Roaring Kitty Meows

WEBVTT
NOTE
Transcription provided by Podhome.fm
Created: 5/13/2024 5:58:08 PM
Duration: 2981.486
Channels: 1
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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,
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podcasting, and education to gain a better understanding of all. Edge effect is a concept from ecology describing a greater diversity of life where the edges of 2 systems overlap. While species from either system can be found at the edge, it is important to note there are species in the overlap that exist in neither system, and that is what I seek to uncover. Uncover. So join me in discovering the variety of things being created as Bitcoin rubs up against other systems.
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It is 10 o'clock AM Pacific Daylight Time. It is the what the oh, Monday 13th.
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Bad day.
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Bad day. Monday 13th. Sort of like Friday 13th, only it's worse because it's a Monday. Right? Okay. Anyway, so it is 13th day of May
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2024. This is episode,
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896
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of Bitcoin, and the circle p is open for business today.
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The Circle P vendor of the day is
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Bysnerds. That is at
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beisnerds,
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both on
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Noster as well as on Twitter. What does he sell? He sells maple syrup
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and it's maple syrup that he makes himself.
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You can get a quart for $27,
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3 quarts for $68,
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a half gallon for 45,
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or a gallon for 80.4
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pints for $50.
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His Noster,
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end pub will also be in the, in the show notes,
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so you can go right to it because I've actually got him linked.
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He also sells
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he also sells his,
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sister Sarah's soaps.
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He has a sister. Her name is Sarah, and she makes soaps. She makes really good beef tallow based soaps.
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And these are the kind of handcrafted soaps. You see them at, like, farmers markets and stuff, and then you go, oh, it's all pretty. It's all great. And then you buy one, and it gets gross and nasty when it's been exposed to like high amounts of humidity that you get in your bathroom, right? It just
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melts away.
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Not this soap. It does not do that. This is one of the reasons why I always
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say
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if you're gonna buy some maple syrup from Bisonerds
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also get some of his sister Sarah's soaps.
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I'm pretty sure that, Beisner still has some maple syrup left. It is getting late into the season. So be aware, if you want to try some of the best maple syrup that you've ever had in your entire life,
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you're gonna wanna probably move on this pretty quick and make damn sure that you tell them you heard it from me on the circle p. What's the circle p? It's where I bring plebs like you
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to plebs like you that have goods and services for sale in Bitcoin. If you're not selling it for Bitcoin,
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you're not in the circle P. Okay. That's just like, if you're just like, no, I just are gonna take Fiat only. Well, sorry for you. You may have a great product. You may be a pleb through and through, but the only way to kick start circular economies
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is things like Circle P, where people sell their goods and services
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for Bitcoin either through main chain transactions, lightning transactions.
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Hell, even if you're doing e cash, I don't that's fine. I am not considering e cash as shitcoin at this point. I have no reason to as of yet,
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but
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we've seen
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what the governments are doing. They want
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to control things. They don't
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really want us to be able to be in control of our money. And so they're trying
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very desperately
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to make self custody
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an issue and and they want you to just have the ETF because that way you can't do any real damage
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with the Bitcoin as long as it's locked up in a custodian that is regulated as hard as somebody like BlackRock is regulated, right?
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So what's what's the only path forward?
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To sell your goods and services in Bitcoin. That's why when you're supporting this show
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That's why when you're supporting this show
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the Bitcoin and podcast I
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want people to send satoshis.
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I want that that makes sense to me
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You're not going to send me shares of BlackRock's Ibit. Okay, that's not ever gonna happen. The only way that we can get
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around
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the regulatory
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environment that we see playing out and we it's not like this is a surprise,
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is to actually trade
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our goods and services
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for bitcoin directly. Not indirectly,
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but directly. Alright, so that's the spiel.
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That's what I got. Let's get into the news. We're gonna start down south in El Salvador.
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El Salvador has launched
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the Bitcoin Treasury
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monitoring
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website.
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Zoltan Vardy has it for Cointelegraph.
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El Salvador has launched
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its own proof of reserves website
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featuring various tools for monitoring the country's Bitcoin holdings
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using on chain data.
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El Salvador's online Bitcoin treasury provides real time data on the nation's bitcoin reserves.
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Central American nation officially holds
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5,748
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BTC,
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which is currently worth approximately $360,000,000
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with Bitcoin trading above the $62,700
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mark as of 8:20
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am UTC.
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El Salvador has bought 7 BTC
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worth over $438,000
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during the past week
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while adding a total of 31 BTC worth
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$1,94,000
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over the past
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30 days according to the website
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The purchase
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aligns with El Salvador's goal of adding 1 Bitcoin
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to its treasury
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daily. Remember when,
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Naive Bukele said that they were purchasing 1 Bitcoin a day, and we were all bitching and moaning, saying, well, we we don't know if you're actually doing that because we can't see it. Well it appears that they are and we'll get to the appearance here in a sec.
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Let's see. Oh, yeah. 1st country to adopt Bitcoin. Yes. We know that.
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President Naid Bukele's decision
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received widespread criticism. Yes. We know that too. We know the the IMF and the World Bank
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are just beside themselves, and it gets even worse. Check this shit out. El Salvador has been dollar cost averaging into Bitcoin
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since 2021
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With an average buying price of $43,097
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per Bitcoin
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with BTC trading above 62,000
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El Salvador has an unrealized profit
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of over $57,400,000
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on its Bitcoin holdings, according to the naive Bukele portfolio tracker website.
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El Salvador's Bitcoin holdings
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could represent a significant
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lifeline for the nation. Now listen up, guys.
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Popular venture capitalist Tim Draper told Cointelegraph
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that the country
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could soon become financially independent
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and pay off its loans to the International Monetary Fund
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if the Bitcoin price reaches
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$100,000
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Many popular crypto analysts have suggested the BTC
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will surpass the
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$100,000 mark during the 2024
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2025
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bull cycle.
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Following
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the 2024 halving,
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Bitcoin could see a cycle top of above $150,000
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according
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to a research report by Bitfinex analyst shared with Cointelegraph.
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Quote,
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using a straightforward
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regression model,
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we predict a 160%
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post halving price surge in the next 14 months,
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taking the price to between 150
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$169,000
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Bitcoin's price action will mainly depend on the institutional flows from the United States spot Bitcoin exchange traded funds, which turned positive after 3 consecutive weeks of net outflows.
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The US Bitcoin ETFs amassed a total of $413,000,000
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worth of net inflows in the past week, according to Dune Analytics.
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Alright. So let's go back to the most important part here.
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The fact that their Bitcoin holdings, if the price of Bitcoin if they if they stay on track
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with, the dollar the 1 Bitcoin per day,
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buying, like they said that they were gonna do,
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and the price goes to $100,000,
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Nayib Bukele would be able to
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extinguish
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the debt
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on the loans
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from the International Monetary Fund, which is not going to make them very happy. They want
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that
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loan alive. They do not want that loan extinguished
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because that's the only way that they can do the things that they do
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And what they do, in my opinion, is they're not out to help
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poor nations.
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I I just I used to think that a long time ago. I no longer believe that in any way shape or form
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but that begs the question
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if
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the price of Bitcoin hits $100,000
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do you think that Nayib Bukele will just liquidate
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everything just to extinguish that loan?
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I don't think so.
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But what would be very interesting is if he took that
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and
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let's say
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had a friendly
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company that would make him a loan
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using the Bitcoin as a collateral.
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And that
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the interest rate
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was lower than the interest rate he's getting from the IMF
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and then use that to pay back the IMF
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and what you've done is you've just exchanged
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the the Overlords the masters
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And the IMF being your master of your country, you don't want to have anything to do with that. But let's say it was, oh, I don't know, unchanged capital. Now don't go thinking that I've got some kind of inside baseball. I don't.
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But let's just for just conjecture here
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that there was something like Unchained Capital that had were sitting on a lot that could in fact sit on a lot of cash if they wanted to and then
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basically make the loan
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to El Salvador
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and then pay off the IMF.
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That would be an interesting
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turn of events because now what we would end up with is Bitcoin companies
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in the business of making loans
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to countries instead of World Bank and IMF and all
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the ghouls that we have to deal with on a daily basis.
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You wanna talk about pissing some people straight off, that would do it. But I still don't think
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that, no matter what they do, I don't think that that's the plan, but we'll we'll have to see.
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But the other really important thing about this particular
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website that they're talking about, the quote unquote, Nayib Bukele Bitcoin Tracker,
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is that
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it looks to me actually, I I know it is. I can just tell.
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This is this is built on mempool. Space.
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It's not just them throwing up graphics and
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graphs and and well here I'll show for the guys over there
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in in zap. Stream.
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They can see this picture that or this website that I just threw up and it's the
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it's the
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URL is
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bitcoin.gob.sv,
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which I guess is like bitcoin.gov.youknowel
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Salvador. But it's bitcoin.gob.
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Dot s v, Salvador, right? Okay, so
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all what I'm looking at is the mempool.
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Space interface
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except that it's been customized.
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Now, if I scroll all the way down to the bottom
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right down here
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and I'm gonna highlight it for the guys over there in zap. Stream,
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you can see that this is mempool.spaceversion3.
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0.0hyphendev,
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dev.
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If I go to mempool.space,
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the regular one,
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let's let's actually, let me do that. Hold on. Mempool.space.
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Do and let get it up. And I scroll all the way down to it it's bottom.
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I have version 3.0.0
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dev
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So the naive Bukele Bitcoin tracker is in fact not something that they're throwing together or at least
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what it seems to me
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it is a customized version
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of the mempool.space
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website
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that just
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looks at what's going on with their wallet as well as the the general blocks that are coming through for for the entire Bitcoin chain.
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But if you look at the Bitcoin balance history graph,
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it's he's buying 1 Bitcoin
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every single day
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and this is gonna be really really hard to spoof
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It's not that it's impossible and it's not that in the back of my head, you know, that that, you know,
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I don't know. I I there in the back of my head, there's a a flag of caution
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to say don't just believe.
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However, it's very difficult for me to not look at this
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and say, I'm pretty sure that this is exactly what's going on with El Salvador's Bitcoin Treasury.
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It's powered by mempool.space
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that much is clear
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but it's customized.
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So that begs the question
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would I be able to customize
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a webpage
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with mempool.space
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that looked at my own wallet?
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Or like if I had a company like let's say that let's say, I decide that the circle P is I spin it off and
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turn it into an actual company instead of something that I just do for the plebs out there, right?
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Would I be able to have the circle like had set up a wall for Circle P and then have
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a version of what Nayib Bukele has for the Circle P. I don't know. I've never seen this before. I think it's honestly, it's it's fascinating
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but be that as it may it does
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pretty much suggest that Nayib Bukele
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has the Bitcoin that he says he has. It says right here BTC holdings
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5,749
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BTC valued at just over 360,000,000
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00:15:24.260 --> 00:15:25.720
The 7 day change
244
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sees an addition of 8.00
245
00:15:29.220 --> 00:15:29.720
BTC
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00:15:30.100 --> 00:15:32.714
worth just over, yeah, just north of
247
00:15:33.335 --> 00:15:33.835
$500,000
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and the 30 day
249
00:15:35.815 --> 00:15:37.515
change is 31 BTC
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00:15:38.375 --> 00:15:39.355
worth 1.94
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00:15:40.300 --> 00:15:41.360
5 or $1,900,000
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I mean,
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I don't think this can really be spoofed.
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00:15:49.115 --> 00:15:49.935
I mean, it
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00:15:50.315 --> 00:16:02.440
can, but how much I mean, if if it just doesn't seem it doesn't seem laudable or, I mean, it doesn't seem plausible for me. So I think that naive Bukele is indeed buying 1 Bitcoin
256
00:16:02.900 --> 00:16:07.640
every single day and it looks to me like he's been doing it for a very long time
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00:16:08.165 --> 00:16:16.800
So I'll just go ahead and leave this up so you can oh and he's also got a he's also one of these windows he has a feed to his, his own Twitter
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00:16:17.580 --> 00:16:18.080
timeline,
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00:16:18.700 --> 00:16:22.320
which I think is really neat. But it still has the transaction fees.
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00:16:23.214 --> 00:16:32.140
It's got a graph of his balance history. It's got his Treasury transactions, but it's also got the recent blocks going by so it's like a it's like
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00:16:32.840 --> 00:16:34.940
an amalgam of you know,
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00:16:35.720 --> 00:16:36.380
a customized
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00:16:36.680 --> 00:16:39.500
mempool dot space, but it still actually shows
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actual regular old fashioned mempool data, which I think is interesting. Now moving to the other side of the Pacific Ocean,
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00:16:50.720 --> 00:16:53.060
the Japanese listed firm
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00:16:53.600 --> 00:16:59.220
Meta Assets was no Meta Planet has added Bitcoin as a reserve asset
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now with 117
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00:17:01.495 --> 00:17:04.875
BTC. Now I told you about Meta Meta Planet before.
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They were following in the footsteps of Michael Saylor's MicroStrategy,
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but they're over in Japan. Let's see what we can see here. This is out of Cointelegraph.
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Helen Parts is writing it.
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Publicly traded investment firm Meta Planet has added Bitcoin
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as a reserve asset
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in response to a continued decline in the Japanese yen.
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Meta Planet is making a strategic shift in its treasury management strategy, prioritizing
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00:17:31.250 --> 00:17:33.190
Bitcoin first and Bitcoin only
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00:17:33.625 --> 00:17:34.125
approach,
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00:17:34.745 --> 00:17:35.565
the Tokyo
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00:17:35.865 --> 00:17:45.769
based firm officially announced back on May 13th. Oh, wait. No. They're announcing this today, but they announced that they were gonna do this, I don't know, a couple of weeks ago.
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Quote, this move is a direct response to sustained economic pressures in Japan,
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00:17:50.630 --> 00:17:51.130
notably
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high government debt levels
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00:17:53.525 --> 00:17:57.625
and prolonged periods of negative real interest rates as well as the consequently
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weak yen, the company stated.
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The announcement doesn't specify how much Bitcoin is currently held or planned to be held in Meta Planet's Treasury.
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00:18:08.835 --> 00:18:13.575
On May 10th, Meta Planet did disclose that it bought a total of 117.7
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BTC worth $7,190,000
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at the average price of around
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$65,000
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00:18:21.080 --> 00:18:25.419
per coin, Meta Planet's market value stands at around 3,500,000,000
291
00:18:26.600 --> 00:18:27.100
yen
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or roughly $20,000,000
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00:18:30.664 --> 00:18:32.445
Okay. So let's just pause.
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They're talking about Meta Planet's market value, so that's the valuation of the entire company being $20,000,000
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That's not a lot.
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00:18:42.550 --> 00:18:43.930
That's a pretty small company.
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00:18:44.585 --> 00:18:45.085
Yet
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almost
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00:18:46.585 --> 00:18:47.085
half
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00:18:48.345 --> 00:18:49.325
half of that
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00:18:49.625 --> 00:18:50.605
is in Bitcoin.
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00:18:51.705 --> 00:18:52.525
That's impressive.
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00:18:53.290 --> 00:19:01.070
That's somebody who's basically saying we either do this or we die. That's the feeling that I get. So let's continue. Meta Planet's
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Bitcoin adoption comes just a few weeks after the company initially disclosed its new Bitcoin focused strategy in early April,
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announcing the completion of its first Bitcoin purchase worth 6 point
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00:19:13.050 --> 00:19:13.550
$5,000,000
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The move fueled significant traction on social media and caused a sharp price increase of Meta Planet shares on the Tokyo Stock Exchange.
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Listed under the numeric symbol 33.50,
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Meta Planet stock rallied just above 35
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Japanese yen, about 0.22¢
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from 20 Japanese yen, which was worth $0.13,
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00:19:38.385 --> 00:19:42.325
hours after the firm announced its Bitcoin purchase back in April.
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00:19:42.865 --> 00:19:44.885
Before its strategic shift into Bitcoin,
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MetaPlanet primarily operated in the traditional investment scene.
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Founded in 1999.
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00:19:52.010 --> 00:19:57.075
Wow, that's a long time ago. Meta Planet originally operated a hotel business,
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investment services,
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and
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as an investor relations consultancy.
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The news comes just a few days after Meta Planet appointed prominent market researcher
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00:20:08.409 --> 00:20:20.785
Dylan LeClaire as director of its Bitcoin strategy. Quote, this is just the beginning, Meta Planet CEO Simon Gurevich wrote in a Twitter post on the company buying more Bitcoin on May 9th.
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00:20:21.309 --> 00:20:25.730
The Japanese yen has reportedly been the worst performer in 2024
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00:20:26.269 --> 00:20:33.365
among major currencies against the US dollar, dropping to record lows in April last seen in 19 nineties.
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According to local sources, the yen's drop in value over the past 3 years came mainly from the gap between domestic and foreign interest rates and a growing trade deficit. So there you go. What the mode the what was really eye opening
325
00:20:50.275 --> 00:20:55.015
was when they and I just learned this that they appointed Dylan LeClaire
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00:20:56.210 --> 00:21:00.070
as the director of Bitcoin strategy. This is a Japanese company,
327
00:21:01.090 --> 00:21:04.710
and they are basically scooping up one of the youngest
328
00:21:05.265 --> 00:21:08.485
analysts in the Bitcoin space from the United States.
329
00:21:09.825 --> 00:21:15.029
I caution the United States regulators at this point, if you want brain drain to happen,
330
00:21:15.409 --> 00:21:20.630
you keep on doing what you're doing and people will leave. They will go work for other companies.
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I think this this notion
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of,
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00:21:25.795 --> 00:21:26.295
patriotism
334
00:21:27.235 --> 00:21:31.850
is being severely limited by the actions that the people that are in
335
00:21:32.550 --> 00:21:37.370
the positions of power in governments, not just in the United States, but in all countries,
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00:21:38.415 --> 00:21:40.035
are seriously damaging
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the patriotism
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felt by the citizenry
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of those particular countries.
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00:21:46.750 --> 00:21:48.130
And no longer is
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00:21:48.510 --> 00:21:50.850
it that we would not just, you know,
342
00:21:51.230 --> 00:22:05.555
bail out and go to another country or work for another company that is not based in the United States. You want brain drain to happen? You keep right on doing what you're doing. Okay? So just you do that and we'll we'll all be fine.
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00:22:05.935 --> 00:22:06.435
Now
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00:22:07.280 --> 00:22:08.420
getting into banking.
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00:22:09.200 --> 00:22:11.220
This is out of Decrypt, Matt DeSalvo.
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00:22:13.360 --> 00:22:15.700
Banking giant Wells Fargo has revealed
347
00:22:16.575 --> 00:22:22.915
investments in Bitcoin ETFs. Oh, my God. How much do they own? Let's find out. American banking giant Wells Fargo
348
00:22:23.590 --> 00:22:27.529
disclosed investments in multiple oh, this has gotta be good news. Right?
349
00:22:27.830 --> 00:22:30.090
Multiple Bitcoin ETFs on Friday
350
00:22:30.684 --> 00:22:36.625
per regulatory filing, making it the latest institution to get on board with the crypto based vehicles.
351
00:22:37.164 --> 00:22:37.664
Paperwork
352
00:22:47.865 --> 00:22:51.645
and that it also has exposure to Bitcoin Depot Incorporated,
353
00:22:52.345 --> 00:23:00.340
a Bitcoin ATM provider. Man, this is gonna be good, ain't it? The document shows that the bank has invested in ProShares Bitcoin strategy,
354
00:23:00.720 --> 00:23:06.500
which gives investors exposure to BTC futures contracts that bet on the future price of the asset.
355
00:23:07.505 --> 00:23:11.045
But, oh man, dude, this is embarrassing. The exposure is small.
356
00:23:11.665 --> 00:23:14.750
The filing shows that Wells Fargo investment in GBTC
357
00:23:15.050 --> 00:23:16.270
amounts to $141,000
358
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while its ProShares investments
359
00:23:20.650 --> 00:23:21.630
is under $1200
360
00:23:23.205 --> 00:23:24.505
No, not $1,200,000,000
361
00:23:25.845 --> 00:23:26.345
$1200
362
00:23:27.365 --> 00:23:31.225
This is the kind of money that you might carry in your checking account sometimes.
363
00:23:31.700 --> 00:23:35.880
And the exposure to Bitcoin Depot? Yeah, that ATM company?
364
00:23:36.419 --> 00:23:36.919
$99
365
00:23:38.955 --> 00:23:42.414
Why do you even report that? This is this is embarrassing.
366
00:23:42.794 --> 00:23:45.615
Back in February, a report claimed that Wells Fargo
367
00:23:53.220 --> 00:23:57.325
And They've repeatedly talked about investments in digital assets and back in 2019
368
00:23:57.705 --> 00:23:59.645
even piloted its own shitcoin.
369
00:24:04.240 --> 00:24:07.540
Okay. And then they get into a little bit of price analysis on on Bitcoin.
370
00:24:08.475 --> 00:24:08.975
Dude,
371
00:24:09.755 --> 00:24:13.695
so when that news first broke on Friday, it was after I had done the Friday show
372
00:24:14.235 --> 00:24:15.135
I saw it
373
00:24:15.830 --> 00:24:20.970
and I was immediately going, what the hell is this? Because the initial reports were saying that it was,
374
00:24:21.750 --> 00:24:22.890
that their exposure
375
00:24:23.625 --> 00:24:24.365
was a
376
00:24:25.065 --> 00:24:25.565
$141,000,000
377
00:24:27.705 --> 00:24:31.565
And I can't remember who I it was like news BTC or some
378
00:24:31.940 --> 00:24:33.640
some outfit. I don't remember.
379
00:24:34.580 --> 00:24:36.840
Turns out, no, wasn't a $141,000,000
380
00:24:38.820 --> 00:24:39.880
It was a 141,000.
381
00:24:41.060 --> 00:24:41.560
So
382
00:24:42.165 --> 00:24:42.665
wow.
383
00:24:43.125 --> 00:24:45.625
Not even not even worth it
384
00:24:46.245 --> 00:24:47.945
except that they do have exposure.
385
00:24:48.725 --> 00:24:49.465
And that's
386
00:24:50.070 --> 00:24:57.210
maybe they're just testing maybe I don't know. I don't know what that is because that seems like an accounting error
387
00:24:57.865 --> 00:25:01.245
but whatever because the big news of the day
388
00:25:02.185 --> 00:25:03.245
is right here
389
00:25:05.120 --> 00:25:07.780
Roaring Kitty comes roaring back to life
390
00:25:08.240 --> 00:25:09.860
GameStop trading paused
391
00:25:10.160 --> 00:25:11.140
9 times
392
00:25:11.985 --> 00:25:15.365
as roaring kitty return drives a meme rally.
393
00:25:15.665 --> 00:25:16.485
Matt DeSalvo
394
00:25:17.184 --> 00:25:18.165
for decrypt.
395
00:25:19.160 --> 00:25:23.260
Meme coins and tokens surged early Monday morning after an internet figure
396
00:25:23.720 --> 00:25:25.340
who inspired the 2021
397
00:25:25.720 --> 00:25:28.460
Gamestop rally posted for the first time
398
00:25:28.985 --> 00:25:29.725
in years.
399
00:25:30.745 --> 00:25:31.645
Keith Gill,
400
00:25:32.184 --> 00:25:32.684
aka
401
00:25:32.985 --> 00:25:40.360
Roaring Kitty or Deep Fucking Value, who helped fuel the 2021 rally via Reddit post and livestreams posted to Twitter
402
00:25:40.820 --> 00:25:45.480
an image of a man leaning forward in a chair while holding a video game controller.
403
00:25:45.885 --> 00:25:48.785
It was his first tweet in 3 years.
404
00:25:49.725 --> 00:25:52.785
The post hints that meme stocks and cryptocurrencies
405
00:25:53.565 --> 00:25:58.159
may be due for a rally again or at least that's how traders are taking it.
406
00:25:58.539 --> 00:26:05.565
The price of GameStop shares more than doubled from the close of business Friday to the market's opening on Monday,
407
00:26:05.865 --> 00:26:11.804
and the surge in demand prompted Nasdaq to halt trading 9 times already this morning.
408
00:26:12.610 --> 00:26:13.590
Fellow 2021
409
00:26:13.970 --> 00:26:15.190
meme stock AMC,
410
00:26:16.290 --> 00:26:17.830
the movie theater chain,
411
00:26:18.210 --> 00:26:19.910
also jumped by 33%
412
00:26:20.370 --> 00:26:24.764
today, while adjacent stocks like Reddit and Robinhood are also gaming.
413
00:26:25.705 --> 00:26:26.605
Back in 2021,
414
00:26:27.225 --> 00:26:33.040
Roaring Kitty posted about gains that he'd made from buying shares in falling businesses like GameStop,
415
00:26:33.500 --> 00:26:36.400
which had been shorted by top investment firms.
416
00:26:36.995 --> 00:26:44.135
His post prompted people to join in, eventually leading to Wall Street chaos due to shares suddenly going up in value.
417
00:26:44.799 --> 00:26:52.419
The craze led to a surge in so called meme stocks, or shares in companies that became popular on Internet forums.
418
00:26:53.095 --> 00:26:53.595
Cryptocurrencies
419
00:26:53.975 --> 00:26:55.195
experienced a boom
420
00:26:55.575 --> 00:27:04.580
as a result too with top meme coins and tokens going up in value. They are now a key part of the crypto ecosystem and have surged this year as part of Bitcoin's rally
421
00:27:05.040 --> 00:27:06.820
And today, they're up even more
422
00:27:07.280 --> 00:27:10.020
Of the top meme coins by market cap
423
00:27:10.635 --> 00:27:16.575
Dogecoin is leading the charge. Woof woof. It's up nearly 6% trading hands for 15¢
424
00:27:17.880 --> 00:27:19.500
a doge according to CoinGecko.
425
00:27:20.040 --> 00:27:26.475
Meanwhile, other popular but small cap tokens like Ethereum based Pepe and Floki are both up over 8%.
426
00:27:27.335 --> 00:27:34.875
Who gives the the meme coin part is not is not the interesting part. It's the fact that you got you got Gil
427
00:27:35.510 --> 00:27:36.730
who's at it again
428
00:27:37.110 --> 00:27:41.210
coming out of retirement, I guess you can call it retirement, after 3 years
429
00:27:41.670 --> 00:27:43.210
of not posting a thing,
430
00:27:45.195 --> 00:27:47.855
posting a single picture of this dude
431
00:27:48.235 --> 00:27:49.855
sitting forward in a chair
432
00:27:50.395 --> 00:27:56.150
holding what I thought last night when I saw it was a TV remote control. But when you look at it,
433
00:27:56.610 --> 00:27:59.510
it's becomes kind of evident that it is a game controller.
434
00:27:59.890 --> 00:28:05.245
So my first initial thought when I saw the picture was that this has nothing to do with GameStop.
435
00:28:06.185 --> 00:28:07.805
And I still, maybe,
436
00:28:08.309 --> 00:28:10.409
maybe I, you know, wrongly,
437
00:28:11.190 --> 00:28:16.409
maybe wrongly, I'm thinking that this doesn't really have anything to do with GameStop itself.
438
00:28:17.615 --> 00:28:19.155
I mean, in in a way,
439
00:28:19.775 --> 00:28:22.434
that play has already been kinda played out.
440
00:28:22.735 --> 00:28:26.930
Maybe. Like I said, I I reserve the right to be completely and utterly wrong.
441
00:28:27.710 --> 00:28:30.050
But what if he's looking at something else?
442
00:28:30.750 --> 00:28:32.690
What if in that 3 years,
443
00:28:34.205 --> 00:28:36.065
he sees something else? Now
444
00:28:36.605 --> 00:28:43.270
I'm not gonna attribute to him that he's some kind of master trader or an analyst to end all, you know, analysts.
445
00:28:43.650 --> 00:28:47.030
That's not what I'm saying. I'm saying that maybe he does see something
446
00:28:47.650 --> 00:28:56.765
that is not related at all to GameStop or AMC or any of the other shit that went on in 2021, which was absolutely insane.
447
00:28:58.409 --> 00:29:01.390
What if this is about the dollar yen situation?
448
00:29:02.409 --> 00:29:04.750
What if this is about treasury
449
00:29:05.275 --> 00:29:08.335
bonds? What if this is about something more structural
450
00:29:09.275 --> 00:29:13.695
than GameStop because GameStop isn't structural not not to the world economy
451
00:29:14.950 --> 00:29:22.170
The trading value between the dollar and the the dollar and the yen is. And that's due to what? Treasury bonds, which is the underlying
452
00:29:22.894 --> 00:29:28.115
structure of the world markets whether you like it or not is the United States Treasury Bond.
453
00:29:28.495 --> 00:29:30.034
That's the underlying structure
454
00:29:30.414 --> 00:29:31.154
of everything.
455
00:29:31.490 --> 00:29:37.269
It shouldn't be. I don't agree with it. I don't like it. But that's what that that's what it is.
456
00:29:37.970 --> 00:29:41.315
You can't get away from it. So what if Roaring Kitty
457
00:29:41.855 --> 00:29:44.195
isn't roaring back into life because of GameStop
458
00:29:45.294 --> 00:29:47.715
but something may be actually important?
459
00:29:48.169 --> 00:29:50.909
I don't know. We'll have to find out. But in the meantime,
460
00:29:52.169 --> 00:29:53.150
let's run the
461
00:30:03.595 --> 00:30:09.350
CNBC futures and commodities got West Texas Intermediate up 0.6 percent to $78.73.
462
00:30:10.450 --> 00:30:13.350
Brent, North Sea is up a third. Natural gas is up
463
00:30:13.650 --> 00:30:15.510
4 and a half points to $2.35
464
00:30:16.290 --> 00:30:17.535
per 1,000 cubic feet.
465
00:30:18.095 --> 00:30:20.275
Gasoline is down to $2.50
466
00:30:21.055 --> 00:30:21.715
a gallon.
467
00:30:22.335 --> 00:30:26.970
Shiny metal rocks are mixed. Gull having a bad day. It is off 1.39%
468
00:30:27.830 --> 00:30:28.570
to $2,342
469
00:30:29.830 --> 00:30:30.410
an ounce.
470
00:30:30.790 --> 00:30:31.929
Silver is off
471
00:30:32.549 --> 00:30:33.049
0.16%.
472
00:30:33.830 --> 00:30:35.370
Platinum is up a third.
473
00:30:35.825 --> 00:30:39.205
Copper is up over 2 points and palladium is down 1.7%.
474
00:30:42.065 --> 00:30:55.965
We got live cattle is down 0.7 6%. Lean hogs are down 1 a quarter. And feeder cattle are down almost a quarter. The Dow is down a 5th of a point. The S and P is down point 06%. NASDAQ is up,
475
00:30:56.745 --> 00:30:57.245
0.16%,
476
00:30:57.785 --> 00:31:00.045
and the S and P mini is up 0.05.
477
00:31:00.905 --> 00:31:04.530
So it looks like there might be waiting for news over there on Wall Street.
478
00:31:04.990 --> 00:31:08.850
What news? I don't know, but I'm sure that something is about to drop. Otherwise,
479
00:31:09.195 --> 00:31:12.014
there wouldn't be a sideways trading day on a Monday.
480
00:31:12.554 --> 00:31:14.815
Clark Moody's Bitcoin is flashing 62,660
481
00:31:16.715 --> 00:31:17.215
650.
482
00:31:18.240 --> 00:31:20.820
Let's see. So we get, yeah, it looks like
483
00:31:21.520 --> 00:31:24.180
our big green candles are being offset by
484
00:31:24.560 --> 00:31:28.295
some downward action today. $62,630,
485
00:31:29.075 --> 00:31:30.135
that is a $1,230,000,000,000
486
00:31:31.395 --> 00:31:32.935
market cap. You can get 26.9
487
00:31:33.395 --> 00:31:35.975
ounces of shiny metal rocks with your 1 Bitcoin,
488
00:31:36.440 --> 00:31:37.980
of which there are 19,697,646
489
00:31:40.600 --> 00:31:41.100
of.
490
00:31:41.400 --> 00:31:45.015
And the average fees per block has dropped again to
491
00:31:45.475 --> 00:31:45.975
0.17
492
00:31:46.355 --> 00:31:46.855
BTC
493
00:31:47.475 --> 00:31:51.415
in fees on average for a per block basis.
494
00:31:51.820 --> 00:31:55.600
How many blocks are there, you ask? I don't know. Let's find out. 224
495
00:31:55.980 --> 00:31:56.480
blocks
496
00:31:57.100 --> 00:31:58.480
currently carrying 181,000
497
00:31:59.660 --> 00:32:00.800
unconfirmed transactions,
498
00:32:01.485 --> 00:32:14.390
waiting to clear with high priority rates of 14 satoshis per vbyte, low priorities are 12, and anything under 4a half are gonna be ejected from mempools around the world, which are operating at a hash rate of 587.2
499
00:32:16.690 --> 00:32:17.190
exahashes
500
00:32:17.890 --> 00:32:18.549
per second.
501
00:32:19.169 --> 00:32:19.669
From
502
00:32:20.485 --> 00:32:21.065
Bitcoin and
503
00:32:21.845 --> 00:32:22.345
episode
504
00:32:23.445 --> 00:32:23.945
895
505
00:32:24.885 --> 00:32:26.505
entitled wealth of networks,
506
00:32:27.205 --> 00:32:28.425
I gotta got bupkis.
507
00:32:29.370 --> 00:32:31.630
Except thank God for letter 6173
508
00:32:32.330 --> 00:32:38.430
with 5,000 says number 1 booster of Bitcoin and of all time according to fountain. No shit.
509
00:32:38.945 --> 00:32:42.005
Damn letter. I had no idea. I challenge anyone
510
00:32:42.545 --> 00:32:44.805
to try and dethrone me. But remember,
511
00:32:45.185 --> 00:32:47.845
if you come for the king, you best not miss.
512
00:32:48.360 --> 00:32:55.245
Nice. He also comes back and he says he's replied to his own note says, although looking at it, the number is off. It shows
513
00:32:55.805 --> 00:32:56.305
380,000
514
00:32:56.765 --> 00:33:01.345
satoshis in all time boost, but my local number in fountain is 1,100,000
515
00:33:02.285 --> 00:33:02.785
plus.
516
00:33:03.780 --> 00:33:04.280
Peter
517
00:33:05.299 --> 00:33:08.919
came back and replied and says my local number is 2,000,000
518
00:33:09.220 --> 00:33:09.720
plus.
519
00:33:10.020 --> 00:33:14.625
But it's definitely off. So there may be some issues going on with fountain. Joey, Christian Farmer, a 67 with 2,000
520
00:33:17.485 --> 00:33:18.785
says nothing in
521
00:33:19.200 --> 00:33:19.700
Christian
522
00:33:20.320 --> 00:33:23.539
Farmer, a 67 with 2,000 says nothing in pies
523
00:33:23.840 --> 00:33:27.220
finishes us out. 100 sats. Thank you, sir.
524
00:33:27.764 --> 00:33:31.065
No. Thank you. And that's gonna do it for the weather report.
525
00:33:41.260 --> 00:33:44.240
Welcome to part 2 of the news you can use. And, oh, look.
526
00:33:44.884 --> 00:33:46.664
Another bank is in Bitcoin.
527
00:33:47.524 --> 00:33:49.784
America's largest bank, JPMorgan
528
00:33:50.085 --> 00:33:50.585
Chase,
529
00:33:51.205 --> 00:33:54.264
has disclosed spot Bitcoin ETF holdings
530
00:33:54.710 --> 00:33:56.330
according to an SEC filing.
531
00:33:56.950 --> 00:34:02.565
Oh, joy. Let's find out about this one. This is, from Bitcoin Magazine written by Nick Hoffman. JPMorgan
532
00:34:02.865 --> 00:34:05.445
Chase, the largest bank in America has revealed exposure
533
00:34:05.825 --> 00:34:09.045
to spot Bitcoin exchange traded funds in a newly filed document.
534
00:34:09.650 --> 00:34:15.990
The SEC filings by JPMorgan Chase provide specific insights into the bank's exposure to spot ETFs,
535
00:34:16.370 --> 00:34:17.350
bitcoin ETFs.
536
00:34:17.925 --> 00:34:19.545
The bank currently has exposure
537
00:34:20.005 --> 00:34:27.625
to spot bitcoin ETFs issued by some of the largest asset managers in the world BlackRock, Fidelity, Grayscale, and more.
538
00:34:28.310 --> 00:34:32.490
Though the amount of money allocated to each ETF seems a bit
539
00:34:33.030 --> 00:34:33.530
underwhelming
540
00:34:33.910 --> 00:34:35.290
oh gee who could have guessed
541
00:34:35.590 --> 00:34:36.650
Taking into consideration
542
00:34:37.375 --> 00:34:42.355
how much money other institutions are allocating to purchase Bitcoin and that's because
543
00:34:44.255 --> 00:34:44.995
JPM, Susquehanna
544
00:34:46.000 --> 00:34:49.460
and others are just market makers and or
545
00:34:49.760 --> 00:34:50.260
AEPs.
546
00:34:51.120 --> 00:34:51.860
Their ownership
547
00:34:52.640 --> 00:34:53.380
isn't necessarily
548
00:34:54.095 --> 00:34:55.795
indicative of anything other
549
00:34:56.175 --> 00:34:59.234
than this is how many shares they had on
550
00:34:59.615 --> 00:35:01.395
threethirty one of 24,
551
00:35:01.695 --> 00:35:04.230
commented Bloomberg ETF analyst James Seifert,
552
00:35:05.330 --> 00:35:10.790
If you are making markets in these things, the number of shares held could swing heavily day to day.
553
00:35:11.095 --> 00:35:11.835
The 13
554
00:35:12.455 --> 00:35:16.395
f filing data is simply a snapshot of long positions
555
00:35:17.015 --> 00:35:19.115
held on the date of 3/31.
556
00:35:20.010 --> 00:35:27.870
13 f's don't show shorts or derivatives, so we don't even have a full look at their true exposure on 3 of 31
557
00:35:28.410 --> 00:35:29.230
or, well,
558
00:35:30.335 --> 00:35:32.994
the 31st day of the 3rd month of 2024.
559
00:35:33.934 --> 00:35:37.075
Bloomberg senior ETF analyst Eric Balchunas
560
00:35:37.535 --> 00:35:39.395
also commented stating, quote,
561
00:35:39.760 --> 00:35:46.580
we'll probably see many of the big banks report some holdings in their role as market makers slash APs.
562
00:35:47.280 --> 00:35:48.260
That is different
563
00:35:48.994 --> 00:35:54.375
from them buying for the exposure and thus less hypocritical in JPM's case.
564
00:35:54.755 --> 00:35:59.500
Props for catching this though, we still working on getting the filing on BBG.
565
00:36:00.440 --> 00:36:01.580
It just came out.
566
00:36:02.360 --> 00:36:07.495
Further quote, what is notable in my opinion is the sheer number of holders
567
00:36:08.275 --> 00:36:10.615
that each has so far.
568
00:36:11.475 --> 00:36:11.975
Ibit
569
00:36:12.355 --> 00:36:13.255
has 250
570
00:36:14.035 --> 00:36:14.535
holders.
571
00:36:15.200 --> 00:36:16.740
That's bonkers for Q1
572
00:36:17.040 --> 00:36:19.060
on market, Balchunas continued.
573
00:36:19.760 --> 00:36:21.940
Here's a comparison of the other
574
00:36:22.375 --> 00:36:29.355
ETFs launched the same week ish, kinda, as BTC ones and we still have like a week of 13Fs
575
00:36:29.735 --> 00:36:30.955
to roll in yet.
576
00:36:31.330 --> 00:36:35.750
And he highlights that Fidelity, Bitwise, Arc 21 shares, and Ishares
577
00:36:36.370 --> 00:36:37.510
have 136,
578
00:36:39.010 --> 00:36:39.510
60,
579
00:36:40.405 --> 00:36:40.905
42
580
00:36:41.605 --> 00:36:42.425
and the aforementioned
581
00:36:43.285 --> 00:36:43.785
250
582
00:36:44.085 --> 00:36:44.585
holders.
583
00:36:45.045 --> 00:36:47.145
The rest of them are really
584
00:36:47.720 --> 00:36:51.579
real there's not very many holders in the rest of these things like
585
00:36:52.039 --> 00:36:55.660
oh CCM Global Equity ETF has one holder
586
00:36:56.404 --> 00:36:57.625
Roundhill Bitcoin
587
00:36:58.164 --> 00:37:00.585
Strategy ETF has 1 holder.
588
00:37:01.125 --> 00:37:01.625
Yieldmax
589
00:37:02.005 --> 00:37:03.305
Universe and ETFs,
590
00:37:04.085 --> 00:37:04.825
3 holders.
591
00:37:05.125 --> 00:37:06.790
I The next one up,
592
00:37:07.170 --> 00:37:08.790
Halamo CEF Incorporated,
593
00:37:09.090 --> 00:37:11.910
an arbiter ETF has 6 holders.
594
00:37:12.875 --> 00:37:13.375
Okay,
595
00:37:13.835 --> 00:37:22.690
so maybe that's the situation that's going on with Wells Fargo. We're not getting a full picture from their 13 f filing with the SEC.
596
00:37:23.390 --> 00:37:36.475
And we're Eryb Balchunas basically called it out right here as long as well as James Seyfert saying we really don't know what these things mean because these these things can swing on inter day trades and all you had was a snapshot
597
00:37:37.095 --> 00:37:42.670
of what was going on that one particular day. So we really don't know what the banks are holding
598
00:37:43.130 --> 00:37:45.230
but the fact that JPM
599
00:37:46.170 --> 00:37:47.069
or JPMorgan
600
00:37:47.450 --> 00:37:47.950
Chase
601
00:37:48.410 --> 00:37:49.069
is holding
602
00:37:49.775 --> 00:37:50.275
anything.
603
00:37:51.215 --> 00:37:53.075
Makes me wonder if Jamie Dimon
604
00:37:54.175 --> 00:37:58.275
really hates Bitcoin as much as he says he does or if he really does
605
00:37:58.799 --> 00:38:07.460
whether or not he's chewing somebody's ass out because he they did what he told him not to do. I don't really care because we're gonna move over to block.
606
00:38:08.244 --> 00:38:11.145
They are looking for mining development kit
607
00:38:11.445 --> 00:38:12.345
beta testers.
608
00:38:13.365 --> 00:38:16.744
Block is looking for individual developers and developer teams
609
00:38:17.270 --> 00:38:20.890
who are interested in building novel Bitcoin mining applications
610
00:38:21.350 --> 00:38:24.650
with its mining development kit, beta hardware and software.
611
00:38:25.110 --> 00:38:26.250
You need to apply
612
00:38:26.945 --> 00:38:28.405
before July 15th
613
00:38:29.105 --> 00:38:35.685
this year. Again, if you want to be a tester for the mining development kit for block, you gotta get your data in
614
00:38:36.380 --> 00:38:36.880
before
615
00:38:37.260 --> 00:38:38.480
July 15,
616
00:38:38.940 --> 00:38:39.440
2024.
617
00:38:40.460 --> 00:38:43.980
Quote, we're excited to announce the launch of our mining Bitcoin
618
00:38:44.715 --> 00:38:47.375
or sorry, our mining development kit,
619
00:38:47.995 --> 00:38:49.615
MDK beta program.
620
00:38:49.915 --> 00:38:51.295
As we begin to allocate
621
00:38:51.809 --> 00:38:58.789
a limited number of our first beta kits, we invite interested developers to submit their applications. Each MDK unit
622
00:38:59.170 --> 00:39:01.029
will consist of 3 hashboards
623
00:39:01.955 --> 00:39:02.775
equipped with
624
00:39:03.555 --> 00:39:04.615
105 nanometer
625
00:39:05.395 --> 00:39:05.895
bzm2asic
626
00:39:07.075 --> 00:39:07.575
chips
627
00:39:07.955 --> 00:39:10.775
and a controller board loaded with our custom firmware
628
00:39:11.410 --> 00:39:13.990
The system is expected to produce hash rates
629
00:39:14.290 --> 00:39:15.349
of up to 110
630
00:39:16.049 --> 00:39:16.549
terahashes
631
00:39:17.170 --> 00:39:19.829
with energy efficiency ranging from 27
632
00:39:20.474 --> 00:39:22.415
to 33 joules per terahash.
633
00:39:22.875 --> 00:39:27.694
I'm pausing to note that that is way less of an efficiency rating
634
00:39:28.200 --> 00:39:30.220
than the brand new s21
635
00:39:30.520 --> 00:39:31.560
minuteers that,
636
00:39:32.040 --> 00:39:34.460
Bitmain released a couple of weeks ago.
637
00:39:35.295 --> 00:39:40.755
I have I have yet to see any of those in the wild, so I don't know, but they were talking about 15
638
00:39:41.375 --> 00:39:43.795
joules per terahash, which is insane
639
00:39:44.690 --> 00:39:53.670
amounts of efficiency. So anyway, it will also include an API for seamless integration with various existing miner management software solutions that should
640
00:39:54.015 --> 00:39:54.515
enhance
641
00:39:54.815 --> 00:39:57.154
the performance and usability of our hardware.
642
00:39:57.615 --> 00:40:00.755
Each hash board is equipped with an embedded controller
643
00:40:01.280 --> 00:40:03.380
to allow more flexibility in controlling
644
00:40:03.760 --> 00:40:04.420
the ASICs.
645
00:40:05.040 --> 00:40:09.780
All the components are compatible with commonly available market options such as chassis,
646
00:40:10.415 --> 00:40:12.195
PSU, fans and cables
647
00:40:12.495 --> 00:40:13.715
said block. Note
648
00:40:14.335 --> 00:40:15.795
that the MDK hardware
649
00:40:16.175 --> 00:40:17.955
is early prototype hardware
650
00:40:18.450 --> 00:40:20.550
using a third party mining chip.
651
00:40:21.330 --> 00:40:31.555
Our eventual production mining system will use our own internally developed 3 nanometer mining chip which is expected to result in a much more performant system.
652
00:40:32.095 --> 00:40:32.595
Participants
653
00:40:33.295 --> 00:40:38.109
in the beta program will receive MDK hardware and software free of charge.
654
00:40:38.730 --> 00:40:44.015
Apply to MDK beta program here and they give a link. Is it easy?
655
00:40:44.315 --> 00:40:49.855
No. It's not an easy link to read, but it will be in the show notes because I put all of the links to the URLs,
656
00:40:50.700 --> 00:40:54.400
in the show notes for all of the stories that I read. So just go find the one,
657
00:40:54.700 --> 00:40:56.000
for no bs bitcoin.com
658
00:40:56.539 --> 00:40:59.920
about block and it will be there and you you can go sign up there.
659
00:41:00.605 --> 00:41:01.825
Free. This is free,
660
00:41:02.205 --> 00:41:06.465
but you got to get your shit in before July 15, 2024 But
661
00:41:07.325 --> 00:41:11.660
you could get some mining hardware to play around with. Anyway,
662
00:41:12.440 --> 00:41:16.460
where are we at now? Oh, spirals. We're still kind of on block.
663
00:41:17.320 --> 00:41:19.715
Spiral has renewed the grant
664
00:41:20.175 --> 00:41:23.155
for the summer of Bitcoin initiative. Thank God.
665
00:41:23.455 --> 00:41:27.315
Summer of Bitcoin is a global online summer internship program
666
00:41:27.750 --> 00:41:28.730
focused on introducing
667
00:41:29.030 --> 00:41:30.090
university students
668
00:41:30.550 --> 00:41:33.130
to open source Bitcoin development
669
00:41:33.510 --> 00:41:34.330
and design.
670
00:41:36.345 --> 00:41:36.845
Quote,
671
00:41:37.465 --> 00:41:46.720
grant renewal, a major educational initiative that we've been supporting summer of Bitcoin since a voice from the nameless ruins behind our office made us choose
672
00:41:47.180 --> 00:41:49.040
between backing summer of Bitcoin
673
00:41:49.420 --> 00:41:52.880
or enduring a lifetime of all food having the texture
674
00:41:53.355 --> 00:41:54.095
of oysters.
675
00:41:56.235 --> 00:42:00.575
Interns who go through the program contribute to Bitcoin projects of their choosing,
676
00:42:01.010 --> 00:42:03.349
with some even becoming mentees themselves.
677
00:42:03.809 --> 00:42:06.230
New projects are arriving all the time.
678
00:42:06.690 --> 00:42:07.829
Know an up and coming
679
00:42:08.770 --> 00:42:13.935
Bitcoin or looking for a start? Looking for one for yourself? Well, go to summer of bitcoin.org.
680
00:42:14.875 --> 00:42:16.335
That's summer of bitcoin.org.
681
00:42:17.490 --> 00:42:17.990
Summerofbitcoin.org.
682
00:42:20.930 --> 00:42:23.830
Thank you Spiral BTC for your continued support.
683
00:42:24.450 --> 00:42:31.694
That same voice had left us two choices. It was either enable university students to contribute to open source Bitcoin
684
00:42:31.994 --> 00:42:35.660
or endure a lifetime of cosmic banana peel calamities,
685
00:42:36.120 --> 00:42:38.060
says Summer of Bitcoin in response.
686
00:42:38.440 --> 00:42:39.180
The humor
687
00:42:39.480 --> 00:42:40.300
has me
688
00:42:40.840 --> 00:42:42.780
riddled. I'm in stitches.
689
00:42:43.565 --> 00:42:45.345
Now final one up for today.
690
00:42:46.205 --> 00:42:46.705
Utreexodbeta
691
00:42:48.605 --> 00:42:49.505
is now available
692
00:42:50.045 --> 00:42:51.665
for general public testing.
693
00:42:52.410 --> 00:42:52.910
Utreexod
694
00:42:54.650 --> 00:42:58.030
is a full node Bitcoin implementation with support for utreex0
695
00:42:58.730 --> 00:42:59.230
accumulators.
696
00:43:00.195 --> 00:43:02.455
It enables immediate node bootstrap
697
00:43:02.835 --> 00:43:04.055
by having the UTXO
698
00:43:04.595 --> 00:43:06.775
state hard coded into the codebase
699
00:43:07.555 --> 00:43:09.415
uses a tiny amount of memory
700
00:43:09.760 --> 00:43:12.020
and has a low disk input
701
00:43:12.400 --> 00:43:13.619
output. Quote,
702
00:43:14.240 --> 00:43:14.740
utreexod,
703
00:43:15.680 --> 00:43:17.940
a full node implementation with utreex0
704
00:43:18.714 --> 00:43:24.015
accumulator support is now available for general testing by the public, announced Calvin Kim
705
00:43:24.395 --> 00:43:27.775
to the Bitcoin Dev mailing list. Quote, it's important to note
706
00:43:28.540 --> 00:43:29.760
that the code and protocol
707
00:43:30.140 --> 00:43:32.240
is not peer reviewed.
708
00:43:32.940 --> 00:43:34.960
Using the node for production usage
709
00:43:35.345 --> 00:43:38.725
or for non negligible amounts of Bitcoin is not
710
00:43:39.585 --> 00:43:40.405
not not recommended.
711
00:43:41.345 --> 00:43:43.285
There will also be breaking changes
712
00:43:43.990 --> 00:43:46.250
requiring frequent updates as well.
713
00:43:46.790 --> 00:43:47.290
Utrixod
714
00:43:48.150 --> 00:43:50.010
is also based off of BTCD,
715
00:43:50.955 --> 00:43:52.415
a Bitcoin node implementation
716
00:43:52.715 --> 00:43:53.455
in Go.
717
00:43:53.995 --> 00:43:56.735
Because of this, there may be consensus incompatibilities
718
00:43:57.515 --> 00:43:59.455
either as a result of the BTCD
719
00:44:00.155 --> 00:44:00.655
bug
720
00:44:01.020 --> 00:44:01.840
or a Bitcoin
721
00:44:02.140 --> 00:44:04.080
Core bug. Also note
722
00:44:04.460 --> 00:44:06.320
that there are not many uTreeXO
723
00:44:06.700 --> 00:44:11.095
nodes on the network. It may take a while for the node to find a utreex0
724
00:44:11.555 --> 00:44:13.575
node that it can sync off of.
725
00:44:14.035 --> 00:44:19.940
To help bootstrap the network, consider running an archival node or a bridge node, said the developer.
726
00:44:20.319 --> 00:44:29.125
Huge thanks to the Human Rights Foundation for funding my work for this release. Without the support, I wouldn't have been able to focus on u three x o,
727
00:44:29.425 --> 00:44:32.725
he added. And this is Calvin Kim again. Key features,
728
00:44:33.345 --> 00:44:38.270
the implementation of efficient u three x o accumulators with an improved deletion
729
00:44:38.730 --> 00:44:39.230
algorithm
730
00:44:39.850 --> 00:44:40.830
from the utreex0
731
00:44:41.450 --> 00:44:41.950
paper.
732
00:44:42.490 --> 00:44:46.395
Efficient peer to peer transaction relay with support for cashing Utreexo
733
00:44:46.695 --> 00:44:47.195
proofs
734
00:44:47.575 --> 00:44:48.955
for mempool transactions,
735
00:44:49.495 --> 00:44:51.435
quick sync to the tip of the blockchain
736
00:44:51.815 --> 00:44:53.355
with assume Utreexo,
737
00:44:54.260 --> 00:44:56.920
built in wallet support with BDK wallet,
738
00:44:57.220 --> 00:45:01.240
and Electrum personal server support for usage with other wallets.
739
00:45:01.704 --> 00:45:02.605
So uTrex0
740
00:45:02.984 --> 00:45:04.925
is just an ability to get
741
00:45:05.625 --> 00:45:08.204
a new Bitcoin node off the ground
742
00:45:08.825 --> 00:45:09.325
quickly.
743
00:45:10.930 --> 00:45:12.150
It assumes
744
00:45:12.530 --> 00:45:14.790
that's what the assume UTreeXO is.
745
00:45:15.330 --> 00:45:16.150
It assumes
746
00:45:17.305 --> 00:45:20.525
that just a few blocks back are valid
747
00:45:21.225 --> 00:45:24.525
and then boom it gets those blocks you're off to the races.
748
00:45:24.985 --> 00:45:25.805
When I
749
00:45:26.630 --> 00:45:29.450
started up my brand new node on my start 9,
750
00:45:30.070 --> 00:45:30.730
it took
751
00:45:31.190 --> 00:45:32.730
about a day and a half,
752
00:45:33.430 --> 00:45:37.275
maybe like a full day because it was syncing the blockchain
753
00:45:37.575 --> 00:45:39.915
all the way back from the genesis block
754
00:45:40.215 --> 00:45:40.955
and revalidating
755
00:45:41.415 --> 00:45:42.315
every transaction
756
00:45:42.990 --> 00:45:47.810
in every block all the way up to the chain tip. And then and only then
757
00:45:48.270 --> 00:45:52.690
would the node actually start up and run where I could run a wallet
758
00:45:53.055 --> 00:46:01.555
or fire up a lightning network node? You're not firing up a lightning network node unless you have a Bitcoin full node that is running.
759
00:46:02.150 --> 00:46:05.370
Running is different than it syncing.
760
00:46:05.750 --> 00:46:08.730
While it's syncing, it's not actually in runtime.
761
00:46:09.395 --> 00:46:14.455
It's in sync time. It's just getting the blocks and making sure everything is copacetic.
762
00:46:15.395 --> 00:46:19.049
Only after it does the entire blockchain which for depending
763
00:46:19.510 --> 00:46:20.170
on how
764
00:46:20.470 --> 00:46:24.170
beefy your internet connection and or processor is
765
00:46:25.029 --> 00:46:31.255
that determines how long it takes to get a node up and running. When I did my first node, it took 3 days
766
00:46:31.875 --> 00:46:33.575
to do the Bitcoin core node.
767
00:46:34.115 --> 00:46:40.330
And then I took I took my node down for, like, a couple of weeks. Actually, I think it was I think it was down for a good 6 weeks.
768
00:46:40.870 --> 00:46:44.730
And when I got back, I had to wait for at least a couple of hours
769
00:46:45.385 --> 00:46:47.325
for it to sync back to ChainTip.
770
00:46:47.705 --> 00:46:48.205
With
771
00:46:54.330 --> 00:46:58.030
blocks and you can at least get the rest of your stuff set up.
772
00:46:58.410 --> 00:46:58.910
Electrum
773
00:46:59.370 --> 00:47:03.070
or Electris, you could do like a Bitcoin node
774
00:47:03.755 --> 00:47:08.255
or by or I mean a lightning network node, you could do a couple of other stuff.
775
00:47:09.515 --> 00:47:10.015
So
776
00:47:11.250 --> 00:47:12.950
There there you go, right? So
777
00:47:13.330 --> 00:47:17.350
if you want to kind of help these guys out you might want to consider testing.
778
00:47:17.795 --> 00:47:18.775
It is UTRIXOD,
779
00:47:19.795 --> 00:47:23.575
it is in beta, and it is available for general public testing.
780
00:47:24.115 --> 00:47:25.815
That's gonna do it for the morning roundup.
781
00:47:36.325 --> 00:47:37.465
Dad says jokes.
782
00:47:38.325 --> 00:47:42.025
My friend Jack claims he can communicate with vegetables.
783
00:47:43.560 --> 00:47:45.580
Turns out Jack and the beans talk.
784
00:47:46.680 --> 00:47:47.660
Alright. So,
785
00:47:48.760 --> 00:47:49.820
the bank news.
786
00:47:50.734 --> 00:47:54.914
Basically underwhelming, but we still don't know exactly what they've got up their sleeves.
787
00:47:55.295 --> 00:47:56.275
Roaring Kitty,
788
00:47:56.575 --> 00:47:59.315
we're gonna have to actually see why he's back.
789
00:47:59.750 --> 00:48:06.170
I think the initial this whole initial the 9 stops of trading this morning on stuff like GameStop and AMC,
790
00:48:06.994 --> 00:48:11.815
I think that was basically a whole bunch of people who are making an assumption
791
00:48:12.595 --> 00:48:15.575
that Roaring Kitty is talking about GameStop again.
792
00:48:16.020 --> 00:48:18.360
I got a sneaky suspicion that he isn't.
793
00:48:18.660 --> 00:48:20.200
I totally can be wrong,
794
00:48:20.580 --> 00:48:24.600
but I'm looking for him to start saying something else.
795
00:48:24.965 --> 00:48:26.345
And I get the feeling
796
00:48:27.125 --> 00:48:28.505
given the experience
797
00:48:28.885 --> 00:48:29.865
that he had
798
00:48:30.165 --> 00:48:31.705
through 2020, 2021
799
00:48:32.990 --> 00:48:42.530
that and the fact that he hasn't been back in 3 years that he may have been studying on something else. Because I really think the GameStop thing is kinda played out.
800
00:48:42.895 --> 00:48:46.115
Again, totally could be wrong. But it would be interesting
801
00:48:47.695 --> 00:48:48.915
if Roaring Kitty
802
00:48:49.535 --> 00:48:51.555
is seeing something more structural
803
00:48:52.350 --> 00:48:54.530
and is gonna play that one off
804
00:48:55.150 --> 00:49:00.290
Because it's all a game whether it's gay. I mean, I don't think the game controller meant Gamestop.
805
00:49:01.165 --> 00:49:04.785
I think it means he's about to game something else. So
806
00:49:05.245 --> 00:49:06.225
be on the lookout
807
00:49:07.005 --> 00:49:07.505
for
808
00:49:08.099 --> 00:49:11.000
that shit going on, and I will see you on the other side.
809
00:49:11.940 --> 00:49:19.695
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.
810
00:49:20.315 --> 00:49:21.535
Have a great day.