McIntosh:00:00:01 Welcome back to Satoshi’s Plebs for episode two forty one. I’m Mcintosh.

Kenshin:00:00:05 And I am Kenshin. And in today’s episode, we are looking back, why looking forward?

McIntosh:00:00:22 Beautiful.

00:00:23 Perfect.

00:00:24 We did so much better this week.

00:00:27 That’s what a little practice will do for you. Yeah.

00:00:32 Yeah. Here we are.

00:00:37 So, Kenshin,

00:00:38 I’m since you’ve already told me a little bit, I’m going to put on my

00:00:43 psychologist

00:00:44 Doctor. Fraser

Kenshin:00:00:48 hat. Right.

McIntosh:00:00:50 Is this Those of you who are following, that’s a TV show,

00:00:54 and say, Kenshin, I’m listening. What’s up with you?

Kenshin:00:00:59 Well, doctor, it’s been a difficult week.

McIntosh:00:01:03 I’m sorry to hear that.

00:01:05 Yeah.

00:01:07 What’s going on with you?

Kenshin:00:01:09 Oh, it is okay.

00:01:11 It’s okay. Days are passing fast.

00:01:14 Busy days, busy weeks.

00:01:17 So,

00:01:19 yeah.

00:01:20 Just getting impatient again

00:01:22 to get things done but it’s not so easy. Should I ask if is the website done?

00:01:28 No.

00:01:29 No.

00:01:30 No. The the more the closer you get the longer it takes. Right? Or something like that. It’s There’s a there’s a mathematical

McIntosh:00:01:37 term for that in calculus as you approach the

00:01:41 I don’t know what it is, but you never actually get there but it’s really, really close. Yeah.

Kenshin:00:01:47 I I mean, we’re so close.

00:01:50 We’re even preparing the press release and everything. So it’s Oh, wow. I think we’re very close. It’s just It’ll happen. Yeah. Small things. And and it’s all finding the time to finalize this last task and

00:02:03 balance out the AI capacity

00:02:06 also because now we’re running to the weekly limits.

00:02:10 Yeah. So

00:02:11 I cannot do much more until Thursday basically with my account. I’m almost there knowing the limits. Couple of days of rest.

00:02:20 Yeah. And rest is needed. I feel it now because Sounds like it. Yeah.

00:02:24 Yeah. I cannot sleep earlier than 01:00 in the morning, and I need to stand up at seven. So it’s

00:02:32 it’s been a bit hard a few days.

McIntosh:00:02:34 I feel you. I know. I don’t get up that early, but I do understand.

00:02:40 Hi. Yeah. Yeah.

00:02:42 How are

00:02:44 you know,

00:02:46 I’m doing okay. We yesterday was a holiday

00:02:50 for a lot of people in The United States. It’s Martin Luther King Day. Oh. Okay. I think it’s his birthday and I’m pretty sure about that. And

00:02:58 so I didn’t have to work, so we had some fun. We went for a walk,

00:03:04 really a hike with some of our friends yesterday. We walked about four miles.

00:03:11 That was good. Good exercise.

00:03:14 I don’t know if you noticed,

00:03:17 listener,

00:03:18 but I did get the new microphone going. That’s what I’m using right now. I would like to say it’s gonna make me sound

00:03:24 spectacular,

00:03:26 but the reality is it probably isn’t, but that’s okay.

00:03:30 It is a better

00:03:32 sounding unit. It’s a Electro Voice

00:03:35 RE three twenty.

00:03:38 And I haven’t edited the podcast with it yet, so I don’t really know what it sounds like. But Kenshin said, yep. I was a 100% better. Right, Kenshin? Yep. It’s gonna make all the difference. Gonna make all the difference.

00:03:52 Oh, one other thing.

00:03:55 I tackled my first major project. So I finished up the tool, first of all, so that we have this little automated tool now that will just spin out new episode

00:04:04 content

00:04:05 for the website.

00:04:07 But I did start on a new thing, and I’m gonna go ahead and talk about it. I kinda told you, Kenshin, and I’ve mentioned this in the past several times, but I wanna take a few minutes.

00:04:18 This might be something later on down the road after I open this up that others are interested in. It will be an open source project.

00:04:27 Mhmm. And I wanna kind of briefly describe my my vision. I

00:04:32 I I

00:04:34 alright. Everybody knows I’m a boomer.

00:04:37 Not really, but y’all think I am.

00:04:40 And I was around when Internet was dial up and

00:04:45 all that kind of jazz.

00:04:49 One of the earliest

00:04:50 protocols,

00:04:51 I don’t know if you knew this, but that was built on top of the Internet was actually email.

Kenshin:00:04:57 SMTP or SMTP.

McIntosh:00:05:00 It certainly proved to be a huge success,

00:05:02 but it has flaws in it.

00:05:05 Mostly around the fact that back when it was designed and built,

00:05:09 the Internet was a different place and nobody could even comprehend that you would spam people

00:05:16 for profit.

00:05:17 Right.

00:05:18 They just couldn’t understand that. It was not in their

00:05:22 it didn’t make any sense. It still doesn’t, but people do it. So

00:05:27 it’s something that we have to deal with. But email

00:05:31 as in something that I can keep literally for decades and I can point back to emails in my email

00:05:39 Thunderbird that I use now that I literally are from the early twenty twenties. Not twenty twenties, the early twin February.

00:05:47 Okay?

00:05:49 It is a long

00:05:50 term

00:05:52 communication

00:05:53 system that can be very flexible

00:05:56 and whatever.

00:05:57 But all of this

00:05:59 spam stuff makes it a mess and they do all these things to fix it and nothing really works.

00:06:05 And I said, and I’m not the only person to come up with this idea by the way, and maybe not even the only person, the first person to implement it. I’m not aware of any other implementations.

00:06:17 But

00:06:18 I said, why don’t we bolt on Satoshis to this and

00:06:22 make people pay essentially to send emails?

00:06:25 And I haven’t worked all all the details. But essentially, if I’m gonna send you an email kinship, I’m gonna pay a few Satoshis

00:06:32 Mhmm. For that privilege.

00:06:34 Right. And

00:06:36 there’s economics behind that. I haven’t worked all that out and I will and we’ll discuss that in the appropriate time.

00:06:44 But I began coding

00:06:46 on this on Friday or Saturday. I think it was Saturday. I kinda lost track.

00:06:52 Using codecs,

00:06:53 using this new chat GBT tool, and I’ve been blown away.

00:06:57 I am literally, the last time I counted 9,000

00:07:01 lines

00:07:02 of code in.

00:07:03 I’ve got

00:07:05 I’ve actually been able I sent it to you. I’ve been able to test sending a message from one to to myself, but through the system.

00:07:14 Okay?

00:07:16 I’ve got test cases, I’ve got documentation,

00:07:19 I’ve got I’ve got all the things

00:07:22 and it’s literally been like a day and a half, so

00:07:26 like twelve hours of work. Mhmm. That’s what I mean by that. Okay?

00:07:32 Making a lot of progress. I am about halfway

00:07:36 to

00:07:37 a basically a dev

00:07:39 minimal,

00:07:41 what do they call it, MVP, minimal viable product. Right. Okay?

00:07:47 Unless it proves to be like what you’re talking about where the as the closer I get to the target, the harder it gets. We’ll see. No. For an open source project like that, you don’t need to be polished or Yeah. Yeah. Well, we’re gonna I’m gonna put it together, make sure it works, and I’m gonna put it out there. And my intention is not only do people pay to send emails to soft spam,

00:08:12 the servers who run this back end are also gonna get paid

00:08:18 for running or storing messages,

00:08:20 for for moving them through the system, for all the things that they do.

00:08:25 Okay?

00:08:27 I we’ll work all that out,

00:08:30 but money has to change hands or this makes no sense. People don’t do things for free. Yeah. Okay? Either you

00:08:39 are paying for a service or you are paying in the fact that they’re stealing all your data and selling it. And the inherent design of this system, and I’m not going to name it yet,

00:08:51 but the inherent design of this system is that your data is secure and private

00:08:57 to you.

00:09:00 Okay? Mhmm. The server doesn’t have access to it.

00:09:05 Right. It’s end to end encryption.

00:09:10 So I know you’ve got a lot of questions. Questions. I do. So the server

Kenshin:00:09:14 that transmits

00:09:16 is

00:09:19 receiving a payment from the sender.

McIntosh:00:09:21 It needs to. Yeah. And then

Kenshin:00:09:24 and then automatically it could split that revenue Exactly. To you Sorry. As the

McIntosh:00:09:32 I apologize.

Kenshin:00:09:34 Yeah. I was saying it it was just split automatically like like you do with a podcasting.

McIntosh:00:09:39 Exactly. That it goes Exactly. And it’s Part of to you Yeah.

00:09:43 Part to the They gave me the idea.

00:09:45 Yeah. One thing people don’t understand is you can actually split satoshis up essentially.

00:09:52 Yeah. They’re called millis satoshis.

00:09:54 And you can it’s it’s not like the satoshi itself is the limit. So,

00:10:00 you know, we’re literally talking about a few satoshis or fractions of satoshis,

00:10:06 but if there’s a lot of traffic,

00:10:07 it it makes sense. Okay?

00:10:10 And

00:10:11 even though

00:10:13 people don’t understand the scale of of these spammers, they literally send millions of emails to get one person tricked.

00:10:22 Okay?

00:10:23 And if you make it the least bit

00:10:28 non

00:10:29 profitable they they cannot operate.

Kenshin:00:10:33 I

00:10:35 I you know, have I just opened my Gmail yesterday.

00:10:39 Yes. You

McIntosh:00:10:40 mean the Google product that they harvest your data from in order to make it free. Yeah. Yeah. I’ll just point that out. But okay. Exactly.

Kenshin:00:10:48 Because I never log in to Gmail.

00:10:50 I have

00:10:53 I only go on my phone. I have the k nine mail app. Mhmm.

00:10:57 And that fetches the Gmail stuff. Right. But for for once, I went because I want to reach it from my computer to type this long email

00:11:07 because I’m going through a process now of reclaiming

00:11:10 a product. Anyway, and

00:11:13 I went out of curiosity in the spam folder because I said, have they sent me an email? Is it in the spam? I opened the spam folder. I was shocked. Yes. The amount of emails

00:11:23 in there. The amount of stupid,

00:11:26 yeah,

00:11:28 invitations.

00:11:29 Yeah. Garbage. They send.

00:11:31 It’s I opened a few out of curiosity. I always like to see what they do. It’s incredible. Like Mhmm. There’s the CIA

00:11:39 director send an email that

00:11:41 it’s like, what?

00:11:44 You need to pay this so you get 15,000,000 or something. Right. Trace.

McIntosh:00:11:48 I you know,

00:11:50 look.

00:11:52 I’ve talked to a lot of younger people, frankly, and

00:11:56 they’re like, well, email’s dead. Well, email’s dead because of spam,

00:12:00 but email’s dead.

00:12:02 And I’m like, you say that, but what you don’t realize is there’s no other form there’s nothing to replace it.

00:12:10 You DMs are not email. DMs are essentially ephemeral.

00:12:14 Right? Email

00:12:16 is long term or it can be, certainly.

00:12:22 Sorry. Yes? And I don’t wanna call this an email replacement

00:12:26 even though that’s essentially what it is.

00:12:29 Alright. Go ahead. I have many questions. Sorry. Well, I don’t wanna turn this into a whole episode about this. But one more question, then we’ll we’ll move on. One more for the audience because the audience And I may not even have the answer. I’m still figuring some of this stuff out Yeah. Just seriously.

Kenshin:00:12:46 So you said it’s end to end encrypted, and that’s great. Mhmm. So

00:12:50 is the

00:12:51 service provider, the intermediary

00:12:54 that transmits the emails back and forth, are they storing

00:12:58 encrypted emails?

McIntosh:00:12:59 Yes.

00:13:00 Okay. There so there is a center license. Yes. But they can’t read it. No. Course. Know it belongs Yes. To

Kenshin:00:13:09 Can’t you do that with NoSIR?

McIntosh:00:13:11 Yes. I’m using NoSIR. Can hear you. Good. Okay. Yes. So I’m using NoSIR for a couple of things. For the encryption

00:13:18 Yeah. And for the wallet connect,

00:13:22 ultimately. And

00:13:24 I think there’s maybe one more. There’s like two or three nips that I’m gonna be using which are nostril improvement pro what’s the p stand for? Protocol?

Kenshin:00:13:33 Anyways Proposals.

McIntosh:00:13:35 Proposal. Yes. Thank you. Nostril improvement proposals. I’m using like three of those.

00:13:40 And that’s part of the fun of this because I pulled in the Noster Rust library, this is in Rust. And

00:13:47 boom, it just it went from my encryption was not working and I’m and I’m like, wait, wait, wait. There’s gotta be a library for this. Sure enough, like nostr-rust.org

00:13:58 or something. Yeah. Boom. Pulls it in. It’s working.

00:14:03 It’s insane when this stuff works like that. Yeah. It’s crazy. It’s really good nowadays with the Thousands and thousands of lines of code.

00:14:13 I’m not gonna tell you I understand everyone and I don’t.

00:14:16 But I I know I’ve got test cases that prove that this is doing what it’s supposed to do. Yeah.

Kenshin:00:14:24 Good.

McIntosh:00:14:25 Very good. Looking forward to it. Enough about that. I don’t know if we’ll ever do a full episode on this but from time to time I’ll probably mention it. Assuming I continue it which I probably will because I’m very excited about this.

00:14:38 Alright. Block height. As we record, nine three three one two six.

Kenshin:00:14:43 Alright.

McIntosh:00:14:46 It’s actually one two eight, but okay. Yep. Oh, well, no. Let’s correct correct it. Nine three three one two eight. I’m sorry. Boy, we so I will mention this really quickly. It’s funny because it hasn’t been that long. It’s been exactly fifteen minutes since we checked the price.

00:15:04 And obviously we’ve gotten two blocks.

00:15:08 We’re about to have a difficulty adjustment going down because our block heights are taking about ten point four minutes.

00:15:15 So that’s actually kinda wild that it dropped out two more in the last fifteen Yeah. 3.5%

Kenshin:00:15:23 difficulty adjustment.

McIntosh:00:15:25 On top of the previous one that was 1.2%.

00:15:29 So we are and we have a news item about that. I don’t wanna get into all that right now. But

00:15:34 yeah.

00:15:36 Okay.

00:15:38 Right? We do have a news item.

Kenshin:00:15:41 We can have.

McIntosh:00:15:42 We can have a news item.

00:15:46 Oh,

00:15:48 Alright.

00:15:50 Topic for this week. This week is going to be

00:15:53 look,

00:15:54 ladies and gentlemen.

00:15:56 I don’t know if you’ve stuck your nose out of your hobbit hole,

00:16:03 But

00:16:04 the world is filled with doom and gloom right now.

00:16:07 Is that a true statement, Kenshin?

Kenshin:00:16:10 Yeah.

00:16:11 I don’t pay much attention, but when I do, yes, it is very doom and doom. I so wish I could be like that. So

McIntosh:00:16:18 nice.

00:16:19 Yep. The

00:16:21 bitcoin price is down.

00:16:23 The sky is falling. World War three is right around the corner.

00:16:27 This is happening. That’s happening.

00:16:31 Apparently, here in The United States, we’re all

00:16:35 fascist

00:16:37 or communist,

00:16:41 so on and so forth. It’s not good.

00:16:45 And I wanted to bring y’all a little light this week. Is that okay? Can we be happy for the next thirty minutes? Can try. Yep.

00:16:55 I like to be optimistic.

00:16:57 I feel like if we dwell too much on the negatives,

00:17:01 it’s not good for us. It’s not good for our health. It’s not good for our life. And it’s not good for our bottom line, frankly.

00:17:08 There are times when we have to be, obviously, when we have to be realistic.

00:17:13 But

00:17:14 we get so swept up in the

00:17:17 fear and engagement

00:17:19 and

00:17:20 garbage

00:17:21 and

00:17:23 it just it gets to you.

00:17:24 So we’re gonna step back just a little bit.

00:17:28 And this actually comes from the tool that I built that enabled me to kind of populate

00:17:33 well, brand new episodes, it lets it write out the whole thing. Transcript, show notes, all the links, all the block height,

00:17:41 all that.

00:17:42 Really awesome. I love it.

00:17:45 But it also let me go back and fill in some of the old datum. And it got me to thinking, ladies and gentlemen, I would direct your attention.

00:17:53 Are we ready for this? To the satoshis-plebs.com/episodes

00:17:59 web page. And if you go there,

00:18:03 that page is a list of all of the episodes

00:18:07 since day one. Now Kenshin’s been along for a long time,

00:18:12 but I did start this podcast back. I’m gonna get you the first date

00:18:16 here in just a second.

00:18:19 It was 2021.

00:18:22 It was August 16.

00:18:25 Now, Kenshin, I don’t want you to go back quite that far yet.

00:18:31 Right now, as we record, let’s just go ahead and give the price. Okay? Wanna go ahead and do that right now. Do we have an official

00:18:38 Bitcoin

00:18:40 price?

00:18:41 Yeah. For Let’s get that recorded. For right now, you mean? Yeah. Well, you’ve got it listed here. Is it close enough to that? Yeah. 89,800.

00:18:50 It hasn’t like fallen off another cliff, has it?

00:18:54 No.

00:18:54 Okay.

00:18:5589,800

00:18:58 US dollars. How many euros is that, sir?

Kenshin:00:19:03 What was it? $70.70

00:19:07$766,500.

00:19:09500. Okay.

McIntosh:00:19:11 Sweet.

00:19:12 Alright. My dad’s sending me pictures of manatees.

00:19:17 Great. That’s where we’re at right now. We are

00:19:21 one hundred and a couple of days past our all time high. So like a hundred and five, I don’t know exactly,

00:19:28 days from our all time high which was October

00:19:316, am I correct,

00:19:33 of

00:19:342025.

00:19:35 Correct. And we hit a $126,000.

00:19:39 Mhmm.

00:19:40 Right? So we’re down

00:19:4320

00:19:44 plus percent.

00:19:46 Is that correct? It’s it’s at least 20%.

Kenshin:00:19:48 Yeah. A bit more.

McIntosh:00:19:50 A

00:19:51 bit more than that.

00:19:53 And

00:19:55 if you stick your nose out on Cointelegraph

00:19:58 or one of these other sites,

00:20:00 the sky is falling. If you go on Bitcoin, Twitter,

00:20:03 please don’t.

00:20:05 Just don’t. I’m

00:20:08 sure they’re all saying

00:20:10 the end is near.

00:20:12 Right? The US did not

00:20:14 buy a million bitcoin.

00:20:16 They’re not doing monthly buys.

00:20:20 I don’t know. I don’t know what they’re saying

00:20:23 because I don’t go on there anymore. It’s part of that whole thing I was talking about at the start. Right? There’s only so much, goodness gracious,

00:20:31 that we can handle.

00:20:33 My dad is down in South Florida and he’s like sending me messages.

00:20:38 I’m sorry.

00:20:41 He’s my dad. I can’t ignore him.

00:20:46 Goodness gracious. Manatees, more manatees and yet more manatees. Okay. Great dad. What is manatees? He’s in Apollo Beach, Florida. You do not know what a manatee is? No.

00:20:58 Wow.

00:21:02 They believe that

00:21:04 the

00:21:06 old sailors

00:21:07 back sailing ship days Yeah.

00:21:10 They thought they were

00:21:12 they think that that’s kind of one of the explanations for mermaids.

00:21:19 They look like a giant

Kenshin:00:21:22 Uh-huh.

00:21:23 I see. Just look it up.

McIntosh:00:21:28 In the winter in South

00:21:30 Florida, they kind of they they go up into the rivers and they they kinda congregate because they don’t like the cold.

00:21:38 So

00:21:40 there’s places. He’s in Apollo Beach apparently.

00:21:44 I’m not I I can’t keep up with his goings on. This says he’s in Apollo Beach

00:21:51 which is on the it must be down around Tampa,

00:21:54 that area. And yeah, they just there’s hundreds of these things out in the water. He’s showing pictures.

00:22:00 Okay.

00:22:02 Sorry.

00:22:03 I may cut that out, I may not. Little bit of flavor. Okay. Let’s see how long the recording is.

00:22:09 Back to what we were talking about.

00:22:12 So I’m populating out as much data here as I can because I like I’m I’m a perfectionist and I like things correct.

00:22:22 Back on 08/16/2021

00:22:25 when we first started,

00:22:26 you you just guess. Do you can you guess what the Bitcoin price was?

00:22:32 I can see it, so I cannot guess. You can see it. You got your chart up, you cheater.

00:22:38 Yes. You can see it. It was $46,000.

00:22:41 Now,

00:22:44 you know me and dates. Please help me out. Four and a half years ago. Right?

00:22:50 Yes. Four and a half years ago. Yeah. Four and a half years ago, we’re at 46,000.

00:22:56 Now let’s describe the rest of 2021

00:22:59 to give some context.

00:23:01 I need to find my chart. Where did it go?

00:23:05 Alright.

00:23:06 Here it is. Back it out.

00:23:09 For those of you who weren’t around in 2021,

00:23:12 that was the last year

00:23:16 of the bull run

00:23:18 the last year of the four year cycle, you know, we’re gonna hit all time highs. So we said the same thing in 2025.

00:23:26 So far that’s proven to be accurate. Right? In 2025,

00:23:29 in October, we hit a 126,000,

00:23:33 and it seems like from that point we’re now falling down.

00:23:38 Back in 2021,

00:23:40 that was supposed to be the same thing. And in fact, I’m going the wrong way, but in fact,

00:23:47 we did. We hit our all time high

00:23:50 in 2021.

00:23:53 Do you remember the date?

Kenshin:00:23:55 The the the last

McIntosh:00:23:57 time or the No. Well, the actual all time high. So we kinda had a wild thing going on there. In November? It was in November. Right? It was 11/08/2020

00:24:07 week one. Of November. The week of. Yeah. We’re on a weekly chart so please bear with us. It’s a little bit

00:24:14 whatever.

00:24:14 But 69,000

00:24:16 roughly.

00:24:18 Back in April

00:24:202021,

00:24:21 we also hit very close to that. It was slightly below it. I got 64,600

00:24:27 from the top.

00:24:28 Mhmm.

00:24:29 That was the week of

00:24:33 April 12.

00:24:34 Okay? So what you ended up with was this u, this u shape. All summer long,

00:24:402021,

00:24:41 you were around, right, not on the podcast, but you were around. Yeah.

00:24:45 It was so negative. The

00:24:49 four year cycle’s not right. We’re all gonna die. The end is near.

00:24:54 Know, buy Ethereum.

00:24:56 I don’t know. I don’t know what they were saying.

00:24:59 And it was tough. And then we go back up, we hit a new all time high, and then FTX dumps and the whole world went to heck in a handbasket.

00:25:07 Okay?

Kenshin:00:25:08 Yeah.

McIntosh:00:25:10 So right in the middle of that, I start this podcast August

00:25:152021

00:25:16 at 40,000

00:25:19 US dollars and we go up for a few weeks.

00:25:23 I wanna do this based off the chart because I don’t have a lot of these times. Of course, November,

00:25:28 we hit all time high at that point, 2021,

00:25:32 and then we start tracking down.

00:25:35 Alright?

00:25:37 Now

00:25:38 I had a very interesting episode. I’m gonna jump forward to it on episode 56,

00:25:4406/20/2022.

00:25:46 So I wanna jump ahead in our chart just a little bit. 06/20/2022.

00:25:54 That’s March.

00:25:56 June,

00:25:57 there it is, roughly.

00:25:59 And man, if you look at that, we went from an all time high

00:26:05 straight down

00:26:06 for six months. It took one little brief, and that’s not quite true. It went down. It went up sideways

00:26:13 and then up just a little bit

00:26:16 for, like, roughly a couple months probably,

00:26:19 and then it went down again.

00:26:20 So you go down,

00:26:22 a little tiny up, and then down

00:26:25 to June 2022.

00:26:28 And I remember I mean, everybody was was I mean, it’s the same story. We’re all gonna die.

00:26:34 Buy Ethereum.

00:26:36 Buy Solano.

00:26:37 Buy whatever.

00:26:38 You know, Bitcoin’s dead.

00:26:40 Bitcoin’s dead.

00:26:42 And so I recorded this episode.

00:26:44 It was a great episode. It was the best. Oh, sorry.

00:26:48 That was a terrible imitation.

00:26:52 I’m no good at that kind of thing. By the dip, 06/20/2022.

00:26:57 I looked up on 06/20/2022.

00:27:00 The price was

00:27:02$20,599.

00:27:05 Yeah. So ladies and gentlemen, I have been sitting here for the previous 50 episodes saying,

00:27:12 DCA,

00:27:14 you should be buying Bitcoin.

00:27:17 To be honest,

00:27:18 early on, of course, I’m going, you should be buying x, y, or z. Although I did emphasize Bitcoin, I do remember.

00:27:26 The the very third episode was called the king of crypto, an overview of Bitcoin. So, you know, I did have my priorities mostly in order. Anyways,

00:27:37 that being said,

00:27:39 here on episode 56,

00:27:42 I’m saying buy the dip.

00:27:45 I’m saying buy the dip. The price is $20,000.

00:27:49 It’s half of what it was

00:27:51 when I first recorded

00:27:53 back in August

00:27:55'21.

00:27:56 And I’m sure there were listeners out there, Kenjin, who thought I was crazy.

00:28:02 Can you believe that? Can you believe people would think I’m crazy?

00:28:06 Yeah.

Kenshin:00:28:09 So

00:28:10 and that’s 20 k.

00:28:13 If you draw a line in the 20 k

00:28:16 and you scroll back, you hit the top of twenty eighteen.

McIntosh:00:28:23 Yep.

Kenshin:00:28:24 So this that that was a great spot.

McIntosh:00:28:28 Bottom of

Kenshin:00:28:30 that cycle was the top of the previous cycle. Yeah. That’s fine. Okay? That’s how it works usually. Yeah.

McIntosh:00:28:37 Really great spot to buy the dip and I was right.

00:28:41 We should have bought the dip. I hope you bought the dip. I bought the dip. Did you buy the dip?

00:28:46 Yeah.

00:28:47 You have a story about this time period, don’t you? Yes. I do. Why don’t you go ahead and tell that? I do. It was that summer,

Kenshin:00:28:54 I was talking

00:28:56 to my father-in-law.

McIntosh:00:28:58 Mhmm.

Kenshin:00:28:59 And I was reading some books and I was getting more and more excited about Bitcoin again.

00:29:04 And

00:29:06 I was DCN at the time.

00:29:08 And I

00:29:09 think I it was the first time I started DCN, actually. I understood what it was.

00:29:14 That was the time that it clicked for me that Bitcoin was savings, not

00:29:19 Right. Day trading or investments in that sense. Right. So that’s when it all clicked for me, unfortunately.

00:29:26 Or fortune eventually. Yeah.

McIntosh:00:29:29 It was yeah. I mean,

00:29:31 considering how long I knew about Bitcoin. Oh, I see what you’re saying. I’m like, wait. What?

Kenshin:00:29:37 It took me a while.

00:29:39 No. I get that. So I was explaining a lot of things to my father-in-law. We were sitting out here in a nice summer day,

00:29:46 and then he turned and looked at me. He’s like, okay. Okay. I All all good and fine. But what? Now we miss the train. I mean, it’s 20 k. It’s 20 k. Missed the train.

00:29:58 It’s a lot of money. It’s it’s never gonna go much higher. Now we miss the train. Yeah. And it went six x since

McIntosh:00:30:06 the new all time high that we had now. Right. It did. Six x. Okay. Let’s let’s carry on a little bit more.

00:30:15 I think we’re getting across the idea, but I just wanna continue on.

00:30:20 Again, going back to the chart where where in June, what does it do from there?

00:30:28 I lost my place. 2022,

00:30:32 January.

00:30:34 March down.

00:30:35 Okay.

00:30:36 May, June. Right.

00:30:38 So the rest of the summer, it cranks sideways.

00:30:43 In fact, really the rest of the year.

00:30:46 January

00:30:472023,

00:30:47 it’s like it woke up.

00:30:49 And if you look at the chart, it just starts climbing. All

00:30:54 the way up

00:30:55 to 73,000

00:30:58 on

00:31:0003/11/2024.

00:31:03 Right?

00:31:04 Took a little breather there, went sideways a little bit more, and then kept right on going up and hit over the course of last year, of course, all the way up to a 126.

00:31:17 So if you would have bought that dip in 2022,

00:31:20 you would have been

00:31:23 above board

00:31:25 essentially the entire time at that point.

00:31:28 When the world is screaming sell sell sell,

00:31:31 when

00:31:32 everybody is doom and gloom,

00:31:34 if you understand,

00:31:36 if you’ve done your research

00:31:38 and you need to do that because I can’t tell you what you should do other than I believe this is the best asset in the world. Other than I I know from looking at the code,

00:31:50 etcetera. It’s got a 21,000,000 cap. It’s got it’s decentralized.

00:31:57 It’s censorship resistant. All the other things on and on and on.

00:32:02 Why would I not invest in that

00:32:05 asset

00:32:06 at that price?

00:32:09 When I believe that there’s nowhere left to go but up. Right?

00:32:14 Right. Why would I not? Why would I not do And this is why we DCA. And I talk about it all the time on this podcast almost every week. I say, DCA.

00:32:25 DCA.

00:32:27 Dollar cost average. Go on strike if you can. Whatever whatever

00:32:31 method works for you,

00:32:34 whether that’s daily or weekly, be buying your Bitcoin.

00:32:38 And try not to worry about the price. And when you see things like this, when everyone is saying

00:32:44 as they are right now,

00:32:46 the sky is falling,

00:32:48 we’re dead,

00:32:49 gold is gonna be the new bitcoin.

00:32:52 I’m sure that one’s probably been said.

00:32:54 No, silver. We should talk about silver. Oh my goodness.

00:32:58 Silver’s the new bitcoin.

00:33:00 No, silver’s not digital.

00:33:02 I can’t send you silver all around the world just like in ten minutes. Can’t do it.

00:33:08 I cannot do that because

00:33:10 one ounce of silver, which is worth roughly a $100 at this point,

00:33:17 it’s still an ounce of silver. I have to mail it. I have to insure it. I have to do all the things

00:33:23 to get it from point a to point b. It is not inherently digital. Does it have great use? Yes. There’s

00:33:30 industrial uses for it out the wazoo,

00:33:33 but it’s not digital. It’s not Bitcoin.

00:33:36 It’s not even limited.

00:33:38 This is something people don’t really understand.

00:33:40 Well, gold is limited. Well, is it?

00:33:43 Did you know that there’s, like, gold out in the asteroids out in the asteroid belt?

00:33:49 And eventually,

00:33:51 humans will be able to mine that, whether it’s the the next five years or the next fifty.

00:33:59 What if somebody just

00:34:01 finds a huge gold deposit like they do from time to time? What happens if we figure out a way to extract it off the ocean floor?

00:34:09 What if, what if, what if? It’s not limited in that sense.

00:34:14 We don’t know how much there is

00:34:16 and even if we know how much there is right here on earth, we don’t know how much is even in our solar system.

00:34:23 We know how many Bitcoin there are.

00:34:26 I can tell you exactly how many have been mined if I look it up. And then I can tell you that there’s that many that have been mined and there will be 21,000,000

00:34:34 in total in perpetuity

00:34:36 and we will never change that.

00:34:40 Where was I going with this? My point, here’s my point,

00:34:45 don’t be like Kenshin’s

00:34:47 father-in-law.

00:34:48 It is not too late.

00:34:51 We may

00:34:53 be going down.

00:34:54 Kenshin and I have been very open about this. We don’t know.

00:34:58 We may go down, we may go up, we may go sideways.

00:35:02 It seems like we wanna go sideways and I’m I’m frankly tired of it but that seems to be the pattern. We get down to this area and then we just kinda rebound.

00:35:12 And it’s showing it on the charts. I mean, you can now go back

00:35:17 to November

00:35:182024.

00:35:21 So it won’t be,

00:35:23 well,

00:35:24 I mean,

00:35:25 four months

00:35:26 and it’s a block

00:35:28 in between basically 80 and a 126

00:35:32 and it just sits there and goes back and forth.

00:35:34 Mhmm. Right? Very slowly.

00:35:38 But I

00:35:40 don’t know.

00:35:42 But view this time look, we were talking like

00:35:45 Bitcoin went all summer through that pattern. Right?

00:35:50$20.22

00:35:52 that you were just talking about. Yeah. That’s a blessing that you can you can buy Bitcoin at cheap prices.

00:35:59 Yeah. And in a few years, and it won’t take many,

00:36:03 five,

00:36:04 eight,

00:36:05 Can you even think ten years in advance? Goodness gracious.

00:36:09 Where

00:36:10 are you gonna be? You’re gonna be sitting around looking at the Bitcoin that you bought at a 100 k going, man, I wish I would have bought more.

Kenshin:00:36:19 You know Right? You know what happens?

00:36:22 My father-in-law,

00:36:23 I just remembered, like, year or two later when Bitcoin was double or triple or whatever it was, maybe more.

00:36:30 Mhmm. I said something about Bitcoin, and he said, no. I don’t I don’t want to hear it. I know.

00:36:36 He knew

McIntosh:00:36:37 that it had gone. So he knows, but is he buying? No. Of course not. No. Okay.

00:36:42 So that’s unfortunate.

00:36:44 But

00:36:45 I feel like that, you know,

00:36:47 I I go through kinda some of the same stuff with my own family and I do what I can to

00:36:54 maybe at some point I’ll be able to help them out. But, you know, at the end of the day I’m responsible for my family,

00:37:00 my immediate family,

00:37:02 and I’m working on that.

00:37:04 You know?

00:37:05 So

00:37:08 this is another one of those buy the dip moments, maybe. We’ll see.

00:37:12 If it goes further down, I would say it’s buy the dip then. What if we go down to 70 k? I don’t We could. That’s the We could. Previous all time high. So that’s, I would say, the bottom.

00:37:26 So we reached that all time high.

00:37:30 Am I correct?

00:37:33 There it is. Okay.

00:37:35 Yeah. So

00:37:37 that was back in 2021.

00:37:40 It would certainly provide strong support. I’m not gonna say that it’s yeah. But, yeah, we’ve not been down. The closest we got

00:37:48 once we broke through

00:37:51 was 74,000

00:37:53 back in

00:37:55 April.

00:37:57 Mhmm. So, yeah. Technically,

00:37:59 we’ve not been down to that point. We certainly could go down there and plummet. And if it we do,

00:38:04 that’s the real buy the dip moment.

00:38:06 In the meantime, just DCA.

00:38:09 If you feel like

00:38:12 like I do,

00:38:14 I just don’t have anything left to buy other than my DCA. But

00:38:20 I don’t think we’re going past 80. I don’t. I think that’s kind of been the established pattern

00:38:25 here, but we’ll see.

00:38:27 Can’t 100%

00:38:29 no. I can’t a 100% say that for sure. Yeah. Things happen

Kenshin:00:38:33 and could crush it for But reasons outside

McIntosh:00:38:37 that I won’t mention the exact scenario I said. But if earlier before we started recording, I told Kenshin, if we drop to 10

00:38:47 for because of the world, I’ll just say that, because of events in the world,

00:38:53 I

00:38:54 will be buying every bit of Bitcoin I possibly can

00:38:57 because I have the utmost belief

00:39:00 that it will go up

00:39:03 unlike

00:39:04 possibly everything else in the world.

Kenshin:00:39:07 Well,

00:39:08 personally, what I do is I I increase my DCA now that we’re going down a bit. So

00:39:15 when it’s a bear market, I think it’s a good time to DCA even more.

McIntosh:00:39:20 Right.

00:39:21 Yeah. And I don’t I just don’t know that we’re in a bear market yet, but

00:39:27 if if if you have the ability to do that during a a bear market period

00:39:32 like 2023

00:39:33 was, for example,

00:39:35 then by all means, carry on.

00:39:37 Right?

00:39:39 Is there anything else you wanna add or is that about it? I don’t wanna overly elaborate on this.

Kenshin:00:39:45 No. It’s good to have a low time preference, look ahead. Yes.

00:39:49 And

00:39:50 this year and

00:39:52 yeah.

McIntosh:00:39:54 Hold. But just it’s it’s an amazing thing,

00:39:58 honestly. And it’s this is not what I planned. It’s just what happened.

00:40:02 Go to that episodes page

00:40:04 and scroll through those first

00:40:07 few pages.

00:40:09 There’s eight pages in total, and it looks like basically the first

00:40:14 four.

00:40:15 So the 50%

00:40:16 have almost all the monetary data filled in.

00:40:20 Then fifth page, not so much, but there is some there. Go scroll through it and think what were you doing at those points.

00:40:31 Were you buying bitcoin?

00:40:33 Were you sitting on the fence? Were you thinking it’ll go lower?

00:40:38 I don’t know.

00:40:40 Okay.

00:40:42 Okay.

00:40:43 Enough about that.

Kenshin:00:40:44 Do we have a question?

McIntosh:00:40:46 Do we have a question?

00:40:48 Do you DCA?

00:40:50 I

00:40:51 don’t wanna ask that question.

00:40:53 I hope everyone’s

00:40:55 DCA ing. Do we have another question?

Kenshin:00:41:01 Are they bearish or bullish?

McIntosh:00:41:04 Yeah. How do we We can go and throw that out. That’s kind of a gimme, but

00:41:08 sure.

00:41:09 Where do you think we’re going from here? Let’s let’s measure the audience.

00:41:15 Mhmm. Very good.

00:41:17 Are we this is the right episode.

00:41:20 Yeah.

00:41:21 Yeah.

00:41:23 Alright. Our supporters.

00:41:25 Looks like we got a boost. Is this this is from this week. Right? Yep.

00:41:31 Aldem

00:41:32 sent us 210 sats, said just FYI,

00:41:35 start OS

00:41:37 o three five one. I assume that’s like a version number. He uses pod man.

00:41:41 And zero dot four dot zero

00:41:46 will use its own bespoke implementation on top of LXC.

00:41:49 I’ve experimented with LXC a little bit as well,

00:41:52 actually.

00:41:53 Reminder set your reminder.

00:41:56 It does say reminder. No. That’s Set your reminder. That’s

00:42:00 not from my That’s not part of it. Okay. Yeah. Was like, why is Alden talking about that? Okay. Mhmm.

00:42:07 Okay. So there you go.

00:42:09 We talked about StartOS last week. I don’t have a problem with them other than the fact that, frankly, it seems like they’re

00:42:16 taking forever to get this new version out, but we’ll see.

00:42:20 And we’ll take a look at Novartis.

00:42:22 Novartis?

00:42:23 Like like we said, when it gets put out. So Yeah.

00:42:27 Don’t forget guys we got the bullish market coming up. Think actually might come out tomorrow and this won’t be out. Bummer.

00:42:35 But it’s every month.

00:42:37 So

00:42:38 and you can go to bullishmarket.onrender.com.

00:42:44 News notes.

00:42:46 I hear the hash rates dropped.

00:42:48 I wished I was making more money, but that’s not really true.

Kenshin:00:42:51 Yeah.

00:42:53 The hash rate is at three

00:42:55 month low.

00:42:57 Yes.

McIntosh:00:42:59 Don’t know if this is because of the China mining ban,

00:43:02 the price being down. I I suspect it’s got more to do with the price than anything else.

Kenshin:00:43:08 Yeah. It it’s actually at

00:43:12 almost at the four. I I don’t know how to calculate months in this,

00:43:17 but we had the top three months ago

McIntosh:00:43:20 of the hash rates at one. When we hit the all time high, essentially. Yeah. I mean, it it follows it like a clock. I mean,

00:43:28 they’re making maximum profit at that point, so everybody’s online. And as it goes down,

00:43:34 the older machines become less profitable or unprofitable, so they turn them off.

Kenshin:00:43:40 Yeah.

00:43:40 It’s just a very long downtrend

00:43:43 that it hasn’t

00:43:44 been seen recently.

McIntosh:00:43:47 Go back four years.

Kenshin:00:43:49 Go back three years.

00:43:52 The previous

00:43:54 low pattern going like that, a long term pattern was

00:43:58 April

00:43:59 from 04/30/2024

00:44:03 down to July

00:44:052024,

00:44:06 and then it started going up again.

00:44:08 So similar downwards pattern. But Yeah.

McIntosh:00:44:12 I’m not sure.

Kenshin:00:44:14 Yeah.

00:44:14 And we we are also competing with AI now. Right? Oh, yeah. All the resources so No doubt. Many servers might be,

00:44:23 yeah, setting up AI stuff instead.

McIntosh:00:44:26 They all think AI is gonna fix everything.

00:44:30 It may fix my mail program, but we’ll see. Yeah.

00:44:37 Price last January 20 so we already did the current price. It was 89,800.

00:44:42 Price last January 20 was $102.01

00:44:4645, so we are down 12%. So we are starting to fall while the price a year ago was starting to rise.

00:44:53 We did have some interesting market cap

Kenshin:00:44:56 numbers though. You wanna do that? Yeah. Bitcoin’s market cap, that is at 1,800,000,000,000.0

00:45:02 USD.

00:45:03 Gold’s market cap is at 33,100,000,000,000.0

00:45:06 USD,

00:45:07 which brings us to 5.4%

00:45:09 again.

00:45:10 Last week, I think we were at six.

00:45:13 Yeah. And then another interesting

00:45:16 metric we can mention,

00:45:19 silver that we used to be

00:45:21 above silver a couple of years ago.

00:45:24 Mhmm. Silver now is at the global

00:45:27 ranking number two behind gold. It’s at 5,300,000,000,000.0

McIntosh:00:45:32 USD. So should I just DCA silver and forget Bitcoin? Yep. Mhmm.

00:45:38 Are we gonna become a silver podcast?

Kenshin:00:45:40 Yeah.

McIntosh:00:45:42 Silver I got lost in YouTube while I was programming because you could kind of monitor things and whatever. It’s just the way I work. I I had to put one part of my brain over here doing something. I don’t know. That sounds crazy. But

00:45:57 I was watching this video about this dude. He went down in a silver mine, an abandoned silver mine, dug out

00:46:05 ore.

00:46:05 It’s not just silver, but ore,

00:46:08 and then refined it down to get an ounce of silver. And it was crazy the work that that took.

Kenshin:00:46:13 Yeah.

McIntosh:00:46:14 Goodness. It

00:46:16 was crazy.

00:46:17 Like just the supplies alone, the cost of doing the stuff basically

00:46:23 took the

00:46:25 price of the ounce of gold or silver

00:46:27 and of course that didn’t account for the time that he spent. He went 900 feet down and I mean,

00:46:35 he’s a braver person than I am but it was kind of interesting. Silver is on a tear, there’s no doubt, but silver’s not a digital

00:46:44 store value or currency.

00:46:47 It can be a currency.

00:46:49 It is not digital.

00:46:51 And it’s not a store of value or at least historically it really hasn’t been.

00:46:56 It’s got industrial

00:46:58 uses as well. But, you know, it’s it’s day right now. Maybe it’s its day for the next few months. I don’t know.

00:47:06 But I am fully confident that the Bitcoin

00:47:10 price will continue to move upwards over time.

00:47:15 Yeah. Very interesting though how it moves so far up. The last time we looked at that, said it was in ninth place. Right? Yeah. It was behind Bitcoin.

Kenshin:00:47:23 Yeah. Yeah. It was around tenth, ninth place or something. Yeah.

McIntosh:00:47:28 Crazy stuff. Crazy.

00:47:30 But it is a hard asset, and I do believe

00:47:34 Bitcoin excuse me, silver and gold both are showing

00:47:38 what’s going on in our world. People are moving from risk off

00:47:42 or or excuse me, people are moving into hard assets. Let me just say it that way.

00:47:48 Right?

00:47:49 And Bitcoin

00:47:51 certainly can be one of those in my opinion. I think a lot of people don’t view it as such.

00:47:57 Mhmm. But listen,

00:47:58 going back to the mining bit,

00:48:01 the ETFs mined

00:48:03 bought

00:48:04 far more Bitcoin in the last quarter than was mined. I saw I heard a number. I don’t remember it. I don’t have it in my notes, but it was, like, easily double or triple.

00:48:14 So just the ETFs

00:48:16 are buying.

00:48:18 I can’t explain the price action. I’m not going to attempt to continue to buy your Bitcoin. It is a fixed supply. The price will go up.

Kenshin:00:48:27 Yeah.

McIntosh:00:48:29 Fees and mempool.

00:48:31 You must have looked at this during a spike. I’m gonna go ahead and say it because it sounds good. 3 sats per fee byte and 38,000

00:48:38 unprocessed

00:48:39 transactions, about 98 megabytes.

00:48:42 Are 44

Kenshin:00:48:44 mhmm. It’s it’s 1 sats now. Yeah. Yeah. So that’s why.

00:48:4944.34%

00:48:52 to the next hot win,

00:48:54 which is

00:48:55 predicted at 04/11/2028

00:48:59 in approximately two years and eighty one days.

00:49:03 Yep. You know what we’ll be honest with you? We’re close to 50 Yeah.

McIntosh:00:49:07 Sorry. Yes. We are. Very close. We should have a 50% episode like a 50% sale episode. That would be awesome. Yeah.

00:49:15 You know what would be funny?

00:49:17 If

00:49:18 it moved up ten days somehow in the next two and a half years or, well, two and a quarter years,

00:49:24 and it was 04/01/2028.

00:49:26 Then we could be like, April fools. No. Just kidding.

00:49:31 Yeah. We went through the no distribution last week. I don’t think we need to cover that again. No. It’s very similar. Although crazy.

00:49:38 Knott’s keeps going up. That puppy is gonna hit 25%.

00:49:42 It was not at 22%

00:49:44 last week, and now it’s at 21.92.

Kenshin:00:49:48 It was very

00:49:49 close. I I just Okay.

00:49:51 It was at 21

McIntosh:00:49:54 yeah. Whatever. I don’t remember. It was very close. Very close to what it is now. Yeah. Alright.

00:50:00 Hey.

00:50:01 Stoshi’s

00:50:01 Plebs is a

00:50:04 value for value podcast, supporting podcasting two point o. We strive to be we we

00:50:10 strive to bring you honest Bitcoin content every week.

00:50:13 We ask, are you getting value from the show? Support it through time, talent, or treasure. Help with future projects like our chat room, you can stream sats and boost with messages.

00:50:22 Even a 100 sats will help. I’ll read it, whatever you send. Check out the apps at podcastapps.com

00:50:29 and support Independent

00:50:31 Bitcoin Media. If you like the content, I would love it if you would like write a review on Apple and tell your friends about the podcast.

00:50:39 That is the best way for us to grow. I looked on Apple this week. We have two reviews.

00:50:45 Five No.

00:50:47 Not actual sorry.

00:50:49 Not reviews,

00:50:51 like five star ratings. Two people gave us ratings. I don’t know when that was done.

00:50:56 No reviews.

00:50:58 Oh, okay. We gotta guys, please,

00:51:01 we could do better with that. I this is the one thing I’m gonna beg about. I hate begging for Apple, but it’s just, like, super important.

00:51:09 For Is our

Kenshin:00:51:11 it showing the real name if you leave a review or a rating?

McIntosh:00:51:16 I think it shows your

00:51:19 maybe.

Kenshin:00:51:20 Yeah. That’s a problem. Maybe

McIntosh:00:51:23 that’s the problem, but I know a lot of y’all really aren’t concerned about that part of things.

00:51:29 I don’t know.

00:51:31 This week’s music, empty passenger seat by Joe Martin. Any boost for streaming of Sats during that song will go straight to the artist.

Kenshin:00:51:41 So thanks for joining us this week. You will hear from us again next Thursday morning.

00:51:46 We hope this has been helpful, and we would love to hear from you on Noster or on Fountain.

00:51:51 You can also find all our contact info at satoshitasplayoffs.com.

00:51:55 Stay humble, DCA those stats, and have a great weekend.

McIntosh:00:51:58 We’ll talk to you all soon. Bye bye.

Kenshin:00:52:19 And although they don’t spell my name,

00:52:22 I know that they will someday.

00:52:27 Drinking all the backstage beer,

00:52:31 trying to drown out your tears.

00:52:34 Man, it’s