Having been in "crypto" for almost a decade has given me a longer term perspective. I have seen exchanges die (not just FTX!), been rug-pulled, lost money to scammers and wasted money on worthless "assets".

This current crypto crisis has me thinking yet again about my long term future with crypto. Join me for the discussion.

News and Links

Twitter Files Paperwork to Process Payments

The Ethics of Money Production

US CPI data  YoY: 7.7% Est. 7.9%  

Crypto.com accidentally sends 320k Ethereum to Gate.io

Blockfi Stops Withdrawals

Exchanges shifting funds around - to each other? 

Special shoutout to Kyrin at the Mere Mortals podcast who became our first supporter to reach the "shrimp" level. Thank you so much for your support!!

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

Speaker: 00:00:00

Hey, SatStackers. It's November the 14th. This is episode 82 of the Generational Wealth

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with Cryptocurrency podcast. I'm your host, McIntosh. Today's episode is about my long-term

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plans.

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Of course, you know what? On this podcast is financial advisor, and all information

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presented on this podcast is for informational purposes only. Now that we have the legal

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stuff out of the way, let's jump on in. All right. As maybe y'all frequently hear from

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me, this is not going to be a normal episode. I'm uncomfortable, frankly, talking about

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my personal stuff. And this episode is about my long-range plans. And I will be honest

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about that to an extent. I'm certainly not going to tell you any mistruths or lies. I'm

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going to be vague to an extent just out of my privacy. But what I am going to do is talk

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about, you know, here we are middle of November. Here we are in a bear market. Where are we

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going from here? What are my planning for the next, well, for the long range? And I'm

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going to tell you, I thought a long time about kind of, I don't want to say keeping this

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a secret, but not really revealing this. But I've also been very transparent on this podcast

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for over a year now for 80 to 82 episodes about my journey through crypto. I started

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a long time ago. You can go out back. There's an episode specifically about my journey and

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bring that up real quick. I'm thinking it was episode 19 episode 19. Why am I in crypto?

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Maybe I don't have time to go back and look at it right now. But regardless, I, I, I've

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been very transparent about my journey. I got involved in crypto in 2013. I was involved

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in the Mt. Gox disaster when that exchange got hacked. I've lost money trading. I've

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lost money from exchanges. I've, I've basically lost money every way that you can come up

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with. And I've also managed to save some. And I've also managed to make a little bit.

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But here we are at the certainly at least in the middle or early parts of a bear market,

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if not the middle and where are we going from here? So that's what we're going to talk about

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tonight. Before we do that, we are going to do our market report. And of course we had

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our nightly close a couple of hours ago. Let's see, six, seven, four hours ago. Now Bitcoin

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closed at $16,363 and 82 cents. Ethereum closed at $1223.40 cents. So $1223.40 cents. ADA closed

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at 33 cents basically. Now those prices are actually slightly above my last episode on

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November the 9th, our special episode because of the FTX crisis, if you want to call it

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that, but they're well below last week's weekly close. So Bitcoin itself is down over, let's

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see if I could do this math in my head. Maybe not over $4,000, like $4,500 or something

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just to give you an idea. So we have had a massive collapse in the last seven days and

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I want to look at this in a seven day timeframe. So if we go back, one, two, three, six, seven.

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Yep. There we go. Seven days. So seven days ago on November the 7th, actually I'm going

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to backtrack because I recorded on Sunday, right there, November the 6th, we were coming

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out of the Bollinger Band compression. So it was opening up, but I had said most likely

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in my opinion, it was going to do what? It was going to break down. It did not at least

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for roughly a week. It kind of actually went up, although it didn't dramatically jump up.

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And then when it came back down and touched the line of, I'm trying to think of the word

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for it. Well, it was a line of resistance. It actually broke that and it did that on

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the night of Tuesday, November the 8th. So that would have been when all this FTX stuff

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was beginning. So we fell through and then we actually kept falling. And so now the Bollinger

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Bands have clearly opened up. We're actually below the majority of the volume. So we're

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going to have a hard time going up. You've got other indicators as well. The stochastic

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RSI, for example, is quite down on the larger timeframes, longer timeframes I should say.

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There's a number of indicators basically that say, this is very likely not done. Now, I've

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been very confident, I guess you could say, that we were going to go down to 14,000. And

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I do still see that as being in play. Until we move above basically 21,000 or so and have

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some decent structure above it, I will continue to believe that. Now, we grazed 21,000. We

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went up to about 21,300 or so during that upswing right before this big drop. But we

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established no structure above that. And that proved to be a line of resistance. And so

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instead we get our dump. Now, that's where we're at. So where are we going from here?

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I think we're going to muddle around for a while and, or I should say, or continue on

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down. I do not think we're going to just miraculously pop up. In fact, just in the, what, four hours

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since we've closed, and I hate to, a four hour time range is not very much. So don't

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read too much into this, but we're already down below 16,000. So we're at 15,951. We're

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becoming very close to those bottoms that we established just a few days ago. And if

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we break those, then I believe that's when we'll start that journey down towards 14 or

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maybe even lower. I think we're going to have a lot of buy pressure at 14 to be honest.

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All right. Enough about that. Overall, not good. Still not good. Next weekly topic. What

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are my long-term plans? So listen, please. And of course, this is not financial advice.

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I have been around to understand you need perspective on where I come from. Like I said,

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got involved 2013. I've been through, really I've been through multiple bear markets. Certainly

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the worst was 2017, 2018 when we hit 20,000 and then we cratered after that. That was

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brutal. I've talked about that in particular quite a bit because I was very active right

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up to the top and I actually had quite a bit going at that point and rather than sell and

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then buy back in at the bottom or sell somewhere near the top and buy back in at the bottom

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or even just hold that and buy during the bottom during the bear market. I froze and

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I didn't do anything until probably the March of 2020 or so, March, April, somewhere around

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that range when things started going back up. So I got no benefit from that bear market.

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And let me be clear. There's a statement that I've seen a number of times and it makes absolute

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sense. You can make money during a bear market or bull market. You can become wealthy during

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a bear market. Why is that? You're buying when the assets are low. You're not buying

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Bitcoin at $69,000. Look, I just bought some Bitcoin a few minutes ago when it dipped below

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16,000. Now I don't know if it's going to go down lower, but I got on strike and I need

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to talk about strike actually. I'll do that during the news, but I got on strike and I

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bought. I bought whatever I bought. It doesn't matter. The numbers are not relevant, but

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I bought because it was down. I'm not betting on it going down to 14,000. Now I've told

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y'all if it gets that low, I'm going to put everything at that point in that I can. And

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then if it gets lower, I'm going to be scraping the cushions for coins because the bottom

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will be here and we can be afraid or we can commit to the future. Now, what am I going

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to be buying? Whether this happens now or six months from now or three months from now

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or a year from now, we may be in a bear market for a while. I don't know. These things can

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go on for a good bit and I'm prepared for that. I hope you are too. What am I going

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to be buying? So, all of this news this week has given me even more pause, so to speak,

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about Bitcoin, about all of the non-Bitcoin coins, I should say. So, of course, FTX, by

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the way, at this point, news flash in case you haven't heard that they've declared bankruptcy.

Speaker: 00:11:23

I think I talked about that on the special this week. I think they had already done that

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and really what happened is they've declared bankruptcy. Supposedly, SBF, Sam Bankman Fried

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and his associates, some of them have been picked up in the Bahamas, where the headquarters

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of FTX.com are, by the authorities down there. The CEO of Alameda Research supposedly is

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in Hong Kong trying to get to Dubai. I mean, it's like a crazy action movie. These people,

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well, Caroline or Carolina, the CEO, I mean, she's like trying to run. I mean, that's what

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she's doing. The others, I believe, were attempting to do that, but they basically, well, they

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got caught. So, it looks like they will be brought to justice at least.

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So, in addition to all this going on with FTX, users get locked out. There was rumors,

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I don't know if they were true or not, but that a malware was put out in their app. So,

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they were telling people don't update the app, don't use the app or whatever. But it

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looks like somebody systematically went through and basically looted it in the end. So, they

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said that they were hacked. I posted on Twitter, I believe it was an inside job. Now, you could

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call that a hack, but when they say it was hacked, that sounds like it was somebody from

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the outside who just kind of managed to do that during all this chaos. I don't think

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that's what happened. I believe there was a back door that was built in by some of these

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yahoos and they grabbed everything they could. Some of the money has already been frozen.

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It was tether. There was a fairly large amount of tether that has essentially been frozen.

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These people were also, I mean, for all their vaunted intelligence, they really didn't act

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very smart. For one thing, they interacted with Kraken with some of this money. Kraken

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has identified who they were and that information has been turned over to the law enforcement.

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So, I believe these people hopefully will go to jail, but it's assuming that they are

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guilty of course, which at this point, it's certainly looking that way. Now, in addition,

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FTX had all these interconnections with all these other companies and that's where it

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gets even more interesting. So, going through, because I kind of threw all this up on Twitter,

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you can follow me on Twitter at McIntoshFintech. I have a mastodon handle also. It's macintosh

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at podcastindex.social. Those will also be in the show notes. All right. So, I'm going

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to backtrack through this a little bit. Oh, one of the things that came out, of course,

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they originally said FTX US, which is the US operations of FTX. That was separate. That's

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not part of fdx.com because on November the 11th, they filed bankruptcy on FTX, FTX US,

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and Alameda, Chapter 11. The token is in the toilet. I don't know. It was like a dollar

Speaker: 00:15:10

and a half or so. I'm surprised it's actually held up as well as it has. Wrapped Bitcoin

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is down a crazy amount. Wrapped Bitcoin is a way to deal with Bitcoin on a non-Bitcoin

Speaker: 00:15:24

blockchain essentially. It's not something I've ever talked about a whole lot, but it's

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one of these financial instruments that places like FTX like to use. Well, because of everything

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that was going on with FTX, that is unwinding. And it was literally, I think the last time

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I saw it was like $1,500. So, it was like one-tenth the price. But one of the things

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that this has come for is people are saying, well, we want proof of assets basically for

Speaker: 00:16:03

centralized exchanges, Kraken, Coinbase, Binance, whoever. And all these companies are coming

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out and say, well, we've got X amount of dollars in Ethereum and Binance and blah, blah, blah.

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And they show some screen that says that they have those assets. But one of the things that

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happened is that Crypto.com, I want to make sure I get this correct. Crypto.com got caught

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in my opinion, sending money to Gate.io, which is another centralized exchange. So, November

Speaker: 00:16:48

the 13th, there was a story. Crypto.com accidentally sends 320,000 Ethereum to Gate.io and then

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they recover the funds days later. Well, the funny thing is, now, first of all, that that

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mistake would even happen either means Crypto.com is it's a complete clown show or it was done

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on purpose. Now, I believe it was done on purpose and I believe it was done to make

Speaker: 00:17:17

Gate.io's asset stack or whatever you want to call it. There's a word for it, but I don't

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remember what it is right now. Anyways, it makes them look good. And then they sent the

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money back. Now, earlier tonight, this announcement comes out, guys, I've been telling y'all for

Speaker: 00:17:39

a long time, get off these centralized exchanges. And this is why, this is why, heed my advice.

Speaker: 00:17:48

If anything, you only leave a minimal amount of money on these things because you just

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don't know what's going to happen. Alright, earlier tonight. So, there's not even a story

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about this. This is just on Twitter, but it does look legitimate. And frankly, considering

Speaker: 00:18:03

everything that's going on these days, I believe it's so. I may not be correct. Huobi, which

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is another centralized exchange, announced $18.1 million in crypto can't be withdrawn

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on FTX. $13.2 million of that is customer assets. Now, ladies and gentlemen, why would

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one centralized exchange have money on another centralized exchange? For the U.S. listeners,

Speaker: 00:18:34

let's make this real simple. Why would Kraken have money on Coinbase? It makes no sense

Speaker: 00:18:41

unless maybe they, well, there's a couple of possibilities. One of them, they were trying

Speaker: 00:18:47

to prop up some report, like what I was talking about. Maybe, I guess, Huobi was trying to

Speaker: 00:18:57

get more money, some promised return on investment. I don't know, but it's certainly not what

Speaker: 00:19:06

should be going on. We've had all of these DeFi hacks that I've documented, many of them,

Speaker: 00:19:15

not all of them, certainly, on this podcast. But you know what's still going? Bitcoin.

Speaker: 00:19:27

Why is that? The difference between Bitcoin and any one of these assets is simple. Bitcoin

Speaker: 00:19:38

is truly decentralized. There's no CEO of Bitcoin. The guy who created it literally

Speaker: 00:19:54

went away after a really short period of time and has never been heard from again. All the

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money, the Bitcoin that he mined is intact in a well-known wallet has never been moved.

Speaker: 00:20:11

And I see no reason that it ever will at this point. He is truly one of the most altruistic

Speaker: 00:20:18

people ever. And because of this, Bitcoin is different. You can talk about any of these

Speaker: 00:20:29

little tokens up FTT. Come on. It's just a token that FTX was using to pump up some value

Speaker: 00:20:40

to add to their spreadsheet. It's meaningless. There's a lot of these. There's very little

Speaker: 00:20:48

actual utility going on. And I've complained about this for a long time. There are so many

Speaker: 00:20:53

of these projects that are just scams and griffs and cons and rug pulls. It's staggering.

Speaker: 00:21:03

So what have I been talking about probably for the last, I don't know, four to six months

Speaker: 00:21:07

maybe. Bitcoin, Ethereum and ADA. So let's talk about those three because those are the

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ones that I have told y'all this is where I'm putting my money. Okay. I said Bitcoin

Speaker: 00:21:23

is the conservative choice. I said Ethereum. Obviously they're doing a lot of financial

Speaker: 00:21:28

stuff. Wasn't so financial that FTX was it. And ADA, which is just this different project

Speaker: 00:21:38

that Charles H has been working on, one of the original founders of Ethereum, one of

Speaker: 00:21:45

that original group, and they've all kind of split off. Well, Vitalik is not the CEO

Speaker: 00:21:55

of Ethereum, but when Vitalik talks, people listen. There is a foundation that in principle

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is supposed to guide it. And I do believe that it probably has a strong chance of some

Speaker: 00:22:11

relative success in the future. ADA does have a CEO essentially, Charles H. He's in charge

Speaker: 00:22:19

of things. And when he talks, when he says jump, they're asking how high as they jump.

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It's that type of situation. Brilliant guy. I'm not dissing him. I'm not even, in either

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case I've been given no indication that these people are not trying to do the right thing.

Speaker: 00:22:43

And both of these projects have been around for quite a while. But for me, myself, as

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we move forward through this bear market and on into the next bull market, what I will

Speaker: 00:22:57

be doing is I will be moving everything into Bitcoin. I'm just not going to deal with it.

Speaker: 00:23:04

I'm not going to worry about it. And I will have Bitcoin. I will probably be getting into

Speaker: 00:23:11

Bitcoin mining down the road as a way to support the network. I will run my own node, which

Speaker: 00:23:18

is in a requirement, but it's nice. And I will store my own keys and my own wallet.

Speaker: 00:23:27

And I won't have to worry about Coinbase, Kraken, Hooboy, Binance, Gate.io. Earlier today I had

Speaker: 00:23:37

to go look on Gate.io because at some point I bought some crazy token. This has been a

Speaker: 00:23:42

while ago when Gate.io actually first started. I just wanted to make sure it was off of there

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because most likely, I'm of the opinion they're going to close up in the next few days.

Speaker: 00:23:56

I don't want to worry about that anymore. I'm done with that. Does that mean I'll make

Speaker: 00:24:01

maximum return on my investment? No, it means I'll be patient, which is what Bitcoin teaches.

Speaker: 00:24:10

And I'll stack Sats and I'll do it in an up market. I'll do it in a down market. I'll

Speaker: 00:24:18

mine coins. I would love, given my background in system administration, to run a small little

Speaker: 00:24:27

fleet of miners. It would be fun, in my opinion. I'm trying to figure out the whole power thing

Speaker: 00:24:36

because of course there's a whole issue there. Oh, and I didn't even talk about government

Speaker: 00:24:42

manipulation of all this. I'm extremely uncomfortable, frankly, with how close FTX was to the SEC

Speaker: 00:24:55

that's supposed to oversee companies like this. And they were, I mean, best buddies.

Speaker: 00:25:03

And yet this place is, it's a big con shop from everything that I can tell. So I have

Speaker: 00:25:09

no faith in my government in terms of this stuff. They're blocking things that probably

Speaker: 00:25:17

need to just move on, but they're not actually protecting the investors. So we'll see. But

Speaker: 00:25:25

moving forward, I'm not going to tell you that I'm going to flip all my Ethereum and

Speaker: 00:25:33

ADA. And I think I have a couple of little things. Matic, Polygon, what is it called?

Speaker: 00:25:41

I'm drawing a complete blank. The token's Matic. It is a utility token and it's an actual

Speaker: 00:25:47

utility token. I've got a few little things like that, very minor amounts of some of those.

Speaker: 00:25:53

I will eventually convert them all. I need to look at the charts and figure out. There's

Speaker: 00:25:57

a thing called Bitcoin dominance. I'm not willing just to convert it into Bitcoin. Maybe

Speaker: 00:26:03

I should, but I'm not. And I think many of you would probably be the same. And by the

Speaker: 00:26:09

way, I am not telling people that they should just be Bitcoin only. It's a risk tolerance.

Speaker: 00:26:19

You can probably, if it stays running, make more money off of Ethereum in the next bull

Speaker: 00:26:26

run. That's just the reality. If you go look at the historical returns on investment, we're

Speaker: 00:26:35

past the point where you're going to get 100X on Bitcoin in a couple of years. It's not

Speaker: 00:26:42

going to happen. Even if we got global adoption, it's not going to happen. I don't think you're

Speaker: 00:26:50

going to get 100X on Ethereum in the next couple of years either, but you will probably

Speaker: 00:26:55

get a higher percent return than you do on Bitcoin. That's a fact. But I am dependent

Speaker: 00:27:04

on other people who I have no control over. And Vitalik may wake up tomorrow and say,

Speaker: 00:27:12

this whole thing was a dumb idea, and rug pull everybody somehow. It could happen. It's

Speaker: 00:27:20

a non-zero chance of that happening. So you have to make your choices. I'm telling you

Speaker: 00:27:27

what I'm doing. And I want to be very clear about that. I am not giving you financial

Speaker: 00:27:33

advice, obviously. I'm not telling you to go sell all your stuff into Bitcoin or to

Speaker: 00:27:39

go mine Bitcoin or to do anything like that that I just talked about. I'm telling you

Speaker: 00:27:44

what I'm going to do. And I'm not giving you a timeframe for that because I need to

Speaker: 00:27:51

examine that. And then I do need to make that choice. I'll tell you when I do it, but it

Speaker: 00:27:56

may not be this week or this month or this year, which is only a couple of months, obviously.

Speaker: 00:28:04

I suspect it'll at least be next year. But when I get done with that, this show will become

Speaker: 00:28:11

not about cryptocurrency. I will still talk about the cryptocurrency news. But as you

Speaker: 00:28:17

have probably noticed over the last six months or so, I've talked more and more about Bitcoin

Speaker: 00:28:22

and we stack sets and that's just the reality because that's where I'm at. In the Bitcoin

Speaker: 00:28:31

world, they've got people called maxis. I've mentioned this before. People who are like,

Speaker: 00:28:37

it's Bitcoin only, do or die. And if you're not doing Bitcoin, well, then you're just crap.

Speaker: 00:28:43

Well, frankly, people like that a lot of times have a lot of insight into stuff like FTX and

Speaker: 00:28:50

that kind of thing. And I appreciate that. My belief is that we shouldn't be belittling people,

Speaker: 00:28:57

frankly, over their decisions. If you choose to do something and then you lose money on that,

Speaker: 00:29:05

that was your choice. I'm not going to slam you for that. Even if I've said, hey, you shouldn't

Speaker: 00:29:13

put money in FTX and then you do and you lose that money. Now I can point my finger at you and say,

Speaker: 00:29:20

well, that's, you know, ha ha ha, I told you so, but I'm not going to do that because I've

Speaker: 00:29:27

made mistakes in the past, certainly maybe more than most people, frankly, but I do try and learn

Speaker: 00:29:36

from them. So that is going to reflect a long-term change in this show. All right.

Speaker: 00:29:45

So that in a nutshell is it. That's where we're going over the next few years. And

Speaker: 00:29:51

at some point that transition will be complete and we'll move on. And like I said, I'm still

Speaker: 00:29:58

going to talk about these other things. I mean, let's say I was all Bitcoin and I'm still going

Speaker: 00:30:04

to talk about FTX because it's an important thing. And unfortunately, the problem is this type stuff

Speaker: 00:30:11

runs people off. And that's actually very unfortunate, aside from the people who lost

Speaker: 00:30:17

money and give up and quit. And I have even heard of some people with both Celsius and FTX who've

Speaker: 00:30:23

killed themselves over this. And that's a real shame. Please, this is just money. And I know

Speaker: 00:30:33

that sounds strange, but it's just money and it's not worth taking your life over.

Speaker: 00:30:37

So, all right. I'm going to do something real quick. I've been on Twitter a lot this week.

Speaker: 00:30:44

I posted a lot of stuff, but I'm going to read a couple of the tweets that I kind of retweeted

Speaker: 00:30:51

and added a little perspective. For example, actually earlier today, Benjamin Cowan, the

Speaker: 00:30:56

Inter Cryptoverse guy, he came on and said, no centralized crypto exchange needs a native token.

Speaker: 00:31:03

FTT, for example, I think that's what it was for the FTX exchange. That is absolutely true.

Speaker: 00:31:10

Binance does not need a centralized token, BNB, or whatever they call it. They don't.

Speaker: 00:31:18

Yesterday, Benjamin actually posted this. I don't want to turn this into his show,

Speaker: 00:31:23

but this is some good stuff. He said, the reason I'm cynical is because the same stuff happens

Speaker: 00:31:29

every cycle, this cycle to a larger extent. Influencers show crap. OK, that's what it is.

Speaker: 00:31:36

That crap turns out to be a scam. And I apologize for saying crap, but they say sorry and do it

Speaker: 00:31:42

again the next cycle. And that's actually happened during this cycle. People never learn. That's true.

Speaker: 00:31:50

So there was an article that WatcherGuru posted about this hack. They saw $600 million at the

Speaker: 00:31:58

time of this article outflowing. And I posted the article that they linked to. And I said,

Speaker: 00:32:05

let's just call this looting. I'd bet all my crypto that it was an insider job. The idiots.

Speaker: 00:32:10

I'm sorry I said that, but the idiots even interface with Kraken. And that's what I was

Speaker: 00:32:15

talking about. As smart as these people are supposed to be. And then they went and sent

Speaker: 00:32:20

money to Kraken. It would be trivial at this point to determine who did it, which fortunately

Speaker: 00:32:25

Kraken did. And if they're not brought to justice, then there is no justice.

Speaker: 00:32:30

Oh, actually, there was a tweet on November the 11th that I did. All I said was, this looks

Speaker: 00:32:38

interesting. It's about a book called The Ethics of Money Production. I've not read it. I'm very

Speaker: 00:32:44

interested to go back and read it. It's actually a very interesting book. It's about the ethics of

Speaker: 00:32:49

money production. I've not read it. I'm very interested to go back and read it. It's actually

Speaker: 00:32:54

available for free. You can also buy it, but it's and it's not illegal free. All right. Anyways.

Speaker: 00:33:04

Oh, well, yeah, that's about some of the news. So we'll talk about that in just a second, even

Speaker: 00:33:08

though I've blammed a lot of the news. All right. So yeah, that's it. We might just start doing that

Speaker: 00:33:14

every week. I don't know. We'll see. It's always a time crunch. I'm doing good today.

Speaker: 00:33:19

35 minutes. All right. Supporters. Love it. Love it. Love it. Love it. All right. Supporters are up

Speaker: 00:33:28

next. So I didn't do supporters during our last episode, and I had some I really wanted to talk

Speaker: 00:33:36

about, but I think a lot of people might have skipped the last episode, and that would not have

Speaker: 00:33:41

been fair. So I'm going to go back and read it. I'm going to go back and read it. I'm going to

Speaker: 00:33:47

have been fair. So here we go. News notes and more regulation talk episode. Mere Mortals podcast,

Speaker: 00:33:56

1100 Sats. Noice, which was on a message that he had sent earlier, is a fun way of saying nice,

Speaker: 00:34:05

and I did pronounce it right. So thank you very much, Kyrin. Appreciate that.

Speaker: 00:34:09

Well, my tea, unfortunately, has gotten cold tonight, but it's still good Earl Grey.

Speaker: 00:34:20

2200 Sats from Mere Mortals later on, he said, was just about to recommend that Eric Voorhees

Speaker: 00:34:28

debate. So I talked about this in that episode, Eric Voorhees and SBF. I generally dislike

Speaker: 00:34:36

listening to debates, but it's worth it to learn more about Eric. And I do like Eric. I don't know

Speaker: 00:34:42

him that well. I haven't been following him for that long, if that makes sense. And certainly,

Speaker: 00:34:48

I'm not a friend of his. I don't know him. I've never met him before. But yes, he does seem very

Speaker: 00:34:54

interesting. He is extremely articulate, and I find myself aligning with him on 99% of issues.

Speaker: 00:34:59

I'm going to withhold that for myself because I just don't know that much about him.

Speaker: 00:35:04

And the, is Alameda going to be Celsius 2.0? Boy, was I prescient about that. Sorry,

Speaker: 00:35:12

I was not the originator of this idea. I wished I was, but no, there was a lot of good research

Speaker: 00:35:20

went into that by other people. I just happened to throw it out there right before it happened.

Speaker: 00:35:28

Zen 219 sent 198 sats. No note. I appreciate that, of course. And Kyrin sent another boost.

Speaker: 00:35:41

It's the largest one I've ever received. And Kyrin, I don't know if you know how much I

Speaker: 00:35:51

appreciate this. I'm not sure I'll be able to explain how much, but I'm going to read what he

Speaker: 00:35:58

said first. Keep up the great work, McIntosh. So if y'all remembered, I was, frankly, on this episode,

Speaker: 00:36:04

I was a little down during the support section because there was either none. I think there was

Speaker: 00:36:08

some streaming, no boost. And I was discouraged. So anyways, he was kind enough to send me this.

Speaker: 00:36:19

Keep up the great work, McIntosh, as I covered on the V for V podcast, which that's one of the

Speaker: 00:36:25

Memorial's podcasts, which we were highlighted on. I really appreciate that. I think your pitch is

Speaker: 00:36:33

great, especially the highlighting of how you don't take advertising money. Wait till we get

Speaker: 00:36:38

to the value for value section tonight, Kyrin. And I lost your thing. Can't believe I did that.

Speaker: 00:36:46

I clicked in the wrong place. So anyways, until podcasting 2.0 and value for value really kick

Speaker: 00:36:54

off, we'll go through phases of smaller support and consistency is the only real answer. People

Speaker: 00:36:59

tend to come back and he's right about that. If you want an immediate jump, satvertising,

Speaker: 00:37:06

boosting other shows helps as Bitcoin people tend to understand the circular economy, stay strong,

Speaker: 00:37:12

and DCA. I appreciate that. That truly means a lot to me. I don't talk about my personal life a

Speaker: 00:37:24

whole lot. And I'm actually going to, I'm going to just a little bit here for just a second. So

Speaker: 00:37:31

I was discouraged because we were down in our streaming and boost. And it's discouraging,

Speaker: 00:37:41

frankly, when you do almost a hundred episodes and it's still a struggle to sometimes to get people

Speaker: 00:37:50

to support. But earlier that week, I worked for a fairly large company and

Speaker: 00:38:02

it's like a lot of companies in the industry, in the tech industry, just in general, frankly,

Speaker: 00:38:08

we've not done well for the last year. And six months or so ago, they cut a number of people.

Speaker: 00:38:20

And then again, just a few days ago, they cut about 10% of our workforce. Now I'm still employed.

Speaker: 00:38:27

The team that I'm on, which I'm the tech lead for, is now at this point actually

Speaker: 00:38:34

gone from 12 people to six people. So there's a lot more work and that's discouraging. I mean, it just is.

Speaker: 00:38:47

But it was just one of those weeks. So anyways, I'm not going to make excuses, but yeah,

Speaker: 00:38:58

I'm sure that came out. So I apologize for that. I do appreciate all of y'all,

Speaker: 00:39:06

whether I say that all the time or not. But anyways, and now we move on.

Speaker: 00:39:17

Again, though, I really appreciate it, Karen. Appreciate that they have a great podcast. He

Speaker: 00:39:22

has a partner and they do a number of podcasts, different subjects, different things. I would

Speaker: 00:39:28

highly encourage you to look them up, Mere Mortals podcast and take a listen. Is Alameda

Speaker: 00:39:36

going to be Celsius 2.0 episode? We had, oh no, that's the one I just read. One rational man

Speaker: 00:39:44

boosted 248 sets. No message. Appreciate that. Thanks for the support. And then for our special episode,

Speaker: 00:39:55

we had three different boosts. Jenny Jams boosted 495 sets and said, thanks for the extra episode.

Speaker: 00:40:06

I really appreciate it. You're certainly welcome. I follow you so your new episodes pop up. She's

Speaker: 00:40:11

talking about in the fountain app, by the way, the last two weeks, I didn't see anything new pop up

Speaker: 00:40:18

in my feed. So I assumed you didn't post anything. Well, of course we did. But then I went into your

Speaker: 00:40:27

show and looked at the episodes and saw two new ones. Just want to let you know, seem weird.

Speaker: 00:40:33

That's true. It does seem weird. I don't know what happened. I believe well,

Speaker: 00:40:39

well, basically fountain is still in beta as are a lot of these, if not all of these podcasting

Speaker: 00:40:47

2.0 apps. So they may have some issues. I will actually bring this up on the beta channel to

Speaker: 00:40:55

let them know. They have a telegram group of people to kind of help debug these things. So

Speaker: 00:41:01

I will certainly let them know that should not have happened. And I can promise you,

Speaker: 00:41:05

I will put something out. I may not make it every Monday, although I've gotten to be very consistent,

Speaker: 00:41:11

but certainly every week. And if I ever decide to hang it up, I will let you know, I won't just,

Speaker: 00:41:21

I won't just ride off into the sunset, so to speak. All right. So anyways, appreciate that.

Speaker: 00:41:29

And then she sent another 495 sat saying, just wondering if you come across anything wrong,

Speaker: 00:41:34

you come across anything regarding the ISO 20022 standard and the coins that are becoming compliant,

Speaker: 00:41:42

whether any thoughts on this? No, I had not heard of this before now, to be honest. And it's

Speaker: 00:41:48

regarding transactions between financial institutions. I have looked into it a little

Speaker: 00:41:54

bit to prepare for this show. I think, Jenny, what I want to do is do that separately. I've

Speaker: 00:42:00

put it on the episode list of things to talk about. So maybe in the next few episodes,

Speaker: 00:42:06

the next month or so we can get to that. 99 sats from Will M Valenzuela. I think I got that right.

Speaker: 00:42:15

Appreciate that Will. And then on, it's a dilemma, security speed and decentralization. This is one

Speaker: 00:42:22

of our promoted episodes on the Fountain app. So this one just kind of is in a loop that new

Speaker: 00:42:29

people on the app can see and test out. And I actually pay them a little bit to do that.

Speaker: 00:42:37

Part of the circular economy we were talking about earlier with Karen. Anyways, they sent 330 sats,

Speaker: 00:42:47

five times nine is 45. That's an interesting username. I appreciate that.

Speaker: 00:42:53

No message. And then 99 sats from user 3515928415026500. I finally learned a trick on those.

Speaker: 00:43:03

So there we go. I appreciate that. No message there either. So we obviously we had a good week.

Speaker: 00:43:10

By the way, we have our first person or podcast. I'm not sure how you guys want to do this, but

Speaker: 00:43:19

however you want to. That has reached our first level of support. So if y'all remember, I outlined

Speaker: 00:43:26

this back in an episode, which I don't remember which one, but we got different support levels.

Speaker: 00:43:33

And this actually comes from the Bitcoin ecosphere. People are broken down based on how much Bitcoin

Speaker: 00:43:42

they have. Shrimps, crabs, octopus, fish, dolphin, sharks, whales, and then humpback whales.

Speaker: 00:43:52

So a whale in Bitcoin terminology is somebody who has a lot of Bitcoin. And when they start to

Speaker: 00:43:58

sell or potentially buy, they can kind of move the market. So a shrimp is, I don't remember,

Speaker: 00:44:06

somebody is less than one Bitcoin. I don't remember all the levels. But anyways,

Speaker: 00:44:15

so Kyrin at Mayor Morrill's podcast has reached the level of shrimp.

Speaker: 00:44:22

I appreciate that. I actually, the one thing I don't like about this is I kind of feel like shrimp

Speaker: 00:44:27

is, I don't want to call it derogatory, but it's a shrimp. But it really means a lot to me.

Speaker: 00:44:40

So that means he's contributed 50,000 sets or more, which he's a little bit above that

Speaker: 00:44:49

over the course of time that he's been listening to the podcast.

Speaker: 00:44:52

So the next level at 100,000 is crab. And it goes up from there. If we ever get a humpback,

Speaker: 00:45:03

that's actually 5 million sets. So that is a high goal. So that was, I thought that was pretty

Speaker: 00:45:10

awesome. News and links, a little bit of news, and then we'll wrap things up. So I've already

Speaker: 00:45:16

covered most of the news and talking about really how I arrived at my conclusions about in the

Speaker: 00:45:24

future, I'm just focusing on Bitcoin. Covered all the stuff about FTX. There's a little bit more,

Speaker: 00:45:33

but I did talk about crypto.com sending the 320,000 Ethereum to gate. There'll be a link to that in

Speaker: 00:45:39

show notes. I did not talk about this. BlockFi stops their withdrawals. So BlockFi is another

Speaker: 00:45:47

one of these financial institutions. You've got BlockFi, Nexio, something like that. There's a

Speaker: 00:45:56

few of these around. They're offering yield on depositing your coin while they've now stopped

Speaker: 00:46:04

withdrawals, citing this FTX stuff, which supposedly they have no entanglement in,

Speaker: 00:46:09

which doesn't make sense to me. I do have an article in The Coin Telegraph about these

Speaker: 00:46:18

centralized exchanges shifting around assets and they're sending them to each other, apparently.

Speaker: 00:46:27

And so that these snapshots of the financial state of the central exchange can be taken.

Speaker: 00:46:36

Very, very shady if that is true. And it does look like that's what's going on. So there's two other

Speaker: 00:46:45

non FTX related items. Twitter filed paperwork to process payments. I don't normally talk about

Speaker: 00:46:54

Twitter on here in this sense, but I do think this is important. Understand Elon, who owns Twitter.

Speaker: 00:47:02

I believe, if I'm not mistaken, got started in PayPal. That's how he made his first big amount

Speaker: 00:47:10

of money. He views Twitter as a way to be able to make more money similar to PayPal by processing

Speaker: 00:47:19

payments. So they've filed the paperwork with whatever the US regulatory agency is. It's under

Speaker: 00:47:25

the Treasury Department in order to be able to do that. So we'll see where they go with that. I just

Speaker: 00:47:32

thought that was interesting. It would be especially interesting if they started doing Bitcoin.

Speaker: 00:47:38

Don't know if that'll happen or not. And the US CPI data came out. It was actually down a little

Speaker: 00:47:45

bit under estimates. Year over year was 7.7%. They were estimating 7.9%. So that actually meant the

Speaker: 00:47:53

stock market went up just needs a bit. It is possible that we have seen the top. I do not think

Speaker: 00:48:01

so. I believe we've still got a ways to go. Hopefully I'm wrong in this. So that's it.

Speaker: 00:48:09

The Generational Wealth of Cryptocurrency podcast supports podcasting 2.0. It's a value for value

Speaker: 00:48:15

podcast with no sponsors and no advertising. And let me stop right there for just a second.

Speaker: 00:48:24

I have talked to you all many times about why I do this, why I don't do advertising or sponsors.

Speaker: 00:48:30

One thing that this whole mess has brought to light is how destructive

Speaker: 00:48:41

that can be. There's a very famous podcaster who almost completely talks about Bitcoin at this point.

Speaker: 00:48:50

You would call him a Bitcoin podcast, really, and I'm not going to say the name of it. It doesn't

Speaker: 00:48:55

matter. But BlockFi was a sponsor of theirs from 2018 through 2021, I think. It was a long period

Speaker: 00:49:06

of time. And only recently have they not been a sponsor of the show. And this podcaster has come

Speaker: 00:49:15

out and after they stopped withdrawals and said, well, you know, kind of say la vie and that's all you users,

Speaker: 00:49:26

people who took my advice and went and opened an account at BlockFi and plopped money in there

Speaker: 00:49:32

because you said you were making great yield. And I'm not saying that this person knew anything was

Speaker: 00:49:42

going on there or whatever. But when you do value for value, you don't ever have to worry about that.

Speaker: 00:49:49

You can be sure when I talk about something, it is on the best of my knowledge and I have nothing

Speaker: 00:49:56

to hide from you. Last week, I was talking about strike, by the way, and I want I do want to wrap

Speaker: 00:50:01

this in and then we'll finish up. They did resolve their situation. They actually compensated their

Speaker: 00:50:07

users for that slippage between the the rate that you were buying at and the actual rate on the open

Speaker: 00:50:15

market. And supposedly they've made some changes. So yay. But again, if strike had been sponsoring

Speaker: 00:50:22

my show, would I have taken the time to talk to you all about that? Because why? Why would I make

Speaker: 00:50:30

my sponsor look bad? In fact, most sponsors have in their contract that you cannot make disparaging

Speaker: 00:50:38

comments. Now, what that means, I don't really know. I mean, I know what a disparaging comment is.

Speaker: 00:50:43

I think in legalese, that means if you say anything bad about our product, we can

Speaker: 00:50:50

sue you. So not a situation I want to be in, frankly. So there, that's why we do value for

Speaker: 00:50:57

value. And I'm seeing it in real time across Twitter, these people who are going through this

Speaker: 00:51:02

mess. It's crazy. All right. You can support the podcast in three ways with time, with talent,

Speaker: 00:51:09

and with treasure. If you want to support the podcast and housing time or talent,

Speaker: 00:51:12

I could use help with things like chapters. Oh, gracious. I need to take this out.

Speaker: 00:51:18

As I said last week, I can't do chapters for right now because of my platform. As soon as I can get

Speaker: 00:51:24

enough support going to move off of that platform. Essentially, I can host for free because of another

Speaker: 00:51:31

podcast that I do their audio editing for. When I can move on to my own platform and pay for that,

Speaker: 00:51:40

then we'll be able to do chapters. Anyways, transcriptions. And there's always stuff.

Speaker: 00:51:45

There's stuff. There's just stuff to do. Treasure is just what it sounds like.

Speaker: 00:51:49

If you find the content valuable, you can support the podcast by streaming sats from a podcasting

Speaker: 00:51:54

2.0 app. You can get a podcasting 2.0 app for the optimal listening experience at newpodcastapps.com.

Speaker: 00:52:03

If you don't understand what value for value is, there is a link in the show notes to value for

Speaker: 00:52:10

value.info. And I believe that's valued the number four. Yes, value for value.info. And that talks

Speaker: 00:52:21

about value for value in much better ways than I can. Anyways, you could go take a look at that.

Speaker: 00:52:29

But all the podcast 2.0 apps are at newpodcastapps.com. If you like the content,

Speaker: 00:52:35

I would love it if you tell your friends about the Generation Wealth of Cryptocurrency podcast. That

Speaker: 00:52:39

is the best way to grow this podcast. Thanks for being here. I hope this has been helpful.

Speaker: 00:52:45

I would love to hear from you. I'm on Twitter at McIntosh Fintech and Mastodon at macintosh

Speaker: 00:52:50

at podcastindex.social. And you can reach me by email at mcintosh@genwealthcrypto.com.

Speaker: 00:52:57

And of course, the Generation Wealth website is at genwealthcrypto.com.