The regulatory bodies like FinCEN are slowly strangling the financial systems of the United States. These unelected and unaccountable bureaucrats are creating more and more regulations that violate our fourth amendment rights. What can Bitcoiners do? And why is Swan Bitcoin involved?
BTC at time of recording: $37,070
Block height at time of recording: 816,555
News and Links
Yan's Twitter Post
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
Podcasting 2.0 Apps available at http://podcastapps.com and Value4Value information page available here: https://value4value.info
McIntosh can be reached by email at [email protected] and on Twitter at @McIntoshFinTech. His mastodon handle is @[email protected] and his Nostr. Kenshin can be reached on Twitter at @kenshin_ninja or on Nostr. Kenshin’s email is [email protected]. You can also follow the Satoshi’s Plebs podcast account on Nostr. We are looking forward to hearing from you!
We are looking forward to hearing from you!
[00:00:00]
McIntosh:
Hey, SatStackers. Today is November 13th, and this is episode 144, generation Bitcoin. I'm your host, McIntosh. And and today's episode is I want my right to mix. Alright. Earl Gray, hot. Honey, just right. More roadblocks on the way. At least that's what it looks like. And this is not the SEC. This is not the judiciary system. This is the regulatory apparatus that the United States has constructed that is based on, in my opinion, the Patriot Act that is slowly strangling
[00:01:12] McIntosh:
our financial system. What am I talking about? Well, we'll be talking about that during our topic.
[00:01:21] McIntosh:
That's called a tease. I think I actually did it pretty good, but for now, we're gonna do a market before we jump into that topic. So we are at close today, just a couple of hours ago. I'm recording at 9 o'clock central time, so this was 3 hours ago. The close was $37,070. Right now, we're at 37153. Our block height at time of recording. Our difficulty adjustment, which happened earlier episode today was 3.55% up. 816-555 is our block. At time of recording, our difficulty adjustment, like I said, was up about 3%, 3 a half percent.
There's a lot of data in the mempool, 1.19 gigabytes to be exact, and rates are off the chain. They're a lot. They're very, very heavy. Lot of activity. Obviously, I think it's going back to these stupid ordinals, fine. As a minor, I make money off of it, whatever, but it's annoying. I mean, I just whatever. I think they'll price themselves out eventually because it's what they're paying is probably not. It's probably more than what they're worth. Just my opinion. Alright. Speaking of mining, it's been a little slow still. We had, like, one good day and then it's been, like, one block per day. So, I don't know. Kinda chug along. I think we've had, for the last 3 days, we've had 1 block. The 12th, we've had 1, which I was actually confirming as we speak.
Is the 11th, 10th, 2 on the 9th, 2 on the 3 on the 8th. Yeah. That was kinda when we had that decent little run there.
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But that's mining.
[00:03:25] McIntosh:
It could be six tomorrow. I could hit a new record. I think seven is my record.
[00:03:29] McIntosh:
That would be awesome. Alright.
[00:03:34] McIntosh:
So that's basically it. I you know, my general speculation is I don't know. For three days, we basically sat at this level. We seem to have reached a peak. I don't know. It's hard to bet for it not to go up because it's had such a good run. But I was talking to, someone today and, you know, it's been going up for a while now, and it's almost assuredly time for a pullback. Now whether that happens now or 38,000 or 40,000 or 41 or 42,000. I don't know. Right now, I would guess it's gonna pull back. But again, you know, of course, this isn't trading advice, and we never do that. Here at generation Bitcoin, what are we talking about? We're talking about DCA, and we're talking about dollar cost averaging every day.
Don't worry about the price. Price goes up, you buy Bitcoin. Price goes down, what do we do? We buy Bitcoin. If it goes down enough, my suggestion would be to buy more Bitcoin. You know, if we happen to see 15, $16,000, I would double down on that. If it went below that, I would quadruple down if I could. That's just my that's what I would do. You're free to do whatever you want, of course, and that's not financial advice just to keep myself out of trouble, but, you know, that's the way I view it.
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So there you go.
[00:05:01] McIntosh:
What is this topic about today? Let's just jump right on in. If you are involved in Bitcoin Twitter at all, you know what I'm probably going to talk about. Swan Bitcoin sent out an email of some type or some type of communication anyways to their end users. So Swan Bitcoin is a company that actually you can DCA through. They are an exchange where you can buy Bitcoin with Fiat from your bank account. As someone who is attempting to become self sovereign, what I've realized is buying Bitcoin is not hard.
[00:05:48] McIntosh:
Buying Bitcoin anonymously, not really hard.
[00:05:53] McIntosh:
Selling Bitcoin to fiat, on the other hand, is fairly difficult. Now that does tie into all this. So I I have a need because of my mining business to sell a small amount of Bitcoin every month into fiat, into US dollars for the needs of the company. Ep and I would love to do that anonymously, not because I'm doing anything wrong. And to be honest, I'm doing everything I can to do this quote correctly, I'm tracking everything and and all of this, and I will file my tax returns and all of that. But as a matter of default privacy, I would prefer that this just be anonymous, and that becomes very difficult. It is impossible, in fact, to sell Bitcoin and move it into your bank account because then your bank's going to know.
And if it's a substantial amount, that will probably raise 14 different red flags, which again goes back to the regulation that we were talking about, and we're gonna get into that in just a second. But, anyways, so this is one of the things that is difficult. Well, Swan Bitcoin came out earlier today, this week with a communication, and I'm going to read. As far as I can tell, they've not denied it. This is legitimate. I don't again, I'm not a Swan customer. I did not get this directly. So I guess you could say, you know, this is secondhand advice,
[00:07:26] McIntosh:
but the Swan people are are replying to this. So apparently, it's true, if that makes sense.
[00:07:37] McIntosh:
So I will read what part of the communication that I have. It says, quote, our banking and custodial partners had made an update that could affect your account, that being your Swan account. In light of the recent proposed rulings from FinCEN regarding Bitcoin mixing. This is what we talked about a couple of episodes now. They will no longer service clients who directly interact with Bitcoin mixing services such as Wasabi, samurai and similar services. So both Wasabi and samurai offer a type of service called coin join that you can mix up your coins with other people in a programmatic manner, and it anonymizes your transactions, and this freaks the banks out.
What this means for you that was me, by the way, not Swan. What this means for you, please be advised that depositing directly from or withdrawing directly to a mixing wallet may result in the termination of your account with our banking and custodial partners. To prevent any potential issues going forward, you can update your withdrawal address from your Swan dashboard. Ep that require regulated institutions to report mixing activity. Unfortunately, the and the rest of it's cut off.
[00:09:12] McIntosh:
Now
[00:09:13] McIntosh:
they've since come out and elaborated on this some. And if I can find that, I'm going to read it as well. This would be an official statement from the cofounder of Swan Bitcoin on Twitter, you know? So it's definitely legit if that makes sense. Man, I cannot believe I can't find this. Bummer. Okay. Well, basically, they came out and said and I will have to paraphrase this. I apologize. But they came out and they said, hey. This isn't what we want. We are having to do this to keep are banking services online. And there are a number of people in the Bitcoin ecosphere, as you can imagine, who are, like, you know, tore up about this, and they're like, well, you should have rejected this. You should have shut down your business. And I I understand where that's coming from.
And if I own Swan Bitcoin, you know, that decision that I would have to make, I might choose to do that. But I also understand that, you know, their business, they have numerous employees, they can't you know, they're they're it would be extremely difficult to just say no. And what they point out is that, basically, we explicitly told you that as long as it was more than 1 hop, essentially, from Swan. It would be okay. So in other words, if I'm moving coin away from Swan, I could move it from Swan to my wallet and then from my wallet to the mixing service and then back to colds or to cold storage or whatever.
And that would be okay in the eyes of these banks. And the chain analysis that they will do to ensure compliance, which is what will happen. So it's a tough decision. Now the reality is for now, many of us need access to Fiat just as I mentioned at the top, you know, I need to sell some Bitcoin from time to time to to get Fiat. And essentially, the only way that you can do that in anonymously and probably what I will end up doing as a matter of principle, epistle, I'm going to talk to people at the Bitcoin meetup, which we will not be having this month or next month, but in January, in saying, hey.
I've got sats that I've mined, so they're, quote, clean sats. They've never been in any wallet other than the wallet that is attached to that account. And I will sell them to you at Bitcoin price or maybe even a little bit of a premium because these are clean, essentially, not traced at that point or anything like that for Fiat. You bringing the Fiat to the meetup, and I'll bring the lightning wallet with the with the sats or whatever. However we choose to do that. That is essentially the only way you do that because any other service let's say I went through let's say I do use RoboSats. I've talked about these different services.
Right, if I go through Robosats, I've got the option to do it to Strike. I've got the option to do it to Cash App. I've got the option to do it to probably a half a dozen other services like that, and yet not a single one of those services are KYC free. Ep if I use Strike, they've got my personal information. If I use Cash App, they've got my personal information and so on and so forth. So we need to be realistic about this. So what could Swan have done? Well, the minimum that they could have done is no more than what they have done. They've told their customers this is happening.
We don't have a choice in this. And by the way, if you do more than 1 hop, it doesn't matter. What I would like to see is for them to do things, and I don't know what their monetary position is. I I don't know anything. They're private companies as far as I know. I don't know anything about their books, their profit, their you know, anything like that. But this is going to come for all of these companies. It's going to. The banks in the United States are probably among the worst in the world for this type of regulation. And again, it all stems from this Patriot this need to monitor everything in ways that in my opinion as a US citizen with some understanding of the constitution and the bill of rights that this breaks, several of the amendments of the bill rights. My right to privacy, for example, that's the obvious one.
There is an explicit right to privacy. The the they talk about your effects and your papers and this kind of thing. And in my opinion, this very much falls under that. It's not anybody's business, what I do with my money. It's not. Whether that's $5, a $1,000, $10,000, or $100,000, or $1,000,000. It's not your business why I have that and what I'm doing with it. Because when you presume that I'm laundering money, when you presume that I'm engaged in trafficking or drugs or pornography, child pornography, or any of these number of other things that they use as an excuse, you are presuming that I'm guilty.
And again, by the constitution and bill of rights, that is not acceptable. Well, McIntosh, but there are people who traffic, and there are people who launder money, and and there are people you're presuming just because I'm sending somebody $10 that I'm doing something wrong. There's literally a regulation that says, if you reach a certain criteria and that changes from time to time, I don't know what it is right now. Ep is probably less than $10,000. Then, you know, we'll flag that, and we'll ask you questions. And I've talked about this before in passing, and it's frustrating. And I did a real estate transaction the last few years, and I went into the bank, and I sent money to someone else who it was their money, legitimately, and it was my money to send to them. And they're like, well, what are you doing? And I I I really wanted to scream to them, your ding dang business because it's not.
But I knew if I did that, that the transaction would not take place. So they have you trapped, and then they sit there and smile at you like, I'm just doing my job. You know? And it's just it's frustrating because I know where these things go because this is what history has taught us, and we're arriving at that history. Well, now it's illegal for you to mix. It's not illegal, actually. Sorry. Words matter. But we're going to regulate if you can interact with these CoinJoin services. And if you're dealing with a bank and your coins are mixed. Well, that's a big no no because, gosh, those could be they could have come from North Korea.
Oh my. They could have come from Palestine or Israel or whoever the evil person of the week is. I don't know. I can't keep up anymore. I really can't. I'm having trouble. It's frustrating. Back when I was a kid, it was just Russia. I mean, seriously, that's not true anymore. Now everybody's an enemy. Maybe they all were all along. I don't know. Ep is it Russia or is it China or is it this or is it that or you know?
[00:17:51] McIntosh:
You're on a list.
[00:17:53] McIntosh:
And and gosh, if we mix those coins, then we wouldn't know if they came from that list, and therefore, your your money's contaminated. Excuse me. Well, they don't call it money. I call it money.
[00:18:05] McIntosh:
They don't they won't do that. Not yet. I hope the day is coming. So
[00:18:14] McIntosh:
so swan's in a bad position. But I would say swan, if you happen to hear this, which you probably won't, but that's okay. Corey Clipson and whoever the other co Jan. Jan. That's who it was. Jan was his name. Let me let me see if I can find this real quick. It was John. Yeah. There he is. So this is the guy that so I I don't know. On Twitter, he goes by SKWP. It says, yawn, swan.com. And he posted this just to flesh this out. Here it is. November 11th. So this was yesterday. It was a busy weekend for them. Recently, we announced it sorry. I to I let me read this, I apologize, but I jumped squirrels ran by.
It's the way I work. Let me read this, and then I will come back to what I would like to see them do and what I would like to see the industry do. I'll explain all that. Recently, we announced that some of the banks and qualified custodians that Swan works with have been freezing or terminating accounts involved in mixing Bitcoin. Ep okay. That was the announcement. Today, I'd like to help the industry get perspective on what's going on and what steps we are taking to do the right thing for Bitcoin and Bitcoiners. Now before I go further, I will applaud swan, and I assume that everything that they're saying here is correct, and they're not lying.
I want to give them the benefit of the doubt. They are bringing this out in the open. They are not hiding it, and I do applaud that. Swan offers a variety of services from Bitcoin on ramp. I take my Fiat, and I buy Bitcoin with its self custody and collaborative custody with Swan Vault and a rapidly growing institutional arm that provides a variety of services to institutions. Swan does not have an anti any Swan does not have any anti mixing policies and continues to serve clients that mix their coins for privacy. In fact, we have written and published privacy guides that encourage mixing and promoted companies like Wasabi and Samurais and gave a link to something along those lines.
We believe that mix mixing is normal, privacy is not a crime, and that using unmixed Bitcoin is similar to bringing your whole paycheck to the grocery store to pay for an apple. I actually think this is a really good analogy. You should absolutely have the right to turn that paycheck into individual dollar bills before spending it to avoid leveling the size of your paycheck. Sorry. To avoid revealing the size of your paycheck to the clerk, it's not the clerk's business for multiple reasons. Okay. In order to offer the Bitcoin on ramp component, and here's the key, our clients interface with qualified custodians and banks.
Today, Swan works with 2 qualified custodians with a 3rd coming online this quarter and a 4th under our control expected to launch in 2024. Ep these custodians individually interface with multiple banking institutions to provide fiat services. The number of banks the number of banking institutions that will provide services to companies in our space is small and shrinking. The current political climate has pushed a lot of fear into the banking sector, with most banks simply refusing to do business with anything in crypto and other banks tightening their KYC AML, ep know your customer slash anti money laundering requirements in order to stay in business. Ep, Swan has committed the majority of its engineering and business development efforts over the last 2 years to the expansion of our footprint in the financial space so that we are not beholden to the whims of just a few players, and the launch of these new additions to our stack is a major step in that direction.
Here's the key. The key of the key. I think I already said here's the key. Let's be clear. There's no way to process USD, United States dollars, in the United States if you do not use a bank or money services business and all such financial institutions are subject to the rules and guidelines from Finsim, fat f, I don't know how they say that, f a t f, and other unelected bodies, and that's the key. Even individuals performing currency exchange on peer to peer exchanges have been classified as MSBs or money service businesses by Finsen and are required to collect and store information about their clients, and several peer to peer exchanges have been charged with violations for not keeping such records.
Today, FIs, that's financial institutions file SARs suspicious activity reports. This is exactly what I was talking about, which were required by the 19 seventies Bank Secrecy Act with additional guidelines enacted by the Patriot Act of 2001. Given the asymmetric effort it requires to investigate suspicious activities, the path of least resistance for banks appear to be that they file as many SARs suspicious activity reports as possible. In 2020, buzzfeed broke a story that showed that the SARS effectively went nowhere, allowing 1,000,000,000,000 of dollars of money laundering to occur in the traditional banking system, and these banks get nailed for this, by the way.
They get fined. It comes out. JPMorgan, if I'm not mistaken, just recently got charged because they were allowing money laundering. These reports are filed indiscriminately and gratuitously by banks because their best option is to defensively file a report rather than not file it face fines. We believe this to be a 4th Amendment violation offering the government a way to provide unwarranted, meaning without a warrant, a a judge of stamped piece of paper saying you can go look into this person into their financial records. Search and seizure on law abiding American citizens, and that is exactly the argument that I would make, although he's doing it better than I did.
Instead of putting a meaningful debt in any financial crimes I don't care if it does, actually. But, Anyways, instead of putting a meaningful debt in any financial crimes, the BSA, Bank Secrecy Act, Patriot Acts have created honeypots financial data, which has been repeatedly stolen by hackers affecting hundreds of millions of Americans in incident such as the Equifax breach of 2017, the Capital One breach of 2019 among others. Alright. There's a lot here. I will link to this in the show notes. I think that gives you an idea. I do believe that Swan is trying to do the right thing. I'm not arguing that at all, up but it is time.
If we want Bitcoin to be what it could, can truly be and do what it can truly do and help the most people. We have to figure out a way to resolve this. A Bitcoin Maxi may give a knee jerk reaction and say, well, you can move to El Salvador. The reality is most Americans cannot do that. Not because we're not allowed, we are, but because they have family, they have jobs, they have a life here, and it is very difficult to uproot that and move. I would propose, we need to start fighting this, not against Swan, but against the US government.
I would propose these are unregulated bodies, who are creating regulation because somebody in the White House or most likely or some special interest group tickles their ear and says, hey. We don't like this right up this regulation. As far as I can tell, it doesn't go before congress or some kind of vote. It certainly isn't voted on by the American people,
[00:27:06] McIntosh:
and it violates multiple amendments of our constitution.
[00:27:14] McIntosh:
So I would propose rather than arguing with Swan Bitcoin or other entities like them in the industry who are going to have the same problem that there has to be a, a foundation of some kind, a Bitcoin foundation that could pursue lawsuits. They I'm sure they will need money. As the price of Bitcoin goes up, I know some of the early adopters have 1,000,000,000 of dollars. And frankly, it would be in their financial self interest to start kicking into some money along with the plebs out here, the people like me who we didn't get in, you know, in 2011, and we didn't have the money to stack when when we did get in and so on and so forth.
We can do what we can, but the reality is there's a lot of people in Bitcoin at this point who could do a lot more. Ep, companies like Swan should be putting in money. There's nothing saying that Swan couldn't kick in $100,000 to a Bitcoin law foundation or whatever that would help pursue regulatory justice. Not sure what the right word is, but this bill is this bill, this regulation is unconstitutional. The Patriot Act is unconstitutional. Why is nobody fighting this? Are are do we just roll over and give up? I can't go out there. I don't have a law degree. I don't have the money.
I don't have the connections, but there's a pretty diverse group of people in Bitcoin, and some of them can make this happen and start to make this work. And frankly, that would be far more valuable to the ecosystem in general then basically anything else that could be done. So let's talk about that instead of trashing Swan who, yes, maybe they didn't do exactly what you wanted. I guess they could capitulated. Frankly, maybe I would have if I were in their shoes. Maybe I would have said, you know what? I'm done. I'm shutting up shop, and that's it. But, you know, they've been honest with their customers in this case.
They've been, thorough. I don't know what the the grief is. Let's point the grief at the right place. The grief is the regulatory body that is making unconstitutional regulations. And then let's figure out how to fix that instead of squawking on Twitter because maybe it gains you a few more followers or or whatever. Vitriol and angst, you know, we'll gain you an audience. That's for sure. But we need action and we need real things to go on. So that's my take on it. I would be curious as to what yours is. For those of you who are not here in the EU, your situation is essentially the same. I do not know if you have the fine, constitution.
In general, I don't think you that you do. Please, if I'm being a stupid American, I apologize. Let me know. There has to be some form of rights or whatever, and I don't know if this would fall under that the same way it does for for us, it's I think it's frankly rather clear cut. It's astonishing that it's gotten to this point, but then again, a lot of things astonish me these days, so why not that? So play there's other places where they don't need this. I don't think Argentina's worrying about this. I mean, honestly, I I just don't think that's a problem. Ep El Salvador, it's certainly not an issue. But, again, I can't just up and move to El Salvador. I have responsibilities and, you know, there's reasons why that we're not gonna go into, and I would assure you that most Americans can't just do that.
There are things we can vote with our feet over sometimes, and maybe this is 1, but I don't think enough people are gonna do that to make a difference. The real difference is when we're going to attack the government by the judiciary system. Alright. I think I've said enough. I will stop. I've been going for 37 minutes, so it must be time. That's kind of it, though. I do wanna get your feedback. This stuff is very important. I I know I say that about a lot of stuff, but this stuff is very important. Let's go on to our supporters. We did have some support this week. I do always appreciate that. We got a boost. We got some streaming. Kyron from Mare Mortals sent in a 222 boost, a row of ducks.
Two two I think I said that right. 2,222. Sat, so nice row of ducks and said, podcast guru is rock solid would highly recommend probably the most reliable of all the podcast 2 point o apps that enable value for value. I've been having some issues with fountain, frankly, because my old iPhone SE apparently isn't. I'm overloading it or fountain is using too much memory. 1 or the other. I follow 52 shows. I have a 1,000 episodes in my library, so to speak, and then I have roughly 50 right now in my queue. I don't know why having a bunch of markers to shows would consume a bunch of memory. I get the queue maybe with downloads and that kind of thing. Yes. It's taking up space, but it doesn't matter. It is what it is. They may sort it out. They may not.
But rather than being sour about that because I do like fountain in general, to be honest. I they've onboarded a number of listeners for us, and, I mean, it's it's a great product in general, and I don't wanna be too negative about it. But I'm going to take this as an opportunity to test other podcast apps because, I'm gonna split up my load. So I've got 50 shows that I listen to at least at some point. I'm gonna put, you know, 10 on 1 and 10 on another and 10 on and so so on and so forth. That will give me yes. I'll have to switch around, but it will spread my load, so maybe my podcast app will stop crashing, and it will give me a real chance episode test out these other apps. I'm going to try podcast guru. I've already downloaded it actually.
I have not hooked it up to my Alby wallet, which is how they do the value value, so I I haven't tested that yet, but it it is nice and quick. And I've already got my 1st show queued up on it, and, so we'll go from there. So thank you very much for that feedback, Karen. And as always, I appreciate the support. Good stuff, so thank you. Before we oh, and we had a total of sats this week, including streaming of 2717 sats. So I do appreciate that support. Before we move on, one of the best ways to support this show is through making clips. If you could clip these episodes whether it's on fountain or on some other podcast app that allows you to do that, I think there's a couple, and I will be reporting on that more over the weeks months to come.
But, if you do that and tag me or whatever, I will reward that 500 sets for a new episode for this one, which there may be some gems in there maybe, or 300 sats, I think it's 3. I may have just said that wrong. Let's go with 3. Three hundred for an older episode. Alright? And you get value and I get value because that helps spread the message of generation Bitcoin. Alright. The news this week is simply what we've talked about. There hasn't been anything else really in the last few days. Episode, I will have some links in there, certainly, especially to, that one Twitter post that I read in large part from Jan.
There, he's cofounder of Swan. I think he and Corey Clifston started it. So it's well worth reading their position if you're interested in that. Ep there's been other episodes where I've linked to the fence in, regulation. It's hot garbage as I've said. This is really important to me as a privacy advocate, as someone who is interested in privacy. I believe that this is definite overreach of the US government, and I don't understand why nobody's talking about this. Surely, I'm not the smartest one out there who suddenly came up with this on my own. Maybe other people have, and I just haven't heard about it.
Maybe this will generate some discussion. We will see. But I would really like some of these early Bitcoin people to step up and say, I'm gonna throw down, you know, a Bitcoin worth or maybe more. Some of these people have significant stashes, to be honest, and, you know, have wallet address where the plebs can you know, where people can send Bitcoin, and let's start collecting money that will go and there there needs to be some kind of foundation. There'll have to be something going. And I I'm not trying to figure all this out right now. I'm just saying there's people in this business who have money.
This is super important for everyone. Let's put our money where our mouth is and start, pushing back. And you can fight the US government. You can do it. It takes money, and it takes time, but you can do it. Generation Bitcoin supports podcasting 2.0 as we were just talking about. It is a value for value podcast. We have no sponsors. We have no advertising. And what does that mean? That means, dear listener, you are there to support this podcast, and I rely on that. People just like Kyron from earlier boosted 2022, 2,222 sats, which even at $37,000 Bitcoin, that's less than the cup of coffee.
And he is helping to support this podcast, and you can do the exact same thing. You can do it 3 different ways, time, talent, treasure, there's a 1,000,000,000 things I need to do, and I will be doing a lot of them in December. I would love to have some help,
[00:38:46] McIntosh:
to get things prepared for our rollout in January. New name, new
[00:38:53] McIntosh:
podcast platform, hopefully, things some like chapters going forward, this kind of thing. Transcripts need to be updated. Lots and lots of stuff. I could use help with it. If you have treasure in the form of sats, of course, I always appreciate that as well, you can use a podcasting 2.0 app. Something like fountain, something like podcast guru or or one of these podcast apps that supports value for value that allows you to do something like load up an Albie's, lightning wallet and stream sats or boost sats to a podcast and show support for that show if you appreciate what they're doing.
If you don't know what to do, go to new podcast apps.com. There's a whole list of apps here. Give them a try. If you like the content, I would love it if you tell your friends about the generation Bitcoin podcast. Thanks for being here. I hope this has been helpful. I would love to hear from you. I'm on McIntosh. I'm I'm on Twitter at McIntosh Fintech. Thursday.
Hey, SatStackers. Today is November 13th, and this is episode 144, generation Bitcoin. I'm your host, McIntosh. And and today's episode is I want my right to mix. Alright. Earl Gray, hot. Honey, just right. More roadblocks on the way. At least that's what it looks like. And this is not the SEC. This is not the judiciary system. This is the regulatory apparatus that the United States has constructed that is based on, in my opinion, the Patriot Act that is slowly strangling
[00:01:12] McIntosh:
our financial system. What am I talking about? Well, we'll be talking about that during our topic.
[00:01:21] McIntosh:
That's called a tease. I think I actually did it pretty good, but for now, we're gonna do a market before we jump into that topic. So we are at close today, just a couple of hours ago. I'm recording at 9 o'clock central time, so this was 3 hours ago. The close was $37,070. Right now, we're at 37153. Our block height at time of recording. Our difficulty adjustment, which happened earlier episode today was 3.55% up. 816-555 is our block. At time of recording, our difficulty adjustment, like I said, was up about 3%, 3 a half percent.
There's a lot of data in the mempool, 1.19 gigabytes to be exact, and rates are off the chain. They're a lot. They're very, very heavy. Lot of activity. Obviously, I think it's going back to these stupid ordinals, fine. As a minor, I make money off of it, whatever, but it's annoying. I mean, I just whatever. I think they'll price themselves out eventually because it's what they're paying is probably not. It's probably more than what they're worth. Just my opinion. Alright. Speaking of mining, it's been a little slow still. We had, like, one good day and then it's been, like, one block per day. So, I don't know. Kinda chug along. I think we've had, for the last 3 days, we've had 1 block. The 12th, we've had 1, which I was actually confirming as we speak.
Is the 11th, 10th, 2 on the 9th, 2 on the 3 on the 8th. Yeah. That was kinda when we had that decent little run there.
[00:03:22] McIntosh:
But that's mining.
[00:03:25] McIntosh:
It could be six tomorrow. I could hit a new record. I think seven is my record.
[00:03:29] McIntosh:
That would be awesome. Alright.
[00:03:34] McIntosh:
So that's basically it. I you know, my general speculation is I don't know. For three days, we basically sat at this level. We seem to have reached a peak. I don't know. It's hard to bet for it not to go up because it's had such a good run. But I was talking to, someone today and, you know, it's been going up for a while now, and it's almost assuredly time for a pullback. Now whether that happens now or 38,000 or 40,000 or 41 or 42,000. I don't know. Right now, I would guess it's gonna pull back. But again, you know, of course, this isn't trading advice, and we never do that. Here at generation Bitcoin, what are we talking about? We're talking about DCA, and we're talking about dollar cost averaging every day.
Don't worry about the price. Price goes up, you buy Bitcoin. Price goes down, what do we do? We buy Bitcoin. If it goes down enough, my suggestion would be to buy more Bitcoin. You know, if we happen to see 15, $16,000, I would double down on that. If it went below that, I would quadruple down if I could. That's just my that's what I would do. You're free to do whatever you want, of course, and that's not financial advice just to keep myself out of trouble, but, you know, that's the way I view it.
[00:04:59] McIntosh:
So there you go.
[00:05:01] McIntosh:
What is this topic about today? Let's just jump right on in. If you are involved in Bitcoin Twitter at all, you know what I'm probably going to talk about. Swan Bitcoin sent out an email of some type or some type of communication anyways to their end users. So Swan Bitcoin is a company that actually you can DCA through. They are an exchange where you can buy Bitcoin with Fiat from your bank account. As someone who is attempting to become self sovereign, what I've realized is buying Bitcoin is not hard.
[00:05:48] McIntosh:
Buying Bitcoin anonymously, not really hard.
[00:05:53] McIntosh:
Selling Bitcoin to fiat, on the other hand, is fairly difficult. Now that does tie into all this. So I I have a need because of my mining business to sell a small amount of Bitcoin every month into fiat, into US dollars for the needs of the company. Ep and I would love to do that anonymously, not because I'm doing anything wrong. And to be honest, I'm doing everything I can to do this quote correctly, I'm tracking everything and and all of this, and I will file my tax returns and all of that. But as a matter of default privacy, I would prefer that this just be anonymous, and that becomes very difficult. It is impossible, in fact, to sell Bitcoin and move it into your bank account because then your bank's going to know.
And if it's a substantial amount, that will probably raise 14 different red flags, which again goes back to the regulation that we were talking about, and we're gonna get into that in just a second. But, anyways, so this is one of the things that is difficult. Well, Swan Bitcoin came out earlier today, this week with a communication, and I'm going to read. As far as I can tell, they've not denied it. This is legitimate. I don't again, I'm not a Swan customer. I did not get this directly. So I guess you could say, you know, this is secondhand advice,
[00:07:26] McIntosh:
but the Swan people are are replying to this. So apparently, it's true, if that makes sense.
[00:07:37] McIntosh:
So I will read what part of the communication that I have. It says, quote, our banking and custodial partners had made an update that could affect your account, that being your Swan account. In light of the recent proposed rulings from FinCEN regarding Bitcoin mixing. This is what we talked about a couple of episodes now. They will no longer service clients who directly interact with Bitcoin mixing services such as Wasabi, samurai and similar services. So both Wasabi and samurai offer a type of service called coin join that you can mix up your coins with other people in a programmatic manner, and it anonymizes your transactions, and this freaks the banks out.
What this means for you that was me, by the way, not Swan. What this means for you, please be advised that depositing directly from or withdrawing directly to a mixing wallet may result in the termination of your account with our banking and custodial partners. To prevent any potential issues going forward, you can update your withdrawal address from your Swan dashboard. Ep that require regulated institutions to report mixing activity. Unfortunately, the and the rest of it's cut off.
[00:09:12] McIntosh:
Now
[00:09:13] McIntosh:
they've since come out and elaborated on this some. And if I can find that, I'm going to read it as well. This would be an official statement from the cofounder of Swan Bitcoin on Twitter, you know? So it's definitely legit if that makes sense. Man, I cannot believe I can't find this. Bummer. Okay. Well, basically, they came out and said and I will have to paraphrase this. I apologize. But they came out and they said, hey. This isn't what we want. We are having to do this to keep are banking services online. And there are a number of people in the Bitcoin ecosphere, as you can imagine, who are, like, you know, tore up about this, and they're like, well, you should have rejected this. You should have shut down your business. And I I understand where that's coming from.
And if I own Swan Bitcoin, you know, that decision that I would have to make, I might choose to do that. But I also understand that, you know, their business, they have numerous employees, they can't you know, they're they're it would be extremely difficult to just say no. And what they point out is that, basically, we explicitly told you that as long as it was more than 1 hop, essentially, from Swan. It would be okay. So in other words, if I'm moving coin away from Swan, I could move it from Swan to my wallet and then from my wallet to the mixing service and then back to colds or to cold storage or whatever.
And that would be okay in the eyes of these banks. And the chain analysis that they will do to ensure compliance, which is what will happen. So it's a tough decision. Now the reality is for now, many of us need access to Fiat just as I mentioned at the top, you know, I need to sell some Bitcoin from time to time to to get Fiat. And essentially, the only way that you can do that in anonymously and probably what I will end up doing as a matter of principle, epistle, I'm going to talk to people at the Bitcoin meetup, which we will not be having this month or next month, but in January, in saying, hey.
I've got sats that I've mined, so they're, quote, clean sats. They've never been in any wallet other than the wallet that is attached to that account. And I will sell them to you at Bitcoin price or maybe even a little bit of a premium because these are clean, essentially, not traced at that point or anything like that for Fiat. You bringing the Fiat to the meetup, and I'll bring the lightning wallet with the with the sats or whatever. However we choose to do that. That is essentially the only way you do that because any other service let's say I went through let's say I do use RoboSats. I've talked about these different services.
Right, if I go through Robosats, I've got the option to do it to Strike. I've got the option to do it to Cash App. I've got the option to do it to probably a half a dozen other services like that, and yet not a single one of those services are KYC free. Ep if I use Strike, they've got my personal information. If I use Cash App, they've got my personal information and so on and so forth. So we need to be realistic about this. So what could Swan have done? Well, the minimum that they could have done is no more than what they have done. They've told their customers this is happening.
We don't have a choice in this. And by the way, if you do more than 1 hop, it doesn't matter. What I would like to see is for them to do things, and I don't know what their monetary position is. I I don't know anything. They're private companies as far as I know. I don't know anything about their books, their profit, their you know, anything like that. But this is going to come for all of these companies. It's going to. The banks in the United States are probably among the worst in the world for this type of regulation. And again, it all stems from this Patriot this need to monitor everything in ways that in my opinion as a US citizen with some understanding of the constitution and the bill of rights that this breaks, several of the amendments of the bill rights. My right to privacy, for example, that's the obvious one.
There is an explicit right to privacy. The the they talk about your effects and your papers and this kind of thing. And in my opinion, this very much falls under that. It's not anybody's business, what I do with my money. It's not. Whether that's $5, a $1,000, $10,000, or $100,000, or $1,000,000. It's not your business why I have that and what I'm doing with it. Because when you presume that I'm laundering money, when you presume that I'm engaged in trafficking or drugs or pornography, child pornography, or any of these number of other things that they use as an excuse, you are presuming that I'm guilty.
And again, by the constitution and bill of rights, that is not acceptable. Well, McIntosh, but there are people who traffic, and there are people who launder money, and and there are people you're presuming just because I'm sending somebody $10 that I'm doing something wrong. There's literally a regulation that says, if you reach a certain criteria and that changes from time to time, I don't know what it is right now. Ep is probably less than $10,000. Then, you know, we'll flag that, and we'll ask you questions. And I've talked about this before in passing, and it's frustrating. And I did a real estate transaction the last few years, and I went into the bank, and I sent money to someone else who it was their money, legitimately, and it was my money to send to them. And they're like, well, what are you doing? And I I I really wanted to scream to them, your ding dang business because it's not.
But I knew if I did that, that the transaction would not take place. So they have you trapped, and then they sit there and smile at you like, I'm just doing my job. You know? And it's just it's frustrating because I know where these things go because this is what history has taught us, and we're arriving at that history. Well, now it's illegal for you to mix. It's not illegal, actually. Sorry. Words matter. But we're going to regulate if you can interact with these CoinJoin services. And if you're dealing with a bank and your coins are mixed. Well, that's a big no no because, gosh, those could be they could have come from North Korea.
Oh my. They could have come from Palestine or Israel or whoever the evil person of the week is. I don't know. I can't keep up anymore. I really can't. I'm having trouble. It's frustrating. Back when I was a kid, it was just Russia. I mean, seriously, that's not true anymore. Now everybody's an enemy. Maybe they all were all along. I don't know. Ep is it Russia or is it China or is it this or is it that or you know?
[00:17:51] McIntosh:
You're on a list.
[00:17:53] McIntosh:
And and gosh, if we mix those coins, then we wouldn't know if they came from that list, and therefore, your your money's contaminated. Excuse me. Well, they don't call it money. I call it money.
[00:18:05] McIntosh:
They don't they won't do that. Not yet. I hope the day is coming. So
[00:18:14] McIntosh:
so swan's in a bad position. But I would say swan, if you happen to hear this, which you probably won't, but that's okay. Corey Clipson and whoever the other co Jan. Jan. That's who it was. Jan was his name. Let me let me see if I can find this real quick. It was John. Yeah. There he is. So this is the guy that so I I don't know. On Twitter, he goes by SKWP. It says, yawn, swan.com. And he posted this just to flesh this out. Here it is. November 11th. So this was yesterday. It was a busy weekend for them. Recently, we announced it sorry. I to I let me read this, I apologize, but I jumped squirrels ran by.
It's the way I work. Let me read this, and then I will come back to what I would like to see them do and what I would like to see the industry do. I'll explain all that. Recently, we announced that some of the banks and qualified custodians that Swan works with have been freezing or terminating accounts involved in mixing Bitcoin. Ep okay. That was the announcement. Today, I'd like to help the industry get perspective on what's going on and what steps we are taking to do the right thing for Bitcoin and Bitcoiners. Now before I go further, I will applaud swan, and I assume that everything that they're saying here is correct, and they're not lying.
I want to give them the benefit of the doubt. They are bringing this out in the open. They are not hiding it, and I do applaud that. Swan offers a variety of services from Bitcoin on ramp. I take my Fiat, and I buy Bitcoin with its self custody and collaborative custody with Swan Vault and a rapidly growing institutional arm that provides a variety of services to institutions. Swan does not have an anti any Swan does not have any anti mixing policies and continues to serve clients that mix their coins for privacy. In fact, we have written and published privacy guides that encourage mixing and promoted companies like Wasabi and Samurais and gave a link to something along those lines.
We believe that mix mixing is normal, privacy is not a crime, and that using unmixed Bitcoin is similar to bringing your whole paycheck to the grocery store to pay for an apple. I actually think this is a really good analogy. You should absolutely have the right to turn that paycheck into individual dollar bills before spending it to avoid leveling the size of your paycheck. Sorry. To avoid revealing the size of your paycheck to the clerk, it's not the clerk's business for multiple reasons. Okay. In order to offer the Bitcoin on ramp component, and here's the key, our clients interface with qualified custodians and banks.
Today, Swan works with 2 qualified custodians with a 3rd coming online this quarter and a 4th under our control expected to launch in 2024. Ep these custodians individually interface with multiple banking institutions to provide fiat services. The number of banks the number of banking institutions that will provide services to companies in our space is small and shrinking. The current political climate has pushed a lot of fear into the banking sector, with most banks simply refusing to do business with anything in crypto and other banks tightening their KYC AML, ep know your customer slash anti money laundering requirements in order to stay in business. Ep, Swan has committed the majority of its engineering and business development efforts over the last 2 years to the expansion of our footprint in the financial space so that we are not beholden to the whims of just a few players, and the launch of these new additions to our stack is a major step in that direction.
Here's the key. The key of the key. I think I already said here's the key. Let's be clear. There's no way to process USD, United States dollars, in the United States if you do not use a bank or money services business and all such financial institutions are subject to the rules and guidelines from Finsim, fat f, I don't know how they say that, f a t f, and other unelected bodies, and that's the key. Even individuals performing currency exchange on peer to peer exchanges have been classified as MSBs or money service businesses by Finsen and are required to collect and store information about their clients, and several peer to peer exchanges have been charged with violations for not keeping such records.
Today, FIs, that's financial institutions file SARs suspicious activity reports. This is exactly what I was talking about, which were required by the 19 seventies Bank Secrecy Act with additional guidelines enacted by the Patriot Act of 2001. Given the asymmetric effort it requires to investigate suspicious activities, the path of least resistance for banks appear to be that they file as many SARs suspicious activity reports as possible. In 2020, buzzfeed broke a story that showed that the SARS effectively went nowhere, allowing 1,000,000,000,000 of dollars of money laundering to occur in the traditional banking system, and these banks get nailed for this, by the way.
They get fined. It comes out. JPMorgan, if I'm not mistaken, just recently got charged because they were allowing money laundering. These reports are filed indiscriminately and gratuitously by banks because their best option is to defensively file a report rather than not file it face fines. We believe this to be a 4th Amendment violation offering the government a way to provide unwarranted, meaning without a warrant, a a judge of stamped piece of paper saying you can go look into this person into their financial records. Search and seizure on law abiding American citizens, and that is exactly the argument that I would make, although he's doing it better than I did.
Instead of putting a meaningful debt in any financial crimes I don't care if it does, actually. But, Anyways, instead of putting a meaningful debt in any financial crimes, the BSA, Bank Secrecy Act, Patriot Acts have created honeypots financial data, which has been repeatedly stolen by hackers affecting hundreds of millions of Americans in incident such as the Equifax breach of 2017, the Capital One breach of 2019 among others. Alright. There's a lot here. I will link to this in the show notes. I think that gives you an idea. I do believe that Swan is trying to do the right thing. I'm not arguing that at all, up but it is time.
If we want Bitcoin to be what it could, can truly be and do what it can truly do and help the most people. We have to figure out a way to resolve this. A Bitcoin Maxi may give a knee jerk reaction and say, well, you can move to El Salvador. The reality is most Americans cannot do that. Not because we're not allowed, we are, but because they have family, they have jobs, they have a life here, and it is very difficult to uproot that and move. I would propose, we need to start fighting this, not against Swan, but against the US government.
I would propose these are unregulated bodies, who are creating regulation because somebody in the White House or most likely or some special interest group tickles their ear and says, hey. We don't like this right up this regulation. As far as I can tell, it doesn't go before congress or some kind of vote. It certainly isn't voted on by the American people,
[00:27:06] McIntosh:
and it violates multiple amendments of our constitution.
[00:27:14] McIntosh:
So I would propose rather than arguing with Swan Bitcoin or other entities like them in the industry who are going to have the same problem that there has to be a, a foundation of some kind, a Bitcoin foundation that could pursue lawsuits. They I'm sure they will need money. As the price of Bitcoin goes up, I know some of the early adopters have 1,000,000,000 of dollars. And frankly, it would be in their financial self interest to start kicking into some money along with the plebs out here, the people like me who we didn't get in, you know, in 2011, and we didn't have the money to stack when when we did get in and so on and so forth.
We can do what we can, but the reality is there's a lot of people in Bitcoin at this point who could do a lot more. Ep, companies like Swan should be putting in money. There's nothing saying that Swan couldn't kick in $100,000 to a Bitcoin law foundation or whatever that would help pursue regulatory justice. Not sure what the right word is, but this bill is this bill, this regulation is unconstitutional. The Patriot Act is unconstitutional. Why is nobody fighting this? Are are do we just roll over and give up? I can't go out there. I don't have a law degree. I don't have the money.
I don't have the connections, but there's a pretty diverse group of people in Bitcoin, and some of them can make this happen and start to make this work. And frankly, that would be far more valuable to the ecosystem in general then basically anything else that could be done. So let's talk about that instead of trashing Swan who, yes, maybe they didn't do exactly what you wanted. I guess they could capitulated. Frankly, maybe I would have if I were in their shoes. Maybe I would have said, you know what? I'm done. I'm shutting up shop, and that's it. But, you know, they've been honest with their customers in this case.
They've been, thorough. I don't know what the the grief is. Let's point the grief at the right place. The grief is the regulatory body that is making unconstitutional regulations. And then let's figure out how to fix that instead of squawking on Twitter because maybe it gains you a few more followers or or whatever. Vitriol and angst, you know, we'll gain you an audience. That's for sure. But we need action and we need real things to go on. So that's my take on it. I would be curious as to what yours is. For those of you who are not here in the EU, your situation is essentially the same. I do not know if you have the fine, constitution.
In general, I don't think you that you do. Please, if I'm being a stupid American, I apologize. Let me know. There has to be some form of rights or whatever, and I don't know if this would fall under that the same way it does for for us, it's I think it's frankly rather clear cut. It's astonishing that it's gotten to this point, but then again, a lot of things astonish me these days, so why not that? So play there's other places where they don't need this. I don't think Argentina's worrying about this. I mean, honestly, I I just don't think that's a problem. Ep El Salvador, it's certainly not an issue. But, again, I can't just up and move to El Salvador. I have responsibilities and, you know, there's reasons why that we're not gonna go into, and I would assure you that most Americans can't just do that.
There are things we can vote with our feet over sometimes, and maybe this is 1, but I don't think enough people are gonna do that to make a difference. The real difference is when we're going to attack the government by the judiciary system. Alright. I think I've said enough. I will stop. I've been going for 37 minutes, so it must be time. That's kind of it, though. I do wanna get your feedback. This stuff is very important. I I know I say that about a lot of stuff, but this stuff is very important. Let's go on to our supporters. We did have some support this week. I do always appreciate that. We got a boost. We got some streaming. Kyron from Mare Mortals sent in a 222 boost, a row of ducks.
Two two I think I said that right. 2,222. Sat, so nice row of ducks and said, podcast guru is rock solid would highly recommend probably the most reliable of all the podcast 2 point o apps that enable value for value. I've been having some issues with fountain, frankly, because my old iPhone SE apparently isn't. I'm overloading it or fountain is using too much memory. 1 or the other. I follow 52 shows. I have a 1,000 episodes in my library, so to speak, and then I have roughly 50 right now in my queue. I don't know why having a bunch of markers to shows would consume a bunch of memory. I get the queue maybe with downloads and that kind of thing. Yes. It's taking up space, but it doesn't matter. It is what it is. They may sort it out. They may not.
But rather than being sour about that because I do like fountain in general, to be honest. I they've onboarded a number of listeners for us, and, I mean, it's it's a great product in general, and I don't wanna be too negative about it. But I'm going to take this as an opportunity to test other podcast apps because, I'm gonna split up my load. So I've got 50 shows that I listen to at least at some point. I'm gonna put, you know, 10 on 1 and 10 on another and 10 on and so so on and so forth. That will give me yes. I'll have to switch around, but it will spread my load, so maybe my podcast app will stop crashing, and it will give me a real chance episode test out these other apps. I'm going to try podcast guru. I've already downloaded it actually.
I have not hooked it up to my Alby wallet, which is how they do the value value, so I I haven't tested that yet, but it it is nice and quick. And I've already got my 1st show queued up on it, and, so we'll go from there. So thank you very much for that feedback, Karen. And as always, I appreciate the support. Good stuff, so thank you. Before we oh, and we had a total of sats this week, including streaming of 2717 sats. So I do appreciate that support. Before we move on, one of the best ways to support this show is through making clips. If you could clip these episodes whether it's on fountain or on some other podcast app that allows you to do that, I think there's a couple, and I will be reporting on that more over the weeks months to come.
But, if you do that and tag me or whatever, I will reward that 500 sets for a new episode for this one, which there may be some gems in there maybe, or 300 sats, I think it's 3. I may have just said that wrong. Let's go with 3. Three hundred for an older episode. Alright? And you get value and I get value because that helps spread the message of generation Bitcoin. Alright. The news this week is simply what we've talked about. There hasn't been anything else really in the last few days. Episode, I will have some links in there, certainly, especially to, that one Twitter post that I read in large part from Jan.
There, he's cofounder of Swan. I think he and Corey Clifston started it. So it's well worth reading their position if you're interested in that. Ep there's been other episodes where I've linked to the fence in, regulation. It's hot garbage as I've said. This is really important to me as a privacy advocate, as someone who is interested in privacy. I believe that this is definite overreach of the US government, and I don't understand why nobody's talking about this. Surely, I'm not the smartest one out there who suddenly came up with this on my own. Maybe other people have, and I just haven't heard about it.
Maybe this will generate some discussion. We will see. But I would really like some of these early Bitcoin people to step up and say, I'm gonna throw down, you know, a Bitcoin worth or maybe more. Some of these people have significant stashes, to be honest, and, you know, have wallet address where the plebs can you know, where people can send Bitcoin, and let's start collecting money that will go and there there needs to be some kind of foundation. There'll have to be something going. And I I'm not trying to figure all this out right now. I'm just saying there's people in this business who have money.
This is super important for everyone. Let's put our money where our mouth is and start, pushing back. And you can fight the US government. You can do it. It takes money, and it takes time, but you can do it. Generation Bitcoin supports podcasting 2.0 as we were just talking about. It is a value for value podcast. We have no sponsors. We have no advertising. And what does that mean? That means, dear listener, you are there to support this podcast, and I rely on that. People just like Kyron from earlier boosted 2022, 2,222 sats, which even at $37,000 Bitcoin, that's less than the cup of coffee.
And he is helping to support this podcast, and you can do the exact same thing. You can do it 3 different ways, time, talent, treasure, there's a 1,000,000,000 things I need to do, and I will be doing a lot of them in December. I would love to have some help,
[00:38:46] McIntosh:
to get things prepared for our rollout in January. New name, new
[00:38:53] McIntosh:
podcast platform, hopefully, things some like chapters going forward, this kind of thing. Transcripts need to be updated. Lots and lots of stuff. I could use help with it. If you have treasure in the form of sats, of course, I always appreciate that as well, you can use a podcasting 2.0 app. Something like fountain, something like podcast guru or or one of these podcast apps that supports value for value that allows you to do something like load up an Albie's, lightning wallet and stream sats or boost sats to a podcast and show support for that show if you appreciate what they're doing.
If you don't know what to do, go to new podcast apps.com. There's a whole list of apps here. Give them a try. If you like the content, I would love it if you tell your friends about the generation Bitcoin podcast. Thanks for being here. I hope this has been helpful. I would love to hear from you. I'm on McIntosh. I'm I'm on Twitter at McIntosh Fintech. Thursday.
Introduction and overview of the episode
Discussion on the regulatory apparatus and its impact on the financial system
Exploration of the recent communication from Swan Bitcoin regarding banking and custodial partners
Analysis of the challenges faced by individuals in selling Bitcoin to fiat anonymously
Examination of Swan Bitcoin's response and the need for action against unconstitutional regulations
Call to action for the Bitcoin community to support legal efforts and fight against government overreach
