PIPEdream | Bitcoin News

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Transcription provided by Podhome.fm
Created: 10/30/2025 16:42:30
Duration: 3278.498
Channels: 1
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It is 08:31AM
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Pacific Daylight Time. It is the October
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2025,
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and this is episode 12 o one
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of Bitcoin and Jamaica got pounded and BitChat is there.
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That's gonna be our first story of today.
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It's all the news you can use and more about Bitcoin and the rest of the happenings around the world with your host, me, David Bennett.
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Next up is gonna be Tether.
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There's a piece here
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from Bitcoin Magazine,
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which by the way is also gonna be in the news itself,
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just right after this.
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It's sort of like a critique
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on Tether buying Bitcoin. Is it good? Is is it bad? Is is the mere existence of Tether,
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you know, antithetical
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to Bitcoin? Because I think it's good to have both sides of the story.
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People keep saying, don't worry about Tether. And even even I'm one of those people because I don't use it. I don't really care. But
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am I missing something?
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You never know. It it could be.
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And then we're gonna talk about Nakamoto Holdings, and that's where bitcoin magazine
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comes back into play
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but this one isn't written by bitcoin magazine itself it's actually written by coin telegraph
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then we're going to what the hell is what oh oh oh yes we've got to talk about
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the aftermath of Jerome Powell
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giving remarks about what the Fed's gonna do.
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Alright? Because it screwed everything up,
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and people are still confused as to why. And there's one there's one other thing that that, you know, I've seen
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that I didn't realize until, like, late yesterday after I did the show that he said that
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has impacted
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what the hell's going on. So we'll we'll clear that up
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so that you know
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why
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if we've if we've got a cut in the federal funds rate, which makes money cheaper,
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then as a risk asset, why didn't Bitcoin moon? Everybody is, like, grumbling and groaning about this.
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There's actually a couple of good reasons. I gave you one yesterday, but there's another one
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on deck. Then
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character dot a I
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is in the news as well as Elon Musk.
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And then we're gonna revisit
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Germany.
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It's just
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you hate to see it. You you really do. You just hate to see somebody go,
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we might have made a massive mistake when we sold off all that Bitcoin at 53 or $63,000,
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whatever it
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was. You'll hear all about it. And then Phoenix Wallet is gonna be in there finishing us off. But BitChat
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hits number two on app charts in Jamaica
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as hurricane Melissa strikes Braden Lindria
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from Cointelegraph
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says Jamaicans have rushed to download Jack Dorsey's decentralized
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peer to peer messaging app, BitChat,
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as the fatal hurricane Melissa continues to rip through The Caribbean.
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BitChat,
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which uses Bluetooth mesh networks for Internet free encrypted communications,
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is now the second most
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downloaded app on the Apple App Store and Google Play
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in Jamaica, offering a lifeline for 2,800,000
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people as Internet coverage continues to falter in the region.
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BitChat only trails weather forecast platform, Zoom Earth, indicating that two of Jamaican's most basic needs right now
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are to know what the weather is
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and be able to communicate with one another.
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CNN reported on Wednesday that hurricane Melissa has killed over thirty people in The Caribbean, including at least 23 in Haiti. Oh god.
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Haiti gets wrecked again. While countless homes and businesses have been destroyed,
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Until recently,
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adoption of decentralized encrypted messaging apps has been driven by users leaving centralized communication platforms that may censor content
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or impose some other restrictions. However, BitChat
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has since become a critical solution for people in countries where Internet access
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has been disrupted,
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whether due to government interference
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or natural disasters such as this.
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In September,
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BitChat downloads rose in Nepal over government corruption and the social media ban that blocked Facebook and Instagram,
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WhatsApp, and YouTube and triggered
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widespread
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protests.
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Downloads also rose in Indonesia a week earlier amid their own protests.
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A similar incident occurred in Madagascar
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later that month amid protests
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over ongoing water and power cuts, and the European Union has also been mulling the controversial
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chat control law, which would eliminate encrypted messaging altogether,
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forcing apps like Telegram,
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WhatsApp, and Signal
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to allow regulators to screen messages before they are encrypted and sent.
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It's like a peeping Tom, and they have a license to do it. This is sick. These people are freaking sick, man. The proposal, which aims to spot, of course, child abuse material,
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was moving closer toward passing in October before Germany expressed opposition to it, arguing that the scanning of private messages is unconstitutional.
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The vote has now been postponed with another vote set for
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early December. So BitChat is coming through again for people.
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And I think three honestly, I think three times a charm on this. I I think at this point, BitChat is firmly seated
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as a major tool
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to be used at least in natural disasters.
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But now that that thing is on everybody's phone in Madagascar,
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Indonesia,
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Jamaica,
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probably in Haiti as well,
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then,
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you know, it's gonna be much easier for them to figure out later on that they can use it for other things.
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And like I said, I do believe that the third time is the charm. I think this is now a permanent
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app that most people are are at least aware of or have possibly at least heard of, and that's a good thing. It it really is.
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This could not be a good thing.
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Tether is buying Bitcoin's revolution.
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How devastating
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will the consequences
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be?
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Bitcoin magazine unfurling a bit of hyperbole on that one by
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plain memo, which I've never heard of this author's name before, but
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I guess it's a NIM. That's okay. We're we all got NIMs. When the Genius Act became law on the 07/18/2025,
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the crypto industry celebrated it as the end of regulatory uncertainty.
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The act requires licensed stablecoin issuers to hold liquid reserves such as cash in US treasuries,
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publish monthly disclosures,
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and submit to federal or state supervision. At the same time,
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Congress shelved a federal central bank digital currency.
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Supporters saw it as a victory,
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but critics called it a quiet federalization
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of private money.
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The United States no longer needs to issue its own digital dollar. It has simply delegated that function to private issuers operating under oversight.
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For Bitcoiners,
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whose movement was built around sound
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decentralized money, that shift
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should have triggered alarm bells.
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Pausing to say,
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it did.
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They're still ringing.
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And it's like a whole bunch of Bitcoiners are gonna do what? Call Palo or Doino and say, you know what? We changed our mind. Shut it down. I don't think these people understand how business works. And I'm not talking about the Bitcoiners. I'm talking about the people that are critiquing this whole thing.
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Shit's gonna happen.
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It there's just nothing you can do about it. You don't have to like it, and you can rail against it. You can protest. You can do whatever the hell it is you wanna go do.
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But
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it was inevitable.
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I'm I'm surprised. The only thing that I'm surprised about is that it happened as fast as it did.
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But continuing on,
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the biggest beneficiary
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of this new framework is Tether Limited,
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whose USDT token dominates global stablecoin supply. In its second quarter twenty twenty five attestation,
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Tether Limited reported a net profit
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of approximately
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$5,000,000,000
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in quarter two.
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$5,000,000,000
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in a single three month period. Oh my god. Total exposure to US treasuries exceeds a $127,000,000,000.
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Treasury bills and reverse repo holdings.
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Its balance sheet showed nearly 120,000,000,000
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in treasuries, making Tether one of the world's largest private holders of US government debt.
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Custody of those assets rests with Cantor Fitzgerald,
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the Wall Street firm led by Howard Lutnick. Lutnick has publicly defended the soundness of Tether's reserves,
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confirming Cantor's role as custodian
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while emphasizing
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that it holds no equity stake in the company.
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The connection is now more delicate.
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Lutnik was later nominated for a senior White House economic position
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overseeing elements of trade and financial regulation.
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That appointment
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places a federal policymaker in proximity
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to one of the largest private holders
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of United States government debt
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and the key custodian for a company whose dollar backed token depends on the US treasuries for profit.
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The optics
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are uncomfortable.
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What began as a business relationship now
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blurs into a political conflict of interest embedding Tether in Wall Street's plumbing
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and within the political apparatus that governs it.
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In effect,
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Tether has become
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a private central bank,
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pausing to say, I called it that four months ago. I, actually, I called it that at the beginning of this year. But, hey, whatever.
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It issues dollar liabilities,
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earns seniorage, and distributes liquidity
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through the economic
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or rather the crypto economy while all while piggybacking on US sovereign debt.
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Its profit per employees rivals the most profitable institutions in finance.
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Stablecoins promise fast, borderless payments. However,
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their architecture depends on compliance.
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Since December 2023, Tether has maintained a proactive wallet freezing policy for addresses sanctioned by the US Office of Foreign Asset Control.
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The company says it has frozen billions in tokens linked to illicit activity
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and now works directly
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with the United States Secret Service and the FBI,
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pausing to say if you're not aware
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and you're confused as to why the hell they're working with the Secret Service, you might ask yourself, oh, aren't they just for the president's protection?
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They are, but that's not where they're born from. The Secret Service is the
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well,
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it started out as the
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legal enforcement
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arm
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of the US Treasury Department.
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And to this day, as far as I know, the US Secret Service is still underneath the umbrella of the United States Department of Treasury. So
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just that's where that's why.
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So
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let's go on. This is not inherently sinister. It's what regulators demand, but it means enforcement now operates within the money itself.
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The control lever no longer sits solely with banks. It resides in the smart contract of the token issuer.
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As Tether expands USDT onto Bitcoin adjacent networks such as liquid and RGB protocols,
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the same compliance logic will travel with it. The more Bitcoin infrastructure hosts these tokens, the more identity,
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KYC,
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and white listing mechanisms will appear
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around Bitcoin wallets and payment channels.
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The network that once prided itself on neutrality
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risks becoming a conduit for surveillance
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grade rails.
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The Genius Act's passage also realigned the politics of digital currencies.
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Its sponsors
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framed it as an anti CBDC measure, arguing that private stablecoins preserve choice and limit government power. However,
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the result is nearly identical to what a central bank digital currency would achieve,
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programmable,
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trackable dollars only administered by corporations instead of the Federal Reserve.
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Some analysts
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have called this the birth of a CBDC
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by proxy.
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The policy also meshes neatly with fiscal priorities.
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Every USDT
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minted represents
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demand for short dated treasuries
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effectively financing the same government that stablecoin
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advocates claim to bypass.
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Tether's profits flow from the interest rate paid on those securities,
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an invisible subsidy from public debt to private issuers.
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By situating stablecoins within the traditional bond market, The US
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has created a dollar based feedback loop. Bitcoin demands supports
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or Bitcoin demand supports treasury issuance and treasury yield support Bitcoin profitability. And in that loop,
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decentralization
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is just incidental.
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Within the Bitcoin community, opposition to altcoins remain strong, but sponsorships,
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event partnerships, and integrations
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show just how quickly principle bends toward funding.
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Bitcoin conferences increasingly feature Tether executives and supporters on stage,
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often framed as bridges to adoption.
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The familiar refrain has emerged among those Bitcoiners
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who take money from Tether, quote, if stablecoins are inevitable, it's better that they be run by Bitcoiners, end quote, and pausing to say, I have actually said that myself,
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and I still maintain that that's the truth.
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But I also agree with what's being said here.
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Another popular defense is that Tether provides a lifeline for people in countries locked out of the dollar system or suffering from hyperinflation,
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collapsing economies, etcetera, etcetera. This is an emotionally persuasive narrative.
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These convenient mantras turn compromise into virtue, allowing Bitcoiners to take sponsorships
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and funding from the same system they once swore to oppose.
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That logic,
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that very logic may offer comfort to some, but erodes clarity. USDT on Bitcoin does not make Bitcoin more sovereign.
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It makes the dollar more omnipresent.
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When Bitcoin developers or advocates align with Tether for sponsorship or exposure,
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they lend moral legitimacy to a system that thrives on Fiat's dominance.
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The irony is that Bitcoin's fiercest defenders
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are now helping entrench the very structure it was built to escape.
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Tether's
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scale
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gives it power in markets and in messaging,
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With billions in annual profits and deep links to Wall Street custodians, it can sponsor conferences,
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fund research, and influence narratives across the digital asset world. Its executives appear frequently
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at policy forums to present stablecoins as allies of innovation and freedom.
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Each appearance
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helps normalize the idea that regulated dollar denominated tokens
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represents progress for Bitcoin,
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but the money tells a different story.
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Each stablecoin
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transaction that settles in USDT extends the dollar system's reach and perpetuates the weaponization of money. Every layer of compliance embeds surveillance deeper into the blockchain economy, and every Bitcoiner who accepts that trade off helps build a network where decentralization
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endures
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mostly as branding.
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Bitcoin
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doesn't need a conspiracy against it. It only needs its followers to forget what made it different.
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The Genius
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Act, the rise of Tether, and the regulatory preference for private rails all point to a future where digital cash exists,
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but never without permission.
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The Trojan horse is not Tether. It's the belief that working with it preserves freedom.
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In the end, too many Bitcoiners remain exactly where Tether wants them, still tethered to the system that they are trying
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to escape.
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I cannot argue with this article.
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Yeah. Plain memo brings up
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salient
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extreme
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clarity.
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Does that mean that all of a sudden Tether's gonna go away? No. No. It doesn't.
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But
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I cannot argue with anything that's been said here. The only thing that I can do is is reiterate
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what I've been saying all year long and and and last year as well.
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Tether
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now
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has morphed into
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something that is more akin to a tool for the United States Federal Reserve and Treasury
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than it is
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to provide
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digital dollars to people that
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need them.
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And I you know, and if you don't understand what I mean by that, The United States is going to print an enormous amount of debt,
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yet there's no way
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that
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it can be
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funneled
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into The United States without a complete
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immediate
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disruption, if not complete destruction of The United States economy itself through
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inflation,
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mega inflation,
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hyperinflation,
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however you wanna term it, because the dollars will just be sloshing around.
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You know, like Tether will just buy more treasuries because The United States knows that they're a buyer of first, medium, and last resort.
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They'll print
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Tether tokens.
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They can't stay in The United States because if they do, next thing you know, stake is $50 a pound.
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So what do they do? They export the dollar to everybody
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else,
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thereby
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helping to destroy all the rest of what's left of the fiat currency experiment of the world,
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The, you know, the euro will fall.
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The British pound sterling will fall. The yen will fall eventually, although it'll probably be last because we're so close to Japan. Australian dollar, kiss it goodbye.
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Canadian dollar, kiss it goodbye. You you you see with the progression.
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The only thing it's it's part of the dollar milkshake theory. The the dollar is the fastest horse at the glue factory.
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You know? It's the it's the,
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oh, well, we can just keep it right there
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because that's what's gonna happen. We're gonna print an inordinate amount of debt. And in order to shield ourselves against that economic destruction, we're going to export it using Tether to everyone else.
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Their economies are going to destroy
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first, and everything collapses into the dollar.
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Bitcoin is riding
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right next to all this. So the one thing that I can disagree with here is that, yes,
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Tether exists on RGB and liquid and stuff like that. And, also, in fact, Tether, as far as I know, exists on the Lightning Network.
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00:20:02.025 --> 00:20:03.965
It still doesn't directly
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impact
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Bitcoin.
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Bitcoin cannot see Tether.
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The protocol that is Bitcoin, the protocol that runs
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as code on my node,
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does not understand what Tether is.
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It can only understand what Bitcoin is.
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That won't change unless
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00:20:24.935 --> 00:20:37.035
some developers decide that they want to do that and that will we don't even wanna go there. Because if it does, that's a hard fork. It it's just it's it's insane to even waste time talking about it.
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But everything that was said here in this article is right. Now, again, all of the URLs to all the articles that I read to you every single day are in the show notes so that you can go read it yourself. I highly recommend that you go read this one again
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and probably a third time to really
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let it plant
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in your mind
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what the hell's going on here.
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Okay.
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Nakamoto.
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It's this thing is turning into a black hole. It's sucking
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at this point, it's so bad.
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It's literally sucking in profitable
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businesses.
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Check this shit out. Cointelegraph,
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00:21:21.155 --> 00:21:22.135
Eamonn Haquanes
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writing,
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Nakamoto
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00:21:24.835 --> 00:21:26.695
Holdings shares sink
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as the $563,000,000
335
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pipe deal triggers
336
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massive
337
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sell off.
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Nakamoto Holdings, the Bitcoin treasury firm led by Bitcoin Magazine
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CEO David Bailey, has seen its stock collapse by over 98%
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since its May high after a wave of investor selling linked to its $563,000,000
341
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private investment in public equity deal, also known as a PIPE.
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The company, which merged with Utah based health care operator KindlyMD
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earlier this year, became one of the few publicly traded firms structured as a Bitcoin holding company.
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However, its financing model, which involves selling heavily discounted shares to private investors
345
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to fund Bitcoin purchases, backfired when a large batch of Pipe shares became eligible for sale in September.
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The resulting flood of sell orders
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00:22:23.294 --> 00:22:24.674
cratered the stock price,
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erasing billions of dollars in market value, Bailey said in a recent interview with Forbes.
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Bailey, known for his prominent role in the Bitcoin community
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with ties to US president Donald Trump's pro crypto push,
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has framed the downturn
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as part of a long term play.
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Quote,
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people that are just looking for a trade are actually very expensive capital for us, he told Forbes, calling for long term
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aligned
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partners.
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It's another way of saying, please, for the love of God, stop selling our shares. Anyway, continuing, Bailey said he plans to fold here here it is. Listen to this one very, very carefully.
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David Bailey said that he is planning
359
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to fold
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several of his other ventures,
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including Bitcoin Magazine,
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The Bitcoin Conference,
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and hedge fund
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two ten k capital
365
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into Nakamoto
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to do what?
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Bolster the company's cash flow
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and strengthen its position as a Bitcoin first conglomerate.
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00:23:29.840 --> 00:23:30.340
Pause.
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So Bitcoin Magazine has been relatively successful.
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The Bitcoin conference is very successful. It's the largest Bitcoin conference on the planet and has been
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for, like, four, if not, possibly
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five years.
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It is a cash
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cow.
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Now two zero one k Capital, I don't know that much about.
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But I do know that Bitcoin Magazine
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and the Bitcoin Conference
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are pretty successful.
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And now that, along with the addition of their two
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00:24:07.894 --> 00:24:08.635
ten k
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capital,
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are going to be folded
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into a company to form a conglomerate,
385
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and they're folding it into a company whose share value has lost
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00:24:19.174 --> 00:24:20.135
98%
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of its value since May.
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00:24:22.360 --> 00:24:23.419
Do the
389
00:24:23.880 --> 00:24:24.380
math.
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00:24:25.559 --> 00:24:31.500
Continuing, the company's stock, which trades on Nasdaq under the ticker n a k a or Naka,
391
00:24:32.360 --> 00:24:40.995
not not not not gonna make it, remains at a steep discount relative to its Bitcoin holdings. It it is currently trading at around 94¢,
392
00:24:41.135 --> 00:24:45.875
you know, United States pennies, down from its May high of $25
393
00:24:46.095 --> 00:24:48.835
according to data from Yahoo Finance.
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00:24:49.775 --> 00:24:57.919
Nakamoto is not the only Bitcoin holder facing pressure. On Tuesday, Tokyo listed Bitcoin treasury firm, Meta Planet, announced a 75,000,000,000
395
00:24:58.379 --> 00:24:58.879
yen
396
00:24:59.179 --> 00:25:00.879
share repurchase program,
397
00:25:01.179 --> 00:25:03.679
and I brought you that news yesterday.
398
00:25:04.715 --> 00:25:06.095
So here's David Bailey.
399
00:25:06.475 --> 00:25:07.935
He's got a successful magazine,
400
00:25:08.395 --> 00:25:09.215
an extraordinarily
401
00:25:10.075 --> 00:25:10.555
successful,
402
00:25:11.035 --> 00:25:12.255
you know, conference,
403
00:25:12.875 --> 00:25:17.055
decides to somehow or another get into this whole Bitcoin treasury thing,
404
00:25:17.515 --> 00:25:18.975
and it completely
405
00:25:20.610 --> 00:25:23.910
fails. And now he wants to take his successful businesses
406
00:25:24.370 --> 00:25:26.230
and fold it into that failure.
407
00:25:26.610 --> 00:25:28.070
That is an economic
408
00:25:28.450 --> 00:25:32.230
black hole, and it's going to destroy Bitcoin Magazine.
409
00:25:32.955 --> 00:25:40.895
Somehow or another, Bitcoin conference is never gonna be the same because what what will probably happen is that it will be sold as a property
410
00:25:41.595 --> 00:25:42.335
to shitcoiners
411
00:25:43.115 --> 00:25:44.495
because they have more money.
412
00:25:45.179 --> 00:25:48.639
Not because their shitcoins are doing well. It's because they're shitcoiners,
413
00:25:48.940 --> 00:25:56.000
and they have no problems going out and getting venture capital capital and lying to the people giving them that money.
414
00:25:57.515 --> 00:26:00.414
That's what's gonna have Bitcoin conference. Kiss it goodbye.
415
00:26:00.955 --> 00:26:08.815
Bitcoin Magazine probably will be sold back to the shitcoiners that owned it before David Bailey bought it. This is a complete and utter destruction
416
00:26:10.039 --> 00:26:10.539
of
417
00:26:11.000 --> 00:26:11.500
two,
418
00:26:12.440 --> 00:26:13.179
two institutions.
419
00:26:13.880 --> 00:26:18.299
You know, one of which I I read from Bitcoin Magazine to you guys every day almost.
420
00:26:19.159 --> 00:26:21.179
Almost every day, there's something in there.
421
00:26:22.054 --> 00:26:25.515
And it's it's falling apart because of Nakamoto,
422
00:26:25.895 --> 00:26:30.395
and it's gonna get worse. It's gonna get worse. In fact, you're gonna probably need to
423
00:26:30.775 --> 00:26:34.375
get a glass of wine, and you can get that at pandelainewine.com.
424
00:26:34.375 --> 00:26:39.230
That's pe0nylanewine.com.
425
00:26:39.230 --> 00:26:41.570
All one word. Pandelainewine.com.
426
00:26:42.029 --> 00:27:02.825
He's selling his wine for Bitcoin. It's Ben Jessman. I haven't I still have yet to taste the wine. All I can go on is the rave reviews that I hear everybody else talk about. But you're gonna buy your wine in Bitcoin. Because if you're not selling your goods and service in Bitcoin, you're not in the circle p. It's where I bring plebs with goods and services that are just like you
427
00:27:03.365 --> 00:27:06.985
to plebs just like you that want to buy those goods and services.
428
00:27:07.445 --> 00:27:12.750
And And you're gonna be buying it in Bitcoin. All the vendors in the circle p, just like pandelainewine.com
429
00:27:12.750 --> 00:27:13.250
is,
430
00:27:13.870 --> 00:27:14.850
take Bitcoin
431
00:27:15.150 --> 00:27:19.890
for their goods and services. So go try it today. Pandelainewine.com.
432
00:27:20.365 --> 00:27:24.705
Use the coupon code Bitcoin and. You don't you don't get a
433
00:27:26.044 --> 00:27:27.664
you don't get a a discount.
434
00:27:27.965 --> 00:27:32.784
Right? But it does let Ben know that I made a sale for him. And in the advertising
435
00:27:33.520 --> 00:27:46.740
or the value for value advertising model that is the Circle p, Ben will be able to determine whether or not that sale was worth something for him and how much it was worth if he does, and then he will get me on the backside with Satoshis.
436
00:27:47.395 --> 00:27:51.095
It's the way it works here at the Circle p. Alright. Moving
437
00:27:51.554 --> 00:27:53.895
on to this one from CoinDesk entitled
438
00:27:54.515 --> 00:27:59.735
where the hell is it? Oh my god. No. Where is it? Where is it? Where is it? Where is it? It was here somewhere.
439
00:28:00.430 --> 00:28:01.970
God. There there
440
00:28:02.270 --> 00:28:05.170
the market stumbles on Fed caution
441
00:28:05.710 --> 00:28:06.610
as options
442
00:28:06.990 --> 00:28:07.490
expiry
443
00:28:07.950 --> 00:28:08.450
looms.
444
00:28:08.990 --> 00:28:10.450
This is out of CoinDesk.
445
00:28:10.910 --> 00:28:15.330
Not gonna read the entire thing, but enough of it so you'll know what's going on.
446
00:28:16.635 --> 00:28:28.255
The crypto market is struggling to find stable ground after Federal Reserve chair Jerome Powell speaking after the central bank cut the interest rate by 25 basis points suggested
447
00:28:28.875 --> 00:28:30.895
another reduction in December
448
00:28:31.830 --> 00:28:32.570
is not
449
00:28:33.110 --> 00:28:33.610
guaranteed.
450
00:28:33.990 --> 00:28:50.615
Okay. I told you about that yesterday. That was one of the reasons why we didn't see the price of Bitcoin go straight to the moon. Right? And it's also one of the reasons why we're having issues still, you know, all afternoon long yesterday, all the way up last night through last night and up through this morning, but there's something else.
451
00:28:51.395 --> 00:28:52.855
While Wednesday's reduction
452
00:28:53.235 --> 00:28:54.055
was expected,
453
00:28:54.835 --> 00:28:55.975
Powell's hesitancy
454
00:28:56.275 --> 00:28:59.895
about further easing sparked a pullback in risk assets.
455
00:29:00.200 --> 00:29:02.540
The move came even as Donald Trump
456
00:29:02.920 --> 00:29:03.420
signaled
457
00:29:03.800 --> 00:29:06.300
trade tensions with China are easing.
458
00:29:06.840 --> 00:29:10.520
The turbulence led to more than $820,000,000
459
00:29:10.520 --> 00:29:13.740
of crypto market liquidations over the last twenty four hours.
460
00:29:14.175 --> 00:29:14.675
Equities
461
00:29:14.975 --> 00:29:16.435
in equity indices
462
00:29:16.895 --> 00:29:20.975
saw slight drops and gold is struggling to remain above the $4,000
463
00:29:20.975 --> 00:29:27.075
mark. Still, the central bank also announced, Nahir, this is it. This is extremely important.
464
00:29:27.540 --> 00:29:37.080
This is the second part of what I did not tell you yesterday because I didn't know it yet. But the central bank also announced that it would end
465
00:29:37.540 --> 00:29:40.760
its balance sheet runoff by December 1,
466
00:29:41.125 --> 00:29:44.184
a move that could add liquidity to financial markets
467
00:29:44.485 --> 00:29:45.865
to Spanish bank
468
00:29:46.725 --> 00:29:47.225
Spanish
469
00:29:48.005 --> 00:29:49.304
bank Bankinter
470
00:29:49.605 --> 00:29:53.465
is the name of it. I've never heard of that before. To Spanish bank, Bankinter,
471
00:29:54.640 --> 00:30:02.419
what's stopping traditional asset prices from rising is a case of, quote, altitude sickness. Quote, this the next forty eight hours
472
00:30:02.720 --> 00:30:05.620
should be spent digesting the immense flow of information,
473
00:30:06.160 --> 00:30:15.015
particularly corporate earnings and central bank news, the bank's analysts wrote in a note, quote, the underlying tendency is to react quite positively
474
00:30:15.555 --> 00:30:18.855
with the only constraint being the altitude sickness
475
00:30:19.155 --> 00:30:21.495
from fresh new highs, end quote.
476
00:30:22.679 --> 00:30:27.820
Lofty heights are not a problem for crypto given Bitcoin is trading some 13%
477
00:30:28.120 --> 00:30:30.860
of below its all time high that it hit last month,
478
00:30:31.400 --> 00:30:36.860
or, yeah, less than a month ago. And to QCP Capital, it's a result of muted enthusiasm,
479
00:30:37.240 --> 00:30:39.634
quote, the October 10
480
00:30:40.174 --> 00:30:44.115
flash crash left both retail and institutional players cautious,
481
00:30:44.735 --> 00:30:47.235
and order book liquidity has yet to recover.
482
00:30:47.695 --> 00:30:49.715
Meanwhile, digital asset treasuries
483
00:30:50.029 --> 00:30:54.210
are adding to sell pressure as many are now trading below an MNAV
484
00:30:54.510 --> 00:30:55.169
of one.
485
00:30:56.190 --> 00:30:58.450
These discounts could see more DATs,
486
00:30:58.909 --> 00:31:00.610
or digital asset treasuries,
487
00:31:00.990 --> 00:31:04.690
buy back shares with funds that may come through asset sales.
488
00:31:05.115 --> 00:31:06.975
Ether treasury firm, Ethzilla,
489
00:31:07.355 --> 00:31:11.215
made headlines earlier this week for doing exactly that,
490
00:31:11.675 --> 00:31:13.355
selling $40,000,000
491
00:31:13.355 --> 00:31:16.815
in ETH to repurchase shares at a discount
492
00:31:17.115 --> 00:31:18.175
to its NAV.
493
00:31:19.090 --> 00:31:22.289
Meanwhile, Friday's $13,000,000,000
494
00:31:22.289 --> 00:31:22.789
options
495
00:31:23.169 --> 00:31:23.669
expiry
496
00:31:24.210 --> 00:31:26.549
is adding more pressure to crypto prices.
497
00:31:27.009 --> 00:31:33.190
According to Derabit data, market makers are exposed to negative gamma at strike prices between a 100
498
00:31:33.634 --> 00:31:36.375
and 100 and $11,000.
499
00:31:36.754 --> 00:31:41.654
So that's the third piece that's going on here even though I I did mention that that options
500
00:31:42.434 --> 00:31:47.815
expiry was in was incoming, and there's always a problem there. So it's like the perfect storm.
501
00:31:48.350 --> 00:32:06.305
We're coming off the flash crash. We got Jerome Powell giving us what we want, but not giving us everything we want. And then we've got news that the trade talks with China are going well at the same time that the Federal Reserve is or was it reserve or treasury? I can't remember which. Hold on. Let's go back here.
502
00:32:08.845 --> 00:32:10.065
It's in here somewhere.
503
00:32:12.525 --> 00:32:16.590
I'm almost there. I promise. I swear to god. Swear to god.
504
00:32:18.809 --> 00:32:24.429
Yeah. The Federal Reserve announced that it would end its balance sheet runoff by December 1.
505
00:32:25.530 --> 00:32:29.150
It's basically, this is the end of quantitative
506
00:32:29.929 --> 00:32:30.429
tightening.
507
00:32:31.655 --> 00:32:32.315
So that's
508
00:32:32.775 --> 00:32:35.115
actually good news for risk assets,
509
00:32:35.575 --> 00:32:38.635
and yet we still have downward pressure on the price of Bitcoin,
510
00:32:39.095 --> 00:32:41.595
gold, and anything that could be considered risk.
511
00:32:42.294 --> 00:32:46.830
And for Bitcoin, this added pressure of options expiry coming due, I guess,
512
00:32:47.789 --> 00:32:49.169
tomorrow is not helping.
513
00:32:49.630 --> 00:32:55.970
It's like a perfect storm. It's like the the hurricane that just ripped through Jamaica. It's just
514
00:32:56.510 --> 00:32:59.250
happened to coincide all at once. But
515
00:33:00.305 --> 00:33:07.205
it's not like we haven't seen shit like this before. So just hold on to your asses and buy Bitcoin, hold Bitcoin, let's run the numbers.
516
00:33:17.340 --> 00:33:19.840
CNBC Futures and Commodities, Brent.
517
00:33:21.100 --> 00:33:22.940
Crude is up point 12%
518
00:33:22.940 --> 00:33:24.399
to 65 a barrel.
519
00:33:24.835 --> 00:33:28.035
West Texas Intermediate is up point 12%
520
00:33:28.035 --> 00:33:30.355
as well to $60.55
521
00:33:30.355 --> 00:33:31.015
a barrel.
522
00:33:31.475 --> 00:33:32.375
Natural gas,
523
00:33:32.675 --> 00:33:33.715
2.12
524
00:33:33.715 --> 00:33:34.535
to the upside.
525
00:33:34.915 --> 00:33:36.915
That's, $3.89
526
00:33:36.915 --> 00:33:47.100
per thousand. Gasoline is up almost a half to a buck 98 a gallon, and Murbaughn crude is the only thing in the red today. It is down a full point to $65.8
527
00:33:47.100 --> 00:33:47.760
a barrel.
528
00:33:48.460 --> 00:33:52.400
Shiny metal rocks are doing okay today. Palladium is up almost two points.
529
00:33:52.700 --> 00:33:56.554
Gold is up almost a half. It's at $40.20
530
00:33:57.495 --> 00:33:58.635
and 80¢.
531
00:33:59.174 --> 00:33:59.995
$40.20.
532
00:34:00.215 --> 00:34:00.715
Platinum,
533
00:34:01.095 --> 00:34:05.914
up a third. Silver, up 1.5, but copper is down three and a quarter points.
534
00:34:06.294 --> 00:34:08.875
Almost everything in ag is in the red today.
535
00:34:09.330 --> 00:34:13.970
The biggest winner is rough rice. It's in the green 1.74
536
00:34:13.970 --> 00:34:14.710
to the upside.
537
00:34:15.090 --> 00:34:19.030
The biggest loser today is gonna be wheat one and a half to the downside.
538
00:34:19.810 --> 00:34:29.664
The live cat livestock's doing okay today. Live cattle is up a half, lean hogs up a fifth of a point, and feeder cattle up 1.12.
539
00:34:30.365 --> 00:34:32.704
The S and P is in the red by half
540
00:34:33.005 --> 00:34:39.105
a point, and the Nasdaq is down by a full point. The Dow is the only thing in the green. It's up a half point,
541
00:34:39.710 --> 00:34:48.990
and S and P Mini is just essentially moving sideways, only slightly in the red. We're chilling out at a $107,980.
542
00:34:48.990 --> 00:34:50.750
That's a $2,150,000,000,000
543
00:34:50.750 --> 00:34:53.365
market cap. We can only get 27
544
00:34:53.365 --> 00:35:00.885
ounces of shiny metal rocks with our one Bitcoin of which there are 19,941,901.16
545
00:35:00.885 --> 00:35:05.444
of. An average fees per block are low, 0.02
546
00:35:05.444 --> 00:35:05.944
BTC
547
00:35:06.600 --> 00:35:11.580
taken on a per block basis. There's about 35 blocks carrying a 108,000
548
00:35:11.960 --> 00:35:14.140
unconfirmed transactions waiting to clear.
549
00:35:14.440 --> 00:35:21.100
High priority rates cost three. Low priority rates also cost 3 Satoshis per Bitcoin.
550
00:35:21.585 --> 00:35:24.305
And we're still chilling out at a 112
551
00:35:24.545 --> 00:35:25.685
no. 112.
552
00:35:25.744 --> 00:35:27.445
1.12
553
00:35:27.665 --> 00:35:28.165
ZetaHashes
554
00:35:28.625 --> 00:35:29.285
per second.
555
00:35:29.744 --> 00:35:32.085
So we're still in in ZetaHash territory
556
00:35:32.464 --> 00:35:34.244
on the security of the network.
557
00:35:34.860 --> 00:35:36.800
Definitely nothing to be scared of there.
558
00:35:37.180 --> 00:35:37.680
From
559
00:35:37.980 --> 00:35:42.940
Federated Guardians, yesterday's episode of Bitcoin and I got Jay with 2,100.
560
00:35:42.940 --> 00:35:44.720
He says, happy 1,200.
561
00:35:45.580 --> 00:35:51.335
The whole Fediment thing sounds awesome. I wonder if you can make federations with a present guardian
562
00:35:51.795 --> 00:35:53.815
if you want to know who they are.
563
00:35:54.115 --> 00:35:55.415
No way to know, man.
564
00:35:55.875 --> 00:35:56.695
I don't know.
565
00:35:57.315 --> 00:36:01.335
Like, I literally do not know the answer to that question. I wish I did,
566
00:36:01.715 --> 00:36:03.735
but my gut feeling says no.
567
00:36:05.390 --> 00:36:07.890
D k black sheep with 1,200 says, grats.
568
00:36:08.590 --> 00:36:11.730
Yeah. You're welcome, dude. Tulips with 1,200 says, tulips.
569
00:36:12.190 --> 00:36:13.330
Episode 1,200.
570
00:36:13.550 --> 00:36:20.895
1,200 sats then. Congratulations, and thank you, sir. I value your work more than that, but I am poor as hell.
571
00:36:21.994 --> 00:36:29.055
This AI thing is very real. I am trying to automate myself as we speak in a self sovereign way, you know, like hard mode.
572
00:36:29.515 --> 00:36:30.015
Unsolicited
573
00:36:30.395 --> 00:36:39.210
AI dildos, however, are going to pop. And just like people hired during the pandemic will be shown the door, AI is the perfect scapegoat.
574
00:36:39.990 --> 00:36:41.590
Amazon, 14,000.
575
00:36:41.590 --> 00:36:43.210
Microsoft, 15,000.
576
00:36:43.270 --> 00:36:44.710
UPS, 48,000.
577
00:36:44.710 --> 00:36:46.150
Target, 2,600.
578
00:36:46.150 --> 00:36:46.970
Federal government,
579
00:36:47.395 --> 00:36:48.455
4,200.
580
00:36:48.755 --> 00:36:50.455
Other, Meta, Starbucks,
581
00:36:51.475 --> 00:36:57.175
Paramount, and Hewlett Packard. I was one of those earlier last year, and that is how you,
582
00:36:57.795 --> 00:36:59.095
find out that stability
583
00:36:59.635 --> 00:37:02.695
is just tulips, and it is going to zero.
584
00:37:04.250 --> 00:37:07.150
I love tulips. He's so much fun to read.
585
00:37:07.770 --> 00:37:12.349
Richard Dick Whitman with 200 says, why no n g u?
586
00:37:12.730 --> 00:37:27.375
Well, I just told you. God's death with 1,200 says, thank you, sir. No. Thank you. Pies with one twenty one says, congrats on 1,200 shows, my bro. I appreciate that. Oh, and here's chef Tommy with 2,000 sat says, here's to 1,200.
587
00:37:27.835 --> 00:37:32.780
Thanks for the news. I use keep up the great work. I appreciate that, chef.
588
00:37:33.400 --> 00:37:39.660
Here and gone here and gone is a 100. I compare CZ's pardon to the government taking on Nazi scientists.
589
00:37:43.000 --> 00:37:45.975
Not pulling any punches there. That's the weather report.
590
00:37:55.975 --> 00:37:58.395
Welcome to part two of the news that you can use.
591
00:37:59.010 --> 00:38:00.950
Vismaya v from decrypt
592
00:38:01.330 --> 00:38:02.550
is writing this one.
593
00:38:03.010 --> 00:38:04.710
Character.ai
594
00:38:05.730 --> 00:38:06.230
halts
595
00:38:06.770 --> 00:38:08.950
teen chats after tragedies.
596
00:38:09.490 --> 00:38:12.630
Quote, it's the right thing to do, end quote.
597
00:38:13.164 --> 00:38:14.865
A little bit of Obama there.
598
00:38:16.204 --> 00:38:17.565
Character.ai
599
00:38:17.565 --> 00:38:22.704
will ban teenagers from chatting with AI companions by November 25,
600
00:38:23.164 --> 00:38:28.065
ending a core feature of the platform after facing mounting lawsuits, regulatory pressures,
601
00:38:28.569 --> 00:38:29.309
and criticism
602
00:38:29.770 --> 00:38:31.549
over teenage deaths
603
00:38:31.930 --> 00:38:33.470
linked to its chatbots.
604
00:38:35.609 --> 00:38:37.470
That's grueling. The company announced
605
00:38:37.770 --> 00:38:45.724
the changes after reports and feedback from regulators, safety experts, and parents removing the ability for users under the age of 18
606
00:38:46.345 --> 00:38:50.285
to engage in open ended chat with AI while transitioning minors
607
00:38:50.585 --> 00:38:53.885
to creative tools like video and story generation
608
00:38:54.265 --> 00:38:58.204
according to a Wednesday blog post. Quote, we do not take this step
609
00:38:58.569 --> 00:39:01.150
of removing open ended character chat
610
00:39:01.690 --> 00:39:06.410
lightly. But we do think it's the right thing to do, the company told its 18
611
00:39:06.410 --> 00:39:06.910
community.
612
00:39:08.089 --> 00:39:09.069
Until the deadline,
613
00:39:09.770 --> 00:39:13.869
teen users face a two hour daily chat limit that will progressively
614
00:39:14.465 --> 00:39:14.965
decrease.
615
00:39:15.585 --> 00:39:25.185
The platform is facing lawsuits including one from the mother of a 14 year old son named Sewell Setzer the third, who died by suicide in 2024
616
00:39:25.185 --> 00:39:28.405
after forming an obsessive relationship with a chatbot
617
00:39:29.090 --> 00:39:31.350
modeled on Game of Thrones character,
618
00:39:32.050 --> 00:39:32.550
Daenerys
619
00:39:33.730 --> 00:39:34.230
Targaryen.
620
00:39:36.130 --> 00:39:36.630
Targaryen?
621
00:39:37.010 --> 00:39:48.234
I don't know. I'm not I'm not a Game of Thrones nerd. I'm a nerd in other ways, but not Game of Thrones. I haven't haven't really watched it, so I don't I don't know who these people are. And, also, they had to remove a bot impersonating
622
00:39:48.695 --> 00:39:49.595
murder victim,
623
00:39:49.974 --> 00:39:51.355
Jennifer Ann Crescente,
624
00:39:51.895 --> 00:39:54.474
after family complaints. God. How
625
00:39:55.095 --> 00:39:56.474
ghoulish. Good lord.
626
00:39:56.940 --> 00:40:02.079
AI companion apps are flooding into the hands of children unchecked, unregulated, and often deliberately
627
00:40:02.380 --> 00:40:02.880
evasive
628
00:40:03.500 --> 00:40:04.480
as they rebrand
629
00:40:04.940 --> 00:40:08.640
and change names to avoid scrutiny. Doctor Scott Collins,
630
00:40:08.964 --> 00:40:14.105
chief medical officer at family online safety company, Aura, shared in a note with Decrypt.
631
00:40:14.565 --> 00:40:17.865
OpenAI said on Tuesday about 1,200,000
632
00:40:18.325 --> 00:40:20.085
of its 800,000,000
633
00:40:20.085 --> 00:40:22.984
weekly chat GPT users discussed suicide
634
00:40:23.490 --> 00:40:24.390
with nearly
635
00:40:24.690 --> 00:40:26.950
half a million showing suicidal intent.
636
00:40:28.450 --> 00:40:31.590
This is sick. I've told you about that part yesterday.
637
00:40:32.050 --> 00:40:35.670
Collins did say that the findings were deeply alarming as researchers
638
00:40:36.050 --> 00:40:37.010
and horrifying
639
00:40:37.970 --> 00:40:38.470
what?
640
00:40:39.085 --> 00:40:43.905
Hold on. This is weird. This is a weird sentence, so I'm gonna just word for word it.
641
00:40:44.525 --> 00:40:46.865
Collins said the findings were, quote,
642
00:40:47.165 --> 00:40:49.185
deeply alarming as researchers
643
00:40:49.645 --> 00:40:50.705
and horrifying
644
00:40:51.005 --> 00:40:51.825
as parents,
645
00:40:52.550 --> 00:40:57.609
noting the bots prioritize engagement over safety and often lead children into harmful
646
00:40:58.070 --> 00:41:00.730
or explicit conversations without guardrails.
647
00:41:01.510 --> 00:41:04.810
Character dot AI said it will implement the new age verification
648
00:41:05.805 --> 00:41:09.665
using in house models combined with third party tools, including
649
00:41:10.285 --> 00:41:10.785
Persona.
650
00:41:11.724 --> 00:41:12.385
The company
651
00:41:12.685 --> 00:41:17.505
is also establishing and funding an independent AI safety lab, a nonprofit
652
00:41:17.970 --> 00:41:21.109
dedicated to innovating safety alignment for AI entertainment
653
00:41:21.410 --> 00:41:21.910
features.
654
00:41:22.850 --> 00:41:29.910
The Federal Trade Commission issued compulsory orders to Character dot AI and six other tech companies just last month demanding
655
00:41:30.369 --> 00:41:33.270
detailed information about how they protect minors
656
00:41:33.744 --> 00:41:38.244
from AI related harm, quote, we have invested a tremendous amount of resources
657
00:41:38.865 --> 00:41:40.085
in trust and safety,
658
00:41:40.625 --> 00:41:46.405
especially for a start up. A Character dot AI spokesperson told Decrypt at the time, adding that, quote,
659
00:41:46.820 --> 00:41:50.119
in the past year, we've rolled out many substantive
660
00:41:50.580 --> 00:41:53.640
safety features, including an entirely new
661
00:41:54.020 --> 00:41:54.920
18
662
00:41:54.980 --> 00:41:58.119
experience and a parental insights feature.
663
00:41:59.220 --> 00:42:01.400
Good luck on enforcing this.
664
00:42:03.075 --> 00:42:06.935
But here's here's this is sort of weird. It's sort of self filtering.
665
00:42:07.715 --> 00:42:08.855
The under eighteens
666
00:42:09.555 --> 00:42:11.975
that are smart enough to get around this shit
667
00:42:12.355 --> 00:42:15.655
are probably the same under eighteens that are smart enough
668
00:42:15.990 --> 00:42:17.290
not to allow themselves
669
00:42:17.590 --> 00:42:18.970
to get into a depression
670
00:42:19.350 --> 00:42:20.490
and commit suicide.
671
00:42:20.870 --> 00:42:23.450
Not all the time, but I'll bet you
672
00:42:23.750 --> 00:42:25.370
I'll bet you my hat
673
00:42:26.230 --> 00:42:29.210
that it is more that way than it is not.
674
00:42:29.830 --> 00:42:30.330
However,
675
00:42:30.710 --> 00:42:31.210
again,
676
00:42:32.525 --> 00:42:34.605
good luck to character.ai
677
00:42:34.605 --> 00:42:38.065
and because, you know, that was one of the reasons I wanna talk about this today because
678
00:42:38.445 --> 00:42:40.785
I have looked at character AI,
679
00:42:41.485 --> 00:42:44.785
you know, when I'm logging on, it only takes an email.
680
00:42:45.730 --> 00:42:54.290
It's not secure. I mean, it's it's clearly not secure. When every time you log in, you have to put in your email address. If you've if you've signed up with character.ai,
681
00:42:54.290 --> 00:42:55.750
what it does is it generates
682
00:42:56.370 --> 00:43:06.365
some some kind of code, and it sends you, like, an email with a particular link to get back in, but there's no password. Right? There's no the the the credentials
683
00:43:06.825 --> 00:43:07.645
are only
684
00:43:08.184 --> 00:43:14.765
an a valid email address that you can access so that you can get the link so that you can actually open
685
00:43:15.380 --> 00:43:16.360
the user
686
00:43:16.740 --> 00:43:22.600
interface for character dot a I. Other than that, there's no verification of age. There's no nothing.
687
00:43:23.140 --> 00:43:27.080
And there's some there's some you know, there can be some pretty horrific shit on there.
688
00:43:27.654 --> 00:43:31.755
And there's a lot of horrific shit on all of this on well, on a lot of this stuff.
689
00:43:32.134 --> 00:43:34.795
Chat g p t seems to be the most guarded.
690
00:43:35.734 --> 00:43:39.674
And I'm sure there are others, but there are also some that are not guarded.
691
00:43:40.040 --> 00:43:44.220
Right? So be careful out there, folks. Be be very careful out there.
692
00:43:45.240 --> 00:43:47.660
Moving on to Elon Musk's SpaceX.
693
00:43:49.160 --> 00:43:55.145
As if we needed more pressure on the Bitcoin price, he's decided to move $31,000,000
694
00:43:55.145 --> 00:43:56.285
more of Bitcoin
695
00:43:56.825 --> 00:43:58.285
to a new wallet.
696
00:43:59.224 --> 00:44:05.565
You know, because every time you move Bitcoin in those amounts, people freak out because we can see it immediately.
697
00:44:06.505 --> 00:44:08.445
Just saying. Elon Musk, SpaceX
698
00:44:08.859 --> 00:44:10.720
moved another 281
699
00:44:11.180 --> 00:44:19.520
Bitcoin late October 29, continuing a pattern of likely custody consolidation this month. The transaction marks the fifth
700
00:44:19.980 --> 00:44:20.800
such transfer
701
00:44:21.339 --> 00:44:22.880
just this month of October,
702
00:44:23.445 --> 00:44:26.245
now totaling 4,337
703
00:44:26.245 --> 00:44:26.745
BTC
704
00:44:27.765 --> 00:44:29.065
carried out via institutional
705
00:44:29.445 --> 00:44:31.545
custody platform Coinbase Prime.
706
00:44:32.805 --> 00:44:35.865
That's all we need to know about this one. Right?
707
00:44:36.245 --> 00:44:37.625
Musk decided that
708
00:44:38.280 --> 00:44:41.740
yesterday was the best it was the just the best time
709
00:44:42.680 --> 00:44:44.780
for a a a huge
710
00:44:45.720 --> 00:44:55.605
a very well known company, a very watched company that holds Bitcoin to go ahead and move a little bit because it was the quote right thing to do no it wasn't
711
00:44:57.825 --> 00:44:58.325
it
712
00:44:58.865 --> 00:45:00.484
this you're not helping
713
00:45:00.785 --> 00:45:02.805
Elon you're not helping
714
00:45:03.265 --> 00:45:04.724
and here's a story
715
00:45:05.730 --> 00:45:06.230
about,
716
00:45:07.410 --> 00:45:15.750
I don't know, we'll call them Hansel and Gretel who got eaten by a witch at the end of the story. It was just a horrific story, right?
717
00:45:16.050 --> 00:45:17.750
Because we're talking about Germany.
718
00:45:19.964 --> 00:45:20.944
Germany proposes
719
00:45:21.484 --> 00:45:23.265
a national Bitcoin reserve.
720
00:45:24.045 --> 00:45:26.785
It views Bitcoin as, quote, state free money.
721
00:45:28.045 --> 00:45:29.984
Who's who's gonna tell them?
722
00:45:32.150 --> 00:45:33.049
Micah Zimmermann,
723
00:45:33.349 --> 00:45:34.410
Bitcoin magazine,
724
00:45:34.869 --> 00:45:41.450
Germany's alternative for Germany, the AfD party, has introduced a proposal to create a national Bitcoin reserve.
725
00:45:42.470 --> 00:45:46.010
The initiative marks a potential turning point for Europe's largest economy,
726
00:45:46.445 --> 00:45:50.945
which just one year ago was criticized for liquidating billions
727
00:45:51.645 --> 00:45:53.185
in seized Bitcoin holdings.
728
00:45:53.645 --> 00:45:57.265
Yeah. They sold it. They sold it all. They have, like, 8,000
729
00:45:57.485 --> 00:45:59.905
US dollars worth of Bitcoin left in their wallet.
730
00:46:01.020 --> 00:46:01.760
They had
731
00:46:02.140 --> 00:46:02.640
millions.
732
00:46:03.100 --> 00:46:09.020
And and if they had not sold at the price, they would have had more than it would have been, like, 2.3
733
00:46:09.020 --> 00:46:09.520
x
734
00:46:10.540 --> 00:46:13.545
of what they actually sold it for because they had
735
00:46:14.005 --> 00:46:15.305
just let his hands. Anyway,
736
00:46:15.605 --> 00:46:22.905
the motion, which still needs approval, would make Germany the first major European nation to integrate Bitcoin directly to its national reserves,
737
00:46:23.365 --> 00:46:25.305
signaling a growing shift in Europe
738
00:46:25.839 --> 00:46:28.819
toward viewing Bitcoin not as a speculative asset,
739
00:46:29.280 --> 00:46:31.460
but as a sovereign reserve instrument.
740
00:46:32.079 --> 00:46:39.619
The AFD's motion submitted last week calls on the federal government to begin accumulating Bitcoin as part of its long term reserve strategy.
741
00:46:40.055 --> 00:46:44.955
The proposal argues that the EU's MICA framework was designed for centrally
742
00:46:45.255 --> 00:46:46.395
issued tokens
743
00:46:47.095 --> 00:46:49.195
and should not apply to Bitcoin,
744
00:46:49.495 --> 00:46:50.795
which has no issuer
745
00:46:51.335 --> 00:46:52.875
nor central authority.
746
00:46:53.700 --> 00:46:55.000
It urges the government
747
00:46:55.300 --> 00:47:02.680
to avoid regulatory burdens on non custodial wallet providers and lightning known lightning node operators,
748
00:47:03.300 --> 00:47:07.560
maintain Germany's tax exemption on Bitcoin held for more than a year,
749
00:47:07.965 --> 00:47:23.345
and ensure that private mining or lightning activity is not classified as commercial. The AFD frames Bitcoin as state free money that protects individual freedom in contrast to the planned digital euro, which it warns could enable surveillance and control.
750
00:47:24.500 --> 00:47:25.480
In the proposals
751
00:47:25.780 --> 00:47:27.720
section 1.5,
752
00:47:29.060 --> 00:47:30.520
the AfD criticizes
753
00:47:30.900 --> 00:47:35.000
the German government for failing to recognize Bitcoin's strategic potential,
754
00:47:36.115 --> 00:47:41.015
specifically noting that Berlin has not considered holding Bitcoin as part of the national reserves.
755
00:47:41.875 --> 00:47:45.975
Later in the explanatory section, the document expands on the idea,
756
00:47:46.355 --> 00:47:48.055
describing Bitcoin as, quote,
757
00:47:48.640 --> 00:47:49.780
outside money
758
00:47:50.080 --> 00:47:52.420
and suggesting that in times of global monetary
759
00:47:52.800 --> 00:47:53.540
and geopolitical
760
00:47:53.840 --> 00:47:56.420
instability, it could serve as a potential
761
00:47:56.800 --> 00:47:57.780
easily transferable
762
00:47:58.080 --> 00:47:58.580
asset
763
00:47:58.960 --> 00:47:59.460
within
764
00:48:00.000 --> 00:48:01.780
state currency reserves.
765
00:48:02.585 --> 00:48:07.244
The motion marks the first formal attempt in Germany's legislature to position Bitcoin
766
00:48:07.785 --> 00:48:09.805
as a strategic national asset.
767
00:48:12.345 --> 00:48:16.125
The proposal comes less than a year after the German government completed
768
00:48:16.440 --> 00:48:20.619
one of the largest state level Bitcoin sell offs in history.
769
00:48:21.079 --> 00:48:23.079
Between June 2024,
770
00:48:23.079 --> 00:48:25.640
German authorities sold nearly 50,000
771
00:48:25.640 --> 00:48:26.140
BTC
772
00:48:26.920 --> 00:48:29.579
originally seized from the operators of the piracy
773
00:48:29.905 --> 00:48:32.385
site movie 2k.to,
774
00:48:32.385 --> 00:48:34.545
and it was worth about $3,000,000,000
775
00:48:34.545 --> 00:48:35.285
at the time.
776
00:48:35.825 --> 00:48:45.285
The sell off triggered a market correction of 18% and drew heavy criticism from the Bitcoin community, which argued that Germany squandered a chance to hold a scarce
777
00:48:45.690 --> 00:48:46.190
appreciating
778
00:48:46.730 --> 00:48:47.230
asset.
779
00:48:48.010 --> 00:48:49.950
By mid July twenty twenty four,
780
00:48:50.490 --> 00:48:54.670
blockchain data confirmed that wallets linked to the German government were empty
781
00:48:55.050 --> 00:49:01.310
after sending the final tranches of Bitcoin to exchanges and market makers. I don't think they're exactly empty.
782
00:49:01.825 --> 00:49:02.565
They've got,
783
00:49:03.265 --> 00:49:05.025
like, 5,000, $8,000
784
00:49:05.025 --> 00:49:05.685
in them.
785
00:49:06.385 --> 00:49:11.445
At least last that I saw. I may be wrong, but doesn't really matter, does it? They they screwed up.
786
00:49:11.825 --> 00:49:12.965
They screwed up badly.
787
00:49:13.680 --> 00:49:14.180
Continuing,
788
00:49:14.560 --> 00:49:19.460
Germany's move follows closely on the heels of France, which I talked about yesterday.
789
00:49:20.000 --> 00:49:22.819
The center right union of the right and center party,
790
00:49:23.280 --> 00:49:23.780
UDR,
791
00:49:24.640 --> 00:49:26.645
led by lawmaker Aaron Ciotti,
792
00:49:26.945 --> 00:49:29.685
introduced an ambitious bill to create a Bitcoin
793
00:49:30.225 --> 00:49:35.525
national Bitcoin strategic reserve, and then they run through exactly what I told you about yesterday.
794
00:49:36.145 --> 00:49:43.880
France wants to do it too. Is it gonna work? See, this is the thing, man. I mean, while while Bitcoin price was going down after,
795
00:49:45.380 --> 00:49:50.680
Jerome Powell said, oh, by the way, you can't you we're gonna cut now, but we're not gonna get that December cut.
796
00:49:51.065 --> 00:49:56.285
We're we're probably not is actually what he said. It wouldn't surprise me if they did it anyway, but whatever.
797
00:49:56.745 --> 00:50:03.645
Right? It didn't it didn't bode well for the price of Bitcoin. It's okay. We again, seen it many times before.
798
00:50:06.420 --> 00:50:07.080
But then
799
00:50:07.460 --> 00:50:13.960
all these media outlets just grabbed hold of that French story and just ran with it like it was gonna happen.
800
00:50:14.580 --> 00:50:21.285
Dude, it the UDR party is represented by 16 members of parliament out of 577.
801
00:50:22.225 --> 00:50:23.125
It's probably
802
00:50:23.505 --> 00:50:25.445
not going to work.
803
00:50:26.465 --> 00:50:27.845
These 16 people
804
00:50:28.465 --> 00:50:31.125
would have to go out and wine and dine,
805
00:50:33.089 --> 00:50:33.829
the other
806
00:50:34.210 --> 00:50:37.670
what would it be? The other 561
807
00:50:38.369 --> 00:50:39.990
members of parliament in France
808
00:50:40.529 --> 00:50:48.724
to get their signature to to put to, you know, to help sponsor this thing and and to push through and to vote for it, to do whatever the hell it is that they do in France.
809
00:50:49.905 --> 00:50:50.885
16 people
810
00:50:51.345 --> 00:50:53.665
to try to get 561
811
00:50:53.665 --> 00:50:54.165
people
812
00:50:54.705 --> 00:50:58.325
on board or at least a majority of them, even just a majority of them.
813
00:50:58.710 --> 00:51:02.730
And I don't know the percentage that French parliament needs to to pass something,
814
00:51:03.270 --> 00:51:08.550
but I assume that it's a majority. And that's a lot of people when you're talking about 577
815
00:51:08.550 --> 00:51:09.050
people.
816
00:51:09.910 --> 00:51:11.290
I do not expect
817
00:51:11.775 --> 00:51:13.234
France to have a Bitcoin
818
00:51:13.694 --> 00:51:14.835
reserve anytime
819
00:51:15.214 --> 00:51:16.275
soon. Germany
820
00:51:17.454 --> 00:51:23.954
as well, because the UDP party or UDR or whatever the hell that thing's called, it ain't exactly a powerhouse.
821
00:51:24.840 --> 00:51:30.300
Right? It's not like a it's not like a Babe Ruth Slugger coming up to the plate. It's more like
822
00:51:31.000 --> 00:51:32.300
Pete Rose after
823
00:51:33.480 --> 00:51:35.580
night of partying and binge drinking.
824
00:51:36.120 --> 00:51:39.900
So I don't expect either one of these to actually happen.
825
00:51:40.935 --> 00:51:48.395
Yet everybody yesterday was running with France, and I guarantee you everybody today is gonna be going, look at Germany. It's gonna happen.
826
00:51:49.255 --> 00:51:51.915
Please, let's let's just have a modicum
827
00:51:52.470 --> 00:51:53.290
of dignity
828
00:51:54.310 --> 00:51:55.130
at this point.
829
00:51:55.670 --> 00:51:58.490
And we'll move over to atlas21.com.
830
00:51:58.950 --> 00:52:00.490
Phoenix Wallet introduces
831
00:52:01.030 --> 00:52:02.170
Taproot channels.
832
00:52:02.869 --> 00:52:03.369
Okay.
833
00:52:04.390 --> 00:52:07.450
Phoenix Wallet has announced an update that brings full support
834
00:52:08.095 --> 00:52:09.555
for Taproot channels.
835
00:52:10.495 --> 00:52:11.235
This implementation
836
00:52:11.535 --> 00:52:12.435
allows users
837
00:52:12.815 --> 00:52:15.375
to benefit from an estimated 20%
838
00:52:15.375 --> 00:52:17.235
reduction in on chain fees.
839
00:52:17.775 --> 00:52:22.589
The optimization applies to all operations on the time chain, including splicing,
840
00:52:22.890 --> 00:52:26.670
making the use of the Lightning Network more cost effective for transactions
841
00:52:27.050 --> 00:52:28.430
of any size.
842
00:52:28.730 --> 00:52:33.470
The economic advantage of Taproot channels translates into tangible savings for users
843
00:52:33.849 --> 00:52:36.430
who frequently perform on chain operations.
844
00:52:37.425 --> 00:52:40.405
Further progress has also been made on the privacy front.
845
00:52:40.785 --> 00:52:42.565
And thanks to Taproot channels,
846
00:52:42.865 --> 00:52:45.765
the wallet's on chain footprint becomes indistinguishable
847
00:52:46.625 --> 00:52:47.925
from that of a standard
848
00:52:48.465 --> 00:52:50.485
pay to Taproot wallet
849
00:52:50.859 --> 00:52:53.280
as long as the channel isn't forced closed.
850
00:52:53.900 --> 00:52:55.260
Version 2.7
851
00:52:55.260 --> 00:52:57.280
o for Android and iOS introduces
852
00:52:57.980 --> 00:52:59.040
another new feature,
853
00:52:59.740 --> 00:53:01.200
multi wallet support.
854
00:53:01.900 --> 00:53:11.115
Each wallet has its own independent seed phrase, allowing users to manage separate funds for different purposes directly within the app.
855
00:53:11.654 --> 00:53:21.090
That's a a nice feature, man. Phoenix Wallet has designed a seamless migration system for existing users. The transition to the new Taproot channels will occur automatically
856
00:53:21.790 --> 00:53:23.650
with the next on chain transaction,
857
00:53:24.190 --> 00:53:25.890
whether incoming or outgoing,
858
00:53:26.510 --> 00:53:29.570
without requiring any manual action from the user.
859
00:53:29.985 --> 00:53:37.045
The development team has already announced its next goals, implementing version three transactions I'm sorry, v three transactions
860
00:53:37.665 --> 00:53:39.605
and zero fee commit transactions.
861
00:53:40.225 --> 00:53:43.925
The update is available now for both Android and iOS
862
00:53:44.545 --> 00:53:46.380
as well as for Phoenix
863
00:53:46.760 --> 00:53:47.980
d servers.
864
00:53:48.920 --> 00:53:53.740
So Taproot channels, I I wish I could tell you all about them. I I don't.
865
00:53:54.200 --> 00:53:59.340
It's just above my pay grade for for what's going on with Taproot, but it seems like a good addition.
866
00:53:59.775 --> 00:54:08.194
And that's it for the day, ladies and gentlemen. We are fifty four minutes in, and it is time to end the show. I will see you on the other side.
867
00:54:08.895 --> 00:54:16.690
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.
868
00:54:17.310 --> 00:54:18.530
Have a great day.