crypto received its first official license from Indonesia's commodity futures trading regulatory agency. The announcement highlighted that the registration allows the company to offer its full suite of services to users in Argentina. According to Binance, its mobile application and website are now fully available to Argentine users. Binance's head of Latin America, Gujermie Nazar, said in the announcement that the company supports forward looking regulation and believes it would ensure that the industry's adoption continues safely.
The executive also said that the company sees Argentina as an important market. He explained, Argentina is a key market for Binance. We will continue to work closely with the authorities to develop the industry in the most sustainable and secure way for the benefit of the crypto community and society as a whole. The executive, talking in suit speak apparently, highlighted that compliance is a key part of its strategy. Nazar said that they believe that this would allow them to contribute to the development of local and global standards for protecting users. Meanwhile, the crypto exchange's founder and former CEO, Changpeng Zhao, walked free from a United States prison.
Yes. That's right. On September 27th, the former Binance CEO was freed after serving 4 months 4 months for anti money laundering violations. While CZ has been released from prison, the former Binance CEO is prohibited from managing or operating the exchange. On September 5th, the incumbent Binance CEO Richard Tang said that Zhou had received a lifetime ban from managing and operating his very own crypto exchange. Yeah. He's banned from from from operating his own thing. First of all, if you think that Changpeng Zhao is not behind the scenes traffic, you're lying to yourself.
2nd, fuck all these people. You know, it's like, look, man. I mean, a lifetime ban from your own rig? See, this has nothing to do with anti money laundering. It has nothing to do with terrorism. It has nothing to do with child pornography on your freaking node. They don't care. They're losing control and they're destroying everything that they can possibly find and they're doing it in really insidious ways. And we're just sitting here putting up with it. We're just, oh, well, you know, I don't want to go to jail. Well, nobody wants to go to jail. I mean, I I don't disagree with you. But how I mean, on this pathway, we're gonna end up in jail no matter what we do. That's what I'm saying is, like, you either go to jail now or we go to jail later, and we all go together, or or we do something else. And, no, protest doesn't work.
Carrying around a sign that says, what do we want? Something. When do we want it now? Not gonna work. Endeavor has worked. It's a waste of your fucking time. Stop thinking that protests actually do anything. They don't. They don't. They don't. They don't. They never have. They never will. And they're not going to do a damn thing today. If there's a protest out in the world today, it's not going to work. If the let's say there's a bunch of Israelis in the streets, and there very well may be, over there in Israel. Yelling at Netanyahu, we must stop. What do we want? Stop to war. When do we want it? Now. What do we want? Palestinian state. When do we want it now? Not gonna fucking happen. It's not going to happen.
I don't know why people keep thinking, whoop, stage of protest. It's not gonna do anything. Stop thinking that it will. So what am I suggesting? Not a damn thing. No. I'm not suggesting anything. All I'm trying to do is make sure that anybody within the sound of my voice realizes that staging a protest for anything is a complete waste of time. Alright. Now, Onosendai or Onosendai. Not exactly sure how to pronounce it, but o n o s e n d a I is a cyberspace meta protocol built on Nostr. This is I'm not sure exactly what it is, but I'm gonna read it to you. OnoSend AI is an experimental Nostr client that visualizes the protocol in 3 d space.
It aims to be the reference implementation of a cyberspace protocol powered by both Bitcoin as well as Nostr. Quote, Today I present to you the thermodynamic update of Oh No Send AI. It's finally here. Check it out on desktop for the best experience. More updates for a better mobile experience are in the pipeline, announced Arkinox, arkinox. The Cyberspace meta protocol aims to extend reality into digital space. It creates a digital system with the same fundamental properties as reality. It is permissionless. No actions can be prevented. And thermodynamic.
Every action has a cost in entropy. This extension of reality refers to unlocking a new, different aspect of reality through the protocol, not merely simulating it. Quote, it took me 52 Fridays from proof of concept to reality, and now Oh No Send AI functions as the first cyberspace client, said the developer. Explore the cyberspace at www.0nosendai.tech. That's Onosendai.tech. Onosendai.tech. You can use it sort of like a game. So it's it's like when when I got into it, it immediately looked at my my video card in my old computer and said, I'm going to kill you. I'm going to sign your death warrant right now. And all of a sudden, my fans started spinning up. And, oh my god, it was like it's a it's an awful environment for me because my video card is really, really old. Right? So don't blame this developer.
It may be the fact that you've got a a shitty video card in your unit, but probably not. You your video card is most likely a 100 times better than mine. How do I know? Well, because my computer is, like, 10 years old and so is the video card. So just I don't really do a whole bunch of video stuff on my machine. But it's like a video game, kind of. I have yet to be able to explore it to its fullest extent. But if you want to move your camera around so you can see different things, it's WASD, like you might find in your standard first person shooter. If you wanna go down, it's q, e is up, escape to put the camera behind the avatar, you mouse click and drag to move the camera, You can mouse wheel to change the throttle because you are actually in sort of a spaceship. It's it's you'll have to go see it to understand. I can't really do it do it, you know, do it justice right here. But despite the polish, this is a quote, I was able to muster o n sorry. Oh, no. Send AI. But it's still in its infancy and so is cyberspace. It's up to you to explore, build, discover, and push it forward, said Arkinox.
So, the key features are a full blown three d coordinate system. There are whole sectors. Cyberspace is too massive to load all at once. It's divided into sectors that can be loaded and displayed in chunks. So there's local sectors, or there's local, which is on the ground cyberspace view. There's sector view, which is a 10,000 foot view of cyber cyberspace. And then you can look at it as global, which is a 100,000 foot no, a 100,000,000 foot, view of cyberspace. There's constructs. A construct is a cubic region of cyberspace that own that you own By publishing a kind 331 construct event, the 256 bit event ID determines its coordinates and proof of work quantifies its size.
Your proof of work also claims the space. If another pub key publishes higher proof of work for the same space, they can take it from you. Oh no! There are these things called shards. Once you've published a construct, you'll be able to place 3 d objects into it called shards. In cyberspace terms, shards are child objects of constructs but exist as separate events in Nostr Human and AI avatars in cyberspace avatars are entities in cyberspace controlled by a human or AI operator in reality the avatar's public key serves as a 256 bit home coordinate where the avatar initially spawns if an avatar is killed it will respawn at his home coordinate this is kind of interesting I'd like to invite all cyberspace enthusiasts to my new Ditto instance d I t t o at straylight.cafe.
That's stray, s t r a y l I g h t.cafe. Straylight.cafe and use your Nostra identity to ask questions, discuss cyberspace futurism, and how to build this new world together, said the developer. Straylightcafe, this is a note, not connected to any external relays. So users must edit their profile and customize it based on their personal preferences. This page will be updated with video tutorials once it's available. Okay. A note on using Ditto. Alright. I love Ditto, but when I first did Ditto, it with my Insec Inpub, it changed and like pretty much got rid of all my my followers. Well, no. I mean all the people that I follow.
So my experience changed dramatically and I had to go get all my followers back. So, if you want to go check this out, I highly recommend spinning up a second insect and inpub, key pair, which I've already on several occasions suggested that people do. Alright? This is just for peace of mind so that if anything bad happens, it won't affect your main insect in pub key pair and your experience in that particular world when you're using those. But go to straylightcafeorstraylight.cafe. Check this thing out and let's move on. Volt Wallet version 0.4.5 beta fixes and improvements.
Volt is a mobile descriptor based financial freedom wallet that focuses on self custody, privacy, and sleek UI UX. It's available on Android. So if you are using Volt, they have their beta released out. So if you wanna go upgrade, you can go do that. Alright. So we are through the list for the day. Oh, man. And it is Tuesday. We are still we're still dropping. We're still not we're still not doing well. $62,037 is where we're at after these, streaming streaming red dildos is what I'll call them. I don't know what's going on exactly, other than the fact that the only thing that makes sense to me is that every single time we get above, and I'm looking at a chart right now, and I have a since let's see. I start I start this, trough Wednesday 13th March of 24.
So back in March, I well, actually I didn't draw them in March, but I drew some lines on a chart and they both these lines go down and they're both separated by oh I don't know you know $10,000 $15,000 in price and it's a it basically makes a wedge it's kind of an inverted wedge though it doesn't like go to a point out in the future it actually starts the wedge actually is reversed and it widens out as we go into the future a lot of people call this a type of bull flag and what it kind of does is that there's a top upper brand bound that's the top end of the trapezoid or wedge whatever you want to call it there's the top end and every single time that we get up to that top edge we end up start diving straight down.
And it's happened every single time that we've gotten up there, right? And then, when it goes to the lower bound and, like, today we'd have to go all the way down to what would it be $51,000 in price of Bitcoin to hit the lower boundary of this quote unquote bull flag. I know it's kind of weird to see. And then when it hit all the times that it's ever hit this lower bound, it bounces straight back up. Now, it's been doing this in this wedge all the way since last March. Okay? Understand that. Last March, Friday 19th April.
Friday 19th April of 2024 was the halvening. So, like, the, you know, a few months, you know, several months before that is when this wedge starts. This has been going on. Let's see. Let me get to a month view. This wedge has been active for, let's see, 1, 2, 3, 4, 5, 6, 7 months. Not including October. This will be the 8th month. Right? So March, April, May, June, July, August, and September. We just completed September yesterday, and we should have been looking at because we always call October, October. The only thing that I can think of is that this is the wedge that the institutional money really is doing their best to keep us inside of so that they can accumulate as much bitcoin as they possibly can inside the pricing structure of this particular wedge, which like I said, as of today, it would be somewhere around 51,000 and the top end of that wedge is 66,000.
That's the only that's the only thing that I can think of is that we everybody in this space was begging for institutional money and now we've got it and we're having to pay the piper because of it. Because I think that that's the only thing that's going on. I don't think it was Jerome Powell saying that we were gonna have 2 more Fed rate cuts. I don't think it was the jobs report. We've got other news coming out, like, for the rest of this week, too. Like, today, we had jobs, the jobs open JOLTS, j o l t s, JOLTS job openings, as well as the ISM Manufacturing PMI, which came in a little bit lower than the forecast on let's see on October 3rd we will have the ISM services PMI.
And then on October 4th, the day after, it will be non farm payrolls. And everybody's looking everybody always looks for this. The non farm payrolls and the unemployment rate is gonna drop on October 4th. So, I would not expect anything great and wonderful in our lives until after that. And it could be a bloodbath. It could be an absolute shit show. I don't know. Anybody who says that they know what's going to happen either doesn't know what the hell they're talking about or they're straight up lying to you. So don't believe them. Don't trust them. Just understand that that's what's coming. We've got major economic news coming in the 1st week of this new month of October.
And we'll we'll have to see if if if see right now we're dumping. We're dumping down past 61, 800, 759 just happened. So, 61759, no 735. You see how this works? So, who knows what the hell is gonna happen? Who knows why it's happening? Understand that there are major pieces of economic news that are going to drop all this week and none of us know how it's going to affect anything. The price of bitcoin, the price of oil, the price of tea in China, doesn't fucking matter. Don't get to don't get you gotta stay frosty, but don't get too weirded out. Alright? Because Bitcoin does this. It always does this.
It does it sometimes really badly. Like, right now, we just passed through 61646. See how fast this shit can move? It's pretty eye watering when you get down to it. If you're new to this space, you're gonna have to toughen up. There's no there's there's no way to sugarcoat it. Okay? You're just gonna have to toughen up, 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. So join me in discovering the variety of things being created as Bitcoin rubs up against other systems. It is 9:0:8 AM Pacific Daylight Time. It's the 1st day of October, except we're down. 2024. This is episode 600 and no.
964 of Bitcoin. And we are going to talk about what happened early this morning at 6 o'clock AM because that's technically, you know, that's when I'm up. And, you know, they'll all see a whole bunch of green candles going up and say, yeah. And then 6 o'clock hits, and then it's like, traditionally for me in the morning, 6 o'clock is where I get to watch everything retrace because, you know, week hands and all that stuff. But I do have a somebody's analysis of the, price of Bitcoin dropping versus Jerome Powell's hint at rate cuts. And then I kinda wanna talk about Meta Planet. There's a couple things going on with Meta Planet that, well, especially in comparison to similar scientific. And there's some between these two companies and their Bitcoin portfolios.
And it's not the Bitcoin portfolio that I'm concerned about. It's the fact that they've both adopted a strategy for Bitcoin, and one seems to be working and the other one doesn't. And then lo and behold, value for value and people like Manlike Quex and Ainsley Costello and and Noster have been mentioned in yet another Forbes article. This one is specifically about musicians. We'll get into all of that. And then, what else do we got? Oh, there's a little bit more on the ocean mining situation that I wanna get into. Gemini is gonna bail out of Canada, and then Binance is getting into some place else. We'll get into all that. But first, why is Bitcoin dropping?
Let's find out. Why is Bitcoin's price dropping despite Powell's hints at 2 more rate cuts in 2024? Jordan Lanshev is writing this one for crypto potato, which I don't normally do, But, hey, he's gonna talk about this for, you know, the whole price versus Jerome Powell's rate cut thing. Anyway, so Bitcoin soared in mid September when the US Federal Reserve announced the first interest rate cut in over 4 years. And as such, many expected this to be the case after Powell's speech on Monday. But they have been proven wrong. Wrong. You're wrong. The question arises of why BTC failed to produce impressive gains despite the Fed Chair's hint at yet more upcoming rates this year. Why no pump? Why no pump?
It was the end of August this year when Jerome Powell, the chairman of the US Central Bank, said it was time for the Fed to follow the example set by the ECB, the Bank of England, the Bank of Canada, and others, and lower the local interest rates. Bitcoin, considered a riskier asset that is heavily influenced by macroeconomic events, surged immediately. However, it dropped hard in the following weeks from over 65,000 to under 53,000 on September 7th in anticipation of the Fed's, you know, actual rate cut. And that occurred on September 18th.
And it was the first reduction in the rate of 50 basis points since 2020 pushed BTC's price up into the following 10 days or so from 59,000 to 66,500 last weekend. Nevertheless, the cryptocurrency lost traction since then, and all eyes turned on Powell again yesterday. Please, brother Powell, save us. Save us. And he was expected expected to address the Fed's monetary policy pivot in Nashville, Tennessee. And in his speech, the Fed chair suggested that the central bank will likely slash the rates 2 more times this year by 25 basis points each this would mean a total reduction of a 1% within the span of just a few months So why did BTC drop?
Well while this sounds like all promising news for riskier assets like Bitcoin the cryptocurrency could not mimic its previous performance and failed to produce any substantial gains. Just the opposite it's down by over 2% over the past 24 hours and now trades at a multi day low of 62,500 after it was rejected at 64,000 earlier today. Recall that a few industry experts warned warned about potential price calamities for BTC after the Fed's rate reduction. First, it was Arthur Hayes who said that the rate cut could cripple the crypto market market, especially in the short term. The research department of Bitfinex went a bit further indicating that BTC's price could tumble to 45,000 after the Fed's pivot.
And that is the end of the article. But it's even Arthur Hayes came out and said that he's just been clearly wrong. I think he said 4 out of 5 times. Of all of his predictions, across all these times, Arthur Hayes himself said that he's been wrong more often than not. Bitfinex? Oh, who knows? But here's the thing. Not only did we get the the, Fed speech yesterday, Jerome Powell said, yes, indeed. They are gonna cut the rates by at least 2 more times, but they're not gonna do it by 50 bps. They're gonna do it by 25 bps each. Okay. Hey. That's great.
But also this morning, we had the Jolt job openings report come in hot. I mean, as in good for jobs or at least according to the report. Now, do I believe it? Well, all these reports get revised down and sometimes up. And in fact, the Jolt job report got wow. My cat is destroying something. I'm sorry. The Jolt job report last time actually was revised up. And then today, it came in at 8,040,000 job openings, which was way over what they expected at like 7,500,000. So we had a great jobs report. Well, one of the mandates of the Fed is full employment even though none of us actually believe that and rightly so. However, and still, that should that should have done a couple of things it should have said hey all this shit's working of course we know it's not working they're just they're just bandaging the patient so it doesn't bleed out but it's still in ICU and it's still got problems like major major fucking problems.
In either event you would think that that would have bolstered but no it didn't. So the thing is we have no clue what's going on but I have a suspicion that now that institutional money is here, that the institutional money that's here is doing what institutional money does to damn near every market. It figures out a way to stymie it. It figures out a way to try to crush it, or figures out a way to make the price not what it actually should be. Just look at gold for the last, what, 20 years, 30 years, or however ever since they allowed us to buy it again in the early eighties or it was either the early eighties or the very late seventies is when, the United States enabled the purchase of gold by its citizenry. And ever since then, the spot price of gold has been fairly suppressed.
I mean, it didn't take long for a gold ETF to open up right after that. I don't know if this is true. I don't know if what I say is the actual God's honest truth. It's merely a feeling. Except that I've got another part of that gut feeling. I think this is an accumulation move. I really do. I think it's an institutional accumulation move and they're using everything under the sun that they can to keep the price of bitcoin inside this trend line that we see which is sort of like a wedge looking thing that we've been trapped in for 6 months. I honestly honest to God, I think that institutions want as much bitcoin at this price in this trench that they can possibly get. And they're going to do everything that they can everything that they can to have some kind of purchasing power of bitcoin between $52,070,000 that that's their target range to be able to buy and get and hold as much bitcoin as they possibly can before the rest of the world figures this shit out because this is really there's only a very few assets avail there's only very few assets available to the citizenry of the world that everybody can participate in Because not everybody can participate in the stock market in Japan and not everybody can do the same in the United States, right? But things like gold and silver, you can you can buy that asset. You can actually physically hold that asset.
Bitcoin on the other hand while you can buy and hold the asset is the first asset of its kind that allows people from different religions and different cultures and different monetary systems different everything different languages especially especially when it comes to pricing language like what does something that we all need and want like a chicken actually cost in every single country in the world Bitcoin answers that question. If you've ever read the story about the tower of Babel, right, the whole that whole old testament thing where all these these people came together to build this tower to the heavens so that they could stand on top and be gods themselves. And that's why it wasn't because they were trying to get to God. It was because they were trying to actually be gods themselves. And God said, No, no, no. Here's what I'm gonna do. Y'all all spoke the same language earlier this morning and you could understand everybody?
Not anymore. Not anymore. And I've always taken that and it worked. I mean, construction on the Tower of Babel completely ceased. And it was because it was the construction that was stopped that makes me wonder if the language that was being spoken was not the language that I used to say good morning that it was the language that I used to price things in and that what God actually did was not change the tongue of these different men and women. He changed their view of what economies are and what things are priced in. Bitcoin is the very first thing to come back into our lives that actually sets that right.
Maybe God changed his mind and said, I think it's time. They've been punished enough. We're going to give them something that pulls their commerce, their ability to price things together, their ability to do projects together. We're going to pull it all back. We're going to do it with this new asset. So, I get the feeling that we're not the only people that understand this. Jerome Powell and his cadre of guys, they're not idiots. Do not think that they are because if you do think that they are you're gonna end up into trouble. But I'm just I I I really do think that this is the first time that we're seeing institutional money used to suppress a price because they actually want to buy the underlying asset, which I do not think, although I could be wrong, but I do not think that that was the case with gold.
I don't I'm like I said, I'm not sure. Other countries are wild about gold. United States and Europe and Canada, clearly Canada, because they sold every single ounce that they ever possessed in their entire history. We've not really been buying that much gold. India, China, those guys, Russia, those guys, they get it. The West, they don't we don't get it. But we've got other fish to fry like Meta Planet. They've added 6 point $6,000,000 worth of Bitcoin to its corporate treasury. Decrypt Mertza Merchant is writing this one. MetapLANET, a Japanese investment firm, has announced the acquisition of an additional 107 Bitcoin for 1,000,000,000 yen equivalent to roughly $6,600,000 The purchase was made at an average price of 9,266,000 yen or around 61,900 per Bitcoin dollars per bitcoin, according to a press release. With the latest purchase, their total bitcoin holdings for Meta Planet now stands at 506.75 bitcoin.
The company's total investment in bitcoin has reached $31,800,000 with an average purchase price of $62,000 per Bitcoin. So they're basically kinda breaking even right now at 62,500, which is the present price on my chart. The company's Bitcoin holdings have swelled to 24,000,000, almost 20% of its $125,000,000 market capitalization according to bitcoin treasuries.net. Meta Planet began its aggressive Bitcoin purchasing strategy in April 2024 describing the move as a strategic pivot. At the time, the company's leadership argued that investing in Bitcoin was the most valuable thing that we can do for our shareholders. The shift in strategy initially paid off as Meta Planet stock surged from $1.32, USD prior to the announcement to a peak of $7 However, despite briefly reaching $20.95 in late July, the stock has since pulled since pulled back. It's currently trading back at $7 USD according to data from Google Finance.
Meta Planet's approach mirrors that of the United States software firm MicroStrategy which has become well known for its substantial bitcoin holdings. Under the direction of bitcoin advocate, Michael Saylor, they've amassed $15,900,000,000 worth of bitcoin totaling 252,220 BTC. MetaPlan's Bitcoin acquisition aligns with a broader trend of companies integrating crypto assets into their long term investment strategies. Apart from MicroStrategy, Tesla made headlines back in 2021 when it bought Bitcoin but then it sold a whole bunch of it later on to quote unquote diversify its portfolio.
Square has incorporated bitcoin into its long term strategy purchasing $50,000,000 worth of bitcoin in 2020 and an additional 170 $1,000,000 worth in 2021. Even PayPal has entered the crypto market enabling users to buy, hold, and sell cryptocurrencies. Okay. Well, so this is all this is all well and good. Right? Well, not for, I mean, it's okay. They're doing they're doing alright. And I'm gonna pull up a chart here. Let's see if I can get it up here. I'm gonna pull up a chart here. And I've got similar scientific and meta planet charts.
And I'm looking at it and meta planet goes back a long way. Meta planet has been around since, oh, what is it, 2,006, 2,005. Yeah, somewhere around we'll call it October of 2,005 is the first price I've got on this chart for Meta Planet. And they were at, oh, 200 I think the highest price they ever got was back in February of 06 357,000 yen. Where are they now? They have bled off and they get hit a bottom of 100 and was it my god they hit a bottom of 144 yen. So, from 350,000 yen to 144 yen. But right around and that was in December of 2023.
And then right at their bottom of February 2024 is when they started coming back up. And that was right around the time that they started saying that they were gonna start buying Bitcoin. Now this is Meta Planet. Okay. Since then, they they peaked all the way up to 3,000 yen and now they're back down to 1,000 yen. Alright? So if you're looking at this chart, it's just this slow grinding bleed down. And if I do not look at their Bitcoin holdings in the time like if I don't look at the time at their stock price after they started buying Bitcoin I would look at this thing as a dog with fleas and if you own any Meta Planet stock you've got to get rid of it.
Bitcoin was their only saving grace in this particular company. However, I've got another chart and this is similar scientific Who is almost opposite? So they're they but they only go back to February of 2014. And then they hit a peak and they started out let's see what their price was. $6. They got to a low in 2016 of a buck 13, and then they reached a high in 2021 of a $150. And now they're sitting at $22. But right on the day that they actually announced, that they had a Bitcoin strategy let's see, where was that price? That was Tuesday, May 28, 2024.
They had a bottom on that week of $25 and they shot up to $35 in that same week. They reached a high of $46 the week after, and it's been nothing but a slow bleed off since. So similar at this point it looks to me like they figured out that they were going to have to do the same thing. They had no choice but to buy Bitcoin. I've heard it said several times from Michael Saylor himself that they want to pivot. They it sounds to me from everything that Michael Saylor has said that there's no reason to stay in the software game and compete against people like Oracle. They're getting out. They're gonna go full finance. It's gonna be all Bitcoin based, and that's what they mean when they say Bitcoin development company. They're not actually developing software anymore, or at least they I think that that's what the plan is, that they're gonna be just nothing but some kind of financing arm that rose out of the ashes that was MicroStrategy's old business, which was business intelligence software like SaaS, Oracle, things like that. And it looks to me like Michael's going, why do we even wanna put in the work to compete when all we've gotta do is hold Bitcoin?
So in some cases, this strategy works. But for similar, it doesn't seem to work. Meta Planet will have to see. They were a dog with fleas until they started buying Bitcoin and now they look way better. Will it last? I don't know. But we've got this story from Frank Korva. And he writes about Bitcoin and he writes for a couple of other things, but he got hit this article into Forbes Magazine. And it's under the section it's under Forbes Digital Assets, but still it's it's like one of their main, headlines today on their website. And it came out exactly today.
And it says, the, the headline is musicians can now earn Bitcoin for streaming their songs. Okay. We've heard about this. Right? From singer songwriters to hip hop artists, musicians from across the world are now earning satoshis for streaming their music. Many of these artists are actually earning more in Bitcoin by sharing their songs through platforms like Wave Lake and Fountain than they are in traditional currencies for streaming their music through digital streaming platforms like Spotify and Apple Music. Quote, in 5 years on traditional DSPs, digital streaming platforms, I made only $750 in royalties from over 500,000 streams, American pop rock artist Ainsley Costello shared with me via email.
In 1 year distributing to the Valu verse, I received over 21,000,000 satoshis which is equivalent to $13,278 as of September 23, 2024. The value verse, also referred to as value for valuespace, Costello mentioned refers to the suite of platforms including the aforementioned Wavelink and Fountain that also users that allow users to tip musicians and podcasters like me and other content creators for their work in satoshis. More and more musicians globally are beginning to experience the financial benefits that come with sharing their songs in the value for value space. UK based singer songwriter, Jo Martin has earned $12.80 worth of sats on wave lake and Fountain alone since releasing his first tracks on the platform in late 2022, while he only earned $2.40 total from DSPs through which he had been streaming music since 2017.
Hip hop artist from Tanzania, Manlike Quex, earned a total of $25 from United Masters. The distribution company he uses for traditional DSPs, for which he pays an annual $60 fee. While he's earned 2,300,000 sats, which is over $1500 at the time of publishing from Wave Lake alone. Quex provided some context. Quote, I am based in Tanzania where a 1,000 sats is worth 1,731 TSH. I guess that's Tanzanian shillings. I I don't know. I'm not sure. You can go to a local restaurant and get a soda for a 1,000 shillings, a meal for 3,000 shillings, a bus ride for 600 shillings, and a bottle of water for 500. So, when someone zaps me 10,000 sats for my song, which is currently worth 17,310 shillings, it goes a long way.
A zap is slang for a tip in sats over the lightning network a layer built on top of Bitcoin that enables quick cheap payments. The term was popularized by users of the decentralized social identity network Nostr. Woohoo! Where users can send one another tips for their content. While Martin is currently earning significantly more sats through a platform like Wavelake than he is through Nostr, he's optimistic that Noster itself will play a much larger role in the careers of artists in the future. As of now, the zaps I receive on Noster do not make up a meaningful part of my daily income. But I can foresee a future where I could release a sneak peek of a newly written song or behind the scenes at an important gig and a few 100 of my followers could zap me a dollar or 50¢ worth of sats.
End quote. Quex, who's more active on Nostra than he is on traditional social media platforms like Twitter also commented on how important the protocol has been for his work as an artist. Nostra has been pivotal for me to engage with the community. That's where I post my songs, interact, and even collaborate with other artists. Costello believes that Noster makes it easier for fans to show love for their favorite artists. Zaps and boosts provide for an instant and intimate fan relationship that we don't get from likes and loves, said Costello. When someone zaps you, they are actually providing you with value in the form of a micropayment, not a series of ones and zeros in the shape of a heart on Instagram. She added.
The amount doesn't matter, but the intent, be it a few cents or a few dollars, speaks volumes. End quote. Wave Lake, which was built by a music industry veteran who wanted to make it easier for artists to share and get paid for their music is perhaps the easiest platform to get started with. Users create an account and can begin uploading their songs directly through the platform immediately. The platform also enable artist splits which means you can arrange for satoshis to be sent directly to a certain member of a musical outfit or a producer in the process of uploading a song or album.
Wavelake doesn't charge artists to upload songs but it does take a 10% cut of the sats streamed through the site. To stream songs through fountain, users have 2 options. For the first, they can upload songs to wave lake and then connect their wave lake account over to fountain. In the second option, they first need to set up an RSS feed. RSS Blue enables artists to establish their RSS feed and upload up to 10 tracks per month. The fee for the service is $5 per month for its service and Fountain charges an additional 2% fee on each payment creators receive.
Once the RSS feed is live, users can create an account on Fountain and claim their feed. To use Nostr, users first have to select a client which is an app that serves as an interface to the protocol. Primal and Domus are popular social media clients for Nostr. The Wavelake app available for iOS and Android devices is also a Nostr client. So is Fountain, by the way. That's just me talking, but whatever. Martin encourages musicians to start sharing their work on these platforms immediately as these tools put power back in the hands of the musicians who've notoriously been exploited by the music industry. Quote, Every indie artist today is totally disillusioned with the state of the industry and is in desperate need of an alternative, said Martin.
The revolution has to come from the bottom up. From the artists demanding change and actually taking matters into their own hands by uploading to Wave Lake and getting on Noster. Now, there's that's the end of the article. And there's one thing that that was not said in this about, well, about uploading your stuff, like like Joe Martin is talking about to Wave Lake. You own the rights. You own the rights. If you go to if you're a musician and you have a deal worked out with one of these guys from Sony Music, you've signed the rights of your music and your work away for life, dude.
For life. You will never get them back. Who's that who's that girl that I can't remember, who was it? There's this there was this woman. God, it I cannot remember who it is. And it may be a pop artist that nobody likes. It may be Taylor Swift, but I don't think so. Had to re record her entire library of music her entire catalog she re recorded everything so that she could get the rights to all her music back She didn't have she still won't own the rights to the original recordings, but she does own the rights to all of the new recordings, and that's the only way that it can be done. Do you if you're an artist, do you really want to go through that headache? And this goes for writers. This goes for everybody.
When Joe Martin is talking about a bottom up revolution he's not talking about just musicians. Maybe he's talking about people that produce movies and directors. Maybe he's talking also about people that write fiction or write for news outlets we have we have anxiously given our rights away to everybody who promises us marketing. That's that's why you get the record contract if you're in the music industry. Everybody wants the record contract. Right? Hell, even you can even hear this in the album Wish You Were Here from Pink Floyd.
There's an entire part of a song that's literally a discussion between the music executives and the band. Love your stuff, man. Which one of you is pink? Which is like that one sentence says it all in that song. Which one's pink well nobody that's the name of the band which means that that discussion was displaying to the artist that this person knew nothing about their art Didn't give a shit. Didn't even take time to look into them. They're just saying glad handing everybody and say, here's your contract. We're all going to get rich together. Let's kick some ass. And you end up signing your rights away.
It's not a good deal, man. It's definitely not a good deal. Alright. So that I I'm glad that Forbes published this article. It's important that we get the names of Wavelake and Fountain and especially Nostr out to the wider public. It's gotta go again and again and again. Most people need several touches of a certain thing before it sinks in. You tell them once, they'll completely forget about it. Tell them again, they'll forget about it, but it'll take longer. Tell them a third time, they'll probably forget it again, but it will take even longer. But when you get to 4, 5, and 6, it starts to raise them back up.
And then and only then does the consciousness of something that you're trying to impart really really start taking hold. Right? It's multiple touches. So, we need all of these things to be in we need a lot of people writing about this and putting it not just in Bitcoin Magazine, but this needs to go to Forbes. It needs to go to Barron's. It needs to go to, I don't know, the, the Economist. Right? I mean, this thing needs to be out there so that other musicians can stop banging their head up against the streaming wall. These guys there are people that I've heard of that have millions of downloads on Spotify and they're getting like 18¢.
It just it doesn't work for them anymore because they're giving all their money to Spotify. They're just leeches and parasites. So do your part. Get the word out about Fountain, Wave Lake, Nostar, value for value, value verse. Get it out there. Get it out there to any of your musician friends and let's see if we can start something to help Ainsley Costello, band like Quex and Joe Martin, as well as Wave Lake Fountain and Oster out. Let's run the numbers. CNBC Futures and Commodities. Oil rallying hard today. From what I can gather, this is because there's news or they've got some kind of intelligence that there is an impending attack by Iran on Israel.
I haven't been able to vet that myself, but the at least two major, you know, mainstream media news outlets have both said that oil is generally rallying on the fact that there is intelligence that Iran is planning an attack on Israel. Accordingly, the change in the price of West Texas Intermediate is up 4.39%, back up to $71.22. Brent, North Sea is up 4.16 to 74.68. Natural gas doing its thing. It's actually down 0.62% to $2.90 per 1,000 cubic feet. Excuse me. Gasoline is up almost 3%, just under $2 a gallon. Gold rallying is well, actually, most of the shiny metal rocks are rallying again today. 1.19 percent of the upside puts gold at $2,690.
Silver is up 1 and a third as is platinum. Copper is up 0.8%. Palladium moving sideways but still in the green. Wheat is up. It's gonna be the biggest winner today. 2% to the upside. Sugar is rallying as well. 1.6%. The biggest loser is chocolate again. 8 a half percent to the downside. Wouldn't wanna be a chocolate producer today. And live cattle up a half. Lean hogs up almost 2%. Feeder cattle up a third. The Dow is down almost a half. The S and P is down as well, just over one point. Nasdaq is down 1.62%, and the S and P Mini is down 1%.
I guess the equity markets really just don't like thoughts of attacks on Israel. And we've got yet another dump coming into Bitcoin. We are now at $62,030. We've dumped down to a 1.23 trillion market cap. We can now only get 23.2 ounces of shiny metal rocks with our 1 bitcoin of which there are 19,761,258.62 of. And average fees per block are holding stable and they're relatively low. 0.05 BTC taken in fees on a per block basis on average. And there are only 98 blocks carrying a 150,000 unconfirmed transactions waiting to clear at high priority rates of 5 sats per bit v byte. Low priority is gonna get you in at 3. And the hash rate is up to 636.5 exahashes per second.
Do that what you will, but don't pass the Howey test. That was episode 963 of Bitcoin and God's death with 537 sat says, thank you, sir. No. Thank you. And then wartime with 333 says, TY, sir, no TYU. And Pies De Pleb says, thank you, sir, no thank you. Laguz with a 100 says, thank you for the podcast. I appreciate it. Rog Swann with a 100 says, another great pod. I appreciate all of you. And that's part of the Valueverse. You know, this is podcasters are here too. We're we're right alongside Ainsley Costello, Man Like Quex, Joe Martin, and the rest of all these really cool artists that are going into the wave lake and fountain space with their music. Well, the podcasters are doing the same. We all need to get boosted, donate to our shows, donate to the you know, keep the music alive, keep the podcasting alive.
You know, don't let us go and get sponsors that will tell us that they really just didn't like the last show because I talked a little too much about Trump or I talked a little too much about Harris and Biden. And they don't like that. Because, honestly, advertising, as Adam Curry says, can be used as a form of censorship. So, keep that in mind. If you want to keep music flowing, if you want to keep like podcasts being able to say what they need what we need to say to give you the news that you need to get or the stories that you want to listen to, It's got to come from the value verse. It's got to be value for value. It's got to be boosting and streaming of satoshis, donating to the shows in the form of satoshis.
Sure. You can do it with cash. I've got a Geyser fund. You can do it there. I've got like what what else? Oh, a couple of other things that you can donate cash to. They're all in the show notes. If you want, you can find them. There's a Patreon for Bitcoin and podcast. The link to that is directly in the show notes. And if you want to donate cash to that by all means do so because it will instantly can get converted when I take it over to strike when I get it over to strike it's automatically gonna convert into Bitcoin. So just be aware that I'm going to destroy the fiat the second that I get it. But it's still a donation.
It's still what makes the show run. So please please please if you guys are in a position at all to donate to not only this show but to other podcasts or Ainsley Costello's music or Joe Martin's music or Man Like Quex, please, please, please do so and keep us running. Alright, that's it for the weather report. Welcome to part 2 of the news you can use. Aaron Von Weardam is writing this one out of Bitcoin Magazine. Ocean's datum is tackling Bitcoin's most pressing problem. He says, it's difficult to find a more fundamental threat to Bitcoin's continued existence than mining centralization. If, say, there are only a few mining pools, there is a very real possibility that those organizations face regulatory pressure of the kind that exchanges have also had to deal with. They could be forced to only include KYC transactions into blocks.
Since censorship resistance is arguably its core value proposition, I seriously doubt that Bitcoin would, in this scenario, have much long term viability at all. To that end, it was great to see Ocean launch Datum, also known as decentralized alternative templates for universal mining, this weekend. Similar to Stratum v2, implemented by Demandpool, Datum allows miners, or hashers if you will, to select the transactions they include in the blocks that they find while still splitting the block reward with other users of the pool. In other words, hashers get the benefit of pooled mining without having to outsource transaction selection to the ocean pool operators, thus making it more difficult to enforce regulation.
It's much easier to regulate a few big businesses, mining pools, in in a handful of jurisdictions than it is to regulate many smaller businesses and individuals or hashers from around the world. Of course, the adversarial mindset will recognize that this doesn't in itself solve the problem of mining centralization in its entirety. Most obviously, draconian lawmakers could ultimately just ban this type of pool mining altogether. Besides, it's not really clear that there is a demand from Hashers to construct their own blocks in the first place. Though, they might that might, of course, quickly change if and when there is, in fact, a regulatory pressure that stops pools from including certain transactions into blocks.
Either way, datum is an important step in the right direction. If nothing else, it should take away a lot of the concerns of Ocean themselves refusing to include certain spam transactions in their blocks. Now every hasher can decide for themselves what transactions they do and do not want to include. The more difficult it is to thwart Bitcoin's censorship resistance, the brighter Bitcoin's future looks. Alright. I only have one I I got a serious problem with one of the things that he says. He says, since censorship resistance is arguably its core value proposition, I seriously doubt that Bitcoin would, in this scenario, have much long term viability at all. I disagree.
Now, I don't want to see it. I I want to see complete and total autonomy of being able to make whatever transaction I want to make with whoever I want to make it with. But I don't think that Bitcoin's long term viability would be crushed. I think for a while it might be stymied, but there I've just seen humans I've seen humans work around problems too many times for me to sit there, read these words, and say, you know what, Aaron? You're completely right. I don't think so. I think that it would take not very long at all for a workaround to happen because that's the thing that humans do. We wait and we wait and we wait until the problem that we know can occur actually does occur before we figure out a way to build around it. I don't know why we don't do it upfront, but we don't. That's not the way humans act.
If we can understand that, then we'll understand how it is that, yeah, if for whatever reason, this scenario of a centralized mining pool or set of pools come under pressure by regulators around the world and they can't include anything but KYC transactions, you bet your bottom dollar somebody will figure out a way to include sensor transactions. It's going to happen and that's why it does not worry me. But shit like this worries me about the heart, minds, and souls of the people that are early bitcoiners that went in and built exchanges like Gemini's exchange.
Helen Parks, Cointelegraph, Gemini's exit from Canada. What's driving crypto exchanges out? Well, it's Canada for 1. On September 30th, cryptocurrency exchange Gemini founded by Cameron and Tyler Winklevoss notified Canadian users that that it's shutting down its operations in all of Canada. The unexpected move has triggered many questions about the reasons behind Gemini's exit. At the same time, Canadian authorities have been tightening regulations in the industry, prompting several exchanges to withdraw from the market. Gemini's exit came just a few days after the Canadian securities administrator released an update to crypto trading platforms on September 26th regarding stablecoins.
In that update, the regulator once again extended the deadline by which CTPs, or crypto trading platforms, would no longer be allowed to offer stablecoins that do not comply with applicable terms and conditions by the CSA. That's the Canadian Securities Administrator. Alright. So after initially requesting exchanges comply by April 30, 2024, the CSA moved that deadline to October 31st, citing technical issues in compliance. Subsequently the regulator notified the public of another deadline extension on September 26th requesting that CTPs comply by December 31st this year the extension aims to provide more time for these people to either comply with the terms and conditions or get the hell out. Quote, even if a specific VRCA meets the terms and conditions of an applicable registration, exemptive relief decision, or PRU, preregistration undertaking. And I I don't know what that means either, so don't feel bad. It does not mean that the CSA approves or endorses the VRCA.
Let's see. Do they explain VRCA? Where is that? I don't know what a VRCA is. Oh, good lord. It does not mean the CSA approves or endorses the VRCA or endorses its safety or that it is compliant with Canadian securities laws. Cointelegraph approached the CSA to provide a list of approved VRCAs in Canada but they didn't receive a response. The CSA initially restricted the trading of stablecoins in December of 2022 claiming that stablecoins may be categorized as securities or derivatives. The authority then clarified it may allow trading of certain stablecoins subject to terms and conditions including transparency and qualified custodial services.
According to CSA's official records, at least 12 crypto exchanges are currently authorized to provide services in the country. Those exchanges include Bitbuy Technologies Coinbase Canada Coinberry Fidelity Clearing Canada Netcoins Newton Crypto Shakepay WealthSimple Investments as well as a few others. The CSA also provides a list of crypto firms that have filed for PRUs, including exchanges such as Bitex, Crypto dotcom, Digifinex, GeminiKraken, NDAX, SatStreet, and Uphold. Finding or filling a PRU does not mean a platform will be granted registration. Additionally, the CSA also provided a list of crypto firms that were banned in certain jurisdictions in Canada.
The list called banned crypto trading platforms include companies like CataLex, Coinnex Global, KuCoin, Poloniex, XT.com, and LiquiTrade. While Gemini decided to leave Canada, some exchanges such as Coinbase have actively been working to boost the local presence. Well, of course, because they're the cherished sun. They're going to win. I I hate it, but they are. In April of 2024, Coinbase publicly announced plans to introduce a stablecoin tied to the Canadian dollar on its platform. The company previously secured restricted dealer license status in Canada, allowing it to operate there.
Coinbase's entrance to Canada came just about a month before major rival Binance officially announced its own departure from Canada in May of 2023. Binance specifically cited issues brought by the CSA's rules that required the exchange to file for PRU and comply with new restrictions. Several other crypto companies including OKX, dydx, Paxos, and Bybit decided to also exit Canada in 2023 amid changes to the regulatory environment. Social media users speculated that departures of exchanges like Binance could be linked to their use of stablecoins as main trading pairs.
Others suggested that the departures could be due to the use of Tether or Tether's USDT and the now defunct stablecoin, Binance USD. While many have linked USDT to regulatory issues in China, there is currently no official ban on the stablecoin's use in the country. However, USDT is not allowed as part of restricted dealer's license according to a statement by Netcoins. Major operating exchanges like Kraken and Coinbase delisted USDT from their Canadian platforms in 2023. I honestly believe this has more to do with the use of stablecoins than anything else. But no matter what it was, these guys were not gonna stay in Canada.
Canada wants to be poor. I don't know why, but they're just gonna end up being poor. And I guess that I guess they want it that way. But, yeah, these guys they're all getting out. I mean, you're talking about a country again that sold all 100% of its physical gold reserves. And they did it quickly they did it like a fire sale almost over the last few years and you have to ask yourself why would you do that? It's the same question like is we're asking the same question over and over and over again to several countries. And Canada is one of the worst offenders. Why do you want to have fun staying poor? Because Argentina is not going to do that.
Binance is now fully available in Argentina after the VASP registration. Ezra Rogueira Cointelegraph Crypto exchange Binance has announced that its mobile and web applications are now fully available to users in Argentina after it registered as an official crypto service provider In an announcement shared with Cointelegraph, Binance highlighted that it had been incorporated into the Argentine Virtual Asset Service Provider Registry of the National Securities Commission The exchange said this is the 20th registration with regulators worldwide This follows Kazakhstan, India and Indonesia.
On September 9th, Binance subsidiary, Tokio or sorry, Toko Crypto received its first official license from Indonesia's commodity futures trading regulatory agency. The announcement highlighted that the registration allows the company to offer its full suite of services to users in Argentina. According to Binance, its mobile application and website are now fully available to Argentine users. Binance's head of Latin America, Gujermie Nazar, said in the announcement that the company supports forward looking regulation and believes it would ensure that the industry's adoption continues safely.
The executive also said that the company sees Argentina as an important market. He explained, Argentina is a key market for Binance. We will continue to work closely with the authorities to develop the industry in the most sustainable and secure way for the benefit of the crypto community and society as a whole. The executive, talking in suit speak apparently, highlighted that compliance is a key part of its strategy. Nazar said that they believe that this would allow them to contribute to the development of local and global standards for protecting users. Meanwhile, the crypto exchange's founder and former CEO, Changpeng Zhao, walked free from a United States prison.
Yes. That's right. On September 27th, the former Binance CEO was freed after serving 4 months 4 months for anti money laundering violations. While CZ has been released from prison, the former Binance CEO is prohibited from managing or operating the exchange. On September 5th, the incumbent Binance CEO Richard Tang said that Zhou had received a lifetime ban from managing and operating his very own crypto exchange. Yeah. He's banned from from from operating his own thing. First of all, if you think that Changpeng Zhao is not behind the scenes traffic, you're lying to yourself.
2nd, fuck all these people. You know, it's like, look, man. I mean, a lifetime ban from your own rig? See, this has nothing to do with anti money laundering. It has nothing to do with terrorism. It has nothing to do with child pornography on your freaking node. They don't care. They're losing control and they're destroying everything that they can possibly find and they're doing it in really insidious ways. And we're just sitting here putting up with it. We're just, oh, well, you know, I don't want to go to jail. Well, nobody wants to go to jail. I mean, I I don't disagree with you. But how I mean, on this pathway, we're gonna end up in jail no matter what we do. That's what I'm saying is, like, you either go to jail now or we go to jail later, and we all go together, or or we do something else. And, no, protest doesn't work.
Carrying around a sign that says, what do we want? Something. When do we want it now? Not gonna work. Endeavor has worked. It's a waste of your fucking time. Stop thinking that protests actually do anything. They don't. They don't. They don't. They don't. They never have. They never will. And they're not going to do a damn thing today. If there's a protest out in the world today, it's not going to work. If the let's say there's a bunch of Israelis in the streets, and there very well may be, over there in Israel. Yelling at Netanyahu, we must stop. What do we want? Stop to war. When do we want it? Now. What do we want? Palestinian state. When do we want it now? Not gonna fucking happen. It's not going to happen.
I don't know why people keep thinking, whoop, stage of protest. It's not gonna do anything. Stop thinking that it will. So what am I suggesting? Not a damn thing. No. I'm not suggesting anything. All I'm trying to do is make sure that anybody within the sound of my voice realizes that staging a protest for anything is a complete waste of time. Alright. Now, Onosendai or Onosendai. Not exactly sure how to pronounce it, but o n o s e n d a I is a cyberspace meta protocol built on Nostr. This is I'm not sure exactly what it is, but I'm gonna read it to you. OnoSend AI is an experimental Nostr client that visualizes the protocol in 3 d space.
It aims to be the reference implementation of a cyberspace protocol powered by both Bitcoin as well as Nostr. Quote, Today I present to you the thermodynamic update of Oh No Send AI. It's finally here. Check it out on desktop for the best experience. More updates for a better mobile experience are in the pipeline, announced Arkinox, arkinox. The Cyberspace meta protocol aims to extend reality into digital space. It creates a digital system with the same fundamental properties as reality. It is permissionless. No actions can be prevented. And thermodynamic.
Every action has a cost in entropy. This extension of reality refers to unlocking a new, different aspect of reality through the protocol, not merely simulating it. Quote, it took me 52 Fridays from proof of concept to reality, and now Oh No Send AI functions as the first cyberspace client, said the developer. Explore the cyberspace at www.0nosendai.tech. That's Onosendai.tech. Onosendai.tech. You can use it sort of like a game. So it's it's like when when I got into it, it immediately looked at my my video card in my old computer and said, I'm going to kill you. I'm going to sign your death warrant right now. And all of a sudden, my fans started spinning up. And, oh my god, it was like it's a it's an awful environment for me because my video card is really, really old. Right? So don't blame this developer.
It may be the fact that you've got a a shitty video card in your unit, but probably not. You your video card is most likely a 100 times better than mine. How do I know? Well, because my computer is, like, 10 years old and so is the video card. So just I don't really do a whole bunch of video stuff on my machine. But it's like a video game, kind of. I have yet to be able to explore it to its fullest extent. But if you want to move your camera around so you can see different things, it's WASD, like you might find in your standard first person shooter. If you wanna go down, it's q, e is up, escape to put the camera behind the avatar, you mouse click and drag to move the camera, You can mouse wheel to change the throttle because you are actually in sort of a spaceship. It's it's you'll have to go see it to understand. I can't really do it do it, you know, do it justice right here. But despite the polish, this is a quote, I was able to muster o n sorry. Oh, no. Send AI. But it's still in its infancy and so is cyberspace. It's up to you to explore, build, discover, and push it forward, said Arkinox.
So, the key features are a full blown three d coordinate system. There are whole sectors. Cyberspace is too massive to load all at once. It's divided into sectors that can be loaded and displayed in chunks. So there's local sectors, or there's local, which is on the ground cyberspace view. There's sector view, which is a 10,000 foot view of cyber cyberspace. And then you can look at it as global, which is a 100,000 foot no, a 100,000,000 foot, view of cyberspace. There's constructs. A construct is a cubic region of cyberspace that own that you own By publishing a kind 331 construct event, the 256 bit event ID determines its coordinates and proof of work quantifies its size.
Your proof of work also claims the space. If another pub key publishes higher proof of work for the same space, they can take it from you. Oh no! There are these things called shards. Once you've published a construct, you'll be able to place 3 d objects into it called shards. In cyberspace terms, shards are child objects of constructs but exist as separate events in Nostr Human and AI avatars in cyberspace avatars are entities in cyberspace controlled by a human or AI operator in reality the avatar's public key serves as a 256 bit home coordinate where the avatar initially spawns if an avatar is killed it will respawn at his home coordinate this is kind of interesting I'd like to invite all cyberspace enthusiasts to my new Ditto instance d I t t o at straylight.cafe.
That's stray, s t r a y l I g h t.cafe. Straylight.cafe and use your Nostra identity to ask questions, discuss cyberspace futurism, and how to build this new world together, said the developer. Straylightcafe, this is a note, not connected to any external relays. So users must edit their profile and customize it based on their personal preferences. This page will be updated with video tutorials once it's available. Okay. A note on using Ditto. Alright. I love Ditto, but when I first did Ditto, it with my Insec Inpub, it changed and like pretty much got rid of all my my followers. Well, no. I mean all the people that I follow.
So my experience changed dramatically and I had to go get all my followers back. So, if you want to go check this out, I highly recommend spinning up a second insect and inpub, key pair, which I've already on several occasions suggested that people do. Alright? This is just for peace of mind so that if anything bad happens, it won't affect your main insect in pub key pair and your experience in that particular world when you're using those. But go to straylightcafeorstraylight.cafe. Check this thing out and let's move on. Volt Wallet version 0.4.5 beta fixes and improvements.
Volt is a mobile descriptor based financial freedom wallet that focuses on self custody, privacy, and sleek UI UX. It's available on Android. So if you are using Volt, they have their beta released out. So if you wanna go upgrade, you can go do that. Alright. So we are through the list for the day. Oh, man. And it is Tuesday. We are still we're still dropping. We're still not we're still not doing well. $62,037 is where we're at after these, streaming streaming red dildos is what I'll call them. I don't know what's going on exactly, other than the fact that the only thing that makes sense to me is that every single time we get above, and I'm looking at a chart right now, and I have a since let's see. I start I start this, trough Wednesday 13th March of 24.
So back in March, I well, actually I didn't draw them in March, but I drew some lines on a chart and they both these lines go down and they're both separated by oh I don't know you know $10,000 $15,000 in price and it's a it basically makes a wedge it's kind of an inverted wedge though it doesn't like go to a point out in the future it actually starts the wedge actually is reversed and it widens out as we go into the future a lot of people call this a type of bull flag and what it kind of does is that there's a top upper brand bound that's the top end of the trapezoid or wedge whatever you want to call it there's the top end and every single time that we get up to that top edge we end up start diving straight down.
And it's happened every single time that we've gotten up there, right? And then, when it goes to the lower bound and, like, today we'd have to go all the way down to what would it be $51,000 in price of Bitcoin to hit the lower boundary of this quote unquote bull flag. I know it's kind of weird to see. And then when it hit all the times that it's ever hit this lower bound, it bounces straight back up. Now, it's been doing this in this wedge all the way since last March. Okay? Understand that. Last March, Friday 19th April.
Friday 19th April of 2024 was the halvening. So, like, the, you know, a few months, you know, several months before that is when this wedge starts. This has been going on. Let's see. Let me get to a month view. This wedge has been active for, let's see, 1, 2, 3, 4, 5, 6, 7 months. Not including October. This will be the 8th month. Right? So March, April, May, June, July, August, and September. We just completed September yesterday, and we should have been looking at because we always call October, October. The only thing that I can think of is that this is the wedge that the institutional money really is doing their best to keep us inside of so that they can accumulate as much bitcoin as they possibly can inside the pricing structure of this particular wedge, which like I said, as of today, it would be somewhere around 51,000 and the top end of that wedge is 66,000.
That's the only that's the only thing that I can think of is that we everybody in this space was begging for institutional money and now we've got it and we're having to pay the piper because of it. Because I think that that's the only thing that's going on. I don't think it was Jerome Powell saying that we were gonna have 2 more Fed rate cuts. I don't think it was the jobs report. We've got other news coming out, like, for the rest of this week, too. Like, today, we had jobs, the jobs open JOLTS, j o l t s, JOLTS job openings, as well as the ISM Manufacturing PMI, which came in a little bit lower than the forecast on let's see on October 3rd we will have the ISM services PMI.
And then on October 4th, the day after, it will be non farm payrolls. And everybody's looking everybody always looks for this. The non farm payrolls and the unemployment rate is gonna drop on October 4th. So, I would not expect anything great and wonderful in our lives until after that. And it could be a bloodbath. It could be an absolute shit show. I don't know. Anybody who says that they know what's going to happen either doesn't know what the hell they're talking about or they're straight up lying to you. So don't believe them. Don't trust them. Just understand that that's what's coming. We've got major economic news coming in the 1st week of this new month of October.
And we'll we'll have to see if if if see right now we're dumping. We're dumping down past 61, 800, 759 just happened. So, 61759, no 735. You see how this works? So, who knows what the hell is gonna happen? Who knows why it's happening? Understand that there are major pieces of economic news that are going to drop all this week and none of us know how it's going to affect anything. The price of bitcoin, the price of oil, the price of tea in China, doesn't fucking matter. Don't get to don't get you gotta stay frosty, but don't get too weirded out. Alright? Because Bitcoin does this. It always does this.
It does it sometimes really badly. Like, right now, we just passed through 61646. See how fast this shit can move? It's pretty eye watering when you get down to it. If you're new to this space, you're gonna have to toughen up. There's no there's there's no way to sugarcoat it. Okay? You're just gonna have to toughen up, 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.
Market Updates and Economic Impacts
