Circle P:

Episode Transcript
Available transcripts are automatically generated. Complete accuracy is not guaranteed.
(00:02):
It is 09:11AM
Pacific Daylight Time. It is the June.
It's Friday the thirteenth, and boy oh boy
is it shaping up to be Friday the thirteenth
for the rest of the world. It is
episode
1,115

(00:22):
of Bitcoin, and I'm just like, I'm honestly floored
that we are now embroiled
in The Middle East
in open warfare
with Iran. I'm I'm just like, I know. It's apparently
from what Trump is saying, it's not us. It's just Israel. I get it, but I also don't believe it for one freaking

(00:48):
I mean, it is what it is, and there's not any words that I can formulate and put them in a sentence
that will change
anything at all as to what's going on, but damn. Really?
Really?
I I mean, the whole impetus of this is that Iran was really close to building, you know, getting weapons grade plutonium or uranium or whatever

(01:12):
they needed to build their nuclear bomb. Do you have any idea
how many times that's been used as an excuse?
Everybody is always all of our supposed enemies are always
two weeks away from having a nuclear warhead. They've been saying that shit since Iraq.
And I'm talking, like, like, all the way back to 09:11,

(01:35):
which this makes sense that we began
this episode at 09:11AM
Pacific Daylight Time.
It's all so boring,
and it's all so criminal, and it's all so
really sad. But
you're welcome to Friday the thirteenth, ladies and gentlemen,
where

(01:56):
the bullshit
runs deep. And we're gonna get into all of the Bitcoin news that you can use because that's why you're here for the Bitcoin and podcast.
I've got all kinds of weirdness going on like Charles Hoskinson
from Cardano
suggesting the outrageous
and Sharplink

(02:16):
just getting freaking hammered because they decided to do something really, really stupid.
What else are we gonna talk about today? Oh, let's see. Oh, oh, the genius act apparently is going to be voted on June,
and it is
critical for The United States to project our
values into the rest of the world.

(02:39):
And you know where I'm probably gonna go with that one. And then we've got a guy
who literally does not understand stablecoins
at all.
I I
for for those of you who really don't like it when I talk about stablecoins,
it's because we're we're going to have to live with them, And we're also going to have to live with people

(02:59):
that completely misunderstand
what they are. I'm not saying that they're good. I'm not saying that they're bad. What I am saying is that people with power and a shit ton of money that don't understand what they are or how they work
are doomed,
and maybe, just maybe, we will have a chance
to

(03:20):
cannibalize them for all of their money and more. And then then we're going to end up talking about
Coinbase
raising
their own alarm
about this Bitcoin treasury business, and somebody in strategy decided to punch out.
Then we're gonna talk about Stratum v two because we finally have some metrics

(03:41):
on this
software used for mining pools that we've been really wanting forever and ever and ever.
And it looks like the preliminary numbers being generated out of Stratum v two are good.
I am really happy about that. And then we have a company that has launched a Bitcoin invoicing tool

(04:01):
for plebs,
and you know I love the plebs.
Let's begin this morning
with Cardano's
Charles Hoskinson
suggesting
that he swaps a $100,000,000
of ADA
or his his shitcoin Cardano
for Bitcoin

(04:22):
and stablecoins.
Did did did you hear did you hear what I said?
Charles Hoskinson,
the shitcoiner extraordinaire
behind Cardano,
is wanting to swap a $100,000,000
of Cardano that he can print
out of thin air, and they do

(04:42):
to buy Bitcoin. So apparently, it's not going to be nation states that just print money out of thin air to buy Bitcoin, which they should have already been doing. No. No. No. No.
No. It's going to be Charles Hoskinson, the cofounder
of Cardano.
He's been floating the idea of converting a $100,000,000
worth of ADA tokens into Bitcoin and stable coins, quote,

(05:05):
we could
take $1,000,000
of ADA or ADA, let's just call it ADA, in the treasury,
convert it to a blend of stablecoins incumbent in Cardano,
so USDM
and USDA,
and convert some of it into Bitcoin
to prime Bitcoin

(05:25):
DeFi,
Hoskinson said on a YouTube livestream.
He then hit back at critics that claimed a $100,000,000
sale would impact the price of ADA,
calling them quote inexperienced,
before adding that the sale would not cause any problems at all.

(05:46):
Sorry. I have to laugh.
The goal of the sale would be getting the ratio of stablecoin issuance
and TVL
to around 3040%
versus the current,
which is roughly 10%.
And total value locked on Cardano stands at $356,000,000
with just $31,000,000

(06:08):
worth of stablecoins minted on chain,
DeFi Llama data shows. And Solana,
meanwhile,
has 9,800,000,000.0
in TVL and $11,000,000,000
worth of stablecoins minted on chain. So Hoskinson is clearly needing to play catch up, and the only way he can do it
is to actually get a hold of Bitcoin. In a tweet, Hoskinson said that the stablecoin situation is, quote,

(06:33):
killing Cardano,
pausing here to say good.
I hope you die.
And that the proposal would generate, quote, noninflationary
Hoskinson's comments are at odds with those of Cardano Foundation CEO Frederick
Gerard,

(06:55):
who told CoinDesk in March that TVL is not a metric that he used
in adoption.
So boy oh boy, even the shitcoiners are figuring out that their crap is worthless and that they're going to need to buy Bitcoin.
But here's the real problem with that.
Charles Hoskinson and the rest of the shitcoiners that are out there can simply print their own money. Yeah. He said he was gonna take it out of the treasury that they already have, but that's not gonna like, it's not like it's

(07:25):
not easily replaceable by just spinning up some more ADA,
which he will do to replace that which he sold, effectively
just printing
crap
to buy actual goods and services or will
well I said goods and services actual bitcoin actually something that actually has value right

(07:46):
so where is that value going to come from where's the true exchange
happening
where does the rubber meet the road on that The people that think Cardano has value
because they're spending US dollars,
which is, yes, Fiat, but still, it
you can still go get, you know, burritos at Taco Bell with actual money. You don't have to finance it. But he's going to use his customer base as a financing tool

(08:15):
for buying Bitcoin.
This is very, very similar to what strategy and all these people are doing with the Bitcoin treasury companies. They are literally printing debt to buy Bitcoin, and they are leveraging
the people that are hopeful,
their investors.
Those are the people that are hopeful
that this is a good play, a good place to put their money.

(08:39):
I'm not saying anything bad
technically about the Bitcoin treasury companies. We'll get into some of that later, like I said. But
what's the difference?
There's still
a potential. There's way more potential for strategy
to actually
make good on their investors claim.

(09:00):
Well,
a lot more than than Cardano and Charles Hoskinson.
So here we go.
Here comes all of the shitcoiners.
They're going I'm surprised that they haven't figured it out. And honestly,
I feel remiss that I didn't even catch this as a possibility.
I know there's other people out there that are way smarter than I, already figured this shit out. It's okay. You you come to you come to the truth when you come to the truth, but

(09:31):
it it it's coming y'all.
Cardano and the rest of them are they're all gonna start just printing their crap,
leveraging their client base, which they've basically been, you know, farming for years,
and they're going to end up buying the best asset in the world. And
it's really too bad. Unless, of course, you're Sharplink.

(09:52):
Sharplink Gaming, in fact.
I think I said something about this yesterday, but it gets worse.
Sharplink Gaming
buys $463,000,000
in Ethereum
to become the largest
Ethereum treasury firm. Now we've got Bitcoin treasury companies. Well, here comes Sharplink Gaming,

(10:16):
and they have now become the largest Ethereum
treasury company.
Why am I talking so much about
shitcoins this morning? Well, because we have to live with them, for one.
We're not they're not going away, two.
And, b, they're going to be here for a lot longer than you think. In in in fact, they're going to be here forever because there's always one more rube that thinks that they're gonna get in at the bottom.

(10:43):
You're already at the bottom in Bitcoin. This is the bottom.
It's always the bottom in Bitcoin.
You don't really have to chase
trading crap. Okay? You don't really have to, you know, try to be a chartalist. You just buy Bitcoin. You just hold Bitcoin. It's easy. But if we go over it, I'll I start looking at the chart

(11:03):
of Sharplink Gaming and the if you wanna follow along later on today, you can go look at the ticker symbol on Nasdaq
s
b e t
s b e t,
and I'm looking at
the date that they announced the following.
Sharplink Gaming

(11:25):
is delighted to share the news that we have completed our $425,000,000
private placement led by ConsenSys.
And if you don't know, consensus is,
well, literally the major
foundation. It's not the Ethereum Foundation, but it's the corporate
mirror image of that for Ethereum. Alright. So that's what consensus is. So Sharplink Gaming was bankrolled by consensus

(11:51):
at at at $425,000,000
Now they announced that and their stock price went from
$46
a share to a high
of $82
a share after that. And then it just started bleeding down, bleeding down. Oh, by the way, this date that they announced that, I forgot to say that, was,

(12:13):
June 2.
So, you know, what,
eleven days ago?
Like, you know, a week and a half ago, they announced that they got bankrolled by ConsenSys,
the corporation behind Ethereum.
And then it just bled off and bled off and bled off until

(12:33):
they went all the way down to
$30 a share.
And then they went down to $22
a share after that in after hour tradings. And and that was yesterday, by the way. These these stock prices where they really started to dip was
happened on yesterday.
This morning's open

(12:55):
at 06:30AM
my time on the Nasdaq.
They were flashing a price of
$10.
Did did did you hear what I said?
So, yesterday,
at the end of close
for Sharplink Gaming
was

(13:15):
20, like, around 27
to $30
and now they're down to 10.
Mind you, this entire discussion is centered around the fact that they are now the largest
Ethereum
corporate treasury company
in the world.
If I were to zoom out on this

(13:36):
chart,
and I if I go and I look at it from a monthly standpoint, and I have to look at it monthly. Why? Because this company has been around. It started trading in 1997,
and it has been nothing but a slow bleed
for month over month over month over month. They have never reached their high. Let's see. They they entered the market at

(14:04):
$13,063.
And the reason it's that much is they've had several stock splits since then. Then they actually reached a high of, like, in aggregate, if you wanted to look at it that way, of $23,869
per share. Now like I said, that's been diluted over time. They've had several stock splits after after dilution,

(14:27):
but it's been nothing but a slow bleed. And then we get to about
May of twenty twenty one, and the
stock price really starts to crash.
And then all of a sudden, in a hail Mary,
they decide to become an Ethereum
treasury company.
They couldn't even

(14:48):
be zombies
the right way.
Even strategy.
You might love Michael Saylor and MicroStrategy,
now strategy, and all the things that they've done and just praise whatever. I see a lot of fanboy shit around Saylor. I like him. I think he's a great
I think he's a great guy. He's fun fun to listen to.

(15:09):
But his company was a zombie company.
They were barely really making it along. And then all of a sudden, he's like, oh, fuck a bunch of this in 2020,
summer of twenty twenty, he just goes all in into Bitcoin.
So far, it's worked for him. Here we have the exact same situation going on, yet in this company's decision making process,
they decided,

(15:30):
I don't know, to take a 100 hits of acid and go the complete opposite direction,
and they're going to pay through the nose for it.
Currently, their price is $10.87.
It's sad to see, ladies and gentlemen, but that's where we are on this Sharplink deal.
So

(15:50):
let's just find out more from Andrei Bogonski out of Decrypt.
Sharplink Gaming recently acquired $462,000,000
worth of Ethereum, becoming the asset's largest holder among public firms.
The Nasdaq listed online gambling marketer,
which adopted an Ethereum treasury strategy in May, said that it had purchased roughly a 176,000

(16:14):
ETH for an average price of $2,600
a coin. The price of Ethereum was recently changing hands at $2,500,
which is an 800
or an 8.8%
decrease over the past twenty four hours. The company's announcement
follows the Securities and Exchange Commission filing that sparked confusion on crypto Twitter as the public tried to parse the significance

(16:36):
of a s three shelf prospectus.
Shares tumbled more than 70%.
Shares tumbled
70%
in after hours trading on Thursday. Again, ladies and gentlemen, I was kinda telling you about that.
Although Observer speculated that the filing indicated Sharpenck investors had sold shares,

(16:57):
Ethereum cofounder,
ConsenSys
CEO,
and Sharpenck
board chair, Joe Lubin, said that the filing was standard, let's pause,
Who bankrolled
Sharplink?
Consensus
to the tune of $425,000,000
Who's the co founder
of

(17:18):
Consensus?
And Ethereum, by the way.
Joe Lubin.
So Joe Lubin
got Sharplink
bankrolled to $425,000,000
and Joe Lubin
sits on Sharplink's
board of directors.
This in
class listen up.

(17:41):
Eyes forward, please.
There's a term that we use.
It's called conflict of interest.
People can go to jail over this kind of shit.
Joe Lubin
basically
scuttled
this company.
It's
amazing to watch. And you know what's probably going to happen? Nothing.

(18:05):
No. I don't I don't
it's just if you were an investor in Sharple Inc, I feel really bad for you, but Sharple Inc shares opened at $10.26
on Friday,
a 67 percent dip compared to the stock's closing price of $32.53
just one day before.
Shares soared as high as a $124

(18:26):
in late May after the company announced a $450,000,000
private placement,
and they were recently changing hands at around $11.
Quote, there's there's a period of time between the announcement to when everything is ready to go where the float is tiny and everyone buys in and it basically turns into a meme stonk, Taproot Wizards cofounder Udi Wertheimer said on Twitter,

(18:51):
quote, that's resolved
once all the filings are done, it doesn't mean anyone rugged. So it looks like Udi Wertheimer,
good to his, word is, you know,
defending these actions by this stupid ass company. Anyway, Sharplink said,
as of Friday, over 95%
of the company's Ethereum holdings have been deployed

(19:12):
in staking
and liquid staking solutions contributing to Ethereum network
security and generating yield. It better generate a lot, dude.
Among liquid staking protocols, Lido is the most popular.
Bitcoin treasury firms, which have soared in popularity this year, are not able to earn yield on their holdings by leveraging Bitcoin's network.

(19:34):
The difference in terms of staking can be attributed to the network's different consensus models.
Oh, it's so much worse than that. They're trying to defend this shit, and there is it is an indefensible
position.
If I were the shareholders
of Sharplink, I would already be planning a class action lawsuit against all of the board of directors and anybody even fucking remotely connected to Sharplink in this entire

(20:00):
this entire debacle.
It has completely destroyed whatever was left of this company, and there wasn't much.
But if you were a shareholder, this is the the impropriety
here is absolutely freaking eye watering.
Absolutely eye watering. Now
let's move over to the genius act.

(20:23):
This is interesting. Let's I I really
am interested in hearing what this one has to say. It's written by Kristen Smith
where she says that America's
dollar dominance depends on the Genius Act.
Okay.
We are closer than ever to cementing
America's global leadership in digital asset innovation. And next week,

(20:45):
the senate
will hold its final vote on the guiding and establishing national in innovation for US Stablecoins Act or the Genius Act,
bringing this landmark stablecoin legislation just one step closer to becoming
law.
Following
senate passage, the bill will advance to the house for consideration.

(21:06):
This marks a significant step forward, not just for the crypto industry, but for the American consumer, investors, and the global strength of the United States dollar.
The numbers tell the story.
Today,
more than $190,000,000,000
in dollar backed stablecoins are in circulation worldwide,

(21:27):
doubling annually.
Stablecoins aren't speculative crypto assets. They are digital dollars that enable instant low cost transactions anywhere in the world. In regions facing currency devaluation or authoritarian financial controls,
stablecoins provide access to the economic stability of the United States dollar. Not only
is this pro innovation,

(21:48):
it's pro democracy.
I gotta pause. I gotta I gotta do it.
What would be the best way to destabilize
everything but The United States and possibly Western Europe? A fuck ton of wars.
Oh.
Oh, you
you might

(22:09):
be shocked that that I might say that we might start some wars to completely destroy what's left of everybody's
ridiculously
worthless
fiat currencies that you think we're bad at managing. Oh my god. What the hell is going on in, you know, completely in The Middle East?
Right?
Drive tensions worldwide

(22:29):
up to the point where everybody starts freaking out, and all of a sudden, fiat currencies,
which are already very, very weak to begin with, start to really
get hammered. And what who comes in to save the day? The United States
and democracy. Now for those of you who think that I'm anti United States, I'm not. I live here.

(22:53):
It's not that it's not The United States that I have a problem with. It's the federal government of The United States. It seems to me that it's been handed over to criminals, thieves and
mafia types. It's like fucking organized crime over here, y'all. And And if you don't think that they're I mean, nobody's stopping them, so they're just gonna get emboldened. They've been that way for decades and decades and decades.
Of course, they're going to do this.

(23:14):
So it wasn't just about my thesis of exporting United States debt to the rest of the world to destroy them. Now there's another prong to this now.
And to start wars
and really ramp up the situation where you need this tool, these these stable coins because because of the people They need it. Their their currency these poor people and their currency are being devalued. Oh my god. Well,

(23:39):
luckily, The United States has Tether
and, of course, USDC,
where we can export
an infinite
amount of debt to the rest of the world before the shock wave of dumping that much liquid cash on the rest of the world comes back to cover us over in the tsunami of debt.

(24:00):
Let's continue. The Genius Act
provides the clarity the industry urgently needs. By establishing sensible guidelines,
it ensures stablecoins
mainstay
maintains
stable value
through high quality liquid reserves, regular audits, and clear redemption rights. These aren't excessive burdens. They're reasonable protections already practiced by

(24:23):
responsible issuers. Oh my god. They're using AI to write this. How can I
tell? This sentence. These aren't excessive burdens. They're reasonable protections already practiced by responsible issuers.
Remember what I was saying yesterday?
These aren't x.
They're x plus one.
Man, that's a telltale

(24:44):
sign
that some of this was written by AI
more importantly continuing on what the Genius Act provides is certainty
allowing responsible innovation to flourish while preventing bad actors from undermining the system.
Passing Genius can't wait.
As other nations develop central bank digital currencies and alternative payment systems designed to circumvent dollar dominance,

(25:10):
The United States faces a choice.
Embrace the innovation that's already spreading dollars globally
or cede this ground to other countries.
The legislation provides the framework we need,
which is strong reserve requirements, transparency rules, and consumer protections without stifling the innovation
that makes these stablecoins so powerful.

(25:32):
Progress on stablecoin legislation has been bipartisan,
reflecting a growing recognition across the political spectrum that this technology serves American interests.
Republicans see free market innovation and reduced government intervention bullshit.
Democrats
value the financial inclusion and consumer protection aspects bullshit.

(25:53):
Both parties
understand that maintaining dollar supremacy isn't partisan.
It's patriotic.
Again, AI.
Both parties understand that maintaining dollar supremacy isn't partisan. It's patriotic. It's not x. It's x plus one.
Globally,
stablecoins are already making a profound difference. In Argentina,

(26:15):
where inflation has exceeded 100%
of residents or rather,
where inflation has exceeded 100%,
residents use dollar stablecoins to preserve their savings. And in Ukraine,
oh my god, let's bring up Ukraine. Humanitarian organizations
have used them to deliver aid instantly when traditional banking channels have failed.

(26:36):
Across Africa
and Southeast Asia, entrepreneurs
have access to dollar liquidity
and can build businesses that connect to the global economy.
Each transaction
strengthens the dollar's role
as the world's reserve
currency. The technology community knows what's on the line.
We're all gonna die if we don't do this. That's why companies of all sizes from traditional financial institutions to Silicon Valley startups

(27:04):
want clarity around stablecoins.
They're not asking for light touch regulation or special treatment.
Asking for clear rules that allow them to build in America, serve American interest, and extend American financial leadership
globally.
It's a global force for good, ladies and gentlemen. It's it's like the navy. Right? It's a global force for good.

(27:27):
Meanwhile,
every month that goes by, more stablecoin activity moves offshore where innovation happens outside our borders and more ground is ceded to competitors.
The European Union has already implemented stablecoin guidelines.
Singapore, for the love of God, The UAE,
oh, crap, and others are rolling out entire frameworks to attract this activity.

(27:52):
Dollar backed stablecoins don't compete with the Federal Reserve. Bullshit. They extend its reach. Well, that's absolutely fucking true. They don't undermine
American banking.
Yes. They do.
They create new customers for it. Yeah. They also create completely new banking
people that are going to do the same shit that the old bankers did in the past. Anyway, they don't weaken

(28:14):
financial oversight. They make it more effective through programmable
compliance
and real time transparencies.
Stablecoins are foundational infrastructure,
not ideology.
Passing the Genius Act requires no vast expenditures
or bureaucratic complexity. It simply offers clear rules for American innovation to thrive,

(28:34):
safeguards consumers, and fortifies the dollar's global influence.
The message to Congress is clear.
Don't
let this moment pass.
The world won't pause while America deliberates.
With the genius act, we can ensure that the future of global finance remains
dollar dominated

(28:55):
or denominated
either way,
governed by American
values, empowered
by our unmatched
American
ingenuity.
Alright.
Alright.
Wow.
I'm just saying wow.
Let's
I wanna see something here.

(29:22):
Oh my god. Is she really with the Solana Policy Institute?
I think she is.
Let's see. Let me go and look at something else.
It may just be a matching name.
Yep. No. She's Solana.
Former CEO of Blockchain Association.

(29:46):
And she says k m Smith DC on her Twitter handle, so I can only assume that that means she's firmly
in place in the District Of Columbia, which if you're not
a United States citizen, that's Washington DC, and you probably know what that is.
Wow.
I never thought I'd be this right.

(30:08):
This is where it's going.
This is what we're going to do.
We're going to export
dollars in the form of stablecoin to every country on the face of the planet.
Then we're going to find out that there's just not enough. And the only way that we can get more stablecoin dollar denominated stablecoins out into the market

(30:32):
is to print US treasury bonds,
US Treasury bills, and then sell them to Tether.
And then they will spin up
more Tether, and then they will export that debt. It'll be an instant monetization of the debt.
We won't wait. It'll be instantaneous.
We've never really had that before.

(30:53):
Usually, there's a there's some float time between when the debt is printed
as a Treasury instrument and when the Federal Reserve prints money to actually buy that debt. That's when you monetize debt. This time, it's going to be immediate.
We're going to sell it directly to a nonfederal
agency, which is gonna be Tether and probably USDC at this point.

(31:16):
It is gonna be instantly monetized and instantly transported to the four winds, bro.
Eventually, that shit those chickens are gonna come home to roost, but it could be ten years.
They have they have discovered
the best possible way to kick the can down the road.
I still believe Bitcoin is going to benefit greatly from this.

(31:39):
I mean, I I wish it wouldn't because it's going to hurt a lot of people along the way, but
it is what it is. Just makes you feel dirty, doesn't it?
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(32:05):
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(32:41):
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(33:05):
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(33:27):
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(33:47):
He's got tallow lip balm,
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(34:18):
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(34:42):
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SoapMiner is able to support me so that I can support you. It is the very
beginnings.
It is the nascent. It is Terra Nova
of a Bitcoin circular economy
Because when you buy his soap and you use Bitcoin and SoapMiner knows that you or rather I made the sale to you, and then he gets to make the determination as to how much that sale was worth to him, and then he pays me and Satoshis.

(35:15):
That way, I can continue bringing this show to you on a daily basis so that I can warn you about shit like this
from Decrypt and Liz Napolitano.
Billionaire investor calls no interest stablecoins
outrageous
as key US bill advances.

(35:37):
It's outrageous
that a dollar backed,
dollar pegged stablecoin
doesn't generate interest.
This is what I was talking about at the top of the show.
Talking about a billionaire that doesn't understand the mechanism of what's at play here. Let's get into it. Philippe Lafont
on Thursday

(35:58):
called the idea of a non yielding stablecoin
outrageous,
sounds like he's mad,
as US lawmakers advance a bill that would bar issuers from offering interest bearing dollar peg tokens.
Quote, how in the world is a stablecoin not bearing interest? This is outrageous,
and that needs to be solved, Lafont said at Coinbase's state of crypto event in New York.

(36:21):
These laughable
people.
I
wonder if he wore clown shoes to this one. Lafont, the founder of hedge fund
management,
which oversees about $60,000,000,000
in assets, argued that stablecoins should deliver passive income through simple contracts paying users the the spot rate.
The approval of yield bearing stablecoins has become a flashpoint between crypto lobbyists, banks, and regulators.

(36:47):
Draft legislation,
including the Genius Act, is being heavily lobbied by the industry to allow such tokens.
Coinbase CEO Brian Armstrong publicly appealed to lawmakers in March to include
yield bearing provisions, quote, why is it
that when you put money in the stablecoin,
you get rewards,

(37:08):
just make it a simple contract?
Lafont said Thursday, adding that stablecoins offer just so many use cases, including
flexible yield products.
Crypto firms have pushed for months to win approval for interest generating stablecoins, but
financial regulators argue they could encourage consumers to pull funds from tightly regulated institutions,

(37:32):
you read that as the Dow Jones, and place them with riskier crypto platforms.
Yeah. If that were to happen, you would degrade legacy financial markets.
They don't want that
because it's scary.
It's like that's that's where the real rubber meets the road on the shift to digital economies,

(37:53):
full digital tokenship,
full,
you know, use of digital things like Bitcoin. Now I don't think anybody should use anything other than Bitcoin, but people are going to use Tether. No way around it.
Don't use shitcoins. Okay? Just at least do that for me. Just don't use shitcoins.
But
it's going to come to a head

(38:14):
where people around the world and not just United States investors start pulling their money out of the legacy markets and go into this brand new market.
That's the conversion.
That's the transition, and that is what is causing the most fear from people like the
World Bank, the IMF, Christine Lagarde, cars

(38:36):
Augustin Carstens.
You know, our own people here at home, like Elizabeth Warren, she is so in the bankers' pockets that it's not even funny. This is a terrifying prospect, and we're almost there.
We are almost
there.
The debate escalated
this spring as lawmakers advanced the Genius Act, which aims to establish

(38:58):
regulatory stablecoin framework. And by late spring,
a clause banning yield bearing tokens had gained momentum, casting uncertainty on the industry's efforts.
Stablecoin adoption has surged over the past year. Yeah. They'll and then they give examples of who the hell is using it. We already know who's using it.
Everybody that is having their their fiat currencies completely destabilized

(39:20):
or has already been destabilized. But it but it's okay if you've got a fiat currency that's not destabilized yet. You're in like, you know, an Eastern European country
and, you know, your kroner or whatever is
not terrible.
You just wait.
You just wait. We'll make sure that that shit happens
because we've got to express

(39:41):
democracy
over across the entire globe. And the way we're gonna do it is,
well, we're going to print money.
We're going to start wars. We're gonna monetize debt,
and we're gonna send it and ship it out to everywhere that is not the Continental
United States, Alaska, Hawaii, or Guam, or any of our actual territories.

(40:04):
Everybody else though, you can go get fucked.
That's the way this is gonna work. Hey,
let's run the numbers.
God have mercy.
West Texas Intermediate Oil has gained six percentage points

(40:27):
to clock in at $72.17.
Britton, North Sea up 5.93%
to $73.47.
Natural gas is up 1.6%
to $3.54
per thousand cubic feet. Gasoline is up three
and a half points,
crossing the $2.20
mark per gallon.

(40:48):
Gold doing very well. 1.3%
of the upside
coming in at $3,448
and 2 dimes. Silver is up point 1%, but platinum has lost 5%.
Copper is down a half.
Palladium down one and a half.
Ag is actually mostly green today. The biggest loser is chocolate, 2.6%

(41:09):
to the downside. The biggest winner is wheat,
3% to the upside. Meanwhile, live cattle is down one and a
lean hogs are down 1, and feeder cattle are down almost a full point.
The Dow and the rest of the legacy markets are choking on their own vomit right now. 1.15%
downside for the Dow. That's a 500

(41:30):
loss this morning.
You knew it was gonna have to happen because you don't go to war without somebody, you know, crashing the market so they can buy back in cheap.
They know what's coming. S and P is down a half point.
Nasdaq is down a half point, and the S and P Mini is down three quarters of 1%. Meanwhile,
Bitcoin

(41:51):
coming back, man, a $105,580.
It dipped down to, like, a little bit below
104. I think it was at a 103,500
sometime last night after,
the bombs started raining down upon Iranese.
Anyway,
good lord, have mercy. We've got,

(42:13):
a $2,100,000,000,000
market cap. You can get 30.5
ounces of shiny metal rocks with your one Bitcoin of which there are 19,878,247.71
of, and average fees per block are low
0.04
BTC taking the fees on a per block basis.
There are five blocks carrying 6,000 transactions waiting to clear high priority rates of three

(42:38):
and low priority is also gonna get you in at 3 Satoshis per vbyte.
Meanwhile, we've got a huge spike in hash rate. Ladies and gentlemen, 950
exahashes
per second.
It was at 918
yesterday.
Just
just saying. Oh, by the way, as a reminder,
go to bitcoinandshow.com.

(42:59):
That's bitcoinandshow.com.
Just sign up for the, for the email.
Help me build a customer base with this website. I promise I know it's like there's I'm a one man show, and I haven't been able to actually get into any articles yet, but I am posting
The Daily Show
to the website. If you wanna get notified and help me out with some traffic,

(43:20):
sign up @bitcoinandshow.com.
I don't release your email. I don't sell it. I don't give it away. I don't tell anybody
anything. It's just between me, you, and the fence post
from
oh, man. What was the, the oh, FSB needs a Xanax.
Yes.
The FSB definitely needs to calm down. Yesterday's show of Bitcoin and I got progressively worse with a row of sticks that says LFG.

(43:46):
Sidewalk with 716
says
yodel with five eleven says, how many times was he set on fire if some of the time the kidnappers put it out with urine? LOL.
Paul Cernine 500 says, thanks again, my friend, and keep up the good work. It's really or it really is high time to pull the trigger.

(44:12):
Turkey with 500 said nothing again. It's like it's like me and Turkey are at war. I keep trying to get him to say something. He never says anything. But, hey, I'll I'll take your 500 sats. Perimeter with two ten says win Lambo, win hookers, win crack.
With another two ten, he's no. Actually, that's coming up three times.

(44:33):
Wow. In my in my fountain, fountain.fm
page, it's like that same, same thing has come up three times. I don't know if they're copies
or if, he really gave me 630
sats.
Hopefully, it was the latter. That's the weather report.

(44:58):
Well, here we all are at the part of the show. Welcome
to the part of the news that you can use. Coinbase sees bullish crypto outlook for 2025,
but but but but but flags
systemic
risks
from
leveraged
corporate
Bitcoin
bets. They're talking about Bitcoin treasury companies. James Hunt

(45:20):
from The Block.
Crypto markets are set for
constructive second half of twenty twenty five underpinned by improved US economic growth expectations,
potential Fed rate cuts. Yeah. You know, wait a long time for that one. Rising corporate treasury adoption and greater regulatory clarity according to Coinbase Institutional.

(45:40):
While risks remain, including a steepening yield curve and, of course, potential for selling pressure from publicly traded crypto vehicles,
these appear manageable
for now according to David Duong,
Coinbase Institutional's global head of research,
and he wrote it in a report on Thursday.
Duong
continues

(46:01):
to expect more upside in the crypto market over the next three months forecasting a new all time high for Bitcoin in the half of the year
as macro disruption
from tariffs fades. However,
rising long term yields driven by concerns about deficits could tighten financial conditions and unsettle markets.

(46:21):
Yay.
But
a growing number of public companies
are embracing Bitcoin backed balance sheets
with 228
firms
now holding a combined
820,000
BTC.
And according to Galaxy Digital, around 20 of these,
along with several other holding,

(46:42):
other shitcoins,
are using a leveraged
funding model pioneered by, you guessed it, strategy.
This surge in activity
follows a key accounting shift that went into effect in December of twenty twenty four when new financial accounting standards board's rules allowed companies to report crypto holdings at fair market value.

(47:04):
While corporate adoption is rising, Tuong warned
that the emergence of publicly traded crypto vehicles focused solely on asset accumulation
as their primary goal introduces,
quote, systemic risks.
Many of these firms raise capital through convertible debt to buy crypto,
leaving them vulnerable to forced selling during market stress or motivated discretionary selling that could spook investors. He noted, quote,

(47:31):
ultimately,
we think it's unlikely that the downside pressure posed by either risk would mirror what we've seen with some of the failed crypto industry projects in the past.
most of the debt from these entities will ultimately not mature until late twenty twenty nine
to early twenty thirty based on our inventory of outstanding debt across nine entities,

(47:54):
suggesting
forced selling pressure is not a concern in the very short term.
Moreover, so long as loan to value
or LTV ratios stay reasonable,
we believe that the largest companies are likely to have access to refinancing
methods that may help them navigate the situation
without necessarily liquidating the reserve holdings.

(48:17):
However,
the outlook could change as debts mature
or more firms adopt leverage strategies, Duong acknowledged.
With no standard funding model in place,
tracking risk is challenging, but corporate interest remains high,
and market saturation has not yet been reached.
Pausing just to ask the question, how do you know? What metric are you using,

(48:40):
anyway?
Hence, the accumulation trend still has room to grow in the second half of twenty twenty five.
So even Coinbase
is starting to raise some red flags.
So the question becomes, is this a narrative that's being promulgated
by mainstream,

(49:00):
quote, unquote, crypto media,
or is this an actual organic concern?
And it's kinda hard to tell, but I'll tell you what my gut says, it's an organic concern.
And only because we've never seen anything like this before.
We've never seen anything even remotely approaching
what this thing looks like. So

(49:21):
clearly, there's going to be some fear, some real fear,
uncertainty, and doubt.
There's only one way to move here, ladies and gentlemen, and that is forward.
Well, unless you're one of the strategy directors
who I I maybe he read the article from Coinbase and decided to just punch out

(49:41):
because strategy director liquidates
100%
of his strategy shares. This is Atlas twenty one, by the way. Carl Rickerston
or Rickert yeah. Rickertson
completely exited
his position in strategy as insiders sell $864,000,000

(50:02):
worth of stock.
As reported by Carl Rickertson,
a member of Strategy's board of directors, has fully liquidated his entire shareholding
for over $10,000,000.
Rickerson's
decision to completely
exit his strategy position marks a sharp shift from his previous investment stance.

(50:24):
In 2022,
the executive had shown confidence in the company by investing
700,000
in strategy shares.
On June
2022,
Rickardson purchased $608,000
worth of MSTR stock at a $152
per share.
Since then, the stock has rallied a 152%.
However, by 2023,

(50:45):
the director had already sold half of his 4,000 share position.
Rickardson's approach to managing his holdings has become increasingly aggressive in recent years.
Since joining the board in 2019,
he has adopted a strategy of immediately liquidating
any stock options received.
One example of this tactic occurred on June when he acquired and then sold

(51:10):
26,390
strategy shares on the very same day. As of June,
Rickardson reported zero,
zero vested strategy shares,
marking the end of his equity involvement with the company.
Rickardson's situation is not an isolated case within the company's strategy.

(51:32):
Data from the Securities and Exchange Commission reveals a controversial picture.
According to information gathered by secform4.com,
over the past five years,
total insider sales have exceeded purchases by $864,000,000.
This imbalance in insider transactions could raise questions about executives' confidence

(51:55):
in the company's future.
I don't I'm not privy to how
any particular company handles their board of directors.
But if I were to see
if I was
CEO of a company that had a board of directors and I saw this kind of activity from one of my directors,
that motherfucker goes out the door. I'm sorry. Even if he's completely correct, it sends a bad message to the rest of the world. This is a bad message for strategy.

(52:24):
You got insiders in strategy basically selling out. Yes. I told you on several occasions that strategy has always been well, not always been, but for the last few years in anyway,
essentially a zombie company
whose hail Mary of buying Bitcoin has actually worked in the company's favor.
But

(52:45):
if I
really believe the way Saylor believes, if I like, if I'm Michael Saylor and I'm watching this entire thing,
my attitude would probably be like, look.
We were we were never gonna be able to continue to compete with Oracle and SAS
as business intelligence
software,

(53:06):
software, you know, producers.
We had to do this. We had we didn't have anything else in the pipe. We don't build rocket engines. We don't build jet ski boats. We don't build any of this crap.
The our one product
is basically everybody uses Oracle and SAS.
That's what people use. They don't use strategy stuff.

(53:27):
So, of course, they were gonna do this. It's worked. So if I'm Michael strategy or yeah. If I'm Michael strategy, if I'm Michael Sailor, I'm like,
you know, it worked.
Now we can do something else.
And and then I have to look at my board of directors basically saying I have zero confidence.
I've got other executives in my company says that it's clearly telegraphing. I don't have much confidence.

(53:51):
Well, then it's time to clean some house, sailor.
I I mean, again,
I'm
not fanboying
sailor here. I'm just saying that if if this was my company, I would be cleaning house
of people that showed publicly
no confidence in me or the company.

(54:11):
It's not that hard.
This is not that hard. I mean, it's like,
are they correct?
Maybe.
Is that what I'm getting at here? No.
This is the public perception of your company, which is going to feed into your to potential investors
thoughts about your company. And if for whatever reason they start seeing people jump ship, they're not going to have that much confidence in your company, and they may very well sell their shares too.

(54:39):
And you don't want that.
I I expect at one point or another there to be some fairly serious housecleaning
over its strategy. If they don't, it's gonna cause larger problems.
But let's move on to the Stratum v two.
Apparently,
stratum v two increases profits by 7.4%.

(55:03):
This is out of Atlas twenty one, by the way.
The new study
conducted by Hash Labs in collaboration with
the SRI
or Stratum v two reference implementation
team,
and figures like Matt Corallo, Alejandro de la Torre, and others reveal how the Stratum v two protocol can increase miner profitability

(55:24):
compared to the Stratum v one standard that has been in place for over a decade.
Speaking at Atlas twenty one, Gabriel Varnetti, Stratum v two maintainer, declared
or speaking to Atlas twenty one. Quote, this is the case study that demonstrates how much Stratum v two can help miners as well securing and increasing their profits in addition

(55:48):
to the rest of the network. It's just a study aimed at demonstrating
how decentralization
can be aligned with the profit dynamics typical
of the mining sector.
In the future, we will focus
on the benefits for mining pool operators
who can benefit from the protocol's efficiency to lower their operating costs.

(56:09):
The feedback has been very positive, and this study was a joint work with various market players,
including miners and mining pool operators.
As SRI,
we want
to continue working together with the entire community,
that has done, in this case, becoming a reference point for all actors interested

(56:30):
in innovating the Bitcoin mining field. And that was a long quote, but that's the end of it.
The research
based on controlled tests with two identical
ASIC s 19 k pros
with stock firmware
demonstrates that Stratum v two can increase net profits by up to 7.4%.

(56:51):
For an industry that often operates with 10% margins,
this could represent a substantial competitive advantage.
The v two protocol
reduces various inefficiencies
that plague the current system.
The latency in block switching, that is the waiting time created when a miner must change block templates after a new block has been mined on the network,

(57:13):
goes from three hundred and twenty five milliseconds to just one point four milliseconds.
Wow.
A speed 228
times higher.
This translates to about four point nine hours of completely wasted hash power less
every year.
Another problem of modern mining concerns,

(57:36):
state shares. A proof of work that aims,
or rather arrives too late to be remunerated
often due to network latency or inefficient communication. However, not all stale shares
was it stale? Yeah. Sorry. Not state shares. Stale shares.
Not all stale shares depend on inefficiency problems.

(57:58):
On average, about 2% are rejected for expected reasons, such as when they when the share doesn't reach the minimum difficulty required by the pool,
and this value is considered
normal in the sector.
The remaining 98%
instead
is caused by avoidable delays.
With Stratum v one, miners lose between point 10.2%

(58:20):
of their compute power,
and Stratum v two with job declaration completely eliminates this waste, provided that the miner and the pool node
have the same level of connectivity.
This step could translate into a net profit increase of up to 2%
by fully adopting Strata v two with job declaration.

(58:42):
So seven
point
what is it? What what did they say?
What the hell was it? 7.4%
profit increase
on
a industry that only has 10% margins.
This may very well be the number that everybody was waiting for in the mining industry sector

(59:03):
to jump into Stratum v two.
So
I think what's going to happen here is you're going to see
huge miners
start really testing Stratum v two hard, and I'll bet you by the end of the year, we see 60%
of all mining being done on the Stratum v two
system, and this is good. I like Stratum v two.

(59:26):
I like everything that I've read about it. I've listened to multiple hours of of podcast about the technicalities
of this thing. It makes a lot of sense, and it puts a lot.
It's especially puts a lot of power in the
the hands of individual miners that are really small players

(59:46):
and not allow one massive mining pool to dictate to all the miners in that pool
what the template is going to be, because Stratum v two allows
each individual miner
to not only go to whatever pool they want damn near instantaneously,
but you can pick your own mining template.

(01:00:07):
This is good for the industry.
Now,
finally today, Flash launches a free Bitcoin invoicing tool.
I like free. This is by Leon out of lightning news. Flash,
The all in one Bitcoin payment platform just launched Flash Invoicing.

(01:00:28):
The invoicing tool for Bitcoin that is completely free
and
non custodial.
It's KYC
free and fully integrated into a professional grade business suite.
Freelancers,
contractors,
and independent workers can now send professional Bitcoin invoices with 0%
platform fees,

(01:00:48):
no identity verification,
and no party custody,
a in the Bitcoin ecosystem.
And according to DEEL, d e e l,
crypto payments to freelancers
grew 10 x
in 2023
with Bitcoin remaining the most used currency.
But despite the surge, the tools available for invoicing remain outdated.

(01:01:12):
Most freelancers still paste Bitcoin addresses
into PDF footers or emails,
hoping their clients send the right amount. Others use custodial platforms that charge high fees and require full identity verification.
Quote,
we've seen too many people paste BTC addresses into documents and call it invoicing,

(01:01:34):
said Pierre Corbin, CEO of Flash.
Quote, it's messy,
reduces privacy,
and is very inconvenient both for the payee
and the payer, he explained.
Most Bitcoin invoicing tools charge a percentage per transaction
or
lock users into subscription plans.
That means freelancers lose a portion of every invoice just for the privilege of getting paid.

(01:01:59):
The other option
is host
open source invoicing tools
or use a Google Sheet template. While the former requires a hardware investment,
the latter locks
lacks ladder lacks functionality.
Flash Invoicing is aiming to provide a better solution to address the invoicing needs
for modern businesses and freelancers.

(01:02:21):
Quote,
freelancers
work hard enough.
The last thing that they need is a platform skimming off of their earnings, said Pierre.
Quote, that's why we've dropped our fee
from 1.5%
to 0%
and launched the invoicing tool that's truly free without compromising on privacy or control.

(01:02:41):
As a freelancer myself,
I love using the flash invoicing feature. It keeps all of my clients in one place, allows me to easily edit invoices and track payments
much more professional than sending a lightning address
in the footer of a PDF invoice.
Whether you're a solo designer in Nairobi, a web three developer in Buenos Aires, or a consultant

(01:03:04):
billing startups in Berlin,
Flash invoicing gives you a way to accept Bitcoin without giving up control, privacy, or revenue.
And because it's fully integrated with the broader Flash suite,
freelancers can easily scale from invoicing to setting up stores, receiving donations,
and gating premium content.

(01:03:25):
So
Flash seems to be a non custodial k y c free Bitcoin payment platform
that's built for all these people that they talk about.
I've never actually heard of Flash. I may have and I just I'm just like misplacing that memory or something like that. But
you got you always need to ask yourself the question, if it's free,

(01:03:48):
how do you
generate revenue so that you can pay your bills?
They got to pay their people. People have to eat. I mean, this is
you always need to see that
no matter who's doing what, where
you've got to pay for electricity
unless you want to, I don't know, freeze to death. You gotta pay for food if you want if you don't want to starve to death. You gotta, you know, there's shit people have to pay for. So when you get a service that says we don't charge anything,

(01:04:18):
it's always prudent to ask the question,
then how are you feeding yourself?
What is it that you're doing
for me that's generating you money so that you can go eat?
Not buy Learjet, not get the Lambo, not be richest snot. No. No. No. Just
eating.
Right? So it's not that I immediately

(01:04:40):
discount this this flash announcement,
And it's not that I think that they're doing evil. I don't know. I've
I've no idea.
But
I do like this notion of
invoicing for plebs.
I really like Zap. Right. But they charge a fee.
And like for me, I don't make enough money on this show

(01:05:04):
to eat the fees on that. If I did,
you damn right. I would be using Zap right all the time. I love that tool, but they charge a fee.
And right now, it's just not something that that I that I'm interested in at that price versus my revenue, which is not much.
This show is a labor of love. It's not it's certainly not buying me any Lambos or football teams. That's for damn sure.

(01:05:30):
Sure. That said,
I might look into this.
I really I really might check this out. I really went away because the thing see, the thing with the circle p is is that a lot of people really like the concept,
but it is kludgy.
And there's no real way for me to invoice the people that are in the circle p because

(01:05:53):
it's up to them to pay me what they think they owe me if and only if I made a sale, and there's no way to track these metrics not only from my side, but from the Circle p vendor side. And one of the things that Circle p is not supposed to do is create more work for the vendor. They've got enough shit going on. That's one of the whole pieces of that pie.

(01:06:17):
And what I've been looking for is how would I leverage the concept of invoicing
inside the circle p
for myself and my vendors to keep track of what's going on without creating
a mess?
Maybe Flash would work. Maybe I'd figure out a way to leverage it to do something like that.

(01:06:39):
You know, I've always wanted a situation where,
like, there was, like, two like, let's let's call it this way. Just just envision this.
What if on Nostra there was two buttons? One for zap and one for a zap invoice.
The zap invoice button, somebody like SoapMiner, if you bought, like, if you're gonna go buy some soap from SoapMiner today, and please do,

(01:07:02):
that way we could maybe test this.
SoapMiner
says, hey, I got got 10 say I got 10 separate sales from from the circle p today. I need to send,
none of you been to some some money. I need to send some money back over to the to the Bitcoin and podcast,
and he decides that he wants to use
the invoice

(01:07:23):
zapping button on Nostr
that's on my profile in Nostr.
And then it just gives basically hits the button, and it says, how much do you wanna pay him? And then there's, like,
maybe two other lines
of information, and he can say, you made 10 sales in in one of the information lines or,
some something else. Just something for me and him to keep track of it. And then when he hits the button,

(01:07:49):
not only do I get paid directly to my lightning node because that's my address that is in inside the embedded button,
but I get, I don't know, maybe a direct message in Nostril or maybe I've got it set up where it emails me or some other way that I get a hard copy of that invoice
that I can use for whatever purposes I wanna use it for.

(01:08:10):
And
SoapMiner
gets a copy of the exact same invoice
sent to wherever the hell SoapMiner wants to sell it to or send it to so that SoapMiner can do with whatever the hell he wants to do with that copy of the invoice.
That's what I'm looking for, and it does not exist.
So if there's anybody out there that would like to code that up or take a stab at maybe vibe coding,

(01:08:37):
that would be an interesting nostril button to have. It would also honestly, it doesn't even have to just be a nostril button. What if it was a button that I could embed on the Circle p website
so that all SoapMiner would have to do is go to
the Circle p website, click it, you know, and and click the button says, you know, pay invoice,

(01:08:58):
And then he gets to decide what that invoice is all about. How much stats are in there? What it's for?
The date would automatically be time stamped, so he wouldn't even have to do that. The time of day would automatically be time stamped, so he wouldn't have to do that.
Hits the button, puts in the like two or three pieces of information and boom,
he's generated himself a payment invoice. And I've got myself the same payment invoice.

(01:09:23):
It would be really useful to have this as just an embedded button. And we could do it for Doster. We could do it for websites. We do for all kinds of cool shit.
But if something like Flash was on the back end powering that,
dude, that would solve that would literally solve my problem. The only thing I would have to do is get my Circle P vendors to actually use it.

(01:09:46):
There's always gonna be a catch.
Maybe I'll figure it out. And if I do,
I'll tell you about it when I 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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