Circle P:

Episode Transcript
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(00:02):
It is 09:11AM
Pacific Daylight Time.
This is episode eleven thirty three of Bitcoin, and I am not here right now.
You're getting this Monday morning
because I am recording this
Sunday morning because on Monday, tomorrow, I am going to have my happy ass planted firmly in the seat of a car,

(00:26):
driving it all the
way to Colorado. Well, we'll have to stop somewhere around Salt Lake City.
No. I'm not we're not staying in Salt Lake City.
If any of you people have ever driven through Salt Lake City, it's like 70 miles of
potential death. There's only one central corridor that goes from north to south through that thing. There's no relief.

(00:51):
It's like 16 lanes of of of pure interstate death
at speeds approaching 85 miles an hour, even though the actual speed limit is something like 70.
That thing is dangerous. So what we do
is we actually drive around
the on the other side of the mountain and go through Park City, Utah.

(01:12):
Much better drive.
Does it add a whole other hour to the trip? Yes, it does,
But it's not scary
because driving through Salt Lake City is scary. Anyway, this is probably going to be a much shorter show than normal,
but I just can't leave you guys in the lurch. Feel bad about that.
So I'm I am taking

(01:35):
the mobile recording studio. I will try to cut
some
episodes up while we're down in Colorado. I used to say up in Colorado because I was used to live in Texas and now I don't. So now I have to go down to Colorado.
Anyway, it doesn't really matter. We are gonna talk about, final
the final Tornado Cash,

(01:56):
status conference thing. Frank Korv has got a write up on it.
We are gonna look at
the individual known as James Wynne. And I don't know if you remember who he is,
but you will after today.
And Tether's pulling the plug
on USDT,
but only on

(02:17):
other blockchains. It's
will will you'll it's gonna be important because the the Tether story
is
important no matter if you hate stable coins or love them or again are neutral on them.
They're not going away and they're going to serve all kinds of pressure release

(02:39):
release
services for the US dollars, so it's going to affect us whether you like it or not.
The crypto broker rule
has been formally
or formally
abolished.
Yes. And we'll talk about that as well.
As iBit

(03:00):
hitting a new all time high, yes.
I know Bitcoin is sitting at all time highs, at least right now. I don't know what's coming Monday morning.
So by the time you're listening to this, who knows what the hell happened?
But let's start this sucker up with the takeaways from the final tornado cash status conference

(03:21):
hearing.
This is from Frank Korva out of Bitcoin Magazine.
Today,
the Southern District Of New York hosted a final
status conference hearing for the tornado cash case,
and that trial begins tomorrow. Actually, no. For you,
the trial begins today,
Monday,

(03:41):
July.
The hearing was held virtually, and attendees included
judge Catherine
Polk
Fila,
the judge presiding over the trial,
Tornado Cash cofounder Roman Storm, and members of the defense and prosecution.
Storm is facing three charges,

(04:02):
conspiracy to commit money laundering,
conspiracy to operate an unlicensed money transmitting business,
and conspiracy to commit sanctions violations.
The main topics of the discussions
included the grounds for the New York court becoming the venue for the trial,
Storm's influence over a Bloomberg
reporter who reported on Tornado Cash back in 2020,

(04:25):
whether or not all actions by the Tornado Cash cofounders and developments,
to keep Tornado Cash running furthered the conspiracy in Storm's indictment,
the admissibility of the data extracted from Tornado Cash cofounder Alex Pertsev's phone,
how judge Faila,
I don't know how to pronounce that, f a I l l a,

(04:46):
Faya, I'll I'll say Faya,
Plans to focus more on how Storm ran
a for profit business than the details of the Tornado Cash's crypto mixing software itself.
Before engaging on these topics, Judge Faia I can't I just figured out how to pronounce it. I can't do it. Whatever. The judge
shared some key details about the trial's proceedings.

(05:11):
The trial will begin Monday morning at 09:30AM
Eastern Standard Time.
Actually, that should be Eastern Daylight Time, their Bitcoin magazine.
And one of the first items on the docket is jury selection.
The judge noted that the trial will not be recorded.
It will not be broadcasted

(05:31):
nor will it be rebroadcasted.
But Frank says this, I'll be there to cover most, if not all of it though. So good. I'm glad Frank's gonna be there. She also stated that she'd like to see the trial concluded within three weeks, though she added that she doesn't think that it will be and that she may need to take some time off from the trial in early August to celebrate her sick mother's birthday.

(05:55):
It's a hey. You signed up for this job, dude.
Anyway, what's more, the judge stated that opening statements will be made won't be made until Tuesday,
the following day, which will be July.
According to the prosecution,
the trial is proceeding in the Southern District Of New York because
Storm operated a website that facilitated Tornado Cash transactions

(06:19):
from New York City for a period of time. The prosecution
argued that Storm also frequently communicated with one of the venture capital principals
who funded Tornado Cash and who was also based in New York City at the time.
The prosecution added that Storm made frequent requests from this VC principal
and that the requests were not only related to funding.

(06:43):
The prosecution explained how,
in March of twenty twenty, Storm contacted a Bloomberg reporter who'd written a story on Tornado Cash to get the reporter to change the story
so that the coverage wouldn't have the authorities perceive Tornado Cash in a negative light.
They argued that Storm's speaking with the reporter and convincing said reporter to alter the story

(07:05):
made the story inaccurate.
The defense pushed back stating that Storm only contacted the reporter
to ensure that appropriate corrections were made to the story.
Storm did not speak to this matter in the hearing.
The prosecution then floated the notion
that all of the efforts that Storm and his cofounders made in operating their for profit business that utilized the Tornado Cash technology

(07:30):
furthered all of the conspiracy with which Storm has been charged.
One of the efforts that the prosecution cited was Storm and his cofounders
encouraging United States based Tornado Cash users to use the service,
thereby creating a bigger pool of capital for the money that North Korean hackers put through the software to mix with,

(07:51):
making it easier for the funds to be anonymized.
The judge pushed back as the prosecute prosecution made this argument,
asking the prosecution to clarify whether or not it believed that anything
the Tornado Cash cofounders
did to keep their business
afloat further to conspiracies with which Storm has been charged.
This gave the prosecution pause. And in this moment,

(08:15):
one of the defense attorneys moved to dismiss the indictment against Storm due to a lack of venue.
The judge hastily denied the motion before claiming that such a request had frustrated her so much
so so that it was causing her to break out in hives. Oh, I've got a pause on that one. What kind of statement from a judge is that in response for

(08:41):
the defense
just taking taking a shot?
That's what you do. That you're an attorney. You're supposed to look for any and all possible procedural ways and any other way
to get your client,
either the case dismissed or a a lower sentence or or I don't know, like, as much as you can do for your client, that's your job.

(09:04):
And this judge said that it upset her so much that she broke out in hives.
I wondered,
does she need to change her diapers?
This
is this is an adult
breakout in hives for god's sakes. Throughout the hearing, the judge brought up the gray key data extraction from Alexei Pertsev's phone.

(09:27):
Pertsev was sentenced to five years in prison in The Netherlands for his involvement with tornado cash.
Toward the latter part of the hearing, she asked both prosecution and defense if they had questions about Pertsev's phone and then raised questions about whether or not the data extracted from Pertsev's
phone is admissible. She decided to defer her decision on the matter until trial.

(09:49):
She then requested
that both the prosecution and defense review the data in question as well as the process by which it was obtained
and prepared to respond to the issue during the trial.
The judge was clear that at least
at least the beginning of the trial is not going to be focused on Tornado Cash as a mixing service,

(10:11):
but more on the website,
the front end interface that Storm created to facilitate transactions
via the software, quote, we're not going to think about crypto mixing,
said the judge.
However,
she did say that she was waiting for a response from the defense about what she had written and submitted to the court about crypto mixing services.

(10:34):
Aside from the issues above,
the hearings attendees
discussed the witness
in the case and the supplemental motions
in limine, I think is how you pronounce it,
those that aren't made public before
or during a trial because they are irrelevant,
prejudicial, or inadmissible.

(10:56):
None of the names of the witnesses were disclosed in the hearing, though.
The prosecution mentioned that witness number one had recently been identified
and that they had interviewed the witness.
The judge acknowledged the defense's request to exclude certain materials related to witness number one.
Multiple motions
in limine were discussed.

(11:17):
During this portion of the hearing, the judge informed the prosecution that the witnesses
shouldn't do such
shouldn't shouldn't do things such as discuss
the emotional stress they endured from having the funds they put through tornado cash frozen.
The emotional stress. What? Like breaking out in hives?
Is that the kind of emotional stress that you're talking about? Instead,

(11:41):
she said that she prefer witnesses who were victims of having their funds frozen share whether or not they reached out to the tornado cash team
in efforts to have their funds unfrozen.
At no point
during today's hearing was it brought up that the US Treasury Department's Office of Foreign Asset Control

(12:01):
has removed Tornado Cash from its sanctions list,
nor
that a court recently dropped Coin Center's appeal
to OFAC regarding this matter.
It's just being these this dude's just being railroaded.
This this is ridiculous.
So thankfully,
Frank Korva is gonna be gonna be there

(12:23):
reporting, and he hasn't said if he's gonna be reporting live. He probably won't.
But I look forward to,
his presence there because you know he's going to write some stories
about what transpires
as we roll into the actual court trial of Tornado Cash
Monday. Alright.

(12:44):
So
do you remember
James Wynne?
James Wynne kept shorting Bitcoin.
He's not shorting Bitcoin anymore,
nor is he going long on Bitcoin. He seems to have deactivated his x account.
Vince Quill from Cointelegraph.
High leverage trader James Wynne deactivates

(13:06):
x account.
Oh, lord have mercy.
James Wynne, a crypto trader known for his high leverage crypto bets,
appears to have deactivated
his X account
following
nine
digit
losses.

(13:27):
Nine.
Nine.
It's like a $100,000,000
minimum. Wynn's x handle, James Wynn Reel, now routes to a page that says, this account doesn't exist. Try searching for another.
The traders wallets show a combined balance of just $10,176

(13:50):
according to balances displayed by ARCIM intelligence
and Hyperscan.
Cointelegraph reached out to Win but was unable to get in touch with him. Before deleting the account,
Win changed his profile bio to one word:
broke.
Crypto traders kept a close eye on Win's high leverage,

(14:10):
high risk bets, which often went against the market sentiment, causing the trader to lose
hundreds,
multiple hundreds of millions of dollars in the process.
Wow.
Win
gained widespread notoriety among the crypto current, crypto community for highly leveraged crypto trades on the Hyper Liquid platform in May of twenty twenty five.

(14:35):
The trader's $100,000,000,
in long BTC positions were liquidated
after the price of Bitcoin dipped below a 105,000,
wiping away 949
Bitcoin from his account.
Wynne wrote in a now deleted post shortly before the liquidation, quote, I do not follow proper risk management.

(14:56):
No shit.
Nor do I claim to be a professional.
If anything, I claim to be lucky.
I'm effectively gambling, and I stand to lose everything.
I strongly advise people against what I am doing. End quote.
Win
then
opened up another $100,000,000

(15:18):
Bitcoin bet just days after the implosion
of his long BTC positions taken in May.
The high leverage hyper liquid trader claimed that his positions were being deliberately targeted by market makers who were attempting to liquidate his bets.
He issued an appeal to the crypto community for donations

(15:38):
to fund his account, and at least 24 different addresses sent money to the trader. Why?
Why would anybody do such a foolhardy
thing? It's
you you why would
you're in a casino.
Guy's losing his ass at roulette.
Dude taps you on the shoulder and says, hey. Let me borrow some money.

(16:01):
Would you do it?
No. Of course, you wouldn't do it. Why are these people doing it? They lost their whatever.
Immediately afterwards,
Wynne announced that he had liquidated 240
BTC worth about 25,000,000 at the time to lower the liquidation price of the remaining BTC positions.
Despite all evasive maneuvers, wind was unable to keep the large portions and lost well over 99%

(16:28):
of the $100,000,000
drawing criticism from long term investors who used it as an example to illustrate the benefits of holding assets
rather than engaging in high risk short term price speculation.
That's the lesson here.
Don't do this.
Just just buy the Bitcoin, hold the Bitcoin. It's it's pretty simple.

(16:52):
You know, just save in Bitcoin,
go to your job, take, like, don't spend as much as you may, buy bitcoin with it, don't leverage trade, don't trade at all, don't get into shit coinery.
It
it really can't be any simpler. This is
so not rocket science. It's not even funny. It's
I remember I remember talking to you guys about this in May.

(17:16):
And now he's so liquidated he can't even show his face on X. There's always the possibility that he's running some kind of game.
Yeah. I mean, people are people have I don't wanna say gullible. Gullible is not the right word.
But so many people in society,
especially,
with the advent of social media, are so programmable.

(17:39):
I mean, propaganda works so well in mass, and social media is a great way
to spread propaganda very, very quickly.
I I literally don't know what this guy's up to. It may be just as simple as he's just dumb,
he got lucky early on, and now he's lost it all and is actually truly broke, or he's got some kind of scheme going on. As to what that would be,

(18:05):
I have no idea, but I'm sure glad I'm not in his shoes.
Circle p is now open for business.
The circle p
is where I bring plebs that have goods and services for sale to plebs just like you who might want to buy goods and services for sale. But you gotta do it in Bitcoin. Because if you're not selling your stuff in the circle p for Bitcoin, then you're not in the circle p.

(18:30):
Today,
the vendor is Oshigood.
You can find Oshigood at oshigood.us.
What does he have?
Well, he's almost out of stock of everything,
and he is about to go,
belly up
on all of his huddle butter.
So if you want to try
his pecan butter, and let me just get you the ingredient list going on.

(18:55):
His pecan butter, which he calls huddle butter, starts with local, handpicked, and sorted pecans straight from the Southeast USA.
More nuanced than a two hour Bitcoin podcast, this small batch craft delicacy can be enjoyed as a topping on anything edible or straight out of the reusable glass jar.
The ingredients are pecans,

(19:17):
maple sugar,
sea salt flakes,
cinnamon, and black pepper. That's it. There's no preservatives.
It's just it that's the list.
And I have not I've tried his Hottle bars, but I've not tried the Hottle butter, and I'm probably not going to get any
because he's making his last batches.

(19:38):
He threw me a DM the other day and said, dude, this is the last batch that I got,
and I promised him that I would bring it to you so that maybe we could get him sold out
by the end of this week. So go to oshigood.us.
That's oshigood.usbidensats,
and make sure that you use the coupon code or rather the code

(19:59):
bitcoin and.
Because if you do
that if you do that, you let
Oshi know that I made a sale for him. And then Oshi can determine if that sale was a value to him and how much of a value it was and he gets that back to me in Satoshi's On the Other Side. So when you support Oshii,

(20:21):
Oshii can support me, and I can support you by continuously
doing this show
because electricity costs money.
Rent costs money.
Food costs money.
Money costs money.
I'm just
putting it out there man. If you want to donate to the show I'd appreciate it. But,

(20:42):
the Circle P is here to promote
the vendors.
The vendors that make things by hand.
The plebs that just want to do something other than what they normally do. You know?
And all the products that
every product that is on this show or all the vendors that have that are on the show, I've tried at least one of their products.

(21:05):
And
honestly, I'm I'm absolutely
amazed at the quality
of the products
of the vendors in the Circle P. Really proud of all of them, honestly.
Now Tether
is gonna pull the plug
and it's going to shift to layer twos according to Tether.

(21:26):
We got Francisco Rodriguez,
writing this one
titled Tether to Halt USDT on Omni,
BCH,
Kusama, EOS, Algorand
as they
focus or they shift their focus to layer two's.
So what does this all mean? Well, Tether has announced that it will wind down

(21:46):
USDT
on five lesser used blockchains
after usage on those networks wanes.
Redemptions in token minting on Omni layer,
Bitcoin Cash's Simple Ledger Protocol,
Kusama,
EOS,
and Algorand are set to stop September the first of this year.

(22:07):
Remaining tokens are to be frozen on the same day
remaining tokens are going to be frozen on the same day according to a statement.
Together, the five networks carry only a sliver of USDT's roughly $156,000,000,000
float.
Tether says that the usage of USDT on these networks, which it touts as playing a role in the firm's early growth,

(22:31):
has declined significantly
over the past two years.
Quote,
sunsetting support for these legacy chains allow us to focus on platforms that offer greater scalability, developer activity, and community engagement,
all key components for driving the next wave of stablecoin
adoption.

(22:51):
Adoption.
That was according
to CEO Paolo Ardoino.
The firm will redirect,
by the way, redirect
oh, good lord. I've just lost my place.
The firm will redirect its focus to layer two networks such as the Lightning Network and to newer blockchains that promise
faster settlement and richer developer tooling.

(23:14):
Tether has asked its customers holding USDT on those five networks
to redeem their holdings
as soon as possible
or request issuance of their tokens on a supported blockchain.
Token holders can migrate their tokens to blockchain bridges or exchanges and the lion's share of Tether's
$156,000,000,000

(23:34):
fiat is currently circulating on Tron and Ethereum,
which together make up over 95
of the total. Solana is the only other network with more than 1%
of USDT supply in circulation
according to rwa.xyz
data.
Alright.
So what does it mean?

(23:55):
It just means that shit chains are dying
as they should,
but the with Tether moving, you know, basically kind of focus on Lightning Network and
some other, you know, still other shit coin chains,
it's good for Lightning. It's good for that part's good for Lightning. It's good for Bitcoin, but it's going to help support all the crap that we don't want to actually support. But there's not anything I can do about it.

(24:21):
Let's run the numbers.
Bitcoin indeed hit an all time high again,
at least as of today, which is technically Sunday. But, hey, who knows what's happening

(24:42):
when you start listening to this? A 118,840,
that is a $2,360,000,000,000
market cap, and we can now purchase 35.4
ounces of shiny metal rocks with our one Bitcoin of which there are 19,891,644
and 1 half of.
Average fees per block are low, 0.03

(25:04):
BTC,
taking in fees on a per block basis of which there are two blocks
carrying a measly
3,000 unconfirmed transactions waiting to clear at high priority rates of 3 Satoshis per vbyte.
Low priority is gonna get you in at one.
And hash rate is still
is hanging in there man, 905.1

(25:26):
exahashes
per second.
I mean, I I mean, I there was some minor capitulation there, but it looks like everybody's coming back online.
So maybe that heat bubble is is technically you know now dead who knows.
Now from Cathedral 1,000 acre years
I've got the following

(25:47):
donations.
Thank you all for supporting the show. Richard Dick Whitman with 200 says,
why do you call it the Circle P?
Well,
because the Circle K.
Circle K is a, convenience store.
It came to fame
in Bill and Ted's Excellent Adventure where they're sitting outside studying for, I don't know, some exam or something like that, and they asked this chick

(26:14):
they asked this chick something about, I don't know, when Genghis Khan ruled the
the the world or the Asia, and she doesn't know. And it's like, it's all funny. And that's when they meet the the guy from the future, and then they look at each other and say, you know, strange things are afoot at the circle k.
And circle p is is sort of the it's a storefront,

(26:36):
and it's for plebs that have goods and services for sale.
And so p stands for plebs, and the circle p is a mart,
You know? Like, it's a market. And that that's it. That but you have to sell your goods and services in Bitcoin or you're not in the circle p. War time with three thirty three says Forrest Moonwalker.

(26:58):
Okay.
Let's do it. Vinnie.
Row of Ducks twenty two twenty two says donate to the show. Okay.
And progressively
worse, got a nice nice note here. 3,000 satoshis, so nice little boost.
Last night, I decided to hang out in the hammock, put in some earbuds, and soak up the exquisite night with this show.

(27:22):
I'm here to tell you, it did not disappoint.
Then I had a thought that needed to be thrown out there regarding your project.
Would you consider creating an Obsidian Vault for people to collaborate together?
I'd gladly work on Project Cathedral throwing some cyberpunk vibes out there
And add information that I've been gathering in Obsidian over the last few years to the project to add depth to the system. Throwing this out there into the universe, I'm not sure if this idea is doable or not. But

(27:54):
if we can create a vault,
it can be open to the public for anyone to benefit from the information regardless of income,
living situation, or the current stages of life that they're in. A paid tier could provide access to become, to becoming
a project contributor and will have access to input data and research
for those who want a deeper dive into a specific topic or practice

(28:18):
that might benefit their system.
Also would help offset expensive,
expenses that come with running an open project, hosting services like this.
Just throwing this out there in the hopes that it makes even any sense. Thank you, Dee. It does make sense
and that's a really good idea.

(28:39):
I don't know if it's executable.
I haven't while
I use Obsidian on the daily and
multiple times during the day,
I am a solo user.
I have not ever really looked into collaboration
using Obsidian,
but I know that they have a a tier where things sync.

(29:02):
I don't know. You know what, dude? Progressive, I'm gonna look into that. I don't know if it's doable, but I can certainly spend some time trying to figure out if it is. Because honestly,
I like the idea. I really do. Yodle with five eleven says,
AGIF is lit.
Gilmeron with 9,000 says, alcohol can be a gas by David Blum. He's referring to the name of a book,

(29:30):
basically
using alcohol as a fuel. I I haven't read the book, but I did go look that thing up and that's what that's referring
to. User one one five five six eight four two with five thousand says, looking forward to this topic. I'm impressed that you were covering this passion piece when BTC price action is at an all time high and everyone else is covering price predictions.

(29:53):
Stay the course.
Will there be black soldier flies and comfrey on this farm? Oh, yes.
Ladies and gentlemen, I haven't I mean, that that one episode that I that I gave y'all on Friday is just I'm not even scratching the surface.
I'm trying to paint a picture of what it looks like.
I mean, physically, like if you were to fly over it in a helicopter,

(30:15):
you'd see a maze.
It took me that long to just describe
functionally in and hopefully I I did a good job describing it and painting a picture in your mind because this is an audio only podcast and
there's lots of visuals involved but I've I've got to do it. I've got to get this out here.
I'm just saying that
so that everybody understands. Because I've already got a couple of comments on that on Project Cathedral.

(30:40):
And some peep some people were telling me something like legumes like, black locust trees as legumes do much more than fix nitrogen and started talking about stuff in the soil.
And it's and I'm I'm not I'm not lashing out here, but it's literally a dude I know.
I'll get to it. I swear to God I'm going to get to it, but it's going to take a while.

(31:04):
Next up is, Paul Cernine 500. Thank you for the excellent episode and for sharing your concept on cathedral. It's a very pertinent topic, but one that's very complicated, at least for non agricultural
agriculturalists
like me looking forward to the next parts very much. Yeah. See, that's the thing.

(31:25):
How how do you take
something like
agriculture?
Not everybody's a farmer and we're we're losing farmers fast by the way as well as ranchers but that's that's another topic. So, how do you present something like ag which
so many people are not into
and present it in a way that excites somebody who's not into agriculture the way it excites me.

(31:49):
I get excited about this stuff.
And the problem is is that
I'm a nerd. I'm what's called a soil nerd, and I just am because it's fascinating.
How
my
the the problem that I face and I'm trying to solve is
how do I install
excitement
in this in people

(32:10):
who don't know what this is and why they should be excited about it and how deep that rabbit hole goes.
Alright? I mean, I'm I'll be connecting it to Bitcoin, but
it's it's it's gonna it's a hard row. It really is.
It's it's
it's very it's a very difficult subject.
It involves lots of biology,

(32:33):
lots of biochemistry,
geology,
it and, like, entomology,
all kind there's all kinds of stuff,
and the real battle here is how to get people excited about it.
I I kind of sat down with Chat GPT yesterday and said, you know, help me define

(32:54):
something called AgFi,
which I'm I'm getting serious about this at this point.
Ag fiction or agricultural
fiction. Think of science fiction, sci fi, except
ag phi.
I think that this may be a way to present these
really deep topics

(33:14):
in a way that's entertaining. Like a full fiction book, like you know maybe a guy, I don't know, you know, guy wakes up from a,
I don't know, from cryo sleep or whatever and some post apocalyptic
event has occurred and he finds somehow or another wanders out and finds this
weird farm
that is run by robots.

(33:34):
Something like that. And that there's an actual fictional story that drives the the motion
through the book, but
the land, the farm itself is the actual protagonist,
where it's the farm that changes everybody around them. You know, it's something about the story that's, you know, interesting enough. Maybe

(33:57):
maybe he's running away from the last humans on Earth. I don't know. I mean,
a post apocalyptic shit's been done to death. Right? Probably don't even have to go there. The point is
one of the best ways that I've ever read things about philosophical
content
is by people that have written fictional books, but the philosophy that they're trying to describe

(34:20):
is a major part of that book. It's like the other protagonist in the book.
Anyway, I I I think that that that might be helpful. Let's move on
to t k o with a thousand sats, says shout out to the retarded coin comment. Had me laughing out loud all by myself. Psyduck with seven thirty two says,

(34:41):
Psyduck.
And d o u 10 s, doubts?
I don't know what how to pronounce that. 5,000 sats, however,
says
and he gives me an in pub of somebody, but it's not it's not actually rendering. So it's he's referring to somebody.
So maybe it's James or something like that.
Probably has the best shot at something like this. He probably would have lots to say on the animal management side, and I think I remember him mentioning locust trees before too. Yes. Locust trees become very important.

(35:12):
There was one study that was done on feeding
black locust leaves to,
as feeding it as a forage,
and they were talking about how it was really, really bad for the animals.
That it's a bullshit study.
I'm not going to skip out on 35%
protein as a side crop on grazing

(35:33):
from a tree that will just grow it again.
We've got to start thinking in different terms, in completely different ways. Pies with a thousand or with a 100 says, thank you sir, no thank you. And Wood Butcher with 1,000 says, yes sir, I'm in.
And then we got a couple other ones. Fartface two thousand is here with a thousand says, always appreciate you, Dave.

(35:56):
And Keith Sharp with god dang, dude. 11300
says, first time hearing about silvopasture.
Suggest adding a 100 acres and integrate a space,
a green
natural burial ground,
a cemetery,
where a tree is planted over each burial.
Natural only, no embalming, no casket,

(36:17):
cremains are okay, five to 10 acre phases get added to the grazing rotation once the
space sites are quote planted
and matured.
Why not?
The whole point
of this project is to figure out how many different
revenue streams can you get

(36:37):
off of the exact
same acreage.
That that is a that is a functional feature
of this entire project.
Multiple revenue streams from the same acreage.
So why not?
Now
I will tell you this.
The USDA

(36:58):
in conjunction with several health departments
would lose their ever loving mind if they found out that the human
cremate cremeins
were in reach of roots for a tree that was going to produce food for human consumption.
I honestly think that shit's overblown,
but I they would they would say no. I'm just I'm just saying. So

(37:23):
we'd probably have to do something else, but I actually like the idea.
We'll probably touch on that more as the show rolls on. That's it for the weather report.
Welcome to part two of the news that you can use.

(37:46):
Just a couple of odds and ends here.
Crypto broker rule has been abolished in The United States. You know, remember the one that hindered non custodial platforms? Well, no more.
Atlas twenty one has it. The United States Department of Treasury and the Internal Revenue Service
have now officially
eliminated the quote

(38:08):
crypto broker regulation.
Originally designed to enhance taxpayer
transparency
or rather tax transparency in the crypto sector, the rule raised concerns among industry players who deemed it technically unenforceable
and potentially harmful to innovation in the space.
The Crypto Broker Regulation

(38:28):
originated from the Infrastructure
Investment and Jobs Act passed in November 2021 during the Biden administration.
It stated or its stated goal
was to close a supposed information gap in tax reporting by broadening the definition of broker to include participants
in blockchain networks.
Under the regulation, noncustodial

(38:49):
service providers
would have been required to act as traditional financial intermediaries,
which would have to collect customer names
and their addresses for tax purposes.
Although treasury later soften the initial definition,
the IRS finalized the rule for crypto brokers in December of twenty twenty four.

(39:11):
Opposition to the regulation steadily grew within the industry as key players pointed out
the technical
impossibility
for autonomous blockchain protocols
to collect the required information.
Operators argue that such a requirement could have stifled innovation in The US crypto sector.
Texas senator Ted Cruz

(39:32):
led the legislative
effort to overturn the regulation, introducing a Congressional Review Act resolution
in January of twenty twenty five. Bipartisan
opposition in congress
resulted in a vote to repeal the regulation last March with president Trump signing the repeal
resolution into law on April.

(39:52):
The official announcement from Treasury, published on July,
confirmed that under the joint resolution and by operation of the CRA,
this final rule shall have no force
or effect.
The document
specifies that Treasury Department and IRS are officially removing the rule from the code of federal regulations,

(40:14):
restoring the regulatory text to the state it was in prior to the rule's adoption.
So it's like it never existed.
Thank god.
This was this was a major sticking point.
And now it's gone, and I don't see a whole lot of people talking about it. This is this is important.

(40:35):
This is extremely
important. It is a or rather, it was
a major hurdle.
This is one of the things why banks are still or was one of the things why banks were still not touching Bitcoin.
And now the the this this hurdle has now been taken away.

(40:55):
So you never know what happens,
but I suspect that it's going to cause a whole group of a whole class of companies
to be able to say that was the one thing we needed gone, and now we can do we can do what we were planning on doing.
Gonna be an interesting ride.
And iBit
hits $80,000,000,000
of
assets under management.

(41:17):
It now holds over 700,000
Bitcoin.
BlackRock's iShares Bitcoin Trust has reached a all time high,
becoming the largest spot Bitcoin exchange traded fund in The United States.
Yes. You read that right or you heard me read it right.
It became the largest spot Bitcoin exchange traded fund in The United States.

(41:40):
In just eighteen months since its launch in January of twenty twenty four, iBit has accumulated
over 700,000
BTC
worth over $80,000,000,000
and accounts for more than 55%
of all Bitcoin held by US spot
ETFs.
Well, Bitcoin spot ETFs. The numbers are kinda mind boggling.

(42:03):
On July 3, iBit held
698,919
Bitcoin. Just days later,
a net inflow of over 1,500
BTC took it past 700,000.
By July 10, it was 706,000
BTC.
Nate Gherachi,
president of
Novadius

(42:24):
Wealth Management stated on x that it's ridiculous
that the fund attracted this much in such a short amount of time.
IBit's growth
sounds a little salty there. IBit's growth has not only made it the largest Bitcoin ETF by assets under management,
but also one of BlackRock's
top performing funds.

(42:45):
According to Bloomberg ETF analyst Eric Balchunas,
it's now the third highest revenue generating ETF
in BlackRock's
1.197
fund lineup. One. Oh oh oh, okay. No.
The comma looked like a period. Sorry.
BlackRock's

(43:06):
1,197
fund lineup
and just $9,000,000,000
away from being in the number one spot.
As of early July, US spot Bitcoin ETFs hold around 1,250,000.00
BTC, which is 6% of the total 21,000,000 supply.
IBit's share of 56%

(43:27):
is more than double its closest competitors.
Fidelity's
FBTC
has over 200,000
and Grayscale's
GBTC
has declined to around a 184,000
BTC,
but they used to have 600,000.
Talk about talk about losing
the losing the plot, man.

(43:48):
Wow. It's just
it's just sickening when you see these these old people
in Bitcoin
just completely miss
miss the plot. They've been here so long, you'd think they would understand it, but
Grayscale just completely
screwed that up.
But iBit success shows how attractive Bitcoin has become among institutional investors,

(44:10):
asset managers, corporations, and high net worth individuals
have been steadily getting into Bitcoin as the asset gains legitimacy through the ETFs, and Balchunas calls the volume spikes big boy flows,
meaning very large institutional money is at play here.
These flows are happening as the broader digital asset market is rallying

(44:31):
with Bitcoin skyrocketing past 118,000
and just shy of the $120,000
target.
Inflows into The US spot Bitcoin ETFs have reached over $75,000,000,000
since 2024,
excluding GBTC
outflows,
and BlackRock's
iBid accounts for over

(44:51):
$53,400,000,000
of that.
On July,
net inflows into spot ETFs were $1,170,000,000
and BlackRock was at the top again.
BlackRock's Bitcoin fund isn't just growing fast, it's more profitable than some of BlackRock's biggest traditional funds. While BlackRock's S and P five hundred ETF

(45:13):
has 624,000,000,000
in assets under management,
iBit has now generated a $187,200,000
of annual fees.
A $187,000,000
a
year in fees.
That's just in fees. That that's what what BlackRock is making off this deal. Just buy Bitcoin and hold Bitcoin yourself. You don't need an ETF.

(45:39):
Some people do, but those are institutions. I get it. But for
retail, if you're retail and you got I bit, dude, just
stop paying them fees to hold something you can hold yourself.
It's ridiculous.
Anyway,
Bitcoin is also starting to rival gold as the safe haven asset. While the Spider Gold Shares ETF is the largest gold ETF

(46:04):
with over a $100,000,000,000
in asset man assets under management, it took gold fifteen
years
to hit that milestone.
IBit did it in under two.
Several macro factors are driving Bitcoin's growth, interest rate cuts, geopolitical
instability,
and regulatory clarity following the SEC's approval of spot Bitcoin ETFs or just naming a few,

(46:29):
analysts
expect
more growth
with projections of $200,000,000,000
in total Bitcoin ETF assets under management
by the end of just this year.
So I bet just not only knocking it out of the park, but
just
just screwing over everything that's come before it.

(46:52):
Nothing
not there has never been an an ETF like this that has shown this kind of performance
this fast.
I don't own any of it. I don't intend to buy any of it. I'll just go buy the Bitcoin. Thank you very much.
Alright. So
that's it essentially for the show today. Went a bit a little bit longer than I thought.

(47:15):
So what,
what I intend to do is I'm gonna be gone,
I think until like the twenty seventh or something like that. I got my mobile studio,
tried to cut a few shows.
I'm definitely gonna be working on
Cathedral
because you guys seem to really enjoy the subject matter.
It's been rattling around my head for more than five years. I can't get it out of my head. It's just it just it won't leave me alone.

(47:42):
And
it honestly,
it would be so cool to actually see it occur. But here's here's the the the biggest problem with Cathedral.
I will never actually see it,
and that's okay.
Even if I had if let's say that I had
been really smart

(48:03):
and been into Bitcoin in 2009
and bought, you know,
thousands of Bitcoin at
10¢
apiece when it first started trading. I think it was its first
I think its first valuation was, like, a dime
of US dollars, you know, like 10 pennies.

(48:24):
And if I had all that now
and I bought a thousand acres because I would
and I set up all the stuff that I needed to actually perform the function of planting all the trees and that means all the all of the infrastructure,
the tractors, the whatever, like hiring help.
By the time I died,

(48:46):
it might be producing nuts, but it would nowhere be close.
It wouldn't be anywhere close to the maturity that I'm talking about. That's why it's a thousand acre years.
That's why the project is is talked about in acre years.
A thousand acres over a thousand years.
By the time you get into

(49:07):
year
70,
which I'll be long gone by then,
I'll be I would be buried on that farm somewhere probably under a tree, and I would would have told would have told my family, don't tell anybody that I'm actually under this tree.
I I I mean, I wouldn't see it at its full glory. I mean, it wouldn't even be at its full glory until, like, a hundred years.

(49:32):
And then that's when
the management of something like
cathedral kicks in.
And that's where that's why I'm starting in the middle,
what's called in media res.
I'm starting in the middle. I'm just trying to wrap my own head around
the the enormity of what this actually is, but then there's an entire other end of the story where I got to talk about,

(49:59):
well, how do you plant those rows?
What's management look like when you're kick starting something like this?
At what point does it start funding itself with revenue?
What does that look like?
That's that's like a prequel book.
That that this is a
cathedral is a book all by itself, and that's at the mature state. And then there's a prequel of how do you get it there?

(50:23):
Then there's like a then there's a sequel
to the book of what does it look like in a thousand years?
What does it produce in a thousand years?
What does the soil look like in a thousand years? That's probably an entire other book, but we're starting in the middle.
Now
there have been people, like I said, there there's been a couple of people that have
kind of reached out and started, you know, saying, hey, well, you know, black locust trees do more. And again, I'm not getting on anybody's back here. Right? It's just that

(50:53):
I can only cover so much of what's in my head at any given time. But I I do kinda wanna give you an overview.
There's gonna be an entire section
on just what the silvopasture
products are, like
wood, different kinds. From where? The black walnuts. Does it have to be walnuts? No. It can be English walnuts, could be American chestnuts, if, you know, if they're not gonna get fungal disease. There's all kinds of nuts. What are the fruit and berries?

(51:22):
Right? That's probably sown into the hedgerow
along with animal browse.
What what can we produce from the silvopasture
in in the form of hay or silage
that we might want to keep back
in case
times were to get tough and we've got to put hay back out. I don't want to buy in hay,
but I certainly don't want to sell the hay. So everything is it has to be kept on-site.

(51:46):
What what kind of animals?
Right? Because that's part of the silvopasture
system, and we're just talking about silvopasture.
You know? And how do we handle wild game?
What do we what do we do with the deer?
Do I mean, that's why part of getting extra revenue from this from this acreage is deer leases.

(52:07):
I want the deer there because I want hunters there.
I want to be able to put the hunter somewhere
that's, you know, so far away that a stray bullet isn't gonna strike an animal,
and I think that this is big enough to be able to do that.
So that that's just that. And then

(52:27):
externals,
like
like what do what what could
what kind of relationships can be formed with
colleges,
you know, for internships?
Is there any research grant, you know, collaboration potential? What about USDA
grants?
And I'm and I'm going to dive deep into carbon credits. I know everybody hates them, but if they're gonna be dumb enough to give me money because I can prove to them that I buried carbon in the soil to the point that they know chemically

(52:58):
beyond a shadow of a doubt that it's gonna stay there for longer than four hundred years, and it will the way that I'm planning on doing it, and they're gonna give me money?
Well, hell yeah.
I don't
care. I I I literally don't care. So carbon credits and that's coming from the what what I'm calling the carbon group, which is part of this entire system.

(53:20):
The comp it's about the compost. It's about biochar
production.
It's about electricity generation
using syngas from the biochar process,
all to run Bitcoin miners.
That's part of what's here. And all of the carbon group produces heat, which can be fed to greenhouses
and aquaponic systems. Why would I want a greenhouse?

(53:42):
Dude, I'm gonna be growing trees
all the time. I might as well heat that greenhouse with the heat from all of the waste stream heat coming out of the carbon group.
So that's connected.
Aquaponics for fish.
I mean, like, so we could talk about some of the domestic animals. I know there's gonna be beef. I know they're gonna be followed by chickens.

(54:04):
Why are they gonna be followed by chickens? And how far away
how many days behind the cattle do the chickens go?
That's all part of it.
Sheep, maybe some alpaca.
You know, who knows? It's it's a follower leader system, and we'll get into all that. But then there's, like, the products,
fencing posts, craft lumber, veneer, walnut meat, berries and fruit, fiber, meat, eggs, hides,

(54:28):
wild game leases, vegetables, trees and shrubs.
And then any of, like,
some of that waste that comes out of all of that
feeds mushrooms, which is connected to compost, which is connected to biochar, and compost tea, and wood vinegar, and black soldier fly larvae,
earthworms,
worm castings,

(54:48):
insect effluent like
the juice that comes out of worms, you can collect that and black soldier fly effluent
and it's a
powerful
biologic.
That's that's what I'm saying was is when the the when, they were at,
the commenter was saying something about will black soldier fly be involved? Oh, yes.

(55:10):
It's all part of the system, and I will get into it all.
And then I haven't even talked about, like, in in with the worms, the black soldier fly.
That's that's a whole other
what what is Joel Salatin? A fiefdom.
Joel Salatin calls him a fiefdom.
You know, we're how do you manage all this? One person can't do it, so it's all split up into different fiefdoms.

(55:35):
And the people that or the person that would be,
working with the black soldier fly and the larvae, that's like that's an entomologist.
And I need to put on there
dung beetles. We need to raise dung beetles to put out into the field. Why?
Because if you're on a blown out hay hay field, you don't have dung beetles. They've all been killed by god the god awful chemistries that have been laid down. Why are they important?

(56:01):
We'll get into that.
This is all part of what I'm planning to present.
But if I've got all these products,
how do we how do we sell them?
I've got things listed like bulk sales
of like fencing posts.
Fencing posts are important too. And it's like it's something that could come from the black locust tree once they've been coppiced for four or five years

(56:23):
or rather pollarded
pollarded
for four or five years, which means that you cut them high like six to eight feet up and just take the browse off and feed that to the cows.
Next season, the crown grows back. You rinse and repeat for four or five years.
Next thing you know, you've got a nice size fence post sized trunk.
Then you composite, which means you cut it down to the ground,

(56:46):
and then you use that wood to make fence posts, which are rot resistant in the ground for a hundred years because it's black locust and it has a fungicide
already inside of it. It produces its own fungicide.
So there's an on farm store
that, you know, I can sell bulk out of that or I can sell bulk online.

(57:07):
Why not a farm restaurant? Again, different fiefdom.
And if there's gonna be a restaurant and a farm store,
why not,
what's called, agricultural tourism?
That that happens. So there's people that have, like, whole venues on their farm. So if you're gonna have a farm restaurant,
you might as well have a venue. And if you've got a farm restaurant and a venue and a farm store and ag tourism,

(57:32):
then you're automatically into hospitality.
Small houses under, you know, at the end of each one of the lanes? Maybe. For rent? Maybe.
To house families that work on the on the on the on the farm? Maybe. I don't know. We'll get into all of that. But then there's an entire set of Earthcare stuff for lawn and garden,

(57:53):
industrial and municipal, like, you know, taking care of golf courses,
broadacre stuff. And that would be, like, the stuff that we make the compost and the biochar and the compost tea and the wood vinegar and the black soldier fly larvae juice and the worm juice and
and and providing, like, dung beetles,
grown, you know, dung beetles to spread on some farmer's field who's decided that they don't wanna use chemistry anymore.

(58:16):
You gotta get the dung beetles to pull the manure into the ground. That's one of the jobs that they do. They do there's, like, four or five different kinds of them. They all do different things,
but they're all connected.
And that that's what's a real problem with trying to define and tell somebody, especially when you don't have visual aids because this is a this is an audio podcast.

(58:39):
How do I impart and get people excited about looking at a system like this? Could I be wrong about all this? You damn Skippy, I could be wrong. I don't think I am,
but I'm sure that this is going to piss some people off.
Well, you can't believe you didn't include this, dude. Well, then then help me include it.
That that's what one of the reasons why I like that guy's idea about,

(59:00):
an open Obsidian project
for, you know, for this.
Because if I'm missing something and you're not telling me and you're just getting mad at me because I've missed it,
then I can't
I that's not any help.
That's not constructive.
Right?
And I'm sure I'm going to piss a lot of people off that know well more about,

(59:22):
you know, silvopasture construction,
grazing,
all that kind of stuff.
Like like it's very possible that somebody goes, dude, you're talking about 70 foot tall trees
that
are almost a full mile and a half long
set 150
feet away from each other.
When the wind blows,

(59:43):
what kind of vortices
could that put in the internal paddocks
or the internal pasture lanes?
I gotta find that shit out.
It might not do anything. Personally, one of the reasons why the the system is built the way it's built
is to trap snow in the wintertime
if it's placed somewhere where it snows. So that this when the snow falls into the system, it can't get blown away. And at the same time,

(01:00:09):
you get
wind protection for your animals in both the summer and the winter.
And that's a good thing. You don't want wind blowing on them when it's hot. And you don't want wind blowing on them when it's cold.
You know, you want them to be able to have a nice little place to to to sit. If they get rained on and snowed on,
hey, at least the wind isn't driving at 60 miles an hour. There's no way it could. You're not gonna be able to get through those trees. But again,

(01:00:38):
am I setting up some kind of harmonic resonance
when the wind blows over the top
and these tree lanes are a 150 feet away from each other? There may be somebody who already understands that you don't do that. It's got to be at least maybe 200 feet. And I have to change the entire construction, and that's fine.

(01:00:59):
But these are all things these are all problems that can be solved. And, again,
just like the Forest Walker,
there is nothing in here that can't be done.
The only problem with anything that I'm going to present for Cathedral is
why would somebody do it?
And I have to go back to its namesake.

(01:01:22):
Why did anybody put their money up to build a cathedral?
They weren't gonna get any money back.
And I'm sure somebody out there is gonna say, oh, well, they had
a deal with the priest to get some of the tithe back.
I don't honestly, I I call bullshit on that.
I think there was a bunch of, you know, people that got rich

(01:01:42):
that wanted to see something built that would outlast them.
I think we're also returning to a time where many people are starting to think about that. I think the I think humanity has had its fill of fast fashion, fast food, fast fiat, fast everything.
It screwed up architecture. It screwed up housing. It screwed up nutrition. It screwed everything.

(01:02:03):
And we're all starting to realize that Bitcoiners just got here first.
Let's make sure we're also the last. I'll see you on the other side.
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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