Shownotes
The IMF and the World Bank have been around since 1945. The goal of the IMF is "The International Monetary Fund (IMF) works to achieve sustainable growth and prosperity for all of its 190 member countries. It does so by supporting economic policies that promote financial stability and monetary cooperation, which are essential to increase productivity, job creation, and economic well-being." Are these goal and policies helpful to the countries receiving them? Research shows that it might not be helpful.
Let's discuss both this and a possible solution.
News and Links
https://www.imf.org/en/About/Factsheets/IMF-at-a-Glance
https://www.france24.com/en/20200903-live-france-unveils-%E2%82%AC100-billion-economy-rescue-plan
https://www.coindesk.com/policy/2022/05/16/portugal-makes-u-turn-on-cryptocurrency-tax/)
https://bitcoinmagazine.com/business/profiting-on-biogas-with-bitcoin-mining
https://watcher.guru/news/uk-unemployment-rate-falls-to-3-5-lowest-in-nearly-50-years
https://bitcoinmagazine.com/business/bny-mellon-offers-bitcoin-custody
https://bitcoinke.io/2022/10/ghana-inflation-in-september-2022/
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I can be reached by email at mcintosh@genwealthcrypto.com and on twitter at @McIntoshFinTech. My mastodon handle is @mcintosh@podcastindex.social. Looking forward to hearing from you!
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Music Credits
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Transcripts
Hey, Sat Stackers. It's October the 17th. This is episode 77 of the Generational Wealth
Speaker:for Cryptocurrency podcast. I'm your host, McIntosh. Today, we're asking if the IMF
Speaker:is bad for developing countries.
Speaker:Of course, no one on this podcast is a financial advisor,
Speaker:and all information presented on this podcast is for informational purposes only. Now that we have
Speaker:the legal stuff out of the way, let's jump on in. All right, everybody. Here it is, another week.
Speaker:Some things have continued. Not a whole lot of change. We'll jump on into the market update
Speaker:and get things going. Got some great feedback this week, which I will share in the support
Speaker:section on our market update slash modest TA, whatever, technical analysis TA. So appreciate
Speaker:that. Let's just jump on into the weekly close for Bitcoin. About five hours ago now, it's actually
Speaker:a little past midnight here on central time in the US. And Bitcoin closed at 19.268.09,
Speaker:Ethereum at 13.06.30, so $1,306, and then ADA at 37.02 cents, basically.
Speaker:So going back and looking at last week's close, the reality is ADA dipped a little bit,
Speaker:but the other two basically kind of were almost exactly the same, a little bit down.
Speaker:Bitcoin, a week ago, closed at 19.446 and Ethereum at 13.22. So Ethereum only dropped
Speaker:$14 or something. Bitcoin dropped a couple hundred dollars, basically. Not a whole lot.
Speaker:And in fact, if you recall our discussion of the Bollinger Band compression last week,
Speaker:I pulled the charts back up, of course, in preparing for tonight. And those bands are
Speaker:still compressing, which does typically mean we will have a release here at some point soon.
Speaker:I actually did say last week, I thought it would be sooner. Of course, I obviously was
Speaker:incorrect about that. It's funny because just a few days ago on Thursday, we did have this dramatic
Speaker:drop. It went down from roughly where it's at right now, down to 18.218 on this chart, or 18.218,
Speaker:sorry, 18.2. So $1,000, it dropped $1,000. And it actually got a little bit lower than that on some
Speaker:of the other exchanges. I saw one exchange that was down in the 17,000s, 17.8. I may be mistaken
Speaker:about that, but somewhere in this general $18,000 area. But then before the day was over,
Speaker:it popped back up. The next day, it actually went up and then it got all the way up to $19,971,
Speaker:so basically $20,000, and then pulled back before the end of the day. So it's kind of a wild
Speaker:24-ish hour time frame. And I thought when that happened, that was going to be when those
Speaker:Bollinger Bands were going to widen up one way or the other. And we were going to have some kind of
Speaker:rally even, or drop, even if it was only short term. It did not happen, of course. Everything
Speaker:pulled back together and we are just kind of trucking along in that little band. It's getting
Speaker:kind of creepy, to be honest. But we'll see. I don't think we have any meetings this week
Speaker:from the US side anyways, that would directly affect this. We of course have the continuing
Speaker:stream of news coming out. We'll be covering some of that during the news segment, what I feel like
Speaker:y'all can stomach. But the next Federal Reserve meeting is actually November 2nd and 3rd, I think.
Speaker:And that will be when they adjust the interest rates. Now, Powell has made it very clear
Speaker:that he plans on raising interest rates, probably a pretty significant amount. We're looking at
Speaker:probably at least three quarters of a percent. Excuse me, I'm drinking the Earl Grey tonight.
Speaker:I'm drinking the Earl Grey tonight. Good as always. And so, I think the market has sort of
Speaker:priced that in, so maybe that won't be so significant even when it happens. And of course,
Speaker:it does indicate that things are not the way that they should be. We will see. Now, I do think
Speaker:there's a possibility that they could raise rates of a full percent. I certainly think that's within
Speaker:the realm of possibility. And I don't think the market would be expecting that, frankly.
Speaker:So, well, that's where we're at. We shall see. Things kind of putter along as they have for,
Speaker:really for weeks now. We kind of entered this range. Let me see here. Back in August,
Speaker:the end of August, 24 August, roughly or so, you could even say, well, actually it's right there.
Speaker:What day was that? The 18th, we had a drop. No, the 19th. We had a drop on a Friday that took us
Speaker:down into this area that we've been in, other than one brief spike of about three days back
Speaker:in September, mid-September or so, if you remember that. Otherwise, we've just been in this box.
Speaker:It's really weird. Really weird to trade this long within this tight a time frame.
Speaker:If we go up from here, that's a very good solid foundation. We are at a level, basically,
Speaker:that was the top of the 2017 bull run. So that's good. That's building a foundation. I personally
Speaker:don't think that, well, in my opinion, of course, I still think we're going below that. But as we
Speaker:always teach, what do we do? We just keep DCA, right? It does not matter what the cost is.
Speaker:We don't try and play this market. I have said on a number of times, if we get down to 14, 15,000,
Speaker:that kind of level-ish, I'm going to be putting in whatever capital I can at that point, but that's
Speaker:not going to keep me from DCA. All right. Let's move on to our weekly topic. Our weekly topic
Speaker:this week is maybe a little bit different. So we're going to talk about the IMF. I've probably
Speaker:mentioned them a few times, but we've never really talked extensively about them. And I
Speaker:wanted to take a few minutes, and we're not going to go real long, but I want to take a few minutes
Speaker:and cover what the IMF is, kind of their role in things. Some people's, including mine, probably,
Speaker:perception that maybe they're not doing a good job in their role,
Speaker:but I'm not just going to sit here and kind of yell at them. I'm actually going to propose
Speaker:an alternative. Now, I'm just a little old podcaster out here in podcast land, and I don't
Speaker:have a huge audience, and I don't really expect people to be back, point one day and say,
Speaker:wow, that Macintosh came up with this great idea. And maybe this has been proposed before. I have
Speaker:not heard it, but it's certainly possible. And it seems really obvious to me. I don't know. Maybe
Speaker:it's me, but it does seem obvious, and we'll get into that. So what's the IMF? The IMF is simply
Speaker:the International Monetary Fund. It's a group of developed nations who basically say, we're going
Speaker:to kind of help developed countries try and get out of poverty. And that's what the IMF is.
Speaker:It's tied in very deeply with the world, what's called the World Bank. It's called the World Bank,
Speaker:also the World Bank Group. So they're kind of the banking arm of all this. And they provide loans
Speaker:to countries like El Salvador, I know actually happens to have loans with the IMF. And actually,
Speaker:there's news this week, Argentina has developed a plan with the IMF in order to be able to get
Speaker:more loans. I think they already have some, but anyways. It is this group of countries that,
Speaker:in theory, out of the goodness of their heart are doing this to help. And I'm sure that a lot of
Speaker:people believe that. But the reality is, is that they charge fairly high prices in terms of interest
Speaker:to countries that are already deeply in debt, who are struggling. And what it does is you end up
Speaker:where they're just continually getting more and more and more loans. Who started the IMF? Who's
Speaker:involved in the IMF? So, I thought it was interesting. This is actually something that
Speaker:I did not know. That basically the IMF started as part of the Bretton Woods agreements in the
Speaker:late forties. Didn't know that. Started by the same people who brokered that agreement,
Speaker:which includes, wait for it, an economist named John Maynard Keynes, Keynesian economics.
Speaker:So, he was involved with both of those. Now, I've spent essentially 77 episodes
Speaker:I've spent essentially 77 episodes talking about how I disagree with this gentleman
Speaker:and his economic policies. And in fact, I believe that these economic policies are the root cause
Speaker:of what is going on in the world right now. I believe that what we are seeing in fact,
Speaker:is the end game of modern economic theory. Keynesian economics, whatever quantitative
Speaker:easing, whatever you want to call it. The reality that developed countries like the United States,
Speaker:like Western Europe are printing money essentially. And yes, I'm simplifying that, but they are
Speaker:printing money that's not backed by anything. And they're creating inflation by doing it.
Speaker:And they don't put it together. Our president this week has come out multiple
Speaker:times in ways and said, you know, we just don't have a problem. I'm like, dude,
Speaker:you need to look around. We got interest rates climbing. We're at 40 year highs.
Speaker:There's no signs of slowing down, frankly. We're putting together packages that are near a trillion
Speaker:dollars to reduce inflation, which is just the stupidest thing that I've ever heard of. 700
Speaker:billion dollars or so, I think, for this inflation reduction, so-called inflation reduction act.
Speaker:And where's that money going to come from? Well, it's going to get printed. It's just, it's insane.
Speaker:It's, well, I have to assume that they really believe that printing money does not cause
Speaker:inflation. So they're either irrational, stupid, or blind. I don't know. There's a few other words,
Speaker:maybe. I don't understand it, and I probably never will. But they're either doing it maliciously or
Speaker:they actually believe that. So anyways, the IMF, 190 countries. Now that's basically every country
Speaker:in the world belongs to this, but basically everybody's a member and they kind of help each
Speaker:other. So this goes all the way back to 1945, December. This says this list was in chronological
Speaker:order, and this is right off of imf.org. Belgium was the first, I guess. Bolivia, Canada, China,
Speaker:Colombia, Czechoslovakia, Egypt, Ethiopia, France, Greece, Honduras, Iceland, India, Iraq.
Speaker:Oh, I see what's going on. These are all in alphabetical order, but they all happened on
Speaker:the same date. So these were the founding members. I apologize. Iraq was last. Luxembourg, Netherlands,
Speaker:Norway, Philippines, South Africa, United Kingdom, United States, Yugoslavia, Dominican Republic,
Speaker:Ecuador, Guatemala. Oh, that's actually, now we went to a new date. I guess we got tired.
Speaker:This was the next day. So that was all on December the 27th, up through Yugoslavia.
Speaker:Yeah. And then there's some more countries. I'm not going to keep reading through this list.
Speaker:Basically, actually, let me skip down until 19, okay. Australia joined in 1947,
Speaker:kind of at the tail end of the first group, and that was in August. So from there we had some in
Speaker:48 and then 50, 51, 52, so on and so forth. Actually, Ireland, for example, didn't join
Speaker:until 57. I wonder what the thinking was. I don't know. I really don't. Very small countries on here.
Speaker:I guess basically every, I've never even heard of that one. I assume this country is in Africa.
Speaker:It's called Benin. Dahomey is in quotes around it. I'm not sure why. July 10 of 63.
Speaker:Anyways, the last country to join was actually this year. No, a couple of years ago.
Speaker:Andorra. I wonder why Andorra felt the need to join the IMF. That's interesting.
Speaker:Nero in 2016 and then in 2012, the South Sudan. Tuvalu in 2010. Kosovo, which I believe came from
Speaker:the breakup of Yugoslavia. I hope I'm not incorrect about that. In 2009. So it's definitely slowed
Speaker:down and it's basically kind of new countries and I don't know, this kind of thing. So there you go.
Speaker:A lot of countries, basically every country in the world, they've all joined this. And that's
Speaker:actually, wow, that's depressing. All the countries in the world have joined this.
Speaker:I want to mention a few things and I really, I'm not going to get super deep into all this.
Speaker:I just kind of want you to know what's going on here. And then I am going to propose a solution
Speaker:and maybe this is Don Quixote out here, but a solution for these countries that need to take on
Speaker:debt because famine or whatever. Anyways, IMF certainly has underpinnings of this Keynesian
Speaker:economic theory. I would also point out that one of the major leaders of this, of course,
Speaker:is the United States and the United States and countries like France. I'm not aware of
Speaker:any other offhand. There probably are some. France over in basically Africa, United States
Speaker:scattered around the world. There's countries that are pegged to the US dollar and to the euro,
Speaker:but are controlled by France. In the case of those countries in Africa, there's 14 of them
Speaker:that we've discussed. So we're pegged to a currency. So take El Salvador, for example,
Speaker:they're pegged to a currency until a year ago that they had no control over. They were getting
Speaker:inflation really worse than we are. They were getting no benefits of the US dollar and we
Speaker:do get benefits as a US citizen, as someone who lives in the United States. I get benefits from
Speaker:that. Essentially, they don't get any of that. And yet it's even worse with France, with these
Speaker:countries in Africa where they've had their currency devalued multiple times, greatly.
Speaker:Oh, and then by the way, we've got this IMF. So your currency gets devalued. So you get severe
Speaker:inflation. Oh, here's a loan to help you make it through. And by the way, the rate on that is
Speaker:going to be higher than normal because basically we can't trust you to pay it out back, to pay it
Speaker:back. It's a crazy system. And I believe, and I've seen research reports on this, it keeps these
Speaker:countries in poverty. So that's the problem. I have a potential solution. And I actually think
Speaker:we see this to an extent playing out in El Salvador. Now El Salvador, they do have loans,
Speaker:with the IMF. And of course, they declared Bitcoin legal tender a little over a year ago.
Speaker:One of the things that El Salvador has done is they put together this volcano fund, this volcano
Speaker:bond, I think is what they call it. And they're basically raising a lot of money. So they're
Speaker:taking on debt, but it's in the form of bonds that will be paid back over the next year.
Speaker:Bonds that will be paid back over time by people who are investing in an area that will be dedicated
Speaker:to bringing cryptocurrency or really Bitcoin research and development and innovation and
Speaker:pulling in companies because it's a great environment to build in. Does that make sense?
Speaker:I hope that makes sense. And they're raising a fair amount of money to do that. And some of
Speaker:that money will go back to, I believe, will go back to pay off the IMF. Now, if that's all successful,
Speaker:now that remains to be seen if it's successful. And the other thing, which I have talked on here
Speaker:a little bit about, how all this started in El Salvador is a place called Bitcoin Beach.
Speaker:Now Bitcoin Beach is this seaside place. It's on the Pacific where actually a nonprofit went in,
Speaker:really a single guy looked around and said, I want to help these people. And through this nonprofit
Speaker:started promoting, we're all going to use Bitcoin. We're going to create a Bitcoin economy right here
Speaker:at this quote Bitcoin Beach. And people were, you'd be able to pay for your surf lessons in
Speaker:Bitcoin and pay for your snack at the taco shack. I don't know what they would call that,
Speaker:but like a snack bar type thing there. There's actually a word for it or whatever. Oh, I need
Speaker:to lodge here. I can do that in Bitcoin. And even though El Salvador itself was starting to struggle
Speaker:because of the inflation that was being caused by the US dollar, this area started flourishing.
Speaker:And that's actually what people noticed and what actually brought all this about. So as a country,
Speaker:like Argentina, for example, who's right now just finished negotiations with the IMF. And why is that?
Speaker:Because Argentina has extremely high inflation right now. And we'll discuss that in the news.
Speaker:And they are under severe economic distress and so on and so forth. What I would argue is maybe
Speaker:you've got to do that right now, but here's what I would propose. Let's start Bitcoin beaches,
Speaker:so to speak, everywhere. Let's start encouraging communities. When the Argentina peso is, I think
Speaker:it's 100% inflation right now or close to it. I think that's what the article says. I believe
Speaker:it says by the end of the year, it'll be 100%. I may be mixing it up with another country.
Speaker:I think it's like 88% right now or something. Okay. So see, if my country has 88% inflation
Speaker:year over year, I'm not going to worry too much about Bitcoin's rise and fall in price.
Speaker:Because compared to that, it's really no worse. And in fact, you can make that work for you,
Speaker:right? Like right now would be a great time to buy Bitcoin because it's not going to keep going
Speaker:down unless this whole experiment fails, which is a non-zero chance. I don't believe it will,
Speaker:but just to be transparent. So anyways, I would propose in Argentina that at the governmental
Speaker:level that they say, hey, look, we're having severe issues with our peso. Obviously, we've got all
Speaker:this inflation and we're doing things to handle that. But in the meantime, we're going to go ahead
Speaker:and say, hey, Bitcoin can be legal tender. You guys can start using it. There's no issues with it.
Speaker:There's no issues with it. Not that maybe even they necessarily take it
Speaker:for your taxes or whatever, but it's okay for these small villages and this kind of thing
Speaker:to start building Bitcoin economies, just like what they did in El Salvador to start.
Speaker:If you scatter those all over the country and they start growing, you're going to have an organic
Speaker:growth of a Bitcoin economy, of a currency that's out of control of the IMF. And trust me,
Speaker:they hate that. They've said some really not nice things about El Salvador. They're like,
Speaker:you keep doing this and we're not going to give you any more loans. It's basically what they said.
Speaker:Now, anyways, and it will help with the inflation. The inflation is happening because
Speaker:of money printing and because of other financial issues that are going on in the country.
Speaker:But the end result of that, and Argentina has had issues for years and I am not an
Speaker:Argentina expert. Actually, I would love it if someone from Argentina would come on the
Speaker:show and talk about it. I've heard a lot about it, but regardless, I don't want to just pick on
Speaker:them. This could happen anywhere. And I believe we are seeing the early stages of this, although
Speaker:nobody's calling it as such, in Africa. Africa has a number of countries. Zimbabwe is under heavy
Speaker:inflation as an example. There's a number of countries that are struggling. And I think
Speaker:and we are seeing just kind of these grassroots Bitcoin things. Let me tell you something,
Speaker:a prediction, if you want to call it that. There's a strong possibility that Africa may
Speaker:lead the Bitcoin revolution by necessity. And as the Western world, United States,
Speaker:Western Europe, various other countries in the European theater, so to speak, and even East Asia,
Speaker:as we stumble like a drunk person into recession and even depression, places like El Salvador,
Speaker:places like all of these countries in Africa have a chance right now to run with this and
Speaker:they need to think about it. They need to plan it. They don't need to do it just kind of helter
Speaker:skelter, but it's certainly something that they can do as the United States and these other
Speaker:leading quote developed countries deal with this fiat money mess that we created.
Speaker:And by we, I mean the developed countries on ourselves. We've all gotten into this together
Speaker:and we're all going to get out of it together or we're not. That's the truth. So anyways,
Speaker:I hope you find that helpful. Maybe you didn't know a whole lot about the IMF.
Speaker:I'm not going to speculate. It sounds too much like conspiracy theory when you start saying,
Speaker:you know, the IMF was just basically created to keep these countries down. But in fact,
Speaker:I think the truth is you can look at it and say, that is actually what has happened.
Speaker:They've not helped these countries. So there needs to be a better way. So you could begin
Speaker:with these. You can also have through the functionality that Bitcoin has, the fact that
Speaker:it's quote programmable money, you could actually replace these IMF loans with Bitcoin loans from
Speaker:really anybody who owns Bitcoin. Oh, I want to invest my money say with El Salvador.
Speaker:And in return, I'll get 3%, which is less than half the rate that they get right now
Speaker:from the IMF. They're charged six plus percent interest. Okay. That's just right there.
Speaker:So I could invest in El Salvador. They could pay me a return for that. They can use that
Speaker:for their needs. And why not? I imagine people who live in these countries who are involved in Bitcoin
Speaker:would certainly want to support their country's growth. Now, I would say not to go too far out
Speaker:on them on here. I would say that probably a lot of these countries need to tighten up their budgets.
Speaker:They need to learn to live within their means, so to speak. You can't keep spending
Speaker:money that you don't have. That doesn't work in the long term. So there's a number of facets to
Speaker:this and I'm, I know I'm simplifying a lot of things, but it just, it hit me as soon as I
Speaker:was doing this research for the IMF. Well, if they're doing such a poor job, how can we replace
Speaker:that as Bitcoin people, as crypto people? So I don't know, just a thought. I'm sure people
Speaker:have discussed it. I know to an extent that's being done in El Salvador, but I'm really looking at
Speaker:all of these countries that are really struggling and this is not going to get any better over the
Speaker:next few years. And aside from kind of just the basic money lending part of this, which is kind of
Speaker:the function of the IMF and I'm sure that they do other things besides that, but it's certainly
Speaker:the main part of what the IMF does. They make these agreements with these countries to loan
Speaker:the money. But you know what we can do? We can go into these countries and we can
Speaker:innovate. I've been very excited about things like this grid-less compute, I think is what it's
Speaker:called, project that I just came across in Africa where they're going into a village. They're saying
Speaker:this village, the only energy that they have comes from generators. They don't have grid
Speaker:power, so they don't have dependable, cheap, reliable power, which is what we need to thrive
Speaker:as a society. So they'll go into a place where they've got a hydroelectric situation or the
Speaker:potential for that. They build a micro hydro setup, so they generate power from a stream or a small
Speaker:river, something like that, a waterfall. And the thing is they can sell that to the villagers for
Speaker:a cheap price because it's cheap to produce, and they can use excess energy to do what?
Speaker:Mine Bitcoin. So they're getting paid maybe a modest amount to run the infrastructure for
Speaker:that micro hydro project, but they're also able to, at the same time, have a business building
Speaker:mining Bitcoin. Now that helps those people on the ground, and that is certainly something that the
Speaker:IMF could not do. And we've talked about all of these innovations going on in Bitcoin mining.
Speaker:I was reading something. Congo is like one of the largest producers of oil in Africa, and I knew
Speaker:that they were a big oil producer, but something like 90% of their population doesn't have
Speaker:electricity, which is just astounding to me. And they just flare off all their natural gas because
Speaker:they don't do anything with it. Well, hey, I know how we can handle flared natural gas. We can run a
Speaker:natural gas generator off of it. We can mine Bitcoin with it. That's one way of creating income
Speaker:for those local people. Or we can certainly work with them to build power systems. The problem with
Speaker:power systems is that they require a large investment. Hey, I know people in Bitcoin who
Speaker:have some money, just saying. Not me personally, but there are people in Bitcoin who have money,
Speaker:and they require basically a commitment to the energy bill, and they're going to be able to
Speaker:build energy before him. So I'm not going to go build a monstrous power plant beside a small
Speaker:city because I have no guarantees that those people will use that power. Plus there's all
Speaker:the infrastructure needs and this kind of thing. But if I can build a power plant and provide a
Speaker:base load of what, Bitcoin mining, then we can start smaller and we can build out as need be.
Speaker:Other items, innovations in methane, gas capture in dumps, major source of climate change
Speaker:issues, right? What can we do? Capture that methane, use that to run a generator and do what?
Speaker:But you guessed it, provide power, provide Bitcoin mining energy, right? And all this can be done
Speaker:by people in the Bitcoin community who they want to invest and they want to get a return on their
Speaker:investments and they want to help people. And there's opportunities all around the world for
Speaker:this kind of stuff. All right, let's move on to support. Okay, everybody, it has been a good week.
Speaker:A lot of downloads as I'm continuing this promotion, of course. So it's good to see those numbers go up.
Speaker:And so here we go. We'll jump right on in. I've got a couple to add here at the very end that snuck
Speaker:in today. Yeah, that one right there. Okay, there we go. All right. Is this the deep breath
Speaker:before the storm? Time to crank up the font size. We had user 32399288978-44084. Ten sats. We had
Speaker:JOS, JOS, 30 sats. That was for, is this the deep breath before the storm? Thank you very much. I
Speaker:appreciate that. For It's a Dilemma, Security, Speed, and Decentralization, we had user 5303696025436824.
Speaker:495 sats. Thank you. User 110078948495794. We had 10 sats. And user 441362259342084. Ten sats.
Speaker:And also that user had one, a 10-sat boost for our reversible transactions, a good thing.
Speaker:For the reversible transactions, a good thing podcast. That was last week.
Speaker:We had CEEBS at 10 sats. We had the Miramorals podcast coming in with our big boost of the week.
Speaker:And they said this, I don't think TA is as bad as astrology.
Speaker:Oh my goodness. Y'all kill me. But the way people talk about it in general is pretty iffy. If X
Speaker:happens, then this may go up, but could go down, should Y occur, et cetera, et cetera. Maybe
Speaker:replacing all these modal verbs with percentages would give me a greater faith they knew what they
Speaker:were talking about. I actually try and do that. I'm not always successful. I recall last week,
Speaker:we were talking about the descending triangle and it was like a 66% chance of breaking down.
Speaker:It's actually slightly lower than that, but bear with me. I'm going to get to that in just a minute.
Speaker:I like your show, so I just skipped that section personally. And a big smiley face.
Speaker:Before we move on to the last few supports, first of all, I really appreciate the feedback.
Speaker:And by the way, you should check out the Mayor Morrill's podcast. I've listened to a few of their
Speaker:episodes. I'm starting to work it into my rotation actually. And they do, that's actually not the
Speaker:only podcast they do. They do several. And that podcast in particular, I would say this,
Speaker:I would compare them, and I know this is going to sound funny, but I would compare them almost to
Speaker:Leonardo da Vinci. They talk about a lot of different things. They obviously have a wide
Speaker:range of interests and they're into self-help, they're into exercise, they're into philosophy.
Speaker:I'm sure there's enough. Well, if I look through their list, there are a number of other things
Speaker:they're into. They actually, I think just put out an episode about crypto and of course, he's
Speaker:listening to this podcast, so clearly they're interested in crypto, although that's not the
Speaker:main focus of their podcast. I would say it's a great podcast to listen to. To be honest,
Speaker:I'm actually a fair amount older than both of them. I don't think that's a big surprise.
Speaker:And the physical things that they talked about frankly astound me. I don't skip those sections,
Speaker:but they're not something I could do. But they do, especially their self-help stuff and the
Speaker:goal setting actually is something I wanted to mention. They do a really good job of that.
Speaker:And actually being someone who's older, frankly, I can tell you this. And I've never talked about
Speaker:this, but there's literally a point in my life where I went and I said, I kind of stopped
Speaker:wandering around in this fog. And it's a fog that I think that a lot of people frankly are in.
Speaker:Maybe they've got a job, they went through even college, maybe they've got a job, they went
Speaker:through even college and they got their degree. They went out and they got their job, but they
Speaker:just don't know what they're trying to do. And they just kind of wander around. And I was there
Speaker:in my very early twenties, frankly, but I did start learning certainly self-help and this kind
Speaker:of thing. And there's a lot of good self-help books out there, but setting goals, big thing.
Speaker:And I'm telling you, I'm not the same person I was, and that was 30 years ago. All right.
Speaker:And it's because of those decisions that I made in my early twenties. Now,
Speaker:I still have a problem focusing, I'll tell you that. And yes, I've been involved with crypto
Speaker:a long time and it's a major part of my life, but I do a lot of other things. Some of them
Speaker:not very well, frankly, not because I don't care, but because I don't give them enough focus.
Speaker:That's something I personally struggle with. So anyways, maybe that was a little too much.
Speaker:Great podcast. You should go listen to it. And thanks for the feedback. I think this came from
Speaker:Karen and I want to say this real quick about the whole TA thing. It's funny. This has come up now
Speaker:three times in the last few weeks. I've had one user who's a regular listener of this podcast say,
Speaker:Hey, I love the TA talk. Basically I've had another user say, who apparently had only listened to that
Speaker:one episode. This isn't what I signed up for. Did give me a boost. Appreciate that. And off they
Speaker:went. And then of course, now we've got this, which she's just saying he skips it and that's
Speaker:fine. I was actually going to say, after I get done with transcriptions, I'm going to start
Speaker:implementing chapters and that will actually make that skip a little easier. I would also say when
Speaker:I do that, it's going to let me put podcast graphics in specific for that section. So for
Speaker:example, the Bollinger Bands that I was talking about earlier could put that right there in the
Speaker:podcast and it might make this stuff a little easier. I will tell you, Karen, when I talk about
Speaker:this stuff, cause this is actually really important to me, I will be very careful to be more precise
Speaker:because you're right. I will say this. There are people who out here who talk about trading, who
Speaker:they say that kind of thing actually to kind of weasel out. And I don't ever want to do that. I
Speaker:make mistakes. Absolutely. I'm not a hundred percent. And I do trade. I don't trade every day.
Speaker:And I haven't traded in a while. Actually, this market's been a bit weird, but I love to still
Speaker:chart this stuff because it does help me see where things go. So I would invite you to maybe
Speaker:come along and we'll see if we can get through it together or hey, you can just skip it. That's fine.
Speaker:It's all cool. Hey, Karen, maybe one day we can catch up. We've been back and forth through the
Speaker:podcast 2.0 community. So I kind of feel like I'm getting annoying some conference or something. I
Speaker:don't know. I kind of don't want to go to those anymore, but whatever. Maybe one day user 4413362256
Speaker:or sorry, 259342084, 10 Sats. Again, this is for last week's episode. And finally, or not finally,
Speaker:the last one on this list, I've got two more user 6356889, 856163844, 99 Sats. Thank you very much.
Speaker:I had two come in at the last minute, both for last week's episode or 99 Sat boost by
Speaker:Juliana. Thank you very much. I appreciate that. And a 99 Sat boost by
Speaker:Marador. That's really close to Marador, dude. I'm sure that's not what you meant.
Speaker:M-A-R-O-D-E-R. Or maybe you did mean that. I don't know. I'm too much of a token fanatic.
Speaker:What can I say? And that's it for this week. So a good week. I appreciate that.
Speaker:Oh, I did want to give you guys a quick update. I'm not going to go through the list,
Speaker:but I do have the list of the top boosters. I will say, and I will publish this list at
Speaker:the end of the month. I'm going to go through this list, the last episode of the month every
Speaker:month so that we don't tie up too much time with this. We've got one user that is about halfway
Speaker:to being at the shrimp level. So that's awesome. Got a pretty tight race between the top few spots.
Speaker:So there's still two more weeks, I think, before the end of the month. I think we actually record
Speaker:or release on the 31st, if I'm not mistaken. Pull the calendar up here real quick. That is correct.
Speaker:Two weeks from today or yesterday. So cool. I do appreciate that. Hopefully soon we'll have our
Speaker:first shrimp. And I hate calling them shrimps, but I've gone through why they're called all that.
Speaker:It's the first level. All right. News. Yes, I'm going to run through the news. Some of it's good
Speaker:news. Some of it's not so good. Some of it is a continuation of the normal. France says it's going
Speaker:to spend 100 billion euros to protect citizens from inflation. This kind of stuff. France did it
Speaker:recently. The United States Inflation Reduction Act. Same idea. We spent more. Yay. We spent more
Speaker:than the French. No, I'm just kidding. This is the kind of stuff that makes me think that these,
Speaker:it's almost like it's a, it sounds really conspiracy theory when I start talking about this.
Speaker:I know it does. I just, it's like, Hey, let's spend money to battle inflation.
Speaker:I don't know. We're going to print a hundred billion more euros. It's really frustrating
Speaker:sometimes to be me. I'll be honest. Portugal proposes a 28% tax on all crypto profits held
Speaker:for less than 12 months. So this brings crypto day trading essentially back in line with the
Speaker:rest of their country's tax law. 28% for capital gains. Portugal for the last few years has kind
Speaker:of been a tax haven for people in crypto, for people who are actively trading. I am glad to see
Speaker:that if you hold it for more than 12 months, that's not an issue, but still. C'est la vie.
Speaker:It is what it is. CoinDesk says, had a great article about how Bitcoin mining is cool again.
Speaker:So I do think that we are starting to see the pendulum swing from Bitcoin mining is evil to
Speaker:this perception, Hey, maybe it can help us solve some real problems. Just like the ones we were
Speaker:talking about earlier, things that are being done right now, right now to solve issues that are
Speaker:going on in Africa, in South America, in Texas. Hey, let's not flare off that gas. Let's run Bitcoin
Speaker:servers with it. And that's exactly what they're doing. And there's no other solution for it
Speaker:because an oil field is way out in the middle of nowhere. You can't just build a pipeline
Speaker:for the natural gas. It makes no economic sense. All right, moving on. Is waste powered mining the
Speaker:future of the Bitcoin network. A small waste powered operation in Northern Ireland runs at
Speaker:a hundred percent uptime while completely using sustainable power sources. So they're using biogas
Speaker:to mine Bitcoin. I'm going to include a link in the show notes. It's a great read. And this is,
Speaker:again, this is the innovation I've heard of no one using biogas. It doesn't surprise me in retrospect.
Speaker:Biogas is something I was familiar from, I've done some work essentially in regenerative agriculture
Speaker:and I actually knew about this. So anyways, really cool stuff. UK unemployment rate falls to 3.5.
Speaker:It's the lowest in nearly 50 years. I thought that was interesting. But if you actually read the
Speaker:article, that sounds great. But actually the reason why is that the number of inactive people,
Speaker:people who are not working and are not looking for work increased by a quarter, actually slightly
Speaker:more than a quarter of a million people in three months from May. This is the biggest increase
Speaker:in inactive people ever since the UK began keeping these records in 1971.
Speaker:So that's not necessarily a good thing. The European Central Bank president, Christine Lagarde,
Speaker:says Europe isn't in a recession. She might want to come out of whatever mansion she lives in and
Speaker:actually look around, maybe go to the UK and see the shops that are shutting down because
Speaker:they can't pay for the power. Maybe the 17.1% inflation in the Netherlands, the high inflation
Speaker:in Germany. I don't know, just crazy me. Or the hundred billion dollars, euros that France is
Speaker:spending to combat inflation. There has been a lawsuit filed by CoinCenter and I don't have a
Speaker:direct link to an article on this. CoinCenter is like a nonprofit. They filed a suit in federal
Speaker:court against OFAC, challenging its authority to sanction tornado cash, immutable smart contracts.
Speaker:So basically OFAC is this list, this company that runs this list, this probably government
Speaker:organization, I would guess, that runs this list of tornado cash smart contract addresses that
Speaker:they're using to blacklist people. And so that's getting challenged. So that's great.
Speaker:All right. Probably the most important news item this week, I think, actually got underrepresented.
Speaker:So I'm not an accountant. I don't play one on TV. I didn't stay at a Holiday Inn last night.
Speaker:But the accounting standard groups, from what I understood, has settled on fair value accounting
Speaker:for measuring crypto assets. And this is a really, really big deal for companies like
Speaker:MicroStrategy for their accounting purposes. They've not had a real good way to deal with
Speaker:Bitcoin on their balance sheets up until now. I'm not going to go into it. It's too technical and
Speaker:it's really not relevant for the vast majority of my listening audience. But I would just say,
Speaker:it's a good thing for corporations here in the United States, at least. I think this might be
Speaker:a worldwide organization that a lot of countries use for their standards. But anyways,
Speaker:so that corporations can hold Bitcoin without fear that it's going to hurt them, even because
Speaker:of the volatility, basically. All right. So they can value Bitcoin at its current market
Speaker:price and financial statements is really kind of what it all boils down to. And previously,
Speaker:if Bitcoin fell in price, it looked like a loss on their sheets. If it rose in price,
Speaker:they couldn't mark the value up unless they sold it. So it was kind of a silly system.
Speaker:Huge thing for businesses. I saw this on Twitter this week. How do we stop inflation? Stop printing
Speaker:money. Number one, abolish the Federal Reserve. Number two, I don't know if the Federal Reserve
Speaker:needs to be abolished, but maybe so. Ghana inflation passes 37% in September. That was the
Speaker:highest in 20 years. And Argentina does face 100% year-over-year inflation by the end of the year.
Speaker:They're at like 88%. I'll have the link and show note to the article about it.
Speaker:Before we hit the ending here, I did want to mention, I was looking at some statistics for
Speaker:the show and I think it's fascinating. Over the last 90 days or so, my audience demographic has
Speaker:actually shifted to a number of countries that to me are surprising. Of course, the United States
Speaker:is still the number one country being that I'm here. And that would be expected, I guess. Plus
Speaker:the United States is the largest crypto market. But beyond that, kind of the whole board is shuffled.
Speaker:I'm actually seeing Argentina, for example, very high in the listings. I saw Germany was fairly
Speaker:high. I want to kind of bring this back up as I'm talking. At least I hope I am. And
Speaker:a number of other Greece, for example, Italy, if I'm not mistaken. And I just think that a lot of
Speaker:it, frankly, has to do with people who are listening from countries who obviously they're
Speaker:experiencing great financial distress, inflation, energy issues. The Ukraine, you guys are fighting
Speaker:a war over there. Let's stop listening to my podcast. This may be not relevant to you right
Speaker:now. I don't know. I appreciate it, but wow. And actually Russia. 26 downloads in the Ukraine,
Speaker:10 in Russia in the last 90 days. So where's that list though? Here it is. Yeah. The United States
Speaker:is 28% of my downloads. Argentina is actually next now at 7.9. Spain at 6.5. The UK at 4.3. Canada
Speaker:at 4.2. I didn't know my Northern neighbors were up there. Thanks for listening. Germany
Speaker:at 3.8% and then Italy at 3.6. And actually Japan at 2.7%. And I'm not going to go on from there.
Speaker:It used to be that it was the United States and then it was the UK, if I'm not mistaken,
Speaker:right after that, which they've moved down a couple of slots. Although of course,
Speaker:they have quite a bit of economic uncertainty going on themselves. I just think this has a lot
Speaker:to do with the world economics and what I talk about. So I appreciate that. I appreciate you all
Speaker:listening. If you're in one of these countries, by the way, and you have feedback for me, please
Speaker:feel free to send me a boost, even if it's one sat and send me a message, or you can send me an
Speaker:email. Send me an email. Let me know what's going on. We've started hearing from Tomas in Germany.
Speaker:He's an investor there in Germany and hearing from him fairly regularly. I actually am thinking
Speaker:about having him on the show. I thought that would be helpful to kind of get his overview of what
Speaker:he sees there in Germany. But I'd love to get some kind of boots on the ground reports or whatever
Speaker:from Argentina. I don't know what's going on in Spain other than just Europe in general being in
Speaker:its malaise, if you want to call it that. Of course, we've got issues, energy issues there
Speaker:in the UK, Germany with inflation, Italy. I think Italy is fixing to leave the EU, to be honest, and
Speaker:chuck the whole euro thing and go back to the lira. I don't know if that's a good or bad thing,
Speaker:but that may be what's fixing to happen. I just thought I'd note that. I would say, obviously,
Speaker:if you want to send me some info, macintosh at jenwildcrypto.com, or you can send me a tweet if
Speaker:it's short enough or a boostergram. Oh, and I'm coming along really well on the transcription
Speaker:stuff. I actually have the last 25, slightly more than 25 episodes transcribed. I've got to get them
Speaker:updated. I've got three of them updated. Plus, I will transcribe tonight's episode before it even
Speaker:gets posted. As I see these other countries and maybe the people who are listening, well,
Speaker:the people that I've interacted with, frankly, have really good English,
Speaker:but a transcription may help some of these people. So I'm going to speed this up and get this going
Speaker:because this information is super important and I want to make it as accessible as possible. So
Speaker:I'm going to get the transcriptions done. I've got the workflow worked out. I'm using actually
Speaker:an open source tool called OpenAI Whisper working really well. And so I will be doing that. As soon
Speaker:as I get all of these episodes transcribed and done, I'm going to start working on chapters.
Speaker:I've already started looking at the tooling for that. I was going to use HyperCatcher,
Speaker:but apparently a while ago I used it and now I don't remember my password.
Speaker:So I may end up having to use something else. See what we can figure out there. But I want to be
Speaker:able to do the chapters for one thing, to provide some more content in the form of pictures for
Speaker:things like graphs, charts, that kind of thing. I think that would be super helpful. So that's
Speaker:where I'm heading. So, all right, let's wrap this up. The Generational Wealth of Cryptocurrency
Speaker:podcast supports podcasting 2.0. It's a value for value podcast with no sponsors and no advertising.
Speaker:You all know why. You can support the podcast in three ways, time, talent, and treasure.
Speaker:If you want to support the podcast and has some time or talent, we can talk about chapters. I
Speaker:think I've got the transcription thing done. Although, if somebody wants to take over that
Speaker:process for upcoming episodes, that might work out. Chapters would be good though.
Speaker:Treasure is just what it sounds like. If you find the content valuable, you can support the podcast
Speaker:by streaming Sats. And even though, of course, I don't mention all the people who are streaming
Speaker:Sats, I really do appreciate that. I always want to emphasize that. I think I get more streaming
Speaker:than I do boost at this point. And it doesn't matter either way. But it's just there's so many
Speaker:different little streaming things. We could turn this into a donation show where we can actually
Speaker:have content. And I think, frankly, at some point here, I'm going to have to raise the floor to 100
Speaker:Sats or something, just to minimize, not to minimize the support, because I always appreciate
Speaker:the support. But I just, I can't let it take a half hour. I tried desperately to keep this show as
Speaker:short as possible. And I'm looking at the clock right now at 64 minutes. So it'll trim up to about
Speaker:60. And that's too long. So I don't know. It's one of these things that all the podcasting 2.0 shows
Speaker:have. When we start, we're like, Hey everybody, I got a boost. I got a stream. I got this.
Speaker:As they go along, they simply have to raise the bar. It's just the way that it is. Otherwise,
Speaker:you spend half your show reading support. It's not that we're not thankful. I never want to take that
Speaker:for granted, but at some point I can't read a 10-Sat boost. I just can't. We don't have time.
Speaker:Anyways, not instituting that right now or this month, probably not next month either.
Speaker:All right. Where was I? Treasure is just what it sounds like. If you find the content valuable,
Speaker:you can support the podcast by streaming Sats from the podcasting 2.0 app. You can get a podcast
Speaker:2.0 app for optimal listening and experience at newpodcastapps.com.
Speaker:If you like the content, I would love it if you would tell your friends about the GWC podcast.
Speaker:Thanks for being here. I hope this has been helpful and I would love to hear from you.
Speaker:I'm on Twitter at McIntoshFintech, and you can reach me by email at mcintoshatgenwealthcrypto.com.
Speaker:And of course, the generational wealth website is at genwealthcrypto.com. Stay humble,