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Created: 6/16/2024 12:41:07 AM
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<v McIntosh>Hey, Sats Stackers. Today is September 18th, and this is episode 130 of generation Bitcoin. I'm your host McIntosh. And today's episode is another Bitcoin basics nodes on the network.

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Alright. Let's get into it.

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Got a lot to cover, and I wanna make it as short as possible for your listening pleasure.

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We'll cover the market. We had a Bitcoin

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weekly close. Well, let's see. What do we got? 2 and a half hours ago at time of recording. That was at 26,500

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and 63.

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We had a block type at time of recording, as in right now,

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of

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808,219.

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Alright. We have an estimated difficulty adjustment of plus 5.17%

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happening on September 20th. So that's just a couple days from now. Unfortunately,

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it looks like things have been progressing along a little too fast,

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like, 9 and a half

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minutes on average since the last difficulty adjustment, hence

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the pretty steep increase.

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But interestingly,

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recently,

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it actually seems to have slowed down. I saw earlier man, there was one that took almost an, like, an hour.

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It's really weird.

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Right now, we got an average transaction

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fee of, 20 sats per a v byte, which is a little high, a little high. Of course, mempool is up to

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1.25

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gigabytes. Man, it's getting

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getting big with 565,000

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unconfirmed

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transactions.

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So

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things are stacked and racked and ready to be packed up into those blocks.

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We're actually gonna be discussing that a little bit tonight, kind of the flow of that as part of our discussion. So maybe you'll have a little better understanding of that if you don't know what I mean

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when I'm talking about that.

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Alright. I'm not really gonna go over market update. Hey. It's the same.

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Like I said, well,

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we're actually up a little bit, 26.7

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right now,

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even since our close. So

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we did close the week, of course, over that 26,300

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to 300 level.

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So

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I don't know. We'll see. Again,

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I'm not convinced until we break well above 30,000,

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on consistent basis,

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you know, for multiple days slash really weeks.

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We're in a we're in a crab market. We're we're going sideways. I wouldn't say we're in a bear market because we're not continuing to go down. We keep going down and

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pulling right back up.

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And since, what, early early this year,

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we've not been down below,

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just a few $1,000

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below where we're at right now. So I would call it a crab market.

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That's what we got. So, of course, what's our strategy?

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Every week we talk about this. I don't care what the price is. You should be DCA ing. Right? I was having a discussion with a friend of mine

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who is frankly showing some interest in Bitcoin,

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and I don't think he realized

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how involved I was. So

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<v Unknown> we were we were driving somewhere. We were actually having a discussion about

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<v McIntosh>just kind of the world in general.

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And he does know I'm involved in Bitcoin, but he turns to me and he's like, well, you should run some miners. And I'm like, well, I already do.

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But, anyways, we had a great discussion

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<v Unknown> a great discussion, but, you know, you don't have to guess at this. You don't have to worry about if it's up, if it's down.

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<v McIntosh>Just like I told him, just DCA.

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Get the strike app. I think cash app does the same thing. Whatever.

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Buy Bitcoin on a daily basis. When you get any kind of amount,

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you know, a couple $100,

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move it off to cold storage.

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That should be your next step. What do I do? Why buy Bitcoin? What do I do next? I set up cold storage seed signer or ledger,

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I guess, or something like that. A hardware wallet

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and then,

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start saving. That's what you do. Right? We don't trade. We don't do any of that. Just just save.

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Save and come back to me in 8 years, 10 years.

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That'd be 2 complete cycles.

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You will be happy you did. Let's jump on into our topic.

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We're gonna cover

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a good bit of ground today, but it all ties in together and I think it's all very important.

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It's actually in the end, I was actually just going to talk about Bitcoin nodes,

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the kind that

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are not miners that just run the Bitcoin software.

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And I actually ended up tying in the whole thing together because it really makes sense. So we are going to talk about Bitcoin nodes

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in general,

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and there are multiple different kinds. We'll talk about that. It will give you a good understanding, I think, of how the Bitcoin network itself

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actually works.

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So that you,

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have some understanding

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of how

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transactions work, how, you know, your

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Bitcoin gets to someone else or how

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transactions are verified, all of this kind of stuff. So we'll we'll jump right in there

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and we'll cover all that.

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So Bitcoin nodes in general are the underlying infrastructure of the Bitcoin

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network. They secure it.

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They maintain it.

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It is because of Bitcoin nodes

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that the network is even possible. Without them, there would be no Bitcoin network.

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Unfortunately,

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a lot of people don't really understand

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what they are and how they work.

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So we're going to talk about that. Before we do, I want to cover some topics.

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There's 3 different ways of looking at bitcoin. There's 3 different

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things that Bitcoin can refer to. Bitcoin is a network. It's a collection of these nodes. We're gonna talk about the nodes more specifically

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very shortly. But it's a collection

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of computers

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that are tied together essentially communicating

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with each other,

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sharing information back and forth. That is the Bitcoin network.

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Bitcoin is a protocol.

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Bitcoin is a set of rules. That's what the protocol means. That's what it defines.

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A set of rules for how that information

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can be shared back and forth.

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<v Unknown> Those rules

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<v McIntosh>keep things from like double spending occurring for example. Bitcoin is also,

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some software. It's a program. You'll often hear Bitcoin Core, which is one of the most common versions of this Bitcoin software. It's a program that understands these protocol rules. It's been programmed

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to understand these protocol rules. It's run by computers on the network,

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and

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it drives that network really. The Bitcoin nodes, they're computers that they run that software, that Bitcoin software and there are different versions of that. I don't wanna get hung up on that but it's not just

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the core Bitcoin software. Although that is certainly the most common,

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and they're connected by

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this Bitcoin network. They validate. They broadcast.

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They process and they store Bitcoin transactions.

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Alice wants to send Bob

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1 bitcoin.

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I don't know. For whatever reason,

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that's a transaction.

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They're batched up. They're stored in a group. This is for an efficiency

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thing, right? That group, that's actually a block. So when somebody says, here's a block

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of Bitcoin.

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What they mean is, this is a block

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of transactions, of Bitcoin transactions.

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And actually,

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this is actually where blockchain comes from. When when this term

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was created,

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it was referring to Bitcoin and it was talking about these blocks

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of transactions.

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And part of those blocks is basically information

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that points

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back to the block.

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Previous block, if I'm not mistaken. It gives a historical context into it. It creates that chain.

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It gives the Bitcoin

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<v Unknown> core pro and I'm gonna again, I don't wanna get bogged down on this. It's not just a Bitcoin core software, but it's just habit. So it gives us Bitcoin core,

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the ability to traverse that

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chain of transactions.

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So

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before a new block gets added to that blockchain,

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those

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<v McIntosh>transactions have to be verified as valid. So that is the function

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of some of these Bitcoin nodes.

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These nodes on the network. Not all of them, and we're gonna break that down in a few minutes. But when somebody says,

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I

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run a Bitcoin node, this is what they mean. This is a node that runs the Bitcoin core software or some other version of that software,

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of the Bitcoin protocol

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software.

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And

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that's what it does. It sits there and it verifies transactions. So these are a very important part of the network.

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What are they verifying? They're doing things like checking to see that

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the double spending issue that I was talking about, whether you

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have spent that Bitcoin twice or whether a sender

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actually has the Bitcoin that's being sent. All of these different rules that have been created over the last, what, 14 years in order to ensure

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the correctness of the blockchain.

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They're programmed into Bitcoin core

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And therefore, they're running on those Bitcoin nodes

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and they're verifying

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the

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transactions

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<v Unknown> that are flowing through it. When you have a bunch of servers, a bunch of bitcoin nodes that agree on a transaction, they are reaching what's called consensus. Consensus meaning they agree on it. They they say, yes. This is good. Nobody's saying it's a bad block.

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Okay?

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So that's what they do. 247.

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Every

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minute of the day.

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Nodes do not

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<v McIntosh>assume that a block is valid. Nodes do the work.

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We love in Bitcoin to say proof of work. This is proof of work.

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We

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<v Unknown> do the work

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to verify that those transactions are valid.

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To to do this,

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the Bitcoin nodes,

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they have to be able to run,

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<v McIntosh>they have to be able to have access to a full copy of the Bitcoin blockchain.

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So when you bring up a new node, and I've done this, I have 2 nodes running right now.

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And when you do this, the first thing it does, you set up the Bitcoin software, you connect it to the network. So if you establish connectivity to other nodes

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peers,

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then it

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downloads

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literally

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like the original data, the Genesis block, and it starts building

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the blockchain

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from there. And it runs through

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the whole thing. And you can watch it in the log file. It's amazing. It starts from

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gracious alive. Whenever it was that it came online.

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January of 2,009,

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if I'm not mistaken,

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all the way up to the present time.

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It literally does the work to verify that entire thing.

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When it's done, it has a copy of the Bitcoin

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blockchain.

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That takes up a fair amount of space. I believe it's around 600 gigs right now.

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So that has become a little bit problematic. We're gonna set that aside for now, but we're actually gonna come back to that because

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600 gigs is a is a

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pretty good amount,

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and

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that can be,

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there's ways around that. So we'll talk about that in a few minutes. But right now, I just wanna kinda set that aside.

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Each node though has a full blockchain

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or they've run through all that work. Let's just say it that way,

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<v Unknown> To crit to authenticate that blockchain.

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<v McIntosh>Alright. Now, when a new block gets sent out, each node has to decide whether they're going to add a copy of that block to their blockchain.

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They are not

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trusting this is why we say trustless. They are not trusting

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anyone. They are verifying

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everything. And this is very important. It is part of the

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foundational principles of Bitcoin.

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So do not gloss over that.

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We do not trust. We verify.

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Right? Let's break this down a little bit.

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So what I have been describing is what is called a full node.

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Now I glossed over some details in there and we're gonna come back to that in a minute. But before we do,

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we're going to talk about miners because miners are nodes. The miners that I have

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sit there, they are nodes on the Bitcoin network. They are essentially separate

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from a core,

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Bitcoin

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node. They don't run the same software, in fact, that they used to,

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actually.

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From my understanding in the very early days, that's what they did. But as mining has gotten more sophisticated,

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they have evolved. They run

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different software

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that it implements the same protocol.

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Remember, we got Bitcoin protocol,

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but they do not use the same software because

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they do different things.

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Going back to your full node, transaction is valid.

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Once it authenticates that a transaction is valid,

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that actually gets sent out to the the peers and those that are connected to it. Those nodes also verify

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it once

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a,

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sufficient number of nodes have verified, and I don't know what that number is, but once a sufficient number of nodes have agreed that this transaction is valid, it's then added to a pool of other valid transactions. And that's kind of where the miners pick up,

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just to wrap that up. Now, mining nodes, they pick up those transactions.

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They package them actually into blocks.

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Miners run

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a

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<v Unknown> set of rules

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protocol, if you wanna call it that,

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for creating and proposing

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blocks to the Bitcoin network.

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So miners can create and propose blocks.

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<v McIntosh>These core Bitcoin nodes on the other hand, they verify blocks.

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There's

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they they balance each other.

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See, a miner can create a block, they can inject things in it and it may break the rules of Bitcoin. See, they can

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compromise the system if you wanna think of it that way, which is kind of what is that's actually a valid way of looking at it.

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<v Unknown> But

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<v McIntosh>core nodes, these Bitcoin nodes, people call them Bitcoin nodes. There's probably a better way of saying it. These bitcoin nodes on the other hand, they validate

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the transaction. So if they catch a miner

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<v Unknown> creating an illegal

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transaction,

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<v McIntosh>they throw out the transaction.

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They won't

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verify it. So they balance each other and I think that's very important.

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No one in Bitcoin should trust anyone else. Again, trustless.

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I may know you, you may know me, but we don't really know each other, do we? You're listening to me on a podcast ramble on for a 130 episodes now. You may think you know a lot about me,

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but you really don't.

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And it's always best

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to verify

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what you can, especially when it comes to something that's this important.

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So

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miners,

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like I said, they have a set of rules for creating and proposing blocks.

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The type thing we're talking about is how big those blocks can be.

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Alright. I'll have the block,

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block size wars that happened, what, in 2017.

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How you can format a transaction

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and how to sign a block. How to put your stamp on it and say, yep, this block is good.

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Miners are also competing

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against each other in a race to create the next block.

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Once a miner thinks it created a valid block, it's going to broadcast

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that valid proposed block, I should say,

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out to other nodes on the network for them

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to put their stamp on it and say, yes, this is a good block.

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So

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that block

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is broadcast out to those Bitcoin nodes, those full nodes,

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and they're gonna validate

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the block. So they validate transactions

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and they validate the block itself.

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If a full node considers that block to be valid, it then adds the block to its copy of the blockchain.

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It broadcasts it to

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other full nodes and they go through that same verification

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process.

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Once you have a sufficient number of those, and again, I don't know what that number is, but it's just like the transactions.

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Consensus is considered to be reached

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and the transactions

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are processed.

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There,

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the nodes verify and store the updated versions

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<v Unknown> and,

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of the blockchain.

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<v McIntosh>And the miners, you know, of course have moved on to creating that next block.

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Again, I wanna draw attention, which I already did, but I wanna draw attention to the fact that essentially

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miners and full nodes, they're not competing with each other. I wouldn't call it that, but they do have different jobs. Miners

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are trying to create valid blocks

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as fast as possible. That's how they get their money.

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This block reward

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is the Bitcoin that is pre programmed, so right now 6.25

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Bitcoin per block, plus the transaction fees on top of that.

301
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So they are incentivized

302
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to work as fast as they can.

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That is why you see things like miners who tune their software

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to

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over,

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overclock their ASICs

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for example.

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So the miners are proposing

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blocks to the Bitcoin network.

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Full nodes are not proposing blocks. They cannot do that, obviously. If they did, then they could earn those rewards.

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Miners can receive block rewards,

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of course

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for doing that, full notes cannot.

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There is a difference. Essentially,

315
00:19:46.635 --> 00:19:52.815
maybe this sounds bad but there's well, it's the truth. There's no direct financial incentive

316
00:19:53.420 --> 00:20:05.965
for running a full node. However, full nodes are required to run the Bitcoin network. So why would people run those? Why do I run 2 of those? That's probably costing me 10, $20 a month

317
00:20:06.345 --> 00:20:08.605
to do that in terms of computing resources.

318
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Well, because it helps power the Bitcoin network. Because I think that the Bitcoin network is important enough to throw my hat in the ring,

319
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and it's reasonable

320
00:20:20.200 --> 00:20:23.725
what these things take, but it's still a computing cost.

321
00:20:24.025 --> 00:20:33.960
And so I do that as to help support that network. That's why people do it. There's other reasons on top of that. You can use that to verify the chain data.

322
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I don't know. There's probably more reasons than that,

323
00:20:37.700 --> 00:20:40.360
but that's certainly a good place to start.

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I I wanna break down a full node because there's actually 2 kinds of full nodes.

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00:20:45.865 --> 00:20:46.924
And it's a

326
00:20:47.385 --> 00:20:55.870
semi important distinction to make before we go on because there's some other stuff too that will other types of notes. But I this is probably a good place

327
00:20:56.250 --> 00:20:56.750
to,

328
00:20:57.965 --> 00:21:03.025
to talk about. There's 2 types of full nodes. There's called archive nodes.

329
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Archive nodes,

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they have a full and complete copy of the Blockchain. Every transaction, they can verify

331
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everything.

332
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So

333
00:21:13.315 --> 00:21:17.335
aside from the archive nodes, there's another type of full node. They're called,

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00:21:17.875 --> 00:21:21.415
ironically I think, pruned nodes. So full

335
00:21:22.310 --> 00:21:25.770
is like the opposite of pruned to me. So pruned nodes

336
00:21:26.630 --> 00:21:29.370
don't actually store the full blockchain.

337
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They store a subset of it.

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So let's say you let's say that the current

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transaction space takes up like 600 gigs. It's something like that.

340
00:21:40.720 --> 00:21:53.475
Maybe I only have a 100 gigs that I can spare for that. Maybe I only have 50 gigs. Maybe I only have 5 gigs. I think one of my nodes is actually running on 5. I think the other one, I think I do like probably 50 or something.

341
00:21:54.095 --> 00:21:58.900
But both of mine are actually pruned. It does start from the start. It does

342
00:21:59.280 --> 00:22:00.420
verify everything

343
00:22:00.720 --> 00:22:03.620
all the way up to current day. But essentially,

344
00:22:04.275 --> 00:22:08.054
going out the tail, so to speak, it's dropping off blocks.

345
00:22:08.434 --> 00:22:19.570
So it doesn't keep that data after it verifies it within that window. So if I've got a 100 gigs, that's probably more than a year's worth of data at this point still.

346
00:22:20.625 --> 00:22:22.325
So maybe that goes back to

347
00:22:23.024 --> 00:22:25.284
July or June of 2022.

348
00:22:26.625 --> 00:22:30.070
If I've only got 5 gig, that may only be a month or so.

349
00:22:30.450 --> 00:22:34.230
But I've got all the current data for that month plus I've

350
00:22:34.530 --> 00:22:44.595
verified everything up to that point. So it still goes through that proof of work to verify everything and that but it just kinda discards what it it it doesn't keep

351
00:22:45.400 --> 00:22:49.180
because of space issues. Okay. So why they're called

352
00:22:49.560 --> 00:22:54.460
full nodes, I I don't know. They are considered the equivalent in terms of running

353
00:22:54.804 --> 00:22:56.345
the Bitcoin network, however.

354
00:22:57.045 --> 00:23:05.620
The Earl Grey, it was extremely hot when I started. It's already cooling off. Of course, I'm 20 minutes into this, so I would ex I'm 27.

355
00:23:06.160 --> 00:23:08.260
Good gracious, alive, Macintosh.

356
00:23:08.960 --> 00:23:11.905
<v Unknown> But I am approaching the end, so we're gonna wrap this up.

357
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<v McIntosh>Again, 2 types of full nodes. I'm not gonna get super in detail on that.

358
00:23:17.825 --> 00:23:21.205
They are considered equivalent in terms of running nodes on the network.

359
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Now, other times types of nodes. Actually, when you run a miner nodes

360
00:23:26.920 --> 00:23:34.035
and you participate in a mining pool, which I've talked about. Most people do participate in mining pools simply because they don't have enough power.

361
00:23:34.415 --> 00:23:40.690
They would be like solo mining is what they call it, and the chances of them actually mining a block would be very, very little

362
00:23:41.070 --> 00:23:44.529
simply because the network has essentially gotten so big at this point.

363
00:23:45.070 --> 00:23:50.195
I would say the vast majority of people out there are using mining pools. Mining pools,

364
00:23:51.135 --> 00:23:51.635
actually

365
00:23:52.015 --> 00:23:52.915
use a

366
00:23:56.870 --> 00:24:02.970
a mining pool. They call it a mining pool node or I think I've called it I heard a couple of different things. That orchestrates

367
00:24:03.465 --> 00:24:14.270
the group of miners in that pool and they probably can have multiple because pools can have thousands of servers. People used to say, well, all mining nodes were full nodes. That's not really true anymore.

368
00:24:14.650 --> 00:24:16.910
The miner nodes have become so specialized.

369
00:24:17.450 --> 00:24:20.990
But the pool node, I believe, either has a full

370
00:24:21.455 --> 00:24:23.155
set or it has access

371
00:24:23.615 --> 00:24:27.075
to a full node that has that blockchain for verification.

372
00:24:28.255 --> 00:24:39.675
But they're used to kind of coordinate that mining pool. So they're a semi specialized type of node in the network, but they're a node. They're a Bitcoin node and it's important to know about them. So anyways,

373
00:24:40.375 --> 00:24:42.075
there are a couple more here.

374
00:24:43.095 --> 00:24:45.115
We'll go back. There's a light node

375
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which isn't a full node. So it's it's a very lightweight version of the blockchain.

376
00:24:50.910 --> 00:24:58.015
Essentially, you would see something on it like this for maybe a mobile wallet, this kind of thing, where they only keep the headers of the blocks,

377
00:24:58.395 --> 00:25:00.170
and they don't keep the full blocks.

378
00:25:00.730 --> 00:25:05.470
But it means that you can do it on a very very small kind of lightweight machine.

379
00:25:05.930 --> 00:25:08.830
And then you you can send or receive bitcoin

380
00:25:09.965 --> 00:25:11.105
like, from your phone.

381
00:25:12.205 --> 00:25:18.385
And you're technically running a node on the network and you are. But you cannot use that node, it's important to note this,

382
00:25:18.690 --> 00:25:20.150
to validate transactions.

383
00:25:20.530 --> 00:25:28.549
So it depends on those full nodes to do that. So again, we go back to those full nodes which are either archival or

384
00:25:29.075 --> 00:25:31.495
the pruned nodes, in order to,

385
00:25:34.115 --> 00:25:39.400
to validate those transactions. Alright. Lightning nodes. Lightning nodes are part of the lightning network,

386
00:25:40.260 --> 00:25:41.640
but they do interact

387
00:25:42.820 --> 00:25:49.705
with the Bitcoin main net. The this this layer, these all these other nodes that we're talking about. So,

388
00:25:50.245 --> 00:25:51.625
they speak the same protocol,

389
00:25:52.164 --> 00:25:56.830
they, you know, they can interface and they provide that way

390
00:25:57.130 --> 00:25:59.789
that the lightning nodes, you know, can

391
00:26:01.424 --> 00:26:02.325
provide this

392
00:26:02.784 --> 00:26:03.684
basically instantaneous

393
00:26:04.705 --> 00:26:06.404
transactions across the internet.

394
00:26:07.505 --> 00:26:10.005
So those are actually a type of bitcoin node.

395
00:26:10.440 --> 00:26:14.620
And I think that's it. That is actually it. Okay. So there we go.

396
00:26:15.000 --> 00:26:26.265
I'm not sure that liquid has nodes. I do not know if they do or not. They may have something similar to lightning. So I'll go ahead and add them to the list, not even knowing that, which is a huge mistake.

397
00:26:26.640 --> 00:26:34.020
But liquid is not something we've really talked about a whole lot, but it's somewhat similar to lightning. So I hope that helps you understand

398
00:26:34.880 --> 00:26:35.620
how transactions

399
00:26:36.595 --> 00:26:39.495
flow through the system. I'll try and come up with a diagram

400
00:26:39.955 --> 00:26:41.495
and maybe post it on Twitter,

401
00:26:42.275 --> 00:26:44.294
that would might be helpful. Because

402
00:26:44.980 --> 00:26:49.960
<v Unknown> this whole transaction thing, I mean, it is a little complicated but I do think it's worth

403
00:26:51.300 --> 00:26:51.800
understanding.

404
00:26:52.455 --> 00:26:54.794
Alright. So for our supporters this week

405
00:26:56.294 --> 00:26:59.595
<v McIntosh>actually, before I jump into that, let me do this.

406
00:27:00.300 --> 00:27:02.400
I did have a clip made.

407
00:27:03.100 --> 00:27:07.679
I was hoping for more. I'll be perfectly honest. So Kyron over at Mare Mortals

408
00:27:08.059 --> 00:27:09.440
did make a clip

409
00:27:10.565 --> 00:27:13.945
of me actually talking about this clip program.

410
00:27:14.485 --> 00:27:15.225
And I

411
00:27:15.525 --> 00:27:23.200
replied to that or boosted that. It's not really a boost, but I replied to that. Gave him 500 sats. I tried to send a message, but frankly,

412
00:27:23.820 --> 00:27:27.440
fountain did not allow me to do that. I'm not sure why. But

413
00:27:27.905 --> 00:27:35.925
the message simply was, thanks. I appreciate that. And he should have gotten that 500 sets. Kyron, if you did not, please let me know.

414
00:27:36.460 --> 00:27:43.440
I'm quite sure that you did, but since this is the first time we've really done this, I would like to not trust but verify.

415
00:27:44.355 --> 00:27:45.415
Little joke there.

416
00:27:45.795 --> 00:27:46.115
And,

417
00:27:47.075 --> 00:27:52.690
and we'll, you know, I'll make sure that that's taken care of. So again, I would encourage you.

418
00:27:53.250 --> 00:27:55.350
For those of you who didn't hear last week,

419
00:27:55.889 --> 00:27:58.870
if you go out and make a clip of any part of the current episode,

420
00:27:59.809 --> 00:28:00.950
<v Unknown> 500 sats,

421
00:28:01.335 --> 00:28:03.355
<v McIntosh>I reply to your thing or

422
00:28:03.895 --> 00:28:07.515
well, yeah. I reply to it, and I boost you essentially 500

423
00:28:08.509 --> 00:28:10.929
If you do that for an older show so

424
00:28:11.389 --> 00:28:16.129
this would be for episode 130. If you went back to 129 or 128 or 127

425
00:28:16.509 --> 00:28:17.775
or that great

426
00:28:19.035 --> 00:28:20.255
126 seed signer episode,

427
00:28:20.635 --> 00:28:23.295
there's lots of stuff I think in there that could be

428
00:28:23.595 --> 00:28:24.495
clipped up

429
00:28:25.090 --> 00:28:31.030
and make a clip. I'll give you 300 and you can do multiple. I'm trying to spend money here to spread the word

430
00:28:31.650 --> 00:28:32.150
about

431
00:28:32.725 --> 00:28:33.625
generation bitcoin,

432
00:28:34.005 --> 00:28:40.985
because we've got lots of good things going on here. I'm fixing to tell you about a couple of more interviews we got coming up that I'm super pumped about.

433
00:28:41.580 --> 00:28:43.600
We'll go ahead and do that news and notes section

434
00:28:43.900 --> 00:28:50.080
after our supporters. We did have support this week. Of course, this is kind of the short half of the week, so to speak.

435
00:28:50.585 --> 00:28:54.765
Typically, not as much, and our total support this week was a 1,000,

436
00:28:55.225 --> 00:28:57.405
for this section of the week was a 1,081

437
00:28:58.025 --> 00:29:02.679
sats. So probably right at 1100 sats. There was some streaming going on,

438
00:29:02.980 --> 00:29:06.840
which I certainly appreciate. We had Berno who sent in a boost.

439
00:29:07.525 --> 00:29:09.385
Our friend, Berno, we hear from him

440
00:29:09.765 --> 00:29:13.625
a a good bit. Thank you, Berno, your faithful supporter of this show.

441
00:29:13.925 --> 00:29:19.980
And he or she, I do not know, but I don't wanna presume. Always a pleasure to be in your company.

442
00:29:20.440 --> 00:29:21.580
Thank you very much.

443
00:29:22.200 --> 00:29:25.900
That's awesome. So I appreciate that, and I appreciate the sats.

444
00:29:27.255 --> 00:29:30.875
So from there, let's dive on into our news and

445
00:29:31.175 --> 00:29:34.715
wrap this puppy up because I do not wanna keep this long.

446
00:29:35.710 --> 00:29:50.545
We will have longer shows, it looks like, with our interviews. I've got 2 more of those lined up at this point. I think it's confident I'm safe to say this. I do have someone who lives in El Salvador. They're a I believe they're a software engineer down there, a professional,

447
00:29:51.645 --> 00:29:56.120
probably lives in Buenos Aires from what I'm I think I'm seeing,

448
00:29:56.660 --> 00:30:00.679
and I'm hoping we're gonna have a good discussion. Their hyperinflation

449
00:30:00.980 --> 00:30:02.840
is off the chain. I saw a figure

450
00:30:03.284 --> 00:30:03.784
125%

451
00:30:04.565 --> 00:30:05.065
today.

452
00:30:05.765 --> 00:30:08.424
Of course, they've got the election coming up in October,

453
00:30:09.205 --> 00:30:17.080
which I've discussed off and on a good bit. I wanna talk to them about that. I wanna talk to them about how they are coping with these

454
00:30:18.820 --> 00:30:19.320
hyperinflation

455
00:30:19.700 --> 00:30:21.320
well, I consider it hyperinflation.

456
00:30:22.395 --> 00:30:23.375
Extreme inflation,

457
00:30:23.915 --> 00:30:24.415
hyperinflation

458
00:30:24.715 --> 00:30:28.335
is what? It's 50 no. It's I guess it's really not hyperinflation.

459
00:30:29.010 --> 00:30:32.470
I don't wanna be spreading rumors so careful what you're saying, Macintosh.

460
00:30:33.090 --> 00:30:34.710
This extreme inflation,

461
00:30:35.330 --> 00:30:40.885
you know, how are they dealing with that? And, of course, they're involved with Bitcoin as well, so we'll talk about that.

462
00:30:41.345 --> 00:30:45.685
Earlier today, I got some news. I got a message back.

463
00:30:46.190 --> 00:30:47.330
I have asked,

464
00:30:48.350 --> 00:30:49.490
Eric at Gridless

465
00:30:50.350 --> 00:30:51.410
over in Africa

466
00:30:51.870 --> 00:30:56.884
to come on the show, And he has graciously agreed to that. Now I'm gonna hold him to that. So, Eric,

467
00:30:57.184 --> 00:30:57.684
if

468
00:30:58.304 --> 00:30:59.605
don't back out on me.

469
00:31:00.544 --> 00:31:01.044
But

470
00:31:01.640 --> 00:31:04.620
I this is one of the people I've been wanting to talk to.

471
00:31:05.000 --> 00:31:07.820
<v Unknown> And I'm very appreciative that he is

472
00:31:08.335 --> 00:31:10.035
<v McIntosh>going to make the time to do that.

473
00:31:10.495 --> 00:31:16.515
Next week, he is actually going to be at the African Bitcoin Mining Conference. So there'll be a link to that in the show notes.

474
00:31:16.820 --> 00:31:20.840
It's basically a get together of of African Bitcoin miners

475
00:31:21.220 --> 00:31:27.025
and their circumstances, which are different frankly than the circumstances here in the United States.

476
00:31:27.805 --> 00:31:29.665
Probably, we'll do the Argentinian

477
00:31:30.445 --> 00:31:30.945
episode,

478
00:31:31.885 --> 00:31:37.220
next Sunday, So one week or next Monday. And then Eric's the following Monday.

479
00:31:37.760 --> 00:31:49.765
And that's kind of the schedule I wanna keep. I may not do an interview. Obviously, we're not doing an this week, but we'll do those interviews on Monday. We'll do my kind of weekly wrap up on Thursdays.

480
00:31:51.630 --> 00:31:56.690
Late Thursdays really is what it's turning into, to be honest, but Thursdays anyways.

481
00:31:57.470 --> 00:31:57.970
And

482
00:31:58.534 --> 00:32:02.554
and, yeah, that's kind of I think that's gonna work out real well. So,

483
00:32:03.174 --> 00:32:06.554
let's jump into the news. There was not, again, a whole lot.

484
00:32:07.150 --> 00:32:13.090
You can follow me on Twitter at Macintosh Fintech. I always post stuff on there. And I by the way,

485
00:32:13.470 --> 00:32:15.330
I I don't know that I've made this clear.

486
00:32:15.755 --> 00:32:23.675
I post a lot more than just what we talk about on here. So, you know, some of it's not really news. Some of it may be not noteworthy enough, but

487
00:32:24.790 --> 00:32:27.450
yeah. So I already mentioned Africa Bitcoin,

488
00:32:29.830 --> 00:32:34.090
mining summit that's being put on by the Green African Mining Alliance.

489
00:32:35.685 --> 00:32:36.185
So

490
00:32:36.565 --> 00:32:43.625
I wished I could go. I mean, honestly, maybe next year I can. I doubt it, to be honest, but maybe.

491
00:32:44.400 --> 00:32:54.965
That is a part of the world I would like to look at. I would like to see. I've never been there. And I believe that what these people are doing is very important, and I I don't know, maybe I can support them somehow.

492
00:32:55.665 --> 00:32:58.405
So I did wanna point that out. Congo,

493
00:32:59.185 --> 00:33:02.645
also in Africa, of course, is having a coup, it appears.

494
00:33:03.010 --> 00:33:04.550
I tried to look this up.

495
00:33:05.090 --> 00:33:10.550
They have a border with the Central African Republic, but I'm almost certain at this point

496
00:33:11.015 --> 00:33:13.275
that they are not part of the French,

497
00:33:13.895 --> 00:33:14.395
currency,

498
00:33:16.055 --> 00:33:17.755
scam, I would call it, the CFA.

499
00:33:18.679 --> 00:33:22.059
And, I think it's the Democratic Republic of Congo

500
00:33:22.360 --> 00:33:23.740
that was. So

501
00:33:24.679 --> 00:33:31.695
I'm gonna step out on a limb. I probably shouldn't say this. I do not think Congo and the Democratic Republic of Congo, like, split apart.

502
00:33:32.075 --> 00:33:36.174
So I don't think Congo has ever been part of that. I may be mistaken,

503
00:33:37.480 --> 00:33:40.140
But again, we see this FOMET, this,

504
00:33:41.560 --> 00:33:43.500
<v Unknown> Africa is, you know, for

505
00:33:44.360 --> 00:33:50.165
<v McIntosh>I don't know. There's stuff going on there. They've got a lot of issues. A lot of the countries have severe inflation.

506
00:33:51.425 --> 00:33:53.125
Things are just not good.

507
00:33:53.720 --> 00:33:57.500
And so we're seeing this kind of stuff happen. It was the military again.

508
00:33:58.120 --> 00:34:00.060
Actually, apparently, it was the presidential

509
00:34:00.360 --> 00:34:00.860
guard,

510
00:34:01.255 --> 00:34:06.555
interestingly enough. So that's all the details I know. I did think it was worth mentioning though.

511
00:34:07.015 --> 00:34:22.135
I hope in the long run that's a good thing. I'll try and bring you some more information about that maybe next week or maybe we can talk to Eric about that. I would think he might know something about that. Maybe he doesn't. I don't know. It's the entire other side of the continent. So

512
00:34:22.515 --> 00:34:26.569
he works, over in East Africa from what I from what I understand.

513
00:34:27.349 --> 00:34:36.455
Looks like some Bitcoin things are going on in Cuba, which I think is very interesting. So it's some good stuff there. Not a whole lot, but there was just a tweet about it.

514
00:34:37.075 --> 00:34:37.575
And,

515
00:34:38.355 --> 00:34:38.855
actually,

516
00:34:39.235 --> 00:34:44.295
as an add on to this note stuff, there's a very good article that I posted too.

517
00:34:45.210 --> 00:34:49.549
We may actually have some stuff so that we can essentially instantaneously

518
00:34:50.809 --> 00:34:52.625
have what amounts to a full note.

519
00:34:54.065 --> 00:34:59.045
So they're using what are called zero knowledge proofs. This is something I know about from my dirty

520
00:34:59.425 --> 00:35:00.565
altcoin past.

521
00:35:01.185 --> 00:35:10.970
So this was one of the some of the stuff that has been done on different altcoins. So I am a little familiar with this. I'm maybe even more than a little familiar with it.

522
00:35:12.265 --> 00:35:13.724
I'm not going to go into depth

523
00:35:14.345 --> 00:35:16.605
on this show about 0,

524
00:35:17.145 --> 00:35:21.040
knowledge proofs. I I just don't know that it's really appropriate.

525
00:35:21.900 --> 00:35:22.400
However,

526
00:35:22.860 --> 00:35:25.520
basically it's a way to do all the verification

527
00:35:25.980 --> 00:35:26.480
upfront

528
00:35:27.115 --> 00:35:27.775
and then

529
00:35:28.155 --> 00:35:29.375
you can prove

530
00:35:29.675 --> 00:35:30.655
that that verification

531
00:35:30.955 --> 00:35:39.270
was done and then you can kinda get rid of all that data and then just say, hey, we verified everything up through, you know, 2020

532
00:35:39.809 --> 00:35:41.109
and then start your

533
00:35:41.490 --> 00:35:43.430
bitcoin node there. So

534
00:35:44.645 --> 00:35:48.425
this article is a pretty good there's some people who are working on that and eventually,

535
00:35:48.965 --> 00:35:53.465
it may become kind of the standard way of doing this. So rather than a pruned node,

536
00:35:54.170 --> 00:35:55.950
you could run a 0 sync node,

537
00:35:56.730 --> 00:35:57.230
and

538
00:35:57.690 --> 00:35:59.870
<v Unknown> effectively have an instant on node

539
00:36:00.170 --> 00:36:02.205
that would come up immediately.

540
00:36:02.985 --> 00:36:06.345
<v McIntosh>I don't have any information about this, but I did see,

541
00:36:07.625 --> 00:36:08.525
Justin Trudeau

542
00:36:09.690 --> 00:36:14.510
up in Canada, our neighbors to the north. And let me tell you something. The Canadian people

543
00:36:15.050 --> 00:36:16.670
I don't know if I've said this before,

544
00:36:17.195 --> 00:36:20.015
but we spent some time up there this summer.

545
00:36:20.635 --> 00:36:26.015
Years ago, I spent some time in Ottawa in the capital. 6 weeks actually there

546
00:36:26.380 --> 00:36:27.680
with some work stuff.

547
00:36:28.299 --> 00:36:28.799
So

548
00:36:29.579 --> 00:36:30.720
my reflection

549
00:36:31.099 --> 00:36:35.760
on Canada in general is that the people are extremely polite.

550
00:36:36.605 --> 00:36:37.105
Now,

551
00:36:37.805 --> 00:36:38.865
your politicians

552
00:36:39.165 --> 00:36:41.105
who run your country, ladies and gentlemen,

553
00:36:41.565 --> 00:36:45.265
they're a hot mess. They're maybe worse than the United States which is

554
00:36:46.650 --> 00:36:57.164
saying a lot. And, of course, I live in the United States, so I can denigrate my own politicians all I want. And in fact, I did so this week on Twitter, if you wanna follow me there.

555
00:36:57.704 --> 00:37:03.805
Justin Trudeau basically got up and said and this I mean, I'm not making this up. It sounds like a joke.

556
00:37:04.480 --> 00:37:06.339
In this speech, he says,

557
00:37:06.880 --> 00:37:08.260
basically, we've got

558
00:37:08.880 --> 00:37:09.380
issues

559
00:37:09.760 --> 00:37:11.140
with high inflation

560
00:37:11.760 --> 00:37:13.700
for groceries, for food.

561
00:37:15.445 --> 00:37:15.945
So

562
00:37:16.405 --> 00:37:21.760
you, whatever the big grocery chains are up there, and I do not know that, but he was specifically

563
00:37:22.380 --> 00:37:24.880
talking about these large grocery chains.

564
00:37:25.500 --> 00:37:29.520
You are either gonna have to figure this out or we're going to tax you.

565
00:37:30.415 --> 00:37:31.795
The way that this works

566
00:37:32.255 --> 00:37:32.755
is

567
00:37:34.015 --> 00:37:37.955
the grocery I mean, this this is like 5th grade stuff, I would think.

568
00:37:38.609 --> 00:37:40.869
<v Unknown> Grocery stores buy the food stuff

569
00:37:41.170 --> 00:37:42.230
from their vendors

570
00:37:42.769 --> 00:37:45.349
who source it wherever they source it from.

571
00:37:45.925 --> 00:37:46.425
And

572
00:37:47.445 --> 00:37:50.665
<v McIntosh>then they mark it up a little bit and then they sell it to the public.

573
00:37:51.045 --> 00:37:52.505
That's what they do.

574
00:37:53.510 --> 00:37:54.010
And,

575
00:37:54.790 --> 00:37:55.290
traditionally,

576
00:37:55.990 --> 00:37:58.570
the margin in grocery business has been

577
00:37:59.110 --> 00:38:00.330
pretty thin.

578
00:38:01.545 --> 00:38:06.605
So what Justin Trudeau is saying, hey, you can figure out how to cut your cost,

579
00:38:07.464 --> 00:38:11.579
which they can't do because they're fixed cost, and what are you gonna do?

580
00:38:12.280 --> 00:38:13.819
Or we're gonna tax you.

581
00:38:14.760 --> 00:38:19.065
Because, you know, capital controls. Yeah. That always works out well.

582
00:38:19.924 --> 00:38:24.505
I don't you know, as these systems grind down to a halt,

583
00:38:26.840 --> 00:38:28.060
Keynesian economics

584
00:38:28.440 --> 00:38:28.940
fails,

585
00:38:30.200 --> 00:38:32.300
this stuff will become more and more prevalent.

586
00:38:34.494 --> 00:38:35.795
And the idiocy,

587
00:38:37.295 --> 00:38:37.795
<v Unknown> frankly,

588
00:38:38.095 --> 00:38:39.075
that it represents

589
00:38:39.830 --> 00:38:41.530
will become more and more obvious.

590
00:38:42.150 --> 00:38:42.650
So

591
00:38:43.510 --> 00:38:45.610
don't buy into this crap.

592
00:38:46.765 --> 00:38:51.265
That is someone who is either doesn't understand economics at all

593
00:38:51.885 --> 00:38:54.065
and how grocery stores work,

594
00:38:54.700 --> 00:38:55.200
or

595
00:38:56.380 --> 00:38:57.359
they're just being

596
00:38:57.900 --> 00:38:58.880
<v McIntosh>a power mad

597
00:38:59.260 --> 00:39:10.560
politician who thinks that that's gonna get them more votes. I will leave it up to the Canadian people to decide which one of those 2 are. As far as I can tell, they I think they're thinking he's a power mad

598
00:39:11.200 --> 00:39:12.240
politician, but

599
00:39:12.720 --> 00:39:13.220
<v Unknown> okay.

600
00:39:14.160 --> 00:39:17.575
So that, ladies and gentlemen, is the news and notes for this week.

601
00:39:19.015 --> 00:39:21.355
I'll have a couple of links there in the,

602
00:39:23.095 --> 00:39:23.835
show notes,

603
00:39:25.310 --> 00:39:30.690
<v McIntosh>But that's gonna wrap it up for this week. Now, generation bitcoin, we support podcasting 2.0.

604
00:39:31.390 --> 00:39:36.355
We are a value for value podcast. What does that mean? I have not said a single thing about that tonight.

605
00:39:37.615 --> 00:39:40.195
<v Unknown> We have no sponsors. We have no advertising.

606
00:39:40.575 --> 00:39:42.035
I will never take advertising,

607
00:39:42.840 --> 00:39:43.340
<v McIntosh>Not

608
00:39:43.640 --> 00:39:48.140
ever. And maybe it's time I actually do an episode about that, so you understand

609
00:39:48.680 --> 00:39:54.595
why I don't ever take advertisers or sponsors. There's good reasons. It's not because I don't want to become rich.

610
00:39:55.215 --> 00:39:55.715
<v Unknown> Sorry.

611
00:39:56.575 --> 00:40:02.380
<v McIntosh>It's because I believe what is that is what is right. At least for me. And I can only speak for that.

612
00:40:03.160 --> 00:40:07.180
<v Unknown> But, you can support this podcast in 3 ways. Time, talent, treasure.

613
00:40:08.655 --> 00:40:11.395
<v McIntosh>If you wanna support the podcast and have some time or talent,

614
00:40:12.015 --> 00:40:14.595
there's stuff you can do. Just reach out to me.

615
00:40:15.029 --> 00:40:15.529
<v Unknown> Transcripts,

616
00:40:16.230 --> 00:40:16.970
other things,

617
00:40:17.509 --> 00:40:23.769
<v McIntosh>website work. There's look. I have a 1,000,000 ideas in my head. I just don't have time to do them all. That's the truth.

618
00:40:24.285 --> 00:40:26.865
Treasure? Well, maybe not a million, but a lot.

619
00:40:28.204 --> 00:40:36.160
<v Unknown> Treasure is just what it sounds like. If you find the content valuable, you can support this podcast by streaming sat or boosting like Bruno did earlier

620
00:40:36.619 --> 00:40:37.119
or

621
00:40:37.500 --> 00:40:38.800
going out and clipping

622
00:40:40.285 --> 00:40:40.785
shows,

623
00:40:42.845 --> 00:40:43.745
<v McIntosh>and I will

624
00:40:44.045 --> 00:40:52.450
see that and I will reply to it. And if I ever don't see it, just please reach out to me. There's a number of ways I'll I'll go through that list in just a second.

625
00:40:52.910 --> 00:40:53.410
<v Unknown> But,

626
00:40:54.350 --> 00:40:55.970
if you find the content valuable,

627
00:40:56.385 --> 00:41:02.964
<v McIntosh>you can stream the stats, you can boost from podcast 2.0 app. There's a bunch of them at podcastapps.com.

628
00:41:04.030 --> 00:41:09.010
If you like the content, I would love it if you would tell your friends about the Generation Bitcoin podcast.

629
00:41:09.310 --> 00:41:10.690
As I say quite frequently,

630
00:41:11.045 --> 00:41:12.105
That is the single

631
00:41:12.565 --> 00:41:20.740
most important way that this podcast can spread. Thanks for being here. I hope this has been helpful. I hope you've learned something from it. I would love

632
00:41:21.040 --> 00:41:23.460
to hear from you. I'm on Twitter at Macintosh Fintech.

633
00:41:23.840 --> 00:41:24.660
I'm on mastodon@macintosh@podcastindex.social,

634
00:41:27.305 --> 00:41:29.645
and you can reach me by email at macintosh@gendashbtc.com.

635
00:41:32.505 --> 00:41:33.724
<v Unknown> Matrix, Macintosh

636
00:41:34.265 --> 00:41:34.765
1775

637
00:41:35.930 --> 00:41:36.990
colon matrix.org.

638
00:41:37.610 --> 00:41:41.790
Stay humble, friends. Go out. Make it a great week. I will talk to y'all

639
00:41:42.650 --> 00:41:43.150
Thursday.