1 00:00:00,000 --> 00:00:05,000 The biggest exchange in the world just got hit with $4.3 billion in fines. 2 00:00:05,240 --> 00:00:09,680 The CEO stepped down and the fiat price of Bitcoin barely moved. 3 00:00:10,080 --> 00:00:13,180 Why? Because Bitcoin doesn't give a fuck. 4 00:00:15,340 --> 00:00:18,220 Greetings and salutations, my fellow plebs. 5 00:00:18,580 --> 00:00:21,520 My name is Walker and this is the Bitcoin podcast. 6 00:00:21,760 --> 00:00:25,720 The Bitcoin block height is 817990. 7 00:00:26,100 --> 00:00:29,020 And the value of one Bitcoin is still one Bitcoin. 8 00:00:29,020 --> 00:00:31,820 Today's episode is the Bitcoin news roundup. 9 00:00:31,820 --> 00:00:35,120 I'm going to go over the big stories, run through some rapid fire news, 10 00:00:35,120 --> 00:00:37,700 then zoom out and give you some perspective. 11 00:00:37,700 --> 00:00:40,860 You can find all the links and accounts mentioned in this episode, 12 00:00:40,860 --> 00:00:43,500 via the article version of this show linked to the show notes, 13 00:00:43,500 --> 00:00:47,140 or by going to bitcoinpodcast.net slash words. 14 00:00:47,140 --> 00:00:51,880 And of course, you can always watch the Bitcoin podcast on Rumble, YouTube or X 15 00:00:51,880 --> 00:00:55,640 by searching at Walker America or listen on fountain.fm 16 00:00:55,640 --> 00:00:59,740 or wherever you get your podcast by searching for the Bitcoin podcast. 17 00:00:59,840 --> 00:01:03,520 If you were looking for some nice long episodes to make your Thanksgiving travel 18 00:01:03,520 --> 00:01:08,320 a little more smooth, check out any of the Bitcoin talk interview episodes I've done. 19 00:01:08,720 --> 00:01:12,460 And if you're looking to brush up on Austrian economics before your debate 20 00:01:12,460 --> 00:01:16,260 with your uncle Jim around the table, check out my Bitcoin out loud episodes. 21 00:01:16,700 --> 00:01:19,460 If you listen to the Bitcoin podcast on fountain, 22 00:01:19,800 --> 00:01:23,700 consider giving the show a boost or creating a clip of something you found interesting. 23 00:01:23,700 --> 00:01:27,660 For those that have boosted the show already or zap me on Noster, thank you. 24 00:01:27,860 --> 00:01:31,200 And if you haven't checked out fountain yet, I highly recommend it. 25 00:01:31,540 --> 00:01:36,040 You can send Bitcoin to your favorite podcasters and earn Bitcoin just for listening to the show. 26 00:01:36,700 --> 00:01:40,580 So without further ado, let's get into the Bitcoin news roundup. 27 00:01:44,180 --> 00:01:47,020 Javier Malay elected president of Argentina. 28 00:01:47,180 --> 00:01:51,660 On Sunday night, Javier Malay officially became the president elect of Argentina. 29 00:01:51,660 --> 00:01:58,100 Malay received 55.7% of the votes while incumbent economy minister Sergio Masa received 44.3%. 30 00:01:58,660 --> 00:02:02,460 Why am I talking about the election in Argentina on the Bitcoin podcast? 31 00:02:03,000 --> 00:02:08,140 Well, in case you've been living under a rock, Malay is vocally pro Bitcoin and anti central bank, 32 00:02:08,400 --> 00:02:13,280 saying things like if printing money would end poverty, printing diplomas would end stupidity. 33 00:02:13,580 --> 00:02:18,220 He plans to shut down the Argentine central bank and dollarize the economy. 34 00:02:18,220 --> 00:02:24,660 In Argentina, inflation is currently 143% per year and the poverty rate is over 40%. 35 00:02:24,960 --> 00:02:30,600 The money is fundamentally broken in Argentina and when the money breaks, so too does everything else. 36 00:02:30,840 --> 00:02:34,440 Argentina Longo earned the nickname the Paris of South America. 37 00:02:34,640 --> 00:02:40,440 Of course, in 2023 Paris isn't exactly the most flattering comparison, but back then it was quite complimentary. 38 00:02:40,440 --> 00:02:41,320 I assure you. 39 00:02:41,520 --> 00:02:46,360 Argentina earned this nickname because the country was absolutely flourishing in the early 20th century 40 00:02:46,360 --> 00:02:50,200 with significant exports, industrial development, 41 00:02:50,200 --> 00:02:56,140 rapid urbanization and European immigration positioning it to be one of the world's leading economies. 42 00:02:56,200 --> 00:02:57,540 So what happened? 43 00:02:57,840 --> 00:02:58,940 Well, quite a lot. 44 00:02:59,080 --> 00:03:03,620 There were military coups in 1930, 43, 55 and 62. 45 00:03:03,980 --> 00:03:10,420 Then in 1966, there was another coup where an IMF opposed leader was forcefully removed by an IMF friendly one. 46 00:03:10,420 --> 00:03:17,500 Then in 1976, another coup established a permanent dictatorship in the form of a bureaucratic authoritarian state. 47 00:03:17,700 --> 00:03:23,660 Since the late 1950s, Argentina has been ensnared in the tentacles of the International Monetary Fund, 48 00:03:23,660 --> 00:03:29,500 which has no interest in actually helping countries like Argentina, to quote Alex Gladstein. 49 00:03:29,800 --> 00:03:37,180 Argentina has received 22 IMF loans since 1959, even trying to default in 2001. 50 00:03:37,180 --> 00:03:41,660 One would think that creditors would stop lending to such a profligate borrower. 51 00:03:41,660 --> 00:03:51,660 But in fact, just four years ago, Argentina received the largest IMF loan of all time, a staggering $57.1 billion. 52 00:03:51,660 --> 00:03:56,540 If you want to read more about the IMF's dirty dealings in Argentina and around the world, 53 00:03:56,540 --> 00:04:06,140 check out Alex Gladstein's article, Structural Adjustment, How the IMF and World Bank Repress Poor Countries and Funnel Their Resources to Rich Ones. 54 00:04:06,140 --> 00:04:11,660 He wrote about it for Bitcoin Magazine and also turned it into a full book called Hidden Repression. 55 00:04:11,660 --> 00:04:15,900 I highly recommend you spend some time diving into Gladstein's words. 56 00:04:15,900 --> 00:04:20,460 The stories he tells are truly eye-opening and sickening. 57 00:04:20,460 --> 00:04:22,060 Back to Argentina. 58 00:04:22,060 --> 00:04:31,300 This is a country with enormous potential, whose people have been systematically oppressed by various forms of authoritarian states for many decades, 59 00:04:31,300 --> 00:04:34,860 and plagued by broken money, especially recently. 60 00:04:34,860 --> 00:04:41,580 Millet is a libertarian, anti-socialism, anti-central bank, and generally anti-state. 61 00:04:41,580 --> 00:04:45,100 But here's how the legacy media describes him. 62 00:04:45,100 --> 00:04:46,060 The Guardian. 63 00:04:46,060 --> 00:04:51,580 Argentina's new leader is a snake oil salesman with extreme views on abortion, gay rights, and more. 64 00:04:51,580 --> 00:04:53,340 I fear for my country. 65 00:04:53,340 --> 00:04:54,540 New York Times. 66 00:04:54,540 --> 00:04:59,180 Argentina elects Javier Millet in victory for far right. 67 00:04:59,180 --> 00:05:00,860 Wall Street Journal. 68 00:05:00,860 --> 00:05:03,740 Argentina gambles on Millet. 69 00:05:03,740 --> 00:05:12,620 And finally, from time, Argentina just elected an eccentric populist who seeks counsel from his cloned dogs. 70 00:05:12,620 --> 00:05:15,260 That last one is really incredible. 71 00:05:15,260 --> 00:05:22,220 Now, I'm not going to get into the nitty gritty of his plans or claims made by others about what he will or won't do, 72 00:05:22,220 --> 00:05:27,580 but I will note two things that I think are important and also clear at this stage. 73 00:05:27,580 --> 00:05:32,940 First, as a libertarian, Millet wants to massively decrease the size of the government. 74 00:05:32,940 --> 00:05:34,700 This is a good thing. 75 00:05:34,700 --> 00:05:37,820 The smaller the size of the parasitic state, the better. 76 00:05:38,540 --> 00:05:45,660 Smaller government means less bureaucracy, less clonism, less kleptocracy, and more productive people. 77 00:05:45,660 --> 00:05:49,900 Second, Millet wants to get rid of the central bank and dollarize the economy. 78 00:05:50,540 --> 00:05:55,820 This is not without significant challenges since Argentina does not currently hold many dollars, 79 00:05:55,820 --> 00:06:01,260 but thinking long term, the absence of an Argentine central bank will make the adoption 80 00:06:01,260 --> 00:06:08,220 of Bitcoin as legal tender much more tenable, as was the case in El Salvador, another dollarized economy. 81 00:06:08,220 --> 00:06:15,020 Adopting Bitcoin is not an immediate panacea for Argentinist people, but it is a step in the right direction. 82 00:06:15,020 --> 00:06:21,980 By taking steps to fix the money, Argentina will have the ability to slowly fix the broken parts of their society 83 00:06:21,980 --> 00:06:25,020 that all stem from the base layer of broken money. 84 00:06:25,020 --> 00:06:30,380 Ultimately, Millet is a student of Austrian economics, which necessarily makes him inclined to keep the 85 00:06:30,380 --> 00:06:36,700 government and central bank away from the money entirely, giving people more freedom to choose 86 00:06:36,700 --> 00:06:42,540 the best money in a free market. Of course, the IMF may not be so happy with Millet's plans to 87 00:06:42,540 --> 00:06:48,140 dollarize, as Alex Gladstein pointed out, the IMF doesn't want dollarization. 88 00:06:48,700 --> 00:06:54,860 It prefers 100 plus weak currencies that can easily be devalued to boost exports 89 00:06:54,860 --> 00:06:58,380 at the expense of living standards and purchasing power. 90 00:06:58,380 --> 00:07:05,180 Now, if you've listened to this show before, you know I do not put any faith in individual politicians, 91 00:07:05,180 --> 00:07:11,180 and certainly not in the government apparatus at large. I believe that the state is a parasitic 92 00:07:11,180 --> 00:07:18,060 organization that perverts the law in order to plunder unwilling citizens of their private property. 93 00:07:18,060 --> 00:07:23,020 I believe that the government should be as small as humanly possible, and the only legitimate 94 00:07:23,020 --> 00:07:28,780 purpose of the government is to protect the private property of its citizens. If a government 95 00:07:28,780 --> 00:07:33,660 instead plunders the private property of citizens through perversion of the law, 96 00:07:33,660 --> 00:07:39,660 then that government is a failure. That said, while I am always doubtful of the motives of 97 00:07:39,660 --> 00:07:45,980 politicians and refuse to idolize any, that does not mean I believe everything a politician does 98 00:07:45,980 --> 00:07:52,220 or plans to do is inherently bad. I also find it interesting how Millet appears to piss off 99 00:07:52,220 --> 00:07:57,740 people on all sides of the political spectrum. I've seen a lot of people on the left side of 100 00:07:57,740 --> 00:08:03,820 the political spectrum say that Millet is a right-wing extremist with archaic views. I've also seen 101 00:08:03,820 --> 00:08:09,660 a lot of libertarians say Millet isn't libertarian enough, and is just another statist cuck in sheep's 102 00:08:09,660 --> 00:08:15,740 clothing, so to speak. Personally, I think Millet's victory is a net positive for Argentina's people. 103 00:08:16,380 --> 00:08:21,500 I think any politician who seeks to reduce the role of government in money and in people's 104 00:08:21,500 --> 00:08:27,580 lives in general is on the right track. I do not know what the future holds for Argentina, 105 00:08:27,580 --> 00:08:33,100 but right now the people seem finally to have some hope that the darkest days are behind them, 106 00:08:33,100 --> 00:08:39,980 and the brightest days are ahead, as based layer put it. Millet's victory isn't just political, 107 00:08:39,980 --> 00:08:45,900 it's about a narrative of freedom, open commerce, and defending private property winning today. 108 00:08:45,900 --> 00:08:52,300 This is another pro-Bitcoin president like Naib Bukele, who wants to make radical changes to 109 00:08:52,300 --> 00:08:59,100 lift his people and his country up. Those changes and his methods may not always be popular to those 110 00:08:59,100 --> 00:09:05,580 in the so-called developed world who are looking in from the outside. What I hope is that Millet 111 00:09:05,580 --> 00:09:11,900 stays true to his libertarian ideals and puts the freedom of the individual at the center of his 112 00:09:11,900 --> 00:09:18,780 plans moving forward. Zooming out, this election is about more than Millet and Argentina. This 113 00:09:18,780 --> 00:09:25,980 election is a signal. It's a sign that the Overton window is shifting. The spectrum of public discourse, 114 00:09:25,980 --> 00:09:32,220 public policies, and public officials that are now deemed acceptable by the masses is widening. 115 00:09:33,020 --> 00:09:40,060 Central banks and Bitcoin are on the ballot across the world, and bloated kleptocratic states 116 00:09:40,060 --> 00:09:42,620 are on the chopping block. Tick-tock. 117 00:09:48,220 --> 00:09:53,420 Elicit Benance On Tuesday, the Treasury Department and the Department of Justice 118 00:09:53,420 --> 00:09:58,220 made an announcement. They reached a plea agreement with Binance and its CEO, 119 00:09:58,220 --> 00:10:05,260 Chang Peng-Zao, aka CZ, for breaking anti-money laundering laws brought forth by the CFTC. 120 00:10:05,260 --> 00:10:10,540 As part of the deal, CZ pleaded guilty to criminal charges and stepped down as Binance's CEO. 121 00:10:11,180 --> 00:10:16,940 Benance will also have to pay $4.3 billion as part of the settlement with the DOJ 122 00:10:16,940 --> 00:10:22,620 to resolve the multi-year investigation. CZ and others were charged with violating the Bank 123 00:10:22,620 --> 00:10:27,100 Secrecy Act by failing to implement an effective anti-money laundering program, 124 00:10:27,100 --> 00:10:30,460 and for willfully violating U.S. economic sanctions, quote, 125 00:10:30,460 --> 00:10:36,780 in a deliberate and calculated effort to profit from the U.S. market without implementing controls 126 00:10:36,780 --> 00:10:41,580 required by U.S. law, according to the Justice Department. What does that mean? 127 00:10:42,140 --> 00:10:48,300 Well, the DOJ's report Tuesday said that Binance supplied services to Iran in breach of U.S. 128 00:10:48,300 --> 00:10:53,100 sanctions following a report that Binance processed billions of dollars' worth of Iranian 129 00:10:53,100 --> 00:10:59,020 transactions. They also claimed that Binance allowed transactions associated with terrorist groups, 130 00:10:59,020 --> 00:11:05,820 such as Hamas's Al-Qasim Brigade, Palestinian Islam Jihad, Al-Qaeda, and ISIS, according to 131 00:11:05,820 --> 00:11:11,740 Janet Yellen, who noted Binance never filed a single suspicious activity report. 132 00:11:11,740 --> 00:11:13,900 Now, here's what CZ said on Twitter. 133 00:11:14,460 --> 00:11:20,140 Today, I stepped down as CEO of Binance. Admittedly, it was not easy to let go emotionally, 134 00:11:20,140 --> 00:11:25,340 but I know it is the right thing to do. I made mistakes, and I must take responsibility. 135 00:11:25,340 --> 00:11:31,260 This is best for our community, for Binance, and for myself. Binance is no longer a baby. 136 00:11:31,260 --> 00:11:35,900 It is time for me to let it walk and run. I know Binance will continue to grow and excel 137 00:11:35,900 --> 00:11:40,860 with the deep bench it has. I am pleased to announce that Richard Tang, our now former 138 00:11:40,860 --> 00:11:46,220 Global Head of Regional Markets, has been named the new CEO of Binance today. Richard is a highly 139 00:11:46,220 --> 00:11:51,820 qualified leader with over three decades of financial services and regulatory experience. 140 00:11:51,820 --> 00:11:57,260 He will navigate the company through its next period of growth. He will ensure Binance delivers 141 00:11:57,260 --> 00:12:03,340 on our next phase of security, transparency, compliance, and growth. Prior to joining Binance, 142 00:12:03,340 --> 00:12:08,300 Richard was CEO of the Financial Services Regulatory Authority at the Abu Dhabi Global Market, 143 00:12:08,860 --> 00:12:13,580 Chief Regulatory Officer of the Singapore Exchange, and Director of Corporate Finance 144 00:12:13,580 --> 00:12:18,140 in the Monetary Authority of Singapore. With Richard and the entire team, I am confident 145 00:12:18,140 --> 00:12:23,500 that the best days for Binance and the crypto industry lay ahead. As a shareholder and former 146 00:12:23,500 --> 00:12:28,380 CEO with historical knowledge of our company, I will remain available to the team to consult 147 00:12:28,380 --> 00:12:33,340 as needed, consistent with the framework set out in our US Agency resolutions. 148 00:12:33,340 --> 00:12:37,740 What's next for me? I will take a break first. I have not had a single day of real, 149 00:12:37,740 --> 00:12:42,380 phone-off break for the last six and a half years. After that, my current thinking is I will 150 00:12:42,380 --> 00:12:47,580 probably do some passive investing, being a minority token slash shareholder in startups in 151 00:12:47,580 --> 00:12:53,580 the areas of blockchain, web3, DeFi, AI, and biotech. I am happy that I will finally have 152 00:12:53,580 --> 00:12:59,260 more time to spend looking at DeFi. I can't see myself being a CEO driving a startup again. 153 00:12:59,260 --> 00:13:05,260 I am content being a one-shot, lucky entrepreneur. Should there be listeners, I may be open to 154 00:13:05,260 --> 00:13:11,260 being a coach slash mentor to a small number of upcoming entrepreneurs privately. If nothing else, 155 00:13:11,260 --> 00:13:17,100 I can at least tell them what not to do. On that note, I am proud to point out that in our 156 00:13:17,100 --> 00:13:24,220 resolutions with the US agencies, they do not allege that Binance misappropriated any user funds, 157 00:13:24,220 --> 00:13:31,180 and do not allege that Binance engaged in any market manipulation. Funds are safe, 158 00:13:31,900 --> 00:13:35,100 with that I look forward to seeing the new leadership take the reins. 159 00:13:35,100 --> 00:13:39,260 Please join me in congratulating Richard on this well-deserved promotion onwards. 160 00:13:39,260 --> 00:13:43,900 Okay, so personally, I think it would be nice for CZ to spend some time and money investing in 161 00:13:43,900 --> 00:13:49,900 Bitcoin only startups, but hey, it's his money. To me, all of this Binance news is quite interesting 162 00:13:49,900 --> 00:13:54,460 because it shows that the United States is really just treating crypto exchanges the same way they 163 00:13:54,460 --> 00:13:59,980 treat the big banks when they break the law. Give them a big fine, force them to play by the rules 164 00:13:59,980 --> 00:14:06,460 for now, and move on. To put it a different way, it's a power move. This is also a great indication 165 00:14:06,460 --> 00:14:11,980 of the separation of Bitcoin from crypto and exchanges in general. The biggest exchange in the 166 00:14:11,980 --> 00:14:19,420 world just got hit with $4.3 billion in fines. The CEO stepped down, and the fiat price of Bitcoin 167 00:14:19,420 --> 00:14:26,620 barely moved. Why? Because Bitcoin doesn't give a fuck. An enforcement action against an exchange 168 00:14:26,620 --> 00:14:31,900 doesn't change anything for Bitcoin. And if you're into the whole spot Bitcoin ETF thing, 169 00:14:31,900 --> 00:14:36,940 which is all anyone seems to talk about on Twitter, this is clearly another domino falling toward 170 00:14:36,940 --> 00:14:43,900 the inevitable approval of the many ETF applications that are currently waiting in the wings. TFTC 171 00:14:43,900 --> 00:14:49,180 summed up this Binance news extremely well in the broader context of government fuckery. 172 00:14:49,180 --> 00:14:55,500 Quote, this is a pure projection play, because if the Treasury or DOJ actually cared about 173 00:14:55,500 --> 00:15:00,300 preventing money laundering and terrorist financing, they would investigate themselves. 174 00:15:01,100 --> 00:15:06,220 It is very convenient that they are able to pick on Bitcoin and other cryptocurrencies 175 00:15:06,220 --> 00:15:11,260 when we live in a world in which Jeffrey Epstein's client list is withheld from the public. 176 00:15:11,260 --> 00:15:16,780 There is no accountability for the $100 billion in taxpayer money that has been siphoned off to 177 00:15:16,780 --> 00:15:22,300 Ukraine, politicians currently running 2024 election campaigns with dollars overtly stolen 178 00:15:22,300 --> 00:15:28,380 from FTX users, and the Pentagon just failed yet another audit and can't account for $3.8 179 00:15:28,380 --> 00:15:35,740 trillion of military equipment. $3.8 trillion is 5.34 times larger than the current Bitcoin 180 00:15:35,740 --> 00:15:40,700 market cap, and that is only one part of the government. We haven't even mentioned the 181 00:15:40,700 --> 00:15:47,100 black box that is the Inflation Reduction Act or the COVID PPP loans or the black box budgets of 182 00:15:47,100 --> 00:15:53,420 the CIA and other intelligence agencies. If these people actually cared about money laundering or 183 00:15:53,420 --> 00:16:00,220 protecting US consumers, they would be aggressively investigating themselves. Zooming out, any time 184 00:16:00,220 --> 00:16:06,140 there are shenanigans with a particular exchange, it's a great reminder to get your Bitcoin off 185 00:16:06,140 --> 00:16:11,820 exchanges and take it into self-custody. If you are looking for an easy way to do that and like 186 00:16:11,820 --> 00:16:19,340 saving sats with Black Friday deals, go to bitbox.swiss.walker and take 21% off their Black 187 00:16:19,340 --> 00:16:25,180 Friday starter bundle and 10% off everything they have. I'm proud to be able to recommend the 188 00:16:25,180 --> 00:16:32,940 Bitbox 02 as an easy to use, Bitcoin only, fully open source hardware wallet, fit for seasoned 189 00:16:32,940 --> 00:16:39,580 psychopaths and new Bitcoiners alike. Their Black Friday bundle is 21% off and gives you a Bitbox 190 00:16:39,580 --> 00:16:45,420 02 hardware wallet, a steel wallet for backup, three backup cards, and five tamper evident bags. 191 00:16:45,420 --> 00:16:51,500 Head to bitbox.swiss.walker and check it out. When you purchase through my link, you not only get the 192 00:16:51,500 --> 00:16:56,060 great open source hardware, but you help support this show. So, thank you. 193 00:17:01,500 --> 00:17:07,900 Pentagon Failed Sixth Audit Speaking of money laundering, in a completely 194 00:17:07,900 --> 00:17:13,900 unshocking turn of events, the Pentagon failed its annual audit for the sixth year in a row. 195 00:17:13,900 --> 00:17:18,860 It's pretty incredible that for all our supposed technological advancement, 196 00:17:18,860 --> 00:17:24,940 the US security state is able to have trillions of taxpayer dollars unaccounted for. The Department 197 00:17:24,940 --> 00:17:31,580 of Defense's assets are truly staggering, amounting to 3.8 trillion alongside 4 trillion 198 00:17:31,580 --> 00:17:39,340 in liabilities, located in all 50 states and more than 4,500 sites around the world. This 199 00:17:39,340 --> 00:17:44,780 is the problem with a state which continues to bloat. The greater the size of the state, 200 00:17:44,780 --> 00:17:50,300 the less accountability. The state needs to know the complete history of every fucking dollar you 201 00:17:50,300 --> 00:17:55,820 have in your easily-freezable bank account, but they can't be bothered to account for trillions 202 00:17:55,820 --> 00:18:02,300 of dollars of your taxpayer money. But, to be fair, who can blame the Pentagon? It's hard to keep 203 00:18:02,300 --> 00:18:07,420 track of trillions of dollars in assets in the US and across the world, while waging multiple proxy 204 00:18:07,420 --> 00:18:13,340 wars, ensuring that the military-industrial complex always has plenty to eat, and keeping the 205 00:18:13,340 --> 00:18:19,660 public distracted from the obvious economic stagflation by pushing ever more absurd and 206 00:18:19,660 --> 00:18:26,940 inconsequential culture wars down our throats via the captured funnel of the legacy media. 207 00:18:26,940 --> 00:18:32,140 Here's a little background for you. In 1990, Congress passed a law directing all federal 208 00:18:32,140 --> 00:18:37,980 agencies to produce regular audited financial statements. More than 30 years later, the Department 209 00:18:37,980 --> 00:18:45,420 of Defense is the only agency that has never passed a single audit. But, to be fair, they didn't even 210 00:18:45,420 --> 00:18:52,060 start auditing the DOD until 2017 because they just couldn't be bothered. Not only are the DOD 211 00:18:52,060 --> 00:18:58,860 audits complete failures, they're fucking expensive failures. It requires 1,600 auditors and accountants 212 00:18:58,860 --> 00:19:08,540 ain't cheap. In 2019, the Pentagon audit process itself cost $428 million to conduct, and another $472 million 213 00:19:08,540 --> 00:19:15,180 to fix the problems the audit uncovered. That's nearly $1 billion of your taxpayer money, 214 00:19:15,180 --> 00:19:21,500 just to fail an audit and partially fix their fuckups. And, with all the fiat inflation, 215 00:19:21,500 --> 00:19:27,420 the 2023 audit is going to leave taxpayers with a much higher bill. But, compared to the annual 216 00:19:27,420 --> 00:19:34,540 DOD budget of over $800 billion, a single billion is barely a drop in the bucket, right? Of the 29 217 00:19:34,540 --> 00:19:41,340 components of the DOD which were audited this year, only 7 passed the inspection with a clean 218 00:19:41,340 --> 00:19:47,180 audit. Of the overwhelming majority of the components which failed the audit, we have folks 219 00:19:47,180 --> 00:19:53,740 like the NSA which would be hilarious if it wasn't so fucking sad. Think about this for a moment. 220 00:19:53,740 --> 00:20:00,140 The NSA, which uses your taxpayer dollars to spy on you and collect ungodly amounts of information 221 00:20:00,140 --> 00:20:06,700 through ever more advanced means, can't even pass a basic fucking audit to show how they're using 222 00:20:06,700 --> 00:20:14,140 your money. And really, this all comes down to money. And the fact that our money is fundamentally 223 00:20:14,140 --> 00:20:20,300 broken, our money lacks accountability at the base layer. They can create more out of thin air at 224 00:20:20,300 --> 00:20:26,860 the drop of a hat. Fiat doesn't have a hard cap like Bitcoin's $21 million. There is no cap at all. 225 00:20:27,740 --> 00:20:34,140 Fiat is the promise of an ever-expanding monetary base layer. And with that monetary expansion, 226 00:20:34,140 --> 00:20:37,420 comes the necessary expansion of the parasitic state. 227 00:20:42,940 --> 00:20:49,740 Now for some rapid fire news. Via Bitcoin Archive, SEC is charged Kraken for operating as an 228 00:20:49,740 --> 00:20:55,740 unregistered securities exchange in offering 16 crypto securities such as Solana, Cardano, 229 00:20:55,740 --> 00:21:02,220 and Algorand. TrueVote rolls out transparent electronic voting system built on Bitcoin, 230 00:21:02,220 --> 00:21:09,020 Open Time Stamps, and Noster. Our open source platform ensures tamper-proof ballot data. Also, 231 00:21:09,020 --> 00:21:14,060 sidebar, I'm having TrueVote creator Brett Morrison on the Bitcoin podcast next week 232 00:21:14,060 --> 00:21:20,300 for a Bitcoin Talk episode. Make sure to check that one out. Via Tour de Miste, the Dutch 233 00:21:20,300 --> 00:21:27,100 central bank just said the thing CBEs never say. The secret of their gold position lies in the fact 234 00:21:27,100 --> 00:21:33,420 that when the collapse happens, its value will automatically skyrocket. Next question, 235 00:21:34,060 --> 00:21:40,860 how much is enough BTC for a central bank to have? Via Finbold, Bitcoin uses more 236 00:21:40,860 --> 00:21:47,420 sustainable energy than any other industry data shows. You love to see that narrative changing. 237 00:21:47,420 --> 00:21:53,900 Via Bitcoin Archive, Banco Santander now offers Bitcoin to high net worth clients in Switzerland. 238 00:21:54,460 --> 00:22:01,180 Via Jack Mahler's announcing buy Bitcoin globally. Today, strike marches forward on its mission to 239 00:22:01,180 --> 00:22:08,700 democratize financial freedom around the world. Our global users can now buy Bitcoin, cash out, 240 00:22:08,700 --> 00:22:18,060 shop, and more. Via Reason, 2024 GOP presidential candidate Nikki Haley wants to abolish anonymity 241 00:22:18,060 --> 00:22:24,380 on the internet. In a recent appearance on Fox News, Haley said that if she were to become president, 242 00:22:24,380 --> 00:22:28,700 her second priority, after forcing the platforms to disclose their algorithms, 243 00:22:29,260 --> 00:22:33,660 would be to require name verification of all social media users. 244 00:22:33,660 --> 00:22:40,940 It's a national security threat, she said. It gets rid of the Russian bots, the Iranian bots, 245 00:22:40,940 --> 00:22:46,460 and the Chinese bots. And then you're going to get some civility when people know their name is 246 00:22:46,460 --> 00:22:53,740 next to what they say. So now might be a good time to try Noster, Anand. Via Bitcoin Archive, 247 00:22:53,740 --> 00:23:00,700 Hong Kong gaming company Boya to buy $45 million of Bitcoin for its corporate treasury. 248 00:23:00,700 --> 00:23:09,580 Via Will Kasarin, aka JB55, someone built Meetup on Noster, Flockster.com. Now I can show all of 249 00:23:09,580 --> 00:23:14,780 the events your friends are going to in Damos app, just a small glimpse into the future of 250 00:23:14,780 --> 00:23:21,180 interconnected apps on this protocol. As a sidebar, Will is joining me on the show next week as well 251 00:23:21,180 --> 00:23:29,180 for a Bitcoin and Noster talk. And finally, the Human Rights Foundation launches a CBDC tracker, 252 00:23:29,180 --> 00:23:34,540 allowing you to interact with a globe showing you what the status of each country is on the road 253 00:23:34,540 --> 00:23:42,780 to fiat surfdom, launched pilot research or no activity regarding CBDCs. Thank you to HRF for 254 00:23:42,780 --> 00:23:47,820 their continued work supporting Bitcoin and standing up against totalitarianism. 255 00:23:52,860 --> 00:23:58,940 To wrap up today's show, let's zoom out. There is a lot of horrific shit going on in the world 256 00:23:58,940 --> 00:24:04,220 today. This is nothing new per se since humans have been doing horrific shit to each other for 257 00:24:04,220 --> 00:24:11,900 thousands of years. But what is different now as opposed to any other time in history is our ability 258 00:24:11,900 --> 00:24:19,020 to see what is going on, not just in our own backyard but across the world and to see it in 259 00:24:19,020 --> 00:24:25,500 real time. This level of access to information is something completely new and something we humans 260 00:24:25,500 --> 00:24:31,980 have not really evolved quickly enough for our brains to handle. We are constantly bombarded with 261 00:24:31,980 --> 00:24:41,340 doom and gloom, death and destruction, all fed to us 24-7 by a media apparatus all too eager to 262 00:24:41,340 --> 00:24:48,300 keep us fixated on the darkest parts of humanity, all too willing to turn everything into an us 263 00:24:48,300 --> 00:24:54,860 versus them scenario where you're either on the side of the good guys or the bad guys, the right 264 00:24:54,860 --> 00:25:01,980 or the left or in America, the red team or the blue team. The most valuable thing you can learn to do 265 00:25:01,980 --> 00:25:09,500 better to handle this tsunami of information is learning to separate signal from noise. Learn to 266 00:25:09,500 --> 00:25:15,580 doubt what you hear, especially when you like what you're hearing. It is easy to fall into the trap 267 00:25:15,580 --> 00:25:22,460 of thinking the other side always lies, but don't worry your side always tells the truth. On social 268 00:25:22,460 --> 00:25:27,980 media follow people you disagree with, read and listen to what they say, and try to see things 269 00:25:27,980 --> 00:25:33,420 from their point of view. You may still determine that they are fucking idiots in the end, but you'll 270 00:25:33,420 --> 00:25:38,620 at least teach yourself to approach debates from all sides to see things differently. The better 271 00:25:38,620 --> 00:25:44,940 you understand the opposition's argument, the better equipped you are to refute it. For Americans, 272 00:25:44,940 --> 00:25:51,820 remember, there is no red, there is no blue, there is the state, and there is you. For those of you 273 00:25:51,820 --> 00:25:58,940 listening around the world who don't use red and blue as your party colors, remember, those in power 274 00:25:58,940 --> 00:26:05,180 will always seek to divide the populace, to pit individuals against each other so that they do 275 00:26:05,180 --> 00:26:12,460 not unite against the state, so that individuals are so busy fighting amongst themselves and finding 276 00:26:12,460 --> 00:26:19,580 false scapegoats that they ignore the uniparty kleptocracy silently stealing the value of their 277 00:26:19,580 --> 00:26:27,020 time and energy right under their nose. Try as best you can to operate based on your principles, 278 00:26:27,020 --> 00:26:33,500 not your opinions or prejudices. All too often I see people who claim to be freedom maximalists 279 00:26:33,500 --> 00:26:39,660 in one area opt for a decidedly anti-freedom approach when it comes to debates that tap 280 00:26:39,660 --> 00:26:45,820 into blind spot beliefs, areas where their identity is so wrapped up in their opinions 281 00:26:45,820 --> 00:26:52,940 that they fail to operate based on their purported principles. So, my fellow plebs, be principled, 282 00:26:53,500 --> 00:27:01,340 be fair, be honest with others and more importantly with yourself, learn to separate signal from noise, 283 00:27:02,300 --> 00:27:07,900 learn to doubt those you agree with, not just those you disagree with, learn to be free, 284 00:27:08,540 --> 00:27:15,340 and to extend the same freedom that you preach for yourself to everyone. I am not perfect, 285 00:27:15,340 --> 00:27:21,980 nor will I ever be, but as I await the birth of my first son, I am trying my best to be better, 286 00:27:22,540 --> 00:27:28,700 so that I may raise a better man than I am, and he and his generation may create a better world 287 00:27:29,260 --> 00:27:36,700 than the one we leave to them. I'll leave you with one final thought, have hope, the future is what we make of it. 288 00:27:36,700 --> 00:27:48,700 And that's a wrap on this Bitcoin News Roundup episode of The Bitcoin Podcast. 289 00:27:48,700 --> 00:27:52,460 If you are a Bitcoin only company interested in sponsoring another 290 00:27:52,460 --> 00:27:59,740 fucking Bitcoin podcast, head to bitcoinpodcast.net. You can find me on Noster by going to primal.net 291 00:27:59,740 --> 00:28:06,860 slash walker. And if you want to follow the Bitcoin podcast on Twitter, go to at tiktcoinpodcast and 292 00:28:06,860 --> 00:28:12,860 at walkeramerica. You can also find the video version of this podcast at youtube.com slash 293 00:28:12,860 --> 00:28:20,380 at walkeramerica or at walkeramerica on rumble. Bitcoin is scarce. There will only ever be 21 294 00:28:20,380 --> 00:28:27,340 million, but Bitcoin podcasts are abundant. So thank you for spending your scarce time to listen 295 00:28:27,340 --> 00:28:41,340 to another fucking Bitcoin podcast. Until next time, stay free.