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Greetings and salutations my fellow plebs. My name is Walker and this is the Bitcoin

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podcast. It's Wednesday August 9th 2023. The time of recording the Bitcoin block

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height is 802411 and the value of one Bitcoin is still one Bitcoin. Today's

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episode is the weekly Bitcoin news roundup. I'm gonna go over the big stories

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of the week, run through some rapid fire news, then zoom out and talk about the

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Bitcoin industry versus the crypto industry. Without further ado, let's get

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into it. Bitcoin hits $40 trillion in transaction volume. Yesterday Bitcoin

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officially surpassed 40 trillion United States dollars in cumulative change

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adjusted transaction volume according to data from Glassnode. Now this is just a

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number, right? And we're measuring it in fiat money which isn't a great

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benchmark sure, but it's worth celebrating nonetheless because Bitcoin

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transacted 40 trillion dollars without a central bank, without a government, without

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a CEO or marketing department, and without asking for permission.

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Bitcoin address number go up. The number of Bitcoin addresses holding one or more

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and point one or more Bitcoins both just reached an all-time high. The number of

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Bitcoin addresses holding one or more Bitcoins is now one million thirteen

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thousand four hundred and fourteen and the number of addresses holding point one

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Bitcoins is four million four hundred and thirty six thousand two hundred and thirty eight. Naturally, many people have control of multiple Bitcoin addresses. So these

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numbers aren't a great indication of the number of people holding these quantities

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of Bitcoin, but they're a good metric to watch in terms of adoption of Bitcoin as

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a monetary technology in general. Each of those millions of addresses is an

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unbreachable bank in cyberspace holding the world's first unconfiscatable sound

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money.

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PayPal launches a stablecoin. On Monday, PayPal announced the launch of their very

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own stablecoin. According to PayPal, PayPal USD, PY USD, is fully backed by US

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dollar deposits, short-term US treasuries and similar cash equivalents and can be

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redeemed one-to-one for US dollars. Starting today and rolling out in the

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coming weeks, eligible US PayPal customers who purchase PayPal USD will be able to

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transfer PayPal USD between PayPal and compatible external wallets, send person

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to person payments using PY USD, fund purchases with PayPal USD by selecting

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it at checkout, convert any of PayPal's supported cryptocurrencies to and from

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PayPal USD. Now, a lot of folks in the crypto web 3 space are super excited

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about this, since PayPal USD is an ERC20 token issued on the Ethereum blockchain.

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We know that there is a huge demand for dollar-denominated stablecoins, not just

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in the US but around the world, and the widespread success of Tether is proof of

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that. But here's why I think PayPal and their stablecoin are not to be trusted

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and why I will not personally be using it. For starters, I already deleted my

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PayPal account and had them delete all my personal information back in October

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2022. Why? Because PayPal got caught after they updated their acceptable use

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policy to state that messages which are fraudulent, promote misinformation or are

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unlawful, are in violation of the policy and subject to a fine of $2,500. This

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acceptable use policy stated that determinations of which messages violated

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the policy would be made at PayPal's sole discretion. After many people, including

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myself, started calling out PayPal, deleting their accounts and hashtag

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delete PayPal started trending, the part about misinformation was removed from the

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acceptable use terms. However, PayPal's website still lists provide false,

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inaccurate, or misleading information under the restricted activities portion

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of its policy. According to Forbes, violating the restricted activities

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portion does not result automatically in the $2,500 fine that breaching the

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acceptable use agreement does, but it may still result in charges, account

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suspension, or other punitive actions. Additionally, according to PayPal's own

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website, the actions they may take if you violate their terms include holding the

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balance in your balance account, the balance in your business account, or any

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money waiting to be claimed through your personal account, if you do not have a

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balance account linked to your personal account, for up to 180 days if reasonably

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needed to protect against the risk of liability, or if you have violated our

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acceptable use policy. So in case that part isn't clear, that means PayPal can

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freeze any balance you have with them if they believe you have violated their

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policies, which as we know from their sneaky edition then public removal of

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the misinformation clause, they can do at any time. Where does PayPal, USD, stable

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coin fit into this? Well, since it's an Ethereum contract, they've conveniently

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added the ability to freeze all your funds directly into the contract.

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Huzzah! So to sum it up, you have a company who wants to police your speech

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with visibility to all of your financial transactions, introducing a stablecoin

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where the contract itself allows them to immediately freeze your funds. In case

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you haven't made the connection yet, this is exactly what governments will be

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able to do with a central bank digital currency. It's about the connection

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between your personal life, your freedom of speech and expression, and your digital

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financial life, because if you can control a person's money, you can control

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that person's actions. So what can you do? Well, don't use that shit. If you have

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money in PayPal, convert it to Bitcoin and take it into self-custody while you

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still can. They can freeze the dollars in your bank account. They can freeze the

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stablecoins in your PayPal account, but they cannot freeze the Bitcoin in your

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self-custody wallet.

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Bitcoin and Renewable Energy Penetration. Via Daniel Batten, new academic study

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highlights Bitcoin's positive impact as a potential contributor to renewable

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energy penetration and net decarbonization of the energy grid. Slowly

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but surely, the narrative is changing. The study Daniel is referencing titled

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Bitcoin's Carbon Energy Footprint Revisited. Proof of Work Mining for Renewable

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Energy Expansion is available via the written version of this show linked in

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the show notes. I'll read you apart from the abstract.

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We systematically explore the state of the art regarding the relationship between

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Bitcoin mining and grid decarbonization. We specifically focus on the role of

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flexible load response through proof of work mining as a potential contributor

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to renewable energy penetration and net decarbonization of the energy grid. The

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existing literature has not comprehensively examined this area, leading to

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conflicting views. We address the gap, analyzing the capabilities and limitations

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of Bitcoin mining in providing flexible load response services. Our findings show

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that renewable-based mining could potentially drive a net decarbonizing

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effect on energy grids, although key adaptations in mining practices are

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needed to fully realize this potential. Overall, the paper suggests a re-evaluation

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of the environmental impact of Bitcoin mining, highlighting its potential role

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as a facilitator for renewable energy expansion and decarbonization more

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broadly. This is yet another example of the narrative around Bitcoin mining

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shifting. Hopefully soon Greenpeace and the Change the Code anti-Bitcoin

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propaganda campaign will switch their efforts to attack an industry that is

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actually harming the planet, like the newspaper industrial complex, for example.

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Worldcoin pushback. In case you missed it, OpenAI's Sam Altman launched a

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dystopian shitcoin called Worldcoin, which uses a creepy orb to scan your

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eyeballs in exchange for a token with a 25% allocation for VC investors and

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insiders. Sounds great, right? Thankfully, the global pushback has been fierce, as

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everyone with half a brain realizes this is a creepy dystopian scam and the wet

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dream of the CIA and the security state. Here's a couple of examples. Via no

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bullshit Bitcoin, Kenyon police raided Worldcoin's warehouse and seized machines

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that store data. A team of police officers raided a warehouse run by the

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Worldcoin cryptocurrency in Nairobi and left with machines they believe stores

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the data gathered by the firm reported local media outlets. Via Bloomberg, don't

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scan your eyeballs for Worldcoin's magic beans. Here's a quote from the article.

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You might think such cautionary tales would be enough to slow down Worldcoin,

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a new crypto project that would double as a hilarious satire of tech industry

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excess if it weren't an actual company that's raised more than 100 million

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from some of the most famous investors in Silicon Valley. But you would be wrong.

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On July 24th, amid warnings that it's technology, more on what it actually

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promises to do below, represented a potential privacy nightmare, reports of

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deceptive sales tactics to the target desperate people who don't understand

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the technology or its potential risks, and the general common-sense idea that

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one shouldn't scan one's eyeballs in exchange for the equivalent of digital

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magic beans, Worldcoin's creator, Tools for Humanity, went ahead and introduced

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its global eyeball scanning project anyway. I'm glad we're seeing this pushback,

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and I'm sure we will continue to see more of it, and hopefully this project will

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soon die and leave their dystopian tech pro VC investors poorer than when they

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started.

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Machankura launches in Kenya via Bitcoin data. Machankura officially launches in Kenya.

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For those who don't know, Machankura was developed by an amazing guy named

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Kogatsu, and it allows you to send and receive Bitcoin to your phone number

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using a feature phone, no smartphone required. Every registered user can send

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and receive Bitcoin to their phone number from any other Machankura users or to

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their Machankura Lightning address. You can also redeem as Teco vouchers

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directly in your Machankura wallet. Users can also redeem as Teco vouchers

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directly in their Machankura wallet, which is great for anyone without an

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internet-connected device. So how does Machankura work? Users can access Machankura

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by dialing a USSD code, which varies per country. USSD, which stands for

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Unstructured Supplementary Service Data, is a technology used by mobile phones to

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communicate with the service provider's computers. It's often referred to as

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Quick Codes or Feature Codes. When you dial the number for the first time, a

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Bitcoin wallet that is tied to your phone number is instantly created for you.

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You're required to create a PIN that will encrypt your wallet and will also be

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used to confirm all future transactions on Machankura. Once your wallet has been

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created, a Lightning address is generated for you using your phone number, for

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example 256719325 at 8333.mobi. You can also change this to a user name of

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your choice, for example Machankura at 8333.mobi, and anyone can send you

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Bitcoin on this Lightning address. You can also send Bitcoin to any user's

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address. The beauty of Machankura is you don't need internet access to use

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Bitcoin. All communication is done via USSD over GSM cellular networks.

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Machankura is now live in Kenya, Ghana, Malawi, Namibia, Nigeria, South Africa, and

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Zambia. But they also just launched a Machankura beta using WhatsApp. Soon, you'll

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be able to use Machankura in any country where WhatsApp is available, allowing you

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to access the same text interface as you would access via USSD, just with a

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persisted chat and no character limits. For more information, go to 8333.mobi.

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This project is a great example of Bitcoiners building solutions to real

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world problems. Don't have a smartphone with internet connectivity? That's okay.

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You've got Machankura.

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YouTube de-platforms Bitcoin content creators. Via Bitcoin Archive, YouTube

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terminated slash purged three Bitcoin channels in just 48 hours. No plausible

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explanation given. Max Kaiser and Stacy Herbert's channel was purged of

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hundreds of hours of Bitcoin content. At Crypto News, yes, had his channel closed

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without warning. Decision final. At Plamen, Andinov, organizer of the Bulgarian

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Bitcoin conference, had his channel shut down without warning. Decision final. At

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YouTube creators, at YouTube, need to reverse these capricious decisions ASAP

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and stop censoring legitimate Bitcoin content. Shout out to Bitcoin Archive for

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using his large platform to draw attention to this. I hope YouTube does

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actually pay attention. Because with all the genuine garbage out there on YouTube,

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it's pretty absurd to see three different Bitcoiners all get de-platformed in the

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same week in 48 hours. These are people who are just trying to educate others

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about Bitcoin and share the news. They've put literally thousands of hours or tens

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of thousands of hours into building their channels and have viewers who find

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their content valuable all over the world. These channels also actively warn

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against crypto industry scams. Trying to protect people from getting wrecked by

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the innumerable shitcoin shills on YouTube who still somehow have active

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channels even though they recommend shitcoin Ponzi schemes to their viewers.

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This round of de-platforming is a great reminder of why open source decentralized

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social media protocols like Noster are so important moving forward. When we're

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reliant on giant centralized platforms like YouTube, Instagram, or X, we have

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zero power to control our experience with or access to their closed source

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proprietary system. We are at the mercy of tech overlords who can de-platform us

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faster than you can say fuck the state and there is nothing you can do about it

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pleb. Noster is like the Hydra from Greek mythology. Cut off one head and two

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grown its place. Even if a government were to ban a particular Noster client

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like China did with Domus back in February, people can just switch to a

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different client and they can keep their entire account because it's yours

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controlled by your public and private key. Even if they ban every Noster

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client, people will just build more. In the words of Edward Snowden, if a

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platform is a silo, a protocol is a river, no one owns it and everyone is free to

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swim. Now for some rapid fire news. Via Bloomberg, Kathy Wood says SEC will

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approve multiple Bitcoin ETFs at once. ARC previously said it was first in line

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for spot Bitcoin ETF and US SEC has denied applications for similar ETFs for

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years. Via BTC Times, nearly 50% of Jack Dorsey's block Q2 revenue came from

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Bitcoin transactions. Block Inc. announced a gross profit of $1.87 billion

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in the second quarter of 2023, marking a 27% increase compared to the same period

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last year. Of its total Q2 net revenue of $5.5 billion, $2.4 billion came from

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Bitcoin, according to the company. Via Bitcoin Archive, BlackRock insiders say

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spot Bitcoin ETF approval expected in four to six months, according to Mike

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Novogratz. But take that with a grain of salt because let's remember Mike also

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got a Luna tattoo right before that whole Ponzi collapsed. So, via Kaya on Noster,

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the upcoming beta release of eNut's cashew wallet will allow users to send

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Bitcoin over Noster directly to your contacts inbox. Via the Kibise letter,

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the US government has spent an alarming $6.7 trillion over the last 12 months.

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This is up 14% since last year and just shy of the $7.6 trillion record during

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2020. We are now spending just $900 billion less than a period when $4

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trillion was handed out. The worst part over the last 12 months, the US deficit

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is at $1.4 trillion. This is up $1 trillion compared to last year. Simply put,

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this is unsustainable. To wrap up today's show, let's zoom out and talk about the

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Bitcoin industry versus the crypto industry. The crypto industry is a total

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shitshow. The world coin dystopian shitcoin being a recent example of a

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VC-backed token whose founders have zero moral compass being foisted upon

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unsuspecting people with shady marketing tactics. Crypto is predatory vaporware

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sold as get-rich-quick schemes to people who don't know any better. The goal of

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people building in the crypto industry is not to create actual value. It is to

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extract value and get out as fast as you can before the house of shit-covered

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cards comes crashing down around you. To promote scams you know are scams but

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promote anyway because you made a quick buck. The Bitcoin industry in contrast is

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focused on creating value, on creating products and services that people will

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value highly enough to spend their hard-earned Bitcoin on which is no easy

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feat. I've had the pleasure of meeting countless Bitcoiners in person and online.

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Whenever I talk to Bitcoiners I get excited because everyone is genuinely

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trying to build and create things that make the world a better place. Sure, the

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goal for many is to make money and that's great. If you're running a business

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you must make money otherwise you're not running a business you're running a

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charity and when you create something valuable you should receive value in

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return. But Bitcoiners differ from shit-coiners in that they want to make

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money in an ethical way by providing valuable goods and services for other

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people. For the Bitcoiners that I know the goal is not simply to make money no

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matter the damage you do. The goal is to create value, to create something that

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leaves the world better than it was before, to create products that fill a

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genuine need, to create services that improve people's lives, to create content

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that educates and inspires, to create real art that makes the world more

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beautiful, to write code that makes people more free, to show their proof of

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work to the world. I feel very fortunate to have met so many incredible and

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inspiring Bitcoiners spending their time and energy to build the future they

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want to see. So cheers to the Bitcoin builders, businesses, and creators out

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there. We're just getting started.

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And that's a wrap on this week's Bitcoin News Roundup. You can find the written

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version of the show along with all the references via the link in the show notes

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or by going to bitcoinpodcast.net. You can find me on Noster by going to

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primal.net slash Walker. If you want to follow the Bitcoin podcast on Twitter go

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to Titcoin podcast and at Walker America. You can also find the video version of

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this podcast at youtube.com slash at Walker America. Bitcoin is scarce. There

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will only ever be 21 million, but Bitcoin podcasts are abundant. So thank you for

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spending your scarce time to listen to another fucking Bitcoin podcast. Until

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next time, stay free.