Fearchain | Bitcoin News

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Created: 10/27/2025 18:06:48
Duration: 3741.806
Channels: 1
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It is 09:30AM
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Pacific Daylight Time.
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It's the October
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2025,
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and this is episode eleven ninety eight
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of Bitcoin and only two
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episodes away from 1,200.
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Wow. Kind of interesting when think about it that way. Alright. So what else is interesting today? Well, you're here for all the news that you can use and more about Bitcoin
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and worldwide economics, and we've got some.
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Trump,
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hey. He's got an SEC
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pick.
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Well, he's got actually, he's got a CFTC pick coming out of the Securities and Exchange Commission.
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Mt.
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Gox.
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You thought it was over.
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Maybe not. Then we're gonna go over to the Far East
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to our friends in Japan who have launched the JPYC.
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We'll we'll we'll talk about it. And then
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India,
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a court case
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okay. I gotta warn you about this one. Okay? It's a court case in India.
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I'm bringing it to you because it has
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major ramifications
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for, like, what,
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a billion people or so? I can't remember what the population of India is, but it's
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clearly substantial. And India's always been kinda waffling on what they think about crypto.
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And that,
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they're going to include Bitcoin in that even though we all know that Bitcoin is not crypto.
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The problem that you need to watch out for is that this is not going to be a story about Bitcoin.
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It in fact, the court case is
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specifically
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well, it's about Ripple
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and XRP.
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And I know I I get it. But the import of this particular court case for the billion or so, you know, people in India,
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it's important enough that I'm going to I have to relax my little rule about
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not covering
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shit coins. I'm gonna have to cover this one because
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because of what it means.
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Then, thankfully,
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thank god,
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we're gonna be able to get back to Bitcoin and Lightning Network with the advancements in Bitcoin and Lightning wallets. It's a report that's been put out by OpenSats.
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They're the guys that fund a lot of open source development through grants,
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and they have a report as to what things have changed in certain projects, like, you know, Bitcoin safe and
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Blitz Wallet and clams and and a whole bunch of other stuff. So we'll get into that one. And then a BIP four four four
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seems to be well, we'll talk about it. It's it's gonna be important.
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Leaden will be in the news,
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and China
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is actually in the news. Apparently, they're very good at mining Bitcoin.
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I thought it was banned, but, oh, well. We'll we'll get to it at the end of the show. Trump
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has picked
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Securities and Exchange
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Commission crypto counsel,
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Michael Sellig,
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to lead
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the CFTC,
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that's the Commodity Futures
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Trading Commission.
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President Trump has selected Selig, chief counsel for the Securities and Exchange Commission's crypto task force,
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to chair the CFTC.
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The nomination first reported by Bloomberg
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marks Trump's second attempt
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to fill the CFTC's
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top post
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following the stalled nomination
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of Brian
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Quintenz
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I can't pronounce it. A a 16
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z crypto's,
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global policy chief amid opposition from Gemini cofounder Tyler Winklevoss.
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Selig, who serves as an aide to
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SEC chairman Paul Atkins,
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has been instrumental
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in coordinating
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regulatory approaches between the c e or the c
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SEC
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and the CFTC
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on financial and crypto market oversight.
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The CFTC,
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which regulates futures, swaps,
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and prediction markets, is gaining greater prominence
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as congress considers new crypto market structure
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legislation.
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Before joining the SEC, he was a partner at Wilkie Farr and Gallagher,
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specializing in asset management.
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And, of course, Selig's appointment will require
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confirmation from the senate.
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I'm sure everything will be fine.
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President Trump also recently granted a full pardon
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to Binance founder, Changpeng Zhao, calling his prosecution part
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of the prior administration's
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war on cryptocurrency.
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I have no idea
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why they go into talking about
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CZ in this
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in this, news story. So
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we've already covered it, and there's no reason to cover it again.
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So we're gonna have a quote unquote crypto friendly
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CFTC
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chair if
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the senate confirmation,
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you know, goes in favor of getting this guy in.
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What'll it do?
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I don't know. I I honestly think
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that the SEC and the CFTC
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will have
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a really good bridge between the two
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the two institutions, for lack of a better term,
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because of this guy.
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And he's I don't know. I mean, he's yeah. I know it's the word is crypto, but,
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yeah, Trump's administration seems to be, you know,
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okay with with the whole crypto thing, and it seems like it's just keeps on moving along. All I really want is for
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The United States to actually buy Bitcoin in some kind of budget neutral way instead of taking it from people. That's the news I keep waiting for, and I keep waiting and waiting and waiting. But
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be that as it may,
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this could be good news. The if there's a solid bridge,
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like a good communications
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channel between the CFTC and the SEC
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on Bitcoin,
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then, well,
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I it it like I said, it could be good.
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I I mean, I
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obviously, anything could be bad, but I think it'll be good. I think it'll be okay. But we'll have to wait and see. And then, Mt. Gox,
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oh, boy.
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Joy of joys, Mt. Gox has pushed the repayments to 2026
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as the decade long saga now
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drags on
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even longer.
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Adrian Zmunksy
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writing for Cointelegraph.
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One of the world's first crypto exchanges, the now defunct Bitcoin exchange, Mt. Gox, has, again,
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postponed repayments to creditors,
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this time for one year until October
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2026.
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According to a Monday announcement,
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Mt. Gox postponed
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the customer repayments
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to that date. And the notice just came
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four days
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before its 10/31/2025
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deadline. Because if you didn't listen to me talk about it, at least I was either last week or the week before
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I brought this to you that we were finally going to put Mount Gox to bed.
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No. I spoke too soon.
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I had no idea that this was even on the table,
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but
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here we are. We've got another
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year of FUD
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coming for us. Every single time these idiots move a coin, every single time somebody signs a message from these Mt. Gox wallets,
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you're going to hear about it in all the major news outlets, and everybody's gonna run screaming, and it's gonna send prices crashing
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every single time they do this shit. It's just I I honestly think they keep Mt. Gox in their back pocket
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for a really good shakedown
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of the Bitcoin markets when it gets too hot.
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I at this point, there's no reason that these creditors
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can't be repaid in full. They don't need to push it back a year, but here we are. According to the announcement,
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the trustee said that while most base
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early lump sum
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and intermediate repayments
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have actually been completed for creditors who filled out the necessary paperwork,
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many others have yet to receive funds, quote, as it is desirable to make the repayments to such rehabilitation creditors to the extent reasonably
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practicable,
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the rehabilitation
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trustee, with the permission of the court, has changed the deadline according to the announcement.
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And then they go through the history of
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Mt. Gox.
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But then there's the question
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later on in this story that says, will Mt. Gox cause a sell off?
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And then it goes on to say, the large amount of Bitcoin to be redistributed
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was long viewed with fear by market participants,
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some of whom expected
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it to lead to a significant sell off. Still, not everyone shared such a pessimistic view of the event.
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According to Arkham Intelligence,
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Mt. Gox still holds
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about 35,000
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Bitcoin worth about $4,000,000,000.
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This represents a decrease of over 75%
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from the 142,000
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BTC it held mid twenty twenty four.
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So most of this stuff has already been paid.
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And yet,
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I guarantee it,
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about six months into the new year, you're gonna start hearing
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about, oh my god, Mt. Gox repayments are coming up. And then boom,
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price fluctuations.
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The traders live off of volatility. They're gonna get what they want. Shorts will be shorted. Longs will be longed. It's gonna be a mess. And it's all because these people absolutely refuse
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to complete their fiduciary commitment
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to the creditors of Mt. Gox.
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At this point, it's actually, it's been ridiculous before. But at this point, we are
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now 100%
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into the realm of
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malfeasance.
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It is the absolute
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worst
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type of feces.
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There's misfeasance.
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There's feasons. There's malfeasance. There's one other feces. But malfeasance is the absolute worst. It means to cause harm with intent.
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And that's exactly what's going on here. There is no reason this should be dragged out
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this long.
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Let's stay in Japan
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for
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Japanese yen stablecoin,
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which is Asia's
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only truly global
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fiat pegged token according to Sam Reynolds
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out of
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CoinDesk.
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Japan has done what its Asian peers can't,
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launch a stablecoin that could be circulated globally.
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Japan's
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JPYC
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announced today the world's first yen pegged stablecoin,
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a fully redeemable digital yen backed by domestic deposits and Japanese government bonds.
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The stablecoin issuer said that it won't charge a transaction fee and instead generate revenue
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from interest
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on the holdings of the Japanese
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government
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bonds.
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Good luck.
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Here here's what makes it stand out from regional peers.
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Unlike the Korean won or the Taiwan dollar, which are both onshore currencies by local law,
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Japan's yen is freely convertible and can be used offshore.
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Following reforms in the nineteen eighties
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that dismantled Japan's postwar capital controls,
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the yen became fully usable outside of the country through the euro yen market where global banks and investors borrow, lend, and trade the currency with no restrictions.
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Unlike
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South Korea's won, which remains confined to onshore use only
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under strict foreign exchange controls designed to limit offshore speculation
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and preserve monetary stability.
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There's a reason why the yen is one of the world's most traded currencies.
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Seoul's policy
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for the won preserves monetary control but leaves little room for a global stablecoin to breathe.
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A won back token would be limited to white listed Korean users and mostly
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domestic settlements making it a niche
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product in a market where instant
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free interbank transfers already exist.
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And Taiwan faces a similar bind.
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Its dollar is technically convertible, but not used offshore.
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Taipei's stablecoin framework introduced in June
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mandates full onshore reserves and central bank reporting to prevent cross border leakage.
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An NTD stablecoin
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could exist,
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but only
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on the island,
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stripped of all global liquidity
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that gives stablecoins
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their purpose.
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Hong Kong might be the exception.
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The HKD is pegged to the US dollar within a band, and no restrictions exist on its use offshore.
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Effectively, in itself, it is a stablecoin, so one might wonder
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why you wouldn't just use a US dollar stablecoin instead.
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The Bank of Japan's openness
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to the global use of its currency is precisely
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what gives a yen stablecoin
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real world utility beyond Japan's domestic payments ecosystem.
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With interest rates rising and Japanese government bonds yielding more than 3% on the long end,
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the launch couldn't come at a better time. JPYC
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doesn't need to charge fees
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00:14:10.410 --> 00:14:19.709
or chase speculative yields of its stablecoin as it can operate sustainably off the interest earned on its JGB reserves.
257
00:14:20.570 --> 00:14:26.905
Pausing to say that depends on whether or not these yields stay stable. And there's no guarantee
258
00:14:27.525 --> 00:14:30.825
that we don't see some roiling in the markets later on,
259
00:14:31.685 --> 00:14:35.225
but we gotta wait and see what the hell happens with the Fed meeting
260
00:14:35.685 --> 00:14:47.490
later on. And that should happen anytime now, honestly. I think it's on the twenty ninth is their meeting when they're gonna figure out what they're gonna do with the interest rate. Oh, and by the way, 98%
261
00:14:47.490 --> 00:14:48.710
people on
262
00:14:49.035 --> 00:14:52.975
prediction markets are betting that we will get a point 25%,
263
00:14:53.675 --> 00:14:54.175
decrease
264
00:14:55.435 --> 00:15:02.815
in the federal funds rate. So just keep that in mind, and and it's coming. Which means that you'll probably see a drop in the Bitcoin price
265
00:15:03.530 --> 00:15:06.190
the morning before or the day before
266
00:15:06.970 --> 00:15:14.270
that Federal Reserve announcement comes out. That seems to just always be what happens, so watch for that coming up.
267
00:15:14.730 --> 00:15:19.955
Now the daily global FX trading volume averages around $7,000,000,000,000,
268
00:15:19.955 --> 00:15:22.435
reaching a record high of $9,600,000,000,000
269
00:15:22.435 --> 00:15:25.015
per day in April according to BIS.
270
00:15:26.195 --> 00:15:28.055
As of April, the USD,
271
00:15:28.435 --> 00:15:31.235
United States dollar, was involved in 89%
272
00:15:31.235 --> 00:15:36.870
of all trades, while the Japanese yen featured in 16.85%,
273
00:15:37.490 --> 00:15:38.709
making the USDJPY
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00:15:39.569 --> 00:15:43.029
pair one of the most actively traded currency pairs worldwide.
275
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With both The US and Japan now regulating fiat pegged stablecoins,
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there is strong potential
277
00:15:51.695 --> 00:15:54.035
for a thriving on chain USD
278
00:15:54.415 --> 00:15:54.915
JPY
279
00:15:55.295 --> 00:15:58.275
market pairing dollar and yen pegged stablecoins.
280
00:15:59.399 --> 00:16:03.339
Such a pool would bring one of the world's most traded currency pairs
281
00:16:03.720 --> 00:16:04.699
onto decentralized
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rails linking two
283
00:16:07.319 --> 00:16:08.300
fully reserved
284
00:16:08.759 --> 00:16:09.259
regulated
285
00:16:09.879 --> 00:16:11.100
fiat tokens.
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00:16:11.560 --> 00:16:14.699
If both sides gain liquidity and redemption depth,
287
00:16:15.195 --> 00:16:16.655
it could form the backbone
288
00:16:17.195 --> 00:16:18.015
of Asian
289
00:16:18.395 --> 00:16:21.455
crypto settlement and mark the start of a true multicurrency
290
00:16:21.915 --> 00:16:23.055
stablecoin economy.
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All this considered,
292
00:16:25.115 --> 00:16:28.095
one has to wonder if there's a demand for this.
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00:16:28.770 --> 00:16:31.430
Euro stablecoins have existed for some time.
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The currency is designed to be supernational
295
00:16:34.530 --> 00:16:39.270
and used beyond the borders, but the market cap for the largest is tiny.
296
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The yen may have the legal clarity
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00:16:42.685 --> 00:16:43.425
and convertibility
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00:16:43.805 --> 00:16:56.385
that others lack, but whether global traders actually want another fiat backed token beyond the dollar is still an open question. I'm gonna answer it for you. It's going to it's going to be a wild success.
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The USD
300
00:16:58.600 --> 00:16:59.660
Japanese yen
301
00:17:00.040 --> 00:17:01.020
trading pair
302
00:17:01.640 --> 00:17:03.660
has been a massive thing
303
00:17:04.040 --> 00:17:05.020
in worldwide
304
00:17:05.480 --> 00:17:06.540
global trade.
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00:17:07.080 --> 00:17:20.995
Worldwide global is sorry. I've said the same thing twice. In global trade, whether it's foreign exchange markets or if it's, like, the actual trade of physical goods, the USD Japanese yen pair
306
00:17:21.455 --> 00:17:22.755
is an extraordinarily
307
00:17:23.855 --> 00:17:24.355
important
308
00:17:24.735 --> 00:17:27.315
currency pair and has been
309
00:17:28.420 --> 00:17:30.840
for a very, very long time.
310
00:17:31.860 --> 00:17:35.720
Probably since the late seventies is when it really,
311
00:17:36.260 --> 00:17:46.075
really started to get some traction. But throughout the eighties, when when everybody thought that Japan was going to take over all electronics manufacturing in the world, and and
312
00:17:46.375 --> 00:17:47.755
they they might have,
313
00:17:48.855 --> 00:17:52.075
that's when that currency pair really took off.
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00:17:52.375 --> 00:17:52.875
If
315
00:17:53.669 --> 00:17:57.690
these people don't think that there's not going to be a market
316
00:17:58.070 --> 00:17:59.610
for a Japanese yen
317
00:18:00.230 --> 00:18:01.529
fiat pegged stablecoin,
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00:18:02.149 --> 00:18:11.355
whether or not I like it or not, and I I don't. I'm I'm I'm I act well, actually, it's not that I don't like it. I just don't care. I I don't need this crap.
319
00:18:11.975 --> 00:18:17.995
But, apparently, other people do. We can tell that by Tether. We can tell that by a couple of other things. But
320
00:18:18.710 --> 00:18:20.010
this is going to be
321
00:18:20.310 --> 00:18:21.530
a wild success.
322
00:18:22.230 --> 00:18:33.450
Does that and and some people will get very, very rich trading this thing, but some people are going to have all of their lunch money stolen from them by the bully on the playground after he beats their ass into the ground
323
00:18:33.805 --> 00:18:36.545
and just takes their money from him because, hey,
324
00:18:37.245 --> 00:18:38.945
you're trading you're trading.
325
00:18:39.725 --> 00:18:45.905
Whether you're trading crap or you're trading equities, which is also crap, or you're trading gold, which is trading shine a little rocks,
326
00:18:46.309 --> 00:18:50.010
Some most people are going to have their lunch money taken from them.
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00:18:50.790 --> 00:18:51.530
My advice,
328
00:18:52.309 --> 00:18:53.450
just buy Bitcoin
329
00:18:53.990 --> 00:18:55.130
and hold Bitcoin.
330
00:18:55.830 --> 00:18:59.290
And you might wanna hold a big old jar of great ghee.
331
00:18:59.875 --> 00:19:01.955
That's right. Greatghee.com.
332
00:19:01.955 --> 00:19:04.755
That's greatghee.com.
333
00:19:04.755 --> 00:19:05.955
Greatghee.com,
334
00:19:05.955 --> 00:19:11.255
and you're gonna get, well, you're gonna get some great ghee. What the hell is it? It's clarified butter,
335
00:19:11.970 --> 00:19:16.950
and it's made by simmering butter for a long time to remove water,
336
00:19:17.410 --> 00:19:19.350
milk solids, and other impurities,
337
00:19:19.890 --> 00:19:20.950
leaving behind
338
00:19:21.490 --> 00:19:22.549
100%
339
00:19:22.770 --> 00:19:27.429
golden lactose free oil with a nutty flavor and high smoke point.
340
00:19:28.024 --> 00:19:29.325
Unlike regular butter,
341
00:19:29.625 --> 00:19:31.005
ghee is shelf stable
342
00:19:31.385 --> 00:19:34.765
and versatile for cooking, baking, and even skin care.
343
00:19:35.465 --> 00:19:36.845
It's not only the flavor,
344
00:19:37.705 --> 00:19:43.404
it's the shelf stability. What does it mean? It means you don't have to refrigerate it.
345
00:19:44.000 --> 00:19:53.460
Ghee, if it's done right, can sit on the shelf at room temperature, be opened and closed several times, and be just fine. Doesn't go rancid.
346
00:19:53.920 --> 00:19:59.300
It doesn't get mold. There's not enough water in it to get mold. See, that's why you make ghee.
347
00:20:00.684 --> 00:20:06.865
Months and months and months. And if you never open the ghee, like, you can keep that shit for, like, years.
348
00:20:07.884 --> 00:20:13.504
Once you open it, you're gonna wanna start, you know, using it, but it'll last for weeks on the shelf
349
00:20:13.900 --> 00:20:19.980
after you open and close it. So this is one of the reasons why ghee is really it it it's an
350
00:20:21.100 --> 00:20:28.800
it's a great human invention when it comes to food preservation. And if you like butter, you're gonna love ghee.
351
00:20:29.155 --> 00:20:31.955
Use the code Bitcoin and at greatghee.com.
352
00:20:31.955 --> 00:20:33.495
That's greatghee.com.
353
00:20:33.795 --> 00:20:35.735
That way, mister ghee,
354
00:20:36.755 --> 00:20:50.670
first name great, will be able to understand that I made the sale for him here on the Circle p. It's where I bring plebs just like you with goods and services to plebs just like you that want to buy said goods and services. But you're gonna buy it in Bitcoin because if you're not selling
355
00:20:51.050 --> 00:20:58.164
your goods and services in Bitcoin, you ain't in the Circle p. That's the way it works. That's the way we want it.
356
00:20:59.505 --> 00:21:00.645
Was Wazir
357
00:21:01.345 --> 00:21:01.845
WazirX?
358
00:21:02.945 --> 00:21:03.445
WazirX?
359
00:21:03.825 --> 00:21:05.605
Is that how you pronounce it? WazirX
360
00:21:06.385 --> 00:21:07.924
is barred from redistributing
361
00:21:09.270 --> 00:21:09.770
XRP
362
00:21:11.270 --> 00:21:13.770
as Indian court affirms crypto
363
00:21:14.950 --> 00:21:15.450
as
364
00:21:15.830 --> 00:21:16.330
property.
365
00:21:17.590 --> 00:21:23.930
Okay? This is why I'm bringing you this. Vismaya v is going to describe exactly what the hell is going on here.
366
00:21:24.495 --> 00:21:27.075
Forgive me for talking about XRP.
367
00:21:27.455 --> 00:21:31.235
Yes. It's a shitcoin. Yes. The people behind it are complete scammers.
368
00:21:31.615 --> 00:21:37.955
Yes. Nobody should have anything to do with this thing. But it just so happens that it was this pile of garbage
369
00:21:38.460 --> 00:21:41.679
that caused the Indian court to set precedence
370
00:21:42.460 --> 00:21:43.360
calling crypto
371
00:21:44.299 --> 00:21:44.799
property.
372
00:21:45.980 --> 00:21:52.640
Just keep that in mind, and please do me a favor and forgive me for getting into the depths of shit coinery that is XRP.
373
00:21:53.425 --> 00:21:55.765
The XRP holders scored a victory
374
00:21:56.865 --> 00:21:59.285
in India after a court ruled that cryptocurrencies
375
00:21:59.745 --> 00:22:01.285
qualify as property
376
00:22:01.825 --> 00:22:02.725
under law,
377
00:22:03.585 --> 00:22:08.405
marking one of the country's clearest legal acknowledgments of digital asset ownership.
378
00:22:09.289 --> 00:22:09.950
The Madras
379
00:22:10.490 --> 00:22:13.309
high court on Friday barred WazirX,
380
00:22:13.850 --> 00:22:16.669
India's largest crypto exchange, from redistributing
381
00:22:17.450 --> 00:22:18.270
a customer's
382
00:22:18.730 --> 00:22:19.789
3,500
383
00:22:19.850 --> 00:22:20.909
XRP holdings
384
00:22:21.304 --> 00:22:24.825
to offset losses from a $234,000,000
385
00:22:24.825 --> 00:22:26.205
hack that hit the platform
386
00:22:27.225 --> 00:22:28.924
in July.
387
00:22:29.705 --> 00:22:30.205
Justice
388
00:22:30.585 --> 00:22:31.645
n Anand
389
00:22:32.105 --> 00:22:32.605
Venkatesh
390
00:22:33.465 --> 00:22:36.765
said the user's XRP tokens purchased in January
391
00:22:37.519 --> 00:22:40.659
and unaffected by the incident could not be diluted
392
00:22:41.200 --> 00:22:43.299
under the exchanges, quote, socialization
393
00:22:43.760 --> 00:22:45.139
of losses plan.
394
00:22:45.600 --> 00:22:48.340
Quote, it is not a tangible property
395
00:22:48.799 --> 00:22:50.340
nor is it a currency,
396
00:22:50.880 --> 00:22:52.019
justice Venkatesh
397
00:22:52.320 --> 00:22:52.820
wrote.
398
00:22:53.195 --> 00:22:53.695
However,
399
00:22:54.555 --> 00:22:55.855
it is a property
400
00:22:56.475 --> 00:22:58.575
which is capable of being enjoyed
401
00:22:59.195 --> 00:22:59.935
and possessed
402
00:23:00.395 --> 00:23:01.695
in a beneficial
403
00:23:01.995 --> 00:23:02.495
form.
404
00:23:03.995 --> 00:23:10.460
The decision grants legal standing to crypto assets as property capable of ownership and protection under Indian law.
405
00:23:10.840 --> 00:23:14.380
It also establishes that assets held in custody by exchanges
406
00:23:14.680 --> 00:23:15.900
must be treated
407
00:23:16.520 --> 00:23:17.740
as client property
408
00:23:18.200 --> 00:23:21.500
held in trust. Quote, this clarity is very helpful.
409
00:23:22.015 --> 00:23:28.835
It strengthens consumer protections for crypto holders, affirms their rights as asset owners, and paves the way for clear regulatory
410
00:23:29.375 --> 00:23:30.115
and fiduciary
411
00:23:30.415 --> 00:23:33.955
frameworks in the crypto ecosystem of India. Sudhir
412
00:23:34.500 --> 00:23:35.000
Lakashmanajara,
413
00:23:36.180 --> 00:23:37.960
I butchered it, I'm sorry, founder
414
00:23:38.260 --> 00:23:40.440
of Digital South Trust told Decrypt.
415
00:23:41.060 --> 00:23:42.120
Justice Venkatesh
416
00:23:42.980 --> 00:23:46.120
noted the applicant had used the Wazirix
417
00:23:46.420 --> 00:23:46.920
platform
418
00:23:47.380 --> 00:23:48.680
through her mobile phone
419
00:23:49.165 --> 00:23:54.225
from her ordinary place of residence and was prevented from trading or liquidating her holdings
420
00:23:54.765 --> 00:23:55.265
established
421
00:23:55.725 --> 00:24:03.185
or establishing that crypto assets accessed within India fall under Indian court protections. Quote, together, these judgments
422
00:24:04.130 --> 00:24:09.510
stand among the first major Indian court decisions on cryptocurrency issues. They are foundational
423
00:24:09.890 --> 00:24:10.950
crypto jurisprudence.
424
00:24:12.130 --> 00:24:12.630
Vikram
425
00:24:13.010 --> 00:24:13.510
Subhashat
426
00:24:13.810 --> 00:24:14.310
Subaraj,
427
00:24:15.090 --> 00:24:15.590
CEO
428
00:24:16.130 --> 00:24:18.710
of Indian crypto exchange Goitis,
429
00:24:19.075 --> 00:24:19.895
told the crypt,
430
00:24:20.755 --> 00:24:22.055
quote, for all participants,
431
00:24:22.595 --> 00:24:23.095
exchanges,
432
00:24:23.475 --> 00:24:24.775
users, regulators,
433
00:24:25.395 --> 00:24:31.735
these are signals that the high-tech arena will be held to high standards of governments or governance
434
00:24:32.035 --> 00:24:33.655
and protection, he said.
435
00:24:34.120 --> 00:24:35.820
The court rejected WazirX's
436
00:24:36.520 --> 00:24:38.460
socialization of losses plan
437
00:24:39.000 --> 00:24:44.380
that the judge compared to, quote, a group insurance of a self help group.
438
00:24:45.000 --> 00:24:46.860
What? A group insurance
439
00:24:47.575 --> 00:24:48.395
of a self
440
00:24:48.775 --> 00:24:49.915
help group.
441
00:24:50.855 --> 00:24:53.915
Wow. Quote, the basis of such a proposition
442
00:24:54.615 --> 00:24:58.315
is not any term in the contractual framework between the parties
443
00:24:58.695 --> 00:24:59.835
making it unenforceable
444
00:25:00.455 --> 00:25:03.960
against Indian users justice Venkatesh ruled.
445
00:25:04.660 --> 00:25:09.400
The judge also rejected Wazir X's argument that its Singapore court approved restructuring
446
00:25:09.940 --> 00:25:14.760
automatically binds Indian users. Oh, I'll bet that pissed the court off.
447
00:25:15.300 --> 00:25:20.195
Hey. We got a judgment in another country, so it's binding to you guys. Oh oh, really?
448
00:25:20.735 --> 00:25:21.715
Oh oh, really?
449
00:25:22.895 --> 00:25:27.554
Yeah. That's that shit doesn't fly, dude. Anyway, the ruling adds to a growing body
450
00:25:28.230 --> 00:25:34.090
of Indian crypto jurisprudence that defines user protections amid the government's slow regulatory process.
451
00:25:34.790 --> 00:25:39.770
The case follows a Bombay high court decision rejecting similar loss sharing measures
452
00:25:40.255 --> 00:25:41.794
by something called BitCypher
453
00:25:42.174 --> 00:25:42.674
Labs.
454
00:25:43.054 --> 00:25:45.955
It also arrived on the same day that WazirX
455
00:25:46.255 --> 00:25:47.395
restarted operations
456
00:25:47.855 --> 00:25:50.015
with 95.7%
457
00:25:50.015 --> 00:25:51.075
creditor approval.
458
00:25:51.695 --> 00:25:59.850
Users have so far reported receiving only 30% of expected funds of expected funds amid locked accounts and customer verification delays.
459
00:26:00.549 --> 00:26:02.410
Crypto policy remains lopsided,
460
00:26:02.870 --> 00:26:07.850
strict on revenue collection with 30% levy and 1% TDS, but silent
461
00:26:08.415 --> 00:26:09.635
on investor rights
462
00:26:09.935 --> 00:26:11.875
or asset ownership rules.
463
00:26:12.495 --> 00:26:13.155
Quote, ultimately,
464
00:26:13.935 --> 00:26:19.155
courts have become the central stage where the future of digital value is debated, the judge wrote.
465
00:26:19.535 --> 00:26:21.555
Through each ruling, they are shaped
466
00:26:21.990 --> 00:26:25.610
a clear or shaping a clear picture of rights, responsibilities,
467
00:26:26.150 --> 00:26:28.410
and trust in the age of decentralization,
468
00:26:29.270 --> 00:26:35.050
where Zerex did not return decrypts request for comment. Yeah. I probably wouldn't either.
469
00:26:35.355 --> 00:26:39.535
So even though it's about XRP, it's it's about more than XRP.
470
00:26:40.315 --> 00:26:41.535
This precedent
471
00:26:41.995 --> 00:26:45.695
is is just as important for Bitcoin as it is for anything.
472
00:26:45.995 --> 00:26:46.495
Right?
473
00:26:47.275 --> 00:26:50.895
Because Bitcoin will now be regarded as property in India
474
00:26:51.409 --> 00:26:53.110
at the level of the high court.
475
00:26:53.570 --> 00:26:55.510
That is that's a first.
476
00:26:56.049 --> 00:26:59.990
Right? We've India has been flip flopping around on Bitcoin
477
00:27:00.610 --> 00:27:03.909
ever since I've been in this game. So what? 2015.
478
00:27:05.445 --> 00:27:14.184
It's legal. It's not. You can have it. You can't. Blah blah blah. I mean, it was back and forth back and forth. And this seems to be the very first time
479
00:27:14.725 --> 00:27:18.105
that the high court has actually said, you know what?
480
00:27:18.830 --> 00:27:20.290
Bitcoin is your property.
481
00:27:20.990 --> 00:27:23.410
Even though they're talking about XRP in this piece,
482
00:27:24.030 --> 00:27:26.530
Bitcoin is now officially property
483
00:27:27.150 --> 00:27:28.290
personal property
484
00:27:28.670 --> 00:27:31.565
that is legal to be held by the citizenry
485
00:27:32.345 --> 00:27:33.085
of India.
486
00:27:33.465 --> 00:27:36.684
That's about a billion people. Let's run the numbers.
487
00:27:46.940 --> 00:27:47.440
CNBC
488
00:27:47.740 --> 00:27:51.980
Futures and Commodities, they got Brent North Sea Oil up point 06%
489
00:27:51.980 --> 00:27:53.580
to $65.98.
490
00:27:53.580 --> 00:27:57.279
West Texas Intermediate is up a quarter to $61.66.
491
00:27:57.615 --> 00:28:00.015
Natural gas is up 3.12%
492
00:28:00.015 --> 00:28:01.375
to $3.40
493
00:28:01.375 --> 00:28:04.995
a thousand, and gasoline is up a quarter to a buck 92 a gallon.
494
00:28:05.375 --> 00:28:10.970
Murbaughn Crude is in the red. It's the only thing in energy in the red today. Point 94%
495
00:28:10.970 --> 00:28:11.710
of the downside,
496
00:28:12.330 --> 00:28:13.690
$68.26
497
00:28:13.690 --> 00:28:14.269
a barrel.
498
00:28:14.649 --> 00:28:15.870
Shiny metal rocks,
499
00:28:16.570 --> 00:28:21.149
getting kicked in the rocks. Palladium down 3.12%.
500
00:28:21.784 --> 00:28:24.605
Gold down 3.08.
501
00:28:24.745 --> 00:28:28.445
Peter Schiff cries as gold goes below 4,000
502
00:28:29.065 --> 00:28:32.125
only to pop back up like a bad habit,
503
00:28:32.505 --> 00:28:34.424
$4,011
504
00:28:34.424 --> 00:28:40.610
and a dime. Platinum is down one and a quarter. Silver is down 3.85.
505
00:28:40.910 --> 00:28:43.870
Still hanging in there at $46.70
506
00:28:43.870 --> 00:28:44.530
an ounce.
507
00:28:44.990 --> 00:28:47.010
Copper is the only thing in the green.
508
00:28:48.030 --> 00:28:49.570
1% to the upside.
509
00:28:50.295 --> 00:28:53.995
Okay. Now, I got, pretty much mixed results in ag.
510
00:28:54.615 --> 00:28:59.595
Biggest loser today is, wow, sugar is down 3.14%.
511
00:28:59.895 --> 00:29:01.435
Biggest winner is wheat,
512
00:29:01.735 --> 00:29:03.415
3.22
513
00:29:03.415 --> 00:29:04.235
to the upside.
514
00:29:04.820 --> 00:29:07.559
And then we got live cattle. Oh, shit.
515
00:29:08.500 --> 00:29:11.960
Dudes, live cattle is down four and a third.
516
00:29:12.740 --> 00:29:13.640
Alright. Look.
517
00:29:14.020 --> 00:29:18.920
I I give you guys the cattle prices all the time. And I I go through energy,
518
00:29:19.955 --> 00:29:20.455
rocks,
519
00:29:20.915 --> 00:29:21.975
you know, livestock,
520
00:29:22.515 --> 00:29:23.015
indices.
521
00:29:23.635 --> 00:29:25.015
I do this for a reason.
522
00:29:25.795 --> 00:29:27.015
The cattle prices
523
00:29:27.955 --> 00:29:44.149
live cattle or feeder feeder cattle, it it doesn't matter. Live cattle is what you take to go get slaughtered. Feeder cattle is what you buy in to feed them so you can turn them into live cattle so that you can sell them as live cattle so they get slaughtered, and that's the meat that we get. Anyway, aside from that,
524
00:29:44.610 --> 00:29:50.375
cattle prices on both ends of that have been at all time highs. I mean, busting
525
00:29:50.835 --> 00:29:51.655
the ceiling.
526
00:29:52.115 --> 00:29:55.735
And then Trump makes that statement last week that says,
527
00:29:56.275 --> 00:29:59.415
we're gonna start buying a shitload more beef
528
00:29:59.795 --> 00:30:00.695
from Argentina.
529
00:30:01.660 --> 00:30:05.580
And that goes along with that, we're gonna bail them out for $40,000,000,000
530
00:30:05.580 --> 00:30:07.120
or whatever it is.
531
00:30:07.420 --> 00:30:09.920
We're gonna buy their crappy ass Argentinian
532
00:30:10.300 --> 00:30:12.800
dollar or whatever the hell they call it because their
533
00:30:13.260 --> 00:30:15.120
freaking economy is in free fall
534
00:30:15.420 --> 00:30:15.920
again.
535
00:30:16.585 --> 00:30:21.405
No matter what no matter who gets elected, no matter who's in charge, no matter what they do,
536
00:30:21.705 --> 00:30:22.205
Argentina
537
00:30:22.665 --> 00:30:23.405
is just
538
00:30:23.705 --> 00:30:25.145
it is financial
539
00:30:26.425 --> 00:30:26.745
I don't
540
00:30:27.545 --> 00:30:31.565
it's a financial masquerade is what it is. In either event,
541
00:30:32.770 --> 00:30:34.950
Ever since Trump said those words,
542
00:30:35.570 --> 00:30:37.590
the all time high cattle prices
543
00:30:38.050 --> 00:30:39.110
have been falling
544
00:30:39.570 --> 00:30:40.710
like a SpaceX
545
00:30:41.170 --> 00:30:43.350
rocket back to Earth.
546
00:30:44.145 --> 00:30:47.745
Lean hogs aren't escaping either point 43%
547
00:30:47.745 --> 00:30:48.485
to the downside.
548
00:30:49.265 --> 00:30:52.325
Feeder cattle are down four four four
549
00:30:52.945 --> 00:30:53.445
full
550
00:30:53.825 --> 00:30:54.325
percentage
551
00:30:55.025 --> 00:30:55.525
points.
552
00:30:56.225 --> 00:30:56.965
That is
553
00:30:57.390 --> 00:30:57.890
that's
554
00:30:58.350 --> 00:31:01.170
not going to make the cattle ranching
555
00:31:02.030 --> 00:31:03.490
people very happy.
556
00:31:03.790 --> 00:31:05.170
And you wanna bet
557
00:31:05.550 --> 00:31:09.730
who a lot of the cattle ranchers elected when they went to go vote,
558
00:31:10.475 --> 00:31:13.535
they wanted Donald j Trump to be president.
559
00:31:14.235 --> 00:31:16.495
Not all of them, but a lot of them.
560
00:31:17.275 --> 00:31:18.895
They're not happy
561
00:31:19.195 --> 00:31:26.559
right now. And it doesn't matter if us as the consumer's happy or not. I'm just looking at it from midterm elections
562
00:31:27.100 --> 00:31:27.600
standpoint.
563
00:31:28.539 --> 00:31:32.960
They're gonna be so pit if if if these prices don't correct for these people,
564
00:31:33.419 --> 00:31:35.039
they're gonna be angry.
565
00:31:35.340 --> 00:31:42.535
Whether or not it actually hurts them in the future is not something I I I even wanna discuss right now. That's not the point.
566
00:31:42.835 --> 00:31:44.695
The point is whether or not
567
00:31:45.075 --> 00:31:52.215
they get hurt in the future because of this, they all of a sudden have to sell their rent. I it doesn't matter. They're still gonna be pissed.
568
00:31:53.140 --> 00:31:56.040
They're still gonna be pissed, and it's gonna show up
569
00:31:56.500 --> 00:31:57.800
in midterm elections.
570
00:31:58.260 --> 00:32:06.280
I'd I'm not sure what this administration is doing at this point. They're pissing off farmers. They're pissing off ranchers. They've already pissed off the Bitcoiners,
571
00:32:06.615 --> 00:32:11.915
and it was all of us together who got that dude elected. I'm sorry, but this is the case.
572
00:32:12.535 --> 00:32:13.915
And that administration
573
00:32:15.095 --> 00:32:16.475
is now pissing off
574
00:32:16.775 --> 00:32:17.915
its voting base.
575
00:32:18.535 --> 00:32:19.755
The midterm elections,
576
00:32:20.210 --> 00:32:23.910
if they don't reverse course or do something fucking spectacular,
577
00:32:24.610 --> 00:32:26.630
it's going to be a bloodbath.
578
00:32:27.410 --> 00:32:28.790
So just y'all
579
00:32:29.250 --> 00:32:30.070
y'all be
580
00:32:30.530 --> 00:32:32.310
y'all be careful out there.
581
00:32:32.755 --> 00:32:33.255
Alright.
582
00:32:33.794 --> 00:32:36.595
So a $115,520
583
00:32:36.595 --> 00:32:39.395
gives us a $2,300,000,000,000
584
00:32:39.395 --> 00:32:44.515
market cap on orange coin, and we can only get 28.9
585
00:32:44.515 --> 00:32:51.330
ounces of shiny metal rocks with our one Bitcoin of which there are 19,940,560
586
00:32:51.330 --> 00:32:56.150
and 1 half of. Average fees per block remain low, 0.02.
587
00:32:56.610 --> 00:33:03.085
BTC taking in fees on a per block basis, and there are 40 blocks with about a 111,000
588
00:33:03.145 --> 00:33:14.605
unconfirmed transactions waiting to clear at high priority rates of two sats per b byte and low priorities get you in at one. And new all time high for hash rate, ladies and gentlemen.
589
00:33:15.000 --> 00:33:17.160
Introducing 1.13
590
00:33:17.160 --> 00:33:21.180
zeta hashes per second. That's all the security on the Bitcoin
591
00:33:21.800 --> 00:33:23.740
chain that you will ever need.
592
00:33:24.120 --> 00:33:24.620
Now
593
00:33:25.960 --> 00:33:27.260
from scary coin,
594
00:33:27.775 --> 00:33:33.375
which was Friday's episode of bitcoin, and I got Psyduck with 757
595
00:33:33.375 --> 00:33:34.115
sets says
596
00:33:36.575 --> 00:33:37.075
Psyduck.
597
00:33:37.934 --> 00:33:39.535
Jay with 1,300
598
00:33:39.535 --> 00:33:42.835
says, thank you, sir. Saluting emoji. Thank you.
599
00:33:43.159 --> 00:33:49.260
Thank you for understanding that my operating system is so old, I can't see the new emojis anymore.
600
00:33:49.799 --> 00:33:50.299
Wow.
601
00:33:50.840 --> 00:33:56.220
God, I need to get over to Linux. God's death with two thirty seven says, thank you, sir. No. Thank you.
602
00:33:56.715 --> 00:34:00.015
Jason High with 500 says, there are a ton
603
00:34:00.395 --> 00:34:02.414
of bells here in Florida.
604
00:34:02.875 --> 00:34:03.375
Maybe
605
00:34:03.914 --> 00:34:07.855
the accepting Bitcoin can help orange pill my wife.
606
00:34:08.810 --> 00:34:15.070
Not exactly sure what that means. It's probably just because it's going over my head, but we'll continue with Axelrod
607
00:34:15.610 --> 00:34:16.830
with 5,000
608
00:34:16.890 --> 00:34:19.550
says long nice long form podcast.
609
00:34:20.010 --> 00:34:28.005
I would be into sewn flour from their store As I am a sourdough maker or baker, I'll be listing
610
00:34:28.305 --> 00:34:30.244
for nursing family farms
611
00:34:30.625 --> 00:34:33.365
in the circle P. And he spells it Kirkle,
612
00:34:33.984 --> 00:34:37.444
c u r c k e. Kirk Kirkopy.
613
00:34:37.984 --> 00:34:38.484
Kirkopy.
614
00:34:39.980 --> 00:34:43.200
I love you guys. Bitcoin Sandy with 500.
615
00:34:43.900 --> 00:34:50.480
Bitcoin for president with another 500 says, great show as always. Thank you for your podcast. I enjoy them and appreciate your diligence.
616
00:34:51.260 --> 00:34:54.785
And let's see. Oh, and that's it. Yep. That's it for the weather report.
617
00:35:04.605 --> 00:35:07.425
Welcome to part two of the news that you can use.
618
00:35:07.880 --> 00:35:09.180
Yeah. I just recorded
619
00:35:09.480 --> 00:35:11.180
it recorded an entire
620
00:35:11.720 --> 00:35:12.220
section
621
00:35:13.400 --> 00:35:17.500
about the advancements in Bitcoin and lightning wallets because of OpenSats,
622
00:35:19.640 --> 00:35:21.260
well, their grants and whatnot.
623
00:35:22.275 --> 00:35:23.255
But that entire
624
00:35:23.714 --> 00:35:24.214
section
625
00:35:24.595 --> 00:35:28.135
got I don't know what happened to it. It just got destroyed.
626
00:35:28.675 --> 00:35:29.175
So
627
00:35:29.714 --> 00:35:33.095
I'm gonna have to move on because I got other stuff to do.
628
00:35:33.555 --> 00:35:34.055
So
629
00:35:34.520 --> 00:35:41.660
I'll bring, you know, I'll bring back that maybe tomorrow or something like that, but let's let's get on into the rest of the news for the day.
630
00:35:41.960 --> 00:35:43.820
BIP four four four,
631
00:35:44.200 --> 00:35:46.940
the temporary soft fork dividing developers
632
00:35:47.785 --> 00:35:48.845
and the community.
633
00:35:49.305 --> 00:35:51.325
This is from Atlas twenty one.
634
00:35:52.985 --> 00:35:59.965
The Bitcoin community finds itself at the center of a debate surrounding Bitcoin improvement proposal four forty four,
635
00:36:00.750 --> 00:36:04.770
A proposal aiming to implement a temporary soft fork
636
00:36:05.470 --> 00:36:10.850
to limit the amount of arbitrary data that can be included in time chain transactions. So
637
00:36:11.390 --> 00:36:14.450
this this this whole knots versus core
638
00:36:15.065 --> 00:36:16.605
versus filters versus
639
00:36:17.065 --> 00:36:20.605
ordinals versus arbitrary versus economic data,
640
00:36:21.625 --> 00:36:23.005
it's not gonna go away.
641
00:36:23.625 --> 00:36:34.290
So here we are. The controversy emerged following the release of Bitcoin Core v 30 this month, which removed the maximum data size previously allowed via op return
642
00:36:34.670 --> 00:36:35.970
in standard transactions.
643
00:36:36.830 --> 00:36:43.650
Despite the discussion that preceded the launch, adoption of the new software has been slow according to BitNodes data.
644
00:36:44.315 --> 00:36:45.995
Currently, 6.5%
645
00:36:45.995 --> 00:36:49.455
of reachable nodes are running version 30. Yeah. Good.
646
00:36:49.755 --> 00:36:50.255
Good.
647
00:36:50.875 --> 00:36:51.435
People don't
648
00:36:51.995 --> 00:36:55.215
honestly, you should, like, let you should not upgrade
649
00:36:55.755 --> 00:36:59.940
your node to the newest, latest, and greatest version of Bitcoin
650
00:37:00.400 --> 00:37:08.180
ever. You should wait four months. Make sure that there's no bugs in it. You know? I mean, it's it's there's no reason whatsoever
651
00:37:08.880 --> 00:37:09.700
to upgrade
652
00:37:10.240 --> 00:37:12.980
no matter what. I'm still running 29.
653
00:37:13.194 --> 00:37:15.855
Right? And before that, I was running 28.
654
00:37:16.315 --> 00:37:26.210
And I had run 28 for a for a long time. 29 had been out for months and months and months before I finally upgraded to it. Don't
655
00:37:26.510 --> 00:37:32.210
think that you have to upgrade immediately. That's not the way Bitcoin is required
656
00:37:32.510 --> 00:37:33.170
to work.
657
00:37:33.710 --> 00:37:34.210
Anyway.
658
00:37:35.390 --> 00:37:35.890
Anyway.
659
00:37:37.630 --> 00:37:39.890
BIP four forty four, the proposal,
660
00:37:41.515 --> 00:37:48.095
published on October 24, stems from concerns among some Bitcoin community members about potential legal risks
661
00:37:48.475 --> 00:37:49.775
for node operators.
662
00:37:50.795 --> 00:37:56.335
Oh, god. The main fear is that illegal materials such as child sexual abuse content
663
00:37:56.690 --> 00:38:02.230
could be uploaded to the time chain creating legal liabilities for anyone running a full node.
664
00:38:02.610 --> 00:38:11.430
Quote, if the blockchain contains content that is illegal to possess or distribute, node operators are forced to choose between violating the law
665
00:38:11.815 --> 00:38:12.795
or their conscience
666
00:38:13.495 --> 00:38:17.835
or shutting down their node, the proposal document states. Quote, this unacceptable
667
00:38:18.295 --> 00:38:18.795
dilemma
668
00:38:19.495 --> 00:38:22.315
directly undermines the incentive to validate,
669
00:38:22.855 --> 00:38:24.955
leading to inevitable centralization
670
00:38:25.809 --> 00:38:30.309
and posing an existential threat to Bitcoin's security model, it reads.
671
00:38:31.089 --> 00:38:33.109
On line two sixty one,
672
00:38:33.730 --> 00:38:35.750
the document declares that, quote,
673
00:38:36.289 --> 00:38:37.430
there is a moral
674
00:38:38.055 --> 00:38:42.555
and legal impediment to any attempt to reject this soft fork.
675
00:38:43.015 --> 00:38:43.515
Then
676
00:38:43.895 --> 00:38:49.755
from line two seventy to two seventy two, the document continues, quote, rejecting this soft fork
677
00:38:50.280 --> 00:38:51.660
may subject you
678
00:38:52.120 --> 00:38:52.860
to legal
679
00:38:53.240 --> 00:38:54.620
or moral consequences
680
00:38:55.400 --> 00:39:00.780
or could result in you splitting off to a new altcoin like b cash.
681
00:39:01.080 --> 00:39:02.620
However, strictly speaking,
682
00:39:03.240 --> 00:39:05.500
you are free to choose, end quote.
683
00:39:06.974 --> 00:39:09.154
I'm gonna pause right there again.
684
00:39:10.174 --> 00:39:10.674
This
685
00:39:11.214 --> 00:39:12.914
is bullshit language,
686
00:39:13.295 --> 00:39:14.755
and whoever wrote it
687
00:39:15.055 --> 00:39:16.515
should be ashamed of themselves.
688
00:39:16.815 --> 00:39:17.315
Why?
689
00:39:17.775 --> 00:39:21.320
It doesn't matter if it's true or false. The language is specifically
690
00:39:21.620 --> 00:39:22.120
selected.
691
00:39:22.420 --> 00:39:24.280
If I'm looking at this from a rhetorical
692
00:39:24.660 --> 00:39:25.160
standpoint,
693
00:39:27.300 --> 00:39:28.520
it uses fear.
694
00:39:29.140 --> 00:39:30.200
And anybody
695
00:39:30.580 --> 00:39:36.934
that uses fear against another human being is the lowlife fucking scum of the earth.
696
00:39:37.395 --> 00:39:44.855
This could be Luke Dash junior writing this. I don't know. I I literally don't know who's writing it. And I don't need to know. This could be Adam Back.
697
00:39:45.714 --> 00:39:49.015
It could be anybody that we would regard as the centurions
698
00:39:49.714 --> 00:39:55.040
of, you know, the the main guard of Bitcoin, and I still don't care. The use of fear
699
00:39:55.340 --> 00:39:56.800
against your fellow man
700
00:39:57.100 --> 00:40:01.200
results in you going to hell. You wanna talk about a moral or ethical dilemma?
701
00:40:01.500 --> 00:40:04.640
Try that one on for size. You piece of shit.
702
00:40:05.055 --> 00:40:06.835
Okay. So technical details.
703
00:40:08.255 --> 00:40:11.075
According to the terms of the proposal, the soft fork
704
00:40:11.535 --> 00:40:13.635
would implement several technical restrictions.
705
00:40:14.494 --> 00:40:18.515
One, op return outputs would be limited back to 83 bytes.
706
00:40:19.280 --> 00:40:22.900
Most other script pub keys would be limited to 34 bytes.
707
00:40:23.440 --> 00:40:28.339
A limit of two fifty six bytes would be imposed on individual data push sizes.
708
00:40:28.880 --> 00:40:31.940
Unused or undefined script versions would be invalidated.
709
00:40:32.785 --> 00:40:38.565
A maximum size would be introduced for Merkle trees embedded in Taproot outputs. And finally,
710
00:40:39.505 --> 00:40:40.325
op underscore
711
00:40:40.705 --> 00:40:41.205
if
712
00:40:41.585 --> 00:40:43.685
would be banned within Tapscript,
713
00:40:44.305 --> 00:40:44.805
effectively
714
00:40:45.505 --> 00:40:47.125
removing the ordinals
715
00:40:47.505 --> 00:40:48.005
inscription
716
00:40:48.660 --> 00:40:49.160
method.
717
00:40:50.500 --> 00:40:51.799
I gotta pause again.
718
00:40:53.220 --> 00:40:56.359
It may sound like a good idea to some people,
719
00:40:56.900 --> 00:40:59.720
but the way this is being rolled out, the the
720
00:41:00.099 --> 00:41:08.195
what's being it's almost as if, hey. Since we're here, let's go ahead and take care of all that that ordinals crap. We've we've had ordinals for two years.
721
00:41:09.135 --> 00:41:18.920
Yeah. I don't like ordinals. I've never bought them. I'm never going to buy them. I think it's worthless. I think people that spend their money on are are just you might as well burn it. You might as well burn your money.
722
00:41:19.860 --> 00:41:21.400
But we've had it for two years.
723
00:41:22.420 --> 00:41:24.760
Is this is not that big of a deal.
724
00:41:25.620 --> 00:41:28.600
What's a bigger deal is making changes like this
725
00:41:28.914 --> 00:41:33.414
in a haphazard way and then use the language of fear
726
00:41:33.714 --> 00:41:35.894
to drive people to use it.
727
00:41:36.515 --> 00:41:39.255
Everything about this is wrong. I'm sorry.
728
00:41:41.890 --> 00:41:44.950
If it had just if they had just gone
729
00:41:45.330 --> 00:41:45.830
another
730
00:41:46.290 --> 00:41:47.430
rhetorical route
731
00:41:48.130 --> 00:41:50.550
saying, we here's here's the specs.
732
00:41:50.930 --> 00:41:53.190
We we ask that you look at it.
733
00:41:53.825 --> 00:41:55.605
We ask that you look at this
734
00:41:56.224 --> 00:41:58.805
because you may wanna run this software. Okay.
735
00:41:59.424 --> 00:41:59.924
Okay.
736
00:42:00.305 --> 00:42:08.884
I'm good with that. You can do whatever the hell you want. But telling me that if I don't run this, that I'm some kind of ethical or moral degenerate?
737
00:42:09.860 --> 00:42:10.360
No.
738
00:42:11.460 --> 00:42:11.960
No.
739
00:42:12.820 --> 00:42:14.040
From an ethical
740
00:42:14.900 --> 00:42:15.800
and moral
741
00:42:16.100 --> 00:42:16.600
obligation,
742
00:42:17.460 --> 00:42:20.680
I will not ever run this soft fork
743
00:42:21.875 --> 00:42:25.895
because the creators of this soft fork are relying
744
00:42:26.435 --> 00:42:27.415
on fear.
745
00:42:28.035 --> 00:42:29.575
One of the most negative,
746
00:42:29.954 --> 00:42:31.175
the most base
747
00:42:33.810 --> 00:42:34.870
human emotions.
748
00:42:36.370 --> 00:42:42.230
Not gonna have it. Not gonna have it. These changes would result in a soft fork where transactions
749
00:42:42.850 --> 00:42:50.115
previously considered valid would become invalid. However, the proposal specifies that this modification would only be temporary,
750
00:42:50.575 --> 00:42:51.474
lasting approximately
751
00:42:52.095 --> 00:42:56.515
one year. Oh, we're temporarily closing the gold window, taking a little
752
00:42:56.974 --> 00:42:58.994
page from Nixon's book, are we?
753
00:42:59.694 --> 00:43:07.600
This period would allow developers to evaluate and implement alternative approaches for managing arbitrary data on the time chain.
754
00:43:09.820 --> 00:43:12.640
The proposal was written by Darthon Ohm,
755
00:43:13.135 --> 00:43:18.915
an account created on GitHub and x just a few days before publication with no apparent prior history
756
00:43:19.295 --> 00:43:20.595
in Bitcoin development.
757
00:43:21.375 --> 00:43:26.275
Luke Dasher, a well known Bitcoin developer and outspoken critic of Ordinals, expressed
758
00:43:26.575 --> 00:43:28.760
support for the prod proposal
759
00:43:29.060 --> 00:43:33.720
stating on x that it is, quote, already on track with no technical objections.
760
00:43:34.500 --> 00:43:38.680
Dasher noted that, quote, it isn't intended to be an ideal solution,
761
00:43:39.540 --> 00:43:40.920
only good enough
762
00:43:41.475 --> 00:43:47.895
and super simple to buy time to design a long term solution, end quote. These people
763
00:43:48.595 --> 00:43:49.335
are insane.
764
00:43:51.155 --> 00:43:52.295
I'm sorry. I
765
00:43:52.675 --> 00:43:56.295
I used to I I really don't have that many problems with Luke Dash Junior.
766
00:43:56.700 --> 00:44:04.960
I've had some some, you know, a couple of, you know, very short conversations with him on on Twitter, and he seems seems okay, but he's just gotten
767
00:44:05.740 --> 00:44:07.760
over the past year, it's gotten
768
00:44:08.060 --> 00:44:12.855
I don't know, man. Something weird's going on with that dude. And some of these other people are just
769
00:44:13.495 --> 00:44:14.635
I don't know, man.
770
00:44:15.655 --> 00:44:18.395
This whole this I'm staying with 29.
771
00:44:18.695 --> 00:44:27.260
Version 29 is good for me, ladies and gentlemen. But anyway, critics of the proposal argue that arbitrary data has existed on Bitcoin since the Genesis
772
00:44:28.040 --> 00:44:28.700
block. Yes.
773
00:44:29.320 --> 00:44:30.140
It has.
774
00:44:31.000 --> 00:44:33.900
That whole in the Genesis block itself where homeboy
775
00:44:34.440 --> 00:44:41.420
Satoshi put in the the headline of the newspaper, the London Times or whatever it was, chancellor on brink of second bailout,
776
00:44:41.994 --> 00:44:42.494
arbitrary
777
00:44:42.795 --> 00:44:43.295
data.
778
00:44:43.994 --> 00:44:46.575
It's arbitrary data. He did it himself.
779
00:44:47.435 --> 00:44:55.215
Right? It doesn't mean that you have to accept it, or you have to love it, or you have to hate it. It doesn't matter. You gotta make up your own mind on this stuff.
780
00:44:55.910 --> 00:44:59.450
But I I I cannot believe that we have sunk
781
00:44:59.830 --> 00:45:01.210
to using fear
782
00:45:02.070 --> 00:45:03.130
and the threat
783
00:45:03.750 --> 00:45:04.570
of legal
784
00:45:05.670 --> 00:45:06.170
ramifications,
785
00:45:07.670 --> 00:45:09.690
a moral burning in hell,
786
00:45:10.164 --> 00:45:11.785
or some kind of ethical
787
00:45:12.164 --> 00:45:17.704
delusion that people are under that would force them to somehow or another be responsible
788
00:45:18.164 --> 00:45:19.384
for hurting children
789
00:45:19.924 --> 00:45:20.984
because of Bitcoin.
790
00:45:22.900 --> 00:45:31.800
If I didn't know any better, I'd say somebody got to a whole bunch of people and are literally trying to rot the soul of Bitcoin from the inside out.
791
00:45:33.300 --> 00:45:37.720
Am I gonna sell my coins? No, dude. I'm not that reactionary. That's exactly,
792
00:45:38.235 --> 00:45:46.815
Even if I'm right. And believe me, that's a long shot, dude. I mean, that's tinfoil hat area right there. Even if I was right,
793
00:45:48.475 --> 00:45:57.270
it's not gonna work. I'm just saying that the force there are forces out there that literally don't want this to work. They don't like Bitcoin at all.
794
00:45:57.810 --> 00:45:58.630
And, apparently,
795
00:45:59.010 --> 00:46:07.964
you know, all you really gotta do is just pay somebody a lot of money, and they'll start talking about Zcash on on Twitter. So god only knows what else is capable
796
00:46:08.265 --> 00:46:10.125
what these people are capable of. Anyway,
797
00:46:10.505 --> 00:46:14.365
sorry. I keep getting into these into these sidebars. But last September,
798
00:46:15.704 --> 00:46:19.244
Leonidas, a prominent figure in the ordinals community,
799
00:46:20.190 --> 00:46:30.450
stated that miners and mining pools representing over half of the network's hash rate had confirmed that they would accept any consensus valid transaction with appropriate fees, quote.
800
00:46:30.990 --> 00:46:35.089
There is no meaningful difference between normalizing the censorship of JPEG
801
00:46:35.825 --> 00:46:37.285
or meme coin transactions
802
00:46:37.825 --> 00:46:41.285
and normalizing the censorship of certain monetary transactions
803
00:46:41.744 --> 00:46:42.964
by nation states,
804
00:46:43.345 --> 00:46:44.805
Leonidas wrote, quote,
805
00:46:45.424 --> 00:46:45.924
both
806
00:46:46.224 --> 00:46:48.005
would set very dangerous
807
00:46:48.305 --> 00:46:48.805
precedents.
808
00:46:50.360 --> 00:46:53.740
Peter Todd, a Bitcoin developer, stated on x,
809
00:46:54.040 --> 00:46:57.340
and he said and they they've got this quote here. And he says this,
810
00:46:58.280 --> 00:46:59.820
BIP four four four
811
00:47:00.360 --> 00:47:02.700
creates a c scam
812
00:47:03.000 --> 00:47:03.500
attack
813
00:47:03.885 --> 00:47:05.905
where you use censoring reorgs
814
00:47:06.365 --> 00:47:07.505
to double spend.
815
00:47:08.765 --> 00:47:10.865
He's replying to a BitMEX
816
00:47:11.165 --> 00:47:12.785
research tweet that says,
817
00:47:13.245 --> 00:47:17.025
the bit four four four proposal is incredibly bad.
818
00:47:17.540 --> 00:47:21.080
A bad actor who wants to conduct a double spend attack
819
00:47:21.540 --> 00:47:22.599
could put CSAM
820
00:47:22.900 --> 00:47:27.160
on chain to cause a reorg and succeed with their attack.
821
00:47:27.859 --> 00:47:31.160
The proposal, therefore, provides an economic incentive
822
00:47:31.994 --> 00:47:32.974
for on chain
823
00:47:33.755 --> 00:47:34.255
CSAM,
824
00:47:35.194 --> 00:47:35.934
which is,
825
00:47:36.394 --> 00:47:40.255
I don't know, child sex abuse material, I think, is what it stands for.
826
00:47:41.755 --> 00:47:42.255
Dude,
827
00:47:42.714 --> 00:47:44.510
Jameson Lott, cofounder
828
00:47:44.810 --> 00:47:49.070
and chief security officer at Casa raised several criticisms of the proposal.
829
00:47:49.770 --> 00:47:52.830
Lop pointed out that the document does not define
830
00:47:53.130 --> 00:47:54.030
what content
831
00:47:54.650 --> 00:47:55.470
is legally
832
00:47:56.145 --> 00:47:57.445
or morally objectionable
833
00:47:58.065 --> 00:48:08.965
and highlighted that legal experts disagree on what liability node operators operators might face. Quote, by running a node, you consent to the consensus rules of the network.
834
00:48:09.480 --> 00:48:10.700
If you don't consent,
835
00:48:11.160 --> 00:48:12.060
you can simply
836
00:48:12.440 --> 00:48:13.660
dot run
837
00:48:13.960 --> 00:48:16.300
a node, Lop wrote in a comment.
838
00:48:17.080 --> 00:48:24.220
The proposal has not yet been submitted to the Bitcoin development rate mailing list, a required step for BIP drafts
839
00:48:24.855 --> 00:48:29.115
to gather further feedback before pursuing any serious path towards consensus.
840
00:48:29.575 --> 00:48:33.515
This needs to die right here, and it's not because I'm defending ordinals.
841
00:48:34.775 --> 00:48:37.994
Everything about this raises the hackles on my neck.
842
00:48:38.970 --> 00:48:41.310
All the way from the fact that they use fear
843
00:48:42.170 --> 00:48:46.590
as a major component in the language as to why you need this,
844
00:48:47.130 --> 00:48:48.030
all the way
845
00:48:48.330 --> 00:48:53.950
to Peter Todd himself actually looking at this and saying and BitMEX research saying
846
00:48:54.375 --> 00:48:58.155
it's it's a double it's a potential double spend attack.
847
00:48:58.695 --> 00:49:01.835
It this everything about four four four
848
00:49:02.455 --> 00:49:03.515
needs to be forgotten.
849
00:49:04.615 --> 00:49:08.395
Alright. So, I mean, it's like you do what whatever it is you wanna do.
850
00:49:08.859 --> 00:49:11.119
You but you've heard what you need to hear.
851
00:49:11.500 --> 00:49:16.060
I highly recommend that you go do some further research on 444.
852
00:49:16.060 --> 00:49:17.200
I will as well.
853
00:49:17.579 --> 00:49:18.560
But everything
854
00:49:18.940 --> 00:49:21.200
that I've seen so far,
855
00:49:22.775 --> 00:49:23.735
this this is
856
00:49:24.215 --> 00:49:26.235
just gives me the willies, dude.
857
00:49:27.015 --> 00:49:29.355
So let's get into something better. Ledn,
858
00:49:30.615 --> 00:49:33.675
l e d n, Ledn post a record
859
00:49:34.055 --> 00:49:38.490
q three lending volume as its Bitcoin backed loan originations
860
00:49:39.349 --> 00:49:39.849
surpass
861
00:49:40.230 --> 00:49:41.290
1,000,000,000.
862
00:49:41.750 --> 00:49:46.010
That's billion with a b for the year of 2025,
863
00:49:46.310 --> 00:49:50.685
and that's just so far, by the way. So let's let's get into this one.
864
00:49:51.565 --> 00:49:53.505
James Hunt is writing it for the block.
865
00:49:54.285 --> 00:49:56.625
Centralized Bitcoin lender, Leden,
866
00:49:57.645 --> 00:50:02.685
generated record lending volume during the third quarter, adding 392,000,000
867
00:50:02.685 --> 00:50:03.665
worth of loans.
868
00:50:04.400 --> 00:50:07.220
That nearly matches its total activity
869
00:50:07.520 --> 00:50:08.420
of all
870
00:50:09.040 --> 00:50:10.740
of the year 2024.
871
00:50:11.360 --> 00:50:12.740
Kind of amazing, really.
872
00:50:13.120 --> 00:50:16.160
As a result, the private firm has now surpassed $1,000,000,000
873
00:50:16.160 --> 00:50:24.695
in Bitcoin backed loan originations year to date and exceeded a 100,000,000 in annual recurring revenue. Quote, this has been a breakout year for Lend,
874
00:50:25.155 --> 00:50:30.915
cofounder and CEO Adam Reed said in a statement shared with the block. Crossing the $1,000,000,000
875
00:50:30.915 --> 00:50:32.135
mark in loan originations
876
00:50:32.435 --> 00:50:35.030
year to date underscores the growing demand
877
00:50:35.330 --> 00:50:36.470
for responsible
878
00:50:37.250 --> 00:50:40.630
Bitcoin secured credit and our commitment to transparency
879
00:50:41.090 --> 00:50:41.910
and trust.
880
00:50:42.290 --> 00:50:45.910
Alongside the record quarter, Lenden also released its tenth
881
00:50:46.224 --> 00:50:47.204
proof of reserves
882
00:50:47.505 --> 00:50:48.005
attestation
883
00:50:48.785 --> 00:50:51.125
completed by the network firm LLP.
884
00:50:52.785 --> 00:50:55.444
The network firm, I guess, is the name of this
885
00:50:55.984 --> 00:50:56.484
company.
886
00:50:56.785 --> 00:51:00.565
The network firm LLP as as of September 30.
887
00:51:01.040 --> 00:51:04.900
For the first time, the report disclosed the full size of its loan book,
888
00:51:05.200 --> 00:51:08.260
$836,200,000
889
00:51:08.480 --> 00:51:13.619
and an aggregate loan to value ratio of 42.68%,
890
00:51:14.355 --> 00:51:18.215
offering greater visibility into the company's lending activity and collateralization
891
00:51:18.595 --> 00:51:19.095
levels.
892
00:51:19.475 --> 00:51:25.415
So they've got almost they've got a little bit more if I'm reading this right, they have a little bit more than
893
00:51:25.795 --> 00:51:29.895
half or no. I'm sorry. A little bit more than twice the amount of Bitcoin
894
00:51:30.890 --> 00:51:31.950
than the loan
895
00:51:32.330 --> 00:51:36.750
is at than the loans are actually valued at. So they've got a lot of headroom
896
00:51:37.290 --> 00:51:43.550
for Bitcoin's price to go down. In fact, they at this point, it can go down, like, 50%.
897
00:51:44.065 --> 00:51:46.725
And most of these loans will still be
898
00:51:47.825 --> 00:51:48.325
collateralized.
899
00:51:49.585 --> 00:52:01.400
Past that, you start getting past that, it gets a little little dicey. But, hey, I mean, if if if the Bitcoin price dropped to, what would it be, fifth $55.57,
900
00:52:01.400 --> 00:52:04.220
let's go let's just call it $59,000,
901
00:52:04.680 --> 00:52:06.780
nobody gets liquidated out of leaden.
902
00:52:07.560 --> 00:52:13.980
Because they're going, dude, you you like, I'm gonna make you you got a 100,000 of Bitcoin, I'll give you a loan for 50 k.
903
00:52:14.895 --> 00:52:19.075
That that's what this basically means. So these guys are so well over collateralized.
904
00:52:20.175 --> 00:52:24.195
I they're probably sleeping very, very well at night. Just just saying.
905
00:52:24.655 --> 00:52:27.475
Continuing since its inception in 2018,
906
00:52:28.490 --> 00:52:31.130
Leden has now originated over 2.2
907
00:52:31.450 --> 00:52:32.809
no. 2,800,000,000.0
908
00:52:32.809 --> 00:52:36.750
in loans, providing services to clients in more than 100 countries
909
00:52:37.050 --> 00:52:41.790
who use Bitcoin as collateral instead of selling it and incurring a taxable event.
910
00:52:44.015 --> 00:52:47.235
The crypto lending niche suffered significant setbacks
911
00:52:47.775 --> 00:52:48.675
following a tumultuous
912
00:52:49.055 --> 00:52:51.795
year for centralized services in 2022.
913
00:52:52.415 --> 00:52:54.915
Might I say the names BlockFi,
914
00:52:55.790 --> 00:52:56.290
Celsius,
915
00:52:56.750 --> 00:52:59.330
Genesis, and, of course, Voyager Digital.
916
00:52:59.790 --> 00:53:04.210
Following those events, which they all got they all went bankrupt,
917
00:53:04.510 --> 00:53:06.130
just in case you did not know,
918
00:53:06.670 --> 00:53:13.565
it remained unclear to what extent users would trust such services going forward. Lead and cofounder and CSO Mauricio
919
00:53:14.105 --> 00:53:15.245
d Bartolomeo,
920
00:53:16.505 --> 00:53:22.605
so I hope I didn't butcher that, previously told the block that the company survived the period because of its
921
00:53:22.905 --> 00:53:24.925
sound risk management program
922
00:53:25.320 --> 00:53:26.060
and prioritization
923
00:53:26.680 --> 00:53:29.340
of the safety and security of client
924
00:53:29.640 --> 00:53:30.140
assets.
925
00:53:30.520 --> 00:53:31.340
On Monday,
926
00:53:31.640 --> 00:53:34.220
the firm said that the key to its staying power,
927
00:53:35.160 --> 00:53:39.660
growing to become one of the largest retail backed Bitcoin lenders in the industry despite
928
00:53:40.305 --> 00:53:44.724
volatile conditions comes down to its simple, transparent, and compliant approach.
929
00:53:45.025 --> 00:53:49.045
Quote, we've built leaden to serve long term Bitcoin holders
930
00:53:49.585 --> 00:53:52.244
who want to preserve and grow their wealth responsibly.
931
00:53:52.785 --> 00:53:54.724
Our business is designed for transparency
932
00:53:55.105 --> 00:53:55.845
and resilience,
933
00:53:56.540 --> 00:53:57.440
not speculation.
934
00:53:58.700 --> 00:53:59.200
Ludden
935
00:53:59.500 --> 00:54:05.040
dropped ETH support in favor of becoming Bitcoin only in May,
936
00:54:05.260 --> 00:54:06.240
also discontinuing
937
00:54:06.540 --> 00:54:13.684
the lending of client assets to generate interest to eliminate third party credit risk as it moved to a fully custody,
938
00:54:14.085 --> 00:54:15.224
custodied model.
939
00:54:15.605 --> 00:54:21.385
In August, Reeds told the block that his belief in Bitcoin as a reserve asset is rock solid,
940
00:54:21.830 --> 00:54:23.210
but said it's unrealistic
941
00:54:23.510 --> 00:54:25.610
for Bitcoin digital asset treasuries
942
00:54:25.990 --> 00:54:27.290
to expect returns
943
00:54:27.910 --> 00:54:29.050
comparable to
944
00:54:29.350 --> 00:54:32.570
strategies, and he's talking about what was formerly MicroStrategy.
945
00:54:35.685 --> 00:54:37.065
The guys at Leddon
946
00:54:38.085 --> 00:54:38.825
have survived
947
00:54:40.005 --> 00:54:41.625
everything since 2018.
948
00:54:42.485 --> 00:54:43.225
Do you know
949
00:54:43.605 --> 00:54:46.825
what it's like to survive in Bitcoin since 2018?
950
00:54:48.050 --> 00:54:50.310
It's like it's like being in a minefield.
951
00:54:51.810 --> 00:54:53.270
And here's the thing.
952
00:54:53.650 --> 00:54:55.990
We're not at the other end of the minefield yet.
953
00:54:56.450 --> 00:54:58.869
We got a long way
954
00:54:59.170 --> 00:54:59.910
to go.
955
00:55:00.290 --> 00:55:09.724
And it's probably gonna go through China at one point. And despite all the huffing and puffing that our Far East, you know, friends over there in China have done,
956
00:55:10.425 --> 00:55:12.845
China remains the third largest
957
00:55:13.305 --> 00:55:13.805
global
958
00:55:14.280 --> 00:55:16.700
hash rate provider for the Bitcoin network
959
00:55:17.320 --> 00:55:17.820
despite
960
00:55:19.400 --> 00:55:20.440
100%
961
00:55:20.440 --> 00:55:21.420
mining ban.
962
00:55:21.800 --> 00:55:25.980
If you did not know, it is illegal to mine Bitcoin in China,
963
00:55:26.520 --> 00:55:28.140
yet they rank number three
964
00:55:28.494 --> 00:55:29.955
in global Bitcoin
965
00:55:30.335 --> 00:55:32.115
hash rate. Alex Larry,
966
00:55:32.655 --> 00:55:34.115
bitcoinnews.com.
967
00:55:34.335 --> 00:55:35.234
Take us out.
968
00:55:36.575 --> 00:55:41.714
Four years after banning digital asset mining and transactions, China has quietly become
969
00:55:42.369 --> 00:55:44.710
one of the world's biggest Bitcoin mining centers.
970
00:55:45.410 --> 00:55:47.330
Despite the 2021
971
00:55:47.330 --> 00:55:51.349
ban, new data from Luxor's global hash rate map shows China
972
00:55:51.650 --> 00:55:53.670
accounting for 14%
973
00:55:54.130 --> 00:55:57.815
of Bitcoin's total hash rate with a 145
974
00:55:57.815 --> 00:55:58.315
exahashes
975
00:55:58.615 --> 00:55:59.275
per second,
976
00:56:00.214 --> 00:56:02.795
third in the world behind The United States
977
00:56:03.095 --> 00:56:03.994
and Russia.
978
00:56:05.335 --> 00:56:06.375
In 2021,
979
00:56:06.375 --> 00:56:11.194
the Chinese government launched a broad crackdown on digital assets including Bitcoin.
980
00:56:11.930 --> 00:56:16.510
The PBOC or People's Bank of China outlined all digital asset transactions,
981
00:56:17.130 --> 00:56:18.750
citing financial crime,
982
00:56:19.130 --> 00:56:28.025
fraud, and the potential instability that digital assets could bring to the national economy. Mining operations were quickly targeted and then shut down,
983
00:56:28.405 --> 00:56:30.025
but the miners never went away.
984
00:56:30.565 --> 00:56:38.505
Now many moved their equipment to remote areas where enforcement was weaker. Xinjiang, with its cheap and stable energy, reportedly
985
00:56:39.250 --> 00:56:42.470
became the prime location for these secret operations.
986
00:56:42.930 --> 00:56:44.550
Well, if we know where you are,
987
00:56:44.930 --> 00:56:49.510
not that good of a secret. Anyway, industry insiders now believe much of the country's
988
00:56:49.970 --> 00:56:54.230
underground mining is still thriving in Xinjiang's remote areas.
989
00:56:54.825 --> 00:56:55.325
According
990
00:56:55.625 --> 00:57:00.365
to a fourth quarter twenty twenty five global hash rate map,
991
00:57:00.825 --> 00:57:06.765
the country's share of the world's Bitcoin mining power increased sig or slightly from 13.8
992
00:57:06.980 --> 00:57:10.420
to where it stands at 14.05%
993
00:57:10.420 --> 00:57:10.920
today.
994
00:57:11.700 --> 00:57:14.520
Data from Hash Rate Index also shows
995
00:57:14.900 --> 00:57:15.640
this trend.
996
00:57:16.020 --> 00:57:17.559
The US still
997
00:57:17.859 --> 00:57:20.099
leads with about 37.8%
998
00:57:20.099 --> 00:57:21.160
of global mining.
999
00:57:21.805 --> 00:57:23.805
Russia follows with 15.5,
1000
00:57:23.805 --> 00:57:25.825
but China is a strong third
1001
00:57:26.445 --> 00:57:28.625
even though they banned Bitcoin mining.
1002
00:57:29.325 --> 00:57:32.785
So experts say that it's impossible to fully suppress mining
1003
00:57:33.245 --> 00:57:35.025
as long as one has the electricity,
1004
00:57:35.700 --> 00:57:37.880
Internet connection, and the necessary hardware,
1005
00:57:38.420 --> 00:57:41.560
they can compete in the global Bitcoin mining race.
1006
00:57:42.020 --> 00:57:46.359
Many believe enforcing the ban is difficult on the outskirts of big cities,
1007
00:57:46.820 --> 00:57:50.680
and that has contributed to why China's hash rate continues to exist.
1008
00:57:51.425 --> 00:57:53.285
Energy is still the biggest lure.
1009
00:57:54.065 --> 00:57:57.845
Xinjiang's grid and geography are perfect for secret mining.
1010
00:57:58.145 --> 00:58:01.845
Small operations often run quietly, sometimes using renewable
1011
00:58:02.145 --> 00:58:04.805
or surplus energy to fly under the radar.
1012
00:58:05.280 --> 00:58:13.680
Despite the risks of government penalties, many believe the rewards are worth it, especially with Bitcoin over a 110,000
1013
00:58:13.680 --> 00:58:14.340
a coin.
1014
00:58:15.040 --> 00:58:20.420
China may have banned domestic mining, but it still rules the global Bitcoin mining landscape.
1015
00:58:21.174 --> 00:58:22.214
Over 95%
1016
00:58:22.214 --> 00:58:24.234
of the world's Bitcoin mining machines
1017
00:58:25.095 --> 00:58:25.835
are made
1018
00:58:26.375 --> 00:58:28.394
by Chinese companies like Bitmain,
1019
00:58:28.775 --> 00:58:29.275
MicroBT,
1020
00:58:29.654 --> 00:58:30.394
and Canaan.
1021
00:58:31.095 --> 00:58:34.714
This manufacturing dominance gives China indirect control
1022
00:58:35.220 --> 00:58:37.560
over most of the world's Bitcoin mining.
1023
00:58:38.020 --> 00:58:44.280
Most of the equipment, spare parts, and technical expertise can also be traced back to China, and this means
1024
00:58:44.660 --> 00:58:45.880
even miners overseas
1025
00:58:46.500 --> 00:58:48.040
are still heavily dependent
1026
00:58:48.660 --> 00:58:50.119
on Chinese gear.
1027
00:58:50.835 --> 00:58:53.734
This has raised national security concerns in The US.
1028
00:58:54.275 --> 00:58:54.775
Sanjay
1029
00:58:55.395 --> 00:58:57.575
Gupta, chief strategy officer at Auradigm,
1030
00:58:58.115 --> 00:59:05.255
said over a million Chinese made Bitcoin mining machines running on foreign firmware are connected to The US power grid.
1031
00:59:06.230 --> 00:59:10.250
He cautioned that this could pose a potential serious cyberattack
1032
00:59:10.630 --> 00:59:11.130
risk
1033
00:59:11.589 --> 00:59:13.930
if compromised systems were ever triggered
1034
00:59:14.309 --> 00:59:15.210
in a coordinated
1035
00:59:15.589 --> 00:59:16.089
attack.
1036
00:59:16.869 --> 00:59:26.085
The US government has already taken notice. Tariffs on Chinese mining hardware have been introduced and may raise or rise to as high as a 155%
1037
00:59:26.625 --> 00:59:27.685
according to reports.
1038
00:59:28.545 --> 00:59:32.245
Officials argue that reducing reliance on Chinese made devices
1039
00:59:32.600 --> 00:59:33.980
is crucial for energy
1040
00:59:34.360 --> 00:59:35.820
and infrastructure security.
1041
00:59:36.360 --> 00:59:38.940
Still, some experts caution against overestimating
1042
00:59:39.240 --> 00:59:39.900
the threat.
1043
00:59:40.280 --> 00:59:41.100
Khan Farani,
1044
00:59:41.480 --> 00:59:45.820
a research associate at Luxor, explained that the global hash rate map
1045
00:59:46.385 --> 00:59:48.005
primarily aims to determine
1046
00:59:48.464 --> 00:59:52.165
how Bitcoin mining activity is distributed around the world
1047
00:59:52.625 --> 00:59:55.125
rather than track ownership or intent.
1048
00:59:55.585 --> 01:00:02.140
He noted that Luxor is not aware of any security issues or threats related to China's mining operations.
1049
01:00:03.799 --> 01:00:06.059
Connected to the electrical grid is
1050
01:00:07.319 --> 01:00:08.780
okay. Look. No.
1051
01:00:09.480 --> 01:00:11.339
It doesn't really work that way.
1052
01:00:11.715 --> 01:00:14.295
Right? So they're connected to the Internet and
1053
01:00:15.155 --> 01:00:16.455
to a country's
1054
01:00:16.835 --> 01:00:17.735
power grid
1055
01:00:18.355 --> 01:00:18.855
or
1056
01:00:19.235 --> 01:00:21.975
a regional power grid. It it doesn't really matter.
1057
01:00:22.355 --> 01:00:29.440
There's the transformer or the power supply that you plug in, but then there's also the network connection that you also plug in.
1058
01:00:30.300 --> 01:00:31.359
Sending instructions
1059
01:00:32.460 --> 01:00:34.720
to Jack with the electrical grid
1060
01:00:35.500 --> 01:00:42.000
would really only ever come through the Internet. And honestly, that's a little bit more overblown than people think.
1061
01:00:43.075 --> 01:00:43.575
It's
1062
01:00:43.875 --> 01:00:45.895
not that it's completely impossible,
1063
01:00:46.675 --> 01:00:47.175
but
1064
01:00:47.715 --> 01:00:50.615
it's it's a very difficult prospect.
1065
01:00:51.395 --> 01:00:59.990
What I don't want anybody to come away from, you know, from this thinking is that somehow or another because it's connected directly to the elect the electricity,
1066
01:01:00.490 --> 01:01:00.990
the
1067
01:01:01.490 --> 01:01:03.030
the electrical load
1068
01:01:03.490 --> 01:01:04.869
directly to transformers
1069
01:01:05.170 --> 01:01:06.230
and power generation
1070
01:01:06.984 --> 01:01:14.765
through the fact that it's, you know, like, it's copper is connected to the copper that's coming into your house that feeds all the energy in your house. And
1071
01:01:15.145 --> 01:01:16.585
that's not that
1072
01:01:17.145 --> 01:01:19.964
you're not gonna send instructions to destroy something
1073
01:01:20.690 --> 01:01:21.190
that
1074
01:01:21.490 --> 01:01:24.150
way. Alright. So it I just wanna be clear.
1075
01:01:25.170 --> 01:01:26.710
It doesn't work that way.
1076
01:01:27.170 --> 01:01:30.870
Now is it is it bad enough that there could be compromised firmware
1077
01:01:31.650 --> 01:01:34.230
that is connected to The United States Internet?
1078
01:01:34.610 --> 01:01:35.110
Sure.
1079
01:01:36.035 --> 01:01:37.415
We've been through this before,
1080
01:01:37.715 --> 01:01:39.255
and we'll go through it again.
1081
01:01:39.715 --> 01:01:46.135
And right now, I'm speaking to you through the Internet, and everything is gonna be fine. So take a deep breath,
1082
01:01:46.915 --> 01:01:49.175
research BIP four four four,
1083
01:01:49.710 --> 01:01:51.490
and I'll see you on the other side.
1084
01:01:52.270 --> 01:01:59.970
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.
1085
01:02:00.670 --> 01:02:01.810
Have a great day.