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Who will be the first shrimp?
Episode 668th August 2022 • Generation Bitcoin • McIntosh
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Today's episode covers the news of the week, as well as a market update and how you can become a whale supporting the GWwC podcast through value for value.

Support Levels for GWwC

humpback whale 5,000,000 sats    

whale           3,500,000  sats                  

shark            2,500,000  sats                    

dolphin          1,000,000  sats                  

fish             500,000   sats                          

octopus             250,000    sats                           

crab          100,000     sats                      

shrimp            50,000     sats

News and Links

https://www.zerohedge.com/economics/amazon-cuts-100000-employees-workforce-single-quarter

https://cointelegraph.com/news/nomad-token-bridge-drained-of-190m-in-funds-in-security-exploit

https://cointelegraph.com/news/solana-wallets-compromised-and-abandoned-as-users-warned-of-scam-solutions

https://www.wsj.com/livecoverage/stock-market-news-today-08-04-2022/card/blackrock-announces-bitcoin-partnership-with-coinbase-amid-crypto-industry-turmoil-xuDZxcRq7AkXQMlprDlv

Glassnode chart

https://pbs.twimg.com/media/EtOu813XEAEZe9j?format=jpg&name=4096x4096

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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It's August the 8th, and this is episode 66 of Generational Wealth with Cryptocurrency.

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I'm your host, MacIntosh, and today we're going to be talking about how to be a whale.

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Hey, everyone. No one on this podcast is a financial advisor, and all information

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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 jump on in.

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All right. This week, we'll be covering the news, we'll be covering the market,

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and we will be talking about my announcement from last week. I have come up with levels,

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and these are a way to make this a little fun. We'll discuss that when we get to it,

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but this is really a way to help the listeners become more engaged, which is always a goal,

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I think, of any podcaster. And I've seen this work with other shows, and it's something I've been

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wrestling with, how to put in place, and I think I have a good plan. So we'll talk about that in

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just a few minutes. There has been a lot of news this week, so we will cover that first,

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unlike last week when there was virtually nothing.

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So I think maybe a lot of people miss stuff like this, and I don't want to get too much off into

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economics and this kind of thing. I know I probably tend to talk about it a little too

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much already, but I think this is important. So this is what they call earnings season.

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They have a lot of companies who are telling you what their net worth is, this kind of thing,

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not net worth, how they performed. And to be honest, I think in a lot of ways,

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for a lot of companies, these have come in surprisingly well. But on the other hand,

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over the last few months, we've had a lot of layoffs, specifically in the tech sector.

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The company that I worked for was actually hit with this. It's now been a couple months ago.

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They did what we call a reduction in force or whatever. And understand, I want to talk about

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this for just a second, not specifically because of my company, but in general, this is actually

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what goes on. So a company realizes it's not doing so well and times maybe are not looking so great.

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Obviously, we've got inflation going up, this kind of thing. So what can they control?

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One of the aspects of all this that they can control is, of course, the number of employees they got.

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I believe in my opinion, and I may be incorrect in this, but I believe that companies use this as a

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way to reduce headcount in a way that, I mean, they'll say, well, we got to do it because of the

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economics. And that's true to an extent, but they'll use it to reduce redundancies. They'll

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use it to reduce people who are not performing up to expectations. And that's true to an extent.

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They're forming up to expectations. See, 20 years ago, when I first got started in the tech industry,

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if you didn't do your job, after about six months, you got fired. And now it's become

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difficult to do that. I mean, there are states that it's virtually impossible to fire people

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unless they're burning the building down. So they use times like this to call the herd. And look,

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I've been through layoffs. I've been part of that. And it's a terrible thing when you're on the end

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of it. But thinking this through and maybe understanding that helped me actually cope with

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the frustrations that I felt for years, really, when I was laid off back in 2000. I was laid

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off multiple times back in 2000, 2001 timeframe during the kind of the last big, the end of the

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last big tech bubble, right? So we had a big tech bubble in the late 90s, 2000, and then it burst.

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Now, I don't think that's what's, I think we're having different reasons here, but I think the

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end result is the same. I think we're losing a lot of these employees, or they're having to go out

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and find new jobs or whatever, because of this. Now, the good news is the unemployment numbers

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actually are quite low. And they make a big deal out of that. They also released the unemployment

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unemployment, the number of new jobs that were added. We'll discuss that in a minute. That

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actually came out later in the week. This was on Monday. Amazon, everybody knows who Amazon is.

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They cut a hundred thousand employees from their workforce in a single quarter. That's a

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astronomically high number of people. Now, they, and that was globally, and it is said that they

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are now hiring at their slowest pace since 2019. So since prior to COVID, if I'm not mistaken.

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So they are taking this opportunity to, in fact, do just what I said, reduce redundancies and

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eliminate people who aren't making it. So there you go. A hundred thousand people out looking for a

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job all over the world. That's not, of course, just here in America. Good times, right? That's

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why we do Bitcoin. That's why we do crypto, this kind of thing. What's next? Ah, yes. We had an

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exploit and I wanted to talk about this. We had a couple of exploits this week. Actually,

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this was the first one, August the 2nd. I didn't even tweet about this one. To be honest,

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I'd never even heard about this token bridge. So this is a bridge between different assets.

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It's called the Nomad Token Bridge. They drained it of almost $200 million in a security exploit.

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I don't know what to say other than these bridges, these DeFi apps in general,

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to be honest, they don't do a good job of security.

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And I almost think there's this attitude. They don't care. They don't think it's important,

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maybe because it's not their money. I don't know. I don't understand it. And from the

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background that I come from, in terms of computers and networks, this makes no sense to me,

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to be honest. This is something that, as DeFi moves into the mainstream,

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and it's not in the mainstream yet, this will have to change. I've been banking with the same company,

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the same credit union, since I was 12 years old, a long time ago. And to my knowledge,

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they've never been compromised. They've never been hacked. My assets have never been at risk.

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So, I think differently about that. Until this type of thing changes, that will continue

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to be different. I personally would never put a large sum of money on one of these things.

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It's ridiculous. Until they're proven for a long time. Anyways. Next, we've got...

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Let's see here. Ah, yes. Our next compromise on Wednesday. All right, guys. I have talked about

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Solana. I'm done talking about Solana. I did tweet about this. I said, if you got any Solana,

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which I've already said stuff like this, you should just turn it into Bitcoin.

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Just sell it. Just turn it into Bitcoin. Stop it. This is ludicrous. This entire network

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is such a house of cards. It's not even funny. So, on the third, which was Wednesday, I believe.

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Yes. Last Wednesday, all of a sudden, they had thousands of wallets, thousands of wallets that

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had their Solana drained out of them through an exploit. They were targeted Solana wallets.

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Phantom and Slope, which are two Solana-based web services, wallet services, flagged the attacks on

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their social media platforms. The attackers gained access to users' private keys, and they

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just took their money. So, there you go. And they're urging Solana users to move their funds to cold

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storage. Like I said, I would move my money to Bitcoin and move it out of the Solana ecosystem,

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period. And I don't have anything else to say about that. And I'm just going to stop covering

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Solana. I guess if there's a major thing, we need to talk about it. But I cannot, in any good

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conscience, recommend anyone buy Solana at this point. So, I'm going to stop talking about Solana.

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Oh, I wanted to read this email to you guys. Bless these people's heart.

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For one thing, I don't think they realize that, really, the reality is this podcast isn't that

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large at this point. And so, this really wouldn't be of a great benefit. But I have already started

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receiving emails from exchanges who want me to show their product. Hi, my name is Dirk. I'll leave

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out his last name, and I'm in charge of the Trading Education Department at PrimeXBT.com.

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We're currently running a YouTube channel with 26,000 subscribers. Nice. And our Academy Twitter

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account with 24,000 followers, where I share my findings about trading and investing in

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cryptocurrencies with our viewers from my own 25 years of experience of being a professional trader.

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Congratulations. If you've been a trader for 25 years, why do you have a job, Dirk? Just asking

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for a friend. I mean, seriously, are you doing it just to teach people? Because after 25 years,

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you should be set for life. I'm currently looking for other content creators that would be interested

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in a cooperation on creating interesting cryptocurrency-based content. Cooperation

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could be, for example, me being a guest on your podcast and or you being a guest on one of our

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YouTube shows. Anything is really possible here. Blah, blah, blah. No, Dirk, I'm not interested.

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And if you listen to the podcast, you'll find that out. All right. Probably the biggest news.

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Actually, I'm going to jump one. We're going to talk about the U.S. jobless rates, which I

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already mentioned. This dovetails with the other one about Amazon. The Labor Department said that

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initial claims for state unemployment increased by 6,000 to 260,000 in the week ending on July 30th,

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hovering near an eight-month high. So, unemployment has increased to an eight-month high.

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Okay, so that's bad. We have 10.7 million job openings, according to the Labor Department.

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That's good. That's actually, if you think about that, 10.7 million job openings. That's one per

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30 people, actually. Right? No, did I do that math right? Well, 10 times 10 would be 100 million.

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Yeah, 30. One per 30 million. So, that's 330 million people or something in the United States.

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So, for every 30 people, there's a job. That's man, woman, child, infant, whomever.

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So, we've got a job shortage. We've got a shortage of people to do the jobs, but our

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unemployment continues to increase. It's at an eight-month high. I don't understand it. I don't.

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Some people say, well, because maybe the part of it is people are out working two jobs, which

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in this economy, I think that's probably part of it, because people can't make ends meet, right?

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You're paying $5 a gallon, $4 a gallon for gas, and everything is going up across the board. I

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mean, there's nothing that I do anymore that costs the same or less, almost without exception, than

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it did two years ago. And some of it is dramatically up. So, I think there's a lot of side hustles

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going on. I don't know. Anyways, those figures came out. And then, finally, we'll wrap things up

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with what might actually be the biggest news of the week, certainly in the long run. Coinbase,

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their stock jumped, which it always does when they do announcements like this, after announcing a

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Bitcoin partnership with BlackRock. Now, I don't talk about BlackRock very much on this show.

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Even just a few years ago, BlackRock was saying Bitcoin is bad, basically. BlackRock, and I don't

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want to get into all this. I'm not going to. It's whatever. But they are the world's largest money

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manager, financial asset manager, whatever. It's almost $10 trillion, or it's right at $10 trillion,

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something like that. $10 trillion in assets under management, an incredibly large amount.

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And they're going to start offering Bitcoin to their clients. So, again, we have the increased

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adoption by the industry, by companies, by major institutions.

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So that is certainly a very bullish item, if you want to call it that.

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And to wrap up the economy, I actually have one more. The Democrats figured out a way, and it

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doesn't matter. They got a moderate Democrat senator to sign on, to get their $700 billion

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economic package. Now, the funny thing about this, and I don't want to go into it, it doesn't matter.

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I'm sure there's something in there that you've heard about, and I'm sure you've heard about it,

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but I don't want to go into it. It doesn't matter. I'm sure there's something in there that you like.

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There may be things that you don't like, blah, blah, blah, whatever.

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One of the things that will make a major change in our country, and I'm speaking specifically

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about the United States here, for those of you who listen outside of the United States,

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we have to stop this crap. You can't put together a trillion dollar economic bill and not have a

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bunch of pork in it. Pork is excess. Oh, I want this little thing for my district, and it's only

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a billion dollars, and it doesn't mean anything else to the rest of the country, but we're going

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to make the taxpayers in the country pay for it. That's garbage. A bill, whether it's in the House

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or Senate, should be on a single piece of paper. It should cover a single topic. It should be able

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to be read by anybody of average intelligence in 10 minutes and understood. I guarantee you that's

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not what this bill is, and they call it the Inflation Reduction Act, and that is a joke.

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You can't spend $700 billion and reduce inflation. Think about that. These people are crazy.

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Sorry, but it's true. They believe in something that it's broken, and it's fundamentally broken,

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and they know it, or they refuse to accept it. I don't know, but they continue to do this garbage,

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but it's going through. So if you want a $7,500 credit on an SUV electric vehicle,

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congratulations. You got it. All right. Let's move on. I'm done. I'm going to take a deep breath,

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and we're going to move on to more fun things. We'll go ahead and do the market update. I really

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probably should do this in a regular order, but whatever. It's Sunday night as normal. It's

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10.40. I'm actually a little early tonight. The price of Bitcoin is $23,299. Ethereum is at $1,711.

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Thinking about this on the fly, I should actually start writing this down. I have

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trouble remembering from week to week what the price is, and it was near this last week. I

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remember that. We really haven't had that much action this week. We tried to take a little

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swing up, and it got pushed back down. I do believe, because we've had several of these,

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we've had several little fake breakouts, I think we're going to end up breaking down from here

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and going lower until we get a weekly close above $23,800 on Bitcoin. It's not a bull rally,

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and even then, I'm still cautious, as I think I said last week, but certainly before that happens.

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We've had days even above $23,800. I think we've certainly had some time period above $23,800,

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but it will not stay up there, and it keeps breaking down. $23,200 is a fairly important

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level, and once it breaks through that, it'll start going down into the $22,800, I think,

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and so on. We're still there, and I hope you're still DCAing. We'll see what happens this week.

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ADA is at $0.533. Actually, it's up a little bit, so $0.53. That's up like $0.03, I think,

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$0.04 from last week. You could look at that and say if it were $0.03 even, that's

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$0.50. Am I doing that math right? I'm probably not doing that math right. Well, not a 10%

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increase, sorry. Nothing great, but nothing to throw away either.

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All right, so there's our market. We just kind of chug along. Please, I don't want to turn this

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into an episode on DCAing, but I hope you're DCAing. You can set up recurring buys in Bitcoin with

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Stripe. I love to do that. You can go in there daily, weekly, monthly, make your purchases.

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I would recommend at least weekly, if not daily, on these purchases, if at all possible, just

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because you can kind of have these swings. We've been below $23,000 this week. We've been

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almost up to $24,000. If you buy it at the $24,000, well, that's quite a swing down to

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where we're even at right now and every little bit helps. Every sat will count in the long run,

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even with $100 million of them. All right, on to the fun stuff. I am so excited to tell you guys

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about this. I really am. Maybe I'm crazy, but I've talked to you all quite a bit about value for

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value, this kind of thing. I follow the Podcasting 2.0 podcast for one. It's a lot of technical stuff,

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but they're talking about the Podcasting 2.0 ecosystem. They're doing that on value for value,

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of course. People are sending in sats in, they're streaming sats, they're boosting sats,

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and so on and so forth. With Adam's other show, which is called No Agenda, it's been around for

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15 years and it's always been value for value. Now, they're very well-defined about it at this

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point. They probably weren't right out of the gate, but I think they got a pretty good handle

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on it pretty early on. They've spent a long time refining this. One of the things that they do,

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I've mentioned this before, but they have different levels. They have knights and dames,

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men and women. They have barons and baronesses. They have vicounts, dukes, earls. I don't know,

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but they have these different levels. You get to the level by providing a level of support,

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and you don't have to do it all at once. I'm going to tell you what their levels are, at least

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for a knight or dame, and you may be blown away. Like I said, they've been around a long time.

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They've had people who have supported their podcast literally for years. They'll do a recurring

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subscription through PayPal, which you can do at $5 a week. Doesn't sound like much. It's a coffee,

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right? These people will, over a period of time, let's see, it would take $5 a week to get to,

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it's $1,000 for a knight or dame. That's four years, basically. I think I just did that math

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right. I could be wrong. It took a while, and that's okay. They have people who do it instantly. I've

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seen them get really large donations, if you want to call it that. I don't like calling them

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donations, support, because people get a lot of value out of listening to that podcast. That

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podcast discusses world events. They do have a very large audience. It's actually over a million

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people, and it supports them quite well. I don't expect that. I just want to set out expectations.

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I'm going to tell you what my levels are. I'm going to tell you I had to make it crypto related,

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so I finally came up with it. There's a chart on Glassnode. Glassnode is an analytics company.

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I don't know why people do this, but they've given levels to people who own Bitcoin. I don't

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know if you've ever heard this. I don't actually know why people do this, but it's kind of funny.

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If you've ever heard the term Bitcoin whale, for example, you probably have if you've

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been around long enough, but there's others. I only actually knew of a few of them

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until I saw this chart. It's a breakdown of who owns Bitcoin in total, including the miners,

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9.7%. The exchanges, 12.7%. That's like Coinbase, Kraken, whoever. Then the different institutions

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would fall under this, really, or people. I'll start from the bottom. The shrimps, less than one

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Bitcoin. Crabs, one to 10 Bitcoin, which I'd never heard of crabs, octopus, fish. I think I'd heard

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of dolphins and sharks and whales. Then there's actually humpbacks. Going back to the crabs,

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one to 10, octopus 10 to 50, fish 50 to 100, dolphin 100 to 500 Bitcoin, sharks 500 to 1,000,

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a whale is 1,000, 1,000 to 5,000. These are Bitcoin. This is a lot of money, of course.

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Then humpbacks greater than 5,000. Actually, 13.3% are humpbacks. 18.4% are whales, which is

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an astoundingly high number to me. That's actually the highest category. Sharks are 6.6%. Dolphins,

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11.8%, 4.7% for the fish, 8.9% for the octopus, crabs are 9%, and shrimp are 4.9%. Of course,

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I'm not going to do this in Bitcoin. Even one Bitcoin would be an astounding amount,

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of course, even at today's depressed prices. What I want to do to make it fun, we converted into

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Sats. We're talking about Sats. I'm going to give you the numbers in Sats, and then I'll give you the

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numbers in dollars. We bat around these numbers in Sats, and sometimes it seems like a lot of money,

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and we forget. There's 100 million Sats in a Bitcoin, and of course, it depends on the exchange

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rate, but Sats are sub-cent level tokens. Anyways, I made my chart up. I figured it all out.

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This was done a few days ago, although the prices have stayed about the same. I'm going to give you

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those prices from a few days ago. We'll start from the bottom. Shrimps, I decided to make the first

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one 50,000, so I thought that was a pretty good goal. That is actually $11.69. For the price of

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two Starbucks, basically, you can be a shrimp and support this show. You don't have to do it all at

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once. One of the things I did want to mention, at this point, I get dumps of all the streams and all

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the boost. I am not going to keep track of this for people. It is way too complicated.

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I would expect people to do this themselves, and I would honor that if they would say,

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hey, I'm a shrimp, or I'm a crab, or whatever. You can attach the accounting if you wish.

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It's been this number of boosts. I'm on the fence about streams. I think I'll go ahead and include

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it if you can keep track of that. If you can't, don't worry about it. That's completely up to you.

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It's an honor system, I guess you could say. Shrimps, $50,000. Crab, $100,000. That's $23.37.

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Octopus, we jump up to $250,000. That's $58.43. Fish, $500,000. That's $116.86 at current prices.

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Dolphin, I made that a million. Sats, that's $233.72. Sharks, $2.5 million. That's $584.

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Whales, $3.5 million. That's $818. Then humpbacks are $5 million. We may never get a humpback. We

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may never get a whale, and that's fine. In fact, to be honest, we may never get anything above a,

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I don't know, a shrimp. I have no idea. We will have to see where this is going.

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I will put this out somewhere on the website. I will probably include it in the show notes today,

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certainly. The prices in USD, that's going to be the tricky part. I'll be honest.

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You can send me a PayPal donation, which is certainly greatly appreciated, but it's all

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just going to end up converted to Sats. I'm going to do this based on these values.

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When the price of Bitcoin is at $70,000 next time, which is three times what it's at right now,

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then it will cost three times as much to get to these levels. I can't avoid that.

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I live, in regards to generational wealth and cryptocurrency, I live in a Bitcoin world.

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I live in a Sats world. I don't really live in a USD world. I'm out here putting out value.

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I'm hopefully collecting value, and that value will be in Sats. If things get crazy, if Bitcoin

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reaches $200,000, then maybe we have a discussion about this because at that point, a shrimp would

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be $100, which I don't know. That's not crazy really, but we'll see. I'm open to feedback on

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that certainly from the listeners, but it's certainly a good time at this point to be supporting the

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show. $50,000 Sats for $11, I mean really, just throwing that out there. That's it actually.

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I hope you like it. We're going to have fun with it. If we start having people who get to that level,

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and I think we will over time, then we will celebrate that. To be honest, for now certainly,

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you hit the shrimp level, and buddy, I will talk about you on the show. Congratulations, your shrimp.

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With no agenda, again, going back to them, just as a comparison, their first level at night is

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$1,000. They actually send out like a signet ring and some ceiling wax, and I don't have anything

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like that. Maybe I come up with stuff over time. At the shrimp level, it would have to be a lot

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higher before we really start talking about something like that, but maybe for the sharks

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and whales and humpbacks, we do something really special for them. I don't know. Maybe

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I might be open to having people come on the show and chat. To be honest, I'd never even thought

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about that until right now. Maybe at the level of dolphin and above, which would be a million Sats,

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$233, and you can come on and, I don't know, we'll talk about your journey. We'll talk about

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whatever questions you got. So there, that's thought. We'll see. I actually, I kind of like

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that. Now, I think about it. If you're open to that, when you hit the dolphin level,

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when you hit the dolphin level, if you're going to do it once, it doesn't matter if you go above

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that, but if you hit the dolphin level, bring you on the show. I think that's the best way to

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go. I think that'd be pretty cool. All right. So that's it actually for tonight.

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I hope this has been helpful. Really, seriously. And I hope you like it. All right. So we had some

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people supporting the show this week. Appreciate that. And we'll go through them real quick. We've

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got our boost. Crypto Nomad, listening to the Simple Math and Bitcoin episode, boosted 198 Sats.

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That's interesting. It's 198. I'm wondering if that's after the Sats are taking out. It might

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have been 200. I don't know. We'll have to see. Maybe I'll have to do a test and see what comes

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through. Carlo GZ boosted three Sats. Ginny Jams boosted 10 Sats twice. Thank you, Ginny.

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Zahn Bix boosted two Sats. And actually, Ginny and Zahn were both listening to the

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last episode, as well as Carlo GZ. All right. Our next one.

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All right. Terrific. We got... I'm going to spell it. I don't know how to pronounce it. X-I-M-E pin,

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P-I-N, boosted twice. And that was for 40 Sats each. So thanks a lot. Appreciate that.

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And that was also for... Actually, that was for the CBDC's versus Bitcoin podcast,

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prepare for the future. All right. And then we had some more streaming. Appreciate that. Streaming

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really does help. I really appreciate that. Do not have time to go through all that though,

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unfortunately. And that's it. So that's it for this week for our boost. I did not see any messages.

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Of course, when you boost, you can message. You can always direct message me at Twitter,

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send me an email at macintosh at chinwellcrypto.com. So that will be it for this week.

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Let me know what you think about my new levels. And if you use in the Fountain app, I did notice

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one thing. It will actually show you a summary for how much you've supported or show. I know

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people think I'm just a shill for the Fountain app. It's just the one that I use all the time.

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I'm actually on their beta program now trying to help them out. But it's what I'm using and I get

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no nothing from that. But you can see the stats that you've boosted or streamed to a show. So

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that might be a way you can keep up with your accounting for these levels. So first level,

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50,000 for our shrimp. So who's going to be the first shrimp? That will be the question.

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All right. Yes, we've already talked about this for virtually the entire episode. But of course,

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we are a value for value podcast, a podcasting 2.0 podcast. We don't have any sponsors. No,

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Fountain is not our sponsor. No advertising and certainly not PrimeXBT. Sorry, whoever you were,

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which I don't remember your name. Dirk. You can support the podcast in three ways, but the good

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news is you don't have to listen to ads, just me rambling. You can support the podcast in three

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ways, times talent or treasure. If you want to support the podcast and have some time or talent,

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I really would like to get transcriptions going. I just don't have time. Now that I've slowed down

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a little bit, I may be able to look into that, but that's something that would help people who are

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hard of hearing. It would also help the Google searches, to be honest.

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Treasure, just what it sounds like. I have talked about treasure for the last

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20 minutes, so I am not going to elaborate on that. If you find what we're doing valuable,

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please support us with value. I would really appreciate that. You can find your podcast in

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2.0 app at newpodcastapps.com. There'll be a link for that in the show notes.

Speaker:

That's it. Please tell your friends about it. Love to hear from you. That's going to wrap it up.

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