The Bitcoin Group #485 - Surge then Fall - Iran War - CA Buys - NY Allows

0:00The Bitcoin Group, the American original, for over the last ten years, the best Bitcoins, the sharpest Satoshi's, the hardest cryptocurrency talk, we'd like to welcome our panelists, Thomas Hunt, from the world crypto network. With a quick news update, the price of Bitcoin surges to $74,000 a coin after President Trump throws his support behind key crypto bill. Bitcoin rallied over the last 24 hours pushing prices as high as 74,000 for the first time since February, signs of an early thought that appear to be giving investors hope that there is a recovery underway. Altcoins, including Ether and Soul, also rose, helping drive the overall crypto market

1:04back to $2.5 trillion in market capitalization. The surge in crypto prices coincided with President Donald Trump throwing his support behind a key crypto bill called the Clarity Act, the passing of which crypto experts have said is the sole, near-term catalyst that could pull the coin market out of its month's long rut, until the price of crypto Bitcoin is $68,000, 151, down 4.73% with the last of $68,134, a high of $71,555, and a low of $67,737, $2,733, Bitcoin's changed hands. That's $1 for $1,467 Satoshi's just on the other side of the 1,000 Satoshi barrier. What happened? President Trump signals no deal with Iran demanding unconditional surrender, sending oil surging

2:11Bitcoin and stocks lower. The outlook for the Federal Reserve glue cloudier on Friday as the employment market weakened appreciably, even as inflation could be worsening. Already higher on the day, crude oil extended gains to 11% after President Trump said there will be no deal with Iran except unconditional surrender. Stock indexes extended losses with Nasdaq lower by 1.8%, Bitcoin added to earlier declines down to $68,800. Moving on to issue 2. The secret loophole helping Iran fire missiles at Israel and the United States without going broke. Tehran legalized Bitcoin mining in 2019, officials framed it as an economic experiment, and analysts now say that it evolved into something far more strategic. A sanctions-resistant payment network.

3:11We told you so. Iran's currency is collapsing, its economy is under crushing sanctions, yet Tehran is still paying for machinery, fuel, and military components abroad, using a financial rail Donald Trump cannot control, and he even endorses himself. The workaround is simple. Mine Bitcoin then spend it. Iran can mine a single Bitcoin for roughly $1,300, says Jake Pearsie, a U.S.-based Bitcoin strategist, with Bitcoin trading near $78,068,000, creates a $71,700 margin per coin. That value can be deployed outside the traditional global banking system. This strategy quietly punches a hole through sanctions architecture the United States spent two decades building, and we told you it would happen here on the world crypto network. We told you so. Yes, it does look bad for the United States and Iran.

4:16Check out the world crypto network at worldcryptonetwork.com. We've got 4,792 videos, including this one that you can watch for free at worldcryptonetwork.com. Issue 3. California's taxpayer-backed pension systems invest in Bitcoin and crypto. Calpers and Calsters need to be far more transparent and systematic about the investment risks they're taking. According to an opinion, a commentary in the Orange County Register, and you can just hear him shaking his fist, old man shaking his fist at the sky, as California finally invests in Bitcoin, but it's far too late. He's worried that they should be more careful and move slower, and he's worried that they're not even holding, well, he doesn't like that they're holding Bitcoin, and he doesn't like they're not holding it directly because they can just buy things like Coinbase and MicroStrategy, gaining exposure to Bitcoin as Calpers has invested in them in the past.

5:22Pension fans also have exposure to crypto through venture capital and private equity funds that are explicitly managed to invest in digital asset companies. Oh my! It sounds like the pension plans might actually make some money. Somebody needs to stop that. It's never too late, California. Never too late to invest in Bitcoin. Checking in with the chat, moving pretty quickly, but let us know what's going on. Shout out to Agartha, who's in the chat, Chicasi, and Starship, greeting, it's been a long day. But Bitcoin is money for enemies, even our friends at the Calpers, and of course it works great for an R. Current enemies in Iran, according to the President. Moving on to issue four, Strike secures New York Bitcoin license, the BitLicense, opening Bitcoin financial services to state residents.

6:25Strike founded by Jack Mollers received both a BitLicense and a Money Transmitter license from the New York State Department of Financial Services. As we've predicted, the BitLicense has done nothing but slow access for the people of New York. They have less access to legitimate Bitcoin service and probably have to use black markets and what have you if they really want to gain exposure to this brand new and dangerous cryptocurrency. Jack Mollers and Strike continue to do great work expanding into New York. They've also been expanding about their products where you can loan Bitcoin and never have to sell. Let me know what you guys think of these as anyone had any success with these programs. I've also heard that Strike will allow you to pay your bills, and in Jack Mollers and generally seems to be generating a system there that would allow you to truly live off of Bitcoin, something that people have wanted to do for a long time. But if you did recently, we'll make it hard to pay your bills ironically enough.

7:32Moving on, we've got some bonus issues today in this very short news update version. Let us know what you think in the comments about these issues and we'll likely read your comment on the air and discuss them. We have more guests coming back next week, but this week just a quick news update show. Check out this great article linked below from CrunchBase. It's an interview with Tim Draper on the AI boom Bitcoin's future and building, quote, human accelerators. As the article reminds us, few venture capitalists have the name recognition or tenure of Tim Draper of fixture in Silicon Valley for decades. Draper has built a reputation for bold, often contrarian bets that have yielded some of the industry's most notable wins, including early investments in SpaceX, Tesla, Coinbase, Skype, and Twitch. His career, which spans time as a founder of Draper Associates, DFJ, and the Draper Venture

8:34Network, has also included high-profile missteps, most notably Theranos, underscoring the risk and volatility that goes along with making bold wagers. A frequent personality on television and social media, Draper is also known as a relentless champion for decentralized technology and a leading voice for Bitcoin and blockchain. In 2024, he launched Draper TV, a media network, where he continues to host a global pitch competition called Meet the Draper's, the series which is now in its ninth season interviews viewers at home to invest alongside him in innovative startups. So just shout out to Draper, he's got some really interesting ideas in this interview. I think you guys should check it out, he's got a lot of startups going. He was very early on Bitcoin and a lot of other things, and now it looks like he wants to be early on AI. So shout out to Tim Draper and check out this great article about Tim Draper, the AI boom Bitcoin's future in building human accelerators.

9:36Maybe you're a human accelerator. Anything news from WIS TV number 10 food lie and manager stops elderly woman from losing $5,000 in Bitcoin Sam and the signs from the unions that are being held up next to these people say it all crypto scams hurt people 50 plus stop spot report. And if it fills rushed, it might be a scam pause reflect protect. We've been talking about Bitcoin ATM scams for quite a while here, and they do continue to spread with food lie and manager stopping an elderly woman from losing $5,000 as a customer service manager, intervene and stop them to protect the senior service community. So we are seeing these things called out continuing to be a problem and look for Bitcoin ATM's to be restricted or likely banned soon South Korean tax official office leaks crypto

10:42seed phase loses $4.8 million in tokens as South Korean national tax service accidentally exposed to crypto wallet seed phrase in official press release tied to the tax enforcement campaign leading to the loss of around $4.8 million. It was a unredacted image of a ledger hardware wallet and it's full mnemonic page fast word for a phrase so pretty wild stuff from South Korea. Also remember everyone knows about the $10,000 Bitcoin pizza, but nobody talks about the other $150,000 Bitcoin he wasted after before the infamous pizza order, Lazlo Hanuk invented GPU mining for Bitcoin which made it possible for him to mine thousands of Bitcoin per day. Satoshi personally messaged him about it and worried it would break his network. Lazlo's response I feel like I crapped up your project. He kept buying strangers dinner in Bitcoin until he couldn't mine fast enough to keep it

11:46up. His wallet had a total at one point of $162,864 Bitcoin. It's $10.7 billion in today's value, $10.7 billion in today's value, and $20.3 billion at the peak price of Bitcoin. His value now around $0.000018 Bitcoin around $12. The guy who invented Bitcoin mining actually wasted billions of dollars, probably the biggest fumble in the history of Bitcoin. Even worse than that hot bottle guy. And finally former Mt. Gox CEO Mark Carpellis proposed a rewrite of Bitcoin's code to recover $5 billion in stolen funds. He was shut down quickly as the article awkwardly says. Mark Carpellis submitted a poll request to Bitcoin Core that would redirect coins that remained

12:48untouched since 2011 to recovery address controlled by the Mt. Gox Truxy, reigniting the oldest debate in Bitcoin, which is, if you lose your coins, they're lost. Mark Carpellis can't get them back. This same debate is going on with the quantum encryption nonsense as people worry about Satoshi's coins, which are likely under an older and weaker encryption standard since they've never been moved. Satoshi coins are a far bigger threat than Carpellis's goofy Mt. Gox coins. And he's not getting them back. I was glad to see this. I was glad to see the community shut him down quickly. Once again, I still can't believe he had the goal to ask CZ from Binats asked the same thing after Binats was hacked. Again, I guess as a corporation as a corporate leader, you have to try to float this idea. You have no choice. But it was complete nonsense then as it's complete nonsense now. Mark Carpellis cannot just have his coins back.

13:51Developer embeds image on Bitcoin as a single transaction, challenging BIP 110 core claims. A Slovakian developer named Martin Havov Bistrak published a proof of concept, storing a 66 kilobyte TIFF image file continuously on the Bitcoin blockchain as a single transaction without using op return, taproot or op if the demonstration directly challenges key claims from Bitcoin not supporters and proponents of BIP 110. The temporary quote soft work that might crash and become a hard fork proposal. That would restrict arbitrary data on Bitcoin, nearly 9% quote of Bitcoin nodes are ready for BIP 110, which is implemented through knots that has one developer. The image is an image of Luke Dash Jr., the developer who is running knots, crying.

14:52Here's a zoomed in version of the image. Once again, you can already store images on the Bitcoin blockchain. This hasn't changed. And finally a shout out to people for his excellent work this week, World War Meme. It truly captured the zeitgeist and the spirit of our times, showing a man sitting here at a desk with many screens open an American flag in the back with many different memes such as the president here is kind of a black gangster, corn rose, hegseth in the back, the classic British World War II meme dad. What did you do during World War II? I monitored the situation, effing legend. His son says there is Marco Rubio wearing a turban JD Vance in his large band get up with the big beard, many chips and monster energies are open as he watches a large band driving

15:53an airplane, a commande presumably digital about to get hit, Trump as Lord Farquad from the Shrek movies and of course one of my favorites, Trump as flock of seagulls, MTV, which they made a full music video for this week if you haven't seen it, it's all over Twitter. But people really capturing the situation of the Iran War, a situation that we monitored on our computers. It's like in the old days with the Iraq war, we would monitor on CNN, now we monitor on our computers and we get the best and dankest memes. That's right. We're going to check in quick with the comments, see what's going down. Chakazee says, Jack Mollers is interesting, I like his energy, however barring against your BTC seems like a recipe for losing your BTC and a BTC collection mechanism of strike. It is hard to say what the right mixture of these percentages, things where you get

16:54to keep your Bitcoin, but there is a percentage take by the company, even strike with all of their positive Bitcoin means and so forth does certainly take a percentage. So if that percentage is too great and the price of Bitcoin doesn't rise or fall like you think it's going to, barring against your Bitcoin could see you as losing them. They say strike is great, but they don't offer the credit service in the UK and Starship is also not a fan of the barring. Don't let anyone in meta glasses look at your seed, Starship warns, the new meta glasses which do stream directly to the internet, I've heard horror show reports that all of the video, not just when you're recording, but all of the time streams, people in the bathroom, people in private situations being caught by the new meta glasses which are everywhere. So yes, don't show your seed phrase to those meta glasses, anybody could end up with them.

17:58They might have other addresses with more than $12 for Lazlo, certainly Lazlo is probably doing fine, but it is an amazing story that the person who paid $10,000 for the Bitcoin pizza was the same person who basically invented GPU mining, mining for Bitcoin with advanced different chips and was able to gain an advantage on all the other CPU miners. What did he do with his advantage? He bought pizza. As I always note in my video, he bought five different sets of pizza for $10,000 each. That was $10,000 for two pizzas. He did it five times and spent $50,000 bitcoins on pizza and then as it says here, he wasted the other $150K as well. Starship says it's a nice picture and that the knots fork is bad news. It's bad news definitely and it doesn't even solve the problem as you can see here. If this was a horrible image, they would have already embedded a horrible image.

19:00It is certainly not impossible to embed data into the Bitcoin blockchain. Maybe we should just charge for it, make it more expensive and just have a system like that. Also, I don't think it's really that popular a use case. I don't think people are really lining up to embed their images in the Bitcoin blockchain. Unlike our pal, people who is just killing it here. Thanks to everybody for joining this week. Apologies for the short show and the lack of guests. We do have more guests scheduled for next week and I reached out to everyone that I met at the conference and asked them to be on the show. We got a lot of positive responses, not for this week, unfortunately, but a lot of positive responses in general. We hope to have everyone back next week and have more of a back and forth discussion on the show. As far as these issues, just thinking if I have any more to say about them, obviously it was nice when the price went up. I enjoyed it a lot. I think we should check with the Magic 8 Ball to see what the price will do next week.

20:04I'm always bullish. I think the Bitcoin is great. This gets me in a lot of trouble. But fortunately, I have the Magic 8 Ball to make all of my decisions for me and for you. Will the price of Bitcoin be higher this time next week? Here we go, shaking it may cause bubbles in the price and the ball. It is too hard to see balanced on its edge. You can really see the dice. Without a doubt, without a doubt, the price of Bitcoin will be higher next week. So the Bitcoin price higher, that means that the war must be over soon. As we can see here, the price continues to go down during this show breaking below 68,000. President Trump has a plan for Iran. He wants unconditional surrender and there's been dangerous economic indicators today with

21:06inflation and jobs reports, NASDAQ and Dow falling as well. We told you so about the sanctions. We didn't know they could mine it for so cheap. But that is a lot of potential Bitcoin being mined by Iran and then sold to do what they want with it. This pension story was good, but I think they might be too late. I don't know. There's always some good ups, but who knows what's going to happen in the future of Bitcoin and crypto, but it's great to see Karen's like this warning the pension system about investments. And then strike receiving its New York access. So maybe you can use it in New York now, but not in England yet. Thanks to everybody for joining us. Be sure to give us a thumbs up, down below and subscribe if you haven't already. We checked in with the Magikapal, got you the truth and knowledge. And until next time, bye, bye.