Circle P:

Episode Transcript
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(00:01):
It is 09:13AM
Pacific Daylight Time. It is the June
2025.
This is episode eleven two of
Bitcoin and, yeah, Bitcoin Core is making waves. Apparently,
we've got a schedule for this,
op return limit removal.

(00:23):
I promise you I will get into that.
Bank of Japan.
There's
there's some history
between Bitcoin,
something called the carry trade,
the Bank of Japan.
It happened last summer.
We may see something

(00:45):
like that
this summer
around the same time.
We'll have to figure it all out. We're gonna do that with a story out of Cointelegraph.
A strategy
is shifting
the way that they are performing their at the market or ATM.

(01:06):
I promise you we will also get into that as well.
And then the mayor
the mayor of New York
may have just kinda he may have spoken out of turn when it came to the BitBond.
Somebody is pushing back on that. If you don't know what the hell I'm talking about when it comes to the BitBond in New York and mayor Adams,

(01:28):
you will after today's show.
And,
well, The US spot Bitcoin ETFs have hit
apparently a record, and it's a pretty high number.
It it really is.
Paraguay
got rugged. Well, no. They didn't get rugged.
It seems that their Twitter account was used to say things and reach for stuff, and Paraguay is not happy about it. We'll talk about that. And then lastly,

(01:56):
you you thought a 100,000,000 leverage long,
not once but twice, was good
and and funny and and demonstrative of the idiocracy
that occurs in markets? Well, honey, you ain't seen nothing yet.
It's all coming up.
however, we are going to start with this Bitcoin core issue.

(02:19):
Op return limit removal scheduled for October.
Atlas 21.
A group of Bitcoin Core developers
has set
October
for the implementation of changes to the management
of op return outputs.
That is a field that allows small amounts of arbitrary data to be inserted into Bitcoin transactions.

(02:45):
I'm gonna pause
there because this whole opportune thing
has completely
blown
everybody's
wildest imaginations
completely out of proportion.
Right? It's like now we look at Bitcoin Core as something that is evil and is out to destroy Bitcoin and that they've been co opted. We've heard this story before, but this time,

(03:09):
I'm not saying that it's true. I'm just saying that this time, that story is so deep seated in people's minds
that it is now, in my opinion,
technically different
than all the times that came before.
There's been so many times that Bitcoin Core was accused
of coop being coopted
and trying to destroy Bitcoin.
It's like it's like

(03:32):
a song that won't go out of your head. You know? It's the earworm kind of song. It's like all of a sudden you have to listen to it 40 times, and there's a fifty fifty chance that it may actually work and get it out of your head. This time, it it feels different.
It feels that the structure of the argumentation
that is causing Bitcoin Core to look like they are 100%

(03:54):
completely the enemy
is very, very effective.
Now
you'll say, but, of course, David, they are. And then other people will say, but they're not.
I'm trying to remain neutral.
Bitcoin Core has brought us Bitcoin
for the last
seventeen years.
I'm not about to pull up stakes

(04:16):
and move off the ranch just simply because
this particular earworm is as effective as it has been.
But the other side of this is, like, if you don't know what the opportune debate is,
opportune, like it says, allows you to put in little bits of arbitrary data into a Bitcoin transaction.

(04:37):
However, this has always been the case. Now it's been limited,
and that's what the argument is now. They want to remove the limit, and it looks like they are going to remove the limit on how much data
you can shove into the op return as arbitrary data.
But do remember

(04:58):
that the op return function and the arbitrary data return
or the arbitrary data that you could stuff into that function
is what gave us the rare Pepe,
which was the very
if if I have to say the word, I have to say it so people will know. It was the very in the original NFT, the non fungible token. It was never called that. It was they were just called rare Pepes,

(05:22):
but they were different versions of the Pepe frog,
and they were shoved into the Bitcoin blockchain,
and people bought them. In fact, if I remember correctly, it was the rare Pepe
situation
that caused the general rift
to occur between
two of my favorite podcasters,

(05:43):
John Seth,
and,
I there's no reason in the world that I should not remember the other gentleman's name because everybody knows him, but it's escaping me right now. I know. I hear you. You're out there. You're screaming it. I I can't hear you. I'm sorry. But John Seth and his and his partner,
they had a great podcast,

(06:03):
and it was the rare Pepe situation that caused that podcast to basically go away.
They had a fight. It seems that they're they're still friends, but they just,
they just didn't see eye to eye on this
thing and what it could be used for and whether or not you should sell them.
It was a big thing.
This op return issue has been with us forever, but now

(06:29):
it's it's really toxic. I'm gonna say it. It just is.
It's really toxic.
The only people
that I can stomach listening to about this issue
are people that are trying to remain as neutral as possible
on this because,
honestly,
it's the I know sitting on the fence sucks, but it's really the only way to figure out what in the hell is really going on.

(06:56):
But continuing currently,
Bitcoin's core default mempool limits
sets the amount of data that you can put into an op return
to 83 bytes. Not kilobytes, not megabytes, not gigabytes, but bytes.
We're talking, like,
limited amounts of memory being or limited amounts of data being used in this opportune.

(07:21):
But the upcoming modification
will increase that limit to four
megabytes.
I can understand why people are pissed. I I I get it.
From 83 bytes
to four
megabytes
per output.

(07:41):
Some developers including Antoine Poinsot and Peter Todd argue for the need for greater
flexibility
in how the blockchain can be used.
Resistance to these changes is being led by figures such as Luke Dash Junior or Luke Dasher as he has come to be known
and Bitcoin mechanic
who consider the expansion

(08:02):
of the opportune limit a betrayal of Bitcoin's fundamental principles.
In their view,
node operators
should reject the storage of data unrelated to Bitcoin's financial use case
conservatives
argue that Bitcoin should not become a cloud storage service or a database for arbitrary data the Bitcoin ledger they maintain

(08:25):
should serve a narrow purpose,
exclusively validating BTC movements for monetary use cases.
The announcement
of the October release date came via a post from Bitcoin Core developer,
Gloria Zhao, who confirmed the planned rollout for version number

(08:45):
30. We're at 29 now.
While the default value will increase from 83 bytes to nearly four megabytes,
node operators will still be able to manually adjust the data carrier
and data carrier size parameters. However,
it's widely acknowledged that most users

(09:06):
stick with the default configuration.
The controversy
extends beyond purely technical matters touching on fundamental questions
about Bitcoin's identity and its future.
Progressives see this evolution as necessary to keep Bitcoin competitive and versatile.
Conservatives, on the other hand, fear that allowing the storage of large amounts of arbitrary data

(09:31):
could compromise network efficiency, increase node operation costs, and steer Bitcoin away from its original mission as a decentralized digital currency.
The debate
has sparked tensions within the community.
The technical editor of Bitcoin Magazine described conservatives as groups of people, quote, clueless,

(09:52):
and in some cases, outright malicious
and manipulative
people on social media, end quote. And that would be Shinobi, by the way.
On the other side, Bitcoin mechanic called the progressives proposed changes completely incoherent
with Bitcoin's nature and objectives.
Jimmy Song also criticized the decision in a post on x

(10:14):
stating,
op return outputs greater than 83 bytes will increase significantly.
UTXO bloat will keep getting worse, and there will be more garbage on chain.
This is going to age like a bad tattoo.
And if you've ever seen bad tattoos
on somebody,
who's, like, 75 or 80 years old, you know what Jimmy Song's talking about. So which which side do I come down on?

(10:40):
I'm gonna say it this way. I would rather them not do this.
That that that's what I'm gonna say. I would rather that they don't increase
the op return size to four megabytes.
However,
what is it that I'm really saying?
If it's what what have I said in the past

(11:00):
about Bitcoin?
A valid transaction
to Bitcoin is a valid transaction to Bitcoin. Bitcoin itself doesn't give a shit what's in the transaction.
Does it meet the rules of being a valid transaction? If it does, then, oh, l f g, guys. Let's go.
If it doesn't, then it doesn't get into the mempools.

(11:22):
It becomes an invalid transaction,
and anybody running updated consensus rules,
their their node just basically disregards the information, and it never gets mined because it's an invalid transaction.
In that transaction, there are several parameters,
and one of those parameters
is the op return parameter

(11:45):
if it can be increased
it will be increased if it can be decreased it will be decreased if it can be fiddled with it will be fiddled with
If it exists,
it exists.
What we're talking about is the, in essence,
is the fact that we even have an op return function in the place.

(12:08):
Right?
That's what this really boils down to.
Should we even have it?
If we are going to allow it to be in existence,
who are we to say what size it should be?
Who is Bitcoin Core to say what size it should be?
Who is Luke Dasher
to say what size it should be?

(12:30):
Because, really, it's not about what size opportune should be, it's the fact that it exists at all.
The fact that it does exist
be means that we're gonna have to deal with the fallout
of its existence.
Think about it this way.

(12:53):
Have you ever thought that your left arm is getting in your way?
You'd be better off without your left arm. Have you ever thought that?
Have you ever thought that maybe your big toe, you'd stop stubbing it when you get up to take a, you know, a piss at night if it wasn't there and you could just, you know, do away with it? Have you ever thought that?

(13:15):
Of course not.
I'll tell you what you have thought though is maybe you want to go lift weights to get your arm arms a little bit beefier.
You're you're not thinking about deprecating something that's always been with you.
Opera turn's kinda always been with us.
And I'm I'm saying all this is that this is the only way to actually look at it from a completely neutral standpoint.

(13:40):
It's not about the argument of what the size of opera turn should be.
It's the fact that we have it in the place. And we if we look at it from a principle standpoint,
and the real question becomes, should it even be there in the place? Then you start to be able to have the eyeballs to be able to look at the rest of these arguments

(14:00):
as basically saying
Bitcoin is still going to function. I'm not worried one at at all.
People were losing their minds when people started shoving rare Pepes into the op return at 83 bytes
in 2016.
They were losing their minds.

(14:21):
Nothing's changed.
Everything
about this really does suck. And like I said, I'd rather
Bitcoin Core leave it alone.
But do you know what that means? For me, as a
full node runner, and I do run, I don't run a prune node, I run a full node of Bitcoin.

(14:42):
Yes. It's going to make it it's going to probably somebody somewhere is going to figure out a way to shove as much crap in there as they possibly can. It's gonna it's gonna build up my database or my hard drive. It's gonna be shit that I would really rather not have to, you know, care for. And I'm going to have to care for it if I want a full chain, but only if I upgrade to version 30.

(15:04):
Because
at version 30,
they've taken away the ability. As far as I can tell, this is one of the things the removal of the quote unquote filters
is also
part of what's going on here that's the data carrier and data carrier size parameters that we discussed earlier in this particular article

(15:26):
if those are indeed taken away
in version 30 then we've got bigger problems
than what the size of op returns should be and that's a lot of where this fight really really does rest
Why people are so upset. It's like, look, hey, sure. You can do whatever the f you want to do with op return and its size. As long as you allow me to basically tell my node to disregard anything above 83 bytes, we're good.

(15:56):
Well, it looks like those filters are going away. Now, if I'm wrong about that, and I may be, but I for all the chatter I'm hearing is that those filters are getting taken away in version 30, then guess what I get to do?
I get to not
upgrade
Bitcoin Core to version 30.

(16:17):
And this is really the beauty of Bitcoin.
If I was still using version
zero of Bitcoin,
I would still have Bitcoin
I would still be able to make transactions
it would suck
it would not be pretty
and it would not be easy at all but I could still do it if I was using version one

(16:41):
I could do the same thing. This is all about man in the coma. If I go to sleep for forty years and I wake up, I will still be able to do on chain transactions with Bitcoin
that I have
under my custodial ship,
my own custodianship,
without any

(17:02):
with probably a headache,
but I could do it.
Right? No matter who changed what,
if they change something so hard that it becomes a complete hard fork, it is a
consensus rule change of which op return is not a consensus rule.
Right? 21,000,000
Bitcoin total, that's a consensus rule.

(17:23):
210,000
blocks before
a,
halving.
That's a consensus
rule.
Right? These
things are consensus rules. Op return and its size is not a consensus rule.
So, therefore, it can be it it could be softwort.
It I don't need I don't need two different versions of Bitcoin.

(17:45):
Therefore, no matter what happens with op return, if I get hit by a gravel truck and somehow survive, but I'm in a coma for twenty years, this shit is not going to affect me.
That's why I'm not freaking out about it.
What's sad is to see the friendships that I've seen develop since I've been in this space since 2015
begin to dissolve.

(18:06):
We've been here before.
We'll be here again. And at one point or another, maybe, just maybe, we'll learn
how to keep our shit together and not freak the fuck out all the time. But meanwhile,
across the Great Pacific Ocean we have the Bank of Japan
and a pivot
to quantitative
easing may fuel Bitcoin rally according to Arthur Hayes,

(18:30):
everybody's favorite
bit Mexican
and it's, you know,
100 x leverage when they were doing that kind of thing. If you don't remember Arthur Hayes and BitMex and the,
troll box and the the massive amounts of leverage, boy, you're missing out, man.
That was fun. I never did leverage, but I did watch people

(18:52):
lose their ass and get smoking hot rich, you know, within minutes of making a trade.
That's what 100 x leverage will do. It'll sometimes it'll make you, but most of the time, it'll take everything away from you. The Bank of Japan
and their upcoming monetary policy
meeting in June
may provide the next significant catalyst for global risk assets like stocks and cryptocurrencies

(19:15):
because the BOJ
is set to take its next interest rate decision at its upcoming monetary policy meeting, June 16 through the seventeenth.
The central bank may provide the next significant catalyst for Bitcoin and other risk assets if it pivots to quantitative easing according to Arthur Hayes.
Quote, if the BOJ delays quantitative tightening or QT and restarts selected QE at its June meeting,

(19:42):
risk assets are going to fly, Hayes wrote in a June 10 Twitter post.
This it'll be interesting if it does. But on July 31, we're gonna go back to last year.
07/31/2024,
the Bank of Japan introduced a plan to cut government bond purchases by 400,000,000,000

(20:04):
yen per quarter
starting in August of twenty twenty four.
The quantitative tightening plan is set for an interim assessment period at the upcoming meeting on June 16, signaling a potential opportunity to pivot.
Bank of Japan officials are reportedly discussing
making smaller reductions to the bank's bond buying from the current 400,000,000,000

(20:24):
to 200,000,000,000 yen per quarter
starting from April
2027,
unnamed sources familiar with the matter told Bloomberg.
Bitcoin rose
to the 112,000
all time high on May,
two days after the 30 yield
sorry.
Thirty year yield

(20:45):
on Japanese bonds reached a new all time high of 3.185%
on May the twentieth of twenty twenty five.
The concerns around Japan's sovereign bond market inspired institutions
to reconsider
Bitcoin's role as a hedge against sovereign default risks according to Bitwise's head of European research.

(21:07):
Quote,
perceived default risk continues rising. Yields continue rising?
This is a rough benchmark of why Bitcoin could be headed towards 200,000,
told Cointelegraph
adding that Bitcoin is free from counterparty risk. Well, not exactly, but only in perception. We'll talk about that here in a

(21:28):
Government bonds are typically considered safe haven assets, but when yields rise sharply, it often signals investor concerns about fiscal sustainability and repayment risks. Okay. Getting back to the past,
the whole July 2024 thing, that was last summer.
And it triggered when the Bank of Japan introduced this plan to cut government bond purchases. What it triggered

(21:50):
was
a a sharp oh my god. It was such a it was a sharp, steep, and immediate negative response from the Bitcoin price. And it had everything to do with this thing called the yin carry trade. Essentially, people had gotten really, really, really cheap, you you know, loans in Japanese yen to go out and buy whatever risky assets they wanted. And then all of a sudden,

(22:17):
Bank of Japan makes a bunch of changes,
and it causes
it causes the yield on their loan to rise. And all of a sudden, what do they have to do to cover the loan? They gotta sell off these risk assets. Bitcoin was one of those risk assets.
What Arthur Hayes is saying is that this could be the reverse
situation of what happened last summer.

(22:38):
We'll have to see.
Because even if the Bank of Japan
remains
neutral
and they do not raise their rates
and they do not lower their rates,
we will still see a negative reaction from Bitcoin because people will collectively go, oh,
no cheap money. I can't get my yen carry trade.

(22:58):
So, everybody
I just want everybody to take a deep, deep breath and just remain calm
no matter what the hell happens. Alright? Let's move on to
strategy,
or formally MicroStrategy,
shifts capital raise to preferred stocks
as common share issuance

(23:18):
loses its allure.
It's actually, it makes a lot of sense when we get into it.
Over the past two weeks,
strategy has refrain
from utilizing the at the market equity program
on its common stock shares
to fund Bitcoin purchases, choosing instead

(23:40):
to use the programs
on its two perpetual preferred stocks.
The choice most likely reflects the narrowing premium between the company's share price and its multiple net asset value or m nav,
more colloquially referred to as the difference between its market cap and the value of its Bitcoin holdings,

(24:00):
and allows strategy to raise funds to buy more Bitcoin without diluting
shareholders' stake in the company.
That's why I'm not concerned about this. When the price trades or when the share price trades close to the underlying Bitcoin asset value,
issuing common shares via ATM becomes very much less attractive.

(24:20):
Such offerings are typically only advantageous when executed
at a meaningful premium.
Strategy
funded its most recent
1,045
Bitcoin purchase using proceeds from its two perpetual
preferred stock ATMs,
59.18
from the strike offering, and 40.82%

(24:41):
from the strife one.
These preferred stocks have demonstrated
strong lifetime returns. Dude, their lifetime is not that long, guys, so be be aware here. These preferred stocks have demonstrated strong lifetime returns of 35
for STRYK and 24 for STRIFE.
This gives the company greater flexibility to continue accumulating Bitcoin while preserving

(25:06):
upside for common stock investors.
There's also an additional dynamic at play according to analyst Jeff Walton.
The effective dividend yields of Strike and Strife have steadily declined
from about 10%
even though the yield on benchmark US ten year treasury have remained relatively constant at 4.5%.

(25:28):
That's because
the dividend yield falls as the price of the stock increases
a bond like behavior that makes the preferred shares more attractive
in a stable rate environment.
Strategy is likely to reengage the ATM on its common stock if
if the share price raises significantly,

(25:50):
particularly if it exceeds twice the m nav, which would allow room for dilutive issuance at a premium.
While the common stock ATM remains the primary mechanism to fund dividend obligations on the preferred share strategy remains the option to use or retains
the option to use the preferred stock ATMs

(26:11):
for this exact purpose as well, depending on market conditions. So what's he's saying
is that
strikes
common stock
share, the MSTR
ticker symbol for their
old
school share. If you wanted to buy some some micro strategy stock or strategy stock back in the day, that's what you bought.

(26:34):
Its share price really kind of isn't really doing anything in in in terms of rising.
So what do they do? They create brand new instrumentation
in the form of strike and strife, and they sell you that. But to get you to buy it, it needs to have a yield attached to it. That makes it very attractive.
And the fact
that its yield falls

(26:56):
as its particular
base price rises
is still rather attractive to people, and you can sell those shares
without
taking value away from the people that already own MicroStrategy
shares by printing more shares
that way you don't piss off your base
you can get new entrants into your market by printing these other instrumentations

(27:19):
and everybody's happy, right?
What this is saying
is that
there's just no reason for for strategy to try to print up more common shares
until the actual share price of those common shares
rise a hell of a lot more than they already have. And as I just told you, if you look at the the share price of strategy,

(27:42):
it's basically kinda crab walking.
And
and a lot of that has to do with the fact that they're selling these other instrumentations,
the strike, the stride, the strife, and all the stuff,
These new preferred
stock options,
people are buying into those. So, therefore, they're not buying the strategy stock, and, therefore, the strategy stock is basically crab walking.

(28:04):
It's it's an interesting dynamic.
It really is. It's like these preferred stock things have kinda squelched
the performance of its main stock or its common share stock.
And how that works itself out is anybody's
guess.
You may need to tighten your belt.
And if you don't have one, you can get one at the leathermint.com

(28:26):
from my friend Leatherman. He makes all of his leather goods by hand.
High quality leather, but better is the stitching.
You can make a wallet or belts or whatever leather goods you want out of the best leather in the world and if you can't sew them together worth a shit, then the entire product is worth

(28:46):
absolute crap. Because it'll fall apart, and that's what's not gonna happen with Leathermint.
Leathermint makes belts, they make wallets, they make all kinds of stuff, and you can go find out exactly all the stuff they make when you go to the leathermint.com.
The leathermint.com.
That's the leathermint,all1word,.com.
Use bitcoin and in the coupon code for 10% off of your purchase and

(29:12):
that supports
the circular economy because this is the circle p. It is open for business, and it is where I get plebs just like you that have goods and services for sale to sell them to plebs just like you who might actually want a new belt.
You might want a belt. You might want a belt that lasts for a long, long time. If you get one from Leathermint, it's gonna last probably it's probably gonna outlast you, and your children will be fighting over it when you're dead.

(29:40):
I know that's really probably not the way to present this product. Sorry, Leathermint, but I'm telling you that it's going to outlast you. You can just tell by the stitching,
which is done by hand, by the way. So
go to the leathermint.com,
get 10% off by using Bitcoin and the coupon code,
and
Leatherman will throw me some Satoshis

(30:01):
depending on how much he thought me making a sale for him was worth to him. That's the way the circle p works. If you're not selling your goods and services for Bitcoin, you're not in the circle p. Let's move on to the mayor
of New York. New York City won't, will not
be issuing

(30:21):
bit bonds anytime soon according to Frank Korva out of Bitcoin Magazine.
Since 2021,
mayor Eric Adams has been talking about how he's going to make New York City the center of the crypto industry,
though this hasn't materialized.
So when I heard that the mayor
proposed an proposed issuing bit bonds in New York City at Bitcoin $20.25,

(30:44):
I was far from convinced that it would actually happen.
And then when I read a statement from New York City comptroller
Brad Lander on the topic, it became even more clear to me that Adams
was merely posturing when it came to bit bond bonds.
Gambling. Oh my god. There's gambling going on? I I can't believe that there's gambling here. Anyway, quote, New York City will not be issuing any Bitcoin backed bonds on my watch,

(31:11):
said Lander in the statement. Mayor Eric Adams may be willing to bet our future on crypto in exchange for a trip to Vegas.
But my job is to ensure our city's
financial
stability. Cryptocurrencies
are not sufficiently stable to finance our city's infrastructure,
affordable housing, and schools.
You do not have those.

(31:32):
You do not have affordable housing, and your schools suck ass.
So I don't know exactly what the hell you're talking about there, Lander, but, hey,
whatever.
Quote, proposing that New York City should open its capital planning to to crypto could expose our city to new risks and erode bond buyers trust in our city, end quote, as if your city has any trust left. In the statement,

(31:56):
Lander went on to discuss how bit bonds would work at the federal level,
before noting a key difference between federal bonds and the bonds that New York City issues. Quote, while the federal government issues bonds to fund traditional expenditures,
New York City primarily issues bonds to fund capital assets,
and in only very narrow circumstances

(32:17):
can the city
finance other purposes, wrote Lander.
He then went on to lay out a number of other reasons why New York City will not be issuing Bitcoins anytime soon, including that, quote,
New York City
would have to be able to take transactions in Bitcoin in order to issue bonds backed by Bitcoin
because
New York City has neither any mechanism to pay for its capital assets in any other currency

(32:42):
beside the US dollar
nor any means to convert Bitcoin
to US dollars,
end quote.
And this is from Frank in parentheses. If I read that correctly, Lander says that New York City doesn't know how to set up a Bitcoin wallet or trade Bitcoin for
US dollars
just about on par for an elected official in New York City.

(33:04):
You get them, Frank. Now
pardon my cynicism here, but I am a New Yorker,
a resident of one of the most restrictive jurisdictions in the world when it comes to Bitcoin and crypto, thanks to the bit license.
And there are two things you can bet on at this point in time in New York. One, mayor Eric Adams will talk a good game about Bitcoin and crypto while not taking

(33:27):
any action behind the scenes. And two,
bureaucrats and elected officials alike in New York will continue to throw cold water on anything that challenges Wall Street's power while still claiming that New York is the financial capital of the world.
Parentheses
laughable.
So mayor Adams can make all the proposals he wants from stages in Las Vegas to New York City sponsored

(33:49):
crypto summits, but until I see his administration
actually
do something substantial for New York City residents as it pertains to Bitcoin and crypto,
I'll just assume that New York
will continue to stagnate
financially.
So that's about exactly what I expected from this whole bit bonds thing and mayor Adams as well. I'm glad that me and Frank are on the same page. Let's run the numbers.

(34:25):
Futures and commodities. West Texas Intermediate Oil is up point 89%
to $65.87.
Brent North Sea up the exact same to $67.64.
Natural gas down
two and two thirds of a point to $3.53
per thousand, and gasoline is up a half to $2.10
a gallon.
All your shiny metal rocks are sucking swamp water. Gold down a

(34:50):
to $33.42
and 9 dimes. Silver is down a half. Platinum down a quarter. Copper is down point 4% and Palladium
is down one and two thirds.
Ag seems mostly in the red today. The biggest winner is
corn.
1% to the upside. Biggest loser today is chocolate,
four and a half percent to the downside. Meanwhile, live cattle is down three quarters of a point. Lean hogs down a half.

(35:15):
Feeder cattle are more expensive by point 12%
today.
Legacy markets looking okay, I guess. Dow is up a quarter of a point. S and P is up point four. Nasdaq is up a and the S and P Mini
is up point four as well.
After a rally up to a 110,500

(35:36):
last night, we are back down to a 108,780,
still a $2,160,000,000,000
market cap, and we can get 32.4
ounces of shiny metal rocks with our one Bitcoin
coin of which there are 19,876,794
and a half of average fees per block or 0.04

(35:57):
BTC
taking in fees in a per block basis.
There are 10 blocks carrying 15,000
unconfirmed transactions waiting to clear
at high priority rates of five. Satoshis per vByte, low priority is gonna get you in at four.
From j six strikes again, yesterday's episode of Bitcoin and I got God's death with a row of sticks. 1,111

(36:20):
sat says, oh, yeah.
War time with another row of sticks.
Cheers
on 1111.
Thank you, brother Yodel.
511 says great cover art. That new image with the guy waving the flag on the car is about as organic as the j six Viking
that he's referring to the cover art of yesterday's episode.

(36:42):
I guess I should pause and and tell you at least what I think about this. It's all horseshit.
J six, January six riot was horseshit.
These LA riots are all horseshit.
Is property getting destroyed?
Yes.
Real property
is being destroyed. I get it. Real shit is on fire.
Real cars have been completely totaled.

(37:05):
I get it. In both instances,
shit was destroyed.
But there's something about that viking looking guy from j six that has always bugged me. It's too theatrical.
The fact that the guards or the
the the Capitol Police just opened the doors for all these people, that's I'm sorry, dude. That's suspect.

(37:27):
There's a lot of stuff about j six that was suspect.
There's a lot of stuff about this
ride in LA which started on June.
They're both
j six.
You get what I'm saying? And then all of a sudden you got this fucking cholo
chilling out on top of this Waymo car, the only one that's not on fire waving

(37:48):
massive, bright,
very clean,
clearly brand new Mexican flag without his shirt on,
and it's all theatrical. There's a Reuters the the one the picture of that that I used for the cover
of yesterday's episode
was this Reuters picture that showed him off in the distance behind a pile of burning rubble. It's very dramatic.

(38:12):
Very dramatic.
Very theatrical.
Like the whole j six shit from the Capitol.
I'm tired
of everybody
falling
for this
stage play bullshit.
We are only being treated at this point as an audience who demands to be entertained.

(38:33):
This is exactly what was going on with the bread and circuses in Rome before the Visigoths started coming over the hill and sacking Rome, not once, not twice, but three times.
Some people, I guess, will argue maybe if was even more than that. But I know of at least three major sackings of Rome.
And right before all that shit started,

(38:54):
the entire citizenry was just treated as if they just needed to be entertained. I do not need entertainment.
I need something a lot more than entertainment.
This
all of this
in my and, yes, people are gonna get hurt. There's gonna be people that are fucking killed.
When when was the last time you saw an action movie that something didn't get destroyed? That was it was real. It may have been a car. Yes. It probably didn't have an engine in that car nor a transmission. It was probably stripped down, but still there was something solid out there and it got freaking destroyed.

(39:29):
I've seen movies where
have you ever seen the explosion scene
in Apocalypse Now?
They had to do it not once but twice because the time
the entire scene got screwed because the camera wasn't on or something like that. So they had to blow shit up twice.
If you think that just because something is real and gets blown up that it means that the entire surrounding and everything connected to it is actually happening in real, real, real, and nothing else is behind it and it's completely organic,

(40:01):
then you've
never been part of a movie production or a stage production or a play or whether it's school or even if you're just doing it in your own backyard.
I'm looking at this and I'm calling bullshit on all of it, especially the fact that it just happened to be
the opposite
of the j six.

(40:21):
June 6
is going to infuriate
the conservatives,
and January 6 was supposed to infuriate the liberals.
Congratulations.
Both sides are now
completely fucking infuriated.
Good job. Excellent work. Turkey with 500 says nothing. God's death with two thirty seven says thank you, sir. Two ten from Perma Nerd says can somebody please listen to this podcast and translate none you bid in a suit speak for me? It is very difficult to translate his feelings on Bitcoin versus shitcoins, custodial versus non custodial, etcetera. The only thing I got from this episode was that he wanted me to give him a $100 to shine my shoes.

(41:03):
I'll get I'll do a good job. I promise pies with a 100. Thank you sir. No. Thank you. That's the weather report
Welcome to part two of the news that you can use.
US spot Bitcoin ETF set to hit a 1,000,000,000,000,

(41:26):
that's trillion with a t,
hit a $1,000,000,000,000
cumulative trading volume milestone in less than eighteen months
since their launches.
Oh, god. US spot. Bitcoin exchange traded funds are closing in on $1,000,000,000,000
in cumulative trading volume
less than eighteen months after their debut in January of twenty twenty four.

(41:51):
The spot Bitcoin ETFs grew swiftly following their launch,
attracting a $100,000,000,000
in trading volume by March 2024 and 200,000,000,000
by April of that year as Bitcoin rose to reach what is an all time high of nearly 74,000.
However,
the trading volume trajectory then slowed slightly amid a cooling off phase for the crypto market that saw Bitcoin consolidate between 50 and 70,000

(42:14):
for the next seven
months.
Bitcoin finally broke out of that range to reach a new all time high
following pro crypto
Donald Trump's US presidential election victory in November
with the spot Bitcoin ETF surpassing
$500,000,000,000
cumulative

(42:35):
volume milestone soon after.
It took a few more months for the funds to reach the 750,000,000,000
mark, and that was in February.
The Bitcoin's ETF or Bitcoin ETF's cumulative trading volume now sits
at $995,200,000,000
as of June 9 according to the block's data dashboard with Bitcoin once again approaching its latest all time high of a $112,000.

(43:05):
Dude,
talk about a rocket ship.
I mean, I know I'd I I'm not a fan of the ETFs just by Bitcoin, but I can't argue with these numbers. This clearly
is showing that there is interest
in having this asset even if you don't know what the asset is and you don't know how to hold it.

(43:28):
Sort of like what Frank Korvo was saying about New York City. They
obviously don't know how to set up a Bitcoin wallet. I'll bet you Eric Adams and that lander guy could run on down to to Pub Key and grab a beer and a burger and take talk with Frank and in fifteen minutes have a wallet set up. But, you know, no.
Because that's the thing.

(43:50):
They're probably think that it's so complicated that there's no possible way it could be that easy to custody money at the at the scale of New York City,
and Bitcoin makes it just that easy.
And when people finally break loose
and and knock that that last bit of Berlin wall in their mind over and figure that part out,

(44:11):
woah, nelly.
Even Paraguay
will be overcome
with
Bitcoin FOMO,
but not today.
Because Paraguay says that the presidential
Twitter post promising Bitcoin reserve was merely a hack, Matt DeSalvo from Decrypt.
The Paraguayan
government has dismissed

(44:33):
a post on the ex account of president
Santiago
Pena
saying that the country had made Bitcoin legal tender as a hack.
Pena's account also falsely claimed that the country had started a $5,000,000
reserve.
The tweet contained a Bitcoin address and urged would be investors to secure your stake in the project.

(44:54):
Oh, wow.
Holy crap. I hope nobody fell for that. But the Paraguayan government in less than one hour later posted, quote,
the president's official account on social media, Network x, has irregular
activity,
which suggests possible unauthorized usage, end quote.
Cyber criminals sometimes target high profile social media accounts, yada yada yada.

(45:19):
Hackers in September
took over the Indian Supreme Court's YouTube channel on Friday
to broadcast ads shilling the cryptocurrency
cripple,
and then they give a couple of other yeah. Okay. So they don't really that's really all that there is
to the news when it comes to Paraguay.
But you know what this sounds like?

(45:40):
This sounds like somebody
in the immediate presence
of the group of people that are closest to the ability to post on that account. I don't think for a second and a half that this account was hacked by a party.
I think this was an inside job.
Somebody who's like, man, all I need to do is get 3 Bitcoin and I can get out. I can quit my job

(46:03):
and I can move out of the country and whatever. Whatever it is they were thinking.
I don't think
that Paraguay
was, you know, actually
a target
of a hack
that a lot of people are gonna pour money into.
I think this was inside. That it just that's what it smells like and that's my story and I'm sticking with it.

(46:27):
Do you remember
was it John Wynne
or was it Jason Wynne? W y n n is the last name. We'll probably find out his name here in a But remember when I was telling you about his $100,000,000
leveraged, Bitcoin long that got wiped out?
And then I told you about his

(46:50):
$100,000,000
leveraged long on Bitcoin, and it got
wiped out?
Well, we don't know if this following story is about Wynne himself, but there is conjecture.
But a mystery whale has opened a $300,000,000
leveraged Bitcoin
bet.
Is it James win oh, James win. There we go. James win

(47:14):
alt account
with a question mark? I don't know. Zoltan Vardai, tell us more. A mystery investor
has opened a $300,000,000
leveraged Bitcoin position fueling speculation around the identity.
The unknown whale or large cryptocurrency
holder
opened a 20 x
leveraged Bitcoin

(47:34):
long position
worth over $308,000,000
at the entry price of $108,100,
Hyperscan blockchain data shows.
The position currently shows an unrealized profit of more than 4,000,000 and faces liquidation
if Bitcoin drops below a $105,780.

(47:55):
The trade has reignited
speculation around James Wynne,
a high profile
leverage trader who got fucking wiped out
and lost nearly $25,000,000
in a separate liquidation on June 5 as Core Cointelegraph
previously reported.
The long position was opened hours after Wynne announced

(48:16):
that he is back under an anonymous account without specifying the wallet address.
Quote, I'm back in the casino
under an alt account so the cabal market makers can't find me. Oh,
bull.
Shit.
That's what he wrote.
You're telegraphing again. You're doing it on purpose.

(48:40):
You're doing this on purpose.
If you really wanted nobody to know
what you were doing so they couldn't wipe the floor with your ass
you wouldn't post on Twitter it's just that easy
now this again
j6

(49:00):
I was just talking about theater
more theater
He wants eyeballs on him
For whatever reason is this his long? I don't know
It doesn't matter. It's the fact that we are addicted to theatrics.
We are addicted to attention.
We are addicted to giving other people our attention.

(49:23):
We are addicted to getting other people to give us their attention.
You're you're going you you've got a podcast, dickhead, speak you know,
irony much.
I get it. I get it. I get it. Hopefully, I'm bringing you something that you can use. That's the whole point. This, what is he bringing me? What is James Wynne bringing me by telling me that he's doing an alt account because he doesn't want anybody to know who he is, then why didn't he shut the fuck up? It's just that simple.

(49:51):
But
blockchain data platform
on chain lens also pointed out that win may be behind this this $300,000,000
leverage long.
After opening his $100,000,000
leverage Bitcoin position win claimed,
his liquidation level is being deliberately

(50:12):
targeted
by orchestrated efforts from major market participants well who wouldn't
if I can make money because I know what your position is I'm going to do that
again not that hard quote they're coming for me again wrote win
disclosing his previous liquidation level in a June
2
Twitter post, quote, don't let these evil bastards liquidate me,

(50:34):
end quote. Wynn also claimed that some of his personal accounts on cryptocurrency
exchanges were closed overnight for no obvious reason, blah blah blah. While the identity of this mysterious
whale remains unclear.
The $300,000,000
bet coincides with a renewed wave of institutional breakthroughs for Bitcoin according to Nexo dispatch editor

(50:55):
Stella Zlodivid
I can't pronounce it. Quote,
corporate treasury activity continues to expand, she told Cointelegraph,
referencing strategy's $1,000,000,000
stock offering to fund its Bitcoin purchases,
which was upsized from the pissant amount of $250,000,000
because people actually wanna buy the living crap out of it. Adding

(51:17):
to the rising investor sentiment, spot Bitcoin exchange traded funds recorded
$386,000,000.
Yeah. They get into this other stuff. So they they've stopped talking about whether or not this is James Wynne.
I don't know what to think. I honestly kinda don't care.
If the if the guy gets wiped out again
at $300,000,000,
you you gotta start asking yourself,

(51:38):
how much money does this guy have to begin with that he can just continuously
lose
tens of millions of dollars week after week after week?
Don't you wanna go fishing with that money?
Or open a business or help other people open businesses that you could take a part of, like, as as revenue stream? I mean, the fuck is wrong with these people?

(51:59):
This is like all
even the people that get lucky are not lucky.
Right? I mean, even the people that find themselves okay. I should not say get lucky. Maybe James Wynn worked for all that money. Who knows? Maybe he did.
But
he's pissing it away.
Right? So even the people that whether or not they get lucky, like let's say hit the lottery, right, or they work their ass off, you know, and and and and they're really good at what they do. They put in, like, I don't know, eighty hour weeks

(52:31):
for however long before it eventually kills your ass because it will eventually cure it kill your ass.
And but but he's losing all that money. And the people that got lucky end up most most people that get, like, win the lottery, they end up losing all their money. Right?
Somehow or another, everybody is, like, just

(52:51):
infused with this
desire to stand over their money
to the people that really know what to do with their money because they clear I mean, James Wynn clearly doesn't know what to do with his money if he's sitting all day in front of two computer screens watching
charts
and trying to figure out his liquidation level and begging people to help him not get liquidated by donating to the cause. What cause?

(53:16):
What does this produce?
What does this do? If he makes more money let's say this let's say this guy does win. And let's say this guy is James Wynne. And let's say Wynne wins, and he wins all of his money back. Well, Wynn can take his winnings and figure out what to do with it. You know what he'll do with it? He'll open another long or short position, and he will get his ass handed to him, and all the money that he made will be gone. Just pissed away. All the potential

(53:44):
energy
that is contained
in that mound of cash
is unrealized.
It will never become kinetic energy.
It's like spending all this time to roll a rock up the hill and then drilling a hole in it and putting a stick of dynamite in it, light it on fire, and watch the fucker explode, and nothing happens.

(54:06):
You don't get to roll the rock down the hill
to smash through the wall of your next dream that you want to be able to open up for you.
These people have been programmed to just
give their money away.
It it it's amazing to me.
It's amazing to me. I see so many people get asked, what would you do if somebody handed you a $100,000,000

(54:30):
right now? And they some half the people say, I don't know. I guess I'd go on vacation.
The other, you know, another portion, a very large portion say dumb shit like Lambos.
There are very, very few people that have a
a very clear vision
of what they would actually do if they had a $100,000,000.

(54:51):
I'll tell you what my clear vision is of what not to do.
I ain't gonna open up leveraged short and long positions on freaking BitMEX or some other bullshit
platform and watch my ass get
hyperventilated
away from me.
I don't know, man. Whole thing is the whole thing is theater. It's
the whole world is a stage. We are merely actors upon it. I I think that was a Shakespeare quote. And before I pontificate further, I'll see you on the other side.

(55:22):
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.

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