In this episode, McIntosh and Kenshin tackle one of the biggest mental blocks new Bitcoiners face: unit bias. They explain why thinking you can't afford Bitcoin because you can't buy a whole coin is holding back adoption and share strategies for overcoming this psychological barrier.
News and Notes
https://block.xyz/inside/block-to-roll-out-bitcoin-payments-on-square
https://atlas21.com/texas-one-step-away-from-a-bitcoin-reserve-only-the-governors-signature-is-missing/
https://theminermag.com/news/2025-05-27/bitmain-s23-bitcoin-miner
https://www.reuters.com/business/gamestop-buys-bitcoin-worth-513-million-crypto-push-2025-05-28/
Stick around to the very end for the v4v track, “Wait Destiny” by Sara Jade
Bitcoin Price at Time of Recording
May 21th, 2025: 107,747 USD | 95,324 EUR
Block Height at Time of Recording: 898,778
Episode Page
https://satoshis-plebs.com/episode-2011
Music Credits
Sara Jade
Wait Destiny
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:
What is up, PlebNation? Today is May the 30th, and this is episode 211 of Satoshi's Plebs. Today, we are breaking down one of the biggest mental blocks, new Bitcoiners face, unit bias. That's the feeling that you've already missed the boat just because you can't afford a whole Bitcoin. And I'll give you a spoiler alert, you have not.
[00:00:23] Kenshin:
That's right. We're going to unpack where this bias comes from, how it affects adoption and why stacking sats and not really chasing a full coin is actually the real game so if you've ever looked at 0.0005 or 50,000 sats or something and thoughts, that's too too little, then this episode is for you.
[00:00:49] McIntosh:
Whether you're brand new or trying to onboard friends and family, understanding unit bias is a key. But before we jump in, let's check the price of Bitcoin. We got some great new music there before we do the Bitcoin price from Sara Jade called Wait Destiny is the song, and I picked it out because Sara rocks a keytar. Do you know what a keytar is? Sounds like a Kenshin.
[00:01:24] Kenshin:
Mix between a guitar and a keyboard.
[00:01:28] McIntosh:
Yes. You are correct. It is like a sideways keyboard that the they they hold, and they kinda play like a, like a guitar. I mean, like, it's a keyboard, but it's looked well, yeah. So it's an eighties thing, and so it's got that going for it. And, I like her voice, and there you go. So Right. Kinda wanna her more poppy songs, I thought, And, maybe we'll do she does. I don't know. Well, we'll see. I'll probably do something else from her another time. But, go ahead. Not today. We could actually pay. We can. Angles. So Yeah. I like where you're thinking, but, Mcintosh has gotta get, like, a Yeah. A mixing port.
I need more channels. I don't know. I am just stumbling along trying to figure out, Audacity. Right? You know? Hey. They wanna know about Bitcoin price, though, not Audacity. So what's our price as we record here on May 2025, sir?
[00:02:42] Kenshin:
What is it? A 107,707 USD and €95,000.
[00:02:48] McIntosh:
Flat and you are actually up by a thousand euros. Right?
[00:02:58] Kenshin:
Something like that. I mean, yeah, it's been a little bit up and down. I think I saw €97,000
[00:03:04] McIntosh:
or something. Now last May, our price was $68,296. So we are actually up 57.7% year over year.
[00:03:21] Kenshin:
Wow. And the Bitcoin market cap I see here, that's also a bit flat. It's at 2.1 Trillion And if we compare it to gold's market cap, which is 22.9, that brings us to 9.3% compared to last week, 9.5. So we're a bit down compared to gold. Right.
[00:03:41] McIntosh:
We're ready to pounce. We gotta get over that 10%. This is so lame. Yeah. So we did not get a big boost from the Bitcoin conference, which, I think industry day was yesterday as we record, on Tuesday of the week. And then, the general conference kinda kicked off today, and I was telling Kenshin earlier, to be honest, I don't wanna get sidetracked on this. I think I'm kinda famous for that at this point. But regardless, I'm glad I didn't go. What I saw last year, I'm glad I went. I'm glad I got to meet people, and I would like to meet people, but that would basically be the only aspect of the conference that I would have any interest in. And, frankly, putting it in Las Vegas, that doesn't appeal to me at all. I guess the argument is now I I think they had 30,000 people, which is just kinda nuts.
That's, like, one of the few places that can actually handle that. I don't know. Too many people. There's too many people. Too many people. So, not there. We're here right where we always are, bringing you the news, bringing you hopefully some good information. I think we've got some this week. I think this is something that trips up a lot of people, really. But, we're actually not quite done yet before we get to that. Our block height as we record, I'm gonna go ahead and adjust this because I bet yeah. It has eight nine eight seven seven eight as we record is our block height.
So we've actually clipped off four more blocks since, I'd oh, yeah. There we go. Since I, adjusted that a few minutes ago. Our difficulty adjustment is looking almost exactly like the last one where two days out at 2.72% up. Our previous one was 2.13%. And our fees right now, for some reason, are spiking. We're at four Right. Five and five. Sats per v byte. We got about 13,000 transactions that are unprocessed, which isn't a whole lot. It's only about 31 megs. But for whatever reason, I don't know. Probably JPEGs. I don't know. I I sound like a grumpy old guy when I say that. I can't help it. Look. I'm sorry.
It's just that's what it is. So what is up with you, sir?
[00:06:13] Kenshin:
Well, last time we talked a bit about Claude. Right? Your your new butler. My new butler. So it was mister Claude. This week, it's mister and missus Claude. What that means is I got my wife on board. I showed her how it works. And the mornings when I'm at work at the office, in the field of mine, she's sitting and she's clothed in with clothes. That is awesome. And she has done some impressive progress in our
[00:06:49] McIntosh:
new web app. Your your web what's the word? Enterprise. There we go. That'll work. Yeah. Your web enterprise. Right? Yeah. Very cool. I mean, we're accelerating.
[00:07:00] Kenshin:
It's, it feels good. We're both very excited and surprised with the results. It's like anything we think about, we just implemented now. So I think we will be done quite soon, actually.
[00:07:15] McIntosh:
I have not used Claude a large amount yet. But to be honest, what I have used it, I I've been pleasantly surprised. I do I would say in general, it is better, at least in terms of coding and this kind of thing, which is mostly what I use it for than chat g p t. So,
[00:07:36] Kenshin:
looking forward to using that more. Yeah. And for your information, I use it I installed on the desktop and connect MCP servers, which means it can take over my files on the desktop. And I ask it to make a change, and it actually changes
[00:07:54] McIntosh:
itself, the files, the code That's cool. For me. Yeah. So it has access to your local repo essentially? Yes.
[00:08:02] Kenshin:
So Mhmm. As I said, so my wife, she doesn't know any code, but she can do whatever she wants. And it's no WordPress, no templates, no nothing. It's pure code. Right? JavaScript Let me ask you this.
[00:08:15] McIntosh:
I don't know if you ever saw this with ChatGPT. I certainly have many times. I will start defining a problem and working with ChatGPT, and it'll just end up kind of almost in this loop where it just keeps telling me, oh, I should do this, and I should do this, but that's the like, it'll literally tell me the same thing over like, I think it kinda gets stuck. It doesn't know what to do, so it just kinda goes back to the last answer even though I've told it. Mhmm. That didn't work or that's not possible or whatever. Do you see that? Have you seen that with ChatGPT, and do you see that with Claude?
[00:08:56] Kenshin:
No. I've seen it I've seen it not I haven't worked with Chachi. It is so much or so so in-depth to to see that, but I've seen it when I was working with Ruko, then I had some some models from DeepSeek and and Llama, models. So I've seen it there. I haven't seen it in Claude, but Claude, at some point, it tells you, okay, this chat is you reached the limit of this chat and forces you to go to a new chat. So it it I don't think it can go to that place. It doesn't keep going forever.
[00:09:33] McIntosh:
So then Well, I'm looking forward to that because it that was frustrating. That was the most frustrating thing about chat g p t to me. Mhmm. I'd be, like, three quarters of the way through the problem, and then I would almost have to finish it myself because chat g p t is I don't know. I I don't know. I don't technically know why it would do that, So I'm not gonna speculate. But, yeah, I just kinda end up in this almost like loop.
[00:09:58] Kenshin:
Yeah. But I will tell you another anecdote here. So my wife has been using ChargeGPT a lot. She has now the Pro Account there also. And she's having a conversation like she's having with a friend and it replies very complimentary like, oh, how nice, this and how nice, you know, very very complimentary. I'm like, I I don't get those compliments from my AI. It's because you're not nice. Exact and then Be nice to your AI. And listen to this. She started using Claude and Claude has been nice to her also.
[00:10:35] McIntosh:
That's awesome. I'm like, what is going on? You're just not nice enough, Kenshin. I'm telling you. I'm sure it would be exactly the same way with me. It'd probably be like, shut up, grumpy old man. Here, take this code and run it. Stop.
[00:10:49] Kenshin:
I need to be more nice to my AI. Yeah.
[00:10:52] McIntosh:
The things we talk about are right.
[00:10:56] Kenshin:
What about you?
[00:10:58] McIntosh:
To be honest, not a whole lot this week. I we did have Memorial Day on Monday here in The United States, and we actually had a cookout. Was that Sunday? No. It was Sunday. But it was really a family celebration type thing. Memorial Day for us has traditionally been pretty low key. I don't know. Just in terms of my work, I I had a horrible well, I guess it was wasn't that bad, but I was texting you on signal or messaging you on signal last night at, what, 01:30 AM. My time, I started so it was, like, 9:30 your time in the morning.. 8:30. Because I was still up trying to do this change for for work.
It started at ten. Let me see. Yeah. It started at ten PM central time and didn't end until, like, roughly 2:00 AM.
[00:11:58] Kenshin:
So Wow.
[00:12:00] McIntosh:
It was, not the funnest, but we got through it. That's just kinda how my week's been. I haven't really done anything in terms of our server, which I really need to or anything really fun, really. I can't think of a single thing. I got sidetracked at one point on sawmills, which is a obsession of mine. I've owned I don't think I've ever told you this. I've owned three sawmills.
[00:12:27] Kenshin:
What is a sawmill? A sawmill?
[00:12:30] McIntosh:
Okay, everybody. I'll make a chapter for this so you can just skip over. Well, a portable well, my first one actually was not portable. It's used to process wood.
[00:12:45] Kenshin:
Oh, that one. Okay. So you cut the wood. Yeah.
[00:12:48] McIntosh:
My first sawmill, which was probably ten plus years ago ago now, was it's called a Frick, f r I c k. You can look this up. It's an old circular my blade was 52 inches across. Okay? So it would cut with the way that those are built. That means it could cut a log that was roughly half that about 24 inches, 25 inches, something like that. I bought it from an older gentleman who became a friend of mine in the area, and I actually left it on his property because he wanted to keep sawing. He'd done it for thirty years, and I it was just a thing. Whatever. But, I sold it eventually.
I bought a it's called a portable sawmill. They're band saws typically. So they it's a instead of a blade like that, it's a circular band. I don't know what to compare it to, but it's got teeth on it, and it spins really fast and goes through the wood and cuts it. I own two different ones of those. But because of some things that are developing kind of in our life, I see an opportunity maybe to buy another sawmill, Yet another sawmill. My wife just she just rolled her eyes at me when I kind of told her about this. The problem is they're really expensive, at least a a good one, which I really need to get one at this point to make this work.
But anyways, I there's a possibility. I probably won't happen, but, you know, I'm off watching YouTube videos and Oh, no.
[00:14:29] Kenshin:
You know? I know how it goes. So you're a so so male geek?
[00:14:36] McIntosh:
You could say that. Literally, the desk I'm sitting at, I built it out of wood that I cut, which is kinda cool. And in fact, there's one spot on it where you can still see the the circular mills like that Frick. They leave marks on the logs. You can tell that it was cut by a circular mill, and you can see the marks on this Cool. Table. So yeah. Sorry. I I hope you didn't get too bored, everybody. I try not to talk about sawmills because I know that's just something that nobody wants to hear about. But, yeah, that was a thing for me this week. Oh, I appreciate it. I'm thinking well, nope. Not gonna do it. Alright. Yep. That's it. So we did have some support this week from our friend, Send It Mike. He boosted in 2,069 sets.
And he said, great episode. This is a good one for me to point people, to who are new. Awesome. I love that idea. Question of the week. I mostly use Bitkey from Block because my bigger fear is me screwing something up and losing my money, and they make it really hard. I know it isn't entirely sovereign. I'm willing to accept that trade off for the easy to set up recovery tools and inheritance. Maybe I'm not paranoid enough. Right. Sitting at my I everybody's in different places, and I'm not gonna tell you that you're doing something that's wrong. Okay? Would I do that?
Maybe not, but I'm not in the same place that you are. It my suggestion, my friend, would be simply this. Just keep learning. And at some point, you may decide that you wanna do something different. You may want to move to a multi sig setup. That is normally something that happens when how can I put this? The amount of money in there becomes bigger than maybe normal. I don't know what else to say. Right? Because inherently, a multisig, which I guess, in a sense, BitKee is multisig. Right? I'm not that familiar with it. But bit key a block itself does they have a key. I know that. Yeah. So they hit his multisig.
But, really, what I'm talking about is like a three for five multisig setup. Maybe you have it geographically set up or whatever. I don't know. I don't wanna overwhelm people, and I don't wanna tell people, you know, accept this. If you have it on Coinbase or Kraken or someplace like that, get it off. I will say that. I don't think that's a good idea.
[00:17:32] Kenshin:
Yeah. But, I like that he mentions it because it's, if it feels that good for for someone, so we get this firsthand impression from him about the Bitkey. Is it it made me think like, is that maybe a good suggestion to suggest some of my family members who who will not have some more complicated setup? Maybe that's more Right.
[00:17:58] McIntosh:
And I get that. Yeah. So very cool. Glad to hear from you, and I'm glad that you got something you can point new people to. I would love to to build up a catalog of episodes of like this that are what I would call evergreen, essentially, that you can always point people to and say, hey, go listen to this one. Go listen to this one, this one, you know, that kind of thing. Alright. Now I know we're all here for the psychology, so let's just jump right on into our subject today. Right. So what is unit bias, first of all? Yes. Why are we even talking about this?
It sounds weird, but I believe that this is one of the reasons people struggle with Bitcoin as it gets to these higher levels. Okay? I will I actually wanna read this, and then we're gonna talk about it a little bit. But I came across what got me thinking about this back about a week ago, roughly, air Erin Malone, who's somebody that I follow on Twitter, posted this. She's written a book about Bitcoin, and she posted a page from it. And I thought this was a really good, definition, sort of. So let's start here and then we'll expand out. Unit bias is a cognitive bias. So it's an issue with your brain.
That's me, not her. Where individuals tend to prefer a whole unit of something over a fractional part. If someone doesn't understand the fundamental properties and value of Bitcoin compared to other coins, they might say, why would I spend 70,000? She wrote this a few months ago, apparently. On one Bitcoin, when I can buy 1,000 of x y z coin for a penny each. They judge the value based on its price per unit rather than its market value, often overlooking important factors such as total supply, market capitalization, and all the properties that make Bitcoin unique. This leads them to believe they're late to Bitcoin and need to invest in the next big opportunity.
A way around this, and this is her way of, kind of how do we get rid of this? A way around this thinking is to denominate Bitcoin in Satoshis. In other words, I can buy 15,000 Satoshis for one dollar. Again, this was written a few months ago. Now it's slightly under a thousand Satoshis per dollar. But the point is she's thinking in Satoshis versus 1 Bitcoin. Mhmm. Mhmm. Or a fraction of a Bitcoin like that. What was it? Point zero zero zero zero. I don't know. Four zeros. Yeah. Right. Bitcoin. So let's start there. I thought that was a really good kind of almost intro.
[00:21:09] Kenshin:
Yeah. Yeah. I mean, it's it's very interesting, and I have felt it myself. So for sure, human psychology plays a huge part there. It's it's and, and it's also I don't know. Is it like so you mentioned there about buying, some other cryptocurrency instead of Bitcoin. Should we make some analogies? Because I like some of those analogies. It's like you buy one large pizza Right. Or do you buy eight slice of pizza? Right. It doesn't feel the same to buy eight slices. It's Right. One whole unit feels better. Right? Even though
[00:21:52] McIntosh:
with eight slices, you very likely could have more than one pizza. Right? But you would you would rather buy that one pizza, versus the eight slices because of that unit bias. Right? And another great example, I actually think this one is even more concrete, is talking about stock splits. So stock splits are where a company, their stock gets to a certain price, and essentially, they make a directive that says, okay. My price is $200 We're gonna lower the stock price. We're gonna do a what would they call it? Like a five to one stock split. So every one share that you own, you get five shares of the new stock, and it's worth one fifth of the amount. What did I say? 200?
So one fifth of 200, which I think is $40. Don't hold me to that. 40. Yeah. So $40 for the new stock versus 200. And time after time after time, what we see when companies do that, the stock shoots back up. Apple did this very famously, for example. Their stock hit $400 They did not have very much retail participation. It was all corporations, what mutual funds, this kind of thing, buying their stock. But Joe Blow on E Trade or Robinhood, they weren't buying Apple. So they did a split, a four to one split, it looks like. So afterwards, it was $100 a share
[00:23:29] Kenshin:
and retail kinda just rushed in, and, of course, they pushed that price right back up. Mhmm. Mhmm. Is it the the same psychology when you see the prices that it hits the ceiling at hundred thousand? It's a nice big number. Mhmm. No. We are we have this with the zeros.
[00:23:46] McIntosh:
I think that's, certainly some people's bias. They say, well, we've reached a hundred thousand talking about Bitcoin, of course, and it's just not gonna go higher. So I'm not going to buy any or I'm not gonna invest in it because there's no chance even though we hear this steady drumbeat. Look, I got it in the news. GameStop, we told on this show a month or so ago, maybe three, four weeks ago, that they were announcing that they were going to buy Bitcoin with, their cash, and they did. 4,700, I think. It was over half a billion dollars. 40 7 hundred. They just announced it today.
I think I have it in my notes under the news. If I don't, I need to add it. But this type of thing I mean, sailors out there buying Bitcoin almost weekly, if not weekly, with MicroStrategy. And it is not a million dollars, which is still a large amount. It's a lot. Okay. I don't know what the last one was. I want to say, like, 400,000,000, but I don't keep up with it. So I may be wrong. But it is it's he is stacking a lot of Bitcoin. But but Bitcoin's not gonna go over a hundred thousand, Kenshin, because it's got six zeros. I I don't know. I mean, it does look.
I don't wanna I feel like we're giving away the whole thing. We need to we need to move on. I I do wanna go somewhere with that. I what I wanna do let's talk about this. And in the end, I wanna kinda give you maybe a perspective. And Erin touched on this in her little article, alright, while it was a page out of her book. How do you actually determine what's gonna be a good investment? Because it's not the number that it's currently at. Ask people who own, Berkshire Hathaway, Warren Buffett's company. Right? His stock. I think they would consider it a good investment. Now I may not, but it's $500 a share.
I mean, that's pretty steep. Wouldn't you be better off buying a penny stock? I I don't think so. I think you have a better chance of success with Berkshire Hathaway. Right? So there are some things we need to look at. But, yes, before we get way over ourselves, those are some examples. The pizza, the stock split. Those are certainly some good examples. It is all it's all in your head, and you have to understand that. Whole numbers are simply easier to understand. They feel better. You own one of something versus that 0.00005 Bitcoin.
Right. You see what I'm saying? Yeah. I cannot imagine walking up to somebody and saying, yes. Well, I, I bought 0.00005 Bitcoin today.
[00:27:02] Kenshin:
Yeah.
[00:27:04] McIntosh:
That it sounds weird, first of all. But on the other hand, that is simply 50,000 Satoshis. If I said, well, I bought 50,000 Satoshis or I bought 50 not that I should be telling people what I'm buying, but just bear with me. $50 of Bitcoin. Both of those really mean the same thing as the point zero zero zero. Good lord. I'm lost. 5 Bitcoin. Right? Yeah. You cannot even remember. I can't even say it. So, yes, my brain is automatically gonna shut that off and say don't do that. Yeah. Yeah.
[00:27:44] Kenshin:
You know? And we and we have the whole coin or terminology too. Right? It's the reason we say he's a whole coiner or something. Right. Or I want to be a whole coiner. That's so that when Bitcoin hits a million dollars, we know who to target.
[00:27:59] McIntosh:
I'm sorry. I you know, it is funny. We say that, and and I believe that we are going to be the point of at a point one day, and it may not be for forty or more years, but you don't tell people if it's it's why would I walk around town telling people, yeah, I have a million dollars? Yeah. Exactly. I mean, that's just the dumbest thing in the world. Now I may choose to display some of that in certain ways. Maybe maybe I'm dumb enough. Sorry. Maybe I really want to buy a Rolex. Sorry. I couldn't help it. Right. Or maybe I'm driving a really fancy car, but, you know, we can make payments on that. But okay, maybe or maybe I live in the right neighborhood, but I'm not gonna literally walk around and tell people I own I have a million dollars. Oh, I have a million dollars up in my house in cash.
Yeah. Yeah. Just makes me feel good to say that. I don't know. You know, that's dumb, right? I think there will be a day when we don't say I own a Bitcoin. I think that would be a really stupid thing to say. And I say that because one Bitcoin will represent maybe not generational wealth, but it'll be a lot. Maybe a hundred years from now, it will be generational wealth. Right? Maybe less than that. I don't know. But
[00:29:26] Kenshin:
Yeah. But is is this the right place to say about the naming then of the SaaS that everybody's on top of right now? I think it's the same reason.
[00:29:40] McIntosh:
Can we hold off on that? I don't wanna Yeah. I don't wanna, like, give it Take it in the end. Maybe it is. I don't know. I I I have a different thought on that. But, yeah, let's let's let's keep going for a few more minutes. Mental accounting is certainly easier to track and remember whole numbers like I just said. Point zero god. Four zeros. One, two, three, four, five. Right? It that's hard to keep up with versus 1 Bitcoin or 50,000 Satoshis or or whatever. Right? Those whole numbers are easier to remember, and that comes into play when we're talking about something like this. So how does this affect Bitcoin?
[00:30:24] Kenshin:
People avoid it because they think it's too expensive. Right? Right.
[00:30:28] McIntosh:
I think I've said this before or maybe I just said this to you, Kenshin. I've had close family members who have literally looked at me and said, I'm not buying Bitcoin because it's too expensive. Yeah. I and I'm, like, sitting there going, I can't take the next five hours to try and explain this to you because you would you first of all, you just wouldn't believe me. But because I'm too close to you. Right? But, you know, it's so easy to get in that mindset.
[00:31:03] Kenshin:
Yeah. I had the exact same experience. It was two, three years. When was Bitcoin around twenty k? Was it two years ago? And I was still I think it was 2017.
[00:31:14] McIntosh:
I think it's been more than two years ago. Oh. Oh, no. That's not true. You're right. It got down to 16 k when Russia invaded the Ukraine. Yeah. So whatever year that was, 2022?
[00:31:26] Kenshin:
Yeah. And then it was twenty k that's one summer. And some family member was here, and I started talking, about Bitcoin very excitedly. And in the end, he told me, but you know what? It's it's too late. It's too expensive. It's too late. There's no point now. And that was 20 k. And then the next summer I talked to him again, and he's like, oh, I I don't want to talk about it. Because Because it had doubled by then. It had more than doubled and he was resentful to it. So Yeah. It's a lot of psychology.
[00:31:59] McIntosh:
Yeah. Yeah. So people are gonna avoid it simply because they think it's too expensive. But understand, people have been saying that for a long, long time. It's a little more difficult now that we're kind of at this hundred thousand dollar level. But I'd like here's an interesting little stat. The percent change between where we're at right now, a hundred and 10 roughly and a hundred and 50 is the exact same percent change as between 11,000 and 15 thousand. Yeah. Now it requires more capital going into Bitcoin to make that change, but the percent change is exactly the same.
[00:32:45] Kenshin:
Yeah. That capital change is the only thing I'm thinking about as you mentioned because it's yeah. You need those big, institutions
[00:32:54] McIntosh:
to We need people like Game Shop, GameStop buying 4,000 Bitcoin, which, by the way, is 10 times 10 450 Bitcoin a day get mined. That's that is I think it was 4,700, so it would be over 10 times that amount. Yeah. Just one person, one corporation just off the table. That may not affect the price today, but, ultimately, it will. It has to because because Bitcoin has a limited supply. I do want to mention this, and I don't want to go really deep into this. We're not an altcoin show. Of course, we never talk about these things. But I do believe that this unit bias, in fact, is one of the major reasons we have Ripple, Doge, Shiba Inu, Ethereum as badly as it's doing these days.
What is it called? ADA.
[00:33:57] Kenshin:
We don't need too much.
[00:33:59] McIntosh:
It's doing even worse. Right? But they came about in large part because people said, oh, I can't buy Bitcoin at a hundred dollars. Can you imagine saying that? I mean, they're literally our people. There's notes online. I sold my Bitcoin at almost any amount, $14. I mean, literally, there are some because I doubled my amount, and I don't think it's going any higher.
[00:34:25] Kenshin:
Yeah. Every cycle there are people like, yikes.
[00:34:29] McIntosh:
I doubled my amount, but I sold because
[00:34:33] Kenshin:
That's why I keep saying to people, it's it everybody says, oh, if I could have bought a hundred Bitcoin or whatever back in the day, I would be a gazillionaire now. But I would say, yeah. But you would have sold it. Right. Then next year your money, freaked out, and said, I'm out. Exactly. Here's the thing. It's, again, it's not the price,
[00:34:56] McIntosh:
and we'll talk about why that's true in a little bit. I don't wanna tease people, but I I mean, I kinda wanna unwind that towards the end. Right? It's not just the price.
[00:35:07] Kenshin:
Right. A small parenthesis, you mentioned all those altcoins. Mhmm. Someone said it somehow. And I said, if you compare those altcoins with one Satoshi instead of one Bitcoin, the equation shifts so much. Mhmm. And it fits now with this next segment. We start to talk about such more. Mhmm. Because one such is less than a dollar is, less than a cent. Right? Yeah. It's less than a cent.
[00:35:36] McIntosh:
When Bitcoin hits a million dollars, 1 satoshi is 1¢. I'm I'm waiting for that day. Yes.
[00:35:45] Kenshin:
Okay. So com compare SATS to those cryptocurrencies, then then you're talking on an equal terms. And then the SATs seem very cheap all of a sudden.
[00:35:55] McIntosh:
Alright. So yeah. One thing that maybe most maybe people don't even know, at least some people. But you can buy a fractional share of a stock. Apple, dollars four hundred. You could have bought a quarter of a share, a half a share, a tenth of a share, dollars 40 for a tenth of a share of Apple when it was $400 You do not have to buy a whole share, but we are biased again. Unit bias. We are biased to not do that. So we don't, you know, we I mean, I can't buy $100,000 Bitcoin. I can't buy the whole thing, so I can't do it. Well, okay. I guess I don't you know, but you can.
So the reason why you can is we've been alluding to is Bitcoin is divisible. It's fungible is actually the economic term for it. And specifically, 1 Bitcoin is a hundred million satoshis. We call them sats just to make it a little easier. And you can buy a dozen of those, technically. You can buy what was the point zero zero zero zero five is 50,000 satoshis, and that's about $50 right now. So you could buy $5 You could buy $1 of Satoshis. You could go on strike, and I promise you on strike, you're not going to be punching in, I want 0.00005 Bitcoin.
No. You're gonna tell it how many dollars you're gonna buy, excuse me, on a daily basis and or a weekly basis. And that's what's gonna happen. Right? So you don't have to worry about that. And it is it is very much designed to be divisible. We everybody knew that was working on Bitcoin in the early days that it was going to have to be done that way. You if Bitcoin had any value, you couldn't just trade Bitcoins around. You had to be able to do it in smaller amounts, and that's where the Satoshis came from.
[00:38:22] Kenshin:
Right. And I like this. It's like if you think in gold terms Mhmm. Gold is not divisible. Not in that level in any anyway. You can have small piece of gold, of course. But
[00:38:37] McIntosh:
Well, you can. But at some point, it just gets so small. You can't keep up with it. Exactly. I think a $20 gold piece here in The United States, which was one ounce, was pretty traditional. There probably were smaller things in that, but a one ounce of gold is not very big. I'm going to go back to my role playing days. I'm not sure this is 100% true in real life, but I bet there's some parallels. In in a role playing game, you would like have gold pieces and then you'd have silver and copper. If if my stuff is too cheap, I would use silver to pay for it instead of gold. Right? I don't if I'm buying my mug of beer at the tavern, it might be one silver piece versus, you know, a $20 gold piece or whatever.
Does that make sense? I think it was like 10 silvers to a gold piece. I don't know. This is not a gaming podcast, whatever, but I think you get the idea. We have that built in with Bitcoin. Unlike gold. Gold, you can't do that. Yeah. I mean, I guess you can shave off a little bit of gold to pay for a dollar's worth, but that's such a minuscule amount. It's it's basically impossible to keep up with. But I can give you a thousand sats. I can send it to you across the Lightning Network just like that. Mhmm.
[00:40:01] Kenshin:
You want to hear another interesting fact about gold? Sure. How many tons of gold exist in the world? It's around 200, two hundred 50 thousand tons. Wow. Which translates to, let's say, around 200,000,000,000 grams. Okay. I don't think you can go below a gram. Right? No. 200,000,000,000 gram. That's that's all in the world. And no one's complained about the the size of,
[00:40:31] McIntosh:
how the the supply of gold in that sense. That's a very good point. So 200,000,000,000 grams of gold.
[00:40:38] Kenshin:
We know how many sets.
[00:40:40] McIntosh:
I do know. Yes. Quadrillion. Two point one quadrillion?
[00:40:45] Kenshin:
Exactly. Mhmm. And that's roughly one gram for 10,000 sats. Right. Right? Right. So we have enough to go by and We do. Yeah.
[00:41:02] McIntosh:
We do. So understand as the price of get Bitcoin goes higher, and there's no indication that that won't happen, we're gonna stop using the term. You're gonna find it much more common to use something like Satoshis. Now maybe this is a good time to talk about this discussion that's going on right now about naming things. But Yeah. Regardless of how this turns out, it will not be, you won't be there will be this lower unit. I'm not explaining this well. Maybe I should just stop. Go ahead, Gunja.
[00:41:41] Kenshin:
Oh, basically, they they they think that's as as you say, because of the unit buyers, everybody thinks 1 Bitcoin is unattainable Mhmm. And too big. A lot of people think it's too too expensive to buy anything with because they don't know it's divisible to a hundred million subs. Right. So it was this argument again, you cannot even buy a pizza with a Bitcoin or whatever, and the math turns out, yeah, you can buy crumbs of pizza actually if you wanted to. But anyway and so for that reason, they they think for the mainstream to catch up, the Sats is not marketable.
The Bitcoin is established. So it just switch from saying Sats to saying Bitcoin. Nothing changes in terms of price. You just say that now you have 100,000,000 Bitcoin, it equals 1 BTC, something like that. Yeah. Which for me to me For me is a bit ex confusing, actually. Yes.
[00:42:50] McIntosh:
For anyone who's been around Bitcoin for any amount of time, that is very confusing.
[00:42:56] Kenshin:
I I understand the the the the thought process, and I think if people start talking, in terms of SaaS but rename it to Bitcoin, it will, as you said before, with those splits and whatever, it will increase very fast in in value. So I think it's a bit of human greediness coming into play there, as I'd like to say, because it's
[00:43:21] McIntosh:
they see a quick pump in a way. Right? Yeah. I don't know that I agree with that, to be honest. Maybe. I'm not sure that that's what's actually gonna I think what we're gonna have is a lot of confusion, frankly. Well, Bitcoin was a hundred and $7,000, and now it's not even a penny. What? That so Bitcoin's broken. Well, obviously, there's more than 21,000,000 Bitcoin. So why would I ever even think about investing in Bitcoin? Oh, wait. What about Shiba Inu or whatever else Elon makes up these days or, you know, one of right? I don't know that that's true, I guess. And I think look. I get on I carry on about people and their intelligence level, but we call it dollars and cents. We don't call it dollars and dollars It here in The United States.
Your currency may be different. I don't actually
[00:44:21] Kenshin:
It's the same. Everywhere is everywhere is like that.
[00:44:26] McIntosh:
Yeah. A euro and a euro cent, then you have They call it a cent? Okay. Yeah. So are you a euro cent? Swedish,
[00:44:33] Kenshin:
krona and Swedish.
[00:44:34] McIntosh:
So they have a special So they do have a okay. So there you go. Why is this any different? Yeah. Yeah. It shouldn't be. People have trouble. Newcomers how can I put this? Newcomers may initially have a little trouble understanding 1 Bitcoin equals 100,000,000 Satoshis because it's such a big number, but they'll figure it out.
[00:45:01] Kenshin:
Yeah. Well, when I onboard friends and family, one of the first thing I say is 1 Bitcoin equals a hundred million sats, which you can, relate to $1 equals a hundred cents. I I say exactly that and it's very easy. I don't have to repeat it. Everybody gets it first first time. So I don't think it's a problem either, but that's the arguments on on that side.
[00:45:27] McIntosh:
So this discussion that's going on, I think it's BIP $1.77. I'm not a fan of it. I don't want things to change. I'm maybe I'm old school. But I don't I think it's just gonna cause more trouble than than maybe any value that we get out of it. And but regardless of how that works out, your tools that you are using, whether that's like a Phoenix wallet, right, for lightning or the blue wallet for the Bitcoin main net that you were talking about last week. They should show not just Bitcoin, like, point zero zero oh, god. 0.00005 Bitcoin.
[00:46:09] Kenshin:
It should show it in Satoshi. Strike does that when you bring it up. Yeah. Actually, they do. The blue wallet, I like it. I always have it in sets, actually. So you you press on on top of the actual amount, the balance in your wallet, you press it and you get three numbers. You get the Bitcoin, 0 point 0 something, then you get the SaaS. Right. A hundred thousand something, and then you get the amount, the local currency that you have set up. And
[00:46:37] McIntosh:
exchange. The reality is that's easy to program into any tool. And if it's not there, either that tool will do that at some point or they will die out if there's something that's used by an end user because people won't put up with that. Why would I have a wallet that shows me 0.00005 Bitcoin? Right? I mean, that's crazy.
[00:47:04] Kenshin:
Yeah. And now with, also those lightning wallets and and the lightning network in general. Right? Everything is denominated in such In Satoshis. Yeah.
[00:47:14] McIntosh:
Yep. Very cool. Alright. So I believe that this is actually really important. I I believe that this unit bias and you need to actively kind of fight your mind against it. I believe it's slowing down the adoption. Bitcoin is not done at the price that it's at. I wanna unpack this for just a minute. I'm thinking maybe this is a good place to put it. How do why do I say that? Is is Macintosh just, you know, is he just doing his thing, or does this actually mean something? Right now, the market cap of Bitcoin is $2,100,000,000,000 roughly.
That means if you basically took every Bitcoin that's out in the world right now and sold them all, in theory, it would be $2,100,000,000 worth. The question is not what is the that market cap. The question is what is the possible market cap? Now where do we go from here? Because that's what matters. If we if our total market cap possible is only $2,100,000,000 or trillion dollars, 2 point 1 trillion dollars, then pack it up and let's go home because we're there. We're not going to do anything but maybe keep up with inflation, which would not be a bad thing, but it's certainly not what I'm here for.
But I believe that that total addressable market cap is much higher. I believe a lot of the money that's in Wall Street can come out. I believe that the average person a hundred years from now and this is not look. This is not five years from now. This is not ten years from now. But I don't think the average person will be investing in the stock market because it's a game. It's a gamble, and it's a bunch of pumped up numbers. Instead, they will invest in Bitcoin because everyone will have their own family treasury. And you will just every week, you're gonna be getting Bitcoin, and you're gonna be sliding it into that treasury. You're gonna be getting Satoshis, not a Bitcoin.
If you are, please let me know. I wanna be your friend. Right? And you're you're sliding it into that treasury, and over time, you're building it up. That is your investment. I believe in The United States specifically now I know this does vary from country to country, but at least in The United States, there's trillions and trillions and trillions of dollars that are tied up, for example, in a real estate market. Why is that? Because people don't wanna invest in the stock market. So what do they do? They invest in real estate.
They go out and buy the second home that they then try to turn around a long term rent, and they have to put up with renters. They have to put up with maintenance. What do they say? Termites, tenants. And there's another t. It's a real estate phrase. It doesn't matter. You have problems, and you have to deal with them. And then after twenty years, maybe you've paid it off and you're doing a little better and rah rah rah. But if you actually chart all that out, you're really not doing much better than inflation if you're doing any better at all. Why would I go through all that if I can simply invest in an asset that is showing proving its value as an investment instrument?
And I think, ultimately, we're gonna see this swing, for example, of real estate being for people who it will be much more common that that people do not invest in real estate versus those that do. Does that make sense? Mhmm. I've seen some very credible figures. Let me just kinda jump to the punch line certainly for time, sake. I've seen some very credible figures. These are not made up. These are not hyped. I've seen figures saying that the world cap is like $900,000,000,000,000. I don't believe that at any time in the near future and that's 50 or is that 500 times from where we're at?
Yeah. It is. It's 500 time 500 x. I don't believe at any point in time that that's gonna happen in in in my lifetime and probably in my children's lifetime. Now I've seen very credible figures saying that the the total market cap could be one hundred or two hundred trillion dollars. So let's just take the lower number. Let's go out twenty years, dollars one hundred trillion. Do you know what that means? In uninflated numbers, let's just Yeah. Not bringing inflation. So this is today's dollars. 5 million. 5 million dollar Bitcoin.
I don't know. Do you think Shibuya knew it was gonna be worth anything like that? No. I think the history shows that those coins will be gone, not worth anything. I believe we're seeing the downfall right now of Ethereum. And, yes, the price is still $26,000 as we record.
[00:52:50] Kenshin:
No. But Vitalik What do you say? 26,000,
[00:52:53] McIntosh:
you said? Oh, 2,600. Excuse me. Yeah. Vitalik. Oh, and by the way, I wanna correct something from last week while we're correcting things that Macintosh says because he does that all the time. My my my mouth goes faster than no. My brain goes faster than my mouth. Really, last week, I was talking about Monero, and I said that it was transparent. And so I actually fixed it because I realized when I was listening to it that I said it. So I took it and where I said that Bitcoin I wanted Bitcoin to be more private, and I copied the private over, but you can literally hear it. So when it kind of makes a weird little jump there, that was me doing some editing because that's what I meant to say. And I think it was fairly obvious if you actually listened to it that that's what I meant. But, yeah, I I don't I want full disclosure.
Right? Right. Because my tone was not the same when I said private versus when I was saying, when I should have said transparent. Anyways, here's my point. Hundred x. No, not that's 50 x from here. Dollars 5,000,000 Bitcoin. That may take twenty years, maybe longer, but don't let anybody fool you. Bitcoin is not done, and it's not going to stop at 100 or 110,000, whatever. It's going to continue on. Do not try and figure that out. Just do as we always say, stack sats. Yeah. Do we say stack Bitcoin? No. We say stack sats. Okay.
[00:54:41] Kenshin:
Sorry. I like it. Yeah.
[00:54:44] McIntosh:
So I do think that that unit bias does slow down adoption, but ultimately, we're going to overcome that. And we need to shift the narrative from owning Bitcoin or owning one Bitcoin to stack as many sats as possible. Start thinking in sats. Don't think in Bitcoin. Maybe ultimately you get to Bitcoin, 1 Bitcoin. I don't know where you are in your journey, and I'm not gonna tell you you can't make it to one Bitcoin. I don't know. Maybe you're in a position where you decide, I've got this rental property over here. By the way, you should look at real estate versus Bitcoin historically. It's scary for the real estate people. But maybe I'm gonna sell that and put the proceeds of that into Bitcoin, and you do end up buying 1 Bitcoin. Bitcoin. I'm not gonna tell you not to do that. I'm just saying it's getting more and more difficult as the price goes up. So stop thinking about it and stack those sats, which are going to continue to go up in value. The day of the 1¢ Satoshi is coming, and it may be here sooner than you think. And then ultimately, gosh, maybe we have a 10¢ Satoshi, which by the way, you can divide a Satoshi.
It's called a Mila Satoshi. Did you know that? It's not really,
[00:56:04] Kenshin:
it's not like a No. In in lightning. In in lightning is already yeah. But when you peg out to Bitcoin again, it,
[00:56:15] McIntosh:
Right. Round rounds it up. But Right. No. You're right. But but ultimately, these are, you know, I who knows? I don't know.
[00:56:24] Kenshin:
I'd like, do you want me to give a, a loose advocate
[00:56:29] McIntosh:
side? We are disagreeing today.
[00:56:32] Kenshin:
I I don't disagree. I am glad. No. I'm glad. I I don't want to change anything either, but someone would say, yeah, but you never use sense in the real war world. You you never mentioned cents. Do you say how many cents you have?
[00:56:51] McIntosh:
Do you say you telling well, not that I run around and tell people my net worth, but no. No. You're selling this other situation. Yeah. But I look. I just went to the store yesterday, and I bought a Coke, and it was a dollar and 7¢. And I fed a dollar and 7¢ into the machine.
[00:57:13] Kenshin:
Really? 7? Yes.
[00:57:16] McIntosh:
With coins. All and change. With coins. Little coins. The circle look. Okay. You're getting a story out of me, Kenshin. It's your fault. Yes. Circle k has these stupid, automated machines. Like, they don't want their clerks to actually work. They just stand behind the counter, and you put your things on the little thing, and the camera looks down, and it figures out what you got. So I put my drink up there, and I hit pay cash, and I pull my coins out of my wallet or my pocket, and I dump it down into the thing. And I don't count it. This is actually a way for me to not have to deal with my coins.
And it calculates it up, and it spits back the change, and it nicely consolidates it. Thank you very much. And yes. And I don't use my credit card.
[00:58:12] Kenshin:
Technology.
[00:58:15] McIntosh:
But I but it's a dollar 7. It's not $2, and it's not $1. If I only stuck a dollar in there, they'd be like, excuse me, sir. Where is I almost said my name. Where is, where's your money? Because we call that shoplifting. So I I disagree. It's just context.
[00:58:35] Kenshin:
Yeah. Sure. Sure. Sure. But I I never, got my salary in cents or
[00:58:44] McIntosh:
negotiated anything else. Overall. Okay. I apologize. I see. So it's not it's a hundred and $7,000. It's not whatever that would be in cents. Yes. How much would that mean real quick? I should say. 10,000,000?
[00:59:01] Kenshin:
No. 1. Nora? 1 million cents. No. 10. No. 10,000,000. 10. 10 million.
[00:59:07] McIntosh:
That's a lot of cents.
[00:59:08] Kenshin:
Yeah. Exactly. I'm a cent millionaire. Wow.
[00:59:12] McIntosh:
Yeah. I get that. But it's a way to break it down. But as I don't know. As such well, no. That's not true. I was gonna say, Satoshis have replaced dollars, but that's not true at this point, certainly. Yeah. Let's resume. I get it. I just think any change is just gonna cause so much confusion. I don't know. I guess we're just gonna disagree on this. Yeah. But we need to wrap it up because we've been talking for a long time.
[00:59:47] Kenshin:
Yeah. But but I I I agree as a final thought. Start thinking in such more than Bitcoin and stack those such as much as you can because you will regret it at some point. God forbid if bits become the thing or whatever. You stack your bits. I don't care what you stack. Just do it.
[01:00:04] McIntosh:
Yeah. Okay? Don't regret it. Don't regret it. I mean, I'm a I'm a sack guy. Whatever. But, yeah. Alright. Let's get on into the news and notes, and we do have a few things. I wanna delve into a little bit of mining news if you don't mind. Do you wanna do the block? I guess we already talked about that. We don't need to. They did roll out Bitcoin payment on Square. Mhmm. So we've already talked about that. Could you grab that second one, and I'll do the third one? While you're taking a look at that, Bitmain, I guess, yesterday at the Bitcoin conference at Industry Day, announced a new miner because that's just what they do.
It's called the s 23, and I am jealous. I think that's, like, one of the sins. I'm jealous. Alright? This thing, it's a hydrominer, which is what I want. 9.5 per terra hash. This is the first machine that's less than 10 per terahash, which means it is literally the most efficient Bitcoin mining machine on the planet, which is really important. It is also extremely powerful. 580 Terahash per second.
[01:01:30] Kenshin:
How much did you say? 580.
[01:01:33] McIntosh:
Woah. Yes. And you don't wanna know how much it cost?
[01:01:37] Kenshin:
How much?
[01:01:39] McIntosh:
About $15,000.
[01:01:44] Kenshin:
Yeah. That's a bust. Dollar per Terahash.
[01:01:48] McIntosh:
It's $30 per Terahash. That's It's roughly what it is. That's actually pretty accurate.
[01:01:56] Kenshin:
Mhmm.
[01:01:57] McIntosh:
So it is slightly more expensive, which it always is. This is the newest and best. But because it's so many Terahash in one box, it's like look. I've talked about my s 19 k pros. They were less than $2,000 when I bought them. Okay? So it would take almost, like, nine of those, eight of those to buy one of these. Mhmm. So, actually, see, that's the thing. They're a hundred and 20 joules per terra sorry. $1,120 terra hash. So that's eight times a 20 is more than that 580, but I'm burning more electricity too. Exactly. So, you know, maybe it's a unit bias thing. Yeah. I don't know.
I struggle, but, man, I would love to have some of those. I tell you. Wow. What's the ROI on those? I haven't seen a figure. Okay. I but, yeah, you're paying off a lot. You better you better hope the price of Bitcoin spikes.
[01:03:09] Kenshin:
Or not because if you buy Bitcoin without money instead and Bitcoin price spikes, that's
[01:03:15] McIntosh:
Yeah. Might be better off. Fair enough. You know, mining is a very slippery thing. You look at it and you analyze the numbers, and it seems like you essentially shouldn't make anything Yeah. At retail power, which is roughly 8¢ per kilowatt.
[01:03:32] Kenshin:
I I literally have this process once a year, maybe twice. I go and do the calculations. I get all excited. I'd go deep in the calculations, and then no.
[01:03:44] McIntosh:
And I won't go. Price per but but the thing is and I've been doing this now two years, Kenshin. It's actually been over two years. I did not realize that. I promise you I'm not doing it for free. We're not talking, and it's not as much as I would like. And, I always want more. I mean, I'm just greedy. Okay? But it's not for nothing. My plan seems to be working out, and we'll see.
[01:04:20] Kenshin:
Yeah.
[01:04:22] McIntosh:
If I ever can figure out how to get cheap power, it is game on. Like, I I'm telling the wife, we're just selling the house. I mean, we're just we're putting everything into bit into mining, not Bitcoin. We are we are. But, you know, because if you have cheap power, if I were paying 3¢ per kilowatt hour, I could be mining Bitcoin at, like, $60,000 of Bitcoin. That's just the simple math of it. Now how long does it take to mine that Bitcoin depends on how many units I've got. But there's a 40 thou almost $50,000 swing in that mine versus the market.
But when you're at 8¢ per kilowatt, which I'm not, but I'm close, I've got two different prices because I'm in between, remember, I'm in between host. It's close to that. Right? It man, it's it's so thin. But then here's what happens in a bull market. The price of Bitcoin goes up. Hash price doesn't follow it so fast. And so now you're making more. You're making more dollars per petahash or whatever the measurement is you wanna use. A petahash is a thousand terahash. Enough about that. Really sweet hardware. It's a shame it comes from Bitmain. Come on, people.
Somebody else needs to step up. I'm serious. I'm tired of these monopolies.
[01:05:56] Kenshin:
So do you know at what price the German government
[01:06:02] McIntosh:
Oh, gosh. Sold their Bitcoin? 50 7 thousand?
[01:06:07] Kenshin:
No. 57,000. Dollars.
[01:06:10] McIntosh:
That's what 57,000. Oh, 57. Yes. Yes.
[01:06:15] Kenshin:
And how much they lost if they would had sold today, essentially?
[01:06:22] McIntosh:
Yeah. It's a couple billion.
[01:06:24] Kenshin:
Right? 2,300,000,000.0. Just booking some fun to Germany.
[01:06:29] McIntosh:
Well and they've also started sorry. They've also started turning on their nuclear power. So they gave up. I told I said they're gonna have to. People are gonna freeze if they don't. Yeah. Sweden has done that also. I was not wrong. Denmark, Germany, I guess Sweden. I didn't actually even know about that. Yeah. But common sense prevails eventually. Well, it's funny how yes. You're right. Let's move on. This will be a four hour show. Japan, I mentioned this last week. Things are really bad. I got a couple of statistics to kind of back that up. Here's one. Rice is very important in Japan. It's basically every meal.
Rice prices are up nearly 100% year over year. So one year ago, half the price it is now. The sharpest jump since 1971. Oh, man. Their 40 year bond has hit, 3.63% yield, which is an all time high. That is not a good thing.
[01:07:37] Kenshin:
It's incredible.
[01:07:39] McIntosh:
So I continue to maintain what I said. We will see. I don't know if The United States I don't think we're gonna step up to bail them out. I don't think we can, frankly. I don't think anybody can. I don't know what's gonna happen. Mhmm. But I also think that's gonna tip some other things. So alright.
[01:07:59] Kenshin:
Well, there is another state, if you want to call it, that wants to make a Bitcoin reserve. Keeps coming
[01:08:08] McIntosh:
up. Oh, right. You've got some news there. No. You're right. And this is not I don't even think this is their first try.
[01:08:14] Kenshin:
But And there's only one signature from a government
[01:08:18] McIntosh:
Right. Governor Abbott over in Texas. It does list, I believe, in this article. There's two other states that already have it. New Hampshire and Arizona both now have, technically, whether they have any Bitcoin or not, a state held Bitcoin reserve. So I was hoping, frankly, that that Texas would be first because I believe they were the first to propose this. And they are certainly, you know, very big on Bitcoin mining specifically. There's a lot of Bitcoin mining going on in Texas. I thought it would have been rather, nice if they would have been first, but for whatever reason, they did not. But it has passed the house and the senate, and we're waiting on the, the governor.
And supposedly, he's amendable to it. So we'll see. Maybe in a week or two, they'll have that. Mhmm. Very cool.
[01:09:19] Kenshin:
Nice.
[01:09:20] McIntosh:
No real software updates this week. If there was anything, I didn't catch it. We're just gonna skip that section. Do we have a question for the week? What can we do about unit bias? I mean, that
[01:09:32] Kenshin:
Yeah. Do you Is it do you feel the audience that you have unit bias? Have you experienced it Yeah. If you Yeah. Think about it now in those terms? Yep. I have felt it when when you talk about it, and then I realized that I have felt it in the past. Yes.
[01:09:53] McIntosh:
Yeah. I can't point to a specific incident, but to be honest, I'm quite sure that I have. And I think we're supposed to talk about our wallet experience too. Our first wallet, I do not remember. That's in the blue wallet? No. It was last week. Last week. Yeah. But we didn't answer it. Oh, we did. We remember we said Oh, yeah. Yeah.
[01:10:18] Kenshin:
That we should figure out. I don't know. I think mine was
[01:10:21] McIntosh:
You think it was blue wallet? Blue. Except the core core, the coin core of this. Let's set that one aside. Yeah. That doesn't cost. BlueWallet, I do not remember. I'm not sure I've ever used BlueWallet, to be honest. I've heard about it for years. I know. But I do not think I've ever used it. Oh,
[01:10:39] Kenshin:
no. I I remember. I saw it in my password manager.
[01:10:46] McIntosh:
Oh, now the secrets come out. Bitcoinwallets.com.
[01:10:51] Kenshin:
Wow. So that's that's closed up. It doesn't work. And all your Bitcoin was in it. I don't know if I had any there. But I have an account. So I don't know. A few like that's that I have forgotten. Whew.
[01:11:07] McIntosh:
Alright. Well, this week's question is, you know, do you ever experience unit biases? Has this been a problem for you? Do you not think I you're probably not listening to this, but is Bitcoin going over a 10 or whatever? A 11 is actually what we've been up to. I'm fully convinced, just to reiterate, which I do periodically, end of the year, fourth quarter, at least 150. I will say that once it gets over 150, I may reveal more. But I'm quite sure that we're not done yet. No. We're Even if we go down look, we've been sitting at this level now basically for a little bit, couple of weeks. We could drop again. I don't know if it'll go below 100 this time.
It may go down into the nineties. If it does, man, that's just it's cheap sats. People buy the stuff. Just DCA. Just DCA. Right? Alright. Very cool. Look, I keep saying this. We've got to rework this wrap up. You guys look blah blah blah blah blah. Okay. We got that out of the way. Thanks for being here. For follow us on Nostril. We're we're live roster. We're live on Nostril right now. We are live. Oh, we should mention that. Yeah. We're live on Nostril. How do they get to that? What is it? Zap.stream? And stream. We do have a web page if you are unclear about all this Nostril stuff.
Satoshis-plebs.com/nostril. So check that out. We would love to see you online. We're still trying to get people there.
[01:12:51] Kenshin:
We have five viewers now.
[01:12:53] McIntosh:
What? That's a record. Are they, like, still there? I think so. It looks like guys. Y'all should, like they can chat. Right? Yeah. We got the hi from one. I Awesome. Man, and now that makes me feel really good. Alright. Next week, we'll have to do better about letting those people, like, getting them involved. I am so sorry. We're just look. This is all a grand experiment. As they say on the podcast two point o show, we are running with scissors. Thanks for being here. I hope this has been helpful. You've got all the different ways we can reach us at the bottom of the episode pages on our Satoshis Plebs website. Stay humble, friends. Go out. Make it a great week. We'll talk to you all soon. See you next week. Goodbye.
[01:15:28] Kenshin:
Thumbs up, baby. I'll keep checking all across this galaxy. Hello, friend. Where are you
What is up, PlebNation? Today is May the 30th, and this is episode 211 of Satoshi's Plebs. Today, we are breaking down one of the biggest mental blocks, new Bitcoiners face, unit bias. That's the feeling that you've already missed the boat just because you can't afford a whole Bitcoin. And I'll give you a spoiler alert, you have not.
[00:00:23] Kenshin:
That's right. We're going to unpack where this bias comes from, how it affects adoption and why stacking sats and not really chasing a full coin is actually the real game so if you've ever looked at 0.0005 or 50,000 sats or something and thoughts, that's too too little, then this episode is for you.
[00:00:49] McIntosh:
Whether you're brand new or trying to onboard friends and family, understanding unit bias is a key. But before we jump in, let's check the price of Bitcoin. We got some great new music there before we do the Bitcoin price from Sara Jade called Wait Destiny is the song, and I picked it out because Sara rocks a keytar. Do you know what a keytar is? Sounds like a Kenshin.
[00:01:24] Kenshin:
Mix between a guitar and a keyboard.
[00:01:28] McIntosh:
Yes. You are correct. It is like a sideways keyboard that the they they hold, and they kinda play like a, like a guitar. I mean, like, it's a keyboard, but it's looked well, yeah. So it's an eighties thing, and so it's got that going for it. And, I like her voice, and there you go. So Right. Kinda wanna her more poppy songs, I thought, And, maybe we'll do she does. I don't know. Well, we'll see. I'll probably do something else from her another time. But, go ahead. Not today. We could actually pay. We can. Angles. So Yeah. I like where you're thinking, but, Mcintosh has gotta get, like, a Yeah. A mixing port.
I need more channels. I don't know. I am just stumbling along trying to figure out, Audacity. Right? You know? Hey. They wanna know about Bitcoin price, though, not Audacity. So what's our price as we record here on May 2025, sir?
[00:02:42] Kenshin:
What is it? A 107,707 USD and €95,000.
[00:02:48] McIntosh:
Flat and you are actually up by a thousand euros. Right?
[00:02:58] Kenshin:
Something like that. I mean, yeah, it's been a little bit up and down. I think I saw €97,000
[00:03:04] McIntosh:
or something. Now last May, our price was $68,296. So we are actually up 57.7% year over year.
[00:03:21] Kenshin:
Wow. And the Bitcoin market cap I see here, that's also a bit flat. It's at 2.1 Trillion And if we compare it to gold's market cap, which is 22.9, that brings us to 9.3% compared to last week, 9.5. So we're a bit down compared to gold. Right.
[00:03:41] McIntosh:
We're ready to pounce. We gotta get over that 10%. This is so lame. Yeah. So we did not get a big boost from the Bitcoin conference, which, I think industry day was yesterday as we record, on Tuesday of the week. And then, the general conference kinda kicked off today, and I was telling Kenshin earlier, to be honest, I don't wanna get sidetracked on this. I think I'm kinda famous for that at this point. But regardless, I'm glad I didn't go. What I saw last year, I'm glad I went. I'm glad I got to meet people, and I would like to meet people, but that would basically be the only aspect of the conference that I would have any interest in. And, frankly, putting it in Las Vegas, that doesn't appeal to me at all. I guess the argument is now I I think they had 30,000 people, which is just kinda nuts.
That's, like, one of the few places that can actually handle that. I don't know. Too many people. There's too many people. Too many people. So, not there. We're here right where we always are, bringing you the news, bringing you hopefully some good information. I think we've got some this week. I think this is something that trips up a lot of people, really. But, we're actually not quite done yet before we get to that. Our block height as we record, I'm gonna go ahead and adjust this because I bet yeah. It has eight nine eight seven seven eight as we record is our block height.
So we've actually clipped off four more blocks since, I'd oh, yeah. There we go. Since I, adjusted that a few minutes ago. Our difficulty adjustment is looking almost exactly like the last one where two days out at 2.72% up. Our previous one was 2.13%. And our fees right now, for some reason, are spiking. We're at four Right. Five and five. Sats per v byte. We got about 13,000 transactions that are unprocessed, which isn't a whole lot. It's only about 31 megs. But for whatever reason, I don't know. Probably JPEGs. I don't know. I I sound like a grumpy old guy when I say that. I can't help it. Look. I'm sorry.
It's just that's what it is. So what is up with you, sir?
[00:06:13] Kenshin:
Well, last time we talked a bit about Claude. Right? Your your new butler. My new butler. So it was mister Claude. This week, it's mister and missus Claude. What that means is I got my wife on board. I showed her how it works. And the mornings when I'm at work at the office, in the field of mine, she's sitting and she's clothed in with clothes. That is awesome. And she has done some impressive progress in our
[00:06:49] McIntosh:
new web app. Your your web what's the word? Enterprise. There we go. That'll work. Yeah. Your web enterprise. Right? Yeah. Very cool. I mean, we're accelerating.
[00:07:00] Kenshin:
It's, it feels good. We're both very excited and surprised with the results. It's like anything we think about, we just implemented now. So I think we will be done quite soon, actually.
[00:07:15] McIntosh:
I have not used Claude a large amount yet. But to be honest, what I have used it, I I've been pleasantly surprised. I do I would say in general, it is better, at least in terms of coding and this kind of thing, which is mostly what I use it for than chat g p t. So,
[00:07:36] Kenshin:
looking forward to using that more. Yeah. And for your information, I use it I installed on the desktop and connect MCP servers, which means it can take over my files on the desktop. And I ask it to make a change, and it actually changes
[00:07:54] McIntosh:
itself, the files, the code That's cool. For me. Yeah. So it has access to your local repo essentially? Yes.
[00:08:02] Kenshin:
So Mhmm. As I said, so my wife, she doesn't know any code, but she can do whatever she wants. And it's no WordPress, no templates, no nothing. It's pure code. Right? JavaScript Let me ask you this.
[00:08:15] McIntosh:
I don't know if you ever saw this with ChatGPT. I certainly have many times. I will start defining a problem and working with ChatGPT, and it'll just end up kind of almost in this loop where it just keeps telling me, oh, I should do this, and I should do this, but that's the like, it'll literally tell me the same thing over like, I think it kinda gets stuck. It doesn't know what to do, so it just kinda goes back to the last answer even though I've told it. Mhmm. That didn't work or that's not possible or whatever. Do you see that? Have you seen that with ChatGPT, and do you see that with Claude?
[00:08:56] Kenshin:
No. I've seen it I've seen it not I haven't worked with Chachi. It is so much or so so in-depth to to see that, but I've seen it when I was working with Ruko, then I had some some models from DeepSeek and and Llama, models. So I've seen it there. I haven't seen it in Claude, but Claude, at some point, it tells you, okay, this chat is you reached the limit of this chat and forces you to go to a new chat. So it it I don't think it can go to that place. It doesn't keep going forever.
[00:09:33] McIntosh:
So then Well, I'm looking forward to that because it that was frustrating. That was the most frustrating thing about chat g p t to me. Mhmm. I'd be, like, three quarters of the way through the problem, and then I would almost have to finish it myself because chat g p t is I don't know. I I don't know. I don't technically know why it would do that, So I'm not gonna speculate. But, yeah, I just kinda end up in this almost like loop.
[00:09:58] Kenshin:
Yeah. But I will tell you another anecdote here. So my wife has been using ChargeGPT a lot. She has now the Pro Account there also. And she's having a conversation like she's having with a friend and it replies very complimentary like, oh, how nice, this and how nice, you know, very very complimentary. I'm like, I I don't get those compliments from my AI. It's because you're not nice. Exact and then Be nice to your AI. And listen to this. She started using Claude and Claude has been nice to her also.
[00:10:35] McIntosh:
That's awesome. I'm like, what is going on? You're just not nice enough, Kenshin. I'm telling you. I'm sure it would be exactly the same way with me. It'd probably be like, shut up, grumpy old man. Here, take this code and run it. Stop.
[00:10:49] Kenshin:
I need to be more nice to my AI. Yeah.
[00:10:52] McIntosh:
The things we talk about are right.
[00:10:56] Kenshin:
What about you?
[00:10:58] McIntosh:
To be honest, not a whole lot this week. I we did have Memorial Day on Monday here in The United States, and we actually had a cookout. Was that Sunday? No. It was Sunday. But it was really a family celebration type thing. Memorial Day for us has traditionally been pretty low key. I don't know. Just in terms of my work, I I had a horrible well, I guess it was wasn't that bad, but I was texting you on signal or messaging you on signal last night at, what, 01:30 AM. My time, I started so it was, like, 9:30 your time in the morning.. 8:30. Because I was still up trying to do this change for for work.
It started at ten. Let me see. Yeah. It started at ten PM central time and didn't end until, like, roughly 2:00 AM.
[00:11:58] Kenshin:
So Wow.
[00:12:00] McIntosh:
It was, not the funnest, but we got through it. That's just kinda how my week's been. I haven't really done anything in terms of our server, which I really need to or anything really fun, really. I can't think of a single thing. I got sidetracked at one point on sawmills, which is a obsession of mine. I've owned I don't think I've ever told you this. I've owned three sawmills.
[00:12:27] Kenshin:
What is a sawmill? A sawmill?
[00:12:30] McIntosh:
Okay, everybody. I'll make a chapter for this so you can just skip over. Well, a portable well, my first one actually was not portable. It's used to process wood.
[00:12:45] Kenshin:
Oh, that one. Okay. So you cut the wood. Yeah.
[00:12:48] McIntosh:
My first sawmill, which was probably ten plus years ago ago now, was it's called a Frick, f r I c k. You can look this up. It's an old circular my blade was 52 inches across. Okay? So it would cut with the way that those are built. That means it could cut a log that was roughly half that about 24 inches, 25 inches, something like that. I bought it from an older gentleman who became a friend of mine in the area, and I actually left it on his property because he wanted to keep sawing. He'd done it for thirty years, and I it was just a thing. Whatever. But, I sold it eventually.
I bought a it's called a portable sawmill. They're band saws typically. So they it's a instead of a blade like that, it's a circular band. I don't know what to compare it to, but it's got teeth on it, and it spins really fast and goes through the wood and cuts it. I own two different ones of those. But because of some things that are developing kind of in our life, I see an opportunity maybe to buy another sawmill, Yet another sawmill. My wife just she just rolled her eyes at me when I kind of told her about this. The problem is they're really expensive, at least a a good one, which I really need to get one at this point to make this work.
But anyways, I there's a possibility. I probably won't happen, but, you know, I'm off watching YouTube videos and Oh, no.
[00:14:29] Kenshin:
You know? I know how it goes. So you're a so so male geek?
[00:14:36] McIntosh:
You could say that. Literally, the desk I'm sitting at, I built it out of wood that I cut, which is kinda cool. And in fact, there's one spot on it where you can still see the the circular mills like that Frick. They leave marks on the logs. You can tell that it was cut by a circular mill, and you can see the marks on this Cool. Table. So yeah. Sorry. I I hope you didn't get too bored, everybody. I try not to talk about sawmills because I know that's just something that nobody wants to hear about. But, yeah, that was a thing for me this week. Oh, I appreciate it. I'm thinking well, nope. Not gonna do it. Alright. Yep. That's it. So we did have some support this week from our friend, Send It Mike. He boosted in 2,069 sets.
And he said, great episode. This is a good one for me to point people, to who are new. Awesome. I love that idea. Question of the week. I mostly use Bitkey from Block because my bigger fear is me screwing something up and losing my money, and they make it really hard. I know it isn't entirely sovereign. I'm willing to accept that trade off for the easy to set up recovery tools and inheritance. Maybe I'm not paranoid enough. Right. Sitting at my I everybody's in different places, and I'm not gonna tell you that you're doing something that's wrong. Okay? Would I do that?
Maybe not, but I'm not in the same place that you are. It my suggestion, my friend, would be simply this. Just keep learning. And at some point, you may decide that you wanna do something different. You may want to move to a multi sig setup. That is normally something that happens when how can I put this? The amount of money in there becomes bigger than maybe normal. I don't know what else to say. Right? Because inherently, a multisig, which I guess, in a sense, BitKee is multisig. Right? I'm not that familiar with it. But bit key a block itself does they have a key. I know that. Yeah. So they hit his multisig.
But, really, what I'm talking about is like a three for five multisig setup. Maybe you have it geographically set up or whatever. I don't know. I don't wanna overwhelm people, and I don't wanna tell people, you know, accept this. If you have it on Coinbase or Kraken or someplace like that, get it off. I will say that. I don't think that's a good idea.
[00:17:32] Kenshin:
Yeah. But, I like that he mentions it because it's, if it feels that good for for someone, so we get this firsthand impression from him about the Bitkey. Is it it made me think like, is that maybe a good suggestion to suggest some of my family members who who will not have some more complicated setup? Maybe that's more Right.
[00:17:58] McIntosh:
And I get that. Yeah. So very cool. Glad to hear from you, and I'm glad that you got something you can point new people to. I would love to to build up a catalog of episodes of like this that are what I would call evergreen, essentially, that you can always point people to and say, hey, go listen to this one. Go listen to this one, this one, you know, that kind of thing. Alright. Now I know we're all here for the psychology, so let's just jump right on into our subject today. Right. So what is unit bias, first of all? Yes. Why are we even talking about this?
It sounds weird, but I believe that this is one of the reasons people struggle with Bitcoin as it gets to these higher levels. Okay? I will I actually wanna read this, and then we're gonna talk about it a little bit. But I came across what got me thinking about this back about a week ago, roughly, air Erin Malone, who's somebody that I follow on Twitter, posted this. She's written a book about Bitcoin, and she posted a page from it. And I thought this was a really good, definition, sort of. So let's start here and then we'll expand out. Unit bias is a cognitive bias. So it's an issue with your brain.
That's me, not her. Where individuals tend to prefer a whole unit of something over a fractional part. If someone doesn't understand the fundamental properties and value of Bitcoin compared to other coins, they might say, why would I spend 70,000? She wrote this a few months ago, apparently. On one Bitcoin, when I can buy 1,000 of x y z coin for a penny each. They judge the value based on its price per unit rather than its market value, often overlooking important factors such as total supply, market capitalization, and all the properties that make Bitcoin unique. This leads them to believe they're late to Bitcoin and need to invest in the next big opportunity.
A way around this, and this is her way of, kind of how do we get rid of this? A way around this thinking is to denominate Bitcoin in Satoshis. In other words, I can buy 15,000 Satoshis for one dollar. Again, this was written a few months ago. Now it's slightly under a thousand Satoshis per dollar. But the point is she's thinking in Satoshis versus 1 Bitcoin. Mhmm. Mhmm. Or a fraction of a Bitcoin like that. What was it? Point zero zero zero zero. I don't know. Four zeros. Yeah. Right. Bitcoin. So let's start there. I thought that was a really good kind of almost intro.
[00:21:09] Kenshin:
Yeah. Yeah. I mean, it's it's very interesting, and I have felt it myself. So for sure, human psychology plays a huge part there. It's it's and, and it's also I don't know. Is it like so you mentioned there about buying, some other cryptocurrency instead of Bitcoin. Should we make some analogies? Because I like some of those analogies. It's like you buy one large pizza Right. Or do you buy eight slice of pizza? Right. It doesn't feel the same to buy eight slices. It's Right. One whole unit feels better. Right? Even though
[00:21:52] McIntosh:
with eight slices, you very likely could have more than one pizza. Right? But you would you would rather buy that one pizza, versus the eight slices because of that unit bias. Right? And another great example, I actually think this one is even more concrete, is talking about stock splits. So stock splits are where a company, their stock gets to a certain price, and essentially, they make a directive that says, okay. My price is $200 We're gonna lower the stock price. We're gonna do a what would they call it? Like a five to one stock split. So every one share that you own, you get five shares of the new stock, and it's worth one fifth of the amount. What did I say? 200?
So one fifth of 200, which I think is $40. Don't hold me to that. 40. Yeah. So $40 for the new stock versus 200. And time after time after time, what we see when companies do that, the stock shoots back up. Apple did this very famously, for example. Their stock hit $400 They did not have very much retail participation. It was all corporations, what mutual funds, this kind of thing, buying their stock. But Joe Blow on E Trade or Robinhood, they weren't buying Apple. So they did a split, a four to one split, it looks like. So afterwards, it was $100 a share
[00:23:29] Kenshin:
and retail kinda just rushed in, and, of course, they pushed that price right back up. Mhmm. Mhmm. Is it the the same psychology when you see the prices that it hits the ceiling at hundred thousand? It's a nice big number. Mhmm. No. We are we have this with the zeros.
[00:23:46] McIntosh:
I think that's, certainly some people's bias. They say, well, we've reached a hundred thousand talking about Bitcoin, of course, and it's just not gonna go higher. So I'm not going to buy any or I'm not gonna invest in it because there's no chance even though we hear this steady drumbeat. Look, I got it in the news. GameStop, we told on this show a month or so ago, maybe three, four weeks ago, that they were announcing that they were going to buy Bitcoin with, their cash, and they did. 4,700, I think. It was over half a billion dollars. 40 7 hundred. They just announced it today.
I think I have it in my notes under the news. If I don't, I need to add it. But this type of thing I mean, sailors out there buying Bitcoin almost weekly, if not weekly, with MicroStrategy. And it is not a million dollars, which is still a large amount. It's a lot. Okay. I don't know what the last one was. I want to say, like, 400,000,000, but I don't keep up with it. So I may be wrong. But it is it's he is stacking a lot of Bitcoin. But but Bitcoin's not gonna go over a hundred thousand, Kenshin, because it's got six zeros. I I don't know. I mean, it does look.
I don't wanna I feel like we're giving away the whole thing. We need to we need to move on. I I do wanna go somewhere with that. I what I wanna do let's talk about this. And in the end, I wanna kinda give you maybe a perspective. And Erin touched on this in her little article, alright, while it was a page out of her book. How do you actually determine what's gonna be a good investment? Because it's not the number that it's currently at. Ask people who own, Berkshire Hathaway, Warren Buffett's company. Right? His stock. I think they would consider it a good investment. Now I may not, but it's $500 a share.
I mean, that's pretty steep. Wouldn't you be better off buying a penny stock? I I don't think so. I think you have a better chance of success with Berkshire Hathaway. Right? So there are some things we need to look at. But, yes, before we get way over ourselves, those are some examples. The pizza, the stock split. Those are certainly some good examples. It is all it's all in your head, and you have to understand that. Whole numbers are simply easier to understand. They feel better. You own one of something versus that 0.00005 Bitcoin.
Right. You see what I'm saying? Yeah. I cannot imagine walking up to somebody and saying, yes. Well, I, I bought 0.00005 Bitcoin today.
[00:27:02] Kenshin:
Yeah.
[00:27:04] McIntosh:
That it sounds weird, first of all. But on the other hand, that is simply 50,000 Satoshis. If I said, well, I bought 50,000 Satoshis or I bought 50 not that I should be telling people what I'm buying, but just bear with me. $50 of Bitcoin. Both of those really mean the same thing as the point zero zero zero. Good lord. I'm lost. 5 Bitcoin. Right? Yeah. You cannot even remember. I can't even say it. So, yes, my brain is automatically gonna shut that off and say don't do that. Yeah. Yeah.
[00:27:44] Kenshin:
You know? And we and we have the whole coin or terminology too. Right? It's the reason we say he's a whole coiner or something. Right. Or I want to be a whole coiner. That's so that when Bitcoin hits a million dollars, we know who to target.
[00:27:59] McIntosh:
I'm sorry. I you know, it is funny. We say that, and and I believe that we are going to be the point of at a point one day, and it may not be for forty or more years, but you don't tell people if it's it's why would I walk around town telling people, yeah, I have a million dollars? Yeah. Exactly. I mean, that's just the dumbest thing in the world. Now I may choose to display some of that in certain ways. Maybe maybe I'm dumb enough. Sorry. Maybe I really want to buy a Rolex. Sorry. I couldn't help it. Right. Or maybe I'm driving a really fancy car, but, you know, we can make payments on that. But okay, maybe or maybe I live in the right neighborhood, but I'm not gonna literally walk around and tell people I own I have a million dollars. Oh, I have a million dollars up in my house in cash.
Yeah. Yeah. Just makes me feel good to say that. I don't know. You know, that's dumb, right? I think there will be a day when we don't say I own a Bitcoin. I think that would be a really stupid thing to say. And I say that because one Bitcoin will represent maybe not generational wealth, but it'll be a lot. Maybe a hundred years from now, it will be generational wealth. Right? Maybe less than that. I don't know. But
[00:29:26] Kenshin:
Yeah. But is is this the right place to say about the naming then of the SaaS that everybody's on top of right now? I think it's the same reason.
[00:29:40] McIntosh:
Can we hold off on that? I don't wanna Yeah. I don't wanna, like, give it Take it in the end. Maybe it is. I don't know. I I I have a different thought on that. But, yeah, let's let's let's keep going for a few more minutes. Mental accounting is certainly easier to track and remember whole numbers like I just said. Point zero god. Four zeros. One, two, three, four, five. Right? It that's hard to keep up with versus 1 Bitcoin or 50,000 Satoshis or or whatever. Right? Those whole numbers are easier to remember, and that comes into play when we're talking about something like this. So how does this affect Bitcoin?
[00:30:24] Kenshin:
People avoid it because they think it's too expensive. Right? Right.
[00:30:28] McIntosh:
I think I've said this before or maybe I just said this to you, Kenshin. I've had close family members who have literally looked at me and said, I'm not buying Bitcoin because it's too expensive. Yeah. I and I'm, like, sitting there going, I can't take the next five hours to try and explain this to you because you would you first of all, you just wouldn't believe me. But because I'm too close to you. Right? But, you know, it's so easy to get in that mindset.
[00:31:03] Kenshin:
Yeah. I had the exact same experience. It was two, three years. When was Bitcoin around twenty k? Was it two years ago? And I was still I think it was 2017.
[00:31:14] McIntosh:
I think it's been more than two years ago. Oh. Oh, no. That's not true. You're right. It got down to 16 k when Russia invaded the Ukraine. Yeah. So whatever year that was, 2022?
[00:31:26] Kenshin:
Yeah. And then it was twenty k that's one summer. And some family member was here, and I started talking, about Bitcoin very excitedly. And in the end, he told me, but you know what? It's it's too late. It's too expensive. It's too late. There's no point now. And that was 20 k. And then the next summer I talked to him again, and he's like, oh, I I don't want to talk about it. Because Because it had doubled by then. It had more than doubled and he was resentful to it. So Yeah. It's a lot of psychology.
[00:31:59] McIntosh:
Yeah. Yeah. So people are gonna avoid it simply because they think it's too expensive. But understand, people have been saying that for a long, long time. It's a little more difficult now that we're kind of at this hundred thousand dollar level. But I'd like here's an interesting little stat. The percent change between where we're at right now, a hundred and 10 roughly and a hundred and 50 is the exact same percent change as between 11,000 and 15 thousand. Yeah. Now it requires more capital going into Bitcoin to make that change, but the percent change is exactly the same.
[00:32:45] Kenshin:
Yeah. That capital change is the only thing I'm thinking about as you mentioned because it's yeah. You need those big, institutions
[00:32:54] McIntosh:
to We need people like Game Shop, GameStop buying 4,000 Bitcoin, which, by the way, is 10 times 10 450 Bitcoin a day get mined. That's that is I think it was 4,700, so it would be over 10 times that amount. Yeah. Just one person, one corporation just off the table. That may not affect the price today, but, ultimately, it will. It has to because because Bitcoin has a limited supply. I do want to mention this, and I don't want to go really deep into this. We're not an altcoin show. Of course, we never talk about these things. But I do believe that this unit bias, in fact, is one of the major reasons we have Ripple, Doge, Shiba Inu, Ethereum as badly as it's doing these days.
What is it called? ADA.
[00:33:57] Kenshin:
We don't need too much.
[00:33:59] McIntosh:
It's doing even worse. Right? But they came about in large part because people said, oh, I can't buy Bitcoin at a hundred dollars. Can you imagine saying that? I mean, they're literally our people. There's notes online. I sold my Bitcoin at almost any amount, $14. I mean, literally, there are some because I doubled my amount, and I don't think it's going any higher.
[00:34:25] Kenshin:
Yeah. Every cycle there are people like, yikes.
[00:34:29] McIntosh:
I doubled my amount, but I sold because
[00:34:33] Kenshin:
That's why I keep saying to people, it's it everybody says, oh, if I could have bought a hundred Bitcoin or whatever back in the day, I would be a gazillionaire now. But I would say, yeah. But you would have sold it. Right. Then next year your money, freaked out, and said, I'm out. Exactly. Here's the thing. It's, again, it's not the price,
[00:34:56] McIntosh:
and we'll talk about why that's true in a little bit. I don't wanna tease people, but I I mean, I kinda wanna unwind that towards the end. Right? It's not just the price.
[00:35:07] Kenshin:
Right. A small parenthesis, you mentioned all those altcoins. Mhmm. Someone said it somehow. And I said, if you compare those altcoins with one Satoshi instead of one Bitcoin, the equation shifts so much. Mhmm. And it fits now with this next segment. We start to talk about such more. Mhmm. Because one such is less than a dollar is, less than a cent. Right? Yeah. It's less than a cent.
[00:35:36] McIntosh:
When Bitcoin hits a million dollars, 1 satoshi is 1¢. I'm I'm waiting for that day. Yes.
[00:35:45] Kenshin:
Okay. So com compare SATS to those cryptocurrencies, then then you're talking on an equal terms. And then the SATs seem very cheap all of a sudden.
[00:35:55] McIntosh:
Alright. So yeah. One thing that maybe most maybe people don't even know, at least some people. But you can buy a fractional share of a stock. Apple, dollars four hundred. You could have bought a quarter of a share, a half a share, a tenth of a share, dollars 40 for a tenth of a share of Apple when it was $400 You do not have to buy a whole share, but we are biased again. Unit bias. We are biased to not do that. So we don't, you know, we I mean, I can't buy $100,000 Bitcoin. I can't buy the whole thing, so I can't do it. Well, okay. I guess I don't you know, but you can.
So the reason why you can is we've been alluding to is Bitcoin is divisible. It's fungible is actually the economic term for it. And specifically, 1 Bitcoin is a hundred million satoshis. We call them sats just to make it a little easier. And you can buy a dozen of those, technically. You can buy what was the point zero zero zero zero five is 50,000 satoshis, and that's about $50 right now. So you could buy $5 You could buy $1 of Satoshis. You could go on strike, and I promise you on strike, you're not going to be punching in, I want 0.00005 Bitcoin.
No. You're gonna tell it how many dollars you're gonna buy, excuse me, on a daily basis and or a weekly basis. And that's what's gonna happen. Right? So you don't have to worry about that. And it is it is very much designed to be divisible. We everybody knew that was working on Bitcoin in the early days that it was going to have to be done that way. You if Bitcoin had any value, you couldn't just trade Bitcoins around. You had to be able to do it in smaller amounts, and that's where the Satoshis came from.
[00:38:22] Kenshin:
Right. And I like this. It's like if you think in gold terms Mhmm. Gold is not divisible. Not in that level in any anyway. You can have small piece of gold, of course. But
[00:38:37] McIntosh:
Well, you can. But at some point, it just gets so small. You can't keep up with it. Exactly. I think a $20 gold piece here in The United States, which was one ounce, was pretty traditional. There probably were smaller things in that, but a one ounce of gold is not very big. I'm going to go back to my role playing days. I'm not sure this is 100% true in real life, but I bet there's some parallels. In in a role playing game, you would like have gold pieces and then you'd have silver and copper. If if my stuff is too cheap, I would use silver to pay for it instead of gold. Right? I don't if I'm buying my mug of beer at the tavern, it might be one silver piece versus, you know, a $20 gold piece or whatever.
Does that make sense? I think it was like 10 silvers to a gold piece. I don't know. This is not a gaming podcast, whatever, but I think you get the idea. We have that built in with Bitcoin. Unlike gold. Gold, you can't do that. Yeah. I mean, I guess you can shave off a little bit of gold to pay for a dollar's worth, but that's such a minuscule amount. It's it's basically impossible to keep up with. But I can give you a thousand sats. I can send it to you across the Lightning Network just like that. Mhmm.
[00:40:01] Kenshin:
You want to hear another interesting fact about gold? Sure. How many tons of gold exist in the world? It's around 200, two hundred 50 thousand tons. Wow. Which translates to, let's say, around 200,000,000,000 grams. Okay. I don't think you can go below a gram. Right? No. 200,000,000,000 gram. That's that's all in the world. And no one's complained about the the size of,
[00:40:31] McIntosh:
how the the supply of gold in that sense. That's a very good point. So 200,000,000,000 grams of gold.
[00:40:38] Kenshin:
We know how many sets.
[00:40:40] McIntosh:
I do know. Yes. Quadrillion. Two point one quadrillion?
[00:40:45] Kenshin:
Exactly. Mhmm. And that's roughly one gram for 10,000 sats. Right. Right? Right. So we have enough to go by and We do. Yeah.
[00:41:02] McIntosh:
We do. So understand as the price of get Bitcoin goes higher, and there's no indication that that won't happen, we're gonna stop using the term. You're gonna find it much more common to use something like Satoshis. Now maybe this is a good time to talk about this discussion that's going on right now about naming things. But Yeah. Regardless of how this turns out, it will not be, you won't be there will be this lower unit. I'm not explaining this well. Maybe I should just stop. Go ahead, Gunja.
[00:41:41] Kenshin:
Oh, basically, they they they think that's as as you say, because of the unit buyers, everybody thinks 1 Bitcoin is unattainable Mhmm. And too big. A lot of people think it's too too expensive to buy anything with because they don't know it's divisible to a hundred million subs. Right. So it was this argument again, you cannot even buy a pizza with a Bitcoin or whatever, and the math turns out, yeah, you can buy crumbs of pizza actually if you wanted to. But anyway and so for that reason, they they think for the mainstream to catch up, the Sats is not marketable.
The Bitcoin is established. So it just switch from saying Sats to saying Bitcoin. Nothing changes in terms of price. You just say that now you have 100,000,000 Bitcoin, it equals 1 BTC, something like that. Yeah. Which for me to me For me is a bit ex confusing, actually. Yes.
[00:42:50] McIntosh:
For anyone who's been around Bitcoin for any amount of time, that is very confusing.
[00:42:56] Kenshin:
I I understand the the the the thought process, and I think if people start talking, in terms of SaaS but rename it to Bitcoin, it will, as you said before, with those splits and whatever, it will increase very fast in in value. So I think it's a bit of human greediness coming into play there, as I'd like to say, because it's
[00:43:21] McIntosh:
they see a quick pump in a way. Right? Yeah. I don't know that I agree with that, to be honest. Maybe. I'm not sure that that's what's actually gonna I think what we're gonna have is a lot of confusion, frankly. Well, Bitcoin was a hundred and $7,000, and now it's not even a penny. What? That so Bitcoin's broken. Well, obviously, there's more than 21,000,000 Bitcoin. So why would I ever even think about investing in Bitcoin? Oh, wait. What about Shiba Inu or whatever else Elon makes up these days or, you know, one of right? I don't know that that's true, I guess. And I think look. I get on I carry on about people and their intelligence level, but we call it dollars and cents. We don't call it dollars and dollars It here in The United States.
Your currency may be different. I don't actually
[00:44:21] Kenshin:
It's the same. Everywhere is everywhere is like that.
[00:44:26] McIntosh:
Yeah. A euro and a euro cent, then you have They call it a cent? Okay. Yeah. So are you a euro cent? Swedish,
[00:44:33] Kenshin:
krona and Swedish.
[00:44:34] McIntosh:
So they have a special So they do have a okay. So there you go. Why is this any different? Yeah. Yeah. It shouldn't be. People have trouble. Newcomers how can I put this? Newcomers may initially have a little trouble understanding 1 Bitcoin equals 100,000,000 Satoshis because it's such a big number, but they'll figure it out.
[00:45:01] Kenshin:
Yeah. Well, when I onboard friends and family, one of the first thing I say is 1 Bitcoin equals a hundred million sats, which you can, relate to $1 equals a hundred cents. I I say exactly that and it's very easy. I don't have to repeat it. Everybody gets it first first time. So I don't think it's a problem either, but that's the arguments on on that side.
[00:45:27] McIntosh:
So this discussion that's going on, I think it's BIP $1.77. I'm not a fan of it. I don't want things to change. I'm maybe I'm old school. But I don't I think it's just gonna cause more trouble than than maybe any value that we get out of it. And but regardless of how that works out, your tools that you are using, whether that's like a Phoenix wallet, right, for lightning or the blue wallet for the Bitcoin main net that you were talking about last week. They should show not just Bitcoin, like, point zero zero oh, god. 0.00005 Bitcoin.
[00:46:09] Kenshin:
It should show it in Satoshi. Strike does that when you bring it up. Yeah. Actually, they do. The blue wallet, I like it. I always have it in sets, actually. So you you press on on top of the actual amount, the balance in your wallet, you press it and you get three numbers. You get the Bitcoin, 0 point 0 something, then you get the SaaS. Right. A hundred thousand something, and then you get the amount, the local currency that you have set up. And
[00:46:37] McIntosh:
exchange. The reality is that's easy to program into any tool. And if it's not there, either that tool will do that at some point or they will die out if there's something that's used by an end user because people won't put up with that. Why would I have a wallet that shows me 0.00005 Bitcoin? Right? I mean, that's crazy.
[00:47:04] Kenshin:
Yeah. And now with, also those lightning wallets and and the lightning network in general. Right? Everything is denominated in such In Satoshis. Yeah.
[00:47:14] McIntosh:
Yep. Very cool. Alright. So I believe that this is actually really important. I I believe that this unit bias and you need to actively kind of fight your mind against it. I believe it's slowing down the adoption. Bitcoin is not done at the price that it's at. I wanna unpack this for just a minute. I'm thinking maybe this is a good place to put it. How do why do I say that? Is is Macintosh just, you know, is he just doing his thing, or does this actually mean something? Right now, the market cap of Bitcoin is $2,100,000,000,000 roughly.
That means if you basically took every Bitcoin that's out in the world right now and sold them all, in theory, it would be $2,100,000,000 worth. The question is not what is the that market cap. The question is what is the possible market cap? Now where do we go from here? Because that's what matters. If we if our total market cap possible is only $2,100,000,000 or trillion dollars, 2 point 1 trillion dollars, then pack it up and let's go home because we're there. We're not going to do anything but maybe keep up with inflation, which would not be a bad thing, but it's certainly not what I'm here for.
But I believe that that total addressable market cap is much higher. I believe a lot of the money that's in Wall Street can come out. I believe that the average person a hundred years from now and this is not look. This is not five years from now. This is not ten years from now. But I don't think the average person will be investing in the stock market because it's a game. It's a gamble, and it's a bunch of pumped up numbers. Instead, they will invest in Bitcoin because everyone will have their own family treasury. And you will just every week, you're gonna be getting Bitcoin, and you're gonna be sliding it into that treasury. You're gonna be getting Satoshis, not a Bitcoin.
If you are, please let me know. I wanna be your friend. Right? And you're you're sliding it into that treasury, and over time, you're building it up. That is your investment. I believe in The United States specifically now I know this does vary from country to country, but at least in The United States, there's trillions and trillions and trillions of dollars that are tied up, for example, in a real estate market. Why is that? Because people don't wanna invest in the stock market. So what do they do? They invest in real estate.
They go out and buy the second home that they then try to turn around a long term rent, and they have to put up with renters. They have to put up with maintenance. What do they say? Termites, tenants. And there's another t. It's a real estate phrase. It doesn't matter. You have problems, and you have to deal with them. And then after twenty years, maybe you've paid it off and you're doing a little better and rah rah rah. But if you actually chart all that out, you're really not doing much better than inflation if you're doing any better at all. Why would I go through all that if I can simply invest in an asset that is showing proving its value as an investment instrument?
And I think, ultimately, we're gonna see this swing, for example, of real estate being for people who it will be much more common that that people do not invest in real estate versus those that do. Does that make sense? Mhmm. I've seen some very credible figures. Let me just kinda jump to the punch line certainly for time, sake. I've seen some very credible figures. These are not made up. These are not hyped. I've seen figures saying that the world cap is like $900,000,000,000,000. I don't believe that at any time in the near future and that's 50 or is that 500 times from where we're at?
Yeah. It is. It's 500 time 500 x. I don't believe at any point in time that that's gonna happen in in in my lifetime and probably in my children's lifetime. Now I've seen very credible figures saying that the the total market cap could be one hundred or two hundred trillion dollars. So let's just take the lower number. Let's go out twenty years, dollars one hundred trillion. Do you know what that means? In uninflated numbers, let's just Yeah. Not bringing inflation. So this is today's dollars. 5 million. 5 million dollar Bitcoin.
I don't know. Do you think Shibuya knew it was gonna be worth anything like that? No. I think the history shows that those coins will be gone, not worth anything. I believe we're seeing the downfall right now of Ethereum. And, yes, the price is still $26,000 as we record.
[00:52:50] Kenshin:
No. But Vitalik What do you say? 26,000,
[00:52:53] McIntosh:
you said? Oh, 2,600. Excuse me. Yeah. Vitalik. Oh, and by the way, I wanna correct something from last week while we're correcting things that Macintosh says because he does that all the time. My my my mouth goes faster than no. My brain goes faster than my mouth. Really, last week, I was talking about Monero, and I said that it was transparent. And so I actually fixed it because I realized when I was listening to it that I said it. So I took it and where I said that Bitcoin I wanted Bitcoin to be more private, and I copied the private over, but you can literally hear it. So when it kind of makes a weird little jump there, that was me doing some editing because that's what I meant to say. And I think it was fairly obvious if you actually listened to it that that's what I meant. But, yeah, I I don't I want full disclosure.
Right? Right. Because my tone was not the same when I said private versus when I was saying, when I should have said transparent. Anyways, here's my point. Hundred x. No, not that's 50 x from here. Dollars 5,000,000 Bitcoin. That may take twenty years, maybe longer, but don't let anybody fool you. Bitcoin is not done, and it's not going to stop at 100 or 110,000, whatever. It's going to continue on. Do not try and figure that out. Just do as we always say, stack sats. Yeah. Do we say stack Bitcoin? No. We say stack sats. Okay.
[00:54:41] Kenshin:
Sorry. I like it. Yeah.
[00:54:44] McIntosh:
So I do think that that unit bias does slow down adoption, but ultimately, we're going to overcome that. And we need to shift the narrative from owning Bitcoin or owning one Bitcoin to stack as many sats as possible. Start thinking in sats. Don't think in Bitcoin. Maybe ultimately you get to Bitcoin, 1 Bitcoin. I don't know where you are in your journey, and I'm not gonna tell you you can't make it to one Bitcoin. I don't know. Maybe you're in a position where you decide, I've got this rental property over here. By the way, you should look at real estate versus Bitcoin historically. It's scary for the real estate people. But maybe I'm gonna sell that and put the proceeds of that into Bitcoin, and you do end up buying 1 Bitcoin. Bitcoin. I'm not gonna tell you not to do that. I'm just saying it's getting more and more difficult as the price goes up. So stop thinking about it and stack those sats, which are going to continue to go up in value. The day of the 1¢ Satoshi is coming, and it may be here sooner than you think. And then ultimately, gosh, maybe we have a 10¢ Satoshi, which by the way, you can divide a Satoshi.
It's called a Mila Satoshi. Did you know that? It's not really,
[00:56:04] Kenshin:
it's not like a No. In in lightning. In in lightning is already yeah. But when you peg out to Bitcoin again, it,
[00:56:15] McIntosh:
Right. Round rounds it up. But Right. No. You're right. But but ultimately, these are, you know, I who knows? I don't know.
[00:56:24] Kenshin:
I'd like, do you want me to give a, a loose advocate
[00:56:29] McIntosh:
side? We are disagreeing today.
[00:56:32] Kenshin:
I I don't disagree. I am glad. No. I'm glad. I I don't want to change anything either, but someone would say, yeah, but you never use sense in the real war world. You you never mentioned cents. Do you say how many cents you have?
[00:56:51] McIntosh:
Do you say you telling well, not that I run around and tell people my net worth, but no. No. You're selling this other situation. Yeah. But I look. I just went to the store yesterday, and I bought a Coke, and it was a dollar and 7¢. And I fed a dollar and 7¢ into the machine.
[00:57:13] Kenshin:
Really? 7? Yes.
[00:57:16] McIntosh:
With coins. All and change. With coins. Little coins. The circle look. Okay. You're getting a story out of me, Kenshin. It's your fault. Yes. Circle k has these stupid, automated machines. Like, they don't want their clerks to actually work. They just stand behind the counter, and you put your things on the little thing, and the camera looks down, and it figures out what you got. So I put my drink up there, and I hit pay cash, and I pull my coins out of my wallet or my pocket, and I dump it down into the thing. And I don't count it. This is actually a way for me to not have to deal with my coins.
And it calculates it up, and it spits back the change, and it nicely consolidates it. Thank you very much. And yes. And I don't use my credit card.
[00:58:12] Kenshin:
Technology.
[00:58:15] McIntosh:
But I but it's a dollar 7. It's not $2, and it's not $1. If I only stuck a dollar in there, they'd be like, excuse me, sir. Where is I almost said my name. Where is, where's your money? Because we call that shoplifting. So I I disagree. It's just context.
[00:58:35] Kenshin:
Yeah. Sure. Sure. Sure. But I I never, got my salary in cents or
[00:58:44] McIntosh:
negotiated anything else. Overall. Okay. I apologize. I see. So it's not it's a hundred and $7,000. It's not whatever that would be in cents. Yes. How much would that mean real quick? I should say. 10,000,000?
[00:59:01] Kenshin:
No. 1. Nora? 1 million cents. No. 10. No. 10,000,000. 10. 10 million.
[00:59:07] McIntosh:
That's a lot of cents.
[00:59:08] Kenshin:
Yeah. Exactly. I'm a cent millionaire. Wow.
[00:59:12] McIntosh:
Yeah. I get that. But it's a way to break it down. But as I don't know. As such well, no. That's not true. I was gonna say, Satoshis have replaced dollars, but that's not true at this point, certainly. Yeah. Let's resume. I get it. I just think any change is just gonna cause so much confusion. I don't know. I guess we're just gonna disagree on this. Yeah. But we need to wrap it up because we've been talking for a long time.
[00:59:47] Kenshin:
Yeah. But but I I I agree as a final thought. Start thinking in such more than Bitcoin and stack those such as much as you can because you will regret it at some point. God forbid if bits become the thing or whatever. You stack your bits. I don't care what you stack. Just do it.
[01:00:04] McIntosh:
Yeah. Okay? Don't regret it. Don't regret it. I mean, I'm a I'm a sack guy. Whatever. But, yeah. Alright. Let's get on into the news and notes, and we do have a few things. I wanna delve into a little bit of mining news if you don't mind. Do you wanna do the block? I guess we already talked about that. We don't need to. They did roll out Bitcoin payment on Square. Mhmm. So we've already talked about that. Could you grab that second one, and I'll do the third one? While you're taking a look at that, Bitmain, I guess, yesterday at the Bitcoin conference at Industry Day, announced a new miner because that's just what they do.
It's called the s 23, and I am jealous. I think that's, like, one of the sins. I'm jealous. Alright? This thing, it's a hydrominer, which is what I want. 9.5 per terra hash. This is the first machine that's less than 10 per terahash, which means it is literally the most efficient Bitcoin mining machine on the planet, which is really important. It is also extremely powerful. 580 Terahash per second.
[01:01:30] Kenshin:
How much did you say? 580.
[01:01:33] McIntosh:
Woah. Yes. And you don't wanna know how much it cost?
[01:01:37] Kenshin:
How much?
[01:01:39] McIntosh:
About $15,000.
[01:01:44] Kenshin:
Yeah. That's a bust. Dollar per Terahash.
[01:01:48] McIntosh:
It's $30 per Terahash. That's It's roughly what it is. That's actually pretty accurate.
[01:01:56] Kenshin:
Mhmm.
[01:01:57] McIntosh:
So it is slightly more expensive, which it always is. This is the newest and best. But because it's so many Terahash in one box, it's like look. I've talked about my s 19 k pros. They were less than $2,000 when I bought them. Okay? So it would take almost, like, nine of those, eight of those to buy one of these. Mhmm. So, actually, see, that's the thing. They're a hundred and 20 joules per terra sorry. $1,120 terra hash. So that's eight times a 20 is more than that 580, but I'm burning more electricity too. Exactly. So, you know, maybe it's a unit bias thing. Yeah. I don't know.
I struggle, but, man, I would love to have some of those. I tell you. Wow. What's the ROI on those? I haven't seen a figure. Okay. I but, yeah, you're paying off a lot. You better you better hope the price of Bitcoin spikes.
[01:03:09] Kenshin:
Or not because if you buy Bitcoin without money instead and Bitcoin price spikes, that's
[01:03:15] McIntosh:
Yeah. Might be better off. Fair enough. You know, mining is a very slippery thing. You look at it and you analyze the numbers, and it seems like you essentially shouldn't make anything Yeah. At retail power, which is roughly 8¢ per kilowatt.
[01:03:32] Kenshin:
I I literally have this process once a year, maybe twice. I go and do the calculations. I get all excited. I'd go deep in the calculations, and then no.
[01:03:44] McIntosh:
And I won't go. Price per but but the thing is and I've been doing this now two years, Kenshin. It's actually been over two years. I did not realize that. I promise you I'm not doing it for free. We're not talking, and it's not as much as I would like. And, I always want more. I mean, I'm just greedy. Okay? But it's not for nothing. My plan seems to be working out, and we'll see.
[01:04:20] Kenshin:
Yeah.
[01:04:22] McIntosh:
If I ever can figure out how to get cheap power, it is game on. Like, I I'm telling the wife, we're just selling the house. I mean, we're just we're putting everything into bit into mining, not Bitcoin. We are we are. But, you know, because if you have cheap power, if I were paying 3¢ per kilowatt hour, I could be mining Bitcoin at, like, $60,000 of Bitcoin. That's just the simple math of it. Now how long does it take to mine that Bitcoin depends on how many units I've got. But there's a 40 thou almost $50,000 swing in that mine versus the market.
But when you're at 8¢ per kilowatt, which I'm not, but I'm close, I've got two different prices because I'm in between, remember, I'm in between host. It's close to that. Right? It man, it's it's so thin. But then here's what happens in a bull market. The price of Bitcoin goes up. Hash price doesn't follow it so fast. And so now you're making more. You're making more dollars per petahash or whatever the measurement is you wanna use. A petahash is a thousand terahash. Enough about that. Really sweet hardware. It's a shame it comes from Bitmain. Come on, people.
Somebody else needs to step up. I'm serious. I'm tired of these monopolies.
[01:05:56] Kenshin:
So do you know at what price the German government
[01:06:02] McIntosh:
Oh, gosh. Sold their Bitcoin? 50 7 thousand?
[01:06:07] Kenshin:
No. 57,000. Dollars.
[01:06:10] McIntosh:
That's what 57,000. Oh, 57. Yes. Yes.
[01:06:15] Kenshin:
And how much they lost if they would had sold today, essentially?
[01:06:22] McIntosh:
Yeah. It's a couple billion.
[01:06:24] Kenshin:
Right? 2,300,000,000.0. Just booking some fun to Germany.
[01:06:29] McIntosh:
Well and they've also started sorry. They've also started turning on their nuclear power. So they gave up. I told I said they're gonna have to. People are gonna freeze if they don't. Yeah. Sweden has done that also. I was not wrong. Denmark, Germany, I guess Sweden. I didn't actually even know about that. Yeah. But common sense prevails eventually. Well, it's funny how yes. You're right. Let's move on. This will be a four hour show. Japan, I mentioned this last week. Things are really bad. I got a couple of statistics to kind of back that up. Here's one. Rice is very important in Japan. It's basically every meal.
Rice prices are up nearly 100% year over year. So one year ago, half the price it is now. The sharpest jump since 1971. Oh, man. Their 40 year bond has hit, 3.63% yield, which is an all time high. That is not a good thing.
[01:07:37] Kenshin:
It's incredible.
[01:07:39] McIntosh:
So I continue to maintain what I said. We will see. I don't know if The United States I don't think we're gonna step up to bail them out. I don't think we can, frankly. I don't think anybody can. I don't know what's gonna happen. Mhmm. But I also think that's gonna tip some other things. So alright.
[01:07:59] Kenshin:
Well, there is another state, if you want to call it, that wants to make a Bitcoin reserve. Keeps coming
[01:08:08] McIntosh:
up. Oh, right. You've got some news there. No. You're right. And this is not I don't even think this is their first try.
[01:08:14] Kenshin:
But And there's only one signature from a government
[01:08:18] McIntosh:
Right. Governor Abbott over in Texas. It does list, I believe, in this article. There's two other states that already have it. New Hampshire and Arizona both now have, technically, whether they have any Bitcoin or not, a state held Bitcoin reserve. So I was hoping, frankly, that that Texas would be first because I believe they were the first to propose this. And they are certainly, you know, very big on Bitcoin mining specifically. There's a lot of Bitcoin mining going on in Texas. I thought it would have been rather, nice if they would have been first, but for whatever reason, they did not. But it has passed the house and the senate, and we're waiting on the, the governor.
And supposedly, he's amendable to it. So we'll see. Maybe in a week or two, they'll have that. Mhmm. Very cool.
[01:09:19] Kenshin:
Nice.
[01:09:20] McIntosh:
No real software updates this week. If there was anything, I didn't catch it. We're just gonna skip that section. Do we have a question for the week? What can we do about unit bias? I mean, that
[01:09:32] Kenshin:
Yeah. Do you Is it do you feel the audience that you have unit bias? Have you experienced it Yeah. If you Yeah. Think about it now in those terms? Yep. I have felt it when when you talk about it, and then I realized that I have felt it in the past. Yes.
[01:09:53] McIntosh:
Yeah. I can't point to a specific incident, but to be honest, I'm quite sure that I have. And I think we're supposed to talk about our wallet experience too. Our first wallet, I do not remember. That's in the blue wallet? No. It was last week. Last week. Yeah. But we didn't answer it. Oh, we did. We remember we said Oh, yeah. Yeah.
[01:10:18] Kenshin:
That we should figure out. I don't know. I think mine was
[01:10:21] McIntosh:
You think it was blue wallet? Blue. Except the core core, the coin core of this. Let's set that one aside. Yeah. That doesn't cost. BlueWallet, I do not remember. I'm not sure I've ever used BlueWallet, to be honest. I've heard about it for years. I know. But I do not think I've ever used it. Oh,
[01:10:39] Kenshin:
no. I I remember. I saw it in my password manager.
[01:10:46] McIntosh:
Oh, now the secrets come out. Bitcoinwallets.com.
[01:10:51] Kenshin:
Wow. So that's that's closed up. It doesn't work. And all your Bitcoin was in it. I don't know if I had any there. But I have an account. So I don't know. A few like that's that I have forgotten. Whew.
[01:11:07] McIntosh:
Alright. Well, this week's question is, you know, do you ever experience unit biases? Has this been a problem for you? Do you not think I you're probably not listening to this, but is Bitcoin going over a 10 or whatever? A 11 is actually what we've been up to. I'm fully convinced, just to reiterate, which I do periodically, end of the year, fourth quarter, at least 150. I will say that once it gets over 150, I may reveal more. But I'm quite sure that we're not done yet. No. We're Even if we go down look, we've been sitting at this level now basically for a little bit, couple of weeks. We could drop again. I don't know if it'll go below 100 this time.
It may go down into the nineties. If it does, man, that's just it's cheap sats. People buy the stuff. Just DCA. Just DCA. Right? Alright. Very cool. Look, I keep saying this. We've got to rework this wrap up. You guys look blah blah blah blah blah. Okay. We got that out of the way. Thanks for being here. For follow us on Nostril. We're we're live roster. We're live on Nostril right now. We are live. Oh, we should mention that. Yeah. We're live on Nostril. How do they get to that? What is it? Zap.stream? And stream. We do have a web page if you are unclear about all this Nostril stuff.
Satoshis-plebs.com/nostril. So check that out. We would love to see you online. We're still trying to get people there.
[01:12:51] Kenshin:
We have five viewers now.
[01:12:53] McIntosh:
What? That's a record. Are they, like, still there? I think so. It looks like guys. Y'all should, like they can chat. Right? Yeah. We got the hi from one. I Awesome. Man, and now that makes me feel really good. Alright. Next week, we'll have to do better about letting those people, like, getting them involved. I am so sorry. We're just look. This is all a grand experiment. As they say on the podcast two point o show, we are running with scissors. Thanks for being here. I hope this has been helpful. You've got all the different ways we can reach us at the bottom of the episode pages on our Satoshis Plebs website. Stay humble, friends. Go out. Make it a great week. We'll talk to you all soon. See you next week. Goodbye.
[01:15:28] Kenshin:
Thumbs up, baby. I'll keep checking all across this galaxy. Hello, friend. Where are you
