Satoshi's Plebs Podcast

The Final Countdown

Episode 147
BTC: $37,454 | Block: 818,653

Listen Now

Show Notes

This week we cover a variety of topics including the largest transaction fee ever for a Bitcoin Block (85.2163  BTC!!!!), the continued pain in the Bitcoin mining industry caused by the race to 500 EH, Milei’s plans to shutter the Argentine Central Bank and my extensive plans for December’s hiatus.

BTC price at weekly close: $37,454

Block height at time of recording: 818,653

News and Notes

Block 818087 Transaction Fee Largest Ever

Six Straight Upward Difficulty Adjustments to New All Time High

Argentina Central Bank Shutdown “Non Negotiable”

Music Credits

Protofunk by Kevin MacLeod

Link: https://incompetech.filmmusic.io/song/4247-protofunk License: https://filmmusic.io/standard-license

Ethernight Club by Kevin MacLeod

Link: https://filmmusic.io/song/7612-ethernight-club License: https://filmmusic.io/standard-license

Website

https://satoshis-plebs.com

Transcript

WEBVTT

NOTE
Transcription provided by Podhome.fm
Created: 1/15/2024 6:50:55 AM
Duration: 3056.588
Channels: 1

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McIntosh: Hey, Sat Stackers, today is November 26th, and this is episode 147 of generation Bitcoin. I'm your host,

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Mcintosh, and today's episode is the final countdown.

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I hope,

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I hope you had

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Europe's final countdown playing in your head.

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You know? Whatever. Sorry. That was bad. But, yeah, with all apologies to Europe, the band. We are marking

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next episode

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Will be our last as generation Bitcoin.

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In the stretch,

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we will have an episode on

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the 30th,

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if all goes well,

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or the 31st if I get delayed for some reason

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as it happens sometimes with my work. And then we'll be taking the month of December off as I've explained.

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The next episode,

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I will be revealing the new name. I

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I registered it yesterday,

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and,

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I will be preparing that website

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and

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all of that. And at some point during that time,

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during the month off,

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the site will move probably fairly early, actually.

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The podcast itself will move

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McIntosh: over to the new name. So

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but that's for next week.

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McIntosh: Market update.

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To market update, we had a weekly close a few hours ago, 37,400

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and 54.

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If you go back and look at the chart that I've drawn,

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we are tracking

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right on target.

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McIntosh: We have spent

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interesting little

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thing that happened here.

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Essentially, the weekend

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McIntosh: Above

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above our our level of support

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resistance

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at 37,500.

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McIntosh: .

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And then tonight, we kind of fell below it.

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McIntosh: We closed the week

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at, like I said,

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37,454,

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slightly below that 37,500.

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We are still below it.

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It could pop back above it, but, you know, we've nicely went up and touched the upper part of that ascending channel.

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We are very strongly looking like this ascending channel is going to play out. So it may you know, it it could possibly still

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absolutely go down

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thirty six six.

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Maybe a little bit higher depending on how far into the week that we are.

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But the time is coming when this

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bottom part of the channel, so to speak, will force it upwards. I mean,

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It's either that or it falls out and

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which is

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statistically

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unlikely.

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So I'm suggesting

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that, you know,

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We're looking at basically

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very early December,

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somewhere around 3rd, 4th, 5th.

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It's going to be forced above this level of 37,500

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if it hasn't already

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permanently established itself above that or at least semi permanently,

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whatever. But,

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but, yeah, we'll we'll see how this works out, but

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The

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the pattern that we discussed last week still in play. We've still got this upward channel. We're still

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well within that. We're Actually, right in the middle of it right now.

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We are below that level of resistance

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for now at 37,500

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Ish,

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and you'll see that we've we've spent a good bit of time here.

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It will be very interesting. I think this will prove to be a Pretty solid level of support once we get above it, but we will see.

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So, of course, as always, that is not trading advice. I'm not trading this. I do not suggest that you trade this. As always,

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I suggest

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that what you should do

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is DCA.

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I

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saw a chart this week, which I have mentioned in the past. If you've

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since the top

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69,000,

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that

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you are actually in profit,

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which would be a pretty good place to be considering the price of Bitcoin that it is right now.

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In other words,

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you've started buying Bitcoin at $5 a day, $10 a day, Whatever it is, $100

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a day. I don't know.

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But you've been doing that since 69,000,

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And here we are $30,000

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below that and you're in profit. That's what DCA

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Bitcoin will do for you.

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So don't forget that. Don't you know, we do these chart patterns, and it's fun, and

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it gives us an idea of maybe where things are gonna Go in the market.

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But this isn't trading advice. This isn't a trading podcast.

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I'm not some trading guru,

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Anything like that.

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I want you to keep that in mind.

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Always. DCA. Alright. The difficulty adjustment happened on the 26th.

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It did happen.

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Yes.

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Which would be today,

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25th.

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Excuse me. The last adjustment was on the 25th.

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It must have happened late on 25th.

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Pretty sure it was saying 26 earlier was when it was estimated.

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But regardless, it happened on the 25th,

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5.07%,

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so another upward increase. I think this was

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it's been quite a few now that it's been upward.

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We've had more hash coming in. We've had new servers coming online.

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It's no longer summer, so at least here in the upper in the Northern Hemisphere. So,

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you know,

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the large areas of Texas that, you know,

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massive numbers of minors are being turned on and off

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for energy reasons,

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during the heat of the Texas summer that's come to an end.

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So we're all and and Bitcoin price is up, so older miners are getting put back online.

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The mining dip that is why the mining difficulty keeps ratcheting up, just to be clear.

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McIntosh: So

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McIntosh: And our block height, by the way, I I if I haven't said this earlier, our block height at time of recording is 818-653.

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McIntosh: I must have already said that.

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Alright.

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McIntosh: Let's go through the rest of these statistics.

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We do have the having coming up in April.

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Looking like it would be around April 23rd,

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so we're kind of narrowing that in.

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Fees.

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Let me bring up mempool.space.

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Fees have been high, but not as high as they have been. Right now, we're looking at

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58, 67, and 77 sats per v byte. So a little bit lower than they have been, but the pool is definitely

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Still full. We're at 1.21

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gigabytes.

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I think I saw it sneak down into the twenties at 1 point very briefly.

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Alright. So let's jump on in.

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As I said,

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next episode will be the last one.

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I had a realization today. It's kind of funny.

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McIntosh: I was listening to the Bitcoin

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Dad podcast. And,

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McIntosh: so the Bitcoin Dad and a guy named Chris from Juniper,

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Networks,

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who he was the founder of Juniper Networks,

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creator of Juniper Networks, and, does a number of podcasts including,

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I wanna say Linux unplugged,

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and a number of others. But, anyways,

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they do a weekly podcast, and

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McIntosh: I realized

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that

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Bitcoin Dad was

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McIntosh: Kind of like a calm version of myself.

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He they were talking about something,

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and it was something that well, it was actually the,

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it's what I just talked about,

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the the censorship

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of, transactions by the mempool. And, of course, I get extremely

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agitated,

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shall we say, about that,

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type thing because it's and because it's super important, and

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I know he believes that it is. It's that's not the case at all. It's just, you know, he Comes across very calm. I thought that was kind of funny. He never I don't think I've ever heard him raise his voice on his podcast. Just one of those thoughts I had. Whatever.

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But, I also got my seed signer this week.

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So this is,

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this will be used for my Bitcoin,

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mining, which I've discussed in the past

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to move the mined

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sets off my mining pool. Of course, I wanted to move them straight into a nice hardware wallet

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that was set up just for that. I interviewed seed signer, as you all know, a few weeks ago. I've been looking at their product for a while,

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and I actually bought a nice,

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It was not the aluminum one. It was the black one. Well, it's,

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sorry. Not the silver one, the black aluminum.

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I went ahead and ordered it assembled. I did not assemble this one myself,

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but I'm going to be putting it together probably this week.

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I think I wanna take the time to document that at least in terms of a

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paper,

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like Blog long form type thing, and then I will be posting that hopefully,

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on Seth's,

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Seth for privacy on his new,

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webpage, which

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frankly escapes me at the moment, but we talked about it on his episode back in episode 141.

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So, as a

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kind of a tutorial,

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we'll see how all that turns out, but I am looking forward to Putting that together to finishing that up, and,

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it's a really nice looking device, to be honest. Now I bought the aluminum one. It was a little more expensive.

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I think this one was $150

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more or less. It might I think it was a tiny bit more than that with shipping,

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But, had some nice instructions,

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had some everything was that you need was in there, the little micro

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SD card, the, unit itself, of course, which which has the Raspberry Pi,

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single board computer, or whatever they call it in the box.

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The the cable that you would need to power it, so it's like a micro

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USB cable that you connect up to your seed signer, and then maybe you plug it into your

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into your computer,

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and it will power it up. Now it only does power. It doesn't actually provide data, and they make that very clear

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on the documentation.

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So

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Very well done. Got QR codes to go with it. Our QR,

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like, blank QR,

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pads,

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And actually a little sticker that said seed signer, which I could choose to stick on my laptop. I probably

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won't

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simply

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Because of the nature of what it is, I really like it, but

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that's the kind of thing I don't really want advertised,

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shall we say.

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Yeah. So there you go.

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Very cool.

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Very, very cool. I will provide another report on that,

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after I get it done, if I get it done before Thursday, which I probably won't,

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to be honest, I'll talk about it then. Otherwise, I guess it will wait

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until next year.

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Just an update,

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on Argentina

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as well. Things seem to be progressing sing along down there,

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probably about as well as we can expect.

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President,

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Malay is very intent

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on shutting down the central bank. He has made that very clear.

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McIntosh: Hold on just a second. I need

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to need to get some of my tea.

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McIntosh: I actually need to take the tea bag out.

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In my opinion, and I may be mistaken in this or at least this may not one of everyone's opinion. If you leave the tea in there too long, it will make it

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Almost bitter. I don't know.

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I like it to a point, and then,

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you know,

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I don't want it to be any stronger, essentially.

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So the tea and the honey,

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nice. Alright.

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But, he

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look. I'll go through some of this when we go through the news. Time will tell. We're very early. He hasn't even taken office yet,

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But I I'm

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seeing promising things, frankly. You know? This is a long haul as I always say. I talked about,

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Bukele, last week or the week before. I mean, here he is

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running for his second term, and I'm I'm not convinced at this point. I think he's done a lot of good things, but

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history will will show how this goes.

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And we are in the middle of it. And it's very difficult

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to see at this point. So next

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week will be the last episode of generation Bitcoin.

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I did get an email back from the Generation Bitcoin people.

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They will not be coming on the show.

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That doesn't change anything.

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They're busy. It's,

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the time of year when frankly, actually, the person I was

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Corresponding with I believe she's in a master's program or,

246
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bachelor's program,

247
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if I'm remembering correctly from Jimmy

248
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Jimmy Song's,

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interview with them. And,

250
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so,

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it's it's finals. I get it. So they won't be coming on,

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but we will be going forward with

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the new name. And like I said, I'll be sharing that name next week,

254
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but I'm excited about it because I think I finally got

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McIntosh: Something I I was trying to explain this

256
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to my wife last night. I'm not really sure I'm doing a good job of it, but

257
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The words mean something. It's something that

258
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I think it'll have traction. We'll see. I'm not doing a good job of explaining it, but I'm really looking forward to

259
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McIntosh: it. We'll be revealing that next week in case I just haven't said that, like, fourteen times already.

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But,

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I'm gonna have a new website.

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I would like to get a chat server set up. I'm looking at that.

263
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It might be a little quiet

264
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to start with and frankly probably will be, but I would love to, you know, start building more community. That's one of the things that I'm

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Really trying to do here.

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I love the fact that we've got some regulars who

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Boost in , who, you know,

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I kinda feel like I understand a little bit about their lives and this kind of thing, and that's terrific. But, we'll go ahead and start actively building community through, you know, through this chat setup. I would also like to

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start doing,

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live broadcast.

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That is something that I'm thinking about as well. Now that's gonna be tricky,

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and especially considering the way that I

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Think and talk.

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What it will mean is that I will have to spend a lot more time and show prep

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because

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just to give you a little inside baseball here as we say, typically, what I do is I will sit down and write out an outline of what I'm going to talk about. And

277
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so I'm not really winging it,

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but

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I am sitting here actively thinking as I'm talking

280
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about kinda what I'm gonna say next and this, that, and the other.

281
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And what that really does is it slows me down,

282
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and so I end up going in and then clipping out a lot of spaces,

283
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dead air as I would say, and

284
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to to try and tighten it up. Now I'm by nature a fairly slow speaker,

285
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but

286
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Being put in that position where I'm just, you know, thinking, thinking, thinking for 60 minutes, and it's going to slow me down even more.

287
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So if we're gonna do this live

288
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to keep things from, you know, grinding to a halt and everybody's saying, oh my

289
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Goodness, McIntosh. You could, like, speed this up. I'm going to have to spend more time in show prep. Right? I'm gonna have to

290
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Dial in, maybe not rehearsed beforehand

291
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really, but, you know, really think through

292
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what am I gonna be talking about, Kind of the subtopics

293
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of those main topics and all that kind of stuff.

294
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So looking forward to that, that will bring in some video as well. I'm Hoping

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we will see. Not that I'm necessarily interested in having myself plastered all over the Internet, but, I think there's a lot of There's a group of people that really like video. I may be one of those, to be honest,

296
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because of the details that it can bring up

297
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Across things like when I talk about trading view

298
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and show you,

299
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you know, how

300
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This chart, I mean, yes, I can put it on Twitter

301
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or whatever, but

302
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McIntosh: it would be a lot easier

303
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McIntosh: it would be a lot easier Do this kind of in real time on a video

304
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setup.

305
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So that's one of the things I'm looking at doing.

306
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I have a whole list, actually.

307
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December task.

308
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Hey. I can mark the first one off. It's not even December. I'm gonna do that right here.

309
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Where's the strike through? Done.

310
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Register new domain. That has been done. Move podcast. Okay. So I'll be moving

311
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over to Castapod.

312
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And so when you go

313
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to castpod.newdomainname,

314
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that will actually take you to

315
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where the website,

316
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where the podcast will be hosted.

317
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If you've ever looked at Castapod,

318
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they have some community type functionality built on top of it. But to be honest, it's not super

319
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it's not great at this point. I put it that way. So it's not really something I'm gonna Actively be talking about or encouraging.

320
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I may set up a,

321
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Mastodon

322
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instance. I have

323
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Thought about that, and that may be certainly

324
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possible. So

325
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we would possibly do something like mastodon

326
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dot new domain name.

327
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And then that would take you to the Mastodon instance,

328
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and you could join that and use that as to again, to for community building, but as a way to join the Mastodon

329
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Federated Universe. So,

330
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so Moo podcast set up live video podcast,

331
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and we've got a great

332
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article.

333
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They recently did this at a conference. It was,

334
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Blue put it on,

335
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and it worked spectacularly

336
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from everything that I can tell.

337
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So, one of the guys, I think he's CTO of the company, he was kind enough to write a medium article about it, and I have that written down. And then along with a number of other little things

338
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kind of in that vein in order to do live video. Now that may not happen

339
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right out of the gate, January 1. I'm just gonna be honest,

340
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but it is a goal. I'm going to hopefully buy that little,

341
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Linux,

342
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server I've been talking about for, gosh, a long time, probably most of this year.

343
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It's called the BLINK GTR seven Pro is the one that I've decided on. It's an AMD,

344
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nice little setup. So I'm planning on

345
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running

346
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probably Ubuntu on it.

347
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So then I would actually run Reaper on that. I would do my live, I've, if I've got video editing software

348
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that I need to do for this video stuff, then I will probably have that as well.

349
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And then, of course, like I mentioned earlier, I'm gonna try and write an article for Seth's website. So that month, Even though I will not be recording, we'll be extremely busy, and I will get through as much of it as I can.

350
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You will still be able to get a hold of me at gendashbtc.com.

351
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So that's the Generation Bitcoin website.

352
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For the foreseeable future, although I will not retain that domain name forever, there's just no use in doing that.

353
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I will move over. Right now, I'm using a WordPress website,

354
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which historically is something that I've done a number of times for

355
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Other little,

356
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for other small businesses that I've helped out.

357
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I'm

358
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I'm I think I'm gonna do something different, and I haven't decided what yet, but

359
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WordPress is kind of

360
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I don't know. You look at a WordPress website, and it's like, you know it's WordPress,

361
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which is fine. It's just I I would like to be different, maybe. I don't know.

362
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That's up in the air. I'm not sure what the point of all that is other than I need to rebuild the website onto the new domain name whether I move WordPress over or choose to do something different.

363
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I would also like to get more of a Noster

364
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presence.

365
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I'm not sure

366
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just And I don't talk about Nostra very much on here, but

367
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I'm not sure. I love the idea of Nostra,

368
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decentralized privacy focused

369
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financial rails based on Satoshis.

370
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I love all that.

371
00:22:52.280 --> 00:22:58.460
I think it has its drawbacks including the fact that there really aren't that many people using it. Although,

372
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One nice size side of that is it kinda gives you an outsized,

373
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sphere of influence if you're actually using it. So if you're Putting out content there,

374
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and people notice it. It's a lot easier to get noticed there than say on Twitter.

375
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Even though I tweet

376
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Stuff routinely

377
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multiple times a day.

378
00:23:22.434 --> 00:23:26.215
The reality is some of those most of those get very little traction,

379
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and even though there's,

380
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McIntosh: I don't know,

381
00:23:31.650 --> 00:23:32.390
a 100,000,000

382
00:23:33.170 --> 00:23:36.895
maybe Twitter users. I don't I don't know how many? There's a lot.

383
00:23:38.315 --> 00:23:42.495
And I have tweets. It'll have 3 or 4 people that'll view it, which is

384
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frankly depressing.

385
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McIntosh: So,

386
00:23:45.820 --> 00:23:52
anyways, we'll see. I would I would like to do that. I would love to have something because there's always you got Mastodon.

387
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You've got LinkedIn.

388
00:23:53.820 --> 00:23:57.275
You've got, Not that I do anything on LinkedIn, but you've got

389
00:23:58.535 --> 00:24:00.875
Nostril, you know, you've got multiple

390
00:24:01.415 --> 00:24:10.230
platforms. It would be Really great. And I know they're please, you don't need to send me a boost. I know there's stuff that's available that will let you do that

391
00:24:11.315 --> 00:24:15.815
Were you kind of blasted out everywhere at once? I don't know. But it gets

392
00:24:16.355 --> 00:24:17.255
very tiresome

393
00:24:18.090 --> 00:24:19.230
Even just posting

394
00:24:19.770 --> 00:24:24.030
when I make a new episode, I've got 3 places I have to go and post that.

395
00:24:24.650 --> 00:24:26.855
That'd be something I'd love to solve as well.

396
00:24:27.575 --> 00:24:28.875
So hopefully, 2024,

397
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regardless

398
00:24:30.855 --> 00:24:31.355
of

399
00:24:31.975 --> 00:24:34.955
what's going on in the world, which we don't know.

400
00:24:36.490 --> 00:24:41.310
In terms of this podcast, I hope that we are moving forward and building

401
00:24:41.770 --> 00:24:42.510
a better

402
00:24:43.050 --> 00:24:43.550
product,

403
00:24:44.170 --> 00:24:44.670
really.

404
00:24:45.164 --> 00:24:55.840
I view this as a product in the sense that even though people don't pay me for the ability to listen to it, You know, we're a value for value podcast be in

405
00:24:56.779 --> 00:24:59.520
from everything that I can tell, the way that

406
00:24:59.965 --> 00:25:03.745
I get more value back whether that's people helping or

407
00:25:04.525 --> 00:25:06.225
monetarily through Satoshis.

408
00:25:06.845 --> 00:25:10.029
The way that I increase that is by providing

409
00:25:10.330 --> 00:25:15.549
a better value experience. Why would I start up another chat server to

410
00:25:16.125 --> 00:25:20.544
Something else to deal with. Well, because that's building community. It's providing

411
00:25:20.845 --> 00:25:22.225
a better experience

412
00:25:22.605 --> 00:25:24.145
and hopefully more

413
00:25:24.590 --> 00:25:26.690
value to the listeners who are

414
00:25:27.070 --> 00:25:28.290
part of this podcast.

415
00:25:28.750 --> 00:25:31.810
That's gonna be my goal, my focus in 2024.

416
00:25:33.804 --> 00:25:36.225
Does that make sense? I I hope it does.

417
00:25:37.005 --> 00:25:39.745
I think it does. It does to me.

418
00:25:40.400 --> 00:25:45.300
So that will be my focus in 2024. We're gonna kick it off here at the end of 2023

419
00:25:46 --> 00:25:48.180
with as much of this as we can do,

420
00:25:49.285 --> 00:25:52.345
and we'll keep rolling from there. I do plan

421
00:25:52.645 --> 00:25:53.625
on going to

422
00:25:54.165 --> 00:25:58.630
the Bitcoin conference in July in Nashville. I would love to meet up

423
00:25:59.510 --> 00:26:04.570
with listeners. I if we have enough people who are going, and I have no idea if we will or not,

424
00:26:04.870 --> 00:26:08.090
maybe we could get together at, like, a pizza place or something

425
00:26:08.695 --> 00:26:10.155
and just have a little party.

426
00:26:10.535 --> 00:26:18.640
I don't know. I haven't that's literally, like, the first time I've thought about about that, but I would at least love to meet up with with people.

427
00:26:19.020 --> 00:26:19.520
So

428
00:26:20.140 --> 00:26:20.640
alright.

429
00:26:21.420 --> 00:26:23.760
Let's see. What else do we have tonight?

430
00:26:25.255 --> 00:26:26.955
We should talk about our supporters.

431
00:26:27.655 --> 00:26:30.315
They had some boost in the last few days.

432
00:26:31.655 --> 00:26:36.090
I I do think next Here, as we move into this new

433
00:26:36.470 --> 00:26:38.809
thing, one of the one of the things I

434
00:26:39.190 --> 00:26:41.049
one of the things I need to do is

435
00:26:41.434 --> 00:26:45.695
Decide on some changes I want to make to kind of the format of the podcast.

436
00:26:46.795 --> 00:26:57.590
One of the things I would like to do, To be honest, and this is actually something that your listeners could help out with, I would love to get some value for valued music on here, at least clips of it.

437
00:26:59.425 --> 00:27:02.325
Because probably my clips that are on here have gotten stale,

438
00:27:03.505 --> 00:27:07.205
McIntosh: so to speak, and, you know, we're changing the name of the

439
00:27:08.060 --> 00:27:12.960
McIntosh: Podcast, it'd be a great time to do this. If you have any suggestions for

440
00:27:13.660 --> 00:27:19.065
some value for value music that's out there on Wave Lake or something like that.

441
00:27:19.925 --> 00:27:22.905
I will try and figure out at least how I can

442
00:27:23.605 --> 00:27:26.710
maybe initially just clip it in, and then Ultimately,

443
00:27:28.210 --> 00:27:30.230
there is a way now that people

444
00:27:30.850 --> 00:27:31.350
do,

445
00:27:33.785 --> 00:27:35.645
splits where, like,

446
00:27:36.025 --> 00:27:36.525
if

447
00:27:37.225 --> 00:27:37.725
well,

448
00:27:38.505 --> 00:27:41.085
splits have been around for a while, but specifically,

449
00:27:42.390 --> 00:27:43.690
McIntosh: Let's say I've got

450
00:27:44.390 --> 00:27:53.245
McIntosh: I'm just gonna say the Foo Fighters because they're the first thing that comes to mind. They're certainly not value for value, but let's say I've got one of the Foo Fighters songs at the start of the podcast.

451
00:27:53.705 --> 00:27:57.165
When you're listening to that either streaming or boosting that,

452
00:27:57.920 --> 00:28:00.420
Part of that would go directly to them, and then

453
00:28:00.799 --> 00:28:01.860
it would switch

454
00:28:03.120 --> 00:28:04.580
after the song

455
00:28:05.155 --> 00:28:08.695
to whatever the normal was if it was just me, if I was the only one,

456
00:28:09.235 --> 00:28:12.055
or me and a cohost or or whatever. Right?

457
00:28:12.590 --> 00:28:13.970
I'd again, it's

458
00:28:14.429 --> 00:28:18.929
it's like. I don't talk about the music stuff on here very often, but

459
00:28:19.470 --> 00:28:20.289
it definitely

460
00:28:21.405 --> 00:28:27.905
Seems to be gaining a a good amount of traction, actually. I have high hopes for it. I really think

461
00:28:29.010 --> 00:28:31.110
This may move forward the live

462
00:28:31.490 --> 00:28:33.830
podcasting stuff and make it a little more

463
00:28:34.130 --> 00:28:36.149
important, which would be really nice.

464
00:28:36.745 --> 00:28:47.440
So we'll see how that turns out, but that's one of the things I would like to do. If you have some suggestions for kind of Start end song type stuff. If there's a

465
00:28:47.900 --> 00:28:49.280
a 15 to 22nd

466
00:28:49.740 --> 00:28:59.750
clip, that would sound good. I'm not gonna have well, the end, I can do a whole song as I do now. I do a much longer thing now, but the start needs to be,

467
00:29:01.350 --> 00:29:04.170
a shorter amount, I do not have a mixer

468
00:29:04.550 --> 00:29:08.330
right now. If I had a mixer, we could, like, bring the sound down

469
00:29:08.870 --> 00:29:09.690
on the music,

470
00:29:10.695 --> 00:29:12.395
Make a bed. Let it play underneath

471
00:29:12.775 --> 00:29:15.355
while I'm talking over it at the start.

472
00:29:15.975 --> 00:29:19.115
But for now, we got kinda gotta keep out of that.

473
00:29:19.480 --> 00:29:22.860
So if you have some suggestions about that, feel free to

474
00:29:23.320 --> 00:29:26.620
boost those in and let me know or send me an email

475
00:29:27.155 --> 00:29:27.655
at mcintosh@gen-btc.com.

476
00:29:31.555 --> 00:29:36.375
Okay. I guess I'll I've only had one boost, and that's fine. I thought I had two.

477
00:29:36.750 --> 00:29:40.130
Apparently, I did not. From episode 146, I got

478
00:29:40.590 --> 00:29:41.250
a 3333

479
00:29:42.910 --> 00:29:43.410
boost,

480
00:29:44.335 --> 00:29:45.475
from Sir Michael,

481
00:29:46.335 --> 00:29:47.075
and he

482
00:29:47.375 --> 00:29:47.875
said,

483
00:29:48.895 --> 00:29:53.315
listening on fountain. Thank you, Sir Michael. I appreciate that. And he said,

484
00:29:54.679 --> 00:29:58.220
Happy Thanksgiving. Did you see the fees paid for block

485
00:29:58.760 --> 00:29:59.260
81808

486
00:30:01.675 --> 00:30:02.175
seven.

487
00:30:02.875 --> 00:30:03.935
No. I did not.

488
00:30:04.475 --> 00:30:05.375
Not directly.

489
00:30:05.755 --> 00:30:11.215
I have heard about this, and I must actually gonna talk about it in the news already, but I appreciate that.

490
00:30:12.140 --> 00:30:18.480
It's it's insane. So they this has actually happened a couple of times lately, and historically, this has happened

491
00:30:18.940 --> 00:30:19.920
a few times.

492
00:30:20.615 --> 00:30:21.115
McIntosh: So

493
00:30:22.055 --> 00:30:22.955
you can

494
00:30:23.415 --> 00:30:23.915
overpay

495
00:30:24.855 --> 00:30:27.675
McIntosh: to have your transaction included in the blockchain.

496
00:30:28.220 --> 00:30:31.040
So, literally, I could be sending someone

497
00:30:32.060 --> 00:30:33.360
10,000 sats,

498
00:30:34.460 --> 00:30:37.120
and I could have a dollar a a dollar.

499
00:30:38.514 --> 00:30:41.894
A Bitcoin be the transaction fee, which would just be

500
00:30:42.195 --> 00:30:42.695
stupid.

501
00:30:44.434 --> 00:30:45.495
It has happened.

502
00:30:46.309 --> 00:30:48.169
There have been cases where

503
00:30:48.549 --> 00:30:49.929
fees have been returned.

504
00:30:50.390 --> 00:30:51.690
1 happened recently.

505
00:30:53.590 --> 00:30:54.409
McIntosh: I'm not,

506
00:30:55.585 --> 00:30:56.325
To be honest,

507
00:30:56.625 --> 00:30:57.605
as a miner,

508
00:30:57.985 --> 00:30:59.445
I don't really like that.

509
00:30:59.985 --> 00:31:01.205
McIntosh: Not really a fan.

510
00:31:01.825 --> 00:31:04.164
I get it why they do it, but

511
00:31:04.720 --> 00:31:08.179
Really, most of the time, these are bugs that need to be fixed.

512
00:31:08.640 --> 00:31:09.780
I hope that

513
00:31:10.320 --> 00:31:12.179
that that was the case here

514
00:31:12.720 --> 00:31:14.865
where there was a bug and,

515
00:31:15.424 --> 00:31:20.725
maybe they've figured that out, and hopefully, they're fixing that in their wallet.

516
00:31:21.105 --> 00:31:24.700
I'm gonna look that up real quick. 8 let's see.

517
00:31:25.720 --> 00:31:26.780
McIntosh: Block 818087.

518
00:31:30.505 --> 00:31:31.005
McIntosh: So

519
00:31:33.785 --> 00:31:40.200
yeah. I did. I definitely heard about this. If you look it up on a block explorer, you can go to Paul.space.

520
00:31:41.380 --> 00:31:42.120
This happened

521
00:31:42.660 --> 00:31:43.240
on 11/23,

522
00:31:44.260 --> 00:31:46.100
probably UTC time, but,

523
00:31:46.820 --> 00:31:47.800
4 days ago,

524
00:31:48.685 --> 00:31:50.385
McIntosh: About 4 o'clock in the morning.

525
00:31:51.645 --> 00:31:54.945
McIntosh: And just to give you an idea, the median fee was a 141

526
00:31:55.405 --> 00:31:58.070
sets. The fee span went from a 129

527
00:31:58.530 --> 00:32:00.310
sats per v byte

528
00:32:00.930 --> 00:32:02.710
to, let's see, 16,000,000

529
00:32:04.505 --> 00:32:05.005
917,160

530
00:32:07.145 --> 00:32:08.605
McIntosh: sats per  byte.

531
00:32:09.705 --> 00:32:11.085
The total fees,

532
00:32:12.630 --> 00:32:15.610
McIntosh: I hope you're sitting down for this is 85.216

533
00:32:18.550 --> 00:32:19.050
Bitcoin,

534
00:32:19.725 --> 00:32:22.605
which right now or at least at the time this was,

535
00:32:23.085 --> 00:32:24.945
mined was worth $3,000,000,

536
00:32:26.900 --> 00:32:27.880
Almost $3,200,000.

537
00:32:29.300 --> 00:32:30.440
McIntosh: The total block

538
00:32:31.140 --> 00:32:32.040
was 91.466

539
00:32:33.940 --> 00:32:34.440
Bitcoin,

540
00:32:35.885 --> 00:32:37.184
and that was $3,400,000.

541
00:32:39.245 --> 00:32:41.025
McIntosh: It was mined in the amp pool.

542
00:32:42.400 --> 00:32:49.940
It is possible there was something going on that, you know, some exchange or whatever in the background, who knows,

543
00:32:51.040 --> 00:32:56.055
or This was simply a mistake. I haven't heard one way or the other.

544
00:32:56.755 --> 00:32:57.655
I don't know.

545
00:32:58.035 --> 00:33:02.809
I wonder what the subsidies were, not the subsidies. I wonder what the fees

546
00:33:03.270 --> 00:33:07.130
in Antpool were for that block when it got mined like.

547
00:33:07.910 --> 00:33:08.650
To understand

548
00:33:09.575 --> 00:33:10.795
The it's 91.466

549
00:33:12.135 --> 00:33:17.195
Bitcoin, but that's divided up among tens of thousands probably of minors.

550
00:33:17.750 --> 00:33:21.610
It's a much, much smaller amount per miner for that block.

551
00:33:22.070 --> 00:33:23.290
Very, very interesting

552
00:33:23.750 --> 00:33:25.850
kind of one of the little edge cases

553
00:33:26.645 --> 00:33:27.544
with Bitcoin.

554
00:33:28.404 --> 00:33:34.024
It seems like that only happened, like, a couple months ago or maybe even less. I mean, it's kinda weird

555
00:33:34.630 --> 00:33:40.330
because you don't hear about this for a long time and then just boom all of a sudden now it's happened,

556
00:33:41.805 --> 00:33:44.065
a couple of times. So let's see. 123.

557
00:33:44.525 --> 00:33:48.145
Wow. We mined 4 blocks today in brains. That is awesome.

558
00:33:48.820 --> 00:33:49.880
It's been tough.

559
00:33:50.660 --> 00:33:57.160
1, 2, 3 the day before and then 1 the day before that. So that was the 24th and then not on the 23rd.

560
00:33:58.505 --> 00:34:04.445
2 on the 22nd, and then 1, 2, 3 on the 21st, and then a 4 day gap

561
00:34:05.040 --> 00:34:10.340
Between 17th and 21st, that as far as I know is the longest I've seen brains go

562
00:34:10.720 --> 00:34:12.020
since I've been mining,

563
00:34:12.480 --> 00:34:13.540
early this year

564
00:34:13.840 --> 00:34:14.580
on brains,

565
00:34:15.505 --> 00:34:16.565
without a block.

566
00:34:17.105 --> 00:34:18.485
So that was depressing.

567
00:34:21.105 --> 00:34:23.339
Let's look Look at the 7 day moving

568
00:34:23.640 --> 00:34:27.260
average type thing here. See if it started to move up.

569
00:34:27.720 --> 00:34:28.619
A little bit.

570
00:34:29.575 --> 00:34:33.755
Yeah. We've got this chart, basically, a 7 day average of the rewards.

571
00:34:34.855 --> 00:34:39.440
Essentially, in a graphical form is representing kind of this average Because

572
00:34:39.820 --> 00:34:40.720
with so much

573
00:34:41.020 --> 00:34:45.839
between one day and the next, it's you need a way to kinda average that out. So,

574
00:34:46.619 --> 00:34:59.970
very good. It does look like it's looking a little better. Just to give you an idea for my last block that I mined, and this essentially is for all the miners that I have in service. You get one reward. It's 0.00172902

575
00:35:04.830 --> 00:35:05.890
Bitcoin. So

576
00:35:08.725 --> 00:35:09.225
11000th,

577
00:35:11.205 --> 00:35:11.705
almost

578
00:35:12.085 --> 00:35:13.145
12 thousandth

579
00:35:13.445 --> 00:35:14.345
of a Bitcoin.

580
00:35:14.770 --> 00:35:20.790
I think I'm doing that math right. Pretty sure I am. But over time, it does add up,

581
00:35:21.330 --> 00:35:23.830
of course, or we wouldn't be doing this.

582
00:35:24.674 --> 00:35:25.174
So,

583
00:35:25.555 --> 00:35:33.380
sir Michael, I believe I've never heard from you. I have heard of you from other shows, and I do appreciate you listening.

584
00:35:33.680 --> 00:35:34.180
Absolutely.

585
00:35:34.880 --> 00:35:38.339
And it was awesome to hear from you, so thank you very much.

586
00:35:39.705 --> 00:35:43.165
I believe yeah. I believe I've heard of you from other shows.

587
00:35:44.025 --> 00:35:48.205
McIntosh: You're definitely, I would assume, a night of the round table or a night of the,

588
00:35:49.230 --> 00:35:52.610
McIntosh: no agenda table or however they say it. Very cool.

589
00:35:52.910 --> 00:35:59.555
So aside from that little bit of news, which was Kind of an interesting little side note. I already mentioned

590
00:36:00.095 --> 00:36:03.315
mining difficulty. This was actually the 6th increase

591
00:36:06.099 --> 00:36:10.279
And going back 10 weeks, 1, 2, 3, 4 yeah. Going back 10 weeks.

592
00:36:10.900 --> 00:36:14.279
And so we are now at an all time high in mining difficulty.

593
00:36:16.675 --> 00:36:21.735
That's simply a reflection. Like I said, it's the number of minors. It's the number of hash. It's

594
00:36:22.070 --> 00:36:26.410
It's really all about that hash rate. What that means, we're at an all time high for

595
00:36:26.790 --> 00:36:28.410
our hash rate, which is absolutely

596
00:36:29.265 --> 00:36:32.325
What we see, we're pressing in towards 500

597
00:36:33.745 --> 00:36:34.245
Exashash.

598
00:36:35.185 --> 00:36:37.205
492 Exashash per second

599
00:36:37.610 --> 00:36:38.110
last,

600
00:36:38.410 --> 00:36:39.550
seven day average.

601
00:36:39.850 --> 00:36:40.350
Yep.

602
00:36:41.370 --> 00:36:42.830
fourteen day was 491.

603
00:36:43.370 --> 00:36:50.565
Thirty day was four seventy three. So as we go back in time on these averages, you can see the number lowers, which

604
00:36:51.265 --> 00:36:54.085
is exactly what you would expect given that

605
00:36:54.690 --> 00:36:57.269
We we see more and more hash rate coming online.

606
00:36:57.970 --> 00:36:59.109
So right now,

607
00:36:59.809 --> 00:37:06.855
the next difficulty adjustment, which isn't supposed to take place until December 9th, If it were to happen right now, it would be 1.06%

608
00:37:09.075 --> 00:37:09.975
down. So

609
00:37:11.210 --> 00:37:14.190
I don't know. Maybe we've reached some sort of top

610
00:37:14.650 --> 00:37:17.950
for now. I don't know where we can go with this because

611
00:37:18.635 --> 00:37:27.935
It's getting difficult enough even with the hash price that I think if things continue the way that they have been, we're going to start to see miners,

612
00:37:28.410 --> 00:37:29.870
Public miners experiencing

613
00:37:30.890 --> 00:37:32.270
extreme distress and

614
00:37:32.650 --> 00:37:34.110
certainly in terms of their

615
00:37:34.490 --> 00:37:34.990
finances.

616
00:37:36.405 --> 00:37:38.745
We will see. I know that sounds crazy

617
00:37:39.685 --> 00:37:40.505
with $37,000

618
00:37:41.445 --> 00:37:41.945
Bitcoin,

619
00:37:42.965 --> 00:37:43.465
but

620
00:37:44.809 --> 00:37:45.950
It's not. It

621
00:37:46.569 --> 00:37:50.430
might be really tough around the happening next year. We will see. Alright.

622
00:37:51.655 --> 00:37:53.675
Other news. Other news. Other news.

623
00:37:55.415 --> 00:37:56.395
.

624
00:37:57.015 --> 00:37:59.755
I thought this was very interesting. So BlackRock,

625
00:38:00.375 --> 00:38:01.435
of course, largest,

626
00:38:02.440 --> 00:38:04.060
basically, largest investment

627
00:38:05.160 --> 00:38:06.300
firm in the

628
00:38:06.760 --> 00:38:07.260
world,

629
00:38:08.600 --> 00:38:11.954
who He's filing for a Bitcoin spot ETF.

630
00:38:12.895 --> 00:38:13.795
Back in 2022,

631
00:38:14.415 --> 00:38:16.355
apparently, they released a study

632
00:38:16.734 --> 00:38:17.635
that indicated

633
00:38:19 --> 00:38:22.700
That the optimal portfolio allocation to Bitcoin was

634
00:38:24.119 --> 00:38:24.619
84.9%.

635
00:38:26.155 --> 00:38:27.375
The remaining 15.1%

636
00:38:28.315 --> 00:38:37.059
can go to equities and bonds. I would not have believed it if I didn't see the document myself. It's right here. I've reposted it. And that is literally

637
00:38:37.680 --> 00:38:38.579
what it says.

638
00:38:39.760 --> 00:38:40.260
I've

639
00:38:40.640 --> 00:38:44.255
they're very bullish on Bitcoin, if that's true. We'll see.

640
00:38:46.335 --> 00:38:50.275
If you entered at the all time high, like I said, you'd be up 40%

641
00:38:51.295 --> 00:38:56.720
even though we're still 40 plus percent off That all time high. That is the power

642
00:38:57.580 --> 00:38:58.800
the power of DCA.

643
00:38:59.100 --> 00:39:00.960
Do not underestimate that.

644
00:39:01.954 --> 00:39:06.375
This is all getting posted on Twitter, by the way. You can follow me at McintoshFintech

645
00:39:06.835 --> 00:39:07.335
there.

646
00:39:08.275 --> 00:39:10.775
One very important thing I wanted to note.

647
00:39:11.460 --> 00:39:15.080
It's probably the biggest news of the week, and I hope it doesn't go unnoticed.

648
00:39:15.940 --> 00:39:17.080
There's a company,

649
00:39:17.940 --> 00:39:18.840
up in Canada

650
00:39:19.955 --> 00:39:22.035
run by a a guy with a,

651
00:39:22.755 --> 00:39:25.655
anonymous handle of u t x o underscore one,

652
00:39:26.035 --> 00:39:26.830
o n e,

653
00:39:27.710 --> 00:39:28.450
called nodeless.

654
00:39:29.150 --> 00:39:34.450
Io. It looks I've never run it. It looks like and I've never used it. So it's open source.

655
00:39:35.245 --> 00:39:41.825
So you can run your own, or you can use his setup or her setup. It's basically a way to make it very easy to take money,

656
00:39:42.525 --> 00:39:43.025
Satoshis

657
00:39:43.645 --> 00:39:44.145
online

658
00:39:44.990 --> 00:39:45.890
for businesses.

659
00:39:46.270 --> 00:39:48.690
It's a really interesting looking

660
00:39:49.550 --> 00:39:53.650
piece of software. Well, he lives in Canada, and apparently, they have decided

661
00:39:54.365 --> 00:40:01.025
They are going to investigate him and so on and so forth. So he got some type of notice. I don't know exactly.

662
00:40:01.900 --> 00:40:03.580
He did say in his,

663
00:40:03.980 --> 00:40:06.320
notice. He said, I am being investigated

664
00:40:07.100 --> 00:40:10.400
for running an illegal money transmission business

665
00:40:10.785 --> 00:40:11.525
in Canada.

666
00:40:12.305 --> 00:40:12.805
And

667
00:40:14.545 --> 00:40:21.400
by the advice of his lawyers, he needs to shut down the main instance Sense of node list. So effectively, he's closing node list down.

668
00:40:21.860 --> 00:40:25.960
The code is open source. It is still available. I would highly encourage

669
00:40:26.340 --> 00:40:26.840
anyone

670
00:40:27.565 --> 00:40:30.225
who has interest in this to pursue this,

671
00:40:30.925 --> 00:40:32.145
posting it elsewhere.

672
00:40:33.085 --> 00:40:35.345
I think this is very valuable software.

673
00:40:36.010 --> 00:40:39.070
I actually disagree that it's money transmission

674
00:40:39.370 --> 00:40:39.870
business.

675
00:40:40.250 --> 00:40:45.585
The reason why is because he's their argument Would be well, he's making a percentage

676
00:40:46.685 --> 00:40:49.165
off of what you know, if you have, say

677
00:40:50.660 --> 00:40:58.839
Well, it's a percentage like whatever it is, and it's not very much. It's like 1% plus a 100 sats. So if I send a 1,000 sats,

678
00:41:00.035 --> 00:41:06.935
I mean, a 1,000 sats isn't very much, so it'd be a 100 sats of that. So 10% plus 1% of a 1,000.

679
00:41:07.235 --> 00:41:08.135
But if it's

680
00:41:08.910 --> 00:41:09.410
McIntosh: 10,000

681
00:41:09.790 --> 00:41:11.810
sats. It would still only be

682
00:41:12.910 --> 00:41:17.650
McIntosh: a 100 sats plus 1% of 10,000, whatever that is. So,

683
00:41:19.105 --> 00:41:20.005
pretty reasonable,

684
00:41:20.704 --> 00:41:24.484
and that's why they're saying he's running a money transmission business. But,

685
00:41:25.359 --> 00:41:30.579
Look. This stuff has to be updated. This is the new world and, you know, I don't know.

686
00:41:31.359 --> 00:41:38.275
But I was very disappointed to see that. I Ask him if he would come on the show. I've not gotten a response. I'm sure he's inundated,

687
00:41:39.775 --> 00:41:40.914
McIntosh: with stuff,

688
00:41:42.160 --> 00:41:45.860
and I get that. But, Yeah. It'd be cool to have him on the show.

689
00:41:46.240 --> 00:41:50.885
McIntosh: I posted a chart from somebody else, but I posted a chart about

690
00:41:51.905 --> 00:41:54.405
the national income earned by the bottom

691
00:41:54.705 --> 00:41:56.885
50%. So in other words, the

692
00:41:57.319 --> 00:42:01.180
The lower half of the country, their share of the national income

693
00:42:01.880 --> 00:42:04.299
has been basically going straight downhill

694
00:42:04.599 --> 00:42:05.420
since the

695
00:42:05.905 --> 00:42:07.605
19 eighties, since early

696
00:42:08.224 --> 00:42:08.724
eighties.

697
00:42:09.585 --> 00:42:10.085
And,

698
00:42:10.865 --> 00:42:13.285
it's sad. It went from 20%

699
00:42:13.585 --> 00:42:14.405
down to,

700
00:42:15.530 --> 00:42:16.030
12%.

701
00:42:17.210 --> 00:42:17.710
And

702
00:42:19.690 --> 00:42:23.230
this is I I think you could argue that this is

703
00:42:23.655 --> 00:42:35.500
representative of a number of things, but, I mean, our economy is just in trouble. And this is the world in general. The rich are getting I mean, You've heard the statement. The rich get richer, the poor get poor,

704
00:42:35.960 --> 00:42:36.460
and

705
00:42:36.760 --> 00:42:41.885
that's true. The rich are getting richer because they have money and assets that

706
00:42:43.145 --> 00:42:43.645
appreciate

707
00:42:44.185 --> 00:42:45.965
with interest real estate,

708
00:42:46.745 --> 00:42:48.365
not with interest, with inflation.

709
00:42:49.540 --> 00:42:57.400
As inflation goes up, house prices go up, you're making more money if you own the house and you rent it out. It's that simple.

710
00:42:58.355 --> 00:43:04.535
If I'm living paycheck to paycheck and I don't have enough money to invest in a 401 k

711
00:43:04.890 --> 00:43:07.869
or real estate or anything like that.

712
00:43:09.450 --> 00:43:12.750
I don't get any advantage from that, and I only get the disadvantages

713
00:43:14.925 --> 00:43:15.665
McIntosh: of inflation.

714
00:43:16.685 --> 00:43:19.665
Pay more at the supermarket. I went to the supermarket.

715
00:43:21.085 --> 00:43:27.710
McIntosh: I don't shop very much, but I went yesterday, And it's just like, man, everything I looked at was more expensive.

716
00:43:28.490 --> 00:43:31.950
They had been it seemed like just a few months ago. I don't know.

717
00:43:32.424 --> 00:43:34.525
But, you know, we're doing good. Doing

718
00:43:34.904 --> 00:43:35.404
good.

719
00:43:36.505 --> 00:43:38.765
I posted some news about Malay.

720
00:43:39.144 --> 00:43:43.980
I'm not sure if he's gonna dollarize the economy, at least according to this article, we'll see.

721
00:43:44.360 --> 00:43:46.780
I do know he's gonna take away their central bank.

722
00:43:47.160 --> 00:43:49.660
I do know that he's basically going to

723
00:43:50.075 --> 00:43:51.135
Promote that

724
00:43:51.595 --> 00:43:52.095
capitalist,

725
00:43:52.395 --> 00:43:56.734
that business owners are not the root cause of their inflation.

726
00:43:57.690 --> 00:43:58.670
So that's good.

727
00:44:00.089 --> 00:44:00.589
So

728
00:44:00.890 --> 00:44:01.790
generation Bitcoin

729
00:44:02.330 --> 00:44:04.910
is a podcast in 2.0 podcast.

730
00:44:05.235 --> 00:44:13.575
We are value for value. We have no sponsors, no advertising. You can support the podcast in 3 different ways, time, talent, or treasure. If you wanna support the podcast

731
00:44:13.990 --> 00:44:17.049
And have some time or talent, lady or gentlemen,

732
00:44:17.349 --> 00:44:19.690
now is your time to step forward.

733
00:44:20.069 --> 00:44:26.214
I could use this help During this month, I've given you a list of all the things that I'm going to try and accomplish.

734
00:44:26.675 --> 00:44:28.694
Would love some help. And,

735
00:44:29.875 --> 00:44:30.375
McIntosh: treasure

736
00:44:31.350 --> 00:44:39.695
McIntosh: Treasure is just what it sounds like. If you find the content valuable, you can support the podcast by streaming sets or boosting from a podcasting 2 point o app.

737
00:44:40.895 --> 00:44:45.715
You can get one of those for the optimal listening experience at new podcast apps.com.

738
00:44:46.095 --> 00:44:50.410
I would highly recommend that you try 3 or 4 different ones. You've

739
00:44:50.950 --> 00:44:52.890
got apps like Castomatic

740
00:44:53.190 --> 00:44:53.690
, Fountain,

741
00:44:54.150 --> 00:44:55.130
podcast guru.

742
00:44:55.990 --> 00:44:59.015
There's a whole list, and they're all there at new podcast apps.com.

743
00:44:59.315 --> 00:45:02.375
I'm in the middle of, like, three of them all at the same time.

744
00:45:02.915 --> 00:45:06.850
Fountain has a big one point o version coming up fairly soon.

745
00:45:07.950 --> 00:45:17.445
It has actually not been released to the beta testers yet, although that would be happening, like, literally anytime in the next 24 hours is from what I can tell.

746
00:45:17.984 --> 00:45:25.990
If you like the content, I would love it if you would tell your friends about the generation Bitcoin podcast. That is Absolutely the fastest way to make this podcast

747
00:45:26.770 --> 00:45:27.270
grow.

748
00:45:28.130 --> 00:45:35.575
Thanks for being here. I hope it's been helpful. I would love to hear from you. I'm on Twitter at Macintosh Fintech. I'm a Mastodon at McIntosh

749
00:45:35.875 --> 00:45:37.175
at podcast index

750
00:45:37.475 --> 00:45:38.215
dot social,

751
00:45:38.755 --> 00:45:42.400
and I can be reached by email at Mcintosh at gen-btc.com.

752
00:45:44.460 --> 00:45:50.640
Stay humble friends. Go out. Make it a great week. I will talk to y'all on Thursday one last time.
podcast