Join McIntosh and Kenshin as they explore Bitcoin's ultimate endgame—what happens when the last Bitcoin is mined in 2140 and the network transitions to a fee-only economy. This isn't speculation; it's mathematical certainty built into Bitcoin's code.
While most people focus on short-term price action, this episode takes the ultimate long view. The hosts examine what Bitcoin looks like over a century from now when all 21 million coins have been mined and miners transition from block rewards to transaction fees alone. This represents Bitcoin reaching its final form as the hardest money ever created.
Beyond the technical mechanics, they explore what truly scarce money means for humanity—how societies function without monetary inflation and why generational thinking is peak Bitcoin mindset. Perfect for anyone curious about Bitcoin's endgame or trying to understand the long-term game theory that makes Bitcoin so powerful.
Stick around to the very end for the v4v track, “Live For Tomorrow ” by Kazuki Tokaji
Bitcoin Price at Time of Recording
June 18th, 2025: 104,270 USD | 90,600 EUR
Block Height at Time of Recording: 901,805
Episode Page
https://satoshis-plebs.com/episode-214
Music Credits
Kazuki Tokaji
Live For Tomorrow
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, Pleb Nation? Today is June, and this is episode two one four of Satoshi's Plebs. Today, we're talking about something that sounds like science fiction, but is actually mathematically certain. What happens when the very last Bitcoin gets mined in the year 2140?
[00:00:18] Kenshin:
Yes. That's right. So we're taking the ultimate long view here. While most people are worried about next week's price action or this quarter's earnings, we're instead diving into what Bitcoin looks like over a century from now when all 21,000,000
[00:00:35] McIntosh:
have been mined and the network transition to a fee only economy. Mhmm. And before anyone thinks this is just academic speculation, this timeline is locked in by code. The having schedule, the block reward, the final Satoshi, it's all predetermined. We are talking about the hardest money ever created reaching its final form.
[00:00:58] Kenshin:
And we're gonna break down the mathematics of why exactly the year 2140, what happens to miners when block rewards go to zero, how transaction fees will work in a fee only world,
[00:01:11] McIntosh:
and why this transition is actually the ultimate validation of Bitcoin's monetary policy. And we're gonna throw in some of the bigger questions as well, like, what does it mean for humanity to have truly scarce money? How do societies function when money doesn't inflate? And why thinking in generational time scales is peak Bitcoin mindset?
[00:01:33] Kenshin:
Yeah. So overall, this is for anyone who's ever wondered about Bitcoin's endgame or wants to understand why time preference matters when you're stuck in size for your great great grandchildren.
[00:01:46] McIntosh:
Whether you're brand new to Bitcoin or trying to wrap your head around monetary policy that spans centuries, this episode is all about understanding the long term game theory that makes Bitcoin so powerful. But before we dive into the year 2140, let's give a shout out to our audience. Hey, guys. How are y'all doing? We're still getting into the whole Zap. Stream thing. And next week, we're gonna bring online our podcasting two point o as well. We kind of misstepped there. A couple weeks ago, I think we said we were starting that up. We've not been able to yet, but I do think we'll get that going next week. As we record, let me throw this out real quick. We're at block height nine zero one eight zero five as we start up this recording.
And, that brings us to what's been going on with Kenshin.
[00:02:39] Kenshin:
Yeah. Better than last week. I'm sorry for You sound a lot better. Yes.
[00:02:46] McIntosh:
And Kenshin, seriously, thank you for being a trooper and, and, you know, recording when when I know that was not ideal for you.
[00:03:00] Kenshin:
Yeah. We do what we can. Right? But yeah. I mean, it's been, busy in general, I've been saying, for the last few weeks. So I'm already looking forward to summer vacations. I already told you how many weeks I'm taking. Right. Right? You remember?
[00:03:18] McIntosh:
Five? I'm jealous.
[00:03:23] Kenshin:
Yep. So I'm looking forward to it. Just, relax. We're not doing any big trips or anything. So we will stay home, work a lot on our private projects. We got our company, me and my wife, registered Oh, yeah. Last yesterday. You should be busy. So you got not not vacationing.
[00:03:43] McIntosh:
You've got stuff to do.
[00:03:45] Kenshin:
Yeah. Those five weeks will be full twelve hours work on ourselves at least. So that's that feels good. Yeah. I'm still looking forward to that.
[00:03:57] McIntosh:
Very cool. In terms of my week other than the disaster that work has been, but we're not gonna talk about that. I did get early last or late last week. Early? I don't remember. I told you. I guess it was after the episode, so probably late last week. I did get knots running on our, podcast hard setup software setup, and it is fully synced up and logging transactions. I have started on the process of transitioning our lightning node over to the new setup. I will probably not do that this week, to be honest, due to work. Probably will do that next week, probably next Tuesday when it's kind of the slowest right before we we record.
And then I early this week before my week went off the rails, I actually spent some time, coding, using Claude as we have discussed on here to to write some code. And I kinda wanna talk about that for just a second real briefly. I'm not ready to kind of reveal the topic, but I will say that I'm putting together a new podcast. It's not about Bitcoin. It's not really about tech at all. And I'm doing it using text. So I'm generating text, and then I'm feeding the text into, actually, the Google text to speech API because I don't like my own voice. I I know that's maybe I've never told you all that before, but I'm not really a fan.
So I've got a nice British guy doing this podcast, and let me tell you something. Even though you can tell it's AI, if you really listen, I will have to say given the amount of time that I've spent on it, it is spectacular. So I'm looking forward to that. Really nice. I'm hoping in the next couple weeks, hopefully, by the end of the month, maybe to have that ready. It will actually be a daily podcast. It will be very short, only in about ten to fifteen minutes. And, so we kinda got the infrastructure that I can essentially do it for free. Our podcast host lets us do multiple podcasts.
In fact, Kenshin, I haven't told you this. I talked to Barry, because I do wanna do this programmatically. He is expanding the API that that podhome. F m has. At least I understand he is. I don't wanna maybe be too definitive about it, but to include so we can upload, title, episode, all the things that we need to do a programmatic, setup. So that will actually benefit us in the long run if we choose to go that route. So just basically run a script and have it upload instead of, you know, me having to go in there and type things in and fiddle around and which is always annoying. That's actually the part I I like the least about all this. And I cannot do this podcast if he doesn't do that, so I'm gonna kinda pressure him to do that. He said he would, but, yeah, I'm sure he's busy.
I I don't know how hard that is. But, yeah, that's that's kinda where I'm at. I do get tomorrow off. It's a it's a holiday here in The United States for a lot of people. It's called Juneteenth. So no Fiat mine work. I can do what I want, which might be sleep because I need that.
[00:07:42] Kenshin:
Oh, that's good. And I have the day of, forgot to say, on Friday because here we have the midsummer celebrations.
[00:07:50] McIntosh:
Oh, is it really that yeah. I guess it is. June. It's close yeah. The twenty first is solstice. So that's not actually Friday, but it's Saturday. So you get Friday off. Cool.
[00:08:05] Kenshin:
Yeah. And Sweden has always has the Friday closest to the June 21 off. So no matter when it falls.
[00:08:15] McIntosh:
So we need to give a shout out to our supporters. Our friend, Send It Mike, boosted us $10.69 a thousand and $6.69 sats for episode two one three, our last week our last week's episode. And send it Mike is he makes me laugh. I like I wanna hear about the shed. I like to hear about the shed, and I'm looking forward to hearing about the beehives. I'll be looking out for the Zapathon and QA. So you're not gonna hear much about me from the shed. This is not a construction show. I'll say this very quickly. It's a post and beam type shed. Some people call it timber frame. Technically, it could go either way.
We built the trusses ourself. It was 16 by 40, so it was actually the largest shed I've ever built. It was a project, and it took a long time. And it's done, and there were things that I could have improved. I am pleased with how it came out. I posted a picture, I think, already of it, although we've added of some updates. So maybe I'll post one more. I tell you what, I think you follow me on on Nostr. Send it, Mike. I will post it on Nostr. Okay? I think we got some streaming as well. We appreciate that. And, before we jump in, I do wanna say this, Kenshin. We do need to mention next week as said, it is the Zapathon.
And, so this is something we do once a quarter. It gives you a chance to can you explain how it works, Kenshin? Go ahead and run through that. Yeah.
[00:10:02] Kenshin:
So mess it up. So on on Monday, we will make a post on Noister, from this Atosha's PLEBS account, and we will ask you to give us a question that you want answered on the two hundred fifteenth episode. So next week's episode. And for any question that we receive, we will, oh, zap you. We haven't discussed that part. So we will zap, what did we do before? The first 20 people were 420 sets. Or let's say the first 21 people, it's more appropriate. You wanna do that again? With an absorb you 420 sets. That's a pretty good amount, people. That's a nice number. Yeah.
And, yeah. Let's see how many boats we get again, but, we will try not to zap the boats and keep the size for the real humans and the real questions. So, yeah. So that's that's gonna be the Zapathon. We will run it Monday, maybe even Tuesday, and then we'll record on Wednesday. So we will have those questions for Okay. For next Wednesday. Very cool. Alright. Mhmm. Oh, and I can answer also Mike. He he said he's really good to hear about the beehives. Hives. Yeah. I I just mentioned this very briefly last time. I can also say now that we bought last year, beehive called Flow Flow Hive or their website is Honeyflow,
[00:11:43] McIntosh:
one word. Right. And I'm gonna include that in the show notes. I'm grabbing it right now. Yeah. It's a very cool,
[00:11:51] Kenshin:
beehive concept that it's, it actually has a very clever system that you open up the hive, break or not break, but split the frame that is inside the hive, and it splits it in a way that lets the honey flow and comes out from a little pipe. And it's literally, you put, some container and you collect the honey like that. Like it's you open a tap and the honey flows out and then you close it and then the bees continue building up inside there, the honey in the hive. So it's non destructive. It doesn't, disturb the bees too much and you get honey very easily out of it. And we got already, not close to 10 kilos. Kilos or liters?
[00:12:43] McIntosh:
Or is it roughly the same? Okay. Yeah. You told me 10 liters Roughly the same. Which is an amazing amount from one hive. So that's that's really cool. But we
[00:12:55] Kenshin:
yeah. Yeah. It is. But we unfortunately, we only have one, and we Mhmm. We had too many bees, and they they split. They they swarmed. Yeah. And that was amazing to see. There were so many bees in the air. You should have grabbed that swarm and started a new hive. Yeah. I if we had more money, we would have done that probably, but it's quite expensive. Those are are not cheap systems.
[00:13:24] McIntosh:
I've never owned one. I have not kept bees in a number of years, but I did used to, and I actually stopped, I think, around the same time that the Honeyflow, setup came out, But, very interesting, and sounds like you guys are doing really good with it. Alright. Well, let's jump right on in.
[00:13:48] Kenshin:
Yeah. So so as a question, what happens with the when the last Bitcoin is mined in 2150?
[00:13:57] McIntosh:
Pretty sure we all go home and that's the end of the story. Right?
[00:14:01] Kenshin:
Right. And currently, the status is we're around 19,800,000.0 Mhmm. Bitcoin mined. And so it's approximately 1.2. Let's see roughly left. So, yeah. So let's dive into that math. Why do we only have 1,200,000? Why it takes so long to reach 2140? And why all this is good for Bitcoin? Okay.
[00:14:35] McIntosh:
So you guys have heard of the halving, and you've heard of the four year cycle. We talk about this on this show, pretty frequently. Maybe not every episode, but pretty frequently. So if you you need to understand these concepts because they are fundamental, in my opinion, at least, to how Bitcoin works. And the the way that what happens is it was set up in code from the start that every it's not every four years, and I should oh, there it is. It's every 210,000 blocks.
[00:15:19] Kenshin:
Yeah.
[00:15:20] McIntosh:
A the reward the Bitcoin reward is cut in half. So here's what that means. Like, we started at 50 Bitcoins in the reward of the block. So you have the block, which has the block reward. You also have the transactions, the transaction fees, I should say, that are associated with that block. And whoever mines that wins the reward and then the transaction fees as well. So we're gonna set the transaction fees aside just because it'll make this cleaner. Your reward began at 50. After 210,000 blocks, the reward then dropped to 25. Right?
210,000 blocks later, it dropped down to, you have it here, 12.5. And then another 210, 6.25. And then last year in 2024, we hit it was the eight hundred and forty thousandth block, and it the block reward dropped to 3.125. So that's actually where we're currently at right now. Yeah. Mhmm. Now So Kenshin, what is the point to all this? Why are we making these block rewards smaller over time?
[00:16:49] Kenshin:
Well, this the whole point is to be deflationary basically and help with, keep the value, keep the value for Bitcoin instead of the opposite of the Fiat mining that we increase the supply and we devalue the the money The money. Mhmm. For everybody. Right. So this is built to do the exact opposite. Cut the supply in half, which in turn will increase the value for each coin
[00:17:23] McIntosh:
as more people adopt it. As we sit at a $104,000 roughly per Bitcoin, do you think that's working?
[00:17:34] Kenshin:
Oh, absolutely. Right. It is because and and you see that also, when when you see the the total reward for miners, it has been going up overall.
[00:17:50] McIntosh:
The total value. Is that what you mean? Okay. Yes. The value in dollar terms. Dollar terms. Right. It sure it certainly has. Now I wanna take a little sidetrack here for just a second. In the beginning, 50 blocks, you could mine it on a laptop. It was relatively easy, especially compared to today. Why was it so easy, and what was the point of so many Bitcoin per block to begin with? Why do you think that Satoshi he could have started with a smaller number, or he could have started with a bigger number for that matter.
[00:18:35] Kenshin:
Yeah. He did it to to create, to give a reward to the early adopters and, help the network grow. And that was a nice way to distribute the first coins, evenly and fairly to the ones who who wanted the network to to grow. And
[00:19:02] McIntosh:
Yeah. I view it as as like seeding the network. Right? We needed to get those Bitcoin out there so people could start using them.
[00:19:11] Kenshin:
Yes. Mhmm. Exactly. Very cool. Okay. And, of course, then it's also it ends up in this, scenario of of a hundred nineteen years, Or how much is it actually? Yeah. A hundred and let's say a hundred and twenty years. So it's also a bit, realistic in a way to look ahead. If it was, another mathematical equation, maybe it would take too long. Maybe it would take five hundred years or something. Right. So that's also a bit more it's quite short term in a way, but not too short term either.
[00:19:51] McIntosh:
So So you have a few generations. Realistically, he kind of picked some arbitrary values, but I think he did put thought into it. And I say he, of course, we don't know he, she. No idea. But I think the values he picked has turned out so far, certainly, at least pretty good. Because even though we're only, how many years, sixteen years or so into Bitcoin's history, we have already mined the vast majority of the Bitcoin. So, again, we're seeding this network. We're getting a large number of people mined to you, but not there's a lot more people left to bring on board. Like, I was hearing some statistics even just like here in The United States, which I think it's pretty nondebatable.
There's more Bitcoin usage or be Bitcoin being held here in The United States than anywhere else. Only 50,000,000 people actually own Bitcoin by the best estimates that I can tell here in The United States. There's over 300,000,000 people in The United States, which means that's like a one out of six. Okay? One out of seven depending on, you know, somewhere around that value. And that's of any amount of Bitcoin. Like, you could own a $100 worth, and and that would be considered in that. Does that make sense? We are so so early in all of this, and yet 50,000,000 people still own Bitcoin in The United States. That's a significant amount.
Do you see what I'm saying? So it was a good thing that this is kind of front loaded. We get the money out there, get into some people's hands, get enough that there's interest and there's growth. So as it becomes more and more difficult to mine, I think we'll actually see more and more interest, not less, certainly.
[00:22:01] Kenshin:
Yeah. And at the same time, even though it's so front loaded, the the tail now is so long. It's over a hundred years from now that we'll keep getting generating Bitcoin. And and and to put it in perspective, people say we're too late now. Right? But if you see that we are in the fourth Right. We just went past the fourth halving and total halvings are 32. Okay. 32.
[00:22:31] McIntosh:
What is that? One out of eight eight yeah.
[00:22:35] Kenshin:
Yeah. So we still have so many halving ahead of us. And that's for me personally, that's why I like this topic also because when I see this table of the schedule of the halvings and how much Bitcoin is generated, as a block reward over time. It it's motivating in a way
[00:22:57] McIntosh:
when you see ahead. I wish we could include this in the show notes. I don't it's too big. But maybe we can make a web page and have it
[00:23:06] Kenshin:
up. The the the yeah. We can put it on, satoshtestbridge.com. There there are also images, some good images that people have made with this. So we can, we could be. There's a lot of information in here. This is great. Yeah. But for example, if we pick a year, right, which year do you want to pick? Let's do 02/1940. 2040. Yes. So in 2040, and remember now the block reward is three. Let's say it's 3 Bitcoin. It is 3.125. But 3 Bitcoin times a $100,000, that's $300,000
[00:23:48] McIntosh:
worth. Oh, this sounds fun. Of Bitcoin per block. Have you mined your own block yet? Sorry.
[00:23:54] Kenshin:
Oh, I forgot to tell you. Oh, man. No. Okay. Sorry. Yeah. So in 2040, the block rewards will be 0.195. Let's call it 0.2 Bitcoin. Right. Okay.
[00:24:11] McIntosh:
Which is 20,000,000 Satoshis, by the way.
[00:24:15] Kenshin:
20,000,000 Satoshis. Yeah. So in my head, that's 20,000,000. If we go by history, it should be worth the same or more than what the 3 Bitcoin is worth now.
[00:24:30] McIntosh:
Oh, I like this. Do you know then what 1 Satoshi or, like, a 100 Satoshi is worth? But at that point, you mean yeah? Exactly. There is a a formula for that. No. You don't know. I mean Well, of course you don't because I randomly I know. One of these years. No. But I it's easy to calculate. It's just I really wanna know. Let's see. Can we just do this on the fly? I know this is terrible live broadcasting. Yeah.
[00:24:57] Kenshin:
No. No. But it's one fifth. 0.2 Bitcoin in the year 2040. That's one fifth of one Bitcoin. So times five of the current value of a block reward, which is 300 k. So that's 1,500,000.0
[00:25:14] McIntosh:
for Bitcoin. Okay. I see I see what you no. You're exactly right. Awesome. So there you go. By by 2040, we will have passed $1,000,000 Bitcoin.
[00:25:25] Kenshin:
Yeah. And that's just the base. If if no development happens in the mining technology, which we have, you know, all those efficiencies and the new people adopting Bitcoin
[00:25:39] McIntosh:
and everything that pushes the prices. I want to expand this table. I like that. I I love that way of figuring this out because I think that makes a lot of sense. So I wanna expand this table ultimately before we post it online, and let's figure out the value of 1 Bitcoin. Right? And then we'll include that. And where it makes sense, we'll start posting the value of 1 Satoshi or a 100 Satoshis or something. Because Yeah. You could look at this chart and go, oh, if I just hold my I'm sorry, Kenshin. I'm getting a little excited. If I just hold my coin until 2,040, which listen. Let's be honest. Most of the listeners to this podcast are going to live until 2040. They're you guys are younger.
Okay? Frankly, I probably will make it to 2040. So, there's a good chance you will too. Right? Let's figure that out and then you know and then because if it's worked for what are we on our fourth happening? One, two, three. Yes. Our fourth it's going to continue to work unless something just crazy catastrophic happens and whatever. K? This isn't financial advice, but Mhmm. It's a great way for you to look at what Bitcoin should be worth. Does that make sense?
[00:27:10] Kenshin:
Yeah. Yeah. And that, by the way, twenty fourth is the eighth halving, so it's double of what we are now. So that that's a good year to look at. So it's Yeah. It's really not that far off. I know it sounds like it, but it's not. It's it's fifteen years away. Exactly. And that's you you see, I like that you get excited about it because that that's why I like to look at that table. It's very motivational.
[00:27:38] McIntosh:
Oh, man. I have two modes. I mean, never mind. Anyways yeah. That's cool. I really so let's expand that out, and we'll post that on and we'll link it in the show notes. I I really do like that. That probably won't happen in the next day or so, but soon we'll get that put up. Awesome. Very cool. Yeah.
[00:27:58] Kenshin:
So yes. And to go why then we end up in the year 2140, of course, then it's just math. So every year we cut in half and by 2136, we have the thirty second
[00:28:16] McIntosh:
halving and last halving. So literally, that's one block per satoshi at that point. Or one satoshi per block. Sorry. That yeah. That that's just that's crazy. And I think our formula breaks down here. Okay? So let's just go ahead and let's just bring it all out, and let's talk about it. Right? In 2140 in 2136, when we mine one Satoshi, that Satoshi is not gonna be worth $10.20, a $100,000,000. It's not. And if you extrapolate out the block reward, you know, if in twenty one four in in 2040, we're hitting, what did we say, $1,300,000 per block?
1.5. I it Yeah. It's got to be worth a lot. So where's that value coming from? Because a Satoshi may be worth the equivalent of a dollar or even more in today's maybe it's worth a $100. I don't know. In today's terminology, but it's still only 1 Toshi. So where's the rest come from? It's the transactions. Right?
[00:29:37] Kenshin:
Right. Yes. So right now the the the block the the miners get the the block reward plus the transaction fees. And right now is the the ratio is around 95% of that value Right. Is the block rewards and 5% approximately is the transaction fees. So theoretically, those numbers will flip by the year 2140.
[00:30:04] McIntosh:
Well, they're either gonna flip or we're gonna have to have a big change in the way that we mine Bitcoin. As I kind of touched on last week, I could stand to see a few public miners go away and things become more in the hands of of the plebs. We will see. I do know that transaction space, as Bitcoin grows in usage, it will become more scarce. We'll we'll have more transactions trying to go through. Right? And we know that the price of Bitcoin is going to go up. So it's just going to cost more just because of that. But the combination of those two, I think transactions on Bitcoin on the main net are going to become very expensive. I've kind of alluded to this, but this is why this is why I believe this.
If we're mining one Satoshi plus transactions, those transactions better be worth a lot. But if you have nation states competing over Bitcoin or nation states using the main net to send very large payments back and forth or banks or large companies or this type of thing, you and I, Kenshin, we're not gonna be paying for coffee on the main net. We're not. Now No. Maybe there will be a large number of people who they have UTXOs. They have, I think I said that right, but they have space on the main net. Please don't kill me if I said that wrong. But you're not gonna be using that for these really small transactions. That's gonna be like the ultimate savings place. Does that make sense? So the family trust that money will be put on the main net.
You're not gonna have it in your lightning wallet.
[00:32:04] Kenshin:
Yeah. I mean, we already have two layers over Bitcoin right now. I mean, you you already don't want to pay a coffee with with a main net transaction already. Now you you use lightning and now we go to the second layer or, yeah, let's call it third layer in that sense. So we have main net, second layer, Lightning, and now third layer, we have eCash, CashU or similar.
[00:32:31] McIntosh:
Which interestingly, the reason so we're starting to see eCash implemented into, like, Lightning wallets because it's expensive to open channels sometimes. Yes. And so you save in your e cash until either the fees come down or you have enough to open the channel kind of thing.
[00:32:52] Kenshin:
Yeah. Exactly. And, actually, e cash, they have some, we we can go to eCash in another episode, but they have some cool, cool ways to transact. You can even do it offline and with emojis and, you know, some some cool ways to to send eCash around.
[00:33:08] McIntosh:
I've certainly we've certainly mentioned it before, but we've never I don't I don't think we've ever devoted a full episode to it. It's probably about that time.
[00:33:18] Kenshin:
Okay. Yeah. So so we will have layer twos and threes and fours and five. And a good analogy is also like the the, how is it called, HTTP? How many layers are are below that? Right? Is it like the seven layer? Oh, of TCP?
[00:33:38] McIntosh:
TCP IP. Yeah. There are it's either six or seven, the cosine network model. Sorry. I don't know it offhand. Bad bad Macintosh.
[00:33:50] Kenshin:
I should know that. So yeah. I think it's seven. But anyway, but yeah. So it it's, it's gonna be interesting. And then, of course, after the year 2140, it's gonna be zero, block rewards. So it's only gonna be, mining rewards. Sorry.
[00:34:10] McIntosh:
Transaction fees. And there are people who frankly think that there's going to have to be something else done. And I think it's important that we acknowledge that. I don't believe that's true. I believe that the transaction fees will be enough for miners to continue to operate. But there are people, who argue that there should be a security fee essentially that would go towards the miners. I don't think that's necessary. And I think if it ever is, we're a long way away from that, and we can deal with that at that point. I don't wanna be making changes that we may regret one day Mhmm.
Frankly.
[00:34:54] Kenshin:
Yeah. Yeah. I mean, as the situation is now, one transaction with one SAT per v byte, the smallest transaction, so one input and one output, with one SAT per v byte is around a 120 SATs, I think. So by that time that you only get one sats per block and one transaction costs a 120 sats. Yeah. You see the difference there. We're talking about less than 1%. The block reward is gonna account for the whole reward of for the miners. So and of course, we can find ways to make those transactions lighter, as we have done already with Segwit, I think.
[00:35:41] McIntosh:
Yeah. The reality is if the transaction, space isn't full most of the time, I I just it may not be enough, but I just think we're along people overestimate how much Bitcoin the Bitcoin network is, like, taking hold. There's so much left to build. It will take decades and decades and decades to build it out.
[00:36:14] Kenshin:
Yeah. And why is all this good? If we see in the end of of that, journey, there will be no new supply. So we will actually achieve absolute scarcity in a way. Mhmm. So it's it's like you have an artist, like Picasso, he dies. That's it. That's it. You have yeah. You have those paintings left and yeah. If one gets damaged, the risk gets more valuable. And and that's also with Bitcoin, the lost coins. That's a great analogy, actually,
[00:36:49] McIntosh:
because if you lose your Bitcoin, the rest gets more valuable because of that. So hold on to your Bitcoin people.
[00:37:00] Kenshin:
We we already have lost Is it already 20%? There are some estimations.
[00:37:09] McIntosh:
It's roughly 20% from what I have heard, and that's probably about right. I hope that that number does not continue to grow very much. People, people are learning. It still happens, I think, but not with, like, large amounts of Bitcoin. It's more, oh, I lost a thousand sats, which today is nothing. But maybe a hundred years from now, it's a significant amount of money, certainly. And, you know, I I did that analogy with gold,
[00:37:44] Kenshin:
a month ago or something. I did the the math and I calculated how many grams of gold there are in the world. Right. So the so there are, what it was it, 200, let's say, 50,000 tons of gold, which is around 250 what would that be? A trillion, I think it was. Grams? And you compare Is it quadrillion or trillion?
[00:38:11] McIntosh:
Trillion. Either either way, it's a big number.
[00:38:17] Kenshin:
Either way. It's a big, but it's not as big as how many satoshis
[00:38:22] McIntosh:
you have even Oh, right. No. It's, then it wasn't quadrillion because it's No. I think it was It's is it 200, two quadrillion? Two two point one quadrillion? I think that's what it is.
[00:38:36] Kenshin:
Yeah. In in in such a sense. Yeah. So we will have a lot more SaaS to play with even with the lost ones, compared to, let's say, grams of gold and the world.
[00:38:49] McIntosh:
On the lightning network, you can essentially split a satoshi down into a hundredth of a satoshi. So as these satoshis get more valuable, the tools will be built to actually track that, in my opinion, so that my coffee, instead of 5 Satoshis, it's 4.25 Satoshis or something. And then that 0.75 gets saved in my wallet. And I'm hand waving, and I have no idea how that's all gonna happen. But I do know that the basic building block is in there to have Mila Satoshis. Is it hundreds or thousands of us Satoshis? I'm not sure.
[00:39:33] Kenshin:
Yeah. Maybe it should be possible. Thousand, but, yeah,
[00:39:37] McIntosh:
either way, you know, we've already got that in place. Those kinds of innovations will continue to happen. So it doesn't actually matter how valuable this stuff gets. We will figure out ways to make sure that you're not just overspending. Mhmm. Because right now, a few satoshis, no big deal. Your great grandkids might want those satoshis. I'm just saying.
[00:40:07] Kenshin:
I mean, you know how much we will give in the Zappos on 04/2020.
[00:40:12] McIntosh:
Right? Please don't remind me. By the year
[00:40:16] Kenshin:
by the year the year February, that the reward will be 596 Satoshis. The year 02/2004, the reward will be 201
[00:40:31] McIntosh:
Satoshis. Away a block reward, people. So be happy.
[00:40:35] Kenshin:
Yes. It's
[00:40:37] McIntosh:
at some point, it's not possible. Salary, Kenshin.
[00:40:42] Kenshin:
Yep. Or or you will be getting 420 times more satoshis than the last
[00:40:49] McIntosh:
so Wait. Why are we giving out satoshis? I'm sorry. Wait. What?
[00:40:54] Kenshin:
Why not saving them? Yeah. Yeah. We need to stack more. Stack harder.
[00:41:01] McIntosh:
Alright. Good stuff. Is that about it, or is there other things we need to talk about?
[00:41:10] Kenshin:
No. I mean, there are we talked a little bit about the layers. Yeah. Technology will evolve by then. We mentioned that.
[00:41:21] McIntosh:
I do wanna run through this real quick if we are wrapping up. You you gave a list here, which I thought I didn't wanna Yeah. Just go over. I wanna go over some of the things we've got listed here for that that may happen by 2140 or sooner, really. But for Lightning, specifically Yeah. You were talking about fee efficiency, the ability to batch up thousands of transactions into one on chain settlement. Right? If our chain fee let's say our chain fee is a thousand dollars. It's possible that that could happen in the next couple of decades.
Yeah. How does Lightning deal with that? It does it by batching up all these transactions so that your each one transaction, your opening and closing of a Lightning channel is not paying that thousand dollar fee. Does that make sense? Yeah. Instant payments. We already have that really. Retail daily usage without high fees. Look. Lightning is dirt cheap. One of the things as merchants become aware of what's going on in Bitcoin, and as government sort out capital gains and all this kind of stupid stuff, I think that will really help is right now, they're paying three to 5% for Visa and Mastercard and and these other, card services.
Bitcoin is, like, sub 1%, and that is money that goes that stays in that retailer's pocket, and and that's super helpful. Network yeah. Side change? Maybe. There's a big thing going on in in Bitcoin space about side chains right now. If they don't have to make major changes to the network to do it, I'm fine with that. Although, I think it will devolve into, you know, casino coin chaos. And I don't really see a whole lot of hope for it, but whatever. Roll ups, potential z k roll ups? Is that what we're talking about? I'm not sure. Okay. So I think that's what it's talking about. ZK roll ups are a technology.
So right now, to really prove the Bitcoin network, I have to download the entire blockchain history. You can mathematically prove with the z k roll up that, oh, every transaction up to this point, 2025, January or June, whatever, is correct. And then, essentially, it would let me start up a lightning node or a a a Bitcoin node that knew everything was valid and didn't take a day to download and didn't take terabytes well, 800 gigabytes of disk space. Does that make sense? I don't know if this will be done and for or if it'll be done anytime soon, but that's actually something that I think could be potentially, very, very, useful.
Mhmm. Yeah. Let's that's good. That's good. Sorry. I just those were a few things I I missed as we were going through here, and I thought those were super cool. So let's wrap it up. Sorry.
[00:45:06] Kenshin:
Yep. No. But, yeah, learn about the the the Bitcoin holdings. I think it's very useful. Expand your time horizon, and then you start thinking about generational wealth by by looking ahead so far away. And for sure, your great, grandchildren will will thank you for sure.
[00:45:33] McIntosh:
Or your children or your grandchildren. I mean, 2040, didn't we figure out a million $1,800,000
[00:45:42] Kenshin:
1.5.
[00:45:43] McIntosh:
1.5? Big. Coin. Right? Not not the reward block. A Bitcoin. Yeah. Correct. That's not look. If you're young, let's say you're twenty, fifteen years from now, you're 35. Maybe you've got a family. Maybe you're married. Maybe you got a couple kids. I don't know. That's not that long from now. Do yourself a favor and plan ahead, and don't just worry about today. Or where's Bitcoin going this year? I mean, I've I've told y'all over and over where I think it's going. And maybe I should stop doing that because I don't even want you thinking in those terms. I want you thinking in the terms of these havnings.
Right? Not Mhmm. Not this year or the current cycle, the current four year cycle even. I it's hard not to. Let's be honest. But but the more you can do that, the better off you'll be.
[00:46:47] Kenshin:
Yeah. So I think this topic has been very interesting for expanding that view ahead, lowering the time preference, and then incentivizing also what we have been talking all the time for DCA. Right? Because it you want to even the smallest amount of of Satoshis, you want to keep it and or build it up. So that's what I'm doing personally. I I'm doing a small DCA every day. I'm giving away, of course, a no sir here and there, but I Yes. Norm normal days, I stuck more than I I spent.
[00:47:25] McIntosh:
Yeah. And as we've said, we look at this stuff and go like, oh, we're gonna spend $420 on the the dollars. Boy, there's some, Satoshis on on these zaps and whatever. And that's fine because we're it's not coming out of our savings. You can always buy and spend Bitcoin. Just make sure you're doing that DCA as well. Alright. Do we have a question? I thought we had a question.
[00:47:58] Kenshin:
Are you worried about the last Satoshi? Yes. The mind. And I would say here, based on that, that is the question that the game has been built on called savingsatoshi. Is that .com?
[00:48:19] McIntosh:
Is this Sorry. What is it? Savingsatoshi.com.
[00:48:22] Kenshin:
Yes. It's a game, fan, like, it's a web based, storyline that teaches you about Bitcoin's technology and coding, but it goes through the scenario that is the year 2140, and it's one or two weeks before the Lasatoshi is mined. And the bit and the Bitcoin miners go on a strike because they don't want the rewards to stop.
[00:48:54] McIntosh:
And then it takes you through a journey Interesting. Learning. And then the club miners take over, and everybody's happy. Yeah. That's the way it should be. Yeah. Anyways, very cool. There's our question. Let's see. What do we got next? The news and notes. There wasn't a whole lot. I do wanna reemphasize Zapathon next week, next Monday. Be prepared for that. Be on Nostr. Ask the questions. Re it would be helpful if you reposted our post. I'll say that. I think we actually made that a requirement, didn't we? But and then I have one more, news item. I do wanna mention this a little bit more on the world stage. But for those of us here in The United States who mine, Bitcoin, This, I think, is a is really good news. Bitmain, Canaan, and MicroBT are opening US factories.
The short version is because of the tariffs that are in effect. Right? So we have tariffs on China, on their goods that would directly impact the Bitcoin miner hardware, and these companies are starting to, do their device assembly here in The United States. So they'll make the parts over in China or in Malaysia, Singapore, wherever they come from, and they ship them over here and put them together. And then, that that is enough to satisfy those, tariff restraints. And I I believe, frankly, whether you it doesn't matter what you think about tariffs. Having the majority of the mining hardware come from one country regardless of who that country is, Not a good idea.
So Mhmm. I am glad to see this, and it's probably not for the reasons that you thought. It's not because I'm an American. So there you go. I haven't noticed. You haven't noticed I'm an American? What did I tell you when you told you're you were talking to me about well, we probably shouldn't get into that on the air. More horsepower, baby. More horsepower. Nice.
[00:51:16] Kenshin:
A thousand. You you want to hear you want to hear about this, news from France? Yes.
[00:51:22] McIntosh:
Viva La France. Right? Yeah. Isn't that correct?
[00:51:26] Kenshin:
Yeah. Yeah. Yep. They are some parliamentarians or is it a group of French people in the parliament are proposing to use Bitcoin mining to save the excess or utilize the excess energy from their nuclear plants.
[00:51:45] McIntosh:
Okay. You need to put that into the show notes. I somehow did not miss miss this. Is so this has not actually taken effect. They're just talking about this? No. No. They're talking about yeah. They have proposed it as an amendment.
[00:52:02] Kenshin:
It says that could turn the country in into a European hub for Bitcoin mining. That is no doubt. Yeah. France's energy system powered by nuclear for over 70% of its needs often generates electricity surpluses that require efficient management. The proponents of the proposal see mining as an ideal solution to absorb this excess, transforming a potential waste into an economic resource. Now Sounds good.
[00:52:36] McIntosh:
I, that's good news. It it would be if that were to happen. As you know, as probably most of the listeners know, I I love bike racing. I watch Tour de France every year. And they go through the Alps and the Pyrenees during parts of the tour. And, they've they fly by well, they ride by these waterfalls and things. And I can't help myself. They're going by. And, of course, they're stunningly beautiful, and I don't wanna make things look ugly that are beautiful. But I look at that and I go, man, that is hydropower that could be used to be mining Bitcoin.
I'm just saying I got a problem. Yeah.
[00:53:25] Kenshin:
Yeah. I I know what you mean. Wherever I turn, when I see something turning on its own or falling or something, it's like, oh, there is a generator. Can go there.
[00:53:36] McIntosh:
I did see this really cool thing down in Peru where they were building a hydropower, not a dam. Normally, they they dam up a river or whatever, and then they extract the power as it goes through that overflow type thing. This is, like, built in because they have a lot of places where, like, the just like the Alps where they'll have these long falls of water down the side of the mountain. And they've kinda built into the mountain, and they channel the water briefly. And then it it does kind of shoot out of the station and continues its fall down the mountain side.
And so it doesn't really break the kind of the beauty of the whole situation. And, basically, you can't even see the hydropower station from very far off, unlike, say, when you dam up the the valley and back up all the water and have this big concrete monstrosity there. It's it it actually does blend in much more, and yet they're generating massive amounts of hydropower through something like that. Cool stuff. Cool stuff. Well, that's good. I'm glad to hear France is doing something productive for once. Sorry, French people. I know you're listening. I look at the stats. There's some of you there.
I love you people. I love your language. I love your food. I love your bike race, but this is good news. Okay? And that's all I'm gonna say. Alright. Very cool. Can you add that to the show notes notes or to the news item, please? Oh, you already did. Thank you. Software updates, just a couple of things. Zeus had a bug fix release v zero dot one 1 dot one. And then I did wanna kinda highlight this. There was a new code release in Osterland of they call it in Git dash relay. Git is a code repo system, very, very well known. I think both you and I both use Git in our life.
I use it every day in my job constantly. And this is a way to build a distributed system. It's what it's looks like to me. Using your end pub, which is a great way to identify yourself. Oh, this is my repo. Right? Not your well, you would have to it's a combination. Never mind. You got the idea. So it's using the Nasr tooling to to build that distributed system. Very early, but very promising at the same time. I'm look I'm gonna dig into it because I do actually need to get repo for myself, for my new project along with other things, that like our code that we use for our web servers, that kind of thing.
[00:56:30] Kenshin:
Mhmm. Yeah. That's good because it decentralizes something that is very centralized nowadays.
[00:56:37] McIntosh:
And Jack Dorsey had put up a, five block or five Bitcoin. It's either 5 or 10 Bitcoin reward for something like this. I don't know if this person will get it. I think it's high time that that and this reward was put out years ago. He actually bumped it the other day, posted about it, and maybe this was a response to that. I don't know. But I'm glad to see it. Yep. So that's it on the software front. So our price as we record it's changed a little bit from what we recorded down here, but it's pretty close. A $104,270 US. And then what do we got over there in Euro land?
[00:57:24] Kenshin:
It's around €91,000. So I've seen it drop in the last week, but, yeah, still around a 90. Yeah. I should say at this point is isn't it interesting we're trading sideways over 100 k with nothing happening? No news, no trends, no
[00:57:49] McIntosh:
Oh, you mean in Bitcoin? I was like, nothing hap I know you don't watch the news a whole lot, Kenshin, but
[00:57:57] Kenshin:
No. Yeah. I mean, in Bitcoin terms, there's no formal, you know, and we're over 100 k just just casually over 100 k.
[00:58:05] McIntosh:
You're you're exactly right. What's amazing to me is with all of the world events that are going on, Bitcoin is not in the toilet. Because four years ago, that would have been the case. We are in a different paradigm. Is it affected? Yes. We were at a 108, 109 just a few days ago prior to the Israel, Iran thing that's going on. And it dropped, but it didn't drop very much. And it's I I don't think we're going below a 100 for this. I don't, but we'll see.
[00:58:45] Kenshin:
Now now that you said it, of course, we are.
[00:58:48] McIntosh:
Okay. The price of Bitcoin does not depend on what Macintosh thinks, by the way. I'm just saying. Alright. And Well, it's the summer coming. So Yeah. And you brought that up, and I was thinking about that. There's a lot of truth to that for whatever reason, which I don't truly understand, but the summer, historically, is just kinda you we'll just be in this range. And I was hoping we were gonna break above a 110. I've even said that before. And, you know, kinda look at this 130, 120, 30, maybe even more range.
Does not look like it's gonna happen. Now because I said that, it's gonna go ahead and shoot right on up there. So you're welcome. Yes. Thank you. Let's talk about our market cap. Get this wrapped up.
[00:59:36] Kenshin:
Right. Bitcoin market cap is at 2,100,000,000,000.0 USD and in comparison, gold's market cap is at 23.5 which brings us below 9%. Once again, we're at 8.8%. Compared to last week, we were 9.3.
[00:59:55] McIntosh:
Alright. Very cool. And the mempool is looking about the same, 11,000 transactions sitting in the mempool, which is only about 20 megabytes of unprocessed transactions. And we're looking right now at about four sats per v byte. So there's you know, it's a little busy. But, again, as per normal, it'll probably just be right back to one sat per v byte later today, tomorrow. Who knows? Whatever. Still pretty low either way you look at it. Hey. Stochys Plebs is a value for value podcast, and we support podcasting two point o. We don't have ads. We don't have sponsorships. We just have honest Bitcoin content.
I deliberately avoid sponsors because even if I love a company, say Seed signer, taking their money could influence or would undoubtedly actually influence my opinion. What if something goes wrong with the company? I might hesitate to warn you. Instead, I ask, are you getting value from the show? Support it through time, talent, and treasure. Help out with our chapters. Would that would be nice. Transcripts or future projects like our chat room. I guess I could take transcripts off there. It's automatic at this point. We can stream sets and boost with messages, even a 100 sats saying great show or you suck.
Kenshin and I'll read them either way, and I've read both of them. The first you suck really kinda hurt my feelings, but that's okay. Check out the podcasting two point o apps at podcastapps.com and support independent Bitcoin media. If you like the content, I would love it if you would tell your friends about the podcast. That's the best way to help us grow. This week's music, by the way, is Live for Tomorrow by Kazuki Takashi. I'm sorry, Kazuki. I know I'm not doing that right. Any boost or streaming of sats from podcasting two point o apps will go straight to the artist if they're if they are done during that song.
[01:01:59] Kenshin:
Right. So thanks for being here. We hope this has been helpful, and we would love to hear from you. Find all our contact info at, the description below or at satoshis.blips.com. Stay humble. DCA those sets, and have a great weekend.
[01:02:17] McIntosh:
We'll talk to you soon.
[01:02:20] Kenshin:
Bye bye.
What is up, Pleb Nation? Today is June, and this is episode two one four of Satoshi's Plebs. Today, we're talking about something that sounds like science fiction, but is actually mathematically certain. What happens when the very last Bitcoin gets mined in the year 2140?
[00:00:18] Kenshin:
Yes. That's right. So we're taking the ultimate long view here. While most people are worried about next week's price action or this quarter's earnings, we're instead diving into what Bitcoin looks like over a century from now when all 21,000,000
[00:00:35] McIntosh:
have been mined and the network transition to a fee only economy. Mhmm. And before anyone thinks this is just academic speculation, this timeline is locked in by code. The having schedule, the block reward, the final Satoshi, it's all predetermined. We are talking about the hardest money ever created reaching its final form.
[00:00:58] Kenshin:
And we're gonna break down the mathematics of why exactly the year 2140, what happens to miners when block rewards go to zero, how transaction fees will work in a fee only world,
[00:01:11] McIntosh:
and why this transition is actually the ultimate validation of Bitcoin's monetary policy. And we're gonna throw in some of the bigger questions as well, like, what does it mean for humanity to have truly scarce money? How do societies function when money doesn't inflate? And why thinking in generational time scales is peak Bitcoin mindset?
[00:01:33] Kenshin:
Yeah. So overall, this is for anyone who's ever wondered about Bitcoin's endgame or wants to understand why time preference matters when you're stuck in size for your great great grandchildren.
[00:01:46] McIntosh:
Whether you're brand new to Bitcoin or trying to wrap your head around monetary policy that spans centuries, this episode is all about understanding the long term game theory that makes Bitcoin so powerful. But before we dive into the year 2140, let's give a shout out to our audience. Hey, guys. How are y'all doing? We're still getting into the whole Zap. Stream thing. And next week, we're gonna bring online our podcasting two point o as well. We kind of misstepped there. A couple weeks ago, I think we said we were starting that up. We've not been able to yet, but I do think we'll get that going next week. As we record, let me throw this out real quick. We're at block height nine zero one eight zero five as we start up this recording.
And, that brings us to what's been going on with Kenshin.
[00:02:39] Kenshin:
Yeah. Better than last week. I'm sorry for You sound a lot better. Yes.
[00:02:46] McIntosh:
And Kenshin, seriously, thank you for being a trooper and, and, you know, recording when when I know that was not ideal for you.
[00:03:00] Kenshin:
Yeah. We do what we can. Right? But yeah. I mean, it's been, busy in general, I've been saying, for the last few weeks. So I'm already looking forward to summer vacations. I already told you how many weeks I'm taking. Right. Right? You remember?
[00:03:18] McIntosh:
Five? I'm jealous.
[00:03:23] Kenshin:
Yep. So I'm looking forward to it. Just, relax. We're not doing any big trips or anything. So we will stay home, work a lot on our private projects. We got our company, me and my wife, registered Oh, yeah. Last yesterday. You should be busy. So you got not not vacationing.
[00:03:43] McIntosh:
You've got stuff to do.
[00:03:45] Kenshin:
Yeah. Those five weeks will be full twelve hours work on ourselves at least. So that's that feels good. Yeah. I'm still looking forward to that.
[00:03:57] McIntosh:
Very cool. In terms of my week other than the disaster that work has been, but we're not gonna talk about that. I did get early last or late last week. Early? I don't remember. I told you. I guess it was after the episode, so probably late last week. I did get knots running on our, podcast hard setup software setup, and it is fully synced up and logging transactions. I have started on the process of transitioning our lightning node over to the new setup. I will probably not do that this week, to be honest, due to work. Probably will do that next week, probably next Tuesday when it's kind of the slowest right before we we record.
And then I early this week before my week went off the rails, I actually spent some time, coding, using Claude as we have discussed on here to to write some code. And I kinda wanna talk about that for just a second real briefly. I'm not ready to kind of reveal the topic, but I will say that I'm putting together a new podcast. It's not about Bitcoin. It's not really about tech at all. And I'm doing it using text. So I'm generating text, and then I'm feeding the text into, actually, the Google text to speech API because I don't like my own voice. I I know that's maybe I've never told you all that before, but I'm not really a fan.
So I've got a nice British guy doing this podcast, and let me tell you something. Even though you can tell it's AI, if you really listen, I will have to say given the amount of time that I've spent on it, it is spectacular. So I'm looking forward to that. Really nice. I'm hoping in the next couple weeks, hopefully, by the end of the month, maybe to have that ready. It will actually be a daily podcast. It will be very short, only in about ten to fifteen minutes. And, so we kinda got the infrastructure that I can essentially do it for free. Our podcast host lets us do multiple podcasts.
In fact, Kenshin, I haven't told you this. I talked to Barry, because I do wanna do this programmatically. He is expanding the API that that podhome. F m has. At least I understand he is. I don't wanna maybe be too definitive about it, but to include so we can upload, title, episode, all the things that we need to do a programmatic, setup. So that will actually benefit us in the long run if we choose to go that route. So just basically run a script and have it upload instead of, you know, me having to go in there and type things in and fiddle around and which is always annoying. That's actually the part I I like the least about all this. And I cannot do this podcast if he doesn't do that, so I'm gonna kinda pressure him to do that. He said he would, but, yeah, I'm sure he's busy.
I I don't know how hard that is. But, yeah, that's that's kinda where I'm at. I do get tomorrow off. It's a it's a holiday here in The United States for a lot of people. It's called Juneteenth. So no Fiat mine work. I can do what I want, which might be sleep because I need that.
[00:07:42] Kenshin:
Oh, that's good. And I have the day of, forgot to say, on Friday because here we have the midsummer celebrations.
[00:07:50] McIntosh:
Oh, is it really that yeah. I guess it is. June. It's close yeah. The twenty first is solstice. So that's not actually Friday, but it's Saturday. So you get Friday off. Cool.
[00:08:05] Kenshin:
Yeah. And Sweden has always has the Friday closest to the June 21 off. So no matter when it falls.
[00:08:15] McIntosh:
So we need to give a shout out to our supporters. Our friend, Send It Mike, boosted us $10.69 a thousand and $6.69 sats for episode two one three, our last week our last week's episode. And send it Mike is he makes me laugh. I like I wanna hear about the shed. I like to hear about the shed, and I'm looking forward to hearing about the beehives. I'll be looking out for the Zapathon and QA. So you're not gonna hear much about me from the shed. This is not a construction show. I'll say this very quickly. It's a post and beam type shed. Some people call it timber frame. Technically, it could go either way.
We built the trusses ourself. It was 16 by 40, so it was actually the largest shed I've ever built. It was a project, and it took a long time. And it's done, and there were things that I could have improved. I am pleased with how it came out. I posted a picture, I think, already of it, although we've added of some updates. So maybe I'll post one more. I tell you what, I think you follow me on on Nostr. Send it, Mike. I will post it on Nostr. Okay? I think we got some streaming as well. We appreciate that. And, before we jump in, I do wanna say this, Kenshin. We do need to mention next week as said, it is the Zapathon.
And, so this is something we do once a quarter. It gives you a chance to can you explain how it works, Kenshin? Go ahead and run through that. Yeah.
[00:10:02] Kenshin:
So mess it up. So on on Monday, we will make a post on Noister, from this Atosha's PLEBS account, and we will ask you to give us a question that you want answered on the two hundred fifteenth episode. So next week's episode. And for any question that we receive, we will, oh, zap you. We haven't discussed that part. So we will zap, what did we do before? The first 20 people were 420 sets. Or let's say the first 21 people, it's more appropriate. You wanna do that again? With an absorb you 420 sets. That's a pretty good amount, people. That's a nice number. Yeah.
And, yeah. Let's see how many boats we get again, but, we will try not to zap the boats and keep the size for the real humans and the real questions. So, yeah. So that's that's gonna be the Zapathon. We will run it Monday, maybe even Tuesday, and then we'll record on Wednesday. So we will have those questions for Okay. For next Wednesday. Very cool. Alright. Mhmm. Oh, and I can answer also Mike. He he said he's really good to hear about the beehives. Hives. Yeah. I I just mentioned this very briefly last time. I can also say now that we bought last year, beehive called Flow Flow Hive or their website is Honeyflow,
[00:11:43] McIntosh:
one word. Right. And I'm gonna include that in the show notes. I'm grabbing it right now. Yeah. It's a very cool,
[00:11:51] Kenshin:
beehive concept that it's, it actually has a very clever system that you open up the hive, break or not break, but split the frame that is inside the hive, and it splits it in a way that lets the honey flow and comes out from a little pipe. And it's literally, you put, some container and you collect the honey like that. Like it's you open a tap and the honey flows out and then you close it and then the bees continue building up inside there, the honey in the hive. So it's non destructive. It doesn't, disturb the bees too much and you get honey very easily out of it. And we got already, not close to 10 kilos. Kilos or liters?
[00:12:43] McIntosh:
Or is it roughly the same? Okay. Yeah. You told me 10 liters Roughly the same. Which is an amazing amount from one hive. So that's that's really cool. But we
[00:12:55] Kenshin:
yeah. Yeah. It is. But we unfortunately, we only have one, and we Mhmm. We had too many bees, and they they split. They they swarmed. Yeah. And that was amazing to see. There were so many bees in the air. You should have grabbed that swarm and started a new hive. Yeah. I if we had more money, we would have done that probably, but it's quite expensive. Those are are not cheap systems.
[00:13:24] McIntosh:
I've never owned one. I have not kept bees in a number of years, but I did used to, and I actually stopped, I think, around the same time that the Honeyflow, setup came out, But, very interesting, and sounds like you guys are doing really good with it. Alright. Well, let's jump right on in.
[00:13:48] Kenshin:
Yeah. So so as a question, what happens with the when the last Bitcoin is mined in 2150?
[00:13:57] McIntosh:
Pretty sure we all go home and that's the end of the story. Right?
[00:14:01] Kenshin:
Right. And currently, the status is we're around 19,800,000.0 Mhmm. Bitcoin mined. And so it's approximately 1.2. Let's see roughly left. So, yeah. So let's dive into that math. Why do we only have 1,200,000? Why it takes so long to reach 2140? And why all this is good for Bitcoin? Okay.
[00:14:35] McIntosh:
So you guys have heard of the halving, and you've heard of the four year cycle. We talk about this on this show, pretty frequently. Maybe not every episode, but pretty frequently. So if you you need to understand these concepts because they are fundamental, in my opinion, at least, to how Bitcoin works. And the the way that what happens is it was set up in code from the start that every it's not every four years, and I should oh, there it is. It's every 210,000 blocks.
[00:15:19] Kenshin:
Yeah.
[00:15:20] McIntosh:
A the reward the Bitcoin reward is cut in half. So here's what that means. Like, we started at 50 Bitcoins in the reward of the block. So you have the block, which has the block reward. You also have the transactions, the transaction fees, I should say, that are associated with that block. And whoever mines that wins the reward and then the transaction fees as well. So we're gonna set the transaction fees aside just because it'll make this cleaner. Your reward began at 50. After 210,000 blocks, the reward then dropped to 25. Right?
210,000 blocks later, it dropped down to, you have it here, 12.5. And then another 210, 6.25. And then last year in 2024, we hit it was the eight hundred and forty thousandth block, and it the block reward dropped to 3.125. So that's actually where we're currently at right now. Yeah. Mhmm. Now So Kenshin, what is the point to all this? Why are we making these block rewards smaller over time?
[00:16:49] Kenshin:
Well, this the whole point is to be deflationary basically and help with, keep the value, keep the value for Bitcoin instead of the opposite of the Fiat mining that we increase the supply and we devalue the the money The money. Mhmm. For everybody. Right. So this is built to do the exact opposite. Cut the supply in half, which in turn will increase the value for each coin
[00:17:23] McIntosh:
as more people adopt it. As we sit at a $104,000 roughly per Bitcoin, do you think that's working?
[00:17:34] Kenshin:
Oh, absolutely. Right. It is because and and you see that also, when when you see the the total reward for miners, it has been going up overall.
[00:17:50] McIntosh:
The total value. Is that what you mean? Okay. Yes. The value in dollar terms. Dollar terms. Right. It sure it certainly has. Now I wanna take a little sidetrack here for just a second. In the beginning, 50 blocks, you could mine it on a laptop. It was relatively easy, especially compared to today. Why was it so easy, and what was the point of so many Bitcoin per block to begin with? Why do you think that Satoshi he could have started with a smaller number, or he could have started with a bigger number for that matter.
[00:18:35] Kenshin:
Yeah. He did it to to create, to give a reward to the early adopters and, help the network grow. And that was a nice way to distribute the first coins, evenly and fairly to the ones who who wanted the network to to grow. And
[00:19:02] McIntosh:
Yeah. I view it as as like seeding the network. Right? We needed to get those Bitcoin out there so people could start using them.
[00:19:11] Kenshin:
Yes. Mhmm. Exactly. Very cool. Okay. And, of course, then it's also it ends up in this, scenario of of a hundred nineteen years, Or how much is it actually? Yeah. A hundred and let's say a hundred and twenty years. So it's also a bit, realistic in a way to look ahead. If it was, another mathematical equation, maybe it would take too long. Maybe it would take five hundred years or something. Right. So that's also a bit more it's quite short term in a way, but not too short term either.
[00:19:51] McIntosh:
So So you have a few generations. Realistically, he kind of picked some arbitrary values, but I think he did put thought into it. And I say he, of course, we don't know he, she. No idea. But I think the values he picked has turned out so far, certainly, at least pretty good. Because even though we're only, how many years, sixteen years or so into Bitcoin's history, we have already mined the vast majority of the Bitcoin. So, again, we're seeding this network. We're getting a large number of people mined to you, but not there's a lot more people left to bring on board. Like, I was hearing some statistics even just like here in The United States, which I think it's pretty nondebatable.
There's more Bitcoin usage or be Bitcoin being held here in The United States than anywhere else. Only 50,000,000 people actually own Bitcoin by the best estimates that I can tell here in The United States. There's over 300,000,000 people in The United States, which means that's like a one out of six. Okay? One out of seven depending on, you know, somewhere around that value. And that's of any amount of Bitcoin. Like, you could own a $100 worth, and and that would be considered in that. Does that make sense? We are so so early in all of this, and yet 50,000,000 people still own Bitcoin in The United States. That's a significant amount.
Do you see what I'm saying? So it was a good thing that this is kind of front loaded. We get the money out there, get into some people's hands, get enough that there's interest and there's growth. So as it becomes more and more difficult to mine, I think we'll actually see more and more interest, not less, certainly.
[00:22:01] Kenshin:
Yeah. And at the same time, even though it's so front loaded, the the tail now is so long. It's over a hundred years from now that we'll keep getting generating Bitcoin. And and and to put it in perspective, people say we're too late now. Right? But if you see that we are in the fourth Right. We just went past the fourth halving and total halvings are 32. Okay. 32.
[00:22:31] McIntosh:
What is that? One out of eight eight yeah.
[00:22:35] Kenshin:
Yeah. So we still have so many halving ahead of us. And that's for me personally, that's why I like this topic also because when I see this table of the schedule of the halvings and how much Bitcoin is generated, as a block reward over time. It it's motivating in a way
[00:22:57] McIntosh:
when you see ahead. I wish we could include this in the show notes. I don't it's too big. But maybe we can make a web page and have it
[00:23:06] Kenshin:
up. The the the yeah. We can put it on, satoshtestbridge.com. There there are also images, some good images that people have made with this. So we can, we could be. There's a lot of information in here. This is great. Yeah. But for example, if we pick a year, right, which year do you want to pick? Let's do 02/1940. 2040. Yes. So in 2040, and remember now the block reward is three. Let's say it's 3 Bitcoin. It is 3.125. But 3 Bitcoin times a $100,000, that's $300,000
[00:23:48] McIntosh:
worth. Oh, this sounds fun. Of Bitcoin per block. Have you mined your own block yet? Sorry.
[00:23:54] Kenshin:
Oh, I forgot to tell you. Oh, man. No. Okay. Sorry. Yeah. So in 2040, the block rewards will be 0.195. Let's call it 0.2 Bitcoin. Right. Okay.
[00:24:11] McIntosh:
Which is 20,000,000 Satoshis, by the way.
[00:24:15] Kenshin:
20,000,000 Satoshis. Yeah. So in my head, that's 20,000,000. If we go by history, it should be worth the same or more than what the 3 Bitcoin is worth now.
[00:24:30] McIntosh:
Oh, I like this. Do you know then what 1 Satoshi or, like, a 100 Satoshi is worth? But at that point, you mean yeah? Exactly. There is a a formula for that. No. You don't know. I mean Well, of course you don't because I randomly I know. One of these years. No. But I it's easy to calculate. It's just I really wanna know. Let's see. Can we just do this on the fly? I know this is terrible live broadcasting. Yeah.
[00:24:57] Kenshin:
No. No. But it's one fifth. 0.2 Bitcoin in the year 2040. That's one fifth of one Bitcoin. So times five of the current value of a block reward, which is 300 k. So that's 1,500,000.0
[00:25:14] McIntosh:
for Bitcoin. Okay. I see I see what you no. You're exactly right. Awesome. So there you go. By by 2040, we will have passed $1,000,000 Bitcoin.
[00:25:25] Kenshin:
Yeah. And that's just the base. If if no development happens in the mining technology, which we have, you know, all those efficiencies and the new people adopting Bitcoin
[00:25:39] McIntosh:
and everything that pushes the prices. I want to expand this table. I like that. I I love that way of figuring this out because I think that makes a lot of sense. So I wanna expand this table ultimately before we post it online, and let's figure out the value of 1 Bitcoin. Right? And then we'll include that. And where it makes sense, we'll start posting the value of 1 Satoshi or a 100 Satoshis or something. Because Yeah. You could look at this chart and go, oh, if I just hold my I'm sorry, Kenshin. I'm getting a little excited. If I just hold my coin until 2,040, which listen. Let's be honest. Most of the listeners to this podcast are going to live until 2040. They're you guys are younger.
Okay? Frankly, I probably will make it to 2040. So, there's a good chance you will too. Right? Let's figure that out and then you know and then because if it's worked for what are we on our fourth happening? One, two, three. Yes. Our fourth it's going to continue to work unless something just crazy catastrophic happens and whatever. K? This isn't financial advice, but Mhmm. It's a great way for you to look at what Bitcoin should be worth. Does that make sense?
[00:27:10] Kenshin:
Yeah. Yeah. And that, by the way, twenty fourth is the eighth halving, so it's double of what we are now. So that that's a good year to look at. So it's Yeah. It's really not that far off. I know it sounds like it, but it's not. It's it's fifteen years away. Exactly. And that's you you see, I like that you get excited about it because that that's why I like to look at that table. It's very motivational.
[00:27:38] McIntosh:
Oh, man. I have two modes. I mean, never mind. Anyways yeah. That's cool. I really so let's expand that out, and we'll post that on and we'll link it in the show notes. I I really do like that. That probably won't happen in the next day or so, but soon we'll get that put up. Awesome. Very cool. Yeah.
[00:27:58] Kenshin:
So yes. And to go why then we end up in the year 2140, of course, then it's just math. So every year we cut in half and by 2136, we have the thirty second
[00:28:16] McIntosh:
halving and last halving. So literally, that's one block per satoshi at that point. Or one satoshi per block. Sorry. That yeah. That that's just that's crazy. And I think our formula breaks down here. Okay? So let's just go ahead and let's just bring it all out, and let's talk about it. Right? In 2140 in 2136, when we mine one Satoshi, that Satoshi is not gonna be worth $10.20, a $100,000,000. It's not. And if you extrapolate out the block reward, you know, if in twenty one four in in 2040, we're hitting, what did we say, $1,300,000 per block?
1.5. I it Yeah. It's got to be worth a lot. So where's that value coming from? Because a Satoshi may be worth the equivalent of a dollar or even more in today's maybe it's worth a $100. I don't know. In today's terminology, but it's still only 1 Toshi. So where's the rest come from? It's the transactions. Right?
[00:29:37] Kenshin:
Right. Yes. So right now the the the block the the miners get the the block reward plus the transaction fees. And right now is the the ratio is around 95% of that value Right. Is the block rewards and 5% approximately is the transaction fees. So theoretically, those numbers will flip by the year 2140.
[00:30:04] McIntosh:
Well, they're either gonna flip or we're gonna have to have a big change in the way that we mine Bitcoin. As I kind of touched on last week, I could stand to see a few public miners go away and things become more in the hands of of the plebs. We will see. I do know that transaction space, as Bitcoin grows in usage, it will become more scarce. We'll we'll have more transactions trying to go through. Right? And we know that the price of Bitcoin is going to go up. So it's just going to cost more just because of that. But the combination of those two, I think transactions on Bitcoin on the main net are going to become very expensive. I've kind of alluded to this, but this is why this is why I believe this.
If we're mining one Satoshi plus transactions, those transactions better be worth a lot. But if you have nation states competing over Bitcoin or nation states using the main net to send very large payments back and forth or banks or large companies or this type of thing, you and I, Kenshin, we're not gonna be paying for coffee on the main net. We're not. Now No. Maybe there will be a large number of people who they have UTXOs. They have, I think I said that right, but they have space on the main net. Please don't kill me if I said that wrong. But you're not gonna be using that for these really small transactions. That's gonna be like the ultimate savings place. Does that make sense? So the family trust that money will be put on the main net.
You're not gonna have it in your lightning wallet.
[00:32:04] Kenshin:
Yeah. I mean, we already have two layers over Bitcoin right now. I mean, you you already don't want to pay a coffee with with a main net transaction already. Now you you use lightning and now we go to the second layer or, yeah, let's call it third layer in that sense. So we have main net, second layer, Lightning, and now third layer, we have eCash, CashU or similar.
[00:32:31] McIntosh:
Which interestingly, the reason so we're starting to see eCash implemented into, like, Lightning wallets because it's expensive to open channels sometimes. Yes. And so you save in your e cash until either the fees come down or you have enough to open the channel kind of thing.
[00:32:52] Kenshin:
Yeah. Exactly. And, actually, e cash, they have some, we we can go to eCash in another episode, but they have some cool, cool ways to transact. You can even do it offline and with emojis and, you know, some some cool ways to to send eCash around.
[00:33:08] McIntosh:
I've certainly we've certainly mentioned it before, but we've never I don't I don't think we've ever devoted a full episode to it. It's probably about that time.
[00:33:18] Kenshin:
Okay. Yeah. So so we will have layer twos and threes and fours and five. And a good analogy is also like the the, how is it called, HTTP? How many layers are are below that? Right? Is it like the seven layer? Oh, of TCP?
[00:33:38] McIntosh:
TCP IP. Yeah. There are it's either six or seven, the cosine network model. Sorry. I don't know it offhand. Bad bad Macintosh.
[00:33:50] Kenshin:
I should know that. So yeah. I think it's seven. But anyway, but yeah. So it it's, it's gonna be interesting. And then, of course, after the year 2140, it's gonna be zero, block rewards. So it's only gonna be, mining rewards. Sorry.
[00:34:10] McIntosh:
Transaction fees. And there are people who frankly think that there's going to have to be something else done. And I think it's important that we acknowledge that. I don't believe that's true. I believe that the transaction fees will be enough for miners to continue to operate. But there are people, who argue that there should be a security fee essentially that would go towards the miners. I don't think that's necessary. And I think if it ever is, we're a long way away from that, and we can deal with that at that point. I don't wanna be making changes that we may regret one day Mhmm.
Frankly.
[00:34:54] Kenshin:
Yeah. Yeah. I mean, as the situation is now, one transaction with one SAT per v byte, the smallest transaction, so one input and one output, with one SAT per v byte is around a 120 SATs, I think. So by that time that you only get one sats per block and one transaction costs a 120 sats. Yeah. You see the difference there. We're talking about less than 1%. The block reward is gonna account for the whole reward of for the miners. So and of course, we can find ways to make those transactions lighter, as we have done already with Segwit, I think.
[00:35:41] McIntosh:
Yeah. The reality is if the transaction, space isn't full most of the time, I I just it may not be enough, but I just think we're along people overestimate how much Bitcoin the Bitcoin network is, like, taking hold. There's so much left to build. It will take decades and decades and decades to build it out.
[00:36:14] Kenshin:
Yeah. And why is all this good? If we see in the end of of that, journey, there will be no new supply. So we will actually achieve absolute scarcity in a way. Mhmm. So it's it's like you have an artist, like Picasso, he dies. That's it. That's it. You have yeah. You have those paintings left and yeah. If one gets damaged, the risk gets more valuable. And and that's also with Bitcoin, the lost coins. That's a great analogy, actually,
[00:36:49] McIntosh:
because if you lose your Bitcoin, the rest gets more valuable because of that. So hold on to your Bitcoin people.
[00:37:00] Kenshin:
We we already have lost Is it already 20%? There are some estimations.
[00:37:09] McIntosh:
It's roughly 20% from what I have heard, and that's probably about right. I hope that that number does not continue to grow very much. People, people are learning. It still happens, I think, but not with, like, large amounts of Bitcoin. It's more, oh, I lost a thousand sats, which today is nothing. But maybe a hundred years from now, it's a significant amount of money, certainly. And, you know, I I did that analogy with gold,
[00:37:44] Kenshin:
a month ago or something. I did the the math and I calculated how many grams of gold there are in the world. Right. So the so there are, what it was it, 200, let's say, 50,000 tons of gold, which is around 250 what would that be? A trillion, I think it was. Grams? And you compare Is it quadrillion or trillion?
[00:38:11] McIntosh:
Trillion. Either either way, it's a big number.
[00:38:17] Kenshin:
Either way. It's a big, but it's not as big as how many satoshis
[00:38:22] McIntosh:
you have even Oh, right. No. It's, then it wasn't quadrillion because it's No. I think it was It's is it 200, two quadrillion? Two two point one quadrillion? I think that's what it is.
[00:38:36] Kenshin:
Yeah. In in in such a sense. Yeah. So we will have a lot more SaaS to play with even with the lost ones, compared to, let's say, grams of gold and the world.
[00:38:49] McIntosh:
On the lightning network, you can essentially split a satoshi down into a hundredth of a satoshi. So as these satoshis get more valuable, the tools will be built to actually track that, in my opinion, so that my coffee, instead of 5 Satoshis, it's 4.25 Satoshis or something. And then that 0.75 gets saved in my wallet. And I'm hand waving, and I have no idea how that's all gonna happen. But I do know that the basic building block is in there to have Mila Satoshis. Is it hundreds or thousands of us Satoshis? I'm not sure.
[00:39:33] Kenshin:
Yeah. Maybe it should be possible. Thousand, but, yeah,
[00:39:37] McIntosh:
either way, you know, we've already got that in place. Those kinds of innovations will continue to happen. So it doesn't actually matter how valuable this stuff gets. We will figure out ways to make sure that you're not just overspending. Mhmm. Because right now, a few satoshis, no big deal. Your great grandkids might want those satoshis. I'm just saying.
[00:40:07] Kenshin:
I mean, you know how much we will give in the Zappos on 04/2020.
[00:40:12] McIntosh:
Right? Please don't remind me. By the year
[00:40:16] Kenshin:
by the year the year February, that the reward will be 596 Satoshis. The year 02/2004, the reward will be 201
[00:40:31] McIntosh:
Satoshis. Away a block reward, people. So be happy.
[00:40:35] Kenshin:
Yes. It's
[00:40:37] McIntosh:
at some point, it's not possible. Salary, Kenshin.
[00:40:42] Kenshin:
Yep. Or or you will be getting 420 times more satoshis than the last
[00:40:49] McIntosh:
so Wait. Why are we giving out satoshis? I'm sorry. Wait. What?
[00:40:54] Kenshin:
Why not saving them? Yeah. Yeah. We need to stack more. Stack harder.
[00:41:01] McIntosh:
Alright. Good stuff. Is that about it, or is there other things we need to talk about?
[00:41:10] Kenshin:
No. I mean, there are we talked a little bit about the layers. Yeah. Technology will evolve by then. We mentioned that.
[00:41:21] McIntosh:
I do wanna run through this real quick if we are wrapping up. You you gave a list here, which I thought I didn't wanna Yeah. Just go over. I wanna go over some of the things we've got listed here for that that may happen by 2140 or sooner, really. But for Lightning, specifically Yeah. You were talking about fee efficiency, the ability to batch up thousands of transactions into one on chain settlement. Right? If our chain fee let's say our chain fee is a thousand dollars. It's possible that that could happen in the next couple of decades.
Yeah. How does Lightning deal with that? It does it by batching up all these transactions so that your each one transaction, your opening and closing of a Lightning channel is not paying that thousand dollar fee. Does that make sense? Yeah. Instant payments. We already have that really. Retail daily usage without high fees. Look. Lightning is dirt cheap. One of the things as merchants become aware of what's going on in Bitcoin, and as government sort out capital gains and all this kind of stupid stuff, I think that will really help is right now, they're paying three to 5% for Visa and Mastercard and and these other, card services.
Bitcoin is, like, sub 1%, and that is money that goes that stays in that retailer's pocket, and and that's super helpful. Network yeah. Side change? Maybe. There's a big thing going on in in Bitcoin space about side chains right now. If they don't have to make major changes to the network to do it, I'm fine with that. Although, I think it will devolve into, you know, casino coin chaos. And I don't really see a whole lot of hope for it, but whatever. Roll ups, potential z k roll ups? Is that what we're talking about? I'm not sure. Okay. So I think that's what it's talking about. ZK roll ups are a technology.
So right now, to really prove the Bitcoin network, I have to download the entire blockchain history. You can mathematically prove with the z k roll up that, oh, every transaction up to this point, 2025, January or June, whatever, is correct. And then, essentially, it would let me start up a lightning node or a a a Bitcoin node that knew everything was valid and didn't take a day to download and didn't take terabytes well, 800 gigabytes of disk space. Does that make sense? I don't know if this will be done and for or if it'll be done anytime soon, but that's actually something that I think could be potentially, very, very, useful.
Mhmm. Yeah. Let's that's good. That's good. Sorry. I just those were a few things I I missed as we were going through here, and I thought those were super cool. So let's wrap it up. Sorry.
[00:45:06] Kenshin:
Yep. No. But, yeah, learn about the the the Bitcoin holdings. I think it's very useful. Expand your time horizon, and then you start thinking about generational wealth by by looking ahead so far away. And for sure, your great, grandchildren will will thank you for sure.
[00:45:33] McIntosh:
Or your children or your grandchildren. I mean, 2040, didn't we figure out a million $1,800,000
[00:45:42] Kenshin:
1.5.
[00:45:43] McIntosh:
1.5? Big. Coin. Right? Not not the reward block. A Bitcoin. Yeah. Correct. That's not look. If you're young, let's say you're twenty, fifteen years from now, you're 35. Maybe you've got a family. Maybe you're married. Maybe you got a couple kids. I don't know. That's not that long from now. Do yourself a favor and plan ahead, and don't just worry about today. Or where's Bitcoin going this year? I mean, I've I've told y'all over and over where I think it's going. And maybe I should stop doing that because I don't even want you thinking in those terms. I want you thinking in the terms of these havnings.
Right? Not Mhmm. Not this year or the current cycle, the current four year cycle even. I it's hard not to. Let's be honest. But but the more you can do that, the better off you'll be.
[00:46:47] Kenshin:
Yeah. So I think this topic has been very interesting for expanding that view ahead, lowering the time preference, and then incentivizing also what we have been talking all the time for DCA. Right? Because it you want to even the smallest amount of of Satoshis, you want to keep it and or build it up. So that's what I'm doing personally. I I'm doing a small DCA every day. I'm giving away, of course, a no sir here and there, but I Yes. Norm normal days, I stuck more than I I spent.
[00:47:25] McIntosh:
Yeah. And as we've said, we look at this stuff and go like, oh, we're gonna spend $420 on the the dollars. Boy, there's some, Satoshis on on these zaps and whatever. And that's fine because we're it's not coming out of our savings. You can always buy and spend Bitcoin. Just make sure you're doing that DCA as well. Alright. Do we have a question? I thought we had a question.
[00:47:58] Kenshin:
Are you worried about the last Satoshi? Yes. The mind. And I would say here, based on that, that is the question that the game has been built on called savingsatoshi. Is that .com?
[00:48:19] McIntosh:
Is this Sorry. What is it? Savingsatoshi.com.
[00:48:22] Kenshin:
Yes. It's a game, fan, like, it's a web based, storyline that teaches you about Bitcoin's technology and coding, but it goes through the scenario that is the year 2140, and it's one or two weeks before the Lasatoshi is mined. And the bit and the Bitcoin miners go on a strike because they don't want the rewards to stop.
[00:48:54] McIntosh:
And then it takes you through a journey Interesting. Learning. And then the club miners take over, and everybody's happy. Yeah. That's the way it should be. Yeah. Anyways, very cool. There's our question. Let's see. What do we got next? The news and notes. There wasn't a whole lot. I do wanna reemphasize Zapathon next week, next Monday. Be prepared for that. Be on Nostr. Ask the questions. Re it would be helpful if you reposted our post. I'll say that. I think we actually made that a requirement, didn't we? But and then I have one more, news item. I do wanna mention this a little bit more on the world stage. But for those of us here in The United States who mine, Bitcoin, This, I think, is a is really good news. Bitmain, Canaan, and MicroBT are opening US factories.
The short version is because of the tariffs that are in effect. Right? So we have tariffs on China, on their goods that would directly impact the Bitcoin miner hardware, and these companies are starting to, do their device assembly here in The United States. So they'll make the parts over in China or in Malaysia, Singapore, wherever they come from, and they ship them over here and put them together. And then, that that is enough to satisfy those, tariff restraints. And I I believe, frankly, whether you it doesn't matter what you think about tariffs. Having the majority of the mining hardware come from one country regardless of who that country is, Not a good idea.
So Mhmm. I am glad to see this, and it's probably not for the reasons that you thought. It's not because I'm an American. So there you go. I haven't noticed. You haven't noticed I'm an American? What did I tell you when you told you're you were talking to me about well, we probably shouldn't get into that on the air. More horsepower, baby. More horsepower. Nice.
[00:51:16] Kenshin:
A thousand. You you want to hear you want to hear about this, news from France? Yes.
[00:51:22] McIntosh:
Viva La France. Right? Yeah. Isn't that correct?
[00:51:26] Kenshin:
Yeah. Yeah. Yep. They are some parliamentarians or is it a group of French people in the parliament are proposing to use Bitcoin mining to save the excess or utilize the excess energy from their nuclear plants.
[00:51:45] McIntosh:
Okay. You need to put that into the show notes. I somehow did not miss miss this. Is so this has not actually taken effect. They're just talking about this? No. No. They're talking about yeah. They have proposed it as an amendment.
[00:52:02] Kenshin:
It says that could turn the country in into a European hub for Bitcoin mining. That is no doubt. Yeah. France's energy system powered by nuclear for over 70% of its needs often generates electricity surpluses that require efficient management. The proponents of the proposal see mining as an ideal solution to absorb this excess, transforming a potential waste into an economic resource. Now Sounds good.
[00:52:36] McIntosh:
I, that's good news. It it would be if that were to happen. As you know, as probably most of the listeners know, I I love bike racing. I watch Tour de France every year. And they go through the Alps and the Pyrenees during parts of the tour. And, they've they fly by well, they ride by these waterfalls and things. And I can't help myself. They're going by. And, of course, they're stunningly beautiful, and I don't wanna make things look ugly that are beautiful. But I look at that and I go, man, that is hydropower that could be used to be mining Bitcoin.
I'm just saying I got a problem. Yeah.
[00:53:25] Kenshin:
Yeah. I I know what you mean. Wherever I turn, when I see something turning on its own or falling or something, it's like, oh, there is a generator. Can go there.
[00:53:36] McIntosh:
I did see this really cool thing down in Peru where they were building a hydropower, not a dam. Normally, they they dam up a river or whatever, and then they extract the power as it goes through that overflow type thing. This is, like, built in because they have a lot of places where, like, the just like the Alps where they'll have these long falls of water down the side of the mountain. And they've kinda built into the mountain, and they channel the water briefly. And then it it does kind of shoot out of the station and continues its fall down the mountain side.
And so it doesn't really break the kind of the beauty of the whole situation. And, basically, you can't even see the hydropower station from very far off, unlike, say, when you dam up the the valley and back up all the water and have this big concrete monstrosity there. It's it it actually does blend in much more, and yet they're generating massive amounts of hydropower through something like that. Cool stuff. Cool stuff. Well, that's good. I'm glad to hear France is doing something productive for once. Sorry, French people. I know you're listening. I look at the stats. There's some of you there.
I love you people. I love your language. I love your food. I love your bike race, but this is good news. Okay? And that's all I'm gonna say. Alright. Very cool. Can you add that to the show notes notes or to the news item, please? Oh, you already did. Thank you. Software updates, just a couple of things. Zeus had a bug fix release v zero dot one 1 dot one. And then I did wanna kinda highlight this. There was a new code release in Osterland of they call it in Git dash relay. Git is a code repo system, very, very well known. I think both you and I both use Git in our life.
I use it every day in my job constantly. And this is a way to build a distributed system. It's what it's looks like to me. Using your end pub, which is a great way to identify yourself. Oh, this is my repo. Right? Not your well, you would have to it's a combination. Never mind. You got the idea. So it's using the Nasr tooling to to build that distributed system. Very early, but very promising at the same time. I'm look I'm gonna dig into it because I do actually need to get repo for myself, for my new project along with other things, that like our code that we use for our web servers, that kind of thing.
[00:56:30] Kenshin:
Mhmm. Yeah. That's good because it decentralizes something that is very centralized nowadays.
[00:56:37] McIntosh:
And Jack Dorsey had put up a, five block or five Bitcoin. It's either 5 or 10 Bitcoin reward for something like this. I don't know if this person will get it. I think it's high time that that and this reward was put out years ago. He actually bumped it the other day, posted about it, and maybe this was a response to that. I don't know. But I'm glad to see it. Yep. So that's it on the software front. So our price as we record it's changed a little bit from what we recorded down here, but it's pretty close. A $104,270 US. And then what do we got over there in Euro land?
[00:57:24] Kenshin:
It's around €91,000. So I've seen it drop in the last week, but, yeah, still around a 90. Yeah. I should say at this point is isn't it interesting we're trading sideways over 100 k with nothing happening? No news, no trends, no
[00:57:49] McIntosh:
Oh, you mean in Bitcoin? I was like, nothing hap I know you don't watch the news a whole lot, Kenshin, but
[00:57:57] Kenshin:
No. Yeah. I mean, in Bitcoin terms, there's no formal, you know, and we're over 100 k just just casually over 100 k.
[00:58:05] McIntosh:
You're you're exactly right. What's amazing to me is with all of the world events that are going on, Bitcoin is not in the toilet. Because four years ago, that would have been the case. We are in a different paradigm. Is it affected? Yes. We were at a 108, 109 just a few days ago prior to the Israel, Iran thing that's going on. And it dropped, but it didn't drop very much. And it's I I don't think we're going below a 100 for this. I don't, but we'll see.
[00:58:45] Kenshin:
Now now that you said it, of course, we are.
[00:58:48] McIntosh:
Okay. The price of Bitcoin does not depend on what Macintosh thinks, by the way. I'm just saying. Alright. And Well, it's the summer coming. So Yeah. And you brought that up, and I was thinking about that. There's a lot of truth to that for whatever reason, which I don't truly understand, but the summer, historically, is just kinda you we'll just be in this range. And I was hoping we were gonna break above a 110. I've even said that before. And, you know, kinda look at this 130, 120, 30, maybe even more range.
Does not look like it's gonna happen. Now because I said that, it's gonna go ahead and shoot right on up there. So you're welcome. Yes. Thank you. Let's talk about our market cap. Get this wrapped up.
[00:59:36] Kenshin:
Right. Bitcoin market cap is at 2,100,000,000,000.0 USD and in comparison, gold's market cap is at 23.5 which brings us below 9%. Once again, we're at 8.8%. Compared to last week, we were 9.3.
[00:59:55] McIntosh:
Alright. Very cool. And the mempool is looking about the same, 11,000 transactions sitting in the mempool, which is only about 20 megabytes of unprocessed transactions. And we're looking right now at about four sats per v byte. So there's you know, it's a little busy. But, again, as per normal, it'll probably just be right back to one sat per v byte later today, tomorrow. Who knows? Whatever. Still pretty low either way you look at it. Hey. Stochys Plebs is a value for value podcast, and we support podcasting two point o. We don't have ads. We don't have sponsorships. We just have honest Bitcoin content.
I deliberately avoid sponsors because even if I love a company, say Seed signer, taking their money could influence or would undoubtedly actually influence my opinion. What if something goes wrong with the company? I might hesitate to warn you. Instead, I ask, are you getting value from the show? Support it through time, talent, and treasure. Help out with our chapters. Would that would be nice. Transcripts or future projects like our chat room. I guess I could take transcripts off there. It's automatic at this point. We can stream sets and boost with messages, even a 100 sats saying great show or you suck.
Kenshin and I'll read them either way, and I've read both of them. The first you suck really kinda hurt my feelings, but that's okay. Check out the podcasting two point o apps at podcastapps.com and support independent Bitcoin media. If you like the content, I would love it if you would tell your friends about the podcast. That's the best way to help us grow. This week's music, by the way, is Live for Tomorrow by Kazuki Takashi. I'm sorry, Kazuki. I know I'm not doing that right. Any boost or streaming of sats from podcasting two point o apps will go straight to the artist if they're if they are done during that song.
[01:01:59] Kenshin:
Right. So thanks for being here. We hope this has been helpful, and we would love to hear from you. Find all our contact info at, the description below or at satoshis.blips.com. Stay humble. DCA those sets, and have a great weekend.
[01:02:17] McIntosh:
We'll talk to you soon.
[01:02:20] Kenshin:
Bye bye.
Introduction and Episode Overview
Listener Interaction and Feedback
Bitcoin's Endgame: What Happens in 2140?
The Halving Schedule and Its Impact
Transaction Fees and Mining Rewards
Layered Solutions for Bitcoin's Future
Achieving Absolute Scarcity
Future Innovations and Value of Satoshis
Expanding Time Horizons and Generational Wealth
Listener Questions
News
Bitcoin Mining and Energy Innovations
Software Updates and Technological Advancements
Podcast Value for Value Model
