Face Invaders | Bitcoin News

0:00It is 8.53am, Pacific Daylight Time. It is the third day of September, 2026. This is episode 1386 of Bitcoin and Crypto Capital of the World is what the SEC says we're gonna be because he expects the clarity act to pass this month. That's okay, we're all saved. Woohoo! And then we're saved again because the yen isn't as bad as I guess I thought it was. The yen is surging now. Surging. So again, we're all fine. Invidia is gonna buy hugging face. They apparently the agreement has been struck. It is no longer a rumor. Invidia is going to be buying hugging face. So this should be interesting. And then Michigan judge flat out bars, CalShi sports betting. And I love this one. Threatens of $500,000 a day fine. So yeah, we'll see what

1:07the SEC and the CFTC have to say about that one. Second part of the show. When banks don't work, Bitcoin does. And that is the estimation out of Cornell University. And if you don't know what Cornell University is, you will probably buy the end of this episode. Let's just say it's an Ivy League college. Been around for a long time. Very well respected. Just saying there. Now, so five and payward. Agreed to link banking networks with cracking infrastructure. So cracking, basically getting the main line into the banking system through so five and payward. And then we're gonna end with sell your altcoins. Don't wait and don't be last. Yeah, that'll end this up. So crypto capital of the world. The SEC, chair expects clarity act to pass this month. Matthew

2:09DeSalvo, Bitcoin magazine, gonna kick it all off this Thursday. Wall Street's top regulator is that he expects the long awaited clarity act will get passed this month. And the United States will be on track as the crypto capital of the world. Speaking to Fox Business on Tuesday, securities and exchange chairman Paul Atkins confirmed that the regulator was pushing ahead with rules to help the crypto industry. Pro crypto law makers had hoped to pass the clarity act before Congress broke for August recess, but the vote slipped to December. The bill will establish a framework for distinguishing between digital assets that are securities, commodities and stable coins. Quote the clarity act will be voted on in the Senate on the 15th of September. I anticipate and hope that it will be passed by the Senate and sent ultimately to the president's desk for a

3:14signature at consent. And then he added this, we're changing the past approaches to try to update and modernize rules in the age of blockchain and crypto assets. In quote, well, despite a vote on clarity act being delayed, regulators like the SEC and the CFTC have said that they're still going to proceed with trying to shape crypto policy through rulemaking. Last week, the SEC sent a proposal to the White House aiming to clarify the framework for the custody of crypto assets for investment advisors and companies. And despite being passed by the House of Representatives last year, the clarity act has been in a deadlock for most of this year after the banking lobby clashed with lawmakers and crypto businesses over whether platforms like Coinbase should be able to pay customers yield. Some lawmakers have sought to change wording in the bill regarding ethics and

4:15a new bill started to circulate in July and the draft Bands government officials from promoting and making money from crypto. But other Democratic lawmakers said that it still fell short a number of pro crypto Republicans accused Democrats of deliberately playing politics and delaying the bill. Of course, you're playing politics. That's your job, your politician. What else are you going to do? I mean, if you're going to be a scumbag in name, you might as well be a scumbag through acts. Let's go on to the end. Let me just say it. Let me just say it this way. It has been the case for the recent past that the end was plummeting against the dollar, but but but but but but oh my god over the last two days. My how the fortunes of change, the end is now surging and it's helping Bitcoin at least for now. Coin desk, James van Stratton, right in this one.

5:18Something interesting is happening in financial markets today. The Japanese yen is now rising across the board, yet Bitcoin and gold are trading higher as well. Contrary to the conventional view that a strengthening yen is a risk off signal. The reason seems rooted in the yen's impact on the dollar index. The dollar yen pair, one of the most heavily traded globally is dropped by 1.4% to $156.40. Extending Wednesdays, well actually $156.4 yen per dollar. Let's say it that way. Extending Wednesdays, 0.9% drop according to data source trading view. These are big boos for a major fiat currency like the end and it is leading to broad dollar based weakness. For instance, the European rather the euro USD, the great British pound USD and the AUD USD pairs are all trading

6:19slightly higher on the day. The net effect is that the dollar, the DXY, which measures the greenbacks value against the majors has dropped by 0.4% to 99.22, testing its average over 200 days, which is used by traders to gauge longer term trends. Now should this level break? More pronounced dollar selling could follow given the average is widely tracked by traders worldwide. It is a self-fulfilling dynamic. A weaker dollar is typically supportive of USD-denominated assets like Bitcoin and also eases financial conditions worldwide, which leads to more risk taking in both markets and the economy. On the contrary, a stronger dollar is seen as a headwind for Bitcoin. The yen's latest strength is pressuring the DXY and for now supporting Bitcoin and gold. That dynamic could reverse quickly if the yen's rally accelerates. The reason? For over a decade,

7:28traders have taken cheap, yen-funded bullish bets in stocks, bonds and cryptocurrencies, and those unwind if the yen surges in a disorderly way. For an investor's who bought Japanese stocks on the back of a weekend may sell. And at the same time, Japanese traders who use cheap yen to buy overseas assets may liquidate. Both could lead to risk aversion. A rapidly strengthening yen has previously weighed on Bitcoin in the past, most notably during the unwinding of the yen-carry trade August 2024, when Bitcoin fell 20% within a couple of days. Whether the yen continues to rally in an orderly or disorderly fashion is anybody's guess. But the path of least resistance looks higher. With traders now pricing a greater chance the Bank of Japan raises rates from 1% to 1.25% at its September 18th meeting. And besides, authorities are actively

8:34looking to steer the yen higher. Earlier in August, the US and Japan reportedly intervened to counter disorderly yen movements and support the weekend in currency. And that's the end of the article. But we didn't really get the kind of confirmation that I would have expected from that whole United States and Japanese bank intervention. I would have thought, here's exactly what we bought, here's exactly what we spent, here's exactly what days it was executed, this is what the deal looked like. No, I didn't get any of that. I just got a US treasury is going to step in and save the Japan. And that was pretty much all heard about it. Now there's speculation that that didn't do dick. And I actually tend to agree more on that side of the fence than, oh yeah, with all of our problems are solved. But it seems odd that we've seen the, you know, I, well, okay, the yen

9:37weakening over the last couple, you know, last week, week and a half after the treasury made that statement. Sorta was like all the bait that anybody needed to come out and say, yeah, it shit didn't work. But we're seeing more order in how the yen is rising against the dollar over the last day and a half. So we really don't know what that intervention has done. How long, if it has done anything, how long will it last? Will, will it be able to weather other macro, or, you know, geo political macro economic risks or events? Who knows, man? Right now, though, over the last, you know, what, 18 hours, the yen is, is beaten back the dollar. So who knows, it'll be interesting

10:37and then we've got Nvidia on deck. Oh, this whole quitting vaping thing sucks, by the way, just so, just so that you've got to remind you there. Nvidia buys hugging phase for 12.9 billion dollars in push into AI software. Nvidia has agreed to buy hugging phase. So that's the, what's going on here? Nvidia definitely no longer a rumor, no longer word on the street. Helen parts has the story right here from coin telegraph. Nvidia has, has agreed to acquire hugging phase for 12.93 billion dollars extending its reach into the software and tools, developers used to build artificial intelligence. The chip maker agreed to acquire hugging phase, which serves more than 18 million developers, host three million different models. Nvidia CEO Jensen Huang or Jensen Huang said in

11:44the Thursday announcement, three million models. Really? Holy crap, we're in trouble dude. Quote, hugging phase will remain an open platform for the entire AI ecosystem. Huang said adding that developers will remain free to choose their models, the frameworks, cloud providers and compute platforms. Now the deal gives Nvidia control of a major platform for AI models as technology companies increasingly compete across chip software developer tools. Nvidia hardware will not be required to build or deploy through hugging phase Huang said. While Nvidia already publishes more than 500 models and 250 open data sets on the platform, hugging phase will continue supporting models from other developers as well as multiple cloud and accelerator providers. The companies have also worked together on AI infrastructure and development tools giving Nvidia an established relationship

12:48with hugging phase before the acquisition. Huang said Nvidia's infrastructure engineering and global reach could help improve hugging phases reliability, safety, model evaluation, inference and deployment capabilities. So Nvidia is going to pay about $11.9 billion to hugging phase investors and offer up to $1 billion through an equity-based retention program for employees who join Nvidia Reuters reported on Thursday. The transaction is expected to close in 2027, the financial times reported and Nvidia's announcement did not include or specify the regulatory approvals required for the acquisition or provide a more precise closing date. Quote telegraph approached Nvidia for comment on the reported employee retention package, expected closing timelines and regulatory approvals, but of course did not receive any response by time of publishing. The acquisition comes about a month. After hugging phase disclosed a security

13:54breach involving an autonomous AI agent that gained unauthorized access to internal data sets and service credentials, the company said it found no evidence of tampering with public models, data sets or applications however. So there you go. Done deal. $13 billion. I'm sorry I'm drinking coffee here because it's the only way I can keep my mind straight. Nicotine withdrawal sucks. $13 billion. Think about it. $13 billion to a lot of us sounds like a lot of money and it is. It's not kid ourselves. $13 billion to Nvidia and to Microsoft and to Apple and to Google or Alphabet or to Meta adds chump change. And nobody was watching this except Nvidia apparently because Microsoft could

14:55very easily bought hugging phase and threw it together with LinkedIn and GitHub I suppose and figure out some kind of weird monstrosity or abomination to let walk around. But no, no they weren't they weren't watching it and Meta met a what and watching it. They weren't really looking at it. So here comes Nvidia with chump change as far as as like the top 10 companies in the world are concerned. Chump change. And buys probably one of the more important infrastructure or situations for the future of artificial intelligence that there is. How do you miss this? If you okay look I could I could definitely imagine if if hugging phase was saying dude we're not touching we're not touching any offer unless it's north of $55 billion then I would have then it would have made sense for

15:56nobody to actually move on anything until the very last moment but 13 billion to these guys the hell's going on over there there should have been a fight. I don't know it seems to me there's something in my gut that basically says it's it's not that something's wrong about Nvidia buying hugging phase it makes sense it just feels wrong that they got away with it without having to fight at all anybody like no counter offers no nothing just sure go ahead and buy one of the more important pieces of infrastructure for artificial intelligence while we're working on the largest technological build out that the world possibly has ever seen yeah sure go ahead man we're fine we're fine over here with our bullshit what Siri at Apple are crappy ass I don't even know what is it Gemini for Google whatever it is for meta and oh oh Microsoft and I can't even remember

16:58their AI thing their name the clean not clean spark what the hell am I saying there's a name for it you guys know what it is my wife uses it I don't know it's it's awful so yeah this this it made sense for them to basically sit on their thumbs when they could easily pony it up 13.5 billion dollars to beat Nvidia's bid so you got to ask yourself why don't they care more what what is it about hugging face that doesn't matter enough that's where I'm sitting because I may be absolutely completely wrong maybe hugging faces and as much of a big deal for the infrastructure of AI as we think it is or that we've been told it is and maybe that's why nobody but Nvidia actually gives a shit about picking this thing up I'm definitely going to be watching it though meanwhile I'm going to be washing my hands of everything and I'm going to be doing it with soap miner at soap miner dot com that soap miner dot com handmade talo soap get yours today because he takes Bitcoin

18:03because if he wasn't taking Bitcoin he certainly wouldn't be in the circle P it's where I bring plebs just like you with goods and services to other plebs just like you who want to buy said goods and services if you need hand soap you can't do better than 100% grass fed beef talo based soap from soap miner dot com he's got cedar wood talo soap rosemary he's got tea tree talo soap he's got pine tar lemon grass orange clove lavender tea tree peppermint uh Earl Gray redacted and all kinds of other stuff he's got deodorant he's got I think he's got a lip balm out here as well too every single bar of soap last a month for a family of four dude I proved it myself because it takes me a month to get through one of this guy's bars of soap so eight bucks will go a lot further than the one dollar and fifty cent bar of ivory spring that you get that melts away and

19:04actually leaves chemistry all over your body because there's only three ingredients in soap miner soap is water 100% beef talo and lie that's it and oh well unless he's got some coloring which he uses like sand for or he's got you know uh since like rosemary sent that kind of shit right I mean other but it's all natural you're not going to get any parabens or anything that that freaks you out go to soap miner at soap miner dot com that soap miner dot com use code bitcoin and you will get 10% off of your total purchase Michigan oh boy Michigan judge bars Calche sports bets threatens a half million dollar a day fine decrypt dot c o steven graves a Michigan judge has ordered Calche to stop stop stop stop stop offering sports wagers in the state and pay 500 000

20:05dollars every day it fails to geofence Michigan residents under an order signed on Tuesday I'm already got I got a pause because the way this is written now I'm stumbling all over this every day it fails to geofence Michigan residents our residents are animals and Michigan is a zoo and you are absolutely responsible for fencing all of the the the godless scum that we call our citizens back behind defense it's this kind of language that disturbs me every single time I hear this kind of shit at the star scene now I don't know if this language is coming directly directly out of steven graves interpretation of the situation or if the Michigan judge made enough of an inference to geofencing Michigan residents that it makes sense for steven graves to say this either way when

21:11when I look at people and I start thinking about fencing and I'm not talking about keeping people outside of borders that's that I'm talking about your own citizens dude oh well no we got to fence them in there's something about that language that is ultimately very disturbing try not to use that kind of language with each other when we're talking about our brothers and sisters please Ingham County Circuit Judge Rosemary Aqualina wrote that Michigan and it's most vulnerable residents face immediate and irreparable harm from Calhiss sports betting operation masquerading as an investment opportunity honestly I can't disagree with this Michigan requires bethors to be 21 the order notes while Calhiss she takes them at 18 Aqualina also found the exchange sidesteps the patron protections in Michigan's regulatory framework undercuts funding for schools compulsive gambling prevention and first responders are not representative and it

22:13deprives tribes of revenue while ignoring their sovereignty I don't know how it ignores their sovereignty but okay anyway the injunction bars Calhiss from accepting deposits from anyone in Michigan from advertising through apps push notifications influencers affiliates and or paid placements and from allowing account creation or funding by state residents products quote functionally similar to sports betting are also caught including parlay's money line in game and proposition bets compliance runs through a third party geo location provider licensed by Michigan gaming control board and capable of meeting the board's geo fencing specifications within three business days Calhiss must send the order to every future commission merchant that offers it sports contracts along with contract details for Michigan lawyers and it will not be held liable for what the firms do next

23:18attorney general Dana Nestle sued in March under Michigan's lawful sports betting act arguing Calhiss residence bet on sports under the guise of trading event contracts Calhiss moved the case to federal courts and lost returning it to Ingham county a temporary restraining order followed in June and both sides asked the judge to rule at an August 17th hearing Calhiss defense team includes Neil Cateal a former acting US solicitor general nestle said that the order protects residents from what she called Calhiss predatory unlicensed practices Calhiss has fared worse in state courts than its federal regulator has a Washington judge ordered it to drop most markets there in August days after the CFTC used emergency powers to keep it trading the CFTC is sued nine states over the very same questions starting with Illinois, Arizona and Connecticut and then onto Wisconsin and

24:23then on the Minnesota within hours of the band taking effect. President Donald Trump has called state officials who oppose prediction markets scum he called them scum you are not allowing people to bet money on stupid shit your scum anyway the Michigan order stands until a final judgment in the case is held handed down 500,000 dollars a day every single day if any Michigan resident successfully has an open contract bet on Calhiss. So here's my question if I'm outside if I'm a Michigan like born and raised in Michigan I'm patriotic I'm doing all that shit but I got a gambling habit if I make the bet outside of the state the entire state of Michigan if I go over to I don't know

25:29North Dakota or let's say down to Ohio somewhere I don't know wherever whatever states border fucking Michigan right so if I walk across the state line but I'm a born and bred Michigan and I have a Michigan driver's license and I have a home in Michigan and all my shits in Michigan except for one bank let's say one bank that I use to make this bet that is not a Michigan state bank let's get that one straight to you is Calhissian violation is Calhissian violation of this and if I walk across the border back into Michigan and the bet is still open is Calhissian on the hook for 500,000 dollars a day starting from the day that I walk over the border or or is it just because I'm a Michiganian and I could be and I don't know Idaho or Texas or something like that and make the bet is Calhissian on the hook because I'm from Michigan what is geofencing Michigan citizenry actually mean

26:36and that's not said in this article and I haven't heard anything you know more definitive than yeah you can't make these bets Michigan literally that's what I'm hearing so if anybody's got an idea on how geofencing works for it under these circumstances you know let me know let me know that would be nice meanwhile we'll we'll run the numbers CNBC features and commodities whoo who breaking the Dow jump 600 points we're all saved meanwhile Brent nor C is down point one four percent to 95 50 a barrel west Texas intermediate is up the third to 91 28 natural gas down 2.2 to two dollars and 89 cents per thousand cubic feet gasoline sideways at three dollars and 10 cents gallon merbon crude also sideways at a buck oh six a barrel

27:40all your shiny metal rocks are doing very well today playdeam is up 5.8 percent gold is up 2.8 to 54 41 platinum is up 4.19 percent silver is up 3.4 to 67 69 and ounce and copper is up 0.85 percent ag look and pretty rough today only two in the green lumber is the biggest winner 0.98 percent to the upside biggest loser appears to be sugar 3.4 percent to the downside live cattle up 2.2 percent feeder cattle up 2.16 percent meanwhile pork having a bad day lean hogs down two thirds of a day of a point s and p is up almost a full point Nazdaq and Dow are both up a row of sticks 1.11 s and p mini is up 0.58 percent so again we're safe yay oh dude dude Bitcoin 80,830 bucks

28:48that is a 1.62 trillion dollar market cap and we can now purchase 17 point note just clicked 18 ounces of shiny metal rocks with our one Bitcoin of which there are 20 million 78,954 in one quarter of average fees per blocker nominal there's about 32 or 42 blocks carrying 90,000 unconform transactions waiting to clear high priority rates 3 sets per fee by low parties will get you in at one hash rate 9.11 same as it ever was and that is way more safety for the Bitcoin network than I would actually ever need a reminder go sign up at Bitcoin and show dot com that's Bitcoin and show dot com to website for the Bitcoin and podcast give me your email and I promise you I will not do anything to you or I will not give your your data away and you have the chance to give me 50 bucks for a year just to say thank you I enjoy what you're doing I

29:53want to support your show this is the way that you can do it in fiat currency or you can do five bucks a month your choice I've got two tiers or you can sign up for free I mean even the sign up so because you know if they're free for you and it causes something to occur in I don't know the Google and AI algorithms on searching so you make that determination for yourself now from yesterday's episode of Bitcoin and Kim Chi snack pack I've got Paul sir nine with fire says thanks for another insightful and informative episode good luck with staying dry and ditching vaping I'm keeping my fingers crossed as for nicotine it's not addictive according to my knowledge what's addictive is the myriad of other components mixed into cigarette tobacco and he went off the page let me see if I can pick it up on the way that fountain dot FM has been doing their stuff lately I yeah let's see

30:54what's addictive is the myriad of other components mixed into cigarette tobacco and vaping fluids nicotine even helps blocking spike proteins from docking two cells now that I have her so your nicotine patches will have a doubly positive effect I'm looking forward to meeting your new self on the other side Paul the thing about it is is that you're wrong you're wrong you're wrong nicotine is addictive in fact it has the same kind of addiction that heroin does half now the good thing about nicotine addiction and versus heroin addiction is that it won't kill you it's just really fucking annoying because you're just constantly going I give me give me cigarette or give me vapor something like that and there's a lot of oral fixation about it too and I'm not I'm not dismissing what you say about the over six hundred different chemicals that are added

31:55at yes added there's a whole myriad of chemistry and biochemistry and tobacco itself you're talking about millions upon millions upon millions upon millions of separate compounds but no that's not enough we got to add six hundred more because you know hey that's what we do but nicotine itself is actually addictive it's very addictive but like I said it's not like heroin where the addiction can actually kill your ass well I guess it will kill your ass if you're smoking like you know four packs of cigarettes a day for like 57 years and you end up with lung cancer but that's not nicotine the nicotine doesn't cause cancer it's all the rest of the shit that causes cancer I just know let's move on Nick does with 270 says cheers rev hotdle with 121 says proof of 40 HPW check out the leaderboards at only boost dot social that's only boosts dot social only boost dot social thank you sir noster gang with 101 says good luck I'm so addicted to my vape yeah honey I hear you

33:01woo it's kind of nasty and local bitcoins wants a shout out says let's see just boosted four sats oh okay well I guess they don't really want that much that's probably an automated shout out anyway whatever that that's what the report so welcome to part two of the news that you can use when banks don't work bitcoin does Cornell University's adoption index Matthew DeSalvo writing for bitcoin magazine a lot of people I've heard a bitcoin but even among those who hold it knowledge is pretty shallow so though for those holding the leading cryptocurrency it does appear to be solving a problem for them and that would be getting around failing banking rails or inflation now that's according to new findings from the us ivy league research university Cornell which spoke to nearly 26,000 people

34:06around the globe about about bitcoin let me pause right there that for a survey for any kind of research on on human population 26,000 individuals is a massive sample size which tells me automatically that Cornell spent a lot of money I mean probably a surprising amount of money that you would not expect to be spent on something like a survey but 26,000 different people tells me how serious they're taking this it's not like oh the we asked 100 students on campus that's bullshit we asked a couple of people over there at the VA that's bullshit we asked 26,000 people around the globe in different countries from different walks of life all of a sudden I start becoming very interested about why they're doing this why are they so

35:10interested maybe we'll find out in its new bitcoin adoption index report the top college found that El Salvador Venezuela in Nigeria were the countries that had the highest number of people who had ever owned bitcoin quote ranked by the share of all respondents who have ever owned bitcoin the leaders are not wealthy financial centers they are economies where the national currency has been unstable and everyday access to dollars or reliable banking is hard the report reads quote in each of them bitcoin functions less as a speculative bet and more as a practical workaround in quote that means that they're finding utility still Cornell found that actually being able to explain the fundamentals of the protocol was difficult for most including how many bitcoin would ever be minted into existence in fact 58% people or 58% of the people surveyed said they didn't know

36:18the supply was capped at 21 million coins shall we pause how do you not know that the supply bitcoin is capped at 21 million coins I'm not making a judgment call on the people that are ignorant I'm making a judgment call on us now all the educators out there all the influencers out there all the you know the little podcasts like mine that are out there have we failed so miserably that we still have to get the message across about there's only ever going to be 21 million bitcoin that is a fundamental consensus rule for the bitcoin protocol it is fundamental it is one of the at least if if you were to break bitcoin down into three pillars 21 million is at least one of them and we have 58% people in the world if 26,000 people in this survey is enough for me to say yeah

37:23we can pretty much bet that well over half of the world's population doesn't get it yet there's only 21 million and I don't blame the ignorant for that I blame us as teachers for not making somebody unignorant it is our fault that almost 60% what would that be three out of five three out of five people would not know that bitcoin has 21 million supply cap how have we failed this miserably what is wrong with us what are we not doing how are we not marking ourselves are there there's any professional marketers that listen to this show what can you help me get this show out to more people and it's not because I want free shit I just I I can't afford your services straight up front I can't let's be let's be honest yeah I've even got even got like a pro sponsor you know

38:26much it really costs to do high quality marketing just like just training somebody how to how to get your shit in front of people you know and this is one of the reasons why I started the circle p is to help I don't charge soap miner or anybody else is in in the circle p to do to do that because they're small timers you know they need help all of us need help if you so I'm just asking if you know if you were one of these people that really kick ass at marketing you really know how it works and you can teach somebody else do that would you please consider teaching me and others how to do it because we are failing at a rate of 60% let's continue technicalities aside the cryptocurrency is still proved helpful for people wanting to use it one venezuelan who was not named told interviewers that bitcoin was faster cleaner and much less risky than other methods of getting

39:30dollars in the country another salvador was quoted saying quote when nobody controls bitcoin it means we all control bitcoin and a Nigerian interview he reportedly told Cornell researchers I've been to six African countries and wherever I go there I don't fear it because I know I can spend my bitcoin in quote bitcoin adoption started growing in Venezuela ahead of other countries years ago when hyperinflation crippled the economy and strict government currency controls meant getting dollars became difficult El Salvador made the bitcoin legal tender along with the dollar in 2021 the country's leader admitted that getting its citizens to use the cryptocurrency was difficult but the central american nation still says it buys the asset for its government coffers in Nigeria which has had some of the highest transaction volumes in the world saving and bitcoin has been used by some to get around the collapse of the local fiat currency the nation's fiat currency

40:36the nira or nira however you want to pronounce it cornell university's research was fielded by morning consult in partnership with the tech policy institute in cornell universities jeb e brooks school of public policy the cornell bitcoin club the human rights foundation and the Reynolds foundation o the Reynolds foundation and if I if I remember right the Reynolds foundation is like the same family that did Reynolds rap let me let me let me let me make sure about this I think I I honestly think so I'm not exactly sure hold on let's see uh I don't know honestly I don't I can't tell but I'm just gonna make a bet that this is the the family that's behind Reynolds rap and has been for years and years and years and years cornell bitcoin club human rights foundation Reynolds foundation and sure we know about the human rights foundation being

41:40part of this but I mean the whole school of public policy at cornell the cornell bitcoin coin club makes sense but what I'm getting at here is that there's the notion that universities all suck is untrue the notion that we that there's way too many universities then we need that is also true but when we start getting into shit like cornell I start really taking stuff seriously like Texas tech research that comes out of Texas tech university I take very seriously because that I I know how the sausage is made over at Texas tech when it comes to research places like cornell uh Stanford MIT Harvard maybe not so much because they clearly went down a path of idiocy for a while and I don't know if they're ever going to be able to return but cornell yeah this is this is something I'm going to be listening to and they're saying that bitcoin has utility

42:44and they've proven that it has utility but they've also proven us my parting shot we got to get way better at being able to articulate the major functional pillars of bitcoin and one is if you did not know there can only ever be 21 million bitcoin both they'll just they can fork the chain and get another 21 million yeah it doesn't work the way that you think it works because anybody that forks bitcoin to get another 21 million cap going on as bitcoin isn't a not the same bitcoin because if it was you would have wallet or address collisions and I guarantee you the new chain would be vacuumed dry if they didn't do one thing and one thing very quickly either right before they fork or right after they fork and that is a completely separate address schema for sending

43:44transactions now I can still use the same private key and public key function like the E was EC DSA schema but the wallet address though no if you go look it if you go look at bitcoin cash which was a direct fork of bitcoin all right if you go look at their addresses you cannot send bitcoin cash to an actual real bitcoin wallet and you cannot send actual real bitcoin to the fake gas bitcoin cash wallets because the address it doesn't make it's not a valid transaction on the bitcoin blockchain trying to read a bitcoin cash address the basically the node will look at it and say this is not a valid transaction and they're in lies the suit that it built in security of bitcoin but yeah there's only 21 million coins that are ever going to be minted and if you're not telling other people

44:45that then we're falling down on the job because we have a 60% failure rate so far but you know who doesn't have a failure rate that would be bit box over at bitbox.swiss they make the hardware wallet that I use when the cold card security news broke mm-hmm baby I moved my bitcoin signing setup to the bit box 0 to Nova and I'm still using it I'm not I'm never leaving self custody okay I'm not going to use coin base to store my bitcoin I'm going to use a hardware wallet and mine is bit box because it's swiss made it works with an iPhone it works with an android it works with a mac it works with windows and it works with Linux and it builds the wallet entropy which is the security behind all of this stuff it builds that entropy from five independent sources including two hardware random number generators it's firmware is open source and reproducible and bit box has been transparent about finding and patching security issues if you're protecting generational wealth

45:51do your homework start at bitbox.swiss that's bitbox.swiss sponsor bitcoin and so you can use code bitcoin and to get 5% off of the bit box family a product right it is what I use I do use it I used my bit box 0 to Nova the day before yesterday to send a transaction and I'm going to have to do the same thing today right so I do use this I did not take my bitcoin and scamper over to coin base or crack in or some kind of custodial thing right only only that shitty hardware wallet company was affected I still have yet to see any of the other hardware wallet manufacturers actually lose bitcoin what's nice about bitbox is that not only have they are there's no reports of any bitcoin being lost they also haven't been hacked for their information on customers you know I ledger has and we don't even want to get into what the hell has happened over at coin kite

46:56because I think that company is pretty much toast so bitbox bitbox swiss go to bitbox swiss use code bitcoin and for 5% off so far and payward agree to link banking network with crack and infrastructure Brian Denga from the block so five technologies and payward agreed to link so five banking network with crack and trading infrastructure in a deal that expands the thin text real time settlement system to the digital asset platform payward will join so five exchange network or sin so fies real time settlement network and list so five usd on cracking the company said in a statement shared with the block on thursday as part of the deal so five will use crack and prime as an additional source of digital asset liquidity for trades made through the

47:57app the partnership extends so fies real time settlement network which is currently available to its enterprise banking clients to institutional customers of crack under the arrangement users of both platforms can move dollars and manage liquidity outside traditional banking hours quote money and markets are converging into a new financial paradigm and the infrastructure underneath has to catch up millions of people will buy their first crypto assets inside the app which they already use for their paycheck and the infrastructure behind that experience should connect them to deep liquid markets built to operate at scale said payward coceo david rippley so five launched the network in april alongside its big business banking offering which brings its enterprise banking and digital asset operations together crypto transactions revenue reached 134.3

49:00million dollars in the second quarter that's up 10% from the first quarter although it remained a small part of so fies 1.2 billion dollar in adjusted net revenue the agreement comes as payward broadens its business beyond the crack and exchange into financial infrastructure custody and regulated services in may the company applied to the office of the comptroller of the currency for a national trust company charter to establish payward national trust company paywords y-ooming chartered bank crack and financial received a federal reserve master account in march giving it direct access to the central banks payment system and i still have yet to hear that's the end of the article i still have yet to hear about homegirl in y-ooming in her bank that's been trying to get a fed master account for years for years and i haven't heard if they've given her one because

50:02they certainly gave crack in one and in in y-ooming which is where payward national trust company is is a chartered so who knows i hope kathy woods is able to is it cat i think it's kathy woods is able to get that master account going for her own bank because her bank is going to guarantee like it's like a hundred well there is one to guarantee one hundred and eight percent backing of all deposits in their bank it's a bank that's not only fully backed and can service every single customer they have right in in in getting their money back they'd actually have eight percent left over to see if they can like make payroll and keep the lights on until people start rolling back with their money and they still have yet to get a master account anyway last up for the day you want to talk about some shit coins this is the time that i will talk this it is reasons like this that

51:05i have no problem talking about shit coins dogecoin becomes only losing bet for japan listed firm as it sells all of its altcoins for bitcoin and if you have altcoins and you haven't sold them for bitcoin yet you might want to think about your position there uh this is written by chara malwa or coin desk japan listed remix point made money when it reported selling ether salana and xrp on wednesday dogecoin was of course the exception the company sold 2.8 million doge on september the first for about a quarter million dollars roughly twenty one thousand dollars below its fiscal year opening book value and then they talk about how much they made from ether and salon and all that we don't need we don't really need that because the point is that they're selling their altcoins for bitcoin and the doge is the only loss that they had and it was measured against

52:09the value at which remix point carried the position at the start of its current fiscal year rather than its original purchase cost the company sold all for altcoins on the same day let's repeat the company because they are tired of being dumb and want to be smart sold all for altcoins on the same day the loss stands out because dogecoin is no french token in japan and they talk about doge a little bit it doesn't matter because remix set that it sold the four tokens after reviewing market conditions and their risk return characteristics and will now concentrate its crypto holdings into bitcoin the company owns about fifteen hundred and six bitcoin worth over a hundred fifteen million dollars at Thursday prices making bitcoin its only remaining crypto cards get smart get out of altcoins sell your shit get into bitcoin and hold hold hold hold hold

53:13and i will 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