Circle P:

Episode Transcript
Available transcripts are automatically generated. Complete accuracy is not guaranteed.
(00:02):
It is 08:38AM
Pacific Daylight Time. It is 09/11/2025.
This is episode
eleven sixty six
of Bitcoin and
Irna Zorodska,
Nepal,
Banksy,

(00:24):
Israel,
Qatar,
Yemen,
France,
five prime ministers in two years,
block everything movement,
French social media ban threat,
Poland invokes NATO

(00:44):
article four
and Charlie Kirk.
Ladies and gentlemen, it's Thursday.
All of this is falling out in relatively
a week.
I sound somber. It's because I kinda am.

(01:06):
I guess we should probably begin with
Charlie Cook
or Kirk
and his murder yesterday or rather his I guess it was
flat ass a political assassination.
I'm not gonna go through the grueling
and graphic particulars of
what happened

(01:27):
other than to say,
I didn't really ever listen to Charlie Kirk. I mean, I I knew who he was.
I knew that he pissed a lot of people off. I knew he was
a conservative and and a Christian,
and I knew that he held
several campus talks. It was one of his favorite places to go was

(01:48):
to a campus and and and essentially engage
with with the audience, many of which many of his audiences
disagreed with
him, which I I found I actually found kind of interesting,
was that he would go
to these college campuses that he knew.
He knew

(02:10):
that there would be people that vehemently,
not only disagreed with him, but vehemently,
in a polar opposite way,
disagreed with him,
emotionally
disagreed with him,
psychologically
disagreed with him
soulfully
disagreed with him he essentially

(02:31):
kept walking
into enemy territory
and yet what did he do
He would simply just have discussions,
and he was assassinated for it yesterday
in Utah.
So even though I I didn't really I never really sat down and watched a Charlie Kirk speech or

(02:53):
or I'd I'd never went to his YouTube channel, and it's not that I didn't like him. It's just that
that that kind of thing just it doesn't turn me on. I'd I'd rather listen to somebody, you know me, talk about soil or or grazing or Bitcoin or something like that. And
and yet
I was

(03:14):
deeply affected
by what happened yesterday,
and it was right off the heels of,
well, watching this poor woman get murdered
on the train.
That's
the Irna Zarycka
woman, if you did not know. She was,
she was murdered,

(03:35):
by getting knifed.
And that that sort of began my week because even though that happened
a couple of weeks ago,
we didn't really find out about it until I think on Sunday is when it really
blew up.
And
I was deeply affected by not only the fact that that she was murdered,

(03:56):
but that the people around her just kinda looked at at what was going on. I mean, there was a a black woman that was sitting right next to her on the other aisle,
and she actually looked
like it was just sort of an annoyance.
You know, there was a couple of white guys that just kind of walked away.
There was,

(04:17):
other people that it doesn't really matter really what the color of their skin is, does it? They just they're just people and they just
looked like it was almost a normal
event that was something they just kinda wanted to slowly get up and they didn't run
and, you know, didn't freak out. They just it was sort of like stepping

(04:37):
in stepping in dog poop. It was just annoying.
And that that's that's what really got me. That that's what really got me. Now, yes, I I could go on about Charlie Kirk and the fact that everybody well, not everybody, but so many people
that would be considered liberal and on the left are
are celebrating. There's there's people that aren't, by the way. Let's be clear about that.

(05:00):
Not every single liberal is celebrating and jumping up and down and cheering
that Charlie Kirk was murdered yesterday, but there are plenty
that are.
And anybody who does
is an
idiot. It's like I'm I'm definitely not a fan of of Joe Biden or Kamala Harris, yet if either one of them

(05:21):
were just flat
assassinated
in public or even in their homes.
I'm not gonna be jumping up and down with joy.
And Charlie Kirk leaves behind two very small children and a young wife. He was 31 years old.
I think he was born in 1997.

(05:42):
By the time he was four years old,
or right around when nine eleven actually occurred, so even Charlie Kirk himself probably
didn't really
know what was going on.
You know? I mean, it's
I was I I drove my my wife to work today to a college campus, and I realized that we're celebrating celebrating my ass. We're being hammered over the head

(06:10):
with the twenty fourth
anniversary of nine eleven, and I realized that most of the people that are students on this campus
weren't even alive
when nine eleven happened.
So
as much as it sucks
to begin the show on a somber note, I I just feel that it would be remiss

(06:33):
if I hadn't have just said, look.
I and everybody's talking about a turning point, you know. Charlie Kirk's outfit was called Turning Point USA.
So all over Twitter and all over Nostra, it's we're at a turning point
or a tipping point or something like that. And,

(06:53):
honestly, in my mind, it's not just Charlie Kirk.
France
is in turmoil.
Poland's invoking NATO article four.
You got Israel bombing gutter, of all things, and now Yemen.
And Poland, by the way, invoked article four because of a Russian intrusion

(07:15):
of drones into their airspace, and I don't know if it's true. I wasn't there.
I'm not gonna say one way or another what
what I think about it because, again, I'm not there. I'm not even in France, but it seems very evident
that the French people are completely unhappy.
Are we at a tipping point?

(07:35):
Are we at a turning point?
It it certainly feels like it.
I don't know what else to say about it.
Will it tip over into just extreme violence?
Will it tip over into real, actual, tangible change?
Which we desperately need. We don't need we don't as much need the violence as as much as we need the change.

(08:00):
But when Nepal
burned down their prime minister's, you know, the the the parliament as well as the prime minister's mansion and were chucking
politicians into the river,
as much as I'm not all about the fact of going and chucking politicians into the river because it is sort of an act of violence,

(08:24):
this this has to stop. And I'm not I'm not talking about, like, the protests and whatnot. I mean, the the
the
the structure
of the planet
and the divide not against the left and the right,
but the powerful against the weak,
it's got to stop.

(08:45):
Because if it doesn't, then things are going to get much more violent. And my father always used to say,
the world is ripe
for a world revolution,
a world
civil war,
and he's not wrong.
He wasn't wrong when he said it a long time ago,

(09:07):
and he's not wrong now.
One of the things
that I had mentioned in that list at the beginning of the show is Banksy.
If you don't know who Banksy is, he's an artist that is very, very well known for
stencils
and essentially public graffiti.

(09:28):
And he put up a,
well, he put up a mural on the royal courts in Westminster
just outside of London. It's sort of like
where where the royal court courts are.
Sit basically sits on the border between the town of Westminster and London in The UK.
And, of course,

(09:49):
they couldn't have a mural of a judge
beating a protester holding up a bloody sign with a freaking gavel,
so they
scrubbed it off.
Let's let's get into this one. Just to start us off, CNN,
this is actually out of Associated Press, but CNN is is

(10:10):
reporting it here. Banksy,
the mural of judge beating protesters
scrubbed from a London court. Let's see how the AP treats what actually happened.
The verdict on Banksy's artwork on a courthouse wall of a judge beating a protester
was that, well, it had to go. Unlike the elusive artist, other provocative works that are sometimes stolen or carefully removed and displayed in galleries or even sold at auction

(10:39):
for millions of dollars, his latest mural
was being erased Wednesday from the record.
The stenciled
spray painting of a protester lying on the ground holding a blood spattered placard
while a judge in a traditional wig in a black gown beats him with a gavel was scrubbed
from the wall of the iconic Royal Courts of Justice.

(11:04):
The order to remove it came from court administrators because the 143
year old Victorian Gothic Revival style building is valued for its historical significance
and must maintain
its original character, a spokesperson said
Metropolitan Police said officers were investigating a complaint that the work was an act of criminal damage

(11:27):
Banksy's spokesperson did not immediately return an email seeking comment
The work appeared Monday and was quickly covered up after Banksy posted a photo of it on Instagram, which is his usual method of authenticating his work.
The artist, who has never publicly revealed his identity, is known for criticizing government policy on migration and war.

(11:51):
While the artwork didn't make overt reference to a particular event or cause,
some activists saw it as a comment on The UK Government's ban on the group Palestine
Action,
which has been prescribed as a terrorist organization.
On Saturday, almost 900 people were arrested at a London protest challenging the ban.

(12:13):
The courthouse is home to the court of appeal and high court, which have both weighed in on Palestine action efforts to appeal the ban. Appellate judges initially rejected the organization's
request to appeal, but a high court judge then allowed it to go forward, though
the government is challenging that decision.

(12:34):
That's the end of the article.
And my first question is, why did they immediately
make an assumption
and start talking
about this being in connection with the group named Palestine Action.
It's
it's simply a a judge beating a protester with a bloody pack placard.

(12:58):
The placard doesn't say free Palestine.
The placard doesn't say anything,
about Gaza.
The placard doesn't say anything at all. In fact, it's just got bloodstained on it.
That that that's it. So why are we going to
Palestine action?
It's a diversion.

(13:19):
In my opinion, it's a diversion. It's a distraction.
It is, oh, look. Something shiny over here.
But here's what AP
completely forgot
to mention, or maybe they didn't forget. Maybe they did it on purpose.
And this is what I think Banksy's actual purpose is.

(13:39):
If you've seen a lot of Banksy's works, you know that it's not really detailed in the interior. It's more like about shapes and outlines,
some something where the outline itself
tells you the story of what Banksy is trying to relate.
This is actually the very first time I've seen one of Banksy's works that is this

(14:01):
detailed
on the interior,
like shading in the robes, like
really defining the curls of the judge's wig,
really defining,
well, quite a bit. I've I've never really seen this much definition inside of a Banksy's work, and I'm talking about the interior,
not the outline, and there's a reason I'm I'm I'm going this way.

(14:26):
That's a lot of work that I'd I've never really seen Banksy do on one of his things.
So
what happened? Well, they like the news story did say,
they scrubbed it from the wall. They hid it, and then they got behind, you know, this, you know, this
this tin roof material
thing that they had put up against it, and they had a guy for whatever reason

(14:49):
in a helmet
and a mask and black garb
scrubbing this thing from the wall, and you know what happened?
It now looks like something Banksy would have done
with not a lot of interior detail,
but the outline.
Oh, my god. The outline.

(15:12):
And then,
as of this morning, somebody went over
to where it
was and painted it again, except it clearly was not a Banksy. It was
somebody who was just painting inside the outline of what was left. It's almost as if Banksy may have used some kind of paint that

(15:33):
because this is a lot as far as I can tell, this building is built out of limestone.
If you
were to put
a heavy acid
on that limestone, it would kinda dissolve. It would kind of well, not dissolve. Etch. Let's just say etch. It would it would definitely permanently mark. And I wonder if the paint that Banksy used had a very low pH,

(15:59):
very acidic.
And I don't know. Again, I'm not Banksy. I'm not a friend of Banksy. I don't go out and drink beer with Banksy, but there's something about the fact that they scrub this thing so freaking hard, and yet it is very clear
that the outline is still there.
That to me, I think this is what Banksy actually meant to have happen.

(16:21):
And now that outline was filled in again
last night or yesterday sometime.
I I don't know.
And somebody repainted it, except it's not it's clearly, like I said, not a Banksy, and yet
it's sort of a Banksy.
It's sort of like Banksy,

(16:42):
even though nobody knows who he is and nobody ever sees him do these things, is somehow a mentor
to other street artists. And now I get the feeling that this spot,
this wall,
this 143
year old facade that everybody is saying, oh, the only reason we did this is because it's a 143 year old building. Bullshit.

(17:06):
You did it because you cannot stand the message that is there, and it's now there
permanently.
And even if you sandblast
that entire wall
and get rid of all remnants and then go back and somehow sand it down to where it's a smooth lines limestone facade again,

(17:28):
I doubt seriously that anybody's ever going to forget
this particular location.
That's real power.
Banksy knows how to do this shit. You
may not agree with with the message that Banksy says, but you got you gotta admit.
Banksy is very effective,

(17:50):
and I think this is probably
the most effective thing that Banksy has ever done.
You wanna go to Mars? Let's get out of this. Let's get out of the somber mood, ladies and gentlemen.
Sending Bitcoin to Mars is now theoretically possible according to researchers, and Braden Lindria from Cointelegraph

(18:11):
is going to tell us all about it. There is apparently a way
to get Bitcoin from Earth to Mars in as little as three
minutes using already available technology. We just need someone or something to receive it.
Last month,
tech entrepreneurs
Jose Puente and his colleague

(18:32):
Carlos Puente published a white paper
unveiling
proof
of transit
time stamping.
A concept, he told Cointelegraph, is the missing piece needed to make Bitcoin interplanetary.
The concept suggests that when a Bitcoin user wants to send a payment to Mars in the future, the transaction

(18:52):
could hop
from the user through different stations such as ground antennas, satellites, and maybe even a relay around the moon.
At each stop, the transaction is stamped
before continuing
until it reaches its destination.
Speaking to Cointelegraph,
Puente said, POTT

(19:15):
serves as the receipt layer
on Bitcoin and the Lightning Network while leveraging optical links built by the National Aeronautics and Space Administration,
e. G, NASA,
Elon Musk, Starlink, or
other
satellite providers. Quote, the technology is essentially ready.
The moment there's a stable Earth Mars link, POTT

(19:37):
can ride on top, making Bitcoin the first currency to operate cleanly across planets, he said.
By simulating
Mars level delays,
we could run a convincing end to end demo right now. That's a direct quote.
When up and running, Puente said Bitcoin Lightning transfers could reach Mars as in as little as three minutes

(19:59):
or as long as twenty two minutes in the worst case scenario.
The average Lightning transaction would take between twelve and fifteen minutes, while Bitcoin base layer transfers would take the usual ten minute block time plus
the signal delay.
Addressing the two week blackout period on Mars that occurs every twenty six months or so, Puente said a solution

(20:22):
could deliberately route around the sun with relay satellites to avoid the blackout.
POTT is like ordinary Bitcoin time stamping,
except that it can extend to outer space and beyond, Puente explained, quote,
imagine it's 2050
and you're sending money from Earth to your friend on Mars to help pay for their rent.

(20:42):
Because the planets are so far apart,
the message has to hop through different stations.
At each stop, that station stamps the message with the time it arrived and the time it left, like a passport getting stamped at every border crossing.
By the time the message gets to Mars,
you can look at all of the stamps and see the exact path it took when it moved.

(21:08):
The concept builds on Blockstream's work in December 2018 when it connected Bitcoin to five satellites
to make outer space Bitcoin transactions possible.
Then in August 2020,
Spacechain completed what it said was the first Bitcoin transaction from the International Space Station
showcasing
that Bitcoin can be received away from Earth.

(21:30):
Of course,
for a Bitcoin transaction to occur on Mars, a human or an AI would need to be there, and that hasn't happened yet.
Only landers, orbiters, and rovers from NASA and other space agencies have explored
Mars thus far.
There would need to be someone there willing to accept Bitcoin too. The Jeff Bezos funded Blue Origin started accepting crypto, including Bitcoin,

(21:54):
and a whole bunch of shitcoins last month. But so far, they've only made it past the Karman Line about a 100 kilometers
from Earth.
Musk's SpaceX is looking to reach Mars by the 2026
with a long term ambition
to build a self sustaining city there. Like Puente, Musk agrees that a standard money is needed to transact between Earth and Mars.

(22:18):
He previously expressed concern
over Bitcoin's ten minute block times, but that's where the Lightning Network comes into play, Puente said. Quote,
POTT
plus the Lightning Network
provide the practicality
Musk asked for, local speed with global settlement that works across planets, end quote.

(22:39):
After initially dismissing Bitcoin as a solution last January, he eventually agreed that interplanetary
payments
could be more feasible through the Lightning Network. Quote, if we're serious about a multi planet civilization, we need an open, neutral monetary base that does not depend on any,
any single company,

(22:59):
government, or ground station, Puente said, making his case for Bitcoin as the most appropriate interplanetary
currency. Quote, that's why we focused on Bitcoin
as the shared standard
and designed POTT as a practical way to move value across vast distances
while preserving
accountability

(23:20):
and individual agency.
Puente noted that POTT was built to be planet agnostic across the star's habitable zone,
meaning the travel receipts
it generates could be reached
from transactions
sent to the moon or any other planet.
He said the research just focused on Earth and Mars

(23:42):
as it's the cleanest near time case study.
Okay. Interesting.
Can we trust the time stamping? How will the time stamping be done?
Well, that's
that's actually talked about
in the article that this article links to.
I saw this it was either yesterday or the day before they were, I saw the actual

(24:06):
white paper.
I have not been able to read it yet,
but of this proof of transit time stamping,
I'm certain that they have a much cleaner explanation
as to how that works. So
if you wanna go read that,
the in the show notes today,
this Cointelegraph
article will be in the show notes. Just click it, and inside that is a link to the white paper if you wanna get to it.

(24:34):
But
this reminds me of I believe it was Dhruv Bansal
did a couple of articles, if not three articles,
talking about
the center of hash,
especially when it comes to interplanetary
blockchain functionalities. In this in Drew's case, clearly, he was talking about Bitcoin.

(24:58):
But, see, there's the issue.
Mars is an interesting case
because it's anywhere between three minutes away at light speed
all the way up to twenty two minutes away at light speed. So when Mars is closest to Earth, it takes three minutes to send out a message to for it for Mars to receive,

(25:19):
any kind of radio transmission, which also
moves at the speed of light or an optical laser or something like that.
But when it's on the other side of the sun,
it takes twenty two minutes.
The and as the article said, it's an average
of twelve to fifteen minutes, which is well outside
the block times here on Earth.

(25:41):
And Dhruv has a really good explanation as to
what that actually means,
how it works, and all that kind of stuff. And he has his own kind of ideas as to what could be done,
but I'm really interested in this proof of time stamp or proof of transit time stamp
issue. So I'm definitely gonna be digging into that article, but I thought I'd bring it to you here because it's at least interesting.

(26:08):
Well, yeah. It it's at least interesting. And so is great ghee at greatghee.com.
That's greatghee,
ghee,.com.
If you want some good handmade,
100%
grass fed ghee,
you gotta go over to greatghee.com.
And if he's out of stock of that, and I'm looking at his website oh, and he is out of stock. He does have regular pasture raised ghee.

(26:32):
What is it? It's clarified butter. And what you do is you simmer butter for a long time and it gets rid of all the moisture and it makes all the rest of the protein settle out so that you're just left with this golden lactose free oil with a nutty flavor and an extremely
high smoke point. Dude, you can get this stuff up to 485

(26:52):
degrees Fahrenheit
before you ruin it. And when when your oil starts smoking,
you you've ruined it. I'm just saying. So don't go all the way up to four eighty five. If you're gonna fry something
and you need to fry it at 450,
ghee is the way to do it. Go to greatghee.com.
Make sure that you use
the coupon code Bitcoin, and that lets Great Gi know that I made him a sale. This is the circle p. It is value for value advertising.

(27:21):
And if he knows I made him a sale with you using Bitcoin and as a coupon code, then he will get me back on the other end with sats
depending on what he thinks that sale was worth. It's how the circle p works.
Greatg.com
use Bitcoin and in the coupon code.
Moving on, Bitcoin giant strategy

(27:42):
dodges yet another lawsuit alleging accounting wrongs. So if you remember a couple of weeks ago, I told you about the case that was dismissed. Well, actually, it wasn't dismissed by the judge. It was just dropped
by the plaintiffs against Strategy.
Well, there was more than one court case going on or one one or more than one lawsuit

(28:03):
concurrently and decrypts.
Matt DeSalvo is gonna tell us about this second one.
He says that another shareholder lawsuit alleging dodgy accounting practices at Bitcoin Treasury giant strategy has been dropped.
Documents filed Wednesday showed the scrapped case
brought by in June by shareholders
Abney Palmer and Zen Kyu Chin,

(28:26):
had alleged breaches of fiduciary duties, unjust enrichment, abuse of control, and gross mismanagement of the company.
Wow.
The dismissal comes just weeks after a different class action lawsuit
accusing the company of misleading shareholders
about how new accounting rules would affect its profitability
was scrapped.
That lawsuit filed in May was similar to the one in June

(28:51):
dismissed on Wednesday.
A number of law firms and stockholders this year filed lawsuits against the company, alleging securities fraud over misleading Bitcoin investment statements. And experts told the crypt
that it wasn't unusual for law firms to file identical lawsuits against a company as they vied to become lead counsel in a consolidated

(29:12):
case.
Strategy
is the world's largest corporate holder of Bitcoin. Yes. We know how much they hold.
The company mainly used to sell data analysis software, but
now buys and holds Bitcoin and lets investors buy shares of its Nasdaq listed stock MSTR to get exposure to the cryptocurrency.
Company cofounder Michael Saylor was turned on to Bitcoin in 2020,

(29:36):
bought it, and claimed it was the best way to store value and save shareholders money.
Strategy stock has since soared. It was
trading for $14
a share
the day the company first bought Bitcoin in August 2020.
Now it's trading for $362
a share. That is a 2,160

(29:56):
percent increase.
And strategy has in the past run into trouble with regulators. In February, Saylor, who was strategy CEO at the time,
cofounder and chief operating officer Sanjeev Bansal, and former chief financial officer Mark Lynch settled a case with the SEC
without admitting or denying charges of overstating the company's revenue or earnings.

(30:18):
The three paid $10,000,000
in disgorgement
and 1,000,000 doll dollars in penalties.
So the second lawsuit
has been scrapped, and yet yet as we've
just read, there are more standing lawsuits against MicroStrategy. So the question becomes,
will all these lawsuits collapse into one or or in other words, consolidate

(30:43):
into one lawsuit
that
is able to get past the juncture of being dismissed or dropped
and go ahead and and actually fully sue the living daylights out of strategy?
Well, we'll have to wait and see. Meanwhile, we're gonna run numbers.

(31:10):
West Texas Intermediate taking it on the chin, almost two full points to the downside. $62.48
a barrel. Brent Norcey down 1.6
to $66.38.
Natural gas down 2 and a quarter to $2.96
per thousand, and gasoline
is down 1.6%
to a buck 97 a gallon. Meanwhile,

(31:30):
Merbon crude, everybody's favorite light and sweet,
is down 1 and a half to $69.97.
Gold down a quarter, but chilling out at 3,672
and 4 dimes an ounce. Silver is up 1.1%.
Platinum is moving sideways. Copper is up point 7%, and palladium is up one and a half.

(31:53):
Most of ag is in the green today. Biggest loser is lumber, one and a third to the downside.
Biggest winner is going to be chocolate, 1.2%
to the upside.
Live cattle is up over a half. Lean hogs are up point 82%
and feeder cattle are also up a half.
Meanwhile
and we had CPI numbers come out today, and inflation's running a little hotter than expected, and yet

(32:19):
and yet the Dow is up one and a quarter point. Why do I say yet? Well,
because that CPI number
slightly decreases the chance that the Fed will cut rates
in I think they're gonna do that next week. They're gonna make their decision on whether or not to cut
or, keep rates the same next week.

(32:42):
Generally speaking, you would you would see if there was a
if the numbers had been enough
to really make a dent
into everybody's
thought process that the Fed is going to actually lower rates than the Dow and the rest of its brethren in equities would not be in the green today. So that that's why I'm saying that. One and a quarter percent to the upside for Dow. S and P is up three quarters of a point. Nasdaq is up two thirds, and the S and P Mini is up one and a quarter point itself.

(33:14):
$114,300
is the price of Bitcoin. That is a $2,280,000,000,000
market cap, and we can now purchase 31.2
ounces of shiny metal rocks with our one Bitcoin of which there are.
19,919,307.43
of average fees per block are low at 0.02

(33:35):
BTC
taking in fees on a per block basis. There are 40 blocks carrying 70,000
unconfirmed transactions
waiting to clear at high priority rates of 1 satoshi per v byte. Low priorities
are the same.
Hash rate has increased,
so we are now
at 1.05

(33:56):
Zeta hashes per second.
1.05
Zeta
hashes per second. It's kinda interesting not having to say the word exahashes anymore because if I was, it would be 1,005
exahashes
or 1,000 sorry. 1,050.

(34:17):
Sorry. Yeah. 1,050
hexahashes, but now we've crossed
the z plane.
We are now 1.05
zeta hashes per second. So you can do with that what you will.
And everybody
came through on the boost and zaps yesterday. First up, I gotta mention Gigi.

(34:39):
Gigi,
I
can't thank you enough for the fat ass Zap. In fact, I gotta get the numerology here. So let me go over to,
where
where do I wanna go? I'm gonna go to Jumble.
Jumble.social
is a really, really tight,
very nicely well put together,

(35:00):
Noster,
client.
It's light it's fairly lightweight.
It doesn't have DMs. Alright? So just be aware it doesn't have DMs.
But it does everything that I want.
It does everything that I want, including
including
watching Gigi

(35:21):
zap me 69,400
Satoshis
and says achieve
your dreams.
Gigi, I cannot thank you enough. That really made my morning. That was that was literally the first thing that I saw
when I woke up. It was absolutely
awesome.
Thank you again.

(35:42):
Bit gust two with 5,000
sats says boost.
Misha for with 5,000 sats says I really appreciate the show and want to say thank you. Hope these challenging times around the world will pass soon. Yeah. Misha,
you and me both. You and me both. Aggie shoot with a row of sticks one one one one says,

(36:04):
Lukashenko.
Don't you know your European dictators?
Sats for depression
yes I was saying lushenko yesterday that's not correct
Lukashenko
Lukashenko
dictator
yeah he's probably a dictator I I'm not Eastern European, so I I don't know my Eastern European dictators, dude.

(36:26):
Oh, good. S l s wait.
Sisleyrandab?
I your name's actually cut off here in fountain
app or fountain.fm.
But you gave me 4,200
sats, says here's a tiny little boost,
way less than any Bitcoin and episode is worth. Thank you, sir. I appreciate that you saying that. And youth, dude, coming through 6,000

(36:50):
sats. See, this is I love seeing this.
This is like it it means something to me, and it's not just the sats. It means that you're parting
with your hard earned sats, not because
anything other than you're liking the show. I'm I'm
you're you're finding value. That's all I want you to get out of this. You find value.

(37:11):
If you do,
punch over some sats to say, yes, I found value in your show. Keep doing what you're doing. You says, listening to the interview on the Forest Walker a few weeks back.
As I listened,
I closed my eyes and I saw walkers
roaming environments while aerial sensors scattered overhead.

(37:32):
Wildlife had evolved to further understand the walkers as just another species
and had together formed symbiotic trust.
The human groups who operated their infrastructure from a mesh of citadels in locations scattered the lands,
seas, and sky had also evolved to communicate implicitly with many species
and with each other. Aquatic farms integrated the citadels or sorry. Aquatic farms integrated with citadels

(37:58):
built along coast and on islands, networks of mycelium, and the forest themselves guided much of the infrastructure development and research.
National languages and currencies had mostly become obsolete but remained to preserve the roots and origins
of human evolution,
the thought oh, sorry. The thoughts
and work that stemmed from them became the capital,

(38:21):
were still encoded and transacted through the planetary time chain.
Cheers for the inspiration.
Holy
shit, youth.
I like all of that.
I
it's
I like the way that your brain works, dude. I I really do. Moving on to Reed with twenty one hundred Sat says,

(38:42):
thanks for the NPM rundown. I'll be covering it this weekend at our meetup, so I appreciate the additional details.
You're welcome, Reid.
And input
I got an in pub here that's not resolving into a name, but whoever you are, you gave me a thousand sats.
I'll bet you I know who this is because they don't say anything. And Pies with 121

(39:05):
sats says thank you, sir. No. Thank you.
Digital Panhandler.
That's it. Okay. Resolved. It was Digital Panhandler
that said nothing but gave me a thousand sats.
Bitgust two,
gave me 5,000
sats and says, boost. Holy crap. You guys came out of the woodwork today.
So now the

(39:26):
ask
is spread spread the show.
Just spread the show. Don't don't don't give me sats today.
Five star review on Apple.
You can't imagine how much that helps.
It's amazing, but I get half of my traffic on Apple Podcasts even though Apple Podcasts player is not a podcast two point o enabled app.

(39:49):
So when I get five star reviews on Apple Podcasts,
woah, Nelly,
that that
changes
everything.
And I've got a lot now, but, I mean, the more that I can get, the more that I show up and the more that I show up, the more that the show is discoverable by other people.

(40:09):
Why does that matter?
Because it takes the donation load off of the off of
my current listeners.
It can spread it around to other people.
Right? So it's not just about asking my general listener base to say, hey, support the show. Because you can support the show in many more ways than just the Toshis.

(40:30):
Just say, hey. Do you really wanna know what happened to Bitcoin today?
Here. Try this podcast.
Go to Apple Podcasts. Say, hey. I'm gonna throw this dude a five star review and and and and write something meaningful like why you, you know, don't just do it because I asked you. Do it because you think it's worth it. If you don't think it's worth it, then don't do it. But if you do, then write something, why do you think it's worth five stars?

(40:56):
What is it giving you? What's the value?
What's the value?
That's the weather report.
Welcome to part two of the news that you can use.

(41:16):
We talked yesterday about Nepal.
I reiterated
the Nepal situation at the beginning of today's show, and now we've got another angle on the Nepal story. This is from Atlas twenty one
Headline,
Nepal in turmoil.
48,000
downloads for Dorsey's BitChat during protests.

(41:40):
48,000
BitChat downloads in Nepal.
This is important.
Nepal has been the scene of violent demonstrations
against government corruption, which pushed tens of thousands of citizens
to download the decentralized messaging app, BitChat,
developed by Block CEO, Jack Dorsey.

(42:01):
The political crisis in Nepal generated over 48,000
downloads in just a few days.
According to data shared by developer, Cali,
the count the country surged from just 3,344
downloads last Wednesday
to 48,700
by Monday.
That is a 1400%
increase that made Nepal BitChat's top

(42:24):
market
worldwide.
The previous week, Indonesia
had recorded a similar spike during its own anti corruption protest
with 11,324
downloads. However,
Nepal's figures are four times higher,
underscoring the need for secure communications
during political crises.

(42:45):
In Nepal,
BitChat gained popularity thanks to its use of Bluetooth mesh networks for encrypted offline communications.
Launched in beta
a mere two months ago by Dorsey,
The app represents a further step forward in the field of decentralized communications.
The BitChat network operates entirely without central servers, accounts, email addresses, or phone numbers removing any infrastructure dependency.

(43:12):
This decentralized
architecture inspired by Bitcoin principles allowed Nepali
or Nepali
protesters to communicate freely even during the government shutdown of traditional social media platforms.
BitChat's success in Nepal is directly linked to the government crackdown
that hit the country, and authorities temporarily

(43:33):
blocked Facebook, Instagram, WhatsApp, and YouTube in an effort to curb the spread
of anti government content, triggering mass protests
led by generation z.
I I still I am still not
convinced that it's only generation z that's out there. Alright? I think we need to put a cap on that.

(43:53):
The response of security forces was brutal
with the use of live ammunition and tear gas causing at least eighteen no. Nineteen deaths
and hundreds
hundreds
of injuries.
Protesters set fire to parliament and the Supreme Court while the government building of prime minister KP Sharma Oil was stormed.

(44:15):
Oh, sorry. Oil. Ollie. It looks like oil. I should know better. It's Ollie.
BitChat in Nepal,
freaking huge.
So this leads me back to one of the
items in my list at the front of the show,
France.
Macron just appointed his fifth prime minister in two freaking years.

(44:39):
Does this sound like
anywhere close to a stable country?
Plus the fact add on to it that last week, I had brought you news that France's
economy is about to implode in their
possibilities
of talking to the IMF
and probably the World Bank for some kind of French bailout. And now we're now we're just like a a week away, maybe a week and a half away from all that, and we've got massive protests in the streets.

(45:10):
The blockade
or the block action, I can't remember what they're calling this particular one, but it is extremely
violent. The the the
the pictures I'm seeing on the streets in Paris,
not like the yellow vest protest.
The cops are not having any of it here. They are literally five deep in a line
from building to building

(45:30):
across the street with riot shields in front of them, and they're just
running at the crowd and just bowling them over. This is gonna get this is probably gonna get bad. I don't know what's going on today. I saw what I just described to you, I saw
yesterday. So I have no idea what's going on today. Maybe they've suppressed everything. I don't know. But the question becomes,

(45:53):
does Macron think that it's a good idea
to shut down social media in France because
he is floating the idea
for the same reasons that the Nepalese
government
did? They don't want the spread of anti government messaging
across social media.

(46:14):
So the question becomes,
will we see BitChat
download
numbers spike in France?
I hope so.
I hope so.
Meanwhile,
back in The United States, senator John Kennedy says the GOP is not ready to advance the crypto bill.

(46:35):
Oh, I knew this was gonna take forever. Vismayev
from Decrypt
has it for us. Senator John Kennedy from Louisiana
challenged senate banking committee chair Tim Scott's September 30 deadline for advancing crypto market structure legislation on Wednesday
as experts
warned of deep uncertainty

(46:56):
over digital asset regulation and institutional readiness.
Kennedy told reporters the committee isn't prepared to move on the senate's version
of comprehensive crypto market structure legislation
that would complement the house passed clarity act according to a political report. Quote, I don't think we're ready.
People that I talk to still have lots of questions.

(47:18):
I know I still have lots of questions,
Kennedy said.
The current legislative push follows July's passage of the Genius Act, which established federal rules for dollar peg stablecoins, but Kennedy dismissed that achievement
as preliminary
compared to the broader regulatory framework now under consideration.

(47:39):
Quote, as important as the Genius Act was,
it's a baby step.
This is a full leap, and we've got to get it right, Kennedy said. Yeah. When they wanna delay something, they always bring in want to get it right excuses.
Well, industry experts note that the stablecoin legislation
represented

(48:00):
a targeted approach focused on one asset class, while the proposed market structure bill would establish comprehensive rules across the entire digital asset ecosystem. Yeah. Good luck. Quote, senate debate over the GOP's market structure bill highlights deep uncertainty about regulating digital assets.
Nitesh Mishra,

(48:20):
cofounder and CTO of hedging platform,
Chidex,
told Decrypt. I love how I'd never hear about any of these companies, man.
Mishra
said one reason for the delay is that, quote, traditional banks aren't ready for rapid change,
citing risk management,
compliance,
and technology gaps that leave them wary of digital asset exposure. Quote, central banks often act as brakes, he said,

(48:46):
insisting on strict consumer protection standards and limiting direct engagement with crypto.
Well, without addressing those structural issues,
Mishra cautioned
fast tracking sweeping reforms will remain unrealistic
and potentially risky for a broader financial stability.
And the crypto industry
has invented or invested heavily in Washington lobbying to secure regulatory clarity, making the market structure legislation a top priority.

(49:14):
Companies view clear federal rules as essential
for operating in The US market under the Trump administration's
more favorable stance towards digital assets.
The House's Clarity Act faced pushback from DeFi advocates who said that it would force platforms to implement
platforms to implement centralized exchange like restrictions. Scott acknowledged

(49:34):
in August that democratic support for this market structure bill may be weaker than the bipartisan backing that helped pass the stable coin legislation,
estimating somewhere between twelve and eighteen Democrats will likely support the bill,
fewer than 18
or sorry. Sorry. Fewer than the 18 Democrats who backed the genius bill.

(49:55):
With Republicans holding a narrow 53 seat majority,
Scott needs at least seven Democrats to join a unified GOP caucus,
but Kennedy's public doubts suggest even Republican unity
cannot be assumed.
This is gonna take forever if it ever even goes through, guys. And maybe maybe it's better for them not to have regulatory clarity.

(50:19):
You know, maybe if they keep people confused,
it's easier to control the actions of them.
What does that sound like?
Well, I'm not gonna get into that one, but we are gonna get into gold.
Gold and Bitcoin, in fact. Cantor Fitzgerald
launches
gold protected
Bitcoin

(50:39):
fund.
Are you confused yet?
God knows I am. Please, the love of God, Alex Larry from Bitcoin News set us straight. Wall Street giant Cantor Fitzgerald has launched a new product that gives investors exposure to Bitcoin's growth while
providing a safety net through gold.
The fund, called the Cantor Fitzgerald

(51:01):
Gold Protected Bitcoin Fund,
is a five year vehicle that combines the digital asset's upside
with the stability of the precious metal.
The idea is simple.
Investors get 45%
of Bitcoin's gains
over five years while gold acts as the buffer to protect their initial investment
if Bitcoin goes down. In other words,

(51:23):
investors won't get all of Bitcoin's upside,
but they'll have a cushion if Bitcoin tanks. At
Kantor,
we create innovative products that reflect the shift in how Bitcoin is perceived,
from speculative risk to strategic opportunities, said Brandon Lutnick,
chairman and CEO of Cantor Fitzgerald.

(51:44):
This fund
offers downside protection,
giving investors a safer way to gain exposure into this growing asset class, end quote.
The fund comes out of Bitcoin
sorry.
Excuse me. The fund comes out as Bitcoin is trading near historic
highs but still being its volatile self. After reaching an all time high of about 124,000

(52:09):
last month, Bitcoin has since fallen to just above a 112,000.
Gold, meanwhile, has hit
fresh highs above 3,600
per ounce, proving it's still a traditional safe haven asset.
Kantor's product
tries to find a middle ground.
As Bill Ferry, global head of asset management at Kantor, said, quote, this gold protected Bitcoin strategy spans five years

(52:35):
and tackles both risks head on. It captures Bitcoin's upward trajectory
while gold provides a safety net that historically performs well when markets decline, end quote.
The firm says the structure minimizes short term volatility and correlation spikes so that investors can focus on Bitcoin's long term potential.
Wait a minute. How are you gonna do that in a five year vehicle? That's not exactly that long term.

(53:00):
Maybe it is. I don't know. I'm I've been a Bitcoiner for so long. Five years just seems like a blink of an eye.
The idea is simple.
The fund allocates capital in two components,
Bitcoin for growth,
gold for protection.
Over the five year period, investors get 45%
of Bitcoin's appreciation.
If Bitcoin goes down, gold's performance helps protect up to 100% of the initial investment in dollar terms.

(53:27):
Cantor Fitzgerald also notes the fund has rebalancing and loss thresholds as part of its risk management framework.
These are designed to reduce drawdowns in turbulent markets while maintaining
exposure to Bitcoin's overall trend.
For example,
if Bitcoin were to tank in a month, that the gold
would help absorb the loss. If Bitcoin rallies hard,

(53:50):
the gold would cap the upside,
but smooth out the volatility.
This isn't a coincidence.
Institutional demand for digital assets has grown significantly since spot Bitcoin exchange traded funds were approved in 2024.
And those ETFs
have helped normalize inter intraday volatility of Bitcoin markets. But but but but but but many investors

(54:12):
are still wary
of the digital asset's history of wild price swings, quote, with risk assets at or near all time highs,
timing and protection
matter, Ferry said.
Many institutional
and high net worth investors are excited about Bitcoin's long term adoption
but cautious about short term risks.

(54:34):
So exactly how this work, Alex Larry did not really,
you know, go into,
but
I do find it interesting that we're starting to marry gold and Bitcoin
in
instruments that are created by the likes of Cantor Fitzgerald.
And don't I do not expect this one

(54:54):
to be the last of its kind, in fact, and it's going to piss Peter Schiff
straight off.
I
I guys, I like Peter Schiff. And the reason I do is is not because I'm trying to be charitable
because he hates Bitcoin.
I actually don't believe he hates Bitcoin. I I think he finds a lot of

(55:15):
engagement
traction on Twitter and and other platforms when he goes up against Bitcoin, but
I I I think he's smarter than that.
But he's never gonna leave gold.
And, you know, and I don't hate gold. I don't I don't have an I don't necessarily have a problem with gold itself.
It's just I don't wanna have to store it. I don't wanna have to buy a safe for it. I don't I don't wanna have to worry about all the things that I would worry. I mean, a big safe with a lot of gold in it is is eye catching.

(55:44):
You know, even if even if I put it in a closet somewhere,
if somebody rummages through that closet that I don't want rummaging through and they see they're gonna go shit, that's a big safe. I'll bet you there's something in there
that's probably of value.
You know, that it becomes a target. Whereas a cold card is really small,
easily hideable,

(56:05):
and sometimes somebody can run across it and just think it's a calculator.
I wouldn't trust that. I'm just saying.
It's
I it's just
Bitcoin is just easier than gold
for me, and it travels at the speed of light.
All the way down to El Salvador where Bitcoin educators

(56:26):
un conference returns
yay
Bitcoin news is writing this one instead of Alex Larry for Bitcoin news it says
My First Bitcoin announces its seventh Bitcoin Educators
Unconference.
Following the successful events in San Salvador, Madeira, and Nashville,
we are heading back to the mountains of El Salvador for the third time,

(56:50):
Cadejo
Montana.
The unconference embodies the vision and mission of My First Bitcoin to educate and empower the world
with Bitcoin knowledge, but also to provide a social layer for educators to connect.
My First Bitcoin aims to bring
passionate Bitcoin enthusiasts together, fostering collaboration and networking.

(57:10):
The event is rooted in the principles of an impartial,
independent,
decentralized,
and community led
organization.
Attendance
is limited to only a 150
people, and contrary to regular conferences,
an unconference
is a place where every attendee
is a potential speaker.

(57:32):
Everyone has the chance to pitch their ideas at the start of the event, which will subsequently be grouped in separate breakout rooms.
Previous unconferences have been attended by a wide variety of educators, such as Ben Perron, with BTC Sessions,
Julian Figueroa,
I cannot pronounce his name,
Jeff Booth, and Preston Pysh. But this event also welcomed many grassroot educational projects in the past such as Bitcoin Akasi,

(57:59):
Amity Age, and Bitcoin Indonesia.
It attracts builders and educators from all around the world. And if you're interested
in becoming a speaker, you can apply
by submitting your ideas and that is
submitting your ideas is a hot link
to where they want you to go, which is it's a Google Doc, and I'm not gonna read you the URL. It's it's unreadable.

(58:21):
We will open the stage for everyone to pitch their own idea at the start of the day.
The sessions and activities
are designed to reflect Bitcoin Ethos, decentralized
and collaborative
events.
And this means that we will be creating this event
altogether
with input
from all attendees.

(58:42):
Past additions brought fruitful discussions
about global education networks, grassroots adoption,
Bitcoin communities, gamification of educational resources, tools for the youth, and more.
The Unconference remains a high signal,
by being an intimate
limited space event, and get your tickets now at bitcoinunconference.com.

(59:03):
That's bitcoinunconference.com.
One more time for the guys in the back. Bitcoinunconference.com.
The seventh unconference
will be held at Cadeja Montana
on November 13
during Bitcoin week in El Salvador,
the day prior to adopting Bitcoin.

(59:24):
Complimentary
drinks,
snacks, and lunch will be served on location
and are included in the ticket price. I don't think I saw a ticket price.
Please note that My First Bitcoin is a nonprofit and aims to run breakeven
with this event.
Let's see. Is there anything else?
11/13/2025,

(59:44):
doors open at 10AM.
The event starts at eleven, and it closes at six. So it's a one day deal ladies and gentlemen. Let's see what they're charging for the tickets.
Secure my ticket now. I can get it secured. $50,
not bad.
$50 is a good price.
Yep. That good price. If you can afford to get to to, you know, El Salvador because for me,

(01:00:10):
that would probably be a couple of thousand dollars. So, you know, I'm not really as much worried about the ticket price as much as the fact that
no. No. I'm not I'm not flying on a plane for two I'm not gonna pay somebody $2,000
so that I could be treated like crap
for hours and hours and hours
while I fly to El Salvador so that I can have fun with people that I want to be with.

(01:00:33):
You guys, I love you guys, but dude,
$2
on United States to to
to buy a seat on United States airlines at this point
is just it's not on my bingo card. It's not ever going to be on my bingo card. Not unless Bitcoin hits like, you know, I don't know.

(01:00:54):
I'm not even gonna say it. A million dollars a coin. No. I'm just kidding.
If you guys decide to go down there for the Young Conference,
you know,
send pictures,
you know, send and send vlogs. Send vlogs. The vlogs would be good. We we need to get the vlogs back. HODL start American HODL started it. Y'all need to complete it. I'll see you on the other side.

(01:01:16):
This has been Bitcoin, and and I'm your host, David Bennett. I hope you enjoyed today's episode and hope to see you again real soon.
Have a great day.

All Episodes

Central Banksy

Circle P:

Today's Articles:

Episode Transcript

Popular Podcasts

24/7 News: The Latest

Dateline NBC

The Clay Travis and Buck Sexton Show

.css-15opob5{left:0;position:absolute;top:0.8rem;} All Episodes

.css-14f5ked{margin:0;word-break:break-word;display:-webkit-box;-webkit-box-orient:vertical;box-orient:vertical;-webkit-line-clamp:2;overflow:hidden;}Central Banksy

Circle P:

Today's Articles:

Episode Transcript

Popular Podcasts

.css-r6mb8g{margin:0;word-break:break-word;display:-webkit-box;-webkit-box-orient:vertical;box-orient:vertical;-webkit-line-clamp:1;overflow:hidden;}24/7 News: The Latest

Dateline NBC

The Clay Travis and Buck Sexton Show

All Episodes

Central Banksy

24/7 News: The Latest