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NOTE
Transcription provided by Podhome.fm
Created: 1/15/2024 6:44:33 AM
Duration: 2715.324
Channels: 1

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McIntosh: Hey, SatStackers. Today is November 13th, and this is episode 144,

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generation Bitcoin. I'm your host, McIntosh. And and today's

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episode is I want my right to mix.

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Alright.

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Earl Gray, hot.

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Honey, just right.

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More roadblocks

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on the way.

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At least that's what it looks like.

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And this is not the SEC. This is not the judiciary

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system. This is

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the regulatory

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apparatus that the United States has constructed that is

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based on, in my opinion, the

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Patriot

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Act that is slowly strangling

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McIntosh: our financial system.

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What am I talking about?

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Well, we'll be talking about that during our topic.

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McIntosh: That's called a tease. I think I actually did it pretty good, but for now, we're gonna do a market before

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we jump into that topic. So

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we are at close today, just a couple of hours ago. I'm recording at 9 o'clock central time, so this was 3 hours ago.

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The close was $37,070.

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Right now, we're at 37153.

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Our block height at time of recording.

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Our difficulty adjustment, which happened earlier episode today was 3.55%

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up.

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816-555

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is our block.

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At time of recording, our difficulty adjustment,

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like I said, was up about 3%,

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3 a half percent.

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There's a lot of data

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in the mempool, 1.19

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gigabytes to be exact,

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and rates are off the chain.

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They're a lot. They're very, very heavy.

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Lot of activity.

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Obviously, I think it's going back to

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these stupid ordinals,

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fine. As a minor, I make money off of it, whatever, but it's annoying. I mean, I just whatever.

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I think they'll price themselves out eventually because it's what they're paying is

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probably not.

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It's probably more than what they're worth. Just my opinion.

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Alright.

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Speaking of mining, it's been a little slow still.

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We had, like, one good day and then it's been, like, one block per day. So,

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I don't know. Kinda chug along. I think we've had,

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for the last 3 days, we've had 1 block. The 12th, we've had 1, which I was actually confirming as we speak.

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Is the 11th, 10th, 2 on the 9th, 2 on the 3 on the 8th. Yeah. That was kinda when we had that decent little run there.

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McIntosh: But that's mining.

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McIntosh: It could be six tomorrow. I could hit a new record. I think seven is my record.

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McIntosh: That would be awesome.

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Alright.

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McIntosh: So that's basically it. I you know, my general speculation is

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I don't know. For 3 days, we basically sat at this level.

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We seem to have reached a peak.

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I don't know. It's hard to bet for it not to go up because it's had such a good run. But I was talking to, someone today and,

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you know, it's been going up for a while now, and it's almost assuredly

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time for a pullback. Now whether that happens now or

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38,000

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or 40,000 or 41 or 42,000.

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I don't know.

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Right now, I would guess

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it's gonna pull back.

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But

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again, you know, of course, this isn't trading advice, and we never do that.

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Here at generation Bitcoin, what are we talking about? We're talking about DCA, and we're talking about dollar cost averaging every day.

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Don't worry about the price. Price goes up, you buy Bitcoin.

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Price goes down, what do we do? We buy Bitcoin. If it goes down enough,

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my suggestion would be to buy more Bitcoin. You know, if we happen to see 15, $16,000,

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I would double down on that. If it went below that, I would quadruple down if I could. That's just my

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that's what I would do. You're free to do whatever you want, of course, and that's not financial advice just to keep myself out of trouble, but,

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you know,

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that's the way I view it.

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McIntosh: So there you go.

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McIntosh: What is this topic about today? Let's just jump right on in.

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If you are involved in Bitcoin Twitter at all, you know what I'm probably going to talk about.

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Swan Bitcoin

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sent out

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an email

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of some type or some type of

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communication

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anyways

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to their end users. So Swan Bitcoin is a company that actually you can DCA through.

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They are an exchange where you can buy Bitcoin

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with Fiat from your bank account.

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As someone who is attempting to become

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self sovereign,

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what I've realized is buying Bitcoin is not hard.

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McIntosh: Buying Bitcoin anonymously,

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not really hard.

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McIntosh: Selling Bitcoin

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to fiat, on the other hand,

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is fairly

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difficult.

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Now that does tie into all this. So I I have a need because of my mining business

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to sell a small amount of Bitcoin every month into fiat, into US dollars

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for the needs of the company.

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Ep and I would love to do that anonymously, not because I'm doing anything wrong. And to be honest, I'm doing everything I can to do this

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quote correctly,

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I'm tracking everything

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and and all of this, and I will file my tax returns

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and all of that. But as a matter of

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default privacy, I would prefer that this just be anonymous,

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and that becomes very difficult. It is impossible, in fact,

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to sell Bitcoin and move it into your bank account because then your bank's going to know.

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And if it's a substantial amount, that will probably raise 14 different red flags,

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which again goes back to the regulation that we were talking about, and we're gonna get into that in just a second. But,

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anyways, so this is one of the things that is difficult. Well,

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Swan Bitcoin came out earlier today,

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this week

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with a communication, and I'm going to read. As far as I can tell, they've not denied it.

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This is legitimate.

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I don't again, I'm not a Swan customer. I did not get this directly.

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So I guess you could say, you know, this is secondhand advice,

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McIntosh: but the Swan people

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are are replying

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to this. So apparently, it's true,

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if that makes sense.

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McIntosh: So I will read what part of the communication that I have.

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It says,

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quote,

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our banking and custodial partners had made an update that could affect your account, that being your Swan account.

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In light of the recent

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proposed

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rulings from FinCEN regarding Bitcoin mixing.

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This is what we talked about a couple of episodes now.

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They will no longer service clients who directly

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interact with Bitcoin mixing services

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such as Wasabi,

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samurai and similar services. So both Wasabi and samurai

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offer a type of service called coin join that you can mix up

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your

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coins with other people

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in

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a programmatic manner,

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and it anonymizes

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your transactions,

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and this freaks the banks out.

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What this means for you that was me, by the way, not Swan. What this means for you,

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please be advised that depositing directly from

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or withdrawing directly to a mixing wallet may result in the termination of your account

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with our banking and custodial

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partners.

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To prevent any potential issues going forward, you can update your withdrawal address from your Swan dashboard.

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Ep

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that require regulated institutions

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to report mixing

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activity.

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Unfortunately, the and the rest of it's cut off.

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McIntosh: Now

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McIntosh: they've since come out and elaborated on this some.

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And if I can find that,

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I'm going to read it as well. This would be an official statement from

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the cofounder

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of Swan Bitcoin on Twitter,

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you know?

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So

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it's definitely

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legit

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if that makes sense.

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Man,

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I cannot believe I can't find this. Bummer.

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Okay. Well,

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basically, they came out and said and I will have to paraphrase this. I apologize.

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But they came out and they said, hey.

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This isn't what we want. We are having to do this to keep

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are banking services online.

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And there are a number of people in the Bitcoin ecosphere, as you can imagine, who are, like, you know, tore up about this, and they're like, well, you should have rejected this. You should have shut down your business.

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And I I understand where that's coming from.

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And if I own Swan Bitcoin,

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you know, that decision that I would have to make, I might choose to do that.

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But I also understand that, you know, their business, they have

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numerous

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employees,

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they can't you know, they're they're it would be extremely difficult to just say no.

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And what they point out is that, basically, we explicitly told you that as long as it was more than 1 hop,

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essentially,

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from Swan. It would be okay. So in other words,

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if I'm moving

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coin away from Swan, I could move it from Swan to my wallet and then from my wallet

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to

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the mixing service and then back to colds or to cold storage or whatever.

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And that would be okay in the eyes of these banks.

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And the chain analysis that they will do to ensure compliance, which is what will happen.

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So it's a tough decision.

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Now the reality is

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for now,

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many of us need

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access to Fiat just as I mentioned at the top, you know, I need to sell some Bitcoin

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from time to time to

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to get Fiat. And

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essentially, the only way that you can do that in anonymously

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and probably what I will end up doing as a matter of principle,

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epistle, I'm going to talk to people at the Bitcoin meetup, which we will not be having this month or next month, but in January,

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in saying, hey.

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I've got sats that I've mined,

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so they're, quote, clean sats. They've never been in any wallet other than the wallet that

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is attached to that account.

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And I will sell them to you at Bitcoin price or maybe even a little bit of a premium because these are clean,

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essentially,

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not traced at that point or anything like that

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for Fiat. You bringing the Fiat to the meetup, and I'll bring the lightning wallet with the

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with the sats or whatever. However we choose to do that. That is essentially the only way you do that because

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any other service let's say I went through let's say I do use RoboSats. I've talked about these different services.

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Right, if I go through Robosats, I've got the option

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to do it to Strike. I've got the option to do it to Cash App. I've got the option to do it to probably a half a dozen other services

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like that, and yet not a single one of those services

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are KYC free.

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Ep if I use Strike, they've got my personal information. If I use Cash App, they've got my personal

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information

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and so on and so forth.

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So

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we need to be realistic

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about this.

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So what could Swan have done? Well,

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the minimum that they could have done is no more than what they have done. They've told their customers

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this is happening.

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We don't have a choice in this. And by the way, if you do more than 1 hop, it doesn't matter.

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What I would like to see is for them to do things,

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and I don't know what their

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monetary position is. I I don't know anything. They're private companies as far as I know.

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I don't know anything about their books, their profit, their you know, anything like that.

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But this is going to come for all of these companies. It's going to. The banks in the United States

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are probably among the worst in the world for this type of regulation. And again, it all stems from this Patriot

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this need to monitor everything

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in ways that in my opinion as a US citizen with some understanding of the constitution and the bill of rights that this

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breaks,

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several of the amendments of the bill rights. My right to privacy, for example, that's the obvious one.

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There is an explicit right to privacy. The the

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they talk about

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your effects and your papers and this kind of thing.

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And in my opinion, this very much falls under that. It's not anybody's

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business,

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what I do

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with my money. It's not.

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Whether that's $5,

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a $1,000,

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$10,000,

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or $100,000,

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or $1,000,000.

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It's not your business

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why I have that and what I'm doing with it.

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Because

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when you

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presume

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that I'm laundering money,

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when you presume

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that I'm engaged in trafficking or drugs

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or pornography,

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child pornography, or any of these number of other things that they use as an excuse,

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you are presuming

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that I'm guilty.

255
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And again, by the constitution

256
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and bill of rights,

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that is not acceptable.

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Well, McIntosh, but there are people who traffic, and there are people who launder money, and and there are people you're presuming

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just because I'm sending somebody $10 that I'm doing something wrong.

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There's literally a regulation that says, if you reach a certain criteria and that changes from time to time, I don't know what it is right now. Ep is probably less than $10,000.

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Then, you know, we'll flag that, and we'll ask you questions. And I've

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talked about this before in passing,

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and it's frustrating. And I did a real estate transaction the last few years, and I went into the bank, and I sent money to someone else who it was their money, legitimately,

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and it was my money to send to them. And they're like, well, what are you doing? And I I

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I really wanted to scream to them,

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your ding dang business

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because it's not.

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But I knew if I did that, that the transaction would not take place.

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So they have you trapped, and then they sit there and smile at you like,

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I'm just doing my job.

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You know?

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And it's just it's frustrating

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because I know where these things go because

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this is what history has taught us,

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and we're arriving

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at that history. Well, now it's illegal for you to mix. It's not illegal,

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actually.

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Sorry.

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Words matter.

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But we're going to regulate if you can

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interact

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with these CoinJoin services.

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And if you're dealing with a bank and your coins are mixed. Well, that's a big no no

284
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because, gosh, those could be they could have come from North Korea.

285
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Oh my. They could have come from

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Palestine

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or Israel or whoever the evil person of the week is. I don't know. I can't keep up anymore. I really can't. I'm having trouble.

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It's frustrating.

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Back when I was a kid, it was just Russia.

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I mean,

291
00:17:38.190 --> 00:17:38.690
seriously,

292
00:17:40.270 --> 00:17:43.170
that's not true anymore. Now everybody's an enemy.

293
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Maybe they all were all along. I don't know. Ep is it Russia or is it China or is it this or is it that or you know?

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McIntosh: You're on a list.

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McIntosh: And and gosh, if we mix those coins, then we wouldn't know if they came from that list, and therefore, your your money's contaminated.

296
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Excuse me. Well, they don't call it money.

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I call it money.

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McIntosh: They don't they won't do that. Not yet.

299
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I hope the day is coming.

300
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So

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McIntosh: so swan's in a bad position.

302
00:18:16.380 --> 00:18:19.519
But I would say swan, if you happen to hear this,

303
00:18:20.215 --> 00:18:22.075
which you probably won't, but that's okay.

304
00:18:22.535 --> 00:18:29.040
Corey Clipson and whoever the other co Jan. Jan. That's who it was. Jan was his name. Let me

305
00:18:30.240 --> 00:18:33.380
let me see if I can find this real quick. It was John.

306
00:18:33.920 --> 00:18:35.060
Yeah. There he is.

307
00:18:36.135 --> 00:18:40.715
So this is the guy that so I I don't know. On Twitter, he goes by SKWP.

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It says, yawn,

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swan.com.

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And he posted this

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just to flesh this out.

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Here it is. November 11th. So this was yesterday.

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It was a busy weekend for them.

314
00:18:55.085 --> 00:18:58.525
Recently, we announced it sorry. I to I

315
00:18:59.165 --> 00:19:04.380
let me read this, I apologize, but I jumped squirrels ran by.

316
00:19:04.760 --> 00:19:05.820
It's the way I work.

317
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Let me read this, and then I will come back

318
00:19:09.245 --> 00:19:17.970
to what I would like to see them do and what I would like to see the industry do. I'll explain all that. Recently, we announced that some of the banks and qualified custodians

319
00:19:18.510 --> 00:19:24.210
that Swan works with have been freezing or terminating accounts involved in mixing Bitcoin.

320
00:19:25.385 --> 00:19:26.845
Ep okay. That was the announcement.

321
00:19:27.625 --> 00:19:39.300
Today, I'd like to help the industry get perspective on what's going on and what steps we are taking to do the right thing for Bitcoin and Bitcoiners. Now before I go further, I will applaud

322
00:19:39.835 --> 00:19:43.455
swan, and I assume that everything that they're saying here is correct,

323
00:19:44.235 --> 00:19:45.455
and they're not lying.

324
00:19:45.835 --> 00:19:51.240
I want to give them the benefit of the doubt. They are bringing this out in the open. They are not hiding it,

325
00:19:51.940 --> 00:19:53.400
and I do applaud that.

326
00:19:53.940 --> 00:19:57.240
Swan offers a variety of services from Bitcoin on ramp.

327
00:19:57.845 --> 00:20:01.225
I take my Fiat, and I buy Bitcoin with its self custody

328
00:20:01.845 --> 00:20:06.825
and collaborative custody with Swan Vault and a rapidly growing institutional arm

329
00:20:07.130 --> 00:20:09.390
that provides a variety of services

330
00:20:09.770 --> 00:20:10.590
to institutions.

331
00:20:12.410 --> 00:20:14.670
Swan does not have an anti any

332
00:20:15.515 --> 00:20:22.175
Swan does not have any anti mixing policies and continues to serve clients that mix their coins for privacy.

333
00:20:22.850 --> 00:20:29.350
In fact, we have written and published privacy guides that encourage mixing and promoted companies like Wasabi

334
00:20:29.650 --> 00:20:30.390
and Samurais

335
00:20:30.934 --> 00:20:33.355
and gave a link to something along those lines.

336
00:20:33.735 --> 00:20:35.995
We believe that mix mixing is normal,

337
00:20:36.535 --> 00:20:47.080
privacy is not a crime, and that using unmixed Bitcoin is similar to bringing your whole paycheck to the grocery store to pay for an apple. I actually think this is a really good analogy.

338
00:20:47.675 --> 00:20:56.255
You should absolutely have the right to turn that paycheck into individual dollar bills before spending it to avoid leveling the size of your paycheck.

339
00:20:57.530 --> 00:21:04.429
Sorry. To avoid revealing the size of your paycheck to the clerk, it's not the clerk's business for multiple reasons.

340
00:21:05.245 --> 00:21:05.745
Okay.

341
00:21:06.045 --> 00:21:07.905
In order to offer the Bitcoin

342
00:21:08.285 --> 00:21:11.025
on ramp component, and here's the key,

343
00:21:11.565 --> 00:21:13.585
our clients interface with

344
00:21:13.929 --> 00:21:14.910
qualified custodians

345
00:21:15.610 --> 00:21:16.429
and banks.

346
00:21:17.049 --> 00:21:17.549
Today,

347
00:21:18.090 --> 00:21:20.270
Swan works with 2 qualified custodians

348
00:21:20.875 --> 00:21:27.455
with a 3rd coming online this quarter and a 4th under our control expected to launch in 2024.

349
00:21:28.950 --> 00:21:29.850
Ep these custodians

350
00:21:30.150 --> 00:21:33.290
individually interface with multiple banking institutions

351
00:21:33.990 --> 00:21:34.650
to provide

352
00:21:34.950 --> 00:21:35.930
fiat services.

353
00:21:36.390 --> 00:21:37.610
The number of banks

354
00:21:38.415 --> 00:21:42.435
the number of banking institutions that will provide services to companies

355
00:21:43.055 --> 00:21:45.555
in our space is small and shrinking.

356
00:21:46.700 --> 00:21:51.440
The current political climate has pushed a lot of fear into the banking sector,

357
00:21:52.620 --> 00:21:53.680
with most banks

358
00:21:54.225 --> 00:21:57.045
simply refusing to do business with anything in crypto

359
00:21:57.505 --> 00:21:59.525
and other banks tightening their KYC

360
00:22:00.225 --> 00:22:00.725
AML,

361
00:22:01.510 --> 00:22:02.649
ep know your customer

362
00:22:03.110 --> 00:22:05.850
slash anti money laundering requirements

363
00:22:06.230 --> 00:22:15.184
in order to stay in business. Ep, Swan has committed the majority of its engineering and business development efforts over the last 2 years to the expansion of our footprint

364
00:22:15.565 --> 00:22:20.120
in the financial space so that we are not beholden to the whims of just a few players,

365
00:22:20.420 --> 00:22:25.345
and the launch of these new additions to our stack is a major step in that direction.

366
00:22:26.765 --> 00:22:27.825
Here's the key.

367
00:22:28.365 --> 00:22:32.385
The key of the key. I think I already said here's the key. Let's be clear.

368
00:22:32.710 --> 00:22:34.570
There's no way to process USD,

369
00:22:35.750 --> 00:22:40.490
United States dollars, in the United States if you do not use a bank or money

370
00:22:40.795 --> 00:22:41.855
services business

371
00:22:42.395 --> 00:22:44.335
and all such financial institutions

372
00:22:44.875 --> 00:22:47.935
are subject to the rules and guidelines from Finsim,

373
00:22:48.555 --> 00:22:49.055
fat

374
00:22:49.549 --> 00:22:53.250
f, I don't know how they say that, f a t f, and other unelected

375
00:22:54.029 --> 00:22:59.404
bodies, and that's the key. Even individuals performing currency exchange on peer to peer

376
00:22:59.784 --> 00:23:02.445
exchanges have been classified as MSBs

377
00:23:02.745 --> 00:23:04.365
or money service businesses

378
00:23:05.490 --> 00:23:09.910
by Finsen and are required to collect and store information about their clients,

379
00:23:10.210 --> 00:23:11.830
and several peer to peer exchanges

380
00:23:13.835 --> 00:23:15.455
have been charged with violations

381
00:23:15.755 --> 00:23:17.935
for not keeping such records.

382
00:23:18.555 --> 00:23:19.650
Today, FIs,

383
00:23:20.210 --> 00:23:21.270
that's financial institutions

384
00:23:21.570 --> 00:23:23.430
file SARs suspicious

385
00:23:24.450 --> 00:23:26.790
activity reports. This is exactly

386
00:23:27.330 --> 00:23:28.710
what I was talking about,

387
00:23:29.015 --> 00:23:36.475
which were required by the 19 seventies Bank Secrecy Act with additional guidelines enacted by the Patriot Act of 2001.

388
00:23:37.910 --> 00:23:40.490
Given the asymmetric effort it requires

389
00:23:40.950 --> 00:23:42.490
to investigate suspicious

390
00:23:42.870 --> 00:23:43.370
activities,

391
00:23:44.070 --> 00:23:48.685
the path of least resistance for banks appear to be that they file as many SARs

392
00:23:50.025 --> 00:23:50.525
suspicious

393
00:23:50.825 --> 00:23:51.965
activity reports

394
00:23:52.425 --> 00:23:53.165
as possible.

395
00:23:53.625 --> 00:23:54.445
In 2020,

396
00:23:55.040 --> 00:23:59.140
buzzfeed broke a story that showed that the SARS effectively went nowhere,

397
00:23:59.440 --> 00:24:04.965
allowing 1,000,000,000,000 of dollars of money laundering to occur in the traditional banking system,

398
00:24:05.745 --> 00:24:08.485
and these banks get nailed for this, by the way.

399
00:24:09.745 --> 00:24:14.649
They get fined. It comes out. JPMorgan, if I'm not mistaken, just recently

400
00:24:14.950 --> 00:24:15.690
got charged

401
00:24:16.070 --> 00:24:17.289
because they were allowing

402
00:24:17.990 --> 00:24:18.809
money laundering.

403
00:24:19.645 --> 00:24:21.425
These reports are filed indiscriminately

404
00:24:21.805 --> 00:24:22.545
and gratuitously

405
00:24:22.845 --> 00:24:25.265
by banks because their best option

406
00:24:25.565 --> 00:24:29.740
is to defensively file a report rather than not file it face fines.

407
00:24:30.040 --> 00:24:32.540
We believe this to be a 4th Amendment violation

408
00:24:33 --> 00:24:35.980
offering the government a way to provide unwarranted,

409
00:24:36.440 --> 00:24:38.380
meaning without a warrant, a

410
00:24:39.425 --> 00:24:41.205
a judge of stamped

411
00:24:41.665 --> 00:24:45.205
piece of paper saying you can go look into this person

412
00:24:46.520 --> 00:24:48.140
into their financial records.

413
00:24:48.680 --> 00:24:56.904
Search and seizure on law abiding American citizens, and that is exactly the argument that I would make, although he's doing it better than I did.

414
00:24:57.284 --> 00:25:02.345
Instead of putting a meaningful debt in any financial crimes I don't care if it does, actually.

415
00:25:02.645 --> 00:25:03.145
But,

416
00:25:04.060 --> 00:25:04.560
Anyways,

417
00:25:04.940 --> 00:25:09.040
instead of putting a meaningful debt in any financial crimes, the BSA,

418
00:25:09.740 --> 00:25:12.800
Bank Secrecy Act, Patriot Acts have created honeypots

419
00:25:13.165 --> 00:25:19.345
financial data, which has been repeatedly stolen by hackers affecting hundreds of millions of Americans

420
00:25:19.725 --> 00:25:23.800
in incident such as the Equifax breach of 2017,

421
00:25:24.660 --> 00:25:26.680
the Capital One breach of 2019

422
00:25:27.300 --> 00:25:29
among others. Alright.

423
00:25:32.865 --> 00:25:34.005
There's a lot here.

424
00:25:34.385 --> 00:25:36.565
I will link to this in the show notes.

425
00:25:37.299 --> 00:25:39.399
I think that gives you an idea.

426
00:25:40.580 --> 00:25:41.559
I do believe

427
00:25:41.860 --> 00:25:45.845
that Swan is trying to do the right thing. I'm not arguing that at all,

428
00:25:46.245 --> 00:25:47.465
up but it is time.

429
00:25:48.164 --> 00:25:52.345
If we want Bitcoin to be what it could, can truly be

430
00:25:53.820 --> 00:25:55.679
and do what it can truly do

431
00:25:55.980 --> 00:25:57.520
and help the most people.

432
00:25:58.860 --> 00:26:01.840
We have to figure out a way to resolve this.

433
00:26:05.264 --> 00:26:10.164
A Bitcoin Maxi may give a knee jerk reaction and say, well, you can move to El Salvador.

434
00:26:10.880 --> 00:26:12.100
The reality is

435
00:26:13.040 --> 00:26:26.085
most Americans cannot do that. Not because we're not allowed, we are, but because they have family, they have jobs, they have a life here, and it is very difficult to uproot that and move. I would propose,

436
00:26:27.410 --> 00:26:30.870
we need to start fighting this, not against Swan,

437
00:26:31.330 --> 00:26:32.950
but against the US government.

438
00:26:33.490 --> 00:26:34.470
I would propose

439
00:26:35.090 --> 00:26:36.070
these are unregulated

440
00:26:36.530 --> 00:26:37.030
bodies,

441
00:26:38.434 --> 00:26:39.415
who are creating

442
00:26:40.115 --> 00:26:40.615
regulation

443
00:26:41.554 --> 00:26:42.054
because

444
00:26:42.355 --> 00:26:44.375
somebody in the White House or

445
00:26:45.080 --> 00:26:46.700
most likely or some

446
00:26:47.160 --> 00:26:49.900
special interest group tickles their ear

447
00:26:50.840 --> 00:26:51.820
and says, hey.

448
00:26:52.315 --> 00:26:53.534
We don't like this

449
00:26:54.235 --> 00:26:55.534
right up this regulation.

450
00:26:56.875 --> 00:27:04.180
As far as I can tell, it doesn't go before congress or some kind of vote. It certainly isn't voted on by the American people,

451
00:27:05.680 --> 00:27:06.180
McIntosh: and

452
00:27:07.600 --> 00:27:09.540
it violates multiple amendments

453
00:27:09.965 --> 00:27:11.105
of our constitution.

454
00:27:13.805 --> 00:27:15.185
McIntosh: So I would propose

455
00:27:15.565 --> 00:27:17.825
rather than arguing with Swan Bitcoin

456
00:27:18.480 --> 00:27:21.220
or other entities like them in the industry

457
00:27:21.600 --> 00:27:23.380
who are going to have the same problem

458
00:27:23.920 --> 00:27:24.420
that

459
00:27:25.200 --> 00:27:27.060
there has to be a,

460
00:27:28.105 --> 00:27:31.165
a foundation of some kind, a Bitcoin foundation

461
00:27:32.585 --> 00:27:33.565
that could pursue

462
00:27:34.265 --> 00:27:34.765
lawsuits.

463
00:27:35.710 --> 00:27:37.730
They I'm sure they will need money.

464
00:27:38.670 --> 00:27:43.730
As the price of Bitcoin goes up, I know some of the early adopters have

465
00:27:44.415 --> 00:27:48.835
1,000,000,000 of dollars. And frankly, it would be in their financial self interest

466
00:27:49.215 --> 00:27:51.235
to start kicking into some money

467
00:27:53.190 --> 00:27:58.490
along with the plebs out here, the people like me who we didn't get in, you know, in 2011,

468
00:27:59.955 --> 00:28:02.615
and we didn't have the money to stack when

469
00:28:03.235 --> 00:28:06.375
when we did get in and so on and so forth.

470
00:28:08.330 --> 00:28:09.790
We can do what we can,

471
00:28:10.250 --> 00:28:14.675
but the reality is there's a lot of people in Bitcoin at this point who could do a lot more.

472
00:28:15.235 --> 00:28:17.655
Ep, companies like Swan should be putting in money.

473
00:28:18.355 --> 00:28:21.335
There's nothing saying that Swan couldn't kick in $100,000

474
00:28:22.675 --> 00:28:23.175
to

475
00:28:24.100 --> 00:28:27.880
a Bitcoin law foundation or whatever that would help pursue

476
00:28:28.659 --> 00:28:29.159
regulatory

477
00:28:31.275 --> 00:28:31.775
justice.

478
00:28:32.795 --> 00:28:34.735
Not sure what the right word is, but

479
00:28:35.195 --> 00:28:36.015
this bill

480
00:28:36.395 --> 00:28:36.895
is

481
00:28:37.410 --> 00:28:38.870
this bill, this regulation

482
00:28:39.410 --> 00:28:40.150
is unconstitutional.

483
00:28:41.570 --> 00:28:43.510
The Patriot Act is unconstitutional.

484
00:28:44.450 --> 00:28:46.550
Why is nobody fighting this?

485
00:28:47.245 --> 00:28:50.065
Are are do we just roll over and give up?

486
00:28:51.005 --> 00:28:55.025
I can't go out there. I don't have a law degree. I don't have the money.

487
00:28:55.340 --> 00:28:56.640
I don't have the connections,

488
00:28:58.300 --> 00:29:02.160
but there's a pretty diverse group of people in Bitcoin, and some of them

489
00:29:02.615 --> 00:29:05.355
can make this happen and start to make this work.

490
00:29:06.535 --> 00:29:09.835
And frankly, that would be far more valuable to the ecosystem

491
00:29:10.135 --> 00:29:10.875
in general

492
00:29:12.270 --> 00:29:12.770
then

493
00:29:13.070 --> 00:29:13.570
basically

494
00:29:13.870 --> 00:29:15.650
anything else that could be done.

495
00:29:16.590 --> 00:29:19.730
So let's talk about that instead of trashing Swan

496
00:29:20.350 --> 00:29:23.675
who, yes, maybe they didn't do exactly what you wanted.

497
00:29:24.455 --> 00:29:25.995
I guess they could capitulated.

498
00:29:28.720 --> 00:29:35.780
Frankly, maybe I would have if I were in their shoes. Maybe I would have said, you know what? I'm done. I'm shutting up shop, and that's it.

499
00:29:36.640 --> 00:29:37.140
But,

500
00:29:38.475 --> 00:29:42.255
you know, they've been honest with their customers in this case.

501
00:29:42.715 --> 00:29:43.535
They've been,

502
00:29:44.875 --> 00:29:45.375
thorough.

503
00:29:46.720 --> 00:29:47.940
I don't know what the

504
00:29:48.400 --> 00:29:49.380
the grief is.

505
00:29:49.840 --> 00:29:54.100
Let's point the grief at the right place. The grief is the regulatory body

506
00:29:55.305 --> 00:29:57.245
that is making unconstitutional

507
00:29:57.865 --> 00:29:58.365
regulations.

508
00:29:58.745 --> 00:30:03.245
And then let's figure out how to fix that instead of squawking on Twitter

509
00:30:03.670 --> 00:30:05.850
because maybe it gains you a few more followers

510
00:30:06.550 --> 00:30:08.090
or or whatever.

511
00:30:09.510 --> 00:30:10.650
Vitriol and

512
00:30:11.365 --> 00:30:15.145
angst, you know, we'll gain you an audience. That's for sure.

513
00:30:15.925 --> 00:30:19.385
But we need action and we need real things to go on.

514
00:30:20.270 --> 00:30:24.610
So that's my take on it. I would be curious as to what yours is.

515
00:30:25.390 --> 00:30:32.235
For those of you who are not here in the EU, your situation is essentially the same. I do not know if you have the fine,

516
00:30:33.095 --> 00:30:33.595
constitution.

517
00:30:34.935 --> 00:30:39.950
In general, I don't think you that you do. Please, if I'm being a stupid American,

518
00:30:41.050 --> 00:30:41.790
I apologize.

519
00:30:42.490 --> 00:30:43.390
Let me know.

520
00:30:43.930 --> 00:30:48.350
There has to be some form of rights or whatever, and I don't know

521
00:30:48.804 --> 00:30:54.265
if this would fall under that the same way it does for for us, it's I think it's frankly rather clear cut.

522
00:30:54.885 --> 00:30:55.945
It's astonishing

523
00:30:56.325 --> 00:31:00.690
that it's gotten to this point, but then again, a lot of things astonish me these days,

524
00:31:01.230 --> 00:31:02.450
so why not that?

525
00:31:03.790 --> 00:31:06.130
So play there's other places

526
00:31:07.345 --> 00:31:13.525
where they don't need this. I don't think Argentina's worrying about this. I mean, honestly, I I just don't think that's a problem.

527
00:31:14.270 --> 00:31:21.010
Ep El Salvador, it's certainly not an issue. But, again, I can't just up and move to El Salvador. I have responsibilities

528
00:31:21.710 --> 00:31:22.210
and,

529
00:31:22.585 --> 00:31:25.565
you know, there's reasons why that we're not gonna go into,

530
00:31:25.945 --> 00:31:29.325
and I would assure you that most Americans can't just do that.

531
00:31:30 --> 00:31:32.980
There are things we can vote with our feet over sometimes,

532
00:31:34.399 --> 00:31:39.299
and maybe this is 1, but I don't think enough people are gonna do that to make a difference.

533
00:31:39.665 --> 00:31:42.565
The real difference is when we're going to attack the government

534
00:31:45.425 --> 00:31:46.485
by the judiciary

535
00:31:46.865 --> 00:31:47.365
system.

536
00:31:49.779 --> 00:31:50.279
Alright.

537
00:31:51.940 --> 00:31:54.200
I think I've said enough. I will stop.

538
00:31:55.355 --> 00:31:58.654
I've been going for 37 minutes, so it must be time.

539
00:32:00.235 --> 00:32:02.894
That's kind of it, though. I do wanna get your feedback.

540
00:32:04.759 --> 00:32:08.779
This stuff is very important. I I know I say that about a lot of stuff, but

541
00:32:09.159 --> 00:32:10.700
this stuff is very important.

542
00:32:11.595 --> 00:32:18.415
Let's go on to our supporters. We did have some support this week. I do always appreciate that. We got a boost. We got some streaming.

543
00:32:20.030 --> 00:32:22.850
Kyron from Mare Mortals sent in a 222

544
00:32:23.710 --> 00:32:25.330
boost, a row of ducks.

545
00:32:26.495 --> 00:32:28.915
Two two I think I said that right. 2,222.

546
00:32:30.655 --> 00:32:33.155
Sat, so nice row of ducks and said,

547
00:32:33.855 --> 00:32:36.880
podcast guru is rock solid would highly recommend

548
00:32:37.659 --> 00:32:46.955
probably the most reliable of all the podcast 2 point o apps that enable value for value. I've been having some issues with fountain, frankly,

549
00:32:48.455 --> 00:32:48.955
because

550
00:32:49.255 --> 00:32:52.075
my old iPhone SE apparently isn't.

551
00:32:53.250 --> 00:32:54.950
I'm overloading it or

552
00:32:55.570 --> 00:32:56.070
fountain

553
00:32:56.530 --> 00:33:01.030
is using too much memory. 1 or the other. I follow 52 shows.

554
00:33:02.165 --> 00:33:04.585
I have a 1,000 episodes in my

555
00:33:04.885 --> 00:33:09.544
library, so to speak, and then I have roughly 50 right now in my queue.

556
00:33:10.730 --> 00:33:15.230
I don't know why having a bunch of markers to shows would

557
00:33:15.610 --> 00:33:21.735
consume a bunch of memory. I get the queue maybe with downloads and that kind of thing. Yes. It's taking up

558
00:33:22.274 --> 00:33:22.774
space,

559
00:33:23.554 --> 00:33:29.070
but it doesn't matter. It is what it is. They may sort it out. They may not.

560
00:33:29.850 --> 00:33:32.169
But rather than being sour about that

561
00:33:33.305 --> 00:33:38.605
because I do like fountain in general, to be honest. I they've onboarded a number of listeners for us, and,

562
00:33:38.905 --> 00:33:45.870
I mean, it's it's a great product in general, and I don't wanna be too negative about it. But I'm going to take this as an opportunity

563
00:33:46.730 --> 00:33:48.510
to test other podcast

564
00:33:48.810 --> 00:33:49.310
apps

565
00:33:50.970 --> 00:33:51.470
because,

566
00:33:53.385 --> 00:33:58.605
I'm gonna split up my load. So I've got 50 shows that I listen to at least at some point.

567
00:33:58.985 --> 00:34:04.420
I'm gonna put, you know, 10 on 1 and 10 on another and 10 on and so so on and so forth.

568
00:34:04.800 --> 00:34:08.735
That will give me yes. I'll have to switch around, but it will

569
00:34:09.135 --> 00:34:10.915
spread my load, so maybe

570
00:34:11.775 --> 00:34:13.715
my podcast app will stop crashing,

571
00:34:14.495 --> 00:34:22.250
and it will give me a real chance episode test out these other apps. I'm going to try podcast guru. I've already downloaded it actually.

572
00:34:22.790 --> 00:34:27.505
I have not hooked it up to my Alby wallet, which is how they do the value value, so I

573
00:34:28.045 --> 00:34:34.945
I haven't tested that yet, but it it is nice and quick. And I've already got my 1st show queued up on it,

574
00:34:35.480 --> 00:34:35.880
and,

575
00:34:36.280 --> 00:34:37.660
so we'll go from there.

576
00:34:38.200 --> 00:34:42.700
So thank you very much for that feedback, Karen. And as always, I appreciate the support.

577
00:34:44.585 --> 00:34:50.765
Good stuff, so thank you. Before we oh, and we had a total of sats this week,

578
00:34:51.920 --> 00:34:53.460
including streaming of

579
00:34:54.240 --> 00:34:54.740
2717

580
00:34:55.200 --> 00:34:57.220
sats. So I do appreciate that support.

581
00:34:59.174 --> 00:35:04.395
Before we move on, one of the best ways to support this show is through making clips.

582
00:35:05.095 --> 00:35:14.980
If you could clip these episodes whether it's on fountain or on some other podcast app that allows you to do that, I think there's a couple, and I will be reporting on that more over the

583
00:35:15.355 --> 00:35:16.895
weeks months to come.

584
00:35:17.355 --> 00:35:17.855
But,

585
00:35:18.555 --> 00:35:21.215
if you do that and tag me or whatever,

586
00:35:22.210 --> 00:35:25.750
I will reward that 500 sets for a new episode

587
00:35:26.450 --> 00:35:29.829
for this one, which there may be some gems in there maybe,

588
00:35:30.545 --> 00:35:33.045
or 300 sats, I think it's 3.

589
00:35:33.345 --> 00:35:36.485
I may have just said that wrong. Let's go with 3.

590
00:35:39.250 --> 00:35:40.790
Three hundred for an older episode.

591
00:35:41.410 --> 00:35:41.910
Alright?

592
00:35:42.450 --> 00:35:47.830
And you get value and I get value because that helps spread the message of generation Bitcoin.

593
00:35:48.734 --> 00:35:49.234
Alright.

594
00:35:50.734 --> 00:35:56.515
The news this week is simply what we've talked about. There hasn't been anything else really in the last few days.

595
00:35:58.260 --> 00:36:01.160
Episode, I will have some links in there, certainly,

596
00:36:02.260 --> 00:36:02.760
especially

597
00:36:03.140 --> 00:36:03.620
to,

598
00:36:04.180 --> 00:36:05
that one

599
00:36:05.305 --> 00:36:05.805
Twitter

600
00:36:06.265 --> 00:36:08.925
post that I read in large part

601
00:36:09.385 --> 00:36:10.204
from Jan.

602
00:36:10.585 --> 00:36:14.700
There, he's cofounder of Swan. I think he and Corey Clifston

603
00:36:15 --> 00:36:15.819
started it.

604
00:36:17.079 --> 00:36:27.265
So it's well worth reading their position if you're interested in that. Ep there's been other episodes where I've linked to the fence in, regulation.

605
00:36:28.205 --> 00:36:30.305
It's hot garbage as I've said.

606
00:36:31.030 --> 00:36:34.570
This is really important to me as a privacy advocate,

607
00:36:35.510 --> 00:36:38.734
as someone who is interested in privacy. I believe

608
00:36:39.275 --> 00:36:42.815
that this is definite overreach of the US government, and

609
00:36:44.155 --> 00:36:50.820
I don't understand why nobody's talking about this. Surely, I'm not the smartest one out there who suddenly came up with this on my own.

610
00:36:51.360 --> 00:36:54.180
Maybe other people have, and I just haven't heard about it.

611
00:36:55.095 --> 00:36:58.234
Maybe this will generate some discussion. We will see.

612
00:36:59.575 --> 00:37:08.609
But I would really like some of these early Bitcoin people to step up and say, I'm gonna throw down, you know, a Bitcoin worth or maybe more.

613
00:37:09.390 --> 00:37:11.010
Some of these people have significant

614
00:37:11.390 --> 00:37:12.930
stashes, to be honest,

615
00:37:14.405 --> 00:37:14.905
and,

616
00:37:16.085 --> 00:37:17.065
you know, have

617
00:37:17.365 --> 00:37:21.785
wallet address where the plebs can you know, where people can send Bitcoin,

618
00:37:22.350 --> 00:37:24.210
and let's start collecting money

619
00:37:24.750 --> 00:37:26.850
that will go and there

620
00:37:27.550 --> 00:37:31.730
there needs to be some kind of foundation. There'll have to be something going. And

621
00:37:32.095 --> 00:37:36.035
I I'm not trying to figure all this out right now. I'm just saying

622
00:37:36.494 --> 00:37:38.115
there's people in this business

623
00:37:38.494 --> 00:37:39.555
who have money.

624
00:37:40.359 --> 00:37:42.460
This is super important for everyone.

625
00:37:42.760 --> 00:37:44.859
Let's put our money where our mouth is

626
00:37:45.240 --> 00:37:45.980
and start,

627
00:37:49.025 --> 00:37:50.005
pushing back.

628
00:37:50.625 --> 00:37:57.110
And you can fight the US government. You can do it. It takes money, and it takes time, but you can do it.

629
00:37:57.990 --> 00:38:00.490
Generation Bitcoin supports podcasting 2.0

630
00:38:00.790 --> 00:38:04.250
as we were just talking about. It is a value for value podcast.

631
00:38:04.655 --> 00:38:08.195
We have no sponsors. We have no advertising. And what does that mean?

632
00:38:08.655 --> 00:38:09.875
That means, dear listener,

633
00:38:10.175 --> 00:38:13.070
you are there to support this podcast,

634
00:38:13.610 --> 00:38:14.830
and I rely on

635
00:38:15.130 --> 00:38:17.550
that. People just like Kyron from earlier

636
00:38:17.850 --> 00:38:19.150
boosted 2022,

637
00:38:19.690 --> 00:38:20.190
2,222

638
00:38:21.914 --> 00:38:23.214
sats, which even

639
00:38:23.595 --> 00:38:24.095
at

640
00:38:24.555 --> 00:38:25.535
$37,000 Bitcoin,

641
00:38:25.994 --> 00:38:27.775
that's less than the cup of coffee.

642
00:38:28.875 --> 00:38:29.375
And

643
00:38:30.160 --> 00:38:34.180
he is helping to support this podcast, and you can do the exact same thing.

644
00:38:34.640 --> 00:38:42.244
You can do it 3 different ways, time, talent, treasure, there's a 1,000,000,000 things I need to do, and I will be doing a lot of them in December.

645
00:38:43.744 --> 00:38:45.110
I would love to have some help,

646
00:38:45.910 --> 00:38:48.010
McIntosh: to get things prepared for our rollout

647
00:38:48.310 --> 00:38:49.050
in January.

648
00:38:49.750 --> 00:38:50.570
New name,

649
00:38:52.230 --> 00:38:52.730
new

650
00:38:53.385 --> 00:38:59.405
McIntosh: podcast platform, hopefully, things some like chapters going forward, this kind of thing. Transcripts need to be updated.

651
00:39:00.360 --> 00:39:03.500
Lots and lots of stuff. I could use help with it.

652
00:39:04.280 --> 00:39:06.620
If you have treasure in the form of sats,

653
00:39:07.480 --> 00:39:09.660
of course, I always appreciate that

654
00:39:10.184 --> 00:39:10.924
as well,

655
00:39:11.944 --> 00:39:14.444
you can use a podcasting 2.0 app.

656
00:39:14.984 --> 00:39:18.684
Something like fountain, something like podcast guru or or

657
00:39:19.065 --> 00:39:19.885
one of these

658
00:39:20.250 --> 00:39:20.750
podcast

659
00:39:21.370 --> 00:39:27.550
apps that supports value for value that allows you to do something like load up an Albie's, lightning wallet

660
00:39:28.165 --> 00:39:31.225
and stream sats or boost sats to a podcast

661
00:39:31.765 --> 00:39:35.465
and show support for that show if you appreciate what they're doing.

662
00:39:36.070 --> 00:39:40.010
If you don't know what to do, go to new podcast apps.com.

663
00:39:40.310 --> 00:39:42.730
There's a whole list of apps here. Give them a try.

664
00:39:43.164 --> 00:39:47.984
If you like the content, I would love it if you tell your friends about the generation Bitcoin

665
00:39:48.365 --> 00:39:54.859
podcast. Thanks for being here. I hope this has been helpful. I would love to hear from you. I'm on McIntosh. I'm

666
00:39:55.320 --> 00:39:57.339
I'm on Twitter at McIntosh Fintech.

667
00:40:12.790 --> 00:40:13.290
Thursday.