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Bitcoin as Part of a Solution for Climate Change
Episode 705th September 2022 • Generational Wealth with Cryptocurrency • McIntosh
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Bitcoin miners want the cheapest source of electricity to mine bitcoin. Many climate change activist attempt to make an argument that bitcoin is bad because it uses so much energy. How can we resolve this? On today's episode I dive into innovative ways that Bitcoin can be mined that help the system instead of just "generating more load". Ways of creating and consuming electricity that only benefit the environment and potential climate change.

News and Links

Iranian Exports

https://bitcoinmagazine.com/legal/iran-greenlights-bitcoin-crypto-payments-for-imports

Compound Service Down

https://cointelegraph.com/news/compound-ceth-market-bricked-by-update-7-day-wait-on-vote-to-fix-it

Paraguay President Vetos Crypto Bill

https://cointelegraph.com/news/president-of-paraguay-vetoes-crypto-regulation-law

Avax Price Drops Because of https://www.coindesk.com/markets/2022/08/29/crypto-coin-avax-drops-11-after-self-described-whistleblower-says-avalanche-weaponised-litigation-against-rivals/

Sats Calculator - Flirting with Bitcoin

https://goals.flirtingwithbitcoin.com/

JP Morgan

https://yellowblock.io/most-of-crypto-is-still-junk-and-lacks-use-case-jpmorgan-blockchain-head/

Mining Bitcoin with Old Tires

https://bitcoinmagazine.com/business/mining-bitcoin-with-energy-from-waste-tires

Podcasting 2.0 Apps Available at http://newpodcastapps.com/

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!

Website

https://genwealthcrypto.com

Music Credits

Rock Guitar Intro 07 by TaigaSoundProd

Link: https://filmmusic.io/song/8342-rock-guitar-intro-07

License: https://filmmusic.io/standard-license

Funky Life by WinnieTheMoog

Link: https://filmmusic.io/song/6040-funky-life

License: https://filmmusic.io/standard-license

Transcripts

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Hey SatStackers, it's September the 4th.

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This is episode 70 of Generational Wealth with Cryptocurrency.

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I'm your host, Mackintosh.

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Today we're going to be talking about how Bitcoin can help fight climate change.

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Hey everyone.

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No one on this podcast is a financial advisor.

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All information presented on this podcast is for informational purposes only.

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Now that we have the legal stuff out of the way, let's get to it.

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All right.

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Trying things still after a year, I'm still trying to change some things and make things

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as efficient as possible.

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So we will see.

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We will see how that works out.

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I'm recording this on Sunday night, about 10 o'clock central time, a little bit earlier

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than normal.

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Something that I'm going to try and prove on, I'm going to try and record earlier, at

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least for the majority of the podcast, and then finish it up and put it out on Monday

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mornings as I normally do.

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But we'll begin with the market update.

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We did have the weekly close a couple of hours ago, three hours ago.

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And honestly, looking at the previous weekly close, we didn't have a whole lot of change

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over the course of the week.

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Things did go down a little bit.

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It actually has pulled back up a little bit to close, basically.

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I think last week, I've got the figures here of 19.5 for Bitcoin, 14.4 for Ethereum, and

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ADA was at 43.3 cents.

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That was for last week.

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And then we just had the closes of 19.8.

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So Bitcoin literally only went up about $300, and actually, it was slightly lower than that

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even on some of the exchanges.

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So basically, no movement over the course of the week.

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Again, like I said, it went down, but then came back up, really today, actually, if I'm

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remembering correctly.

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And then Ethereum did go up a little bit.

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We're at $15.74, so up about $100 or a little bit more.

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And ADA did go up.

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It actually went up, touched 50 cents.

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It's now at 49.9, 49.8.

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Okay, still, we haven't broken up.

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The longer this goes on, the more likely it is that we break down.

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I saw some charts earlier this week basically showing that we were in a wedge pattern, which

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statistically speaking would break down about 70% of the time.

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That certainly goes along with the thesis that I was discussing last week.

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Most likely, what we will see is a breakdown in the market down to at least $17,000.

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And we'll test that level again and then see what happens.

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So hey, as always, continue to DCA, continue to buy your coin.

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If we go down, as I said, if we go down to $10,000 for Bitcoin, I'm all in.

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Put every dollar on the table that I can.

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Even if I pull it back out, when Bitcoin gets to $20,000 for part of it, at least then I

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would basically have some free coin.

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Would be really nice, other than the taxes.

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So that's where we're at.

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Let's go ahead and jump on into this week's topic.

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It's something that we've discussed in the past.

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I thought it would be an appropriate time to go ahead and discuss this again.

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Almost daily we see in the news a push towards stopping Bitcoin mining because of the overuse

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of energy.

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Basic argument.

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And I've discussed in the past, a lot of this came from some silly research article that

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was written that really wasn't a research article.

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And in fact, you can refute it point by point very easily.

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So that being said, whether you believe in climate change or not, and this is not a political

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show, it's not an environmental show, I'm not here really to discuss climate change.

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But the reality is, is that it is something at least in the United States that you kind

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of have a fairly even split on people who think that climate change is manmade and is

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going to cause an issue versus people who either don't believe in it, or maybe they

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believe that there's nothing that people can actually do to, it happens naturally, so to

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speak.

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But if you're dealing with people who believe that climate change is manmade and it's something

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that we should try and effect, and if you're talking to them about Bitcoin, there are very

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strong arguments that can be used as to why Bitcoin is a good thing.

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Now their argument is real simple.

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You're using stupid computers to sit there and run dumb calculations, burning immense

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amounts of energy in order to produce Bitcoin, therefore Bitcoin should not be allowed to

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happen.

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That's the argument in a nutshell.

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Now the reality is, as Bitcoin moves forward, we are finding new and innovative ways to

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mine, to create Bitcoin, if you want to call it that.

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And yes, of course, Bitcoin uses energy.

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It has to.

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However, for one thing, the amount of energy that Bitcoin really uses in the grand scheme

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of things compared to a lot of other quote necessary functions of society, it's actually

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quite small.

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So it does kind of depend on what you're comparing it to.

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But there are direct ways that Bitcoin can actually be used to help solve problems.

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And let me give you a few examples.

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One of the experiments, if you want to call it that, that's ongoing right now specifically

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in Texas and a lot of the Texas oil fields is they are mining Bitcoin using what's called

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flared natural gas.

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So a lot of times natural gas is in the same place that oil is.

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And there are reasons why many times that natural gas is not worth utilizing.

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So what do they do?

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They actually flare it off, they burn it, they literally burn it.

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It's where you see these pictures of the oil rigs with the kind of almost like the lighter

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flame kind of off the top of it.

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It actually looks kind of odd, at least to me.

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That's natural gas being flared off.

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And what Bitcoin miners can do is they can make an agreement with an oil company, hey,

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you've got this oil company up and running, you've decided for financial reasons that

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you're not going to mine the natural gas, bottle up natural gas, whatever it is that

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they do with it.

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It's a gas.

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It's a liquefied natural gas, I believe how it's transported.

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So it's a liquid form of natural gas.

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But anyways, they've decided that they're not going to deal with that and they're just

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going to burn it off.

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Well, rather than doing that, they take the natural gas, they burn, they use it to run

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a generator instead of just burning it off.

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And then the generator produces electricity.

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The electricity is used to mine Bitcoin on site.

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They then use typically like a satellite hookup so that the miners can be online, which of

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course Bitcoin miners have to be online.

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And voila, they're mining Bitcoin.

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So they are taking in this case a waste product that is demonstrably creating greenhouse gases

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and they are turning it into Bitcoin.

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And so much less of that affects the climate, if you want to take that argument.

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When somebody is turning something that's a waste into an asset, pure hard money, if

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you want to call it that.

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That's pretty neat.

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That's certainly one way that Bitcoin mining can be used to combat climate change.

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Another way, and I've mentioned this on the show, I've talked about this one a little

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bit as well.

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It's newer, but there are companies now who are starting to investigate mining Bitcoin

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with methane.

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So methane is similar to natural gas.

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It's a gas.

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It's actually far worse for the climate than natural gas.

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It's like 50 times as bad.

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So the problem is methane is typically released.

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One of its, well, it's released from a number of places, including large scale animal operations

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like a pig farm, for example, from the animal waste and also from waste facilities, trash

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facilities.

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Now let's go down this road and again, again, this is not a political show.

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This is not, it's just not, I'm not, I'm just discussing this purely from analytical perspective,

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if you want to say that.

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I can say, well, we won't eat meat.

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We won't have pigs.

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We won't have cows, therefore those are not going to release methane.

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What you cannot do is stop people from making garbage.

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It's just not possible.

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Now do people make a lot of garbage?

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Yes, an astronomical amount actually.

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And there are things you can do to minimize it.

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We can recycle.

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That's terrific.

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You can do these things, but we still end up with garbage in our landfills.

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We still end up with the decomposition of this stuff that creates methane.

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So what do we do in larger places?

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They are starting to capture this methane.

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So they basically set up this system that in the ground captures the methane and then

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it collects it up.

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And then what do they do?

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They flare it off just like natural gas because they can't do anything with it.

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There's nothing practical for them to do with it.

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I hope you are already seeing where this is going.

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Then they come in with Bitcoin.

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They set up a generator that runs off methane and now instead of burning off that methane,

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which isn't ideal for the atmosphere either, it's just better than letting the methane

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itself leak out.

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Now we convert that into energy, into Bitcoin mining, into Bitcoin, into hard money.

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And again, we're doing this as a way to combat climate change.

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Now I also just recently heard about a third way directly that this can help.

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And how do we do this?

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Again, we're taking a process that's already happening and we're making it more efficient.

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See that in my mind is what Bitcoin has this fascinating ability to do.

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It takes a process that we're already doing and we do what?

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We enhance the process.

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We make it more efficient and over here on the side, oh, we happen to create Bitcoin.

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All right, tires, car tires, tractor tires, whatever, tires, if you think about it, really

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are an environmental problem.

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They don't break down.

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They're not biodegradable.

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They're made out of synthetic rubber at this point.

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And so because of that, they're very difficult to dispose of.

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Just in the United States alone, we have about 300 million tires that get thrown out every

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year.

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They're just an extremely, the short of it is they're just something that's extremely

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difficult to deal with.

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You can burn tires, technically.

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You can bury tires and you can grind them up and not one of these methods is really

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actually very good.

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If you burn a tire, you're releasing a lot of different toxins into the atmosphere.

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So that's probably not good for the old climate change, probably not good for the people around

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the tire burning site as well.

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If you bury tires, they end up leaching chemicals down into the groundwater.

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And what does that do?

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That contaminates the water, then causes issues for the people who are drinking that water.

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Probably one of the best solutions at this point is if you take tires and grind them

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up, then you can make other things out of them.

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But I'm not fully convinced that even that is pure as possible.

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If I've got tires that are turned into rubber for a playground, for example, and that playground

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is getting wet all the time, what is that releasing?

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Because we know that tires that get buried are going to slowly release chemicals into

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the ground.

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So this is actually a really big problem and it's one that's even getting bigger and bigger

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over the years.

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But this company, Product Recovery Technology International, has come into the scene.

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They were created in 2013 strictly to solve the problem of waste tires.

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One of the things that they've come up with is they've actually come up with this process

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that breaks tires down into energy and into steel.

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I would assume from the steel belting of the radials and that kind of thing.

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But they're breaking the tires down into their components and then also they're creating

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energy along the way that can either be sold or they can use it on site.

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This is very interesting actually.

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Basically they have a process that heats these tires up, turns everything into a gas.

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They take the gas, condense it down, and then turn that into an oil.

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And the end result they have solid fuel, they have oil, they have gas, and they have steel.

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And again, what do we do with this energy?

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If this is something where it's a long way from where it can be used, they don't know

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what to do with it.

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So it's exactly the same scenario.

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They're able to create a small energy center.

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It can be used to power Bitcoin miners, which then of course produce Sats, produce Bitcoin.

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And they're actually experimenting with that.

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So we're taking an environmental disaster and we're turning it into solving the world's

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money problem.

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Now this is of course not discussed in all of these papers and this has been going on

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for a while.

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We just talk about how much energy Bitcoin is using.

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Look, I don't know all the answers.

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I know that energy, cheap energy specifically, is necessary for a highly functioning society.

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And where energy is a cheap, I should say cheap, reliable energy.

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Where it's not cheap and where it's not reliable, you do not have a thriving society.

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To me, Bitcoin fits into that very naturally.

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What does Bitcoin provide?

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Bitcoin provides money that globally can be used for trade and payments back and forth

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across different countries.

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And we don't have to worry about converting, getting any of the issues that you have with

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traditional finance between countries.

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And since Bitcoin has a limited supply, 21 million, once we get there, although we're

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19 out of 21, whatever that percentage is of the way there, it will stop growing.

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Okay.

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19 by 21.

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We're about 90% of the way there, a little bit more than that.

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And once that's done, of course, there won't be any more Bitcoin.

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And that's the whole idea.

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We will not inflate the supply of Bitcoin.

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All right.

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So this is just, now this is a third solution.

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Here's another solution.

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When you build a large project, typically for a renewable energy source like water,

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part of the problem is you have to build out a system.

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Let's say I'm building a hydroelectric dam and I've got to build the dam.

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Well now I've got the dam.

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It's up and running.

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I'm making all this energy, but I don't have the infrastructure in place to use that energy.

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Oh, hey, we can put a portable data center.

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And literally we're talking about a data center in a shipping box.

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So these things can be put into place very, very quickly.

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Here's a data center, plug it in.

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You got a thousand servers in there and they're all online mining Bitcoin.

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And they're getting a cheap energy price, which is what they want.

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And in return, that new energy source, hydroelectric dam in this case, or maybe they're building

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a wind farm.

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I don't know, whatever.

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It gets load on the system, which will help it see energy.

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I think one of the things that people don't understand about energy is not, we think it's,

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you can just shut it off and that's not really true.

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You can't just store it and well, you can store it in batteries, but it gets ridiculously

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expensive.

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Energy producing systems want a stable level of use.

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That's the key.

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And Bitcoin can be one of the ways that that actually helps that out.

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And you know, Bitcoin was created in 2009.

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It's 2022 at this point.

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So what are we looking at?

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13 years.

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We're very early into this.

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And we've already created multiple unique ways of helping out the energy grid, whether

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that energy grid is fossil fuel dependent or some form of renewable energy or both.

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What are the next hundred years going to bring?

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I would argue that that innovation will only continue.

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And it's very simple because Bitcoin, Bitcoin miners want cheap energy because the price

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of electricity is a direct part of the equation for the price it costs to mine a Bitcoin and

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low energy prices help keep mining profitable.

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All right, I hope that was interesting.

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I bet you probably never heard that stuff about the tire mining.

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I will throw in an article or so about that.

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But that's just yet another way, you know, again, that we can capitalize on this thing

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and help keep the groundwater clean, help keep our environment clean and help keep control

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of greenhouse gases.

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So, you know, climate change to help slow down climate change, if you want to put it

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that way.

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All right, hey, so next we're going to talk about support and it's been a great week.

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I really appreciate the people who stepped up.

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I think a lot of this had to do with this being my one year anniversary.

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So maybe just sticking around counts for something, but I really appreciate it.

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So we've got a few boosts here.

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There was some streaming going on as well.

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Going back to Self-Custody 101, the Mayor Morrill's podcast had this to say they sent

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a boost of 1,100 SATs, so thank you very much.

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And it said, I think the most important part about self-custody is understanding responsibility

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and trust.

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Most people know that the cash in their wallet is their responsibility and that the money

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in their bank is by and large secured by their government in developed countries.

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But crypto exchanges and DeFi companies, leaving anything with them is like leaving your wallet

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with your friend's friend.

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There's teensy reputational trust, but geez, that's not worth much.

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And I do agree with that.

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Maybe a little less about the security of your money in the bank.

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Hello, Cyprus.

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If you don't remember that, go look it up.

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But by and large, I certainly do agree with this, right?

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I'm not too worried about the money in my credit union, my bank account.

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I'm not worried about the money in my wallet.

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I know that it's my responsibility.

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But the crypto exchanges, the DeFi companies, like all this Terra Luna debacle, you know,

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it's scary and it is actually reputational in a sense.

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And a lot of these companies are losing their reputations right now because of their actions.

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So anyways, appreciate it again.

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Thanks for the boost.

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It's a dilemma, security speed and decentralization.

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We had a couple of boosts, three actually.

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Again Mayor Morrill's podcast, congrats on the first anniversary, mate.

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And he sent 2200 sats using Fountain.

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I don't know why it says using Fountain.

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I'm sure he did.

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I don't know why that was stuck in there.

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I've asked them actually to review the podcast for one of the podcasts that they do.

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I reached out to him early in the week and so he's been very kind.

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He's listened to a couple of the episodes.

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I think he's got some more to listen to and he says they'll be covering that in a few

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weeks.

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So I'm looking forward to that.

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Ginny Jam sent 1980 sats.

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I did notice actually Ginny was up to second place on our leaderboard, by the way.

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Part of my export shows total sats per person.

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Not sure if that includes streaming.

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I think that's just boost actually, but Ginny's been a regular and solid supporter of the

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podcast.

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I really appreciate that.

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And I believe this is supposed to be Jim Seifert.

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I hope I got that right.

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I'm just going by the handle here.

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So Jim, I got you 33 sat boost.

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If that was from a no agenda listener and that's why it's 33, that's funny.

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I've never actually discussed that on this podcast, but they consider that to be 33 is

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like a magic number.

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It's not really what they mean, but anyways, it's one of the numerology things they do.

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So that's cool.

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Ginny, I'm not sure what 1980 was.

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I do remember 1980.

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It was a great year.

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I was nine years old, so probably getting into things I shouldn't have been doing.

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But anyways, I do appreciate that.

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And like I said, we did actually have a more than unusual amount of streaming this week

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of sats.

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So I appreciate all that.

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All right, let's move on to the news.

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I had a few things, I should have went over this chart when we were talking about the

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market.

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I'll go ahead and do this right now.

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This actually ties back to the market update.

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I have a chart.

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I mentioned last week, I actually just listened to the last week's podcast.

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I was checking something and I heard that I said this specifically, I said September

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historically for the stock market for Bitcoin has been a bad month.

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I actually have a chart right in front of me from Glassnode, who's a major data aggregator

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for blockchains.

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Going back to 2013, Bitcoin returns monthly returns in terms of percentage.

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And so if it's a positive, it's green, if it's negative, it's red.

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I can't include this chart in the show notes, it's not my chart.

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But September, so between 2013 and now 2022, to be determined, so 2021, there was nine

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months, seven of them were red.

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Two of them were green back in 2015 and 2016, actually.

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So statistically speaking, on average, we should be down this month, which I do fully

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expect.

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We may go down and come right back up, but overall, I think we'll be down.

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Now, October, on the other hand, historically has been a good month, including for Bitcoin,

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for the stock market, but including for Bitcoin.

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And it's the exact reverse, seven months are green, two are red.

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So most likely, we will continue to go down, and this isn't, of course, in broad terms

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for the month, and then we'll go back up next month.

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So again, always a good opportunity to DCA.

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All right, and I did want to read this Twitter.

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This really isn't news, per se, but I really thought this was an interesting perspective,

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and I do not have the data to back this up.

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From what I know, this is true, though.

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I will say this did come from Twitter, so it's unverified.

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Cardano is the first protocol since Ethereum that's rolling out a DeFi ecosystem, largely

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without a VC, or a venture capital, leg up.

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It has security, decentralization, community, and soon throughput to succeed, and equivalence

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to, so they're comparing stuff on ADA, on Cardano, to Ethereum, basically, Ethereum

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DeFi programs, Compound, there's a program called LIQWID, liquid, I would assume is how

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they say that, Aave with one called ADA, A-A-D-A, and Curve, or Maker, with Cardano, lined up

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and much more.

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So in other words, the ecosystem is being built out.

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They've done a lot of groundwork, and Cardano may be a dark horse in all this in the next

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bull market.

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I mean, I definitely could see it doing really well, and I'm not a huge investor in ADA.

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That's just the facts.

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I don't believe in it truly yet, and that's the truth.

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I have a position in it.

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I'm not selling it.

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I may even add to it before the next bull market, but I'm putting most of my money right

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now into Bitcoin, with some going into Ethereum.

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That's just the reality of it.

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All right.

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But I did think that was a very good tweet, thought y'all would appreciate that.

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A lot of news this week, so we're going to roll through this hopefully in fairly quick

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order to try and keep this fairly short.

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I am actually not going to discuss this one too much.

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There will be show notes in the show notes for all of this, of course, but I'm not going

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to spend a huge amount of time on this.

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Maybe this is controversial.

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I don't know.

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I don't know why it would be, but maybe it is because it's one of the evil countries

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of the world.

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Iran greenlights Bitcoin crypto payments for imports.

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So they have actually passed some legislation to give a framework for Bitcoin and other

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cryptocurrencies, and they can now be used for payments for imports to the country by

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both governments and local businesses.

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So why are they doing that?

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I don't know.

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Maybe they looked around and said, oh, look, they cut Russia off from the Swift network.

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Maybe we should see what else we could use for a financial system.

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Just a thought.

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I don't know.

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I could be wrong.

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The compound system was down.

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I actually do not know if this has been fixed.

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I should have looked this up prior to the show start.

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And the funny thing is they did it to themselves and I don't want to make fun of them.

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I shouldn't, but compound has actually been around for a while and maybe they should have

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known better, but they did an update and when they updated it, they basically bricked it.

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They can't use it.

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So they have to wait seven days on a vote because it's a vote driven community DAO

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project to fix it and they can't take funds out.

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So they kind of did it to themselves and I don't know, it's a strange situation and it's

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another reason why you need to be very careful about these types of systems.

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I would never put the majority of my assets in a system like this.

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It's too risky.

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So anyways, I do not see, now they argue, they say there's no funds at risk, probably

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true in this case, but completely infuriating that your funds are not available for a week.

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The president of Paraguay vetoed a crypto regulation bill.

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I don't know what to make of this.

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I don't.

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So the Senate had come up with a bill.

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The president of Paraguay ended up vetoing it.

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The bill was to recognize crypto mining as an industrial activity.

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He reasoned that the mining, oh my, I should have read through this before.

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This is exactly the kind of garbage that I did this whole episode about.

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So this article says that he, the president, reasoned that mining's high electric consumption

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could hinder the expansion of a sustainable natural industry.

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I would argue that it's the exact opposite and they should very much encourage mining,

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but they're not outlawing it.

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So I don't know.

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Don't know what to say.

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These countries are going to have to work through this stuff.

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It's all there is to it.

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AVAX dropped 11%.

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Oh, by the way, well, let's, let's cover this.

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AVAX dropped 11% and that's not unusual, but the reason why is there was a whistleblower

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that came forward that said that Avalanche, quote, weaponized litigation against rivals.

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Now the CEO has come out, the CEO of AVAX Labs, which if you've got a CEO speaking for

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a blockchain, that should give you pause.

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But anyways, he came out and said, that's nonsense.

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That's conspiracy theory.

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And what I understand, it's not clear enough one way or the other.

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It's very, very frightening to me that, well, to me, this, this is not decentralized, right?

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Last week we discussed the three legs of blockchain technology.

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This is not decentralized.

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This is VC led.

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Remember what the tweet I just read from about ADA, ADA doesn't have that VC.

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Now ADA does have a lot of money, frankly, there's like $3 billion in the community chest

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to be used, but it has to be agreed upon from what I understand about how that's used.

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You don't just have a few people running that.

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Now is that ideal?

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Is that, I don't know.

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These are large projects that require money to do, to run.

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People don't code full-time for free.

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They just don't.

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They can't in most cases.

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So you have to pay developers in many cases to do the core development, even if it's an

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open system and anybody can pitch in or, or whatever, right?

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But it's a tight rope.

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It's tricky.

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It really is.

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So anyways, I did want to put that out there.

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I am not going to put that in the news.

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That's fine.

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I did actually, I was listening to this podcast, which I'm not, well, I'm not sure what their

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target audience is.

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I think their target audience is kind of maybe entry level people.

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It may actually be a very similar target audience to myself, to be honest.

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I don't really cover a whole lot of super technical stuff on here.

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Maybe sometimes I do probably run half of you off.

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But anyways, this podcast called flirting with Bitcoin, I listened to occasionally.

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It's a, I don't know if they're married, but it's a, two people who are together, whatever.

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I don't know anyways.

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And they're talking about Bitcoin.

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And if y'all remember, I did the Bitcoin with simple math with Bitcoin or whatever a few

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weeks ago.

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It's funny because I walked through how you could figure out how many sets you needed

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to stack per week to buy Bitcoin in 10 years.

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Well, they went one further than I did.

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And I think his name is Ian, the guy on the podcast.

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He built a Satoshi savings calculator.

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I'm actually going to include a link to it.

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It's kind of neat.

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Your goal is to stack say a hundred million Sats.

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If you've already stacked, you can put in that amount, put in zero and I did something

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in it.

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Well, I already broke it.

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Reset.

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Okay.

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There's a reset button.

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There's what I needed.

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Zero Sats and they do it by the halving.

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I said 10 years, the halvings are important.

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We haven't talked about them a whole lot, but halvings are when the block size production,

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the number of Bitcoin that is mined goes, it gets cut in half.

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So the supply decreases.

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So by the 2024 halving in this case, you can stack daily, weekly, monthly, or even quarterly.

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And then boom, you click set goals and it's telling you, you need to stack in this case,

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and this was by 2024, a million Sats, basically a 1,162,000 Sats for the next 86 weeks.

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And right now that means you would need to stack, it'd be $231 worth of Bitcoin every

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week.

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And of course, as the price of Bitcoin goes up, that's going to adjust.

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So I thought that was pretty cool.

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I thought I would include it in the show notes.

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Give a little shout out to them.

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I don't know if they heard my episode before they did this.

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I doubt it.

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It's just funny.

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We kind of arrived at the same thing.

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So anyways, the final article, final bit of news.

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To be very clear, large banks and small banks really, for that matter, really don't have

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your best interests at heart.

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They want to make money.

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That's their job.

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But large banks in particular, because they'll have large research departments and this kind

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of thing, they can become fairly good many times at kind of predicting the future.

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So JP Morgan has a research department about blockchain.

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And just recently, and I don't know where or when or whatever, but the head of that

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research department came out and said, most of crypto is still junk and lacks use case.

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In my opinion, you can drop your mic and walk away at that point.

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That's exactly what I've been saying.

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Many crypto don't have any use case.

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They have none planned.

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They're just jokes basically, and they will go away.

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Many that even have an idea they've not reached it, they never will reach it, and thus they

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will go away.

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There will be very few winners in this game.

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There just will be.

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You will see most likely Bitcoin, Ethereum, ADA, they probably have the best chances.

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There's probably a few more that will be around.

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Or maybe some of them will move to one of those chains on a side chain, which is something

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we really haven't talked about a whole lot.

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But finding these winners is the real trick to long-term success for this.

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So I thought that was an interesting article, even though many, many times, of course, I'm

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not agreeing with what these banks are saying.

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All right.

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That's it for the news.

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GWC supports podcasting 2.0.

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It's a value for value podcast.

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Of course, we don't have any sponsors.

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We don't have any advertisers.

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You're never going to hear an ad on this, and I do not get sponsors, even though people

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reach out to me all the time.

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You can support the podcast in three ways by time, talent, and treasure.

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If you want to support the podcast and have some time or talent, I could use some help

Speaker:

with things like chapters for the podcast, transcripts, and probably a few other things.

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Treasure is exactly what it sounds like.

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If you find the content valuable, you can support the podcast by streaming Sats from

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a podcasting 2.0 app or sending support via PayPal to macintosh@genwealthcrypto.com.

Speaker:

You can get a podcasting 2.0 app for the optimal listening experience, and so you can stream

Speaker:

or boost Sats at newpodcastapps.com.

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Of course, I've been playing around for quite a while now with the Fountain app.

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I'm on the beta group for that.

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They are innovating very rapidly.

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I really like what's going on with the podcasting 2.0 apps.

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Just as an example, now Fountain doesn't support the live tag yet, but Friday I listened to

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some of the podcasting 2.0 show live when I'm trying to remember what app I used.

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Was it Castamatic?

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I do not remember which app I was using.

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Several of them at this point do support the live tag.

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When the show comes on, it simply shows up saying live.

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You click and you get dropped into the recording.

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It's actually something maybe long-term I would like to do with this show.

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I don't know if this show will fit real well with the live format, but it would be fun

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at least, maybe from time to time, like with this upcoming Ethereum 2.0 merge episode that

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I'm going to do here in a couple of weeks, about 10 days or so.

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That would be a cool one to do live.

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Just drop in there and give my commentary.

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Maybe it's not going to be that exciting, but anyways, the innovation is happening with

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these apps.

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Go out, give it a listen.

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With Fountain, you can even earn Sats as you listen to podcasts.

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That's cool.

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Then you can turn around and support podcasts with those Sats.

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You don't even have to put in a dime.

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If you like the content, I would love it if you would tell your friends about the Generational

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Wealth Cryptocurrency Podcast.

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Thanks for being here.

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As always, I hope this has been helpful and I would love to hear from you.

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I'm on Twitter at McIntoshFintech, and you can reach me by email at McIntosh at GenWealthCrypto.com.

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Of course, the Generational Wealth website is at GenWealthCrypto.com.

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Stay humble, go out, and make it a great week.

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I'll talk to you all soon.

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