This week we cover a variety of topics including the largest transaction fee ever for a Bitcoin Block (85.2163 BTC!!!!), the continued pain in the Bitcoin mining industry caused by the race to 500 EH, Milei's plans to shutter the Argentine Central Bank and my extensive plans for December's hiatus.
BTC price at weekly close: $37,454
Block height at time of recording: 818,653
News and Notes
Block 818087 Transaction Fee Largest Ever
Six Straight Upward Difficulty Adjustments to New All Time High
Argentina Central Bank Shutdown "Non Negotiable"
Music Credits
Protofunk by Kevin MacLeod
Link: https://incompetech.filmmusic.io/song/4247-protofunk
License: https://filmmusic.io/standard-license
Ethernight Club by Kevin MacLeod
Link: https://filmmusic.io/song/7612-ethernight-club
License: https://filmmusic.io/standard-license
Website
Podcasting 2.0 Apps available at http://podcastapps.com and Value4Value information page available here: https://value4value.info
I can be reached by email at [email protected] and on Twitter at McIntoshFinTech. My mastodon handle is @[email protected]. Looking forward to hearing from you!
[00:00:00]
McIntosh:
Hey, Sat Stackers, today is November 26th, and this is episode 147 of generation Bitcoin. I'm your host, Mcintosh, and today's episode is the final countdown. I hope, I hope you had Europe's final countdown playing in your head. You know? Whatever. Sorry. That was bad. But, yeah, with all apologies to Europe, the band. We are marking next episode Will be our last as generation Bitcoin. In the stretch, we will have an episode on the 30th, if all goes well, or the 31st if I get delayed for some reason as it happens sometimes with my work. And then we'll be taking the month of December off as I've explained. The next episode, I will be revealing the new name. I I registered it yesterday, and, I will be preparing that website and all of that. And at some point during that time, during the month off, the site will move probably fairly early, actually.
The podcast itself will move
[00:01:44] McIntosh:
over to the new name. So but that's for next week.
[00:01:49] McIntosh:
Market update. To market update, we had a weekly close a few hours ago, 37,400 and 54. If you go back and look at the chart that I've drawn, we are tracking right on target.
[00:02:05] McIntosh:
We have spent interesting little thing that happened here. Essentially, the weekend
[00:02:14] McIntosh:
Above above our our level of support resistance at 37,500.
[00:02:22] McIntosh:
. And then tonight, we kind of fell below it.
[00:02:26] McIntosh:
We closed the week at, like I said, 37,454, slightly below that 37,500. We are still below it. It could pop back above it, but, you know, we've nicely went up and touched the upper part of that ascending channel. We are very strongly looking like this ascending channel is going to play out. So it may you know, it it could possibly still absolutely go down thirty six six. Maybe a little bit higher depending on how far into the week that we are. But the time is coming when this bottom part of the channel, so to speak, will force it upwards. I mean, It's either that or it falls out and which is statistically unlikely.
So I'm suggesting that, you know, We're looking at basically very early December, somewhere around 3rd, 4th, 5th. It's going to be forced above this level of 37,500 if it hasn't already permanently established itself above that or at least semi permanently, whatever. But, but, yeah, we'll we'll see how this works out, but The the pattern that we discussed last week still in play. We've still got this upward channel. We're still well within that. We're Actually, right in the middle of it right now. We are below that level of resistance for now at 37,500 Ish, and you'll see that we've we've spent a good bit of time here.
It will be very interesting. I think this will prove to be a Pretty solid level of support once we get above it, but we will see. So, of course, as always, that is not trading advice. I'm not trading this. I do not suggest that you trade this. As always, I suggest that what you should do is DCA. I saw a chart this week, which I have mentioned in the past. If you've since the top 69,000, that you are actually in profit, which would be a pretty good place to be considering the price of Bitcoin that it is right now. In other words, you've started buying Bitcoin at $5 a day, $10 a day, Whatever it is, $100 a day. I don't know.
But you've been doing that since 69,000, And here we are $30,000 below that and you're in profit. That's what DCA Bitcoin will do for you. So don't forget that. Don't you know, we do these chart patterns, and it's fun, and it gives us an idea of maybe where things are gonna Go in the market. But this isn't trading advice. This isn't a trading podcast. I'm not some trading guru, Anything like that. I want you to keep that in mind. Always. DCA. Alright. The difficulty adjustment happened on the 26th. It did happen. Yes.
Which would be today, 25th. Excuse me. The last adjustment was on the 25th. It must have happened late on 25th. Pretty sure it was saying 26 earlier was when it was estimated. But regardless, it happened on the 25th, 5.07%, so another upward increase. I think this was it's been quite a few now that it's been upward. We've had more hash coming in. We've had new servers coming online. It's no longer summer, so at least here in the upper in the Northern Hemisphere. So, you know, the large areas of Texas that, you know, massive numbers of minors are being turned on and off for energy reasons, during the heat of the Texas summer that's come to an end.
So we're all and and Bitcoin price is up, so older miners are getting put back online. The mining dip that is why the mining difficulty keeps ratcheting up, just to be clear.
[00:06:52] McIntosh:
So
[00:06:54] McIntosh:
And our block height, by the way, I I if I haven't said this earlier, our block height at time of recording is 818-653.
[00:07:01] McIntosh:
I must have already said that. Alright.
[00:07:05] McIntosh:
Let's go through the rest of these statistics. We do have the having coming up in April. Looking like it would be around April 23rd, so we're kind of narrowing that in. Fees. Let me bring up mempool.space. Fees have been high, but not as high as they have been. Right now, we're looking at 58, 67, and 77 sats per v byte. So a little bit lower than they have been, but the pool is definitely Still full. We're at 1.21 gigabytes. I think I saw it sneak down into the twenties at 1 point very briefly. Alright. So let's jump on in. As I said, next episode will be the last one.
I had a realization today. It's kind of funny.
[00:08:00] McIntosh:
I was listening to the Bitcoin Dad podcast. And,
[00:08:05] McIntosh:
so the Bitcoin Dad and a guy named Chris from Juniper, Networks, who he was the founder of Juniper Networks, creator of Juniper Networks, and, does a number of podcasts including, I wanna say Linux unplugged, and a number of others. But, anyways, they do a weekly podcast, and
[00:08:32] McIntosh:
I realized that Bitcoin Dad was
[00:08:37] McIntosh:
Kind of like a calm version of myself. He they were talking about something, and it was something that well, it was actually the, it's what I just talked about, the the censorship of, transactions by the mempool. And, of course, I get extremely agitated, shall we say, about that, type thing because it's and because it's super important, and I know he believes that it is. It's that's not the case at all. It's just, you know, he Comes across very calm. I thought that was kind of funny. He never I don't think I've ever heard him raise his voice on his podcast. Just one of those thoughts I had. Whatever. But, I also got my seed signer this week.
So this is, this will be used for my Bitcoin, mining, which I've discussed in the past to move the mined sets off my mining pool. Of course, I wanted to move them straight into a nice hardware wallet that was set up just for that. I interviewed seed signer, as you all know, a few weeks ago. I've been looking at their product for a while, and I actually bought a nice, It was not the aluminum one. It was the black one. Well, it's, sorry. Not the silver one, the black aluminum. I went ahead and ordered it assembled. I did not assemble this one myself, but I'm going to be putting it together probably this week.
I think I wanna take the time to document that at least in terms of a paper, like Blog long form type thing, and then I will be posting that hopefully, on Seth's, Seth for privacy on his new, webpage, which frankly escapes me at the moment, but we talked about it on his episode back in episode 141. So, as a kind of a tutorial, we'll see how all that turns out, but I am looking forward to Putting that together to finishing that up, and, it's a really nice looking device, to be honest. Now I bought the aluminum one. It was a little more expensive. I think this one was $150 more or less. It might I think it was a tiny bit more than that with shipping, But, had some nice instructions, had some everything was that you need was in there, the little micro SD card, the, unit itself, of course, which which has the Raspberry Pi, single board computer, or whatever they call it in the box.
The the cable that you would need to power it, so it's like a micro USB cable that you connect up to your seed signer, and then maybe you plug it into your into your computer, and it will power it up. Now it only does power. It doesn't actually provide data, and they make that very clear on the documentation. So Very well done. Got QR codes to go with it. Our QR, like, blank QR, pads, And actually a little sticker that said seed signer, which I could choose to stick on my laptop. I probably won't simply Because of the nature of what it is, I really like it, but that's the kind of thing I don't really want advertised, shall we say.
Yeah. So there you go. Very cool. Very, very cool. I will provide another report on that, after I get it done, if I get it done before Thursday, which I probably won't, to be honest, I'll talk about it then. Otherwise, I guess it will wait until next year. Just an update, on Argentina as well. Things seem to be progressing sing along down there, probably about as well as we can expect. President, Malay is very intent on shutting down the central bank. He has made that very clear.
[00:12:51] McIntosh:
Hold on just a second. I need to need to get some of my tea.
[00:12:57] McIntosh:
I actually need to take the tea bag out. In my opinion, and I may be mistaken in this or at least this may not one of everyone's opinion. If you leave the tea in there too long, it will make it Almost bitter. I don't know. I like it to a point, and then, you know, I don't want it to be any stronger, essentially. So the tea and the honey, nice. Alright. But, he look. I'll go through some of this when we go through the news. Time will tell. We're very early. He hasn't even taken office yet, But I I'm seeing promising things, frankly. You know? This is a long haul as I always say. I talked about, Bukele, last week or the week before. I mean, here he is running for his second term, and I'm I'm not convinced at this point. I think he's done a lot of good things, but history will will show how this goes.
And we are in the middle of it. And it's very difficult to see at this point. So next week will be the last episode of generation Bitcoin. I did get an email back from the Generation Bitcoin people. They will not be coming on the show. That doesn't change anything. They're busy. It's, the time of year when frankly, actually, the person I was Corresponding with I believe she's in a master's program or, bachelor's program, if I'm remembering correctly from Jimmy Jimmy Song's, interview with them. And, so, it's it's finals. I get it. So they won't be coming on, but we will be going forward with the new name. And like I said, I'll be sharing that name next week, but I'm excited about it because I think I finally got
[00:15:00] McIntosh:
Something I I was trying to explain this to my wife last night. I'm not really sure I'm doing a good job of it, but The words mean something. It's something that I think it'll have traction. We'll see. I'm not doing a good job of explaining it, but I'm really looking forward to
[00:15:20] McIntosh:
it. We'll be revealing that next week in case I just haven't said that, like, fourteen times already. But, I'm gonna have a new website. I would like to get a chat server set up. I'm looking at that. It might be a little quiet to start with and frankly probably will be, but I would love to, you know, start building more community. That's one of the things that I'm Really trying to do here. I love the fact that we've got some regulars who Boost in , who, you know, I kinda feel like I understand a little bit about their lives and this kind of thing, and that's terrific. But, we'll go ahead and start actively building community through, you know, through this chat setup. I would also like to start doing, live broadcast.
That is something that I'm thinking about as well. Now that's gonna be tricky, and especially considering the way that I Think and talk. What it will mean is that I will have to spend a lot more time and show prep because just to give you a little inside baseball here as we say, typically, what I do is I will sit down and write out an outline of what I'm going to talk about. And so I'm not really winging it, but I am sitting here actively thinking as I'm talking about kinda what I'm gonna say next and this, that, and the other. And what that really does is it slows me down, and so I end up going in and then clipping out a lot of spaces, dead air as I would say, and to to try and tighten it up. Now I'm by nature a fairly slow speaker, but Being put in that position where I'm just, you know, thinking, thinking, thinking for 60 minutes, and it's going to slow me down even more.
So if we're gonna do this live to keep things from, you know, grinding to a halt and everybody's saying, oh my Goodness, McIntosh. You could, like, speed this up. I'm going to have to spend more time in show prep. Right? I'm gonna have to Dial in, maybe not rehearsed beforehand really, but, you know, really think through what am I gonna be talking about, Kind of the subtopics of those main topics and all that kind of stuff. So looking forward to that, that will bring in some video as well. I'm Hoping we will see. Not that I'm necessarily interested in having myself plastered all over the Internet, but, I think there's a lot of There's a group of people that really like video. I may be one of those, to be honest, because of the details that it can bring up Across things like when I talk about trading view and show you, you know, how This chart, I mean, yes, I can put it on Twitter or whatever, but
[00:18:28] McIntosh:
it would be a lot easier
[00:18:30] McIntosh:
it would be a lot easier Do this kind of in real time on a video setup. So that's one of the things I'm looking at doing. I have a whole list, actually. December task. Hey. I can mark the first one off. It's not even December. I'm gonna do that right here. Where's the strike through? Done. Register new domain. That has been done. Move podcast. Okay. So I'll be moving over to Castapod. And so when you go to castpod.newdomainname, that will actually take you to where the website, where the podcast will be hosted. If you've ever looked at Castapod, they have some community type functionality built on top of it. But to be honest, it's not super it's not great at this point. I put it that way. So it's not really something I'm gonna Actively be talking about or encouraging.
I may set up a, Mastodon instance. I have Thought about that, and that may be certainly possible. So we would possibly do something like mastodon dot new domain name. And then that would take you to the Mastodon instance, and you could join that and use that as to again, to for community building, but as a way to join the Mastodon Federated Universe. So, so Moo podcast set up live video podcast, and we've got a great article. They recently did this at a conference. It was, Blue put it on, and it worked spectacularly from everything that I can tell.
So, one of the guys, I think he's CTO of the company, he was kind enough to write a medium article about it, and I have that written down. And then along with a number of other little things kind of in that vein in order to do live video. Now that may not happen right out of the gate, January 1. I'm just gonna be honest, but it is a goal. I'm going to hopefully buy that little, Linux, server I've been talking about for, gosh, a long time, probably most of this year. It's called the BLINK GTR seven Pro is the one that I've decided on. It's an AMD, nice little setup. So I'm planning on running probably Ubuntu on it.
So then I would actually run Reaper on that. I would do my live, I've, if I've got video editing software that I need to do for this video stuff, then I will probably have that as well. And then, of course, like I mentioned earlier, I'm gonna try and write an article for Seth's website. So that month, Even though I will not be recording, we'll be extremely busy, and I will get through as much of it as I can. You will still be able to get a hold of me at gendashbtc.com. So that's the Generation Bitcoin website. For the foreseeable future, although I will not retain that domain name forever, there's just no use in doing that.
I will move over. Right now, I'm using a WordPress website, which historically is something that I've done a number of times for Other little, for other small businesses that I've helped out. I'm I'm I think I'm gonna do something different, and I haven't decided what yet, but WordPress is kind of I don't know. You look at a WordPress website, and it's like, you know it's WordPress, which is fine. It's just I I would like to be different, maybe. I don't know. That's up in the air. I'm not sure what the point of all that is other than I need to rebuild the website onto the new domain name whether I move WordPress over or choose to do something different. I would also like to get more of a Noster presence.
I'm not sure just And I don't talk about Nostra very much on here, but I'm not sure. I love the idea of Nostra, decentralized privacy focused financial rails based on Satoshis. I love all that. I think it has its drawbacks including the fact that there really aren't that many people using it. Although, One nice size side of that is it kinda gives you an outsized, sphere of influence if you're actually using it. So if you're Putting out content there, and people notice it. It's a lot easier to get noticed there than say on Twitter. Even though I tweet Stuff routinely multiple times a day.
The reality is some of those most of those get very little traction, and even though there's,
[00:23:29] McIntosh:
I don't know, a 100,000,000 maybe Twitter users. I don't I don't know how many? There's a lot. And I have tweets. It'll have 3 or 4 people that'll view it, which is frankly depressing.
[00:23:45] McIntosh:
So, anyways, we'll see. I would I would like to do that. I would love to have something because there's always you got Mastodon. You've got LinkedIn. You've got, Not that I do anything on LinkedIn, but you've got Nostril, you know, you've got multiple platforms. It would be Really great. And I know they're please, you don't need to send me a boost. I know there's stuff that's available that will let you do that Were you kind of blasted out everywhere at once? I don't know. But it gets very tiresome Even just posting when I make a new episode, I've got 3 places I have to go and post that.
That'd be something I'd love to solve as well. So hopefully, 2024, regardless of what's going on in the world, which we don't know. In terms of this podcast, I hope that we are moving forward and building a better product, really. I view this as a product in the sense that even though people don't pay me for the ability to listen to it, You know, we're a value for value podcast be in from everything that I can tell, the way that I get more value back whether that's people helping or monetarily through Satoshis. The way that I increase that is by providing a better value experience. Why would I start up another chat server to Something else to deal with. Well, because that's building community. It's providing a better experience and hopefully more value to the listeners who are part of this podcast.
That's gonna be my goal, my focus in 2024. Does that make sense? I I hope it does. I think it does. It does to me. So that will be my focus in 2024. We're gonna kick it off here at the end of 2023 with as much of this as we can do, and we'll keep rolling from there. I do plan on going to the Bitcoin conference in July in Nashville. I would love to meet up with listeners. I if we have enough people who are going, and I have no idea if we will or not, maybe we could get together at, like, a pizza place or something and just have a little party.
I don't know. I haven't that's literally, like, the first time I've thought about about that, but I would at least love to meet up with with people. So alright. Let's see. What else do we have tonight? We should talk about our supporters. They had some boost in the last few days. I I do think next Here, as we move into this new thing, one of the one of the things I one of the things I need to do is Decide on some changes I want to make to kind of the format of the podcast. One of the things I would like to do, To be honest, and this is actually something that your listeners could help out with, I would love to get some value for valued music on here, at least clips of it. Because probably my clips that are on here have gotten stale,
[00:27:04] McIntosh:
so to speak, and, you know, we're changing the name of the
[00:27:08] McIntosh:
Podcast, it'd be a great time to do this. If you have any suggestions for some value for value music that's out there on Wave Lake or something like that. I will try and figure out at least how I can maybe initially just clip it in, and then Ultimately, there is a way now that people do, splits where, like, if well, splits have been around for a while, but specifically,
[00:27:42] McIntosh:
Let's say I've got
[00:27:44] McIntosh:
I'm just gonna say the Foo Fighters because they're the first thing that comes to mind. They're certainly not value for value, but let's say I've got one of the Foo Fighters songs at the start of the podcast. When you're listening to that either streaming or boosting that, Part of that would go directly to them, and then it would switch after the song to whatever the normal was if it was just me, if I was the only one, or me and a cohost or or whatever. Right? I'd again, it's it's like. I don't talk about the music stuff on here very often, but it definitely Seems to be gaining a a good amount of traction, actually. I have high hopes for it. I really think This may move forward the live podcasting stuff and make it a little more important, which would be really nice.
So we'll see how that turns out, but that's one of the things I would like to do. If you have some suggestions for kind of Start end song type stuff. If there's a a 15 to 22nd clip, that would sound good. I'm not gonna have well, the end, I can do a whole song as I do now. I do a much longer thing now, but the start needs to be, a shorter amount, I do not have a mixer right now. If I had a mixer, we could, like, bring the sound down on the music, Make a bed. Let it play underneath while I'm talking over it at the start. But for now, we got kinda gotta keep out of that.
So if you have some suggestions about that, feel free to boost those in and let me know or send me an email at [email protected]. Okay. I guess I'll I've only had one boost, and that's fine. I thought I had two. Apparently, I did not. From episode 146, I got a 3333 boost, from Sir Michael, and he said, listening on fountain. Thank you, Sir Michael. I appreciate that. And he said, Happy Thanksgiving. Did you see the fees paid for block 81808 seven. No. I did not. Not directly. I have heard about this, and I must actually gonna talk about it in the news already, but I appreciate that. It's it's insane. So they this has actually happened a couple of times lately, and historically, this has happened a few times.
[00:30:21] McIntosh:
So you can overpay
[00:30:25] McIntosh:
to have your transaction included in the blockchain. So, literally, I could be sending someone 10,000 sats, and I could have a dollar a a dollar. A Bitcoin be the transaction fee, which would just be stupid. It has happened. There have been cases where fees have been returned. 1 happened recently.
[00:30:54] McIntosh:
I'm not, To be honest, as a miner, I don't really like that.
[00:31:00] McIntosh:
Not really a fan. I get it why they do it, but Really, most of the time, these are bugs that need to be fixed. I hope that that that was the case here where there was a bug and, maybe they've figured that out, and hopefully, they're fixing that in their wallet. I'm gonna look that up real quick. 8 let's see.
[00:31:26] McIntosh:
Block 818087.
[00:31:31] McIntosh:
So yeah. I did. I definitely heard about this. If you look it up on a block explorer, you can go to Paul.space. This happened on 11/23, probably UTC time, but, 4 days ago,
[00:31:49] McIntosh:
About 4 o'clock in the morning.
[00:31:52] McIntosh:
And just to give you an idea, the median fee was a 141 sets. The fee span went from a 129 sats per v byte to, let's see, 16,000,000 917,160
[00:32:07] McIntosh:
sats per byte. The total fees,
[00:32:13] McIntosh:
I hope you're sitting down for this is 85.216 Bitcoin, which right now or at least at the time this was, mined was worth $3,000,000, Almost $3,200,000.
[00:32:29] McIntosh:
The total block was 91.466 Bitcoin, and that was $3,400,000.
[00:32:39] McIntosh:
It was mined in the amp pool. It is possible there was something going on that, you know, some exchange or whatever in the background, who knows, or This was simply a mistake. I haven't heard one way or the other. I don't know. I wonder what the subsidies were, not the subsidies. I wonder what the fees in Antpool were for that block when it got mined like. To understand The it's 91.466 Bitcoin, but that's divided up among tens of thousands probably of minors. It's a much, much smaller amount per miner for that block. Very, very interesting kind of one of the little edge cases with Bitcoin.
It seems like that only happened, like, a couple months ago or maybe even less. I mean, it's kinda weird because you don't hear about this for a long time and then just boom all of a sudden now it's happened, a couple of times. So let's see. 123. Wow. We mined 4 blocks today in brains. That is awesome. It's been tough. 1, 2, 3 the day before and then 1 the day before that. So that was the 24th and then not on the 23rd. 2 on the 22nd, and then 1, 2, 3 on the 21st, and then a 4 day gap Between 17th and 21st, that as far as I know is the longest I've seen brains go since I've been mining, early this year on brains, without a block.
So that was depressing. Let's look Look at the 7 day moving average type thing here. See if it started to move up. A little bit. Yeah. We've got this chart, basically, a 7 day average of the rewards. Essentially, in a graphical form is representing kind of this average Because with so much between one day and the next, it's you need a way to kinda average that out. So, very good. It does look like it's looking a little better. Just to give you an idea for my last block that I mined, and this essentially is for all the miners that I have in service. You get one reward. It's 0.00172902 Bitcoin. So 11000th, almost 12 thousandth of a Bitcoin.
I think I'm doing that math right. Pretty sure I am. But over time, it does add up, of course, or we wouldn't be doing this. So, sir Michael, I believe I've never heard from you. I have heard of you from other shows, and I do appreciate you listening. Absolutely. And it was awesome to hear from you, so thank you very much. I believe yeah. I believe I've heard of you from other shows.
[00:35:44] McIntosh:
You're definitely, I would assume, a night of the round table or a night of the,
[00:35:49] McIntosh:
no agenda table or however they say it. Very cool. So aside from that little bit of news, which was Kind of an interesting little side note. I already mentioned mining difficulty. This was actually the 6th increase And going back 10 weeks, 1, 2, 3, 4 yeah. Going back 10 weeks. And so we are now at an all time high in mining difficulty. That's simply a reflection. Like I said, it's the number of minors. It's the number of hash. It's It's really all about that hash rate. What that means, we're at an all time high for our hash rate, which is absolutely What we see, we're pressing in towards 500 Exashash.
492 Exashash per second last, seven day average. Yep. fourteen day was 491. Thirty day was four seventy three. So as we go back in time on these averages, you can see the number lowers, which is exactly what you would expect given that We we see more and more hash rate coming online. So right now, the next difficulty adjustment, which isn't supposed to take place until December 9th, If it were to happen right now, it would be 1.06% down. So I don't know. Maybe we've reached some sort of top for now. I don't know where we can go with this because It's getting difficult enough even with the hash price that I think if things continue the way that they have been, we're going to start to see miners, Public miners experiencing extreme distress and certainly in terms of their finances.
We will see. I know that sounds crazy with $37,000 Bitcoin, but It's not. It might be really tough around the happening next year. We will see. Alright. Other news. Other news. Other news. . I thought this was very interesting. So BlackRock, of course, largest, basically, largest investment firm in the world, who He's filing for a Bitcoin spot ETF. Back in 2022, apparently, they released a study that indicated That the optimal portfolio allocation to Bitcoin was 84.9%. The remaining 15.1% can go to equities and bonds. I would not have believed it if I didn't see the document myself. It's right here. I've reposted it. And that is literally what it says.
I've they're very bullish on Bitcoin, if that's true. We'll see. If you entered at the all time high, like I said, you'd be up 40% even though we're still 40 plus percent off That all time high. That is the power the power of DCA. Do not underestimate that. This is all getting posted on Twitter, by the way. You can follow me at McintoshFintech there. One very important thing I wanted to note. It's probably the biggest news of the week, and I hope it doesn't go unnoticed. There's a company, up in Canada run by a a guy with a, anonymous handle of u t x o underscore one, o n e, called nodeless.
Io. It looks I've never run it. It looks like and I've never used it. So it's open source. So you can run your own, or you can use his setup or her setup. It's basically a way to make it very easy to take money, Satoshis online for businesses. It's a really interesting looking piece of software. Well, he lives in Canada, and apparently, they have decided They are going to investigate him and so on and so forth. So he got some type of notice. I don't know exactly. He did say in his, notice. He said, I am being investigated for running an illegal money transmission business in Canada.
And by the advice of his lawyers, he needs to shut down the main instance Sense of node list. So effectively, he's closing node list down. The code is open source. It is still available. I would highly encourage anyone who has interest in this to pursue this, posting it elsewhere. I think this is very valuable software. I actually disagree that it's money transmission business. The reason why is because he's their argument Would be well, he's making a percentage off of what you know, if you have, say Well, it's a percentage like whatever it is, and it's not very much. It's like 1% plus a 100 sats. So if I send a 1,000 sats, I mean, a 1,000 sats isn't very much, so it'd be a 100 sats of that. So 10% plus 1% of a 1,000.
But if it's
[00:41:09] McIntosh:
10,000 sats. It would still only be
[00:41:13] McIntosh:
a 100 sats plus 1% of 10,000, whatever that is. So, pretty reasonable, and that's why they're saying he's running a money transmission business. But, Look. This stuff has to be updated. This is the new world and, you know, I don't know. But I was very disappointed to see that. I Ask him if he would come on the show. I've not gotten a response. I'm sure he's inundated,
[00:41:40] McIntosh:
with stuff, and I get that. But, Yeah. It'd be cool to have him on the show.
[00:41:46] McIntosh:
I posted a chart from somebody else, but I posted a chart about the national income earned by the bottom 50%. So in other words, the The lower half of the country, their share of the national income has been basically going straight downhill since the 19 eighties, since early eighties. And, it's sad. It went from 20% down to, 12%. And this is I I think you could argue that this is representative of a number of things, but, I mean, our economy is just in trouble. And this is the world in general. The rich are getting I mean, You've heard the statement. The rich get richer, the poor get poor, and that's true. The rich are getting richer because they have money and assets that appreciate with interest real estate, not with interest, with inflation.
As inflation goes up, house prices go up, you're making more money if you own the house and you rent it out. It's that simple. If I'm living paycheck to paycheck and I don't have enough money to invest in a 401 k or real estate or anything like that. I don't get any advantage from that, and I only get the disadvantages
[00:43:15] McIntosh:
of inflation. Pay more at the supermarket. I went to the supermarket.
[00:43:21] McIntosh:
I don't shop very much, but I went yesterday, And it's just like, man, everything I looked at was more expensive. They had been it seemed like just a few months ago. I don't know. But, you know, we're doing good. Doing good. I posted some news about Malay. I'm not sure if he's gonna dollarize the economy, at least according to this article, we'll see. I do know he's gonna take away their central bank. I do know that he's basically going to Promote that capitalist, that business owners are not the root cause of their inflation. So that's good.
So generation Bitcoin is a podcast in 2.0 podcast. We are value for value. We have no sponsors, no advertising. You can support the podcast in 3 different ways, time, talent, or treasure. If you wanna support the podcast And have some time or talent, lady or gentlemen, now is your time to step forward. I could use this help During this month, I've given you a list of all the things that I'm going to try and accomplish. Would love some help. And,
[00:44:30] McIntosh:
treasure
[00:44:31] McIntosh:
Treasure is just what it sounds like. If you find the content valuable, you can support the podcast by streaming sets or boosting from a podcasting 2 point o app. You can get one of those for the optimal listening experience at new podcast apps.com. I would highly recommend that you try 3 or 4 different ones. You've got apps like Castomatic , Fountain, podcast guru. There's a whole list, and they're all there at new podcast apps.com. I'm in the middle of, like, three of them all at the same time. Fountain has a big one point o version coming up fairly soon. It has actually not been released to the beta testers yet, although that would be happening, like, literally anytime in the next 24 hours is from what I can tell.
If you like the content, I would love it if you would tell your friends about the generation Bitcoin podcast. That is Absolutely the fastest way to make this podcast grow. Thanks for being here. I hope it's been helpful. I would love to hear from you. I'm on Twitter at Macintosh Fintech. I'm a Mastodon at McIntosh at podcast index dot social, and I can be reached by email at Mcintosh at gen-btc.com. Stay humble friends. Go out. Make it a great week. I will talk to y'all on Thursday one last time.
Hey, Sat Stackers, today is November 26th, and this is episode 147 of generation Bitcoin. I'm your host, Mcintosh, and today's episode is the final countdown. I hope, I hope you had Europe's final countdown playing in your head. You know? Whatever. Sorry. That was bad. But, yeah, with all apologies to Europe, the band. We are marking next episode Will be our last as generation Bitcoin. In the stretch, we will have an episode on the 30th, if all goes well, or the 31st if I get delayed for some reason as it happens sometimes with my work. And then we'll be taking the month of December off as I've explained. The next episode, I will be revealing the new name. I I registered it yesterday, and, I will be preparing that website and all of that. And at some point during that time, during the month off, the site will move probably fairly early, actually.
The podcast itself will move
[00:01:44] McIntosh:
over to the new name. So but that's for next week.
[00:01:49] McIntosh:
Market update. To market update, we had a weekly close a few hours ago, 37,400 and 54. If you go back and look at the chart that I've drawn, we are tracking right on target.
[00:02:05] McIntosh:
We have spent interesting little thing that happened here. Essentially, the weekend
[00:02:14] McIntosh:
Above above our our level of support resistance at 37,500.
[00:02:22] McIntosh:
. And then tonight, we kind of fell below it.
[00:02:26] McIntosh:
We closed the week at, like I said, 37,454, slightly below that 37,500. We are still below it. It could pop back above it, but, you know, we've nicely went up and touched the upper part of that ascending channel. We are very strongly looking like this ascending channel is going to play out. So it may you know, it it could possibly still absolutely go down thirty six six. Maybe a little bit higher depending on how far into the week that we are. But the time is coming when this bottom part of the channel, so to speak, will force it upwards. I mean, It's either that or it falls out and which is statistically unlikely.
So I'm suggesting that, you know, We're looking at basically very early December, somewhere around 3rd, 4th, 5th. It's going to be forced above this level of 37,500 if it hasn't already permanently established itself above that or at least semi permanently, whatever. But, but, yeah, we'll we'll see how this works out, but The the pattern that we discussed last week still in play. We've still got this upward channel. We're still well within that. We're Actually, right in the middle of it right now. We are below that level of resistance for now at 37,500 Ish, and you'll see that we've we've spent a good bit of time here.
It will be very interesting. I think this will prove to be a Pretty solid level of support once we get above it, but we will see. So, of course, as always, that is not trading advice. I'm not trading this. I do not suggest that you trade this. As always, I suggest that what you should do is DCA. I saw a chart this week, which I have mentioned in the past. If you've since the top 69,000, that you are actually in profit, which would be a pretty good place to be considering the price of Bitcoin that it is right now. In other words, you've started buying Bitcoin at $5 a day, $10 a day, Whatever it is, $100 a day. I don't know.
But you've been doing that since 69,000, And here we are $30,000 below that and you're in profit. That's what DCA Bitcoin will do for you. So don't forget that. Don't you know, we do these chart patterns, and it's fun, and it gives us an idea of maybe where things are gonna Go in the market. But this isn't trading advice. This isn't a trading podcast. I'm not some trading guru, Anything like that. I want you to keep that in mind. Always. DCA. Alright. The difficulty adjustment happened on the 26th. It did happen. Yes.
Which would be today, 25th. Excuse me. The last adjustment was on the 25th. It must have happened late on 25th. Pretty sure it was saying 26 earlier was when it was estimated. But regardless, it happened on the 25th, 5.07%, so another upward increase. I think this was it's been quite a few now that it's been upward. We've had more hash coming in. We've had new servers coming online. It's no longer summer, so at least here in the upper in the Northern Hemisphere. So, you know, the large areas of Texas that, you know, massive numbers of minors are being turned on and off for energy reasons, during the heat of the Texas summer that's come to an end.
So we're all and and Bitcoin price is up, so older miners are getting put back online. The mining dip that is why the mining difficulty keeps ratcheting up, just to be clear.
[00:06:52] McIntosh:
So
[00:06:54] McIntosh:
And our block height, by the way, I I if I haven't said this earlier, our block height at time of recording is 818-653.
[00:07:01] McIntosh:
I must have already said that. Alright.
[00:07:05] McIntosh:
Let's go through the rest of these statistics. We do have the having coming up in April. Looking like it would be around April 23rd, so we're kind of narrowing that in. Fees. Let me bring up mempool.space. Fees have been high, but not as high as they have been. Right now, we're looking at 58, 67, and 77 sats per v byte. So a little bit lower than they have been, but the pool is definitely Still full. We're at 1.21 gigabytes. I think I saw it sneak down into the twenties at 1 point very briefly. Alright. So let's jump on in. As I said, next episode will be the last one.
I had a realization today. It's kind of funny.
[00:08:00] McIntosh:
I was listening to the Bitcoin Dad podcast. And,
[00:08:05] McIntosh:
so the Bitcoin Dad and a guy named Chris from Juniper, Networks, who he was the founder of Juniper Networks, creator of Juniper Networks, and, does a number of podcasts including, I wanna say Linux unplugged, and a number of others. But, anyways, they do a weekly podcast, and
[00:08:32] McIntosh:
I realized that Bitcoin Dad was
[00:08:37] McIntosh:
Kind of like a calm version of myself. He they were talking about something, and it was something that well, it was actually the, it's what I just talked about, the the censorship of, transactions by the mempool. And, of course, I get extremely agitated, shall we say, about that, type thing because it's and because it's super important, and I know he believes that it is. It's that's not the case at all. It's just, you know, he Comes across very calm. I thought that was kind of funny. He never I don't think I've ever heard him raise his voice on his podcast. Just one of those thoughts I had. Whatever. But, I also got my seed signer this week.
So this is, this will be used for my Bitcoin, mining, which I've discussed in the past to move the mined sets off my mining pool. Of course, I wanted to move them straight into a nice hardware wallet that was set up just for that. I interviewed seed signer, as you all know, a few weeks ago. I've been looking at their product for a while, and I actually bought a nice, It was not the aluminum one. It was the black one. Well, it's, sorry. Not the silver one, the black aluminum. I went ahead and ordered it assembled. I did not assemble this one myself, but I'm going to be putting it together probably this week.
I think I wanna take the time to document that at least in terms of a paper, like Blog long form type thing, and then I will be posting that hopefully, on Seth's, Seth for privacy on his new, webpage, which frankly escapes me at the moment, but we talked about it on his episode back in episode 141. So, as a kind of a tutorial, we'll see how all that turns out, but I am looking forward to Putting that together to finishing that up, and, it's a really nice looking device, to be honest. Now I bought the aluminum one. It was a little more expensive. I think this one was $150 more or less. It might I think it was a tiny bit more than that with shipping, But, had some nice instructions, had some everything was that you need was in there, the little micro SD card, the, unit itself, of course, which which has the Raspberry Pi, single board computer, or whatever they call it in the box.
The the cable that you would need to power it, so it's like a micro USB cable that you connect up to your seed signer, and then maybe you plug it into your into your computer, and it will power it up. Now it only does power. It doesn't actually provide data, and they make that very clear on the documentation. So Very well done. Got QR codes to go with it. Our QR, like, blank QR, pads, And actually a little sticker that said seed signer, which I could choose to stick on my laptop. I probably won't simply Because of the nature of what it is, I really like it, but that's the kind of thing I don't really want advertised, shall we say.
Yeah. So there you go. Very cool. Very, very cool. I will provide another report on that, after I get it done, if I get it done before Thursday, which I probably won't, to be honest, I'll talk about it then. Otherwise, I guess it will wait until next year. Just an update, on Argentina as well. Things seem to be progressing sing along down there, probably about as well as we can expect. President, Malay is very intent on shutting down the central bank. He has made that very clear.
[00:12:51] McIntosh:
Hold on just a second. I need to need to get some of my tea.
[00:12:57] McIntosh:
I actually need to take the tea bag out. In my opinion, and I may be mistaken in this or at least this may not one of everyone's opinion. If you leave the tea in there too long, it will make it Almost bitter. I don't know. I like it to a point, and then, you know, I don't want it to be any stronger, essentially. So the tea and the honey, nice. Alright. But, he look. I'll go through some of this when we go through the news. Time will tell. We're very early. He hasn't even taken office yet, But I I'm seeing promising things, frankly. You know? This is a long haul as I always say. I talked about, Bukele, last week or the week before. I mean, here he is running for his second term, and I'm I'm not convinced at this point. I think he's done a lot of good things, but history will will show how this goes.
And we are in the middle of it. And it's very difficult to see at this point. So next week will be the last episode of generation Bitcoin. I did get an email back from the Generation Bitcoin people. They will not be coming on the show. That doesn't change anything. They're busy. It's, the time of year when frankly, actually, the person I was Corresponding with I believe she's in a master's program or, bachelor's program, if I'm remembering correctly from Jimmy Jimmy Song's, interview with them. And, so, it's it's finals. I get it. So they won't be coming on, but we will be going forward with the new name. And like I said, I'll be sharing that name next week, but I'm excited about it because I think I finally got
[00:15:00] McIntosh:
Something I I was trying to explain this to my wife last night. I'm not really sure I'm doing a good job of it, but The words mean something. It's something that I think it'll have traction. We'll see. I'm not doing a good job of explaining it, but I'm really looking forward to
[00:15:20] McIntosh:
it. We'll be revealing that next week in case I just haven't said that, like, fourteen times already. But, I'm gonna have a new website. I would like to get a chat server set up. I'm looking at that. It might be a little quiet to start with and frankly probably will be, but I would love to, you know, start building more community. That's one of the things that I'm Really trying to do here. I love the fact that we've got some regulars who Boost in , who, you know, I kinda feel like I understand a little bit about their lives and this kind of thing, and that's terrific. But, we'll go ahead and start actively building community through, you know, through this chat setup. I would also like to start doing, live broadcast.
That is something that I'm thinking about as well. Now that's gonna be tricky, and especially considering the way that I Think and talk. What it will mean is that I will have to spend a lot more time and show prep because just to give you a little inside baseball here as we say, typically, what I do is I will sit down and write out an outline of what I'm going to talk about. And so I'm not really winging it, but I am sitting here actively thinking as I'm talking about kinda what I'm gonna say next and this, that, and the other. And what that really does is it slows me down, and so I end up going in and then clipping out a lot of spaces, dead air as I would say, and to to try and tighten it up. Now I'm by nature a fairly slow speaker, but Being put in that position where I'm just, you know, thinking, thinking, thinking for 60 minutes, and it's going to slow me down even more.
So if we're gonna do this live to keep things from, you know, grinding to a halt and everybody's saying, oh my Goodness, McIntosh. You could, like, speed this up. I'm going to have to spend more time in show prep. Right? I'm gonna have to Dial in, maybe not rehearsed beforehand really, but, you know, really think through what am I gonna be talking about, Kind of the subtopics of those main topics and all that kind of stuff. So looking forward to that, that will bring in some video as well. I'm Hoping we will see. Not that I'm necessarily interested in having myself plastered all over the Internet, but, I think there's a lot of There's a group of people that really like video. I may be one of those, to be honest, because of the details that it can bring up Across things like when I talk about trading view and show you, you know, how This chart, I mean, yes, I can put it on Twitter or whatever, but
[00:18:28] McIntosh:
it would be a lot easier
[00:18:30] McIntosh:
it would be a lot easier Do this kind of in real time on a video setup. So that's one of the things I'm looking at doing. I have a whole list, actually. December task. Hey. I can mark the first one off. It's not even December. I'm gonna do that right here. Where's the strike through? Done. Register new domain. That has been done. Move podcast. Okay. So I'll be moving over to Castapod. And so when you go to castpod.newdomainname, that will actually take you to where the website, where the podcast will be hosted. If you've ever looked at Castapod, they have some community type functionality built on top of it. But to be honest, it's not super it's not great at this point. I put it that way. So it's not really something I'm gonna Actively be talking about or encouraging.
I may set up a, Mastodon instance. I have Thought about that, and that may be certainly possible. So we would possibly do something like mastodon dot new domain name. And then that would take you to the Mastodon instance, and you could join that and use that as to again, to for community building, but as a way to join the Mastodon Federated Universe. So, so Moo podcast set up live video podcast, and we've got a great article. They recently did this at a conference. It was, Blue put it on, and it worked spectacularly from everything that I can tell.
So, one of the guys, I think he's CTO of the company, he was kind enough to write a medium article about it, and I have that written down. And then along with a number of other little things kind of in that vein in order to do live video. Now that may not happen right out of the gate, January 1. I'm just gonna be honest, but it is a goal. I'm going to hopefully buy that little, Linux, server I've been talking about for, gosh, a long time, probably most of this year. It's called the BLINK GTR seven Pro is the one that I've decided on. It's an AMD, nice little setup. So I'm planning on running probably Ubuntu on it.
So then I would actually run Reaper on that. I would do my live, I've, if I've got video editing software that I need to do for this video stuff, then I will probably have that as well. And then, of course, like I mentioned earlier, I'm gonna try and write an article for Seth's website. So that month, Even though I will not be recording, we'll be extremely busy, and I will get through as much of it as I can. You will still be able to get a hold of me at gendashbtc.com. So that's the Generation Bitcoin website. For the foreseeable future, although I will not retain that domain name forever, there's just no use in doing that.
I will move over. Right now, I'm using a WordPress website, which historically is something that I've done a number of times for Other little, for other small businesses that I've helped out. I'm I'm I think I'm gonna do something different, and I haven't decided what yet, but WordPress is kind of I don't know. You look at a WordPress website, and it's like, you know it's WordPress, which is fine. It's just I I would like to be different, maybe. I don't know. That's up in the air. I'm not sure what the point of all that is other than I need to rebuild the website onto the new domain name whether I move WordPress over or choose to do something different. I would also like to get more of a Noster presence.
I'm not sure just And I don't talk about Nostra very much on here, but I'm not sure. I love the idea of Nostra, decentralized privacy focused financial rails based on Satoshis. I love all that. I think it has its drawbacks including the fact that there really aren't that many people using it. Although, One nice size side of that is it kinda gives you an outsized, sphere of influence if you're actually using it. So if you're Putting out content there, and people notice it. It's a lot easier to get noticed there than say on Twitter. Even though I tweet Stuff routinely multiple times a day.
The reality is some of those most of those get very little traction, and even though there's,
[00:23:29] McIntosh:
I don't know, a 100,000,000 maybe Twitter users. I don't I don't know how many? There's a lot. And I have tweets. It'll have 3 or 4 people that'll view it, which is frankly depressing.
[00:23:45] McIntosh:
So, anyways, we'll see. I would I would like to do that. I would love to have something because there's always you got Mastodon. You've got LinkedIn. You've got, Not that I do anything on LinkedIn, but you've got Nostril, you know, you've got multiple platforms. It would be Really great. And I know they're please, you don't need to send me a boost. I know there's stuff that's available that will let you do that Were you kind of blasted out everywhere at once? I don't know. But it gets very tiresome Even just posting when I make a new episode, I've got 3 places I have to go and post that.
That'd be something I'd love to solve as well. So hopefully, 2024, regardless of what's going on in the world, which we don't know. In terms of this podcast, I hope that we are moving forward and building a better product, really. I view this as a product in the sense that even though people don't pay me for the ability to listen to it, You know, we're a value for value podcast be in from everything that I can tell, the way that I get more value back whether that's people helping or monetarily through Satoshis. The way that I increase that is by providing a better value experience. Why would I start up another chat server to Something else to deal with. Well, because that's building community. It's providing a better experience and hopefully more value to the listeners who are part of this podcast.
That's gonna be my goal, my focus in 2024. Does that make sense? I I hope it does. I think it does. It does to me. So that will be my focus in 2024. We're gonna kick it off here at the end of 2023 with as much of this as we can do, and we'll keep rolling from there. I do plan on going to the Bitcoin conference in July in Nashville. I would love to meet up with listeners. I if we have enough people who are going, and I have no idea if we will or not, maybe we could get together at, like, a pizza place or something and just have a little party.
I don't know. I haven't that's literally, like, the first time I've thought about about that, but I would at least love to meet up with with people. So alright. Let's see. What else do we have tonight? We should talk about our supporters. They had some boost in the last few days. I I do think next Here, as we move into this new thing, one of the one of the things I one of the things I need to do is Decide on some changes I want to make to kind of the format of the podcast. One of the things I would like to do, To be honest, and this is actually something that your listeners could help out with, I would love to get some value for valued music on here, at least clips of it. Because probably my clips that are on here have gotten stale,
[00:27:04] McIntosh:
so to speak, and, you know, we're changing the name of the
[00:27:08] McIntosh:
Podcast, it'd be a great time to do this. If you have any suggestions for some value for value music that's out there on Wave Lake or something like that. I will try and figure out at least how I can maybe initially just clip it in, and then Ultimately, there is a way now that people do, splits where, like, if well, splits have been around for a while, but specifically,
[00:27:42] McIntosh:
Let's say I've got
[00:27:44] McIntosh:
I'm just gonna say the Foo Fighters because they're the first thing that comes to mind. They're certainly not value for value, but let's say I've got one of the Foo Fighters songs at the start of the podcast. When you're listening to that either streaming or boosting that, Part of that would go directly to them, and then it would switch after the song to whatever the normal was if it was just me, if I was the only one, or me and a cohost or or whatever. Right? I'd again, it's it's like. I don't talk about the music stuff on here very often, but it definitely Seems to be gaining a a good amount of traction, actually. I have high hopes for it. I really think This may move forward the live podcasting stuff and make it a little more important, which would be really nice.
So we'll see how that turns out, but that's one of the things I would like to do. If you have some suggestions for kind of Start end song type stuff. If there's a a 15 to 22nd clip, that would sound good. I'm not gonna have well, the end, I can do a whole song as I do now. I do a much longer thing now, but the start needs to be, a shorter amount, I do not have a mixer right now. If I had a mixer, we could, like, bring the sound down on the music, Make a bed. Let it play underneath while I'm talking over it at the start. But for now, we got kinda gotta keep out of that.
So if you have some suggestions about that, feel free to boost those in and let me know or send me an email at [email protected]. Okay. I guess I'll I've only had one boost, and that's fine. I thought I had two. Apparently, I did not. From episode 146, I got a 3333 boost, from Sir Michael, and he said, listening on fountain. Thank you, Sir Michael. I appreciate that. And he said, Happy Thanksgiving. Did you see the fees paid for block 81808 seven. No. I did not. Not directly. I have heard about this, and I must actually gonna talk about it in the news already, but I appreciate that. It's it's insane. So they this has actually happened a couple of times lately, and historically, this has happened a few times.
[00:30:21] McIntosh:
So you can overpay
[00:30:25] McIntosh:
to have your transaction included in the blockchain. So, literally, I could be sending someone 10,000 sats, and I could have a dollar a a dollar. A Bitcoin be the transaction fee, which would just be stupid. It has happened. There have been cases where fees have been returned. 1 happened recently.
[00:30:54] McIntosh:
I'm not, To be honest, as a miner, I don't really like that.
[00:31:00] McIntosh:
Not really a fan. I get it why they do it, but Really, most of the time, these are bugs that need to be fixed. I hope that that that was the case here where there was a bug and, maybe they've figured that out, and hopefully, they're fixing that in their wallet. I'm gonna look that up real quick. 8 let's see.
[00:31:26] McIntosh:
Block 818087.
[00:31:31] McIntosh:
So yeah. I did. I definitely heard about this. If you look it up on a block explorer, you can go to Paul.space. This happened on 11/23, probably UTC time, but, 4 days ago,
[00:31:49] McIntosh:
About 4 o'clock in the morning.
[00:31:52] McIntosh:
And just to give you an idea, the median fee was a 141 sets. The fee span went from a 129 sats per v byte to, let's see, 16,000,000 917,160
[00:32:07] McIntosh:
sats per byte. The total fees,
[00:32:13] McIntosh:
I hope you're sitting down for this is 85.216 Bitcoin, which right now or at least at the time this was, mined was worth $3,000,000, Almost $3,200,000.
[00:32:29] McIntosh:
The total block was 91.466 Bitcoin, and that was $3,400,000.
[00:32:39] McIntosh:
It was mined in the amp pool. It is possible there was something going on that, you know, some exchange or whatever in the background, who knows, or This was simply a mistake. I haven't heard one way or the other. I don't know. I wonder what the subsidies were, not the subsidies. I wonder what the fees in Antpool were for that block when it got mined like. To understand The it's 91.466 Bitcoin, but that's divided up among tens of thousands probably of minors. It's a much, much smaller amount per miner for that block. Very, very interesting kind of one of the little edge cases with Bitcoin.
It seems like that only happened, like, a couple months ago or maybe even less. I mean, it's kinda weird because you don't hear about this for a long time and then just boom all of a sudden now it's happened, a couple of times. So let's see. 123. Wow. We mined 4 blocks today in brains. That is awesome. It's been tough. 1, 2, 3 the day before and then 1 the day before that. So that was the 24th and then not on the 23rd. 2 on the 22nd, and then 1, 2, 3 on the 21st, and then a 4 day gap Between 17th and 21st, that as far as I know is the longest I've seen brains go since I've been mining, early this year on brains, without a block.
So that was depressing. Let's look Look at the 7 day moving average type thing here. See if it started to move up. A little bit. Yeah. We've got this chart, basically, a 7 day average of the rewards. Essentially, in a graphical form is representing kind of this average Because with so much between one day and the next, it's you need a way to kinda average that out. So, very good. It does look like it's looking a little better. Just to give you an idea for my last block that I mined, and this essentially is for all the miners that I have in service. You get one reward. It's 0.00172902 Bitcoin. So 11000th, almost 12 thousandth of a Bitcoin.
I think I'm doing that math right. Pretty sure I am. But over time, it does add up, of course, or we wouldn't be doing this. So, sir Michael, I believe I've never heard from you. I have heard of you from other shows, and I do appreciate you listening. Absolutely. And it was awesome to hear from you, so thank you very much. I believe yeah. I believe I've heard of you from other shows.
[00:35:44] McIntosh:
You're definitely, I would assume, a night of the round table or a night of the,
[00:35:49] McIntosh:
no agenda table or however they say it. Very cool. So aside from that little bit of news, which was Kind of an interesting little side note. I already mentioned mining difficulty. This was actually the 6th increase And going back 10 weeks, 1, 2, 3, 4 yeah. Going back 10 weeks. And so we are now at an all time high in mining difficulty. That's simply a reflection. Like I said, it's the number of minors. It's the number of hash. It's It's really all about that hash rate. What that means, we're at an all time high for our hash rate, which is absolutely What we see, we're pressing in towards 500 Exashash.
492 Exashash per second last, seven day average. Yep. fourteen day was 491. Thirty day was four seventy three. So as we go back in time on these averages, you can see the number lowers, which is exactly what you would expect given that We we see more and more hash rate coming online. So right now, the next difficulty adjustment, which isn't supposed to take place until December 9th, If it were to happen right now, it would be 1.06% down. So I don't know. Maybe we've reached some sort of top for now. I don't know where we can go with this because It's getting difficult enough even with the hash price that I think if things continue the way that they have been, we're going to start to see miners, Public miners experiencing extreme distress and certainly in terms of their finances.
We will see. I know that sounds crazy with $37,000 Bitcoin, but It's not. It might be really tough around the happening next year. We will see. Alright. Other news. Other news. Other news. . I thought this was very interesting. So BlackRock, of course, largest, basically, largest investment firm in the world, who He's filing for a Bitcoin spot ETF. Back in 2022, apparently, they released a study that indicated That the optimal portfolio allocation to Bitcoin was 84.9%. The remaining 15.1% can go to equities and bonds. I would not have believed it if I didn't see the document myself. It's right here. I've reposted it. And that is literally what it says.
I've they're very bullish on Bitcoin, if that's true. We'll see. If you entered at the all time high, like I said, you'd be up 40% even though we're still 40 plus percent off That all time high. That is the power the power of DCA. Do not underestimate that. This is all getting posted on Twitter, by the way. You can follow me at McintoshFintech there. One very important thing I wanted to note. It's probably the biggest news of the week, and I hope it doesn't go unnoticed. There's a company, up in Canada run by a a guy with a, anonymous handle of u t x o underscore one, o n e, called nodeless.
Io. It looks I've never run it. It looks like and I've never used it. So it's open source. So you can run your own, or you can use his setup or her setup. It's basically a way to make it very easy to take money, Satoshis online for businesses. It's a really interesting looking piece of software. Well, he lives in Canada, and apparently, they have decided They are going to investigate him and so on and so forth. So he got some type of notice. I don't know exactly. He did say in his, notice. He said, I am being investigated for running an illegal money transmission business in Canada.
And by the advice of his lawyers, he needs to shut down the main instance Sense of node list. So effectively, he's closing node list down. The code is open source. It is still available. I would highly encourage anyone who has interest in this to pursue this, posting it elsewhere. I think this is very valuable software. I actually disagree that it's money transmission business. The reason why is because he's their argument Would be well, he's making a percentage off of what you know, if you have, say Well, it's a percentage like whatever it is, and it's not very much. It's like 1% plus a 100 sats. So if I send a 1,000 sats, I mean, a 1,000 sats isn't very much, so it'd be a 100 sats of that. So 10% plus 1% of a 1,000.
But if it's
[00:41:09] McIntosh:
10,000 sats. It would still only be
[00:41:13] McIntosh:
a 100 sats plus 1% of 10,000, whatever that is. So, pretty reasonable, and that's why they're saying he's running a money transmission business. But, Look. This stuff has to be updated. This is the new world and, you know, I don't know. But I was very disappointed to see that. I Ask him if he would come on the show. I've not gotten a response. I'm sure he's inundated,
[00:41:40] McIntosh:
with stuff, and I get that. But, Yeah. It'd be cool to have him on the show.
[00:41:46] McIntosh:
I posted a chart from somebody else, but I posted a chart about the national income earned by the bottom 50%. So in other words, the The lower half of the country, their share of the national income has been basically going straight downhill since the 19 eighties, since early eighties. And, it's sad. It went from 20% down to, 12%. And this is I I think you could argue that this is representative of a number of things, but, I mean, our economy is just in trouble. And this is the world in general. The rich are getting I mean, You've heard the statement. The rich get richer, the poor get poor, and that's true. The rich are getting richer because they have money and assets that appreciate with interest real estate, not with interest, with inflation.
As inflation goes up, house prices go up, you're making more money if you own the house and you rent it out. It's that simple. If I'm living paycheck to paycheck and I don't have enough money to invest in a 401 k or real estate or anything like that. I don't get any advantage from that, and I only get the disadvantages
[00:43:15] McIntosh:
of inflation. Pay more at the supermarket. I went to the supermarket.
[00:43:21] McIntosh:
I don't shop very much, but I went yesterday, And it's just like, man, everything I looked at was more expensive. They had been it seemed like just a few months ago. I don't know. But, you know, we're doing good. Doing good. I posted some news about Malay. I'm not sure if he's gonna dollarize the economy, at least according to this article, we'll see. I do know he's gonna take away their central bank. I do know that he's basically going to Promote that capitalist, that business owners are not the root cause of their inflation. So that's good.
So generation Bitcoin is a podcast in 2.0 podcast. We are value for value. We have no sponsors, no advertising. You can support the podcast in 3 different ways, time, talent, or treasure. If you wanna support the podcast And have some time or talent, lady or gentlemen, now is your time to step forward. I could use this help During this month, I've given you a list of all the things that I'm going to try and accomplish. Would love some help. And,
[00:44:30] McIntosh:
treasure
[00:44:31] McIntosh:
Treasure is just what it sounds like. If you find the content valuable, you can support the podcast by streaming sets or boosting from a podcasting 2 point o app. You can get one of those for the optimal listening experience at new podcast apps.com. I would highly recommend that you try 3 or 4 different ones. You've got apps like Castomatic , Fountain, podcast guru. There's a whole list, and they're all there at new podcast apps.com. I'm in the middle of, like, three of them all at the same time. Fountain has a big one point o version coming up fairly soon. It has actually not been released to the beta testers yet, although that would be happening, like, literally anytime in the next 24 hours is from what I can tell.
If you like the content, I would love it if you would tell your friends about the generation Bitcoin podcast. That is Absolutely the fastest way to make this podcast grow. Thanks for being here. I hope it's been helpful. I would love to hear from you. I'm on Twitter at Macintosh Fintech. I'm a Mastodon at McIntosh at podcast index dot social, and I can be reached by email at Mcintosh at gen-btc.com. Stay humble friends. Go out. Make it a great week. I will talk to y'all on Thursday one last time.
Introductions
Market update and analysis
Discussion on dollar cost averaging and trading advice
Difficulty adjustment and block height update
Personal updates and discussion on Bitcoin mining
Announcement of the new podcast name and plans for the future
Discussion on the investigation of a Bitcoin spot ETF and income inequality
Closure of the nodeless.io service and call for support
Call to action for time, talent, and treasure support
