Bitcoin Dad Pod
Episode 109: Maliable Guildlines
18 Nov • 55m
ETF hype fading?
End of an 8 day approval window
Bloomberg's James Seyffart says still a 90% chance approval by Jan 10th 2024.
James Seyffart on X (https://twitter.com/JSeyff/status/1724469793422508533)
"Okay, we're nearing in on deadline dates for 3 spot #Bitcoin ETF applications. I want to get ahead of it because there's a pretty good chance we'll see delay orders from the SEC. Delays WOULD NOT change anything about our views & 90% odds for 19b-4 approval by Jan 10, 2024
Bitcoin News on X (https://twitter.com/BitcoinNewsCom/status/1725566270488170920)
JUST IN: @EricBalchunas of Bloomberg reports that the 🇺🇸 SEC is advising spot #Bitcoin ETF issuers that they prefer cash creations over in-kind creations for these ETFs.
Cash "creates" mean the issuer would transact in cash instead of using #Bitcoin directly. The SEC prefers cash creates because broker-dealers can't directly handle Bitcoin.
This move is seen as a positive step indicating progress in the approval process, despite the potential need for adjustments by the ETF filers.
Bitcoin Archive on X (https://twitter.com/BTC_Archive/status/1724471921734013287)
"CNBC host questions why the SEC hasn't approved a spot #Bitcoin ETF because Chairman Gary Gensler certainly understands Bitcoin. “He taught Bitcoin at MIT, he understands it…there has to be something else." I wonder… 🧐
Consumer inflation in the US is moderating as consumers get poorer (https://wolfstreet.com/2023/11/16/walmart-consumers-no-longer-willing-to-pay-whatever-prices-of-goods-fall-broadly-as-inflation-shifted-to-services/),
but the monetary base continues to rise (https://fred.stlouisfed.org/series/BOGMBASE/) due to government spending
Car Insurance Inflation: 19.2%
Car Repair Inflation: 9.6%
Transportation Inflation: 9.2%
Rent Inflation: 7.2%
Homeowner Inflation: 6.8%
Food Away From Home Inflation: 5.4%
Cereals & Bakery Products Inflation: 4.2%
While CPI inflation is at 3.2%, inflation is much higher in many basic necessities (https://twitter.com/KobeissiLetter/status/1725507414827430208)
Crypto Tea on X (https://twitter.com/CryptoTea_/status/1725514539838439455): The problem with bitcoin.
I bull post often but I want you to be aware of the problems with decentralization people have found a way around bitcoins rules to post pictures and memecoins on the blockchain there are currently 300,000 pending transactions, fees are spiking to $12
Bitcoin Average Transaction Fee (https://ycharts.com/indicators/bitcoin_average_transaction_fee)
Bitcoin Average Transaction Fee is at a current level of 18.69, up from 8.776 yesterday and up from 2.207 one year ago. This is a change of 113.0% from yesterday and 746.9% from one year ago.
Swan Bitcoin to Limit Customers Interacting with Privacy Services Due to Partner Policy (https://www.nobsbitcoin.com/swan-bitcoin-privacy-update/)
"Please be advised that depositing directly from, or withdrawing directly to, a mixing wallet may result in the termination of your account with our banking and custodial partners," the company added.
FinCEN Seeks to Impose Strict Surveillance Requirements onto Broadly Defined Class of 'Bitcoin Mixers' (https://www.nobsbitcoin.com/fincen-wants-to-outlaw-certain-bitcoin-on-chain-transactions/)
FinCEN emphasizes that Convertible Virtual Currency [CVC] mixing does not fully rely on the use of CVC mixers and include the following methods:
Pooling or aggregating CVC from multiple persons, wallets, addresses, or accounts.
Splitting CVC for transmittal and transmitting the CVC through a series of independent transactions.
Using programmatic or algorithmic code to coordinate, manage, or manipulate the structure of a transaction.
Creating and using single-use wallets, addresses, or accounts and sending CVC through these wallets, addresses, or accounts in a series of transactions.
Exchanging between types of CVC, or other digital assets.
Facilitating user-initiated delays in transactional activity.
Open source journalist Jameson Lopp (among other things) has been tracking physical attacks on bitcoiners (https://github.com/jlopp/physical-bitcoin-attacks/blob/master/README.md), in case you need more incentive to work on your privacy online
810 million Indian citizens have been completely doxed (https://web.archive.org/web/20231031123022/https://economictimes.indiatimes.com/tech/technology/aadhar-data-leak-personal-data-of-81-5-crore-indians-on-sale-on-dark-web-report/articleshow/104856898.cms) in a database hack
HRF, a human rights foundation focusing on economic freedom, has launched a global CBDC tracker (https://cbdctracker.hrf.org/home?ref=nobsbitcoin.com)
Evaluates projects by launched, pilot, or research
Quantifies rule of law and other variables (not sure how) of respective countries
And the prize for most hypocritical altcoiner goes to Nouriel Roubini, a rabid bitcoin critic and well known mainstream economist, with his announcement of an AI and 'green tech' powered crypto token (https://www.kitco.com/news/2023-11-10/Crypto-skeptic-Nouriel-Roubini-to-launch-an-asset-backed-crypto-token.html), it's a terrible idea but the takeaway is that EVERYONE is getting into 'stable' coins
A new opensource website for developers to document knowledge of bitcoin opcodes (https://opcodeexplained.com/) is a resource to better understand bitcoin script and proposed opcode changes
Bitcoin optech #277 covers transaction malleability (https://bitcoinops.org/en/newsletters/2023/11/15/)
Remember to get in touch email@example.com or @bitcoindadpod (https://mobile.twitter.com/bitcoindadpod) on twitter
Consider joining the matrix channel (https://matrix.to/#/#bitcoin:jupiterbroadcasting.com) using a matrix client like element (https://element.io/get-started), details here (https://www.jupiterbroadcasting.com/community/matrix/)
Energy Transition Crisis (https://www.youtube.com/@EnergyTransitionCrisis1) a documentary about the necessity of nuclear for carbon free energy
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Sponsors and Acknowledgements
Music by Lesfm from Pixabay
Self Hosted Show (https://selfhosted.show/) courtesy of Jupiter Broadcasting (https://www.jupiterbroadcasting.com/)
Great show guys!
Boosting in to remind you about the 1000 sat bet in episode 101. JPow will reference "work from home" in some official remarks before January 2024. Dad took yes, and Chris reluctantly took no.
Great episode! I often wonder if mempools will ever clear, or if Odell is right and they will never clear now.
Also, would gladly join Btc Island
cheers; keep up the great work
hey Dad great episode any merch available really would love a flex fit hat or a winter beanie
The signal is strong….. This is the way