Full Transcript for No. Forking. Consensus. | Bitcoin News

then yes, 26 00:02:25.859 --> 00:02:26.340 strategy 27 00:02:26.659 --> 00:02:28.260 is in the news, 28 00:02:28.739 --> 00:02:29.940 but this time 29 00:02:30.819 --> 00:02:32.660 they're stacking cash. 30 00:02:33.299 --> 00:02:35.700 The last time they did it, they sold Bitcoin. 31 00:02:35.859 --> 00:02:40.395 What did they do this time? Well, I'll tell you about it. In the second part of the show, 32 00:02:40.635 --> 00:02:43.435 bank of Thailand is getting nervous about 33 00:02:43.595 --> 00:02:46.474 tether stable coin because 34 00:02:46.474 --> 00:02:47.275 everybody 35 00:02:47.595 --> 00:02:55.490 should be, if you, unless you are a United States dollar operated economy, which most places aren't yet, 36 00:02:56.130 --> 00:02:57.010 your bank, 37 00:02:57.410 --> 00:02:59.970 your central bank, your finance ministers, 38 00:03:00.290 --> 00:03:05.245 your treasury guys, they're all going to be worried about things like USDT 39 00:03:05.245 --> 00:03:06.605 and USDC 40 00:03:06.605 --> 00:03:07.645 and Thailand 41 00:03:07.965 --> 00:03:09.245 is no exception. 42 00:03:09.645 --> 00:03:11.485 Chinese prosecutors 43 00:03:11.885 --> 00:03:17.485 want to treat using crypto mixers as evidence of ill will. 44 00:03:18.290 --> 00:03:26.770 Yeah. Yeah, exactly. That's what I was, you know, and I'm surprised it took him this long to get here, honestly, because it's, you know, China. 45 00:03:27.090 --> 00:03:31.170 And then Japan is wanting to launch a stable coin with yield. 46 00:03:32.555 --> 00:03:43.675 And you always need to ask yourself, where does the yield come from? So let's get back to the front of the show and do this one written by Braden Lindria from Coin Telegraph. 47 00:03:44.760 --> 00:03:49.880 Bitcoin bulls, Michael Sailor, and Adam back slam BIP one ten ordinals proposal 48 00:03:50.600 --> 00:03:51.400 strategy 49 00:03:51.400 --> 00:03:52.760 executive chairman, 50 00:03:52.760 --> 00:03:57.720 Michael Sailor and Blockstream CEO, Adam back have doubled down on their opposition 51 00:03:58.635 --> 00:04:00.315 to BIP one ten 52 00:04:00.555 --> 00:04:03.275 a proposed temporary fork to limit 53 00:04:03.595 --> 00:04:05.515 non monetary transactions 54 00:04:05.755 --> 00:04:07.435 on the Bitcoin network. 55 00:04:07.755 --> 00:04:11.675 Bitcoin improvement proposal one ten was introduced December 56 00:04:11.675 --> 00:04:12.635 2025 57 00:04:13.120 --> 00:04:15.280 to stop non fungible 58 00:04:15.360 --> 00:04:18.000 token like ordinals inscriptions 59 00:04:18.240 --> 00:04:26.320 and other arbitrary data from spamming the network and to preserve Bitcoin's main use as a peer to peer cash system. 60 00:04:27.205 --> 00:04:29.605 While critical of ordinals activity, 61 00:04:29.925 --> 00:04:37.765 Sailor and Adam Back fear that a fork could do more harm than good to the network's credibility. 62 00:04:38.245 --> 00:04:42.245 There are a 110 things more dangerous to Bitcoin than spam, 63 00:04:42.680 --> 00:04:46.840 said sailor in a post on X on Saturday, 64 00:04:47.080 --> 00:04:49.880 adding that BIP one ten could invalidate 65 00:04:49.960 --> 00:04:50.760 ordinary 66 00:04:50.760 --> 00:04:51.720 transactions 67 00:04:51.720 --> 00:04:53.240 on the network. 68 00:04:54.360 --> 00:05:00.014 BIP one ten is one of the more notable protocol level disputes in the Bitcoin development community 69 00:05:00.254 --> 00:05:03.854 ever since the block size wars that happened between 70 00:05:03.935 --> 00:05:06.014 2015 and 2017 71 00:05:06.335 --> 00:05:08.335 when ecosystem participants 72 00:05:08.335 --> 00:05:09.294 debated, 73 00:05:09.294 --> 00:05:11.615 whether it was worth risking a chain split 74 00:05:11.870 --> 00:05:14.830 to raise the block size limit for scalability. 75 00:05:15.230 --> 00:05:17.150 BIP one ten was 76 00:05:17.150 --> 00:05:17.950 introduced 77 00:05:17.950 --> 00:05:19.630 by pseudonymous 78 00:05:19.630 --> 00:05:20.830 Bitcoin developer, 79 00:05:20.830 --> 00:05:30.165 Dathon Ohm with the support of ocean protocol founder Luke Dasher or Luke Dash junior, depending on how you want to pronounce his name. 80 00:05:30.645 --> 00:05:33.445 BIP one ten will not be activated 81 00:05:33.765 --> 00:05:35.445 unless 55% 82 00:05:35.445 --> 00:05:42.165 of Bitcoin nodes validating blocks are in support of the proposal across a Bitcoin block 83 00:05:41.580 --> 00:05:42.380 period. 84 00:05:43.020 --> 00:05:46.140 The dispute comes at a time when ordinals activity 85 00:05:46.540 --> 00:05:52.860 is nearing all time lows with fewer than 10,000 ordinals inscribed into the Bitcoin blockchain 86 00:05:53.100 --> 00:05:57.185 on a daily basis over the last month. And that's down 87 00:05:57.345 --> 00:05:59.985 from more than 400,000 88 00:06:00.545 --> 00:06:02.985 seen during its peak of August 89 00:06:02.985 --> 00:06:03.825 2023. 90 00:06:05.185 --> 00:06:05.825 Meanwhile, 91 00:06:06.305 --> 00:06:12.570 back, Adam back offered a deeper critique of BIP one ten describing it as a quote quest 92 00:06:12.730 --> 00:06:15.370 to police other people in quote. 93 00:06:15.610 --> 00:06:17.690 He said Bitcoin's decentralization 94 00:06:17.690 --> 00:06:18.570 should mean 95 00:06:18.890 --> 00:06:20.970 you can impose your views on others, 96 00:06:21.450 --> 00:06:25.530 calling it incompatible with Bitcoin's cypherpunk ethos of permissionless 97 00:06:25.795 --> 00:06:27.635 censorship resistant money. 98 00:06:28.275 --> 00:06:37.875 Dasher and other BIP one ten proponents have called ordinals driven bloat a serious threat to the network prompting the need for an imminent fix. 99 00:06:38.980 --> 00:06:44.260 They have also argued BIP one ten wouldn't cause a chain split as many fear while adding 100 00:06:44.420 --> 00:06:47.620 that the BIP one ten fork imposes a temporary 101 00:06:48.020 --> 00:06:50.980 one year limit and thus won't invalidate 102 00:06:50.980 --> 00:06:52.660 fee paying transactions 103 00:06:52.660 --> 00:06:53.700

over the long term. 104 00:06:54.325 --> 00:06:56.645 Right. So that's, that's the article. 105 00:06:57.125 --> 00:07:02.325 And I'm actually kind of surprised that sailor waited into a BIP argument 106 00:07:02.405 --> 00:07:03.845 considering he's got, 107 00:07:04.485 --> 00:07:08.805 he's got more fish to fry than a fisherman in Japan. I I I'm, 108 00:07:09.759 --> 00:07:12.639 he's got all kinds of shit going on with his 109 00:07:12.960 --> 00:07:14.639 yield bearing products, 110 00:07:14.639 --> 00:07:17.199 and he can't seem to keep a stable peg 111 00:07:17.280 --> 00:07:18.960 on STRC. 112 00:07:18.960 --> 00:07:19.919 And so 113 00:07:20.560 --> 00:07:21.360 in my mind, 114 00:07:22.555 --> 00:07:25.755 this, I wonder if he's just being like a tourist 115 00:07:25.915 --> 00:07:28.475 at this point, waiting into the development 116 00:07:28.795 --> 00:07:35.580 arguments that have been plaguing Bitcoin since its inception. And yes, I went through the 2015, 117 00:07:35.580 --> 00:07:39.660 2017 Bitcoin fork wars and they were not pleasant. 118 00:07:40.780 --> 00:07:42.540 And somehow or another 119 00:07:43.180 --> 00:07:45.740 people that know better like Luke Dasher 120 00:07:45.980 --> 00:07:50.300 are doing the exact same thing that Roger Ver instigated 121 00:07:50.435 --> 00:07:55.635 starting. Honestly, he started that Todd Roger Ver started talking about bigger blocks. 122 00:07:56.195 --> 00:07:58.275 I want to say at the end of twenty thirteen 123 00:07:58.595 --> 00:08:04.720 to the mid twenty fourteen and it really didn't ramp up until 2015. 124 00:08:04.720 --> 00:08:08.000 And then it came to a head in 2017 when the fork actually 125 00:08:08.240 --> 00:08:09.840 not only did it happen, 126 00:08:10.400 --> 00:08:14.639 it failed immediately. And if you don't remember that or you weren't here, 127 00:08:15.215 --> 00:08:20.015 yeah. They spent a lot of time scaring the bejesus out of people. Letters were written, 128 00:08:20.335 --> 00:08:22.015 signatures were signed, 129 00:08:22.255 --> 00:08:24.495 all kinds of crap happened to get 130 00:08:24.815 --> 00:08:31.140 four megabyte blocks or some such shit. I can't remember what it was. And then when they actually 131 00:08:31.140 --> 00:08:33.620 implemented the fork of Bitcoin, 132 00:08:34.100 --> 00:08:38.580 their side of the fork, the big, what would be known as the big blockers 133 00:08:39.060 --> 00:08:40.180 immediately 134 00:08:40.180 --> 00:08:45.915 failed. It never produced its first block because there was an error in the code. 135 00:08:47.275 --> 00:08:49.355 And if we had, 136 00:08:49.995 --> 00:08:52.795 if we had, if all of us had gone along with it, 137 00:08:53.435 --> 00:08:57.435 then Bitcoin would have failed on that day because 138 00:08:58.630 --> 00:08:59.670 it 139 00:08:59.750 --> 00:09:01.590 just didn't mind 140 00:09:01.830 --> 00:09:05.830 any blocks at all because it was a failure at the code base. 141 00:09:07.270 --> 00:09:07.830 And 142 00:09:08.390 --> 00:09:11.030 Luke dash junior was one of the proponents 143 00:09:11.345 --> 00:09:19.185 of not increasing the block size. He was on the right side of the block size wars, if I remember correctly. 144 00:09:19.825 --> 00:09:21.265 So he should know better. 145 00:09:22.145 --> 00:09:23.345 He should know better 146 00:09:23.790 --> 00:09:26.190 and all the other people should know better. 147 00:09:27.390 --> 00:09:30.029 But I don't think the miners are taking the bait. 148 00:09:30.350 --> 00:09:31.950 Cause remember what it said 149 00:09:32.589 --> 00:09:36.430 that the miners, they asked to signal like 55% 150 00:09:36.615 --> 00:09:40.535 of miners saying, yeah, we're going to do the, we're going to do the thing. 151 00:09:40.855 --> 00:09:42.215 I don't think they got it. 152 00:09:42.615 --> 00:09:44.215 Let's move to this next one. 153 00:09:45.255 --> 00:09:49.495 Bitcoin's BIP one ten fork deadline nears 154 00:09:49.654 --> 00:09:51.334 with minor support 155 00:09:51.530 --> 00:09:52.730 at zero. 156 00:09:53.690 --> 00:09:54.490 Zero. 157 00:09:55.610 --> 00:09:56.490 Zero. 158 00:09:56.810 --> 00:09:57.770 Nada. 159 00:09:58.090 --> 00:09:58.810 Nothing. 160 00:09:59.130 --> 00:10:01.610 This is written by Sharra Malwa 161 00:10:01.610 --> 00:10:03.290 out of CoinDesk. 162 00:10:04.285 --> 00:10:11.085 An infamous proposal to purge non financial data from the Bitcoin blockchain is heading toward a hard deadline early August, 163 00:10:11.485 --> 00:10:16.205 and the initial support it has gathered from miners is less than 1% so far, 164 00:10:16.899 --> 00:10:22.100 a signal of outsized opposition despite the immense social chatter around this topic. 165 00:10:22.580 --> 00:10:32.820 BIP one ten formerly titled the reduced data temporary soft fork is basically a fight over what Bitcoin block spaces for 166 00:10:33.515 --> 00:10:42.875 Bitcoin transactions can carry money and extra data. An op return section is the obvious note field for small bits of data within transactions 167 00:10:43.195 --> 00:10:46.315 and data pushes are another route 168 00:10:45.870 --> 00:10:52.430 where users can place larger chunks of raw data inside Bitcoin script or witness data, 169 00:10:52.990 --> 00:10:54.670 ordinals inscriptions, 170 00:10:54.830 --> 00:10:56.670 and some token schemes 171 00:10:56.830 --> 00:11:01.790 use those pathways to put images, text, or token metadata on chain 172 00:11:02.084 --> 00:11:04.885 BIP one ten would temporarily 173 00:11:05.204 --> 00:11:07.524 tighten those paths for one year. 174 00:11:08.084 --> 00:11:11.365 It would cap opera turn at the old small size 175 00:11:11.524 --> 00:11:16.084 block, most arbitrary data chunks above two fifty six bytes 176 00:11:16.569 --> 00:11:20.730 and restrict some script formats used mainly for data storage. 177 00:11:21.290 --> 00:11:30.009 Supporters say this keeps Bitcoin focused on payments and lowers node burden, but critics

think it turns a policy fight into a consensus rule 178 00:11:30.185 --> 00:11:33.385 and tells users which transactions are acceptable. 179 00:11:33.785 --> 00:11:38.024 Two of Bitcoin's most influential figures came out against it on Saturday 180 00:11:38.105 --> 00:11:42.505 and we talked about Michael Saylor and Adam Back. So I'm not going to rehash that. 181 00:11:44.260 --> 00:11:45.780 Bitcoin respectfully 182 00:11:45.780 --> 00:11:57.300 says no to what you want. Adam back did say adding that their real recourse if unconvinced is to group together and fork away, but the Bitcoin won't be joining it. 183 00:11:57.995 --> 00:11:59.915 And here's the here's 184 00:11:59.915 --> 00:12:01.834 really the kind of the important part. 185 00:12:02.394 --> 00:12:04.235 The support data shows 186 00:12:04.555 --> 00:12:06.875 what the broader market really thinks. 187 00:12:07.514 --> 00:12:12.475 BIP one ten does not rely on the usual path of overwhelming minor approval, 188 00:12:12.950 --> 00:12:15.990 but uses a user activated soft fork, 189 00:12:16.230 --> 00:12:20.710 a mechanism in which nodes enforce a rule, whether or not minors agree 190 00:12:20.950 --> 00:12:22.710 set to a 55% 191 00:12:22.710 --> 00:12:24.710 minor signaling threshold 192 00:12:24.790 --> 00:12:26.710 rather than the traditional 193 00:12:26.870 --> 00:12:28.550 95% 194 00:12:29.415 --> 00:12:31.255 backing is absent 195 00:12:31.335 --> 00:12:33.175 even at that significantly 196 00:12:33.175 --> 00:12:34.375 lower bar 197 00:12:34.775 --> 00:12:36.295 because miners 198 00:12:36.695 --> 00:12:37.975 signaling for this 199 00:12:38.615 --> 00:12:43.095 have never risen above 1% in any period 200 00:12:42.399 --> 00:12:49.920 and stands at zero in the current one with no major mining pool behind it. According to the BIP one ten 201 00:12:50.160 --> 00:12:51.520 signaling monitor 202 00:12:52.000 --> 00:12:57.279 among the nodes that store and relay the chain adoption sits in the low single digits 203 00:12:57.745 --> 00:13:00.305 carried almost entirely by 204 00:13:00.705 --> 00:13:01.985 Bitcoin knots 205 00:13:02.305 --> 00:13:09.585 an alternative to the dominant Bitcoin core software. We got a pause to add, to make sure that they, that, you know, 206 00:13:10.340 --> 00:13:12.020 that Bitcoin knots 207 00:13:12.420 --> 00:13:14.820 is the Bitcoin core implementation 208 00:13:15.940 --> 00:13:21.060 by Luke Dasher, who is a proponent, a huge proponent of BIP one ten 209 00:13:21.460 --> 00:13:23.460 knots is his 210 00:13:23.620 --> 00:13:24.420 version 211 00:13:24.765 --> 00:13:26.445 of the Bitcoin blockchain, 212 00:13:26.845 --> 00:13:36.765 right? It is, it's not core, but it basically is a fork of core Bitcoin core. And then the adjustments that were talked about, about limiting 213 00:13:36.845 --> 00:13:40.365 to two fifty six bytes, all that is, is in this 214 00:13:41.110 --> 00:13:42.390 Bitcoin knots. 215 00:13:42.790 --> 00:13:47.030 So that's what

Bitcoin knots is. It is Luke Dasher's 216 00:13:47.270 --> 00:13:49.350 version of Bitcoin core. 217 00:13:49.510 --> 00:13:53.350 Continuing on the deadline arrives regardless. 218 00:13:53.955 --> 00:13:59.475 The current signaling period runs from block 900And57600 219 00:13:59.555 --> 00:14:02.515 to 900And5900615 220 00:14:02.755 --> 00:14:09.635 and a voluntary lock in deadline falls at blocks 961,542 221 00:14:09.910 --> 00:14:13.590 in the following period. And that is expected early August 222 00:14:14.470 --> 00:14:17.430 nodes running BIP one ten software 223 00:14:17.430 --> 00:14:25.185 would then begin rejecting any block that does not signal support with activation projected near September 224 00:14:25.425 --> 00:14:32.145 in practice, a rule enforced by a few percent of nodes and almost no miners does not change Bitcoin for everyone, 225 00:14:32.785 --> 00:14:36.065 but would split off a minority chain. 226 00:14:36.145 --> 00:14:37.265 And as such 227 00:14:37.629 --> 00:14:41.149 Bitcoin's resistance to change is not written down anywhere, 228 00:14:41.470 --> 00:14:45.630 but is the product of thousands of independent operators 229 00:14:45.709 --> 00:14:50.750 who each have to opt in as a means of signaling consensus. 230 00:14:51.475 --> 00:14:54.515 The underlying spam concern is real. However, 231 00:14:54.995 --> 00:14:59.155 blocks have carried more non financial data since the October change 232 00:14:59.315 --> 00:15:04.435 and reasonable people see that as a drift from Bitcoin as money toward Bitcoin as a database, 233 00:15:04.910 --> 00:15:09.070 but Bitcoin changes only when the network agrees to run the change 234 00:15:09.230 --> 00:15:12.910 and on the evidence so far, it's not going to run this one. 235 00:15:13.630 --> 00:15:18.190 So that's the end of the article. BIP one ten has no support right now. 236 00:15:19.745 --> 00:15:26.625 And here's a couple, here's a couple of things that I want to say about that. First of all, that means absolutely jack shit right now. 237 00:15:27.985 --> 00:15:34.625 There you might actually see like some kind of version of a late July surprise 238 00:15:34.940 --> 00:15:36.460 where all of a sudden 239 00:15:36.779 --> 00:15:39.019 where we were completely unconcerned 240 00:15:39.019 --> 00:15:40.060 about this 241 00:15:40.380 --> 00:15:45.660 idiotic fork. And yes, I, I think that BIP one ten is 242 00:15:45.660 --> 00:15:46.220 idiotic. 243 00:15:47.675 --> 00:15:50.795 I think that there is some, I think there is 244 00:15:51.355 --> 00:15:53.755 some sparkles of truth 245 00:15:54.075 --> 00:15:56.875 to what the BIP one ten guys are saying. 246 00:15:57.195 --> 00:15:59.115 I don't like ordinals either. 247 00:15:59.355 --> 00:16:00.955 I don't like inscriptions. 248 00:16:00.955 --> 00:16:03.790 I never have. I think arbitrary 249 00:16:03.790 --> 00:16:06.350 data on the Bitcoin blockchain is 250 00:16:06.590 --> 00:16:08.190 well stupid, 251 00:16:08.350 --> 00:16:09.470 unwarranted, 252 00:16:09.550 --> 00:16:10.670 and honestly 253 00:16:10.830 --> 00:16:12.270 unproductive. 254 00:16:13.230 --> 00:16:13.710 However, 255 00:16:14.525 --> 00:16:16.125 what's the bigger picture? 256 00:16:17.405 --> 00:16:21.885 You can't tell me what I can do with my Bitcoin transaction. 257 00:16:22.365 --> 00:16:25.485 That's the most important part. You can't censor it. 258 00:16:26.620 --> 00:16:32.939 You can't not mine it unless I just refuse to give you some kind of actual 259 00:16:32.939 --> 00:16:33.740 fee. 260 00:16:34.220 --> 00:16:38.139 Like if I like somehow or another say, here's my transaction 261 00:16:38.235 --> 00:16:49.915 and I'm going to pay exactly 0 Satoshi's to get that mind. Well, you're probably not going to get that transaction mind. It's probably not going to be confirmed. Right. Just because you 262 00:16:49.915 --> 00:16:51.035 want it for free. 263 00:16:51.675 --> 00:16:53.834 Sorry, pal. Okay. So there's that. 264 00:16:55.650 --> 00:16:57.490 The other thing is 265 00:16:57.650 --> 00:16:59.570 why do they keep saying temporary? 266 00:17:00.290 --> 00:17:01.490 What does that do? 267 00:17:02.530 --> 00:17:03.490 Think about it. 268 00:17:03.970 --> 00:17:06.290 And I'm sure that there's some slick, 269 00:17:07.035 --> 00:17:09.355 very well thought out argumentation 270 00:17:09.515 --> 00:17:14.475 that Luke Dasher might tell me if I were to ask him this question directly. But honestly 271 00:17:14.715 --> 00:17:15.995 I don't see it. 272 00:17:16.795 --> 00:17:23.590 I hear lots of people. There's lots of good explanations why we should be bombing the fuck out of Iran. 273 00:17:23.830 --> 00:17:27.590 None of them actually make any sense, but I'm sure they're well reasoned. 274 00:17:28.230 --> 00:17:30.149 I'm sure that they sound good. 275 00:17:30.549 --> 00:17:34.710 I've been here before with the Iraq war with desert desert shield. 276 00:17:35.404 --> 00:17:39.085 Yeah. I mean, Saddam Hussein and and Gaddafi 277 00:17:39.085 --> 00:17:42.284 and I mean, it just goes on and on and on. 278 00:17:42.765 --> 00:17:45.244 You can make an argument for anything 279 00:17:45.725 --> 00:17:51.850 and make it sound good too. It depends on how well you, how good you are at word Smithy, 280 00:17:52.890 --> 00:18:02.250 but a temporary Fort prove does nothing. What, so what does that mean? What happens when the F like, if it's temporary, then that means that there's supposedly 281 00:18:02.250 --> 00:18:03.690 that there's an end to it. 282 00:18:04.465 --> 00:18:05.745 What happens? 283 00:18:06.385 --> 00:18:12.785 Do we go back? Would we be going back to the old way of doing transactions that would allow ordinals and inscriptions? 284 00:18:14.225 --> 00:18:19.185 There's another problem with the, all this is that Luke Dasher and 285 00:18:18.160 --> 00:18:24.160 actually most of the BIP one ten argumentation that I've heard is all about child pornography 286 00:18:24.160 -->

00:18:25.759 on the Bitcoin blockchain. 287 00:18:25.760 --> 00:18:27.519 Son, you've already got it there. 288 00:18:28.400 --> 00:18:30.800 There's been at least one block containing 289 00:18:31.405 --> 00:18:38.284 an obvious image of obvious child pornography and it's been there for like four years now 290 00:18:38.684 --> 00:18:42.284 or somewhere around there. Actually, it's probably older than that. 291 00:18:42.605 --> 00:18:57.309 I'm sure there's more I'm I'm I'm honestly sure there's more, but I've read several articles over my time here on the Bitcoin and podcast talking that talks about this one particular block and I can't remember what the fucking block number is. I don't care, 292 00:18:59.275 --> 00:19:00.475 but that's there. 293 00:19:01.195 --> 00:19:06.235 So what happens with Luke Dasher's BIP one ten? Does it go back and 294 00:19:06.635 --> 00:19:09.434 seek to excavate that transaction? 295 00:19:09.755 --> 00:19:19.360 Because if not, then why then why do BIP one ten in the first place? If there is at least one block that has clear evidence of the embedding 296 00:19:19.520 --> 00:19:23.120 of one image of actual child pornography, 297 00:19:23.280 --> 00:19:24.960 then BIP one ten doesn't matter 298 00:19:25.865 --> 00:19:28.505 unless you're going to go pull that block out of the chain, 299 00:19:29.465 --> 00:19:32.105 unless you're going to go like literally reindex 300 00:19:32.105 --> 00:19:33.945 the entire blockchain and 301 00:19:34.105 --> 00:19:48.809 look for anything. And at that point, what the hell does that blockchain even look like? Because it's built. They might even activate it even if they don't get MITRE support. Anybody can do anything with block. You can make whatever fork you want a Bitcoin. 302 00:19:49.130 --> 00:19:52.010 As long as you got somebody who's running that software 303 00:19:52.250 --> 00:19:57.154 and running a miner that is attached to a node that is running that software, 304 00:19:57.155 --> 00:20:00.674 then you are mining blocks on that soft fork 305 00:20:01.075 --> 00:20:04.995 or just that fork, whether hard fork or not doesn't really matter. 306 00:20:06.355 --> 00:20:09.075 It doesn't matter that they don't have any minor support. 307 00:20:10.030 --> 00:20:11.470 It really doesn't matter. 308 00:20:11.950 --> 00:20:14.350 They could mind it any way if they wanted to. 309 00:20:15.550 --> 00:20:16.590 But this, 310 00:20:16.670 --> 00:20:18.429 none of this makes sense to me. 311 00:20:20.190 --> 00:20:21.470 And the fact that like, 312 00:20:22.575 --> 00:20:25.455 if you were not for BIP one ten, 313 00:20:26.174 --> 00:20:30.575 the predominant argument is that you, you must be 314 00:20:30.895 --> 00:20:31.614 for 315 00:20:32.255 --> 00:20:33.614 child pornography, 316 00:20:34.174 --> 00:20:36.815 that that makes you a pedophile 317 00:20:37.770 --> 00:20:41.130 and that kind of libel and it is libel 318 00:20:41.770 --> 00:20:45.130 when you when you state publicly 319 00:20:46.810 --> 00:20:49.370 that somebody and you give their name 320 00:20:49.865 --> 00:20:52.585 is a, in this case pedophile 321 00:20:52.745 --> 00:20:54.665 and you have no proof 322 00:20:55.625 --> 00:20:59.785 and Nope. And Nope. Like let's say no proof even exists 323 00:21:00.265 --> 00:21:04.185 and you would have to manufacture that proof. And then that proof is actually a lie. 324 00:21:05.120 --> 00:21:07.120 That is the very definition 325 00:21:07.280 --> 00:21:09.760 of libel because you said it in public. 326 00:21:10.080 --> 00:21:11.520 It's now indelible 327 00:21:11.520 --> 00:21:15.920 like on the internet, like Luke dash junior has called several people pedophiles 328 00:21:16.080 --> 00:21:16.960 on X, 329 00:21:17.575 --> 00:21:22.855 which is fairly indelible unless of course he gets his entire X account blocked 330 00:21:23.015 --> 00:21:26.855 and then they just delete or delete it and they delete all his messages. 331 00:21:27.175 --> 00:21:29.735 And I'm sure there's a copy of it. It doesn't matter. 332 00:21:30.529 --> 00:21:32.209 You get my point. 333 00:21:32.850 --> 00:21:35.010 It's like writing it in a newspaper, 334 00:21:35.010 --> 00:21:37.169 which is where liable came from. 335 00:21:38.850 --> 00:21:41.889 If I make a statement that is untrue 336 00:21:41.970 --> 00:21:46.925 and I have no proof that, especially if I am defaming somebody, 337 00:21:46.925 --> 00:21:52.445 if I am literally calling them a pedophile in public without any proof whatsoever, 338 00:21:56.205 --> 00:21:56.765 I'm liable. 339 00:21:57.900 --> 00:22:06.460 How a lawsuit has not been brought against Luke Dasher in any of the other one ten guys is beyond my comprehension 340 00:22:06.780 --> 00:22:15.385 because if somebody calls me a pedophile and has no proof, I want to know exactly how the I can soothe them into the fucking ground. 341 00:22:16.905 --> 00:22:18.505 Unless you have proof, 342 00:22:19.385 --> 00:22:20.825 unless you have 343 00:22:20.985 --> 00:22:21.705 proof 344 00:22:21.945 --> 00:22:24.745 that I am 345 00:22:24.049 --> 00:22:29.330 in possession of looking at an absolutely love child pornography, 346 00:22:29.490 --> 00:22:37.490 you've got no proof, which means you called me a pedophile in public without any proof. And that means libel. And that means I can sue you. 347 00:22:39.105 --> 00:22:43.904 I could Sue Luke dash junior. If he said I was a pedophile and had no proof, 348 00:22:44.145 --> 00:22:45.825 I could take his ass to court 349 00:22:46.865 --> 00:22:50.705 as long as he writes it on X or some other public forum 350 00:22:50.980 --> 00:22:55.779 that is relatively indelible that I can prove at least one other person saw, 351 00:22:56.259 --> 00:23:01.860 can sue that person or I can, or I can Sue Luke dash junior if you were to say it. So it's 352 00:23:01.860 --> 00:23:03.059 very surprising 353 00:23:03.380 --> 00:23:06.100 that nobody has come out of the woodwork and say,

354 00:23:06.795 --> 00:23:09.515 you called me a pedophile. You have no proof. 355 00:23:10.075 --> 00:23:11.275 You're going down 356 00:23:12.075 --> 00:23:14.315 this, this BIP one ten. 357 00:23:15.115 --> 00:23:22.475 I still don't feel it as much in my bones or rather as the kick in the crotch that the block size wars were, 358 00:23:23.250 --> 00:23:25.490 but it is a waste of our time. 359 00:23:25.890 --> 00:23:29.409 And I really, really wish we could stop talking about it. 360 00:23:29.970 --> 00:23:34.210 Maybe after August, maybe we'll maybe we can figure it out after August. 361 00:23:34.370 --> 00:23:39.214 If there clearly is no more mining support at that, on that fork date, 362 00:23:39.375 --> 00:23:41.695 then maybe we can put it to bed. I don't know. 363 00:23:43.054 --> 00:23:44.174 It doesn't matter. 364 00:23:44.894 --> 00:23:47.534 All you have to do is go to oshigood.us 365 00:23:47.534 --> 00:23:53.289 though. You want to make yourself feel better. Get yourself some huddle butter. He's only got three huddle butters left. 366 00:23:53.690 --> 00:23:56.490 What is huddle butter? You might ask. Well, 367 00:23:56.890 --> 00:23:59.929 think peanut butter, except here's the ingredient list. 368 00:24:00.410 --> 00:24:01.370 Pecans, 369 00:24:01.530 --> 00:24:02.650 maple sugar, 370 00:24:02.810 --> 00:24:03.930 sea salt flakes, 371 00:24:04.205 --> 00:24:05.085 cinnamon, 372 00:24:05.245 --> 00:24:06.365 and black pepper. 373 00:24:06.925 --> 00:24:12.125 Dude, that's it. That's all that's in there. You can use this stuff on anything. 374 00:24:12.365 --> 00:24:17.085 It's made with locally sourced pecan straight from the Southeast USA. 375 00:24:17.600 --> 00:24:20.960 It's more nuanced than a two hour Bitcoin podcast, 376 00:24:21.200 --> 00:24:22.400 small batch 377 00:24:22.800 --> 00:24:24.159 craft delivery. 378 00:24:24.800 --> 00:24:27.600 Wait a minute. No. Sorry. Small batch craft 379 00:24:27.680 --> 00:24:28.559 delicacy 380 00:24:28.560 --> 00:24:36.294 can be enjoyed as a topping on anything edible or just straight out of the reusable glass jar. I saw a guy put this on a cooked steak 381 00:24:36.774 --> 00:24:37.974 and honestly 382 00:24:38.215 --> 00:24:39.654 it looked delicious. 383 00:24:39.735 --> 00:24:43.654 Now I haven't done it myself, but the guy that did that said it's delicious. 384 00:24:44.470 --> 00:24:47.509 And Oshi over at oshigood.us, 385 00:24:47.830 --> 00:25:03.585 he takes Bitcoin for his product because this is a circle p. It's where I bring plebs just like you with goods and services to plebs just like you who want to buy say goods and services, but you will be buying it in Bitcoin Cause if you're not selling it in Bitcoin, you're not in the circle P go 386 00:25:03.585 --> 00:25:05.825 to oshigood.us. 387 00:25:06.065 --> 00:25:08.705 That is oshigood.us. 388 00:25:09.105 --> 00:25:13.585 If you use the code Bitcoin and he won't give you a discount, 389 00:25:14.090 --> 00:25:20.809

but it lets Oshi know that I made a sale for him here on the circle P and that lets Oshi determine 390 00:25:21.610 --> 00:25:23.769 how he values that sale. 391 00:25:24.170 --> 00:25:36.024 And then he gets me back on the other side by giving me Satoshi's over the lightning network. That's how the circle P works. It's not a contract is hell. It's not even really a digital handshake. 392 00:25:36.505 --> 00:25:38.505 It's just an agreement 393 00:25:38.665 --> 00:25:44.265 between me and some people that I've found that I think have a really good product 394 00:25:44.690 --> 00:25:49.250 and want to do that as part of their lives. If not for their whole life, 395 00:25:50.210 --> 00:25:54.530 of working in the Fiat minds, they're building something for other Bitcoiners 396 00:25:54.530 --> 00:25:57.090 and Oshie good .us makes 397 00:25:57.625 --> 00:26:01.945 one of one of the coolest products that I've seen huddle butter. 398 00:26:02.505 --> 00:26:03.544 It's very, 399 00:26:04.184 --> 00:26:06.424 very difficult to go find 400 00:26:08.345 --> 00:26:10.505 butter that's made out of pecans. 401 00:26:11.470 --> 00:26:23.710 I like and I, you know, I can go to all manner of grocery stores that has grind your own peanut butter and I can grind my own cashew butter. I can grind my own peanut butter, roasted peanut butter. You know what they never have? 402 00:26:24.715 --> 00:26:32.474 Walnut butter or pecan butter. They never have the pecans and the walnuts. They just have like four different kinds of fricking peanuts and 403 00:26:32.715 --> 00:26:34.394 cashews and pistachios. 404 00:26:34.394 --> 00:26:36.955 I don't know what the deal is, but if you want 405 00:26:37.309 --> 00:26:42.909 real homemade pecan butter, get yourself some huddle butter from oshigood.us. 406 00:26:42.990 --> 00:26:46.269 Make sure you use the code Bitcoin and strategy 407 00:26:47.309 --> 00:26:48.110 sells 408 00:26:48.190 --> 00:26:51.070 $467,000,000 409 00:26:51.070 --> 00:26:51.870 of 410 00:26:53.085 --> 00:26:54.524 MSTR shares 411 00:26:54.925 --> 00:26:57.404 makes no Bitcoin purchases 412 00:26:57.485 --> 00:26:59.245 as USD reserve 413 00:26:59.245 --> 00:27:01.485 hits $3,000,000,000. 414 00:27:01.804 --> 00:27:03.485 James Hunt from the block. 415 00:27:05.500 --> 00:27:08.220 Bitcoin treasury company strategy sold 416 00:27:08.540 --> 00:27:11.740 approximately $466,700,000 417 00:27:11.740 --> 00:27:13.260 worth of MSTR 418 00:27:13.260 --> 00:27:18.940 shares last week according to an eight k filing with the securities and exchange commission on Monday. 419 00:27:19.625 --> 00:27:25.545 The firm said it sold 4,818,781 420 00:27:25.785 --> 00:27:26.665 MSTR 421 00:27:26.665 --> 00:27:30.425 shares between July 6 and July 12, 422 00:27:31.145 --> 00:27:32.720 but, or rather 423 00:27:33.040 --> 00:27:35.440 it did not buy nor 424 00:27:35.440 --> 00:27:37.120 did they sell 425 00:27:37.280 --> 00:27:38.000 Bitcoin 426 00:27:38.160 --> 00:27:39.600 during the period. 427 00:27:40.080 --> 00:27:47.120 Proceeds from the MSTR sales were used to boost strategies USD reserve by $450,000,000 428 00:27:46.774 --> 00:27:50.054 to get it up to 3,000,000,000 as of July 12 429 00:27:50.375 --> 00:27:54.134 strategy is therefore retained its Bitcoin holdings 430 00:27:54.294 --> 00:27:57.335 at 843,775 431 00:27:57.335 --> 00:27:59.414 Bitcoin worth around 53,000,000,000 432 00:27:59.710 --> 00:28:04.350 bought at an average price of $75,476 433 00:28:04.350 --> 00:28:05.309 per Bitcoin 434 00:28:05.470 --> 00:28:08.350 for a total cost of 63,700,000,000, 435 00:28:08.350 --> 00:28:09.790 including fees and expenses. 436 00:28:10.430 --> 00:28:11.870 Strategies holdings 437 00:28:12.034 --> 00:28:15.955 are still equivalent to around 4% of Bitcoin's $21,000,000 438 00:28:15.955 --> 00:28:20.355 supply cap or route dollar, sorry, 21,000,000 coin 439 00:28:20.355 --> 00:28:21.474 supply cap, 440 00:28:21.794 --> 00:28:24.515 but carry around $10,700,000,000 441 00:28:24.515 --> 00:28:30.450 of paper losses at current prices. Yeah. I don't give a shit about that. What I do care about is that 442 00:28:30.850 --> 00:28:31.970 as usual 443 00:28:32.130 --> 00:28:33.169 yesterday, 444 00:28:35.169 --> 00:28:37.169 sailor teased on x 445 00:28:37.650 --> 00:28:42.610 like a pending Bitcoin purchase because he always uses this orange dot plot 446 00:28:43.775 --> 00:28:53.534 that he's got in every time he's, or most of the time when he's pulled that thing out of the, out of the cupboard, you know, to, to parade before us on Sunday evenings, 447 00:28:53.855 --> 00:28:56.095 it's always been right before he bought Bitcoin. 448 00:28:56.490 --> 00:29:03.690 The last couple of times that he's done that, he has not bought Bitcoin. And one time he actually sold Bitcoin, but this time he did not sell Bitcoin 449 00:29:03.850 --> 00:29:10.970 somehow or another. He's found a whole bunch of buyers for a well over 4,000,000 shares of MSTR stock. 450 00:29:11.524 --> 00:29:13.524 So here's my question though. 451 00:29:14.725 --> 00:29:17.204 Hold on for a second. I don't know what the hell Oh, 452 00:29:17.445 --> 00:29:18.644 somehow or another 453 00:29:19.605 --> 00:29:23.044 somehow or another I got, got off track and 454 00:29:23.365 --> 00:29:25.764 sorry. It's 455 00:29:25.764 --> 00:29:28.540 early in the morning. Give me a break. He 456 00:29:30.140 --> 00:29:30.940 sold 457 00:29:31.420 --> 00:29:35.100 approximately $466,700,000 458 00:29:35.100 --> 00:29:36.460 worth of MSTR 459 00:29:36.460 --> 00:29:37.740 shares last week. 460 00:29:38.060 --> 00:29:39.740 Okay. My question is this. 461 00:29:40.985 --> 00:29:42.585 Did he sell 462 00:29:42.905 --> 00:29:44.105 those shares 463 00:29:44.585 --> 00:29:45.785 out of 464 00:29:47.065 --> 00:29:52.985 shares that were previously held by micro strat or strategy itself? You formerly micro strategy 465 00:29:53.539 --> 00:29:55.299 Or did they print those

shares? 466 00:29:55.860 --> 00:29:59.219 Because there's a very big difference between which one. 467 00:30:00.100 --> 00:30:01.619 If they sold 468 00:30:03.059 --> 00:30:04.580 previously held 469 00:30:04.580 --> 00:30:06.500 micro or MSTR shares, 470 00:30:07.375 --> 00:30:08.095 then 471 00:30:08.414 --> 00:30:09.934 no harm, no foul 472 00:30:10.015 --> 00:30:13.215 kind of except that now they don't have as many MSTR 473 00:30:13.215 --> 00:30:14.014 shares, 474 00:30:14.414 --> 00:30:16.575 held by the company as they did. 475 00:30:17.615 --> 00:30:20.335 If they printed those shares to sell, 476 00:30:20.655 --> 00:30:22.174 that's a bigger problem, 477 00:30:22.870 --> 00:30:26.070 a much bigger problem because it dilutes 478 00:30:26.390 --> 00:30:30.469 the shareholders that already exist. It's like printing money. 479 00:30:30.789 --> 00:30:33.349 If I've got like a $100 and 480 00:30:33.350 --> 00:30:35.270 they, there's only $10,000 481 00:30:35.270 --> 00:30:35.909 in the world, 482 00:30:36.505 --> 00:30:40.744 but the United States fed decides to print, I don't know, 483 00:30:41.304 --> 00:30:42.985 another $100,000,000 484 00:30:42.985 --> 00:30:49.225 might, if I'm holding a $100 against 10,000 and all of a sudden like $400,000,000 485 00:30:49.225 --> 00:30:53.460 gets printed, My $100 is a worth a fraction 486 00:30:53.460 --> 00:30:56.019 has a fraction of the buying power. 487 00:30:56.340 --> 00:30:59.619 The same is exact. The same thing happens here. 488 00:31:00.260 --> 00:31:02.340 And that's what is not said. 489 00:31:02.660 --> 00:31:13.195 I do not know. And I've read three different articles about this. I do not know if micro strategy printed these shares for sale diluting. They're already, 490 00:31:13.675 --> 00:31:19.355 the, the people that already hold their my, MSTR shares or if they sold their own. 491 00:31:20.070 --> 00:31:23.669 And that's a difference that's worth noting, ladies and gentlemen. 492 00:31:23.990 --> 00:31:25.029 Let's run the numbers. 493 00:31:34.894 --> 00:31:35.695 CNBC 494 00:31:35.695 --> 00:31:37.294 features and commodities, 495 00:31:37.294 --> 00:31:44.254 and we're bombing the crap out of Iran. And if I didn't know that from the news headlines, I would know it from these energy prices. 496 00:31:44.735 --> 00:31:49.774 Merbon crude is up five and a half points to $74.92 497 00:31:49.774 --> 00:31:54.310 a barrel. Brent Norsey is up four and a half points to $79.42 498 00:31:54.310 --> 00:31:56.470 and West Texas intermediate crude 499 00:31:56.630 --> 00:32:00.230 up four and a half percent to $74.65 500 00:32:00.230 --> 00:32:02.230 natural gas is a hedge 501 00:32:02.804 --> 00:32:04.245 1.7% 502 00:32:04.245 --> 00:32:05.364 to the downside 503 00:32:05.605 --> 00:32:07.764 coming in at $2.88 504 00:32:07.764 --> 00:32:11.204 per thousand cubic feet and gasoline is up three and a quarter 505 00:32:11.524 --> 00:32:13.125 to $3.08 506 00:32:13.125 --> 00:32:13.924 a gallon

507 00:32:14.245 --> 00:32:25.770 metals. As you might imagine, are taking it in the nuts today. Palladium down a point, but gold is down two and a quarter to woo man is scathingly close to losing $4,000 508 00:32:25.770 --> 00:32:26.649 an ounce. 509 00:32:26.890 --> 00:32:28.810 It's right at 4,022 510 00:32:28.810 --> 00:32:29.610 and a half 511 00:32:30.065 --> 00:32:32.225 platinum is down 0.19% 512 00:32:32.225 --> 00:32:37.345 silver is down almost three points to $58.44 513 00:32:37.425 --> 00:32:39.105 but copper is up 514 00:32:39.585 --> 00:32:42.865 probably because of the AI play point 72% 515 00:32:42.865 --> 00:32:43.585 to the upside, 516 00:32:44.220 --> 00:32:46.700 dollars 6 and 32¢ a pound. 517 00:32:47.500 --> 00:32:52.460 Ag is mixed mostly in the red. Biggest loser today is chocolate 4.6% 518 00:32:52.460 --> 00:32:53.499 to the downside. 519 00:32:53.820 --> 00:32:57.100 Biggest winner is the corn 1.5 520 00:32:57.179 --> 00:33:06.114 to the upside, live cattle up a half lean hogs moving sideways, but in the green and feeder cattle up 0.82% 521 00:33:06.595 --> 00:33:15.200 the S and P is down a third as you might imagine because you know, bombing Iran doesn't help the stock market. NASDAQ is down 1.12%. 522 00:33:15.200 --> 00:33:19.760 Dow is down a quarter and the S and P mini is down 0.19%. 523 00:33:19.760 --> 00:33:21.440 And then there's Bitcoin, which is 524 00:33:21.760 --> 00:33:27.840 down again today, but still holding pretty decent at 62,640. 525 00:33:28.455 --> 00:33:31.734 A market cap is $1,260,000,000,000 526 00:33:31.815 --> 00:33:34.294 We can get 15.6 527 00:33:34.294 --> 00:33:42.615 ounces of our favorite shiny metal rock with our one Bitcoin of which there are 20,055,619.89 528 00:33:42.615 --> 00:33:45.940 of an average fees per block or low 0.02 529 00:33:45.940 --> 00:33:48.580 BTC taking in fees on a per block basis. 530 00:33:48.740 --> 00:34:00.605 It's about 42 blocks carrying eighty nine and eighty nine thousand unconfirmed transactions waiting to clear at high priority rates of two sets per V byte low party will get you in a 0.6 531 00:34:01.165 --> 00:34:04.365 hash rate is dipped again, eight seventy 532 00:34:04.365 --> 00:34:06.365 seven extra hashes per second. 533 00:34:06.685 --> 00:34:09.005 I am completely unconcerned with this number. 534 00:34:10.430 --> 00:34:13.230 People seem to be really weirded out by that. 535 00:34:13.790 --> 00:34:15.790 We were we were secure 536 00:34:15.790 --> 00:34:16.430 at 537 00:34:16.750 --> 00:34:17.710 150 538 00:34:17.710 --> 00:34:19.390 extra hashes per second. 539 00:34:20.430 --> 00:34:22.750 I I it'll 540 00:34:22.750 --> 00:34:27.285 be fine guys. It'll it'll it'll be fine. I promise. A reminder, 541 00:34:27.285 --> 00:34:29.045 bitcoinandshow.com, 542 00:34:29.045 --> 00:34:31.365 the bitcoinandshow.com. 543 00:34:31.445 --> 00:34:32.805 Bitcoinandshow.com 544 00:34:32.805 --> 00:34:33.925 is my website. 545 00:34:34.085 --> 00:34:37.445 And you can support the show directly there financially 546 00:34:37.525 --> 00:34:38.805 by buying a subscription. 547 00:34:39.720 --> 00:34:54.440 Yes, you can get one for free. Both of them require email. No, I'm not going to give your email out. No, I'm not going to sell your email. Those are my emails. Well, actually they're your emails, but you've entrusted them to me. I'm not going to bust that trust, right? The only way that 548 00:34:55.185 --> 00:35:01.505 anybody could get ahold of your email out of me is somehow or another hack my web host provider. 549 00:35:01.985 --> 00:35:03.025 That's, 550 00:35:03.585 --> 00:35:04.705 that's about it 551 00:35:04.945 --> 00:35:16.230 because I am not going to turn it over And you can get a subscription at five bucks a month or you can, you know, say, screw it. I'll just give me, get and give me $50 and you get it for the whole year 552 00:35:16.790 --> 00:35:18.470 or you could get it for free. 553 00:35:18.710 --> 00:35:19.830 Now here's the deal. 554 00:35:20.310 --> 00:35:21.270 I don't like 555 00:35:22.135 --> 00:35:23.175 paywalling 556 00:35:23.335 --> 00:35:27.495 like I, or rather it's like, I don't like coming up with, 557 00:35:27.895 --> 00:35:29.255 you know, extra, 558 00:35:29.975 --> 00:35:33.415 extra content that nobody else can see unless they pay me. 559 00:35:33.895 --> 00:35:36.695 This is a value for value podcast. 560 00:35:36.810 --> 00:35:40.650 And what I'm trying to do here is to bring you value 561 00:35:41.370 --> 00:35:45.530 that you see as value and determine for yourself 562 00:35:45.850 --> 00:35:56.685 how much value you would like to give back to me. It can either be nothing or you can give me $50 for the year or you can give me $5 every month or something like that. And it just tells me, 563 00:35:57.165 --> 00:35:58.205 you know, that I'm 564 00:35:59.805 --> 00:36:02.925 giving you value because that's what this is all about. 565 00:36:03.165 --> 00:36:09.590 The value for value pod podcasting two point o value verse, whatever you want to call it. 566 00:36:10.069 --> 00:36:12.310 This is the way that we've got to go. 567 00:36:12.950 --> 00:36:23.465 We've got to be able to support each other. We've got to be able to spin up circular economies of all kinds, not just Bitcoin economies, but like content 568 00:36:23.465 --> 00:36:24.905 creation economies 569 00:36:24.985 --> 00:36:27.785 where we're not dependent on advertisers, 570 00:36:28.505 --> 00:36:29.385 sponsors, 571 00:36:30.265 --> 00:36:38.940 have you, where we're more not even really dependent upon each other as much as we're supporting each other, not because we have to, 572 00:36:39.180 --> 00:36:43.500 but because we want to. And you can do that at bitcoinandshow.com 573 00:36:43.500 --> 00:36:46.540 that's bitcoinandshow.com 574 00:36:46.914 --> 00:36:48.275 from the 575 00:36:48.595 --> 00:36:50.035 Bernanke barnacle, 576 00:36:50.035 --> 00:36:54.435 which was Friday's

episode of Bitcoin. And I got no waste BTC signs 577 00:36:54.515 --> 00:36:58.435 with 3,000 sats that asked the ever important question. 578 00:36:58.674 --> 00:37:01.394 Do you have an opinion on BIP one ten? Thank you. 579 00:37:02.070 --> 00:37:03.110 Why? Yes. 580 00:37:03.430 --> 00:37:04.470 Yes, I do. 581 00:37:04.870 --> 00:37:08.790 I don't like it. And you've already heard many reasons why, 582 00:37:09.750 --> 00:37:16.710 but no, I, I don't like BIP one ten and I, what I don't like even more than BIP one ten 583 00:37:17.095 --> 00:37:21.015 is the aggravation that it's causing. I will say this, 584 00:37:22.135 --> 00:37:24.135 what are these people thinking 585 00:37:24.455 --> 00:37:26.615 about trying to push this through 586 00:37:27.335 --> 00:37:33.255 when Bitcoin might, some Bitcoin miners are fully pivoting to AI 587 00:37:32.720 --> 00:37:36.560 while the smarter miners are just adding AI, 588 00:37:36.880 --> 00:37:38.000 compute power 589 00:37:38.160 --> 00:37:40.000 to their portfolio. 590 00:37:40.640 --> 00:37:44.000 Because I just told you we have, you know, we we've come down from 591 00:37:44.815 --> 00:37:49.295 whatever Tara had not, it's not Tara hash, whatever comes after XA, 592 00:37:49.695 --> 00:37:54.975 whatever that hash number we've come down from one point o whatever that is to 877 593 00:37:54.975 --> 00:38:02.640 extra hashes per second. And no, I'm not concerned with it. But if I was somebody who was depending on minor support 594 00:38:02.800 --> 00:38:04.560 to get my shit through, 595 00:38:04.800 --> 00:38:09.520 I would imagine that this is not the time to be distracting them or trying to 596 00:38:10.000 --> 00:38:11.360 get the miners attention. 597 00:38:12.045 --> 00:38:15.405 I think their attention is somewhere else right now. 598 00:38:15.805 --> 00:38:16.445 So 599 00:38:16.765 --> 00:38:18.685 depending on these people to 600 00:38:18.925 --> 00:38:21.965 give a shit about what you're doing with your fork 601 00:38:22.444 --> 00:38:23.165 is 602 00:38:24.600 --> 00:38:27.960 I think it's a fool's game, man. Wrong time. 603 00:38:28.520 --> 00:38:29.640 The wrong 604 00:38:29.960 --> 00:38:36.440 time to do it. Oak Grove with a thousand sats says it's Friday and he gives me a YouTube 605 00:38:36.440 --> 00:38:38.520 video to watch and I haven't watched it yet. 606 00:38:39.405 --> 00:38:42.765 Jason Highwood two fifty says, thanks for the show. You're welcome. 607 00:38:43.005 --> 00:38:49.965 Nick Dose with two forty one sat says cheers right back at you. And Nostragang with a hundred and one sat says, thank 608 00:38:50.285 --> 00:38:50.685 you. 609 00:38:51.420 --> 00:38:53.980 You're welcome. And that's the weather report. 610 00:39:03.020 --> 00:39:08.375 Welcome to part two of the news that you can use. Bank of Thailand targets USDT 611 00:39:08.855 --> 00:39:10.535 and cash flow 612 00:39:10.855 --> 00:39:12.695 in gray money crackdown. 613 00:39:12.695 --> 00:39:15.495 Martin

Young writing this one for CoinTelegraph. 614 00:39:16.295 --> 00:39:18.135 Thailand central bank, 615 00:39:18.375 --> 00:39:19.815 the central bank 616 00:39:19.830 --> 00:39:21.670 is stepping up stablecoin 617 00:39:21.670 --> 00:39:27.110 surveillance as part of a wider effort to crack down on money laundering, 618 00:39:27.270 --> 00:39:28.710 illicit finance, 619 00:39:28.870 --> 00:39:30.630 and gray money in the country. 620 00:39:31.605 --> 00:39:34.405 The bank of Thailand is working with the kingdom's 621 00:39:34.405 --> 00:39:39.445 SEC or Securities and Exchange Commission to audit high volume stablecoin transactions 622 00:39:39.685 --> 00:39:42.805 with a focus on USDT 623 00:39:43.045 --> 00:39:47.605 cash transactions and currency exchanges to identify and stop illicit 624 00:39:47.740 --> 00:39:48.780 financial flows. 625 00:39:48.940 --> 00:39:49.580 Quote, 626 00:39:49.820 --> 00:39:55.020 the measure we are implementing are not short term fixes. They require the continuous 627 00:39:55.020 --> 00:39:55.820 deployment 628 00:39:55.980 --> 00:39:58.540 of multiple parallel strategies. 629 00:39:58.780 --> 00:40:01.340 Bank of Thailand governor Vithai 630 00:40:01.815 --> 00:40:06.135 Rathena Korn said according to local media outlets, 631 00:40:06.855 --> 00:40:11.735 Thailand is targeting the gray economy, which largely consists of cash 632 00:40:11.974 --> 00:40:14.375 that may have come from suspicious 633 00:40:14.375 --> 00:40:15.175 origins 634 00:40:15.549 --> 00:40:18.670 such as scam call centers that have proliferated in the region. 635 00:40:19.150 --> 00:40:21.070 While there are no reliable figures 636 00:40:21.150 --> 00:40:22.670 for the gray economy, 637 00:40:23.069 --> 00:40:30.510 twenty twenty five scam losses may have amounted to as much as $3,400,000,000 638 00:40:28.065 --> 00:40:29.984 amid 173,000,000 639 00:40:29.984 --> 00:40:31.905 scam calls and texts. 640 00:40:32.464 --> 00:40:36.945 Stable coins have become a very popular method of transferring large amounts 641 00:40:37.105 --> 00:40:39.025 due to near instant 642 00:40:39.505 --> 00:40:40.785 cross border settlement. 643 00:40:41.950 --> 00:40:46.750 This move will expand commercial bank compliance duties across cash networks, 644 00:40:47.150 --> 00:40:48.350 currency exchanges, 645 00:40:48.990 --> 00:40:51.790 gold bullion trading, and suspicious 646 00:40:51.790 --> 00:40:58.255 stable coin transactions in an effort to prevent regulated entities from facilitating corruption 647 00:40:58.415 --> 00:40:59.215 or 648 00:41:00.335 --> 00:41:01.615 shadow economies. 649 00:41:02.415 --> 00:41:07.215 High value cash transactions will also require a source of funds declaration 650 00:41:06.770 --> 00:41:13.090 and exchanges of large volumes of big bank notes for smaller denominations without clear business reasons 651 00:41:13.250 --> 00:41:15.250 will also be monitored. 652 00:41:15.490 --> 00:41:19.890 Cash deposits of more than 5,000,000 bought or $150,000 653 00:41:19.890 --> 00:41:22.050 us also require 654 00:41:22.145 --> 00:41:23.425 full disclosure. 655 00:41:24.065 --> 00:41:24.945 Thailand 656 00:41:25.425 --> 00:41:31.905 has often been touted as a crypto Haven, but digital asset and stable coin payments are still outlawed 657 00:41:31.905 --> 00:41:33.585 by the central bank. 658 00:41:33.905 --> 00:41:37.585 And there has been regular rule tightening on crypto businesses. 659 00:41:38.040 --> 00:41:44.360 Crypto trading remains legal with the country's largest exchange bit cub seeking about $26,000,000 660 00:41:44.360 --> 00:41:46.760 or seeing about $26,000,000 661 00:41:46.760 --> 00:41:48.760 in day daily volume. However, 662 00:41:49.240 --> 00:41:51.880 almost 40% of that is foreign exchange 663 00:41:52.145 --> 00:41:54.065 with the USDT 664 00:41:54.145 --> 00:41:58.705 Thailand to bot pair being the most popular according to CoinGecko. 665 00:41:59.105 --> 00:42:01.505 Thailand's banks imposed sweeping 666 00:42:01.505 --> 00:42:02.785 account restrictions 667 00:42:02.944 --> 00:42:04.785 and froze 3,000,000 668 00:42:04.785 --> 00:42:09.200 bank accounts last year as part of its crackdown on mule accounts, 669 00:42:09.680 --> 00:42:12.000 gray capital and suspicious activity. 670 00:42:12.079 --> 00:42:12.800 However, 671 00:42:13.440 --> 00:42:14.960 thousands of individuals 672 00:42:15.119 --> 00:42:18.000 and legitimate businesses were caught in the dragnet 673 00:42:18.000 --> 00:42:21.599 in what media reports described at the time as quote, 674 00:42:22.235 --> 00:42:24.555 a scammer crackdown gone wrong 675 00:42:24.955 --> 00:42:28.155 in quote. And that's also the end of the article. 676 00:42:28.555 --> 00:42:30.315 So let's get back up here. 677 00:42:32.715 --> 00:42:36.075 High value cash transactions 678 00:42:35.410 --> 00:42:38.290 require a source of funds 679 00:42:38.290 --> 00:42:39.170 declaration 680 00:42:39.570 --> 00:42:45.650 and exchanges of large volumes of big bank notes for smaller denominations 681 00:42:45.810 --> 00:42:50.050 without a clear business reason will also be monitored 682 00:42:51.224 --> 00:42:53.785 Without clear business reasons, 683 00:42:53.944 --> 00:42:55.145 who determines 684 00:42:55.305 --> 00:42:56.185 what a 685 00:42:56.585 --> 00:42:57.385 clear 686 00:42:57.385 --> 00:42:58.905 business reason 687 00:42:59.065 --> 00:42:59.464 is? 688 00:43:02.840 --> 00:43:03.720 You know, 689 00:43:04.840 --> 00:43:09.160 this has nothing to do with the gray market and you know what I'm about to say. 690 00:43:09.400 --> 00:43:10.920 It's about control 691 00:43:11.320 --> 00:43:13.400 and they're needing control. Why? 692 00:43:14.375 --> 00:43:18.215 Cause shit in the background is breaking out of control. 693 00:43:18.775 --> 00:43:21.015 This is not just Thailand. 694 00:43:21.494 --> 00:43:25.494 This is the same refrain we see from The United States, 695 00:43:26.470 --> 00:43:27.270 Canada, 696

00:43:27.350 --> 00:43:29.670 Mexico, Australia, New Zealand, 697 00:43:30.150 --> 00:43:31.190 the EU, 698 00:43:31.990 --> 00:43:32.790 UK. 699 00:43:33.030 --> 00:43:34.390 I mean everybody. 700 00:43:34.870 --> 00:43:36.790 Why? Because it's a global economy. 701 00:43:37.750 --> 00:43:40.005 What does that matter? Well, all the, 702 00:43:40.565 --> 00:43:44.005 money printing is coming home to roost all over the place. 703 00:43:45.605 --> 00:43:47.365 Shit's breaking out of control. 704 00:43:49.204 --> 00:43:50.485 All these governments 705 00:43:50.645 --> 00:43:52.085 are basically following, 706 00:43:52.410 --> 00:43:56.890 you know, Christine Lagarde statement that said, if you allow an escape hatch, 707 00:43:57.049 --> 00:43:58.570 the people will use it. 708 00:43:59.530 --> 00:44:02.170 Escape from what Ms. Lagarde? 709 00:44:03.289 --> 00:44:07.849 The he said the answer is really easy escape from these guys, these central bankers, 710 00:44:09.105 --> 00:44:09.825 governments 711 00:44:10.065 --> 00:44:11.025 in general. 712 00:44:11.745 --> 00:44:15.105 And the other thing that really bugs me here is that, 713 00:44:16.465 --> 00:44:17.985 this statement right here, 714 00:44:18.385 --> 00:44:22.465 stable coin payments are still outlawed by the central bank of Thailand. 715 00:44:23.630 --> 00:44:24.590 Does, when 716 00:44:24.910 --> 00:44:26.830 does the central bank make law? 717 00:44:27.550 --> 00:44:28.510 Isn't that 718 00:44:28.830 --> 00:44:32.350 for the legislature and the executive branch to do? 719 00:44:32.830 --> 00:44:34.990 And then the judicial branch 720 00:44:36.125 --> 00:44:38.285 to interpret and enforce, 721 00:44:38.365 --> 00:44:40.845 well not enforce as much as interpret 722 00:44:40.845 --> 00:44:42.525 the enforcement comes from 723 00:44:43.005 --> 00:44:44.445 well other places. 724 00:44:44.605 --> 00:44:47.325 And yeah, I know Thailand isn't The United States, 725 00:44:47.885 --> 00:44:49.085 but a lot of these countries 726 00:44:50.000 --> 00:44:53.840 kind of have very similar structures. There is a legislature, 727 00:44:54.480 --> 00:44:55.840 there's an executive, 728 00:44:56.480 --> 00:44:58.160 and then there's the judicial. 729 00:44:59.359 --> 00:45:01.280 This is, this is not uncommon 730 00:45:02.095 --> 00:45:06.735 around the world. It's not just part, you know, in The United States, 731 00:45:07.215 --> 00:45:11.615 Thailand has a very similar, it has a similar structure in, in so far as 732 00:45:11.855 --> 00:45:12.895 legislature, 733 00:45:13.295 --> 00:45:14.735 judicial and executive. 734 00:45:16.029 --> 00:45:16.670 So, 735 00:45:17.789 --> 00:45:23.550 you know, and I saw, and I've been seeing this in India where the central bank is, is making laws 736 00:45:24.910 --> 00:45:27.630 is the central bank part of the legislature. 737 00:45:28.275 --> 00:45:30.994 It's gotta be the answer to that has gotta be no. 738 00:45:31.474 --> 00:45:34.035 It's gotta have some kind

of separation. 739 00:45:34.835 --> 00:45:36.355 So when you allow 740 00:45:36.355 --> 00:45:40.035 central banks to start making laws, not rules, 741 00:45:40.755 --> 00:45:41.234 laws 742 00:45:42.330 --> 00:45:44.650 that you can get in trouble for 743 00:45:44.890 --> 00:45:46.730 on the enforcement arm. 744 00:45:47.450 --> 00:45:51.770 We've got a huge problem because these people, as far as I know, 745 00:45:52.170 --> 00:45:53.450 no central bank, 746 00:45:53.690 --> 00:45:55.610 person is actually elected 747 00:45:55.610 --> 00:45:57.690 by the people to represent them. 748 00:45:58.325 --> 00:46:00.325 And if you're going to make laws 749 00:46:00.404 --> 00:46:02.645 that can throw people in jail 750 00:46:02.964 --> 00:46:04.085 and you 751 00:46:04.085 --> 00:46:06.484 were not elected to represent them, 752 00:46:06.964 --> 00:46:08.964 you see where the problem lies. 753 00:46:09.605 --> 00:46:14.600 And we keep reading language like this in these stories and we keep not 754 00:46:14.760 --> 00:46:17.240 stopping right there and saying, hey, look, 755 00:46:17.720 --> 00:46:20.680 what does the central bank have to do with making laws? 756 00:46:21.160 --> 00:46:22.920 Maybe making rules 757 00:46:23.480 --> 00:46:27.240 that can be interpreted into law by a legislative 758 00:46:27.400 --> 00:46:28.520 branch of a government 759 00:46:29.135 --> 00:46:33.855 or something along those lines. But to make the law themselves and have it enforced 760 00:46:34.175 --> 00:46:35.455 at the same 761 00:46:36.974 --> 00:46:37.935 efficacy 762 00:46:38.415 --> 00:46:46.190 that legislative laws are enforced at. I don't know, man. Sounds to me like a lot of governments are losing control. 763 00:46:46.510 --> 00:46:53.790 They see it happening in the background and they're trying to stop it from basically being presented to their populations 764 00:46:54.110 --> 00:46:55.950 in mass. Because if that were to happen, 765 00:46:56.664 --> 00:47:00.184 we might end up with the world wide 766 00:47:00.184 --> 00:47:01.305 civil war 767 00:47:01.704 --> 00:47:04.185 that my father used to tell me was 768 00:47:04.585 --> 00:47:06.025 just around the corner. 769 00:47:06.505 --> 00:47:08.025 Okay. Onto China 770 00:47:08.840 --> 00:47:17.160 whose prosecutors float threatening crypto mixer privacy coin use as a sign of money laundering. So this is basically 771 00:47:17.480 --> 00:47:18.520 pre crime. 772 00:47:18.760 --> 00:47:20.920 Crip, decrypt.co 773 00:47:21.080 --> 00:47:22.520 written by Steven Graves. 774 00:47:24.065 --> 00:47:31.185 An article in the official newspaper of China's top prosecutor's offices laid out a framework for prosecuting crypto money laundering, 775 00:47:31.345 --> 00:47:33.905 proposing that courts presume criminal intent 776 00:47:34.065 --> 00:47:42.640 when suspects use coin mixers and privacy coins and that the state build a platform to sell off seized cryptocurrency. 777 00:47:43.520 --> 00:47:47.760 The piece

ran in the theory section of the procuratorre 778 00:47:47.760 --> 00:47:48.880 daily, 779 00:47:48.880 --> 00:47:51.119 the newspaper of the supreme people's 780 00:47:51.525 --> 00:47:52.325 procure 781 00:47:52.325 --> 00:48:02.325 a torrent. I guess I cannot pronounce his name and was written by two distinct prosecutors in Hunan province and a university law professor. 782 00:48:02.565 --> 00:48:11.010 It carries no legal force, but articles like it offer a window into the thinking that's taking shape inside of China's prosecutorial 783 00:48:11.010 --> 00:48:11.730 system, 784 00:48:11.970 --> 00:48:17.010 which charged more than 3,000 people with crypto related money laundering in 2024 alone. 785 00:48:18.215 --> 00:48:24.135 And then they talk about China's dedicated money laundering offense. That's I don't really need to get, 786 00:48:24.615 --> 00:48:30.455 get into that because the first paragraph is all you need to hear 787 00:48:31.550 --> 00:48:33.230 just by using, 788 00:48:34.590 --> 00:48:36.270 just by using 789 00:48:37.550 --> 00:48:38.670 cryptocurrency 790 00:48:38.670 --> 00:48:39.630 mixers 791 00:48:39.630 --> 00:48:42.190 or privacy coins or whatever 792 00:48:42.590 --> 00:48:46.025 that you are in fact found guilty automatically 793 00:48:46.025 --> 00:48:48.985 or at least under suspicion as being guilty 794 00:48:49.385 --> 00:48:51.705 of money laundering automatically. 795 00:48:52.905 --> 00:48:54.665 They don't care about your intent 796 00:48:54.744 --> 00:49:01.310 or they don't, they don't care about asking you questions as to why they just, they're just going to want to assume 797 00:49:01.550 --> 00:49:04.590 that you're clearly laundering money again. 798 00:49:05.310 --> 00:49:09.070 Shit in the background of all these governments is breaking loose 799 00:49:09.950 --> 00:49:14.815 and all of these things that you hear about like EU chat control 800 00:49:15.135 --> 00:49:20.735 and all kinds of these rules and laws that are being made by quote unquote central banks 801 00:49:20.895 --> 00:49:25.055 and all this, this legislation that's going on around the world 802 00:49:25.340 --> 00:49:27.420 is in my opinion, 803 00:49:28.060 --> 00:49:29.020 these governments 804 00:49:29.100 --> 00:49:32.060 and other quasi governmental institutions 805 00:49:32.300 --> 00:49:34.140 throwing up a wall 806 00:49:34.620 --> 00:49:35.820 to contain 807 00:49:35.900 --> 00:49:38.780 the onslaught that is going on behind the scenes. 808 00:49:39.575 --> 00:49:45.335 That's what I think is happening. It is a huge gut feeling because I am not in anybody's 809 00:49:45.335 --> 00:49:46.295 inner circle. 810 00:49:46.855 --> 00:49:52.055 Well, let me make that clear. I am not in any inner circle. I have no 811 00:49:52.430 --> 00:49:53.870 magical knowledge. 812 00:49:53.870 --> 00:49:59.710 Nobody's calling me on the phone who is in the inner circle saying, Hey Dave, you might want to re I'm literally 813 00:50:00.590 --> 00:50:01.550 for 814 00:50:01.550 --> 00:50:02.910 lack of a better phrase, 815 00:50:03.550 --> 00:50:04.990 I'm making it up, 816 00:50:05.390 --> 00:50:06.990 but it's because I have a gut feeling. 817 00:50:08.184 --> 00:50:13.065 This is happening more and more and more and more and more. And it's 818 00:50:13.464 --> 00:50:14.825 mainly centered 819 00:50:14.984 --> 00:50:16.505 around controlling 820 00:50:16.665 --> 00:50:17.865 the financial 821 00:50:17.865 --> 00:50:18.744 landscape 822 00:50:18.825 --> 00:50:20.424 of the citizenry 823 00:50:20.424 --> 00:50:21.385 of countries 824 00:50:22.130 --> 00:50:26.450 through any means possible and any means necessary, 825 00:50:26.770 --> 00:50:33.970 any means they can find, they can look under rocks and find any means there and then use that, that then they will use it. 826 00:50:35.015 --> 00:50:43.815 And my question is, it sounds like it's an emergency situation. Well, my, not my question. My statement is that it looks to me like it's an emergency situation 827 00:50:44.055 --> 00:50:47.975 that shit behind the scenes is going south like a duck in winter 828 00:50:48.215 --> 00:50:50.135 and they need to lock down 829 00:50:50.500 --> 00:50:51.300 anything, 830 00:50:52.100 --> 00:50:54.980 anything at all to maintain some 831 00:50:55.140 --> 00:50:56.580 fashion of control 832 00:50:57.380 --> 00:50:58.660 and Thailand. 833 00:50:58.660 --> 00:51:07.095 We just got finished with that one. And now the Chinese are just saying, Hey, let's just assume they're money laundering if they even use a crypto mixer. 834 00:51:08.295 --> 00:51:12.215 And then we're on to Japan. We'll stay in Asia. 835 00:51:12.535 --> 00:51:13.575 Why not? 836 00:51:13.815 --> 00:51:15.335 Japan's SBI 837 00:51:15.335 --> 00:51:19.780 to launch yen stable coin lending with a 3% 838 00:51:19.780 --> 00:51:20.420 yield. 839 00:51:21.140 --> 00:51:25.380 Oh, that's interesting. Okay. Zoltan Vardai coin telegraph, 840 00:51:25.619 --> 00:51:27.780 Tokyo based SBC 841 00:51:27.780 --> 00:51:29.860 or no, sorry. SBI 842 00:51:30.180 --> 00:51:31.540 VC trade 843 00:51:31.885 --> 00:51:36.765 will begin accepting applications Thursday for a Japanese yen denominated 844 00:51:36.765 --> 00:51:38.365 denominated stablecoin 845 00:51:38.365 --> 00:51:39.645 lending service 846 00:51:39.965 --> 00:51:43.965 offering an initial annualized rate of 3% 847 00:51:44.125 --> 00:51:45.645 on JPY 848 00:51:45.645 --> 00:51:47.005 SC 849 00:51:47.349 --> 00:51:48.950 lent for twelve weeks. 850 00:51:49.430 --> 00:51:51.190 Customers will lend 851 00:51:51.349 --> 00:51:52.150 JPY 852 00:51:52.150 --> 00:51:53.670 SA SC 853 00:51:53.670 --> 00:51:57.430 the stable coin to the SBI holding subsidiary 854 00:51:57.430 --> 00:52:01.750 from Thursday and receive the tokens back with a lending fee at maturity. 855 00:52:02.315 --> 00:52:05.035 The company said in a Monday press release 856 00:52:05.275 --> 00:52:11.035 at the advertised

rate, the gross return over a twelve week term would be about 0.69% 857 00:52:11.035 --> 00:52:12.235 before taxes. 858 00:52:12.555 --> 00:52:17.720 The company said the product pays more than the 0.325% 859 00:52:17.720 --> 00:52:22.440 to 1% annual rate. SBI cited for ordinary yen deposits. 860 00:52:22.920 --> 00:52:25.320 Still it is not a bank deposit 861 00:52:25.480 --> 00:52:29.800 is not covered by any deposit insurance and generally cannot be canceled early. 862 00:52:30.875 --> 00:52:32.555 JPYSC 863 00:52:32.555 --> 00:52:33.355 lent 864 00:52:33.515 --> 00:52:36.795 to SBI VC trade will also fall outside 865 00:52:36.795 --> 00:52:37.595 statutory 866 00:52:37.595 --> 00:52:39.035 asset segregation 867 00:52:39.035 --> 00:52:39.995 requirements, 868 00:52:40.635 --> 00:52:42.795 meaning that customers could lose 869 00:52:42.954 --> 00:52:43.515 some 870 00:52:43.820 --> 00:52:49.100 or even all of their tokens if that company goes bankrupt according to the release. 871 00:52:49.580 --> 00:52:51.900 The launch gives JPYSC 872 00:52:51.900 --> 00:52:55.740 a new use case just weeks after SBI introduced 873 00:52:56.405 --> 00:52:59.605 the trust structured yen stablecoin June 874 00:52:59.605 --> 00:53:00.485 24 875 00:53:00.565 --> 00:53:02.405 with regulated stablecoins 876 00:53:02.405 --> 00:53:05.765 evolving from payments to yield bearing instruments in Japan. 877 00:53:07.045 --> 00:53:12.405 SBI VC trade previously launched stablecoin lending services in Japan back in March 878 00:53:12.750 --> 00:53:14.030 for circles 879 00:53:14.190 --> 00:53:15.550 dollar denominated 880 00:53:15.550 --> 00:53:16.670 USDC 881 00:53:16.670 --> 00:53:17.790 stablecoin. 882 00:53:18.270 --> 00:53:25.550 SBI claimed this was the first service to allow Japanese customers to lend their yen denominated stablecoin 883 00:53:25.630 --> 00:53:27.550 in exchange for passive yield 884 00:53:27.984 --> 00:53:30.385 by offering yields exceeding 885 00:53:30.704 --> 00:53:33.665 the typical annual rate for yen deposits. 886 00:53:33.665 --> 00:53:35.025 SBI anticipates 887 00:53:35.025 --> 00:53:38.705 an expansion among yen denominated stable coin holders. 888 00:53:39.105 --> 00:53:40.625 Oh, I got a phone call. 889 00:53:41.025 --> 00:53:46.840 And said that the service will be core for realizing the future of on chain finance. 890 00:53:47.320 --> 00:53:57.960 I love getting phone calls in the middle of doing the show. I need to turn my phone over. There we go. All right. And then they talk about a partnership with Solana. I'm going to skip that because it's a shit coin. 891 00:53:58.455 --> 00:54:05.175 The stable coin lending service launch follows positive regulatory signals for Japanese web three startups. 892 00:54:05.655 --> 00:54:09.735 The Japanese government plans to strengthen support for crypto and web three startups. 893 00:54:10.180 --> 00:54:13.140 Japanese prime minister Sane Takaiichi 894 00:54:13.140 --> 00:54:16.740 reportedly said

during a video address at the Webex conference. 895 00:54:17.540 --> 00:54:18.580 In May 896 00:54:18.580 --> 00:54:19.380 2025, 897 00:54:19.700 --> 00:54:22.820 she introduced the startup total power package, 898 00:54:22.900 --> 00:54:24.340 which outlined policies 899 00:54:24.465 --> 00:54:28.625 tied to increase governmental funding to accelerate startups. 900 00:54:28.865 --> 00:54:30.945 Yeah. Yeah. Yeah. So my question is 901 00:54:31.665 --> 00:54:33.585 this SBI VC 902 00:54:34.305 --> 00:54:37.185 is asking, okay, so they come out 903 00:54:37.505 --> 00:54:38.225 with 904 00:54:38.305 --> 00:54:39.505 this stable coin 905 00:54:40.280 --> 00:54:49.880 and people have bought the stable coin and now they're saying, Hey, you can lend that very same stable coin back to us and we'll give you a 3% 906 00:54:49.880 --> 00:54:50.760 annualized 907 00:54:50.760 --> 00:54:51.560 rate 908 00:54:51.640 --> 00:54:53.240 on a twelve week 909 00:54:53.640 --> 00:54:54.040 loan, 910 00:54:54.775 --> 00:54:58.855 which means that you're the the the people that are holding the stablecoin retail, 911 00:54:59.335 --> 00:55:04.055 they're the ones that are loaning the stablecoin to this company. What are they doing with the stablecoin? 912 00:55:04.215 --> 00:55:06.135 Why do they, why are they paying? 913 00:55:07.210 --> 00:55:09.050 Why are they paying a yield 914 00:55:09.450 --> 00:55:12.730 to the people that are lending them the very stable coin 915 00:55:12.810 --> 00:55:16.090 that they were, had a hand in creating 916 00:55:16.410 --> 00:55:17.130 this 917 00:55:17.850 --> 00:55:19.210 smells bad 918 00:55:19.845 --> 00:55:21.605 no matter if I stand 919 00:55:22.244 --> 00:55:30.645 upwind of it or downwind of it or even a 100 miles away from it. This stinks to high heaven. I'm maybe I'm wrong, 920 00:55:31.365 --> 00:55:34.725 but I've been around the block. This is definitely not my first rodeo. 921 00:55:35.390 --> 00:55:39.070 I've been around the block a few times. This smells bad. 922 00:55:39.950 --> 00:55:42.350 The question is always 923 00:55:43.230 --> 00:55:46.750 what generates the yield? Where does the yield come from? 924 00:55:47.484 --> 00:55:48.525 Now here? 925 00:55:48.765 --> 00:56:02.605 The answer seems, you know, to like somebody who's not looking deeper into this shit. Very clear. Well, you lend it to SBI VC trade and they're the ones that give you the yield. So that's where the yield comes from. Yeah. Where did they get it? 926 00:56:03.609 --> 00:56:05.850 What are they doing with that stable coin 927 00:56:06.170 --> 00:56:11.050 that they're getting loaned and paying other people 3% to get it loaned to? 928 00:56:11.369 --> 00:56:14.810 What are they doing with that stable coin in the background? How are they getting 929 00:56:15.305 --> 00:56:20.265 enough yield to make it worth their while? Because they need to get more than 3%. 930 00:56:21.865 --> 00:56:24.105 They're certainly not going to get less. 931 00:56:24.825 --> 00:56:27.065 What are they doing with the stable coin? 932 00:56:28.720 --> 00:56:31.040 And until that question is answered, 933 00:56:31.360 --> 00:56:36.480 you should look at this as a scam and you should stay as far away from it as humanly possible. 934 00:56:37.520 --> 00:56:46.875 Okay. So that's the end of the article or rather that's the end of that article. And it is the end of today's show. If you got any value out of it, please consider 935 00:56:47.195 --> 00:56:54.955 going to Bitcoin and show.com and signing up for the $5 a month or $50 a year package 936 00:56:55.250 --> 00:57:04.050 just to help a brother out. If you find value out of this show, if you enjoy the fact that I'm the one that's digging through hundreds 937 00:57:04.130 --> 00:57:06.770 of headlines of basic bullshit 938 00:57:06.770 --> 00:57:15.235 to dig out the four or five or six or seven or eight articles that actually mean something that actually will tell you something 939 00:57:15.395 --> 00:57:17.715 about what's going on in Bitcoin today, 940 00:57:17.715 --> 00:57:18.675 then consider 941 00:57:19.315 --> 00:57:20.115 signing up 942 00:57:20.770 --> 00:57:23.890 and supporting the show at bitcoinandshow.com. 943 00:57:23.890 --> 00:57:25.970 That's bitcoinandshow.com. 944 00:57:26.210 --> 00:57:30.770 Show some love, and I will see you on the other side. This has been Bitcoin and, 945 00:57:30.850 --> 00:57:36.745 and I'm your host, David Bennett. I hope you enjoyed today's episode and hope to see you again real soon. 946 00:57:37.225 --> 00:57:38.265 Have a great day.