Shownotes
This weeks episode covers how you can becoming involved in the new world of Podcasting 2.0. Try out the fountain app, get 1,000 free sats!
This year so far has been perfectly brutal in the market. What do we do from here? Let's discuss!
Ethereum price on March 9, 2020 hit seventy-seven dollars for a low. Less than TWO years ago.
Links
Twitter handle for Fountain: @fountain_app
News
https://news.bitcoin.com/ukrainian-parliament-adopts-amended-virtual-assets-law
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
Music Credits
Protofunk by Kevin MacLeod
Link: https://incompetech.filmmusic.io/song/4247-protofunk
License: https://filmmusic.io/standard-license
The following music was used for this media project:
Music: Ethernight Club by Kevin MacLeod
Free download: https://filmmusic.io/song/7612-ethernight-club
License (CC BY 4.0): https://filmmusic.io/standard-license
Artist website: https://incompetech.com
Transcripts
Hey everyone, no one on this podcast is a financial
Speaker:advisor and all information presented on this podcast is for informational purposes only.
Speaker:Now that we have the legal stuff out of the way, let's jump on in. Welcome to the Generational
Speaker:Wealth Cryptocurrency Podcast. I'm your host, McIntosh. Today we're going to be talking about
Speaker:empowering podcasting with the value for value business model. Today will somewhat be a continuation
Speaker:of last week with our discussion of the value for value business model. I'm not going to
Speaker:take the time to go over that again. I would suggest, if you didn't hear it, that you go
Speaker:back and listen to the episode. In a very short summary, I would say that the value
Speaker:for value business model is a model that's based on the idea that I'm not out here seeking
Speaker:advertising, sponsorships, donations, but if we supply value, we seek that the consumer
Speaker:then bring that value back to us. That's only possible through micro payments. Most people
Speaker:typically don't want to spend a whole bunch of, oh, a great podcast, here's a bunch of
Speaker:money. No, but with the advent of the Lightning Network, for example, we have a way of providing
Speaker:very small amounts of value. As an example, actually when I was doing the testing for
Speaker:this, someone on the PlebNet Lightning Telegram channel actually helped me test. They'd never
Speaker:heard of my podcast before, but they went out and sent some SATs, some Satoshis, to
Speaker:my Lightning node, which I set up. It was 55 Satoshis. Actually, in two payments, it
Speaker:was 50 and then five. I calculated it up. That 55 Satoshis was actually worth, at the
Speaker:time that I did the calculation, about 2.2 cents in U.S. dollars. Obviously, that's not
Speaker:very much. There was nothing in there that was actually spent in transport fees directly
Speaker:by the person who paid or by the person who received the money. It happened immediately,
Speaker:virtually immediately. Within a few seconds, that money had been transferred from him to
Speaker:or her, I do not know actually, to my Lightning node. It can be a very frictionless way of
Speaker:operating. If we have a methodology like this, if we have a way of sending very small payments,
Speaker:then maybe you think that my podcast, for example, is worth a few SATs per episode.
Speaker:You can program that. We're going to talk about that side of it. Not program it, but
Speaker:you can set it up so that that happens. The minimum that you can do, there's two ways
Speaker:when we're talking about podcasting 2.0, which is basically value-enabled podcasting.
Speaker:There's basically two ways that you can do this. You can either stream SATs. You'll hear
Speaker:that terminology. You can do that at a fixed rate. You can do that per minute. It can be
Speaker:down to one SAT per minute. If I had an hour-long podcast, as an example, 60 minutes, and you
Speaker:stream SATs the entire podcast, that would be 60 SATs. It'd be just over two cents. It
Speaker:can be very, very small amounts. That only happens when you're listening to the podcast.
Speaker:It's not automatic. If you download a podcast and don't listen to it, and you have the streaming
Speaker:SATs configured, then it doesn't happen automatically. I hope that makes sense. It only happens when
Speaker:you're listening and when you have the streaming SATs enabled.
Speaker:Now, there's a second way. It's called a boost that you can send SATs. You can do that with
Speaker:a prescribed amount. Maybe it's 100 SATs, or 500 SATs, or 1,000 SATs, or maybe it's more.
Speaker:You can fill in a little form and insert how many SATs. Potentially, you could actually
Speaker:put in a little memo saying, hey, great show, or that's awesome, or whatever message you
Speaker:want to send. Hit enter, or click the thing, and it will boost. It will send a boost to
Speaker:the podcaster. With value-for-value podcasting, which I'm going to refer to as Podcasting 2.0,
Speaker:that is the two ways that you can do that. Now, of course, we can still set up PayPal.
Speaker:We can set up, I don't know, Patreon, or some of these other more traditional ways of accepting
Speaker:money. In my experience, once you get it set up, it's very frictionless. You can have it
Speaker:set up. You can show your support, obviously, for a show, and for a very minimal amount,
Speaker:up to whatever level that you so choose, and let it go.
Speaker:We're going to spend a little bit of time talking about what that actually means. How
Speaker:do we set that up? It is, honestly, at this point, a little more difficult than I would
Speaker:like it to be. We are in a period of transition. Podcasting 2.0 has only been around for about
Speaker:a year and a half, or even the idea has been around for about a year and a half. The implementation
Speaker:of it really started about six months ago. There has been some time where Adam and Dave
Speaker:have been working on this. I mentioned Adam Curry last week. He was one of the co-founders
Speaker:of the original podcasting spec. He is currently working with a guy named Dave Jones on the
Speaker:Podcasting 2.0 specification. When I talk about Adam and Dave, that's who I'm talking
Speaker:about. These ideas, as I mentioned last week, really come in from the podcast that Adam
Speaker:and John Dvorak have been doing for 13-14 years at this point, where they do it based
Speaker:on this value for value model. Up until recently, they haven't been able to do what
Speaker:I just described, the streaming of Sats. They were counting on people to use PayPal and
Speaker:the other ways that they have of getting money. That's worked very well for them, as we talked
Speaker:about last week. No ads. They've never had any ads. It makes for a very pleasant listening experience.
Speaker:Frankly, as a listener, and I do listen to a number of podcasts, when I hear a podcast
Speaker:that is continually interrupted by ads, I find it offensive. I find it noisy, distracting.
Speaker:I do actually find it offensive. My favorite podcast right now actually gets divided up
Speaker:into three sections where there's ads, because they're trying to make some money. I get that,
Speaker:and they're spending a lot of work and a lot of time on that. They've probably never heard
Speaker:of value for value. They have no idea what all of this is. But as a listener, I listen
Speaker:to that and go, first of all, this stuff isn't even relevant. It gets right into the middle
Speaker:of the podcast itself. There's never a good place to stop and have an ad. It's not a good
Speaker:experience as a listener. Anyways, this is a way that these podcasters can make money.
Speaker:There's no middleman. There's no need to go beg somebody, oh, I've got a thousand downloads
Speaker:a month. Can you pay me $25 a month to run ads on my downloads or whatever?
Speaker:I don't want to knock what people are doing. I just know that the way that this is being
Speaker:done can be very beneficial, especially for podcasters who are just getting started. Because
Speaker:if you're just getting started, you're not going to be able to go get these other sponsorships,
Speaker:these ad insertions and that kind of thing. It's just not going to be possible because
Speaker:they're going to laugh at you. Oh, you've got 25 downloads this week. Go away. We don't
Speaker:want to talk to you. On the other hand, it doesn't matter whether you've got one or a
Speaker:hundred subscribers. Anybody can support you with value for value. So how do we do that?
Speaker:You use a Podcasting 2.0 app. So this might make a change. As an example, I used to use
Speaker:quite extensively Pocket Cast. I've used it for years. It's a very good app, but it currently
Speaker:does not support Podcasting 2.0. So I have no way through my Pocket Cast app to stream
Speaker:Sats to a podcaster. There has to be some inner workings there that it's certainly not
Speaker:relevant to this discussion to enable this streaming of Sats. On the other hand, there
Speaker:are a lot of applications that do support it. There's actually a list. If you go to
Speaker:newpodcastapps.com, that's N-E-W-P-O-D-C-A-S-T-A-P-P-S.com. And I'll have that link in the show notes.
Speaker:And it is a list of the current Podcast 2.0 apps, and some of them run on Macs, and some
Speaker:of them run on web interfaces, some of them run on iOS, some of them run on Android. There's
Speaker:a wide variety. I am specifically going to talk about one, because we kind of have to
Speaker:drill down to one. I can't cover all of these, but that's a good place to start.
Speaker:My suggestion would be, if you want to become involved in this, that you go try some different apps.
Speaker:Now, there's more to it than that. That part of it, we'll talk about that, being able to
Speaker:send those Sats, that's at this point a little difficult. However, right now, there's one app,
Speaker:the Fountain app, which does run on the iOS. Let me see. They do have it on Android, so
Speaker:Android and iOS. And you download it and set it up. It's got a nice, modern interface.
Speaker:Actually, one of the things you can do with the Fountain app, which is kind of unique,
Speaker:you can actually clip sections out of a podcast and share those on your social network.
Speaker:That's kind of neat. But it does support podcasting 2.0. It does support value for value streaming Sats.
Speaker:Right now, just a couple of days ago, I had no idea this was going to happen, but just
Speaker:a couple of days ago on the 19th, they announced on their Twitter channel that if you're a
Speaker:new Fountain user and you play a podcast, I want to read what it says, actually. And
Speaker:it ends on March the 1st, so this is about 10 days from now. Seven, eight days from now.
Speaker:It says, we're giving every new Fountain user who plays a podcast a welcome gift of a thousand
Speaker:Sats. Why? So you can just see how good it feels to send them to podcasts that you enjoy.
Speaker:Each one of these value for value podcasting apps, these podcasting 2.0 apps, they're going
Speaker:to basically have a little wallet in there. With Fountain, they're actually going to fill
Speaker:it with a thousand Sats, which isn't a whole lot. Remember, 50 Sats is roughly two cents,
Speaker:so you can do the quick math on that. A hundred Sats would be four cents, so that'd be roughly
Speaker:40 cents. Not a huge amount. But you know what you can do with that? You can make several
Speaker:podcasters pretty happy with that. Stream some Sats, maybe boost some things here and there.
Speaker:You've gone through the process at that point. You've gone through the majority of the process.
Speaker:The only thing you haven't done is fund your wallet. You've gone through the process of
Speaker:what Podcast 2.0 is all about. Now, there's a lot of other benefits to a Podcast 2.0 app
Speaker:besides streaming Sats. As a podcaster, of course, that's what's important to us. However,
Speaker:we also have the ability to have chapters. For example, we typically have a news section,
Speaker:we have a main section, and maybe a market report type section. We talk about the current market,
Speaker:which we will do all three of those tonight. We're in our main section right now. Maybe a welcome
Speaker:section, of course, intro or whatever. Basically, you look at it as chapters in a book. You mark it,
Speaker:boom, boom, boom, boom. There's your chapters. Then you can actually insert graphics. You
Speaker:can insert hyperlinks. You can do different things with that. It shows up in your podcast player.
Speaker:Podcasting 2.0 also supports transcriptions. It's got a whole list of things that it supports
Speaker:that go above and beyond traditional podcasting. The reality is that the RSS spec has been very,
Speaker:oh, what's a good way to put this? Slow to change. There's not been a lot of innovation there,
Speaker:frankly. With the Podcast 2.0 spec, Adam and Dave, they are taking this opportunity to add a lot of
Speaker:stuff. One of the things they're testing right now, actually, which I believe is starting to get
Speaker:rolled out, is a live tag. Now, this is cool. With a live tag, you could send, from what I understand,
Speaker:the way that it's going to be done. I understand this is early, so I may be incorrect about this,
Speaker:but from the way that I understand, if I choose to do a live broadcast, I could have it configured
Speaker:so that when I start my recording and have everything set up, it would have that live tag
Speaker:and people would know when I go online. They could listen to it as it was being recorded.
Speaker:Some shows do get recorded live and they go straight to digital and on out the door.
Speaker:I choose to do some editing of mine, taking out spaces and arms and that kind of thing.
Speaker:I'm a perfectionist and I don't like to have that. So, I do as much as I can to fix that up,
Speaker:but maybe that's something that we start doing. Another thing that will be coming,
Speaker:comments and cross out comments. I think they already have the comments kind of in place.
Speaker:I may be mistaken about that. I'm not as up to date on that as maybe some of the other stuff,
Speaker:but eventually, I think it will get to the point where you will be able, if I have a
Speaker:version of my podcast up on YouTube, maybe it's just audio or another video platform,
Speaker:maybe I can have comments there and comments in my regular spot. They work across different apps.
Speaker:So, we'll see how that works out. There is lots of innovation going on, though. It's not just
Speaker:the whole kind of implementing the Lightning Network to stream these sets. I don't want to go
Speaker:on any further. I would highly suggest, if you have any interest in this, and maybe you don't,
Speaker:but if you have any interest in this and you've never used the Fountain app, now would be a good
Speaker:time to go out there and grab it, set it up with your new account, listen to a podcast app. It says
Speaker:in another spot, it doesn't say it here, they'll send you an email about how to use the Fountain
Speaker:app here. They'll send you an email about how to claim your 1,000 Sats. So, that should be relatively
Speaker:easy and you'll get funded into your wallet. Now, if you don't have that, it's a little bit trickier.
Speaker:You basically have to use some type of onboarding service or already have money on the Lightning
Speaker:Network in order to fund a Lightning wallet. In my opinion, this is one of those things that's kind
Speaker:of a stumbling block, so to speak. It's not as easy as I would like it to be. And I mean that
Speaker:in general. The Lightning Network and the Bitcoin Network, even though Lightning sits on top of
Speaker:Bitcoin and Lightning, it's 100 million Satoshis per Bitcoin, there's not a great deal of
Speaker:interoperability, so to speak. Not that you want a whole lot maybe, but you do want some...
Speaker:People need an easy way to get money in and out. Right now, I have on my Lightning node, I have
Speaker:Bitcoin sitting there on the main Bitcoin network, a small amount. And then I have a Lightning wallet
Speaker:with that 55 Satoshis. They are two separate entities. And I cannot just say, I want to move
Speaker:over 100,000 Satoshis from my Bitcoin to the Lightning wallet. And to me, I know the technical
Speaker:reasons for it. I get that. I understand that. I hope there's a way around some of those challenges,
Speaker:because to me, it's like, why? I mean, they're the same thing. Why can't I, right? And I think
Speaker:as we move new people into this space, that will be a stumbling block for them. But I would encourage
Speaker:you to persevere. And I will be probably doing some things to help people along that way. Maybe
Speaker:doing some, I don't know, some videos or something. This is kind of a more visual thing a lot of times.
Speaker:I don't know that it would lend well to a podcasting setup. We will see. But maybe some extra
Speaker:content or something about that, because I truly believe as a podcaster, this is a way for us to
Speaker:kind of get away from, oh, if you make it, you make a lot of money, but nobody else really does
Speaker:anything and they work for hours and hours and hours. If I, as a podcaster, am providing value
Speaker:to my listeners, and I hope that I am, if I'm not, then why would they repeat? And I know that a lot
Speaker:of our listeners do. Why would they continue to listen? Then I would like my listeners to be able
Speaker:to provide value back to me. And as I mentioned last week, I always want to say this. It's not
Speaker:just money. It can be, as Adam says, time, talent, and treasure. And eventually I'm going to stop
Speaker:ascribing that to him. He does say it all the time. But I guess if you say it enough yourself,
Speaker:it's your own saying, right? So time, talent, and treasure. And we do put treasure last in that
Speaker:list. Treasure or money, sats is important, but time and talent is also very important.
Speaker:What do I mean by that? As I mentioned, I think last week, I would love to have somebody
Speaker:deal with the chapter stuff. That would be a way that you could do time and talent. Invest an hour
Speaker:a week and learn how to do that and throw that into the show. And that's worth more than a few
Speaker:sats to me. I don't have the time to do that. And I would get it set up for somebody if they wanted
Speaker:to do that. But I know even if I get everything set up, I'm not going to take the time every week
Speaker:to get those chapters set up and move in any kind of graphics or whatever. I would love to have it
Speaker:done. So that would be a great thing that could happen. Even just telling people about the podcast,
Speaker:one of the best ways that we, for six months, we've shown growth every month in our number of users.
Speaker:But the best way for people to hear about us is from somebody saying, hey, I got this podcast I
Speaker:listened to. Seems like a pretty balanced guy. Giving a different perspective, I certainly hope,
Speaker:on crypto. All right. I think we're going to kind of stop there. We could go for hours and
Speaker:hours on that, but there's a lot of content. Just to reiterate, give podcasting 2.0 a try.
Speaker:Try the Fountain app. Set up an account, download the app on your Apple or your Android phone,
Speaker:set up an account, download the app, and listen to it. It says A Podcast. I don't know if that
Speaker:means value for value podcast. I don't think it does. But listen to the Generational Wealth
Speaker:Cryptocurrency podcast on it, and then they should send you an email and you can fill that out or
Speaker:whatever. There has to be some way of claiming that. They're not just going to put it into your
Speaker:wallet, but claim that thousand sats and then give it a try. I think it's a terrific way to start.
Speaker:And to be honest, the Fountain app is one of my favorites, so I'm glad they're doing it.
Speaker:All right. Before we talk about news, we probably should talk about the market.
Speaker:Wow. The market. The market is a mess. It is almost daily going down. Right now, as I'm recording,
Speaker:we're at 36,741 for Bitcoin. I'll actually, I got to select it, but I'll tell you what ETH is at.
Speaker:It's equally low. In fact, maybe even lower, 2531, so 2,531. It's just not good. It's not.
Speaker:And the thing that to me is frustrating about this market, and I've been watching this and I
Speaker:am in a trade, I'm not in a good position, and I may end up getting liquidated out of it. It may
Speaker:happen because I did not expect things to go this low. It is truly starting to look like
Speaker:we're just going to keep trending down over the next few weeks, or at least for some period of
Speaker:time. And the thing that's frustrating to me is that all of the crypto news, the majority of the
Speaker:crypto news, not all, and we're going to discuss some of that in our news section, but the majority
Speaker:of the crypto news is positive. Countries saying, recognizing Bitcoin or crypto as not legal tender,
Speaker:but as legal. It's okay. You can use it. You can trade it. There's a couple of those stories
Speaker:tonight from states and countries. There's more people holding. There's more people adopting.
Speaker:There's more people using the Lightning Network, which truly represents use. You need to understand
Speaker:that. And I've said it when we talked about Lightning before, but Lightning, it's about
Speaker:using Bitcoin. It's not holding Bitcoin as an investment. It's how can we use it as a currency,
Speaker:essentially? How can I pay for this, that, or the other with my Bitcoin or with some Bitcoin?
Speaker:And maybe you need to separate that from your investment Bitcoin. I get that. I understand
Speaker:that. That's something that, as we move into this paradigm, we'll all have to figure out.
Speaker:I don't want you certainly spending your investment Bitcoin. But I would love to see you buy some
Speaker:in small amounts to use on the Lightning Network. And the growth of that Lightning Network,
Speaker:I mean, it's like a hockey stick type graph. I mean, it's exponential. So, all of this positive
Speaker:news, and yet the price is going down because it's going down because retail is not involved.
Speaker:And by retail, I mean, the average person, oh, I'm going to buy Bitcoin to hold for five years
Speaker:or whatever. Those people aren't involved. And volume is very down. So, even with all of the
Speaker:positive news and with all of the even on-chain technical metrics and that kind of thing that are
Speaker:so positive, the price is going down. Why is it going down? It's going down, I think,
Speaker:for several reasons. And it's all kind of macro, world, economic, political things.
Speaker:So, I'm going to talk about a few things that are going on right now, which I do believe are
Speaker:directly affecting Bitcoin. Both negatively, I believe, frankly, one of them should be positive.
Speaker:But of course, we've got the Russia-Ukraine situation going on. And I don't know all about it,
Speaker:but Russia is threatening to invade the Ukraine. Biden, the United States president, is saying,
Speaker:almost daily, it seems like invasion is imminent. That's not good for our stock market and for
Speaker:crypto in the United States, which is the largest sector of crypto and all that. So, you've got that
Speaker:right? So, you've got that situation, which is unresolved, doesn't look like it's going to
Speaker:resolve anytime soon. Of course, I hope that there's no invasion, that there's no war,
Speaker:that's not going to benefit anybody or maybe a few people, but the average person is certainly not.
Speaker:And then the other thing that you've got going on, and I'm going to talk about this,
Speaker:and I think this is important, and I'm not a Canadian citizen, and I always want to be
Speaker:careful in talking about other people's countries. I may be less careful talking about the United
Speaker:States because it is my country. I've lived here. I'm a US citizen. So, that gives me a right to
Speaker:talk about it and to participate in the mess that we call democracy. But what's going on in Canada
Speaker:is the truckers are striking. And I'm not going to go into why, because that gets twisted. I don't
Speaker:know if, well, it depends on who you listen to. How's that sound? One side says it's one thing,
Speaker:one side says it's another. And the Ottawa police specifically have gotten involved and they've
Speaker:started arresting people. The Canadian government under Trudeau, and this is all factual. You can
Speaker:look this up. I am not going to go into speculation, has had an Emergency Powers Act drafted to freeze,
Speaker:a couple of things happened. I'll finish this out and then we'll go back, but to freeze accounts
Speaker:of people who are involved in the protest without court order, without what I would call due process.
Speaker:Now, maybe they call it something different. I don't know, but in the United States, we would
Speaker:call it due process. And the country in general seems to be okay with that. The other thing that
Speaker:the other thing that was happening, you had a GoFundMe set up to send money to these truckers,
Speaker:to these protesters to help them because they're sitting idle. They're spending lots of money
Speaker:to do that. They're losing revenue. So it's hurting them economically just by being there.
Speaker:So there was a GoFundMe set up to route money to them and GoFundMe said,
Speaker:no, we're not doing that. And then they said, no, rather than refund the money,
Speaker:we're actually going to send it to stuff that we think it's good for. And apparently by their
Speaker:bylaws or whatever, by their user agreement, that is okay. Frankly, I'm not okay with that.
Speaker:If I'm giving money to somebody, you as the platform don't have the right to say, no,
Speaker:that's not okay. And we're going to send it to where we think it's okay. And we can discuss
Speaker:that another time. It's maybe a long discussion, but that's not okay. And they eventually backtracked
Speaker:on that, but this whole Canadian situation as well. And now they're, and here's where it ties
Speaker:directly into crypto. People were sent on Bitcoin or some bit, you know, fractions of a Bitcoin.
Speaker:Here's where it ties in. Under this Emergency Powers Act, they've started freezing crypto
Speaker:accounts and they've started saying, they've been requesting that these centralized exchanges,
Speaker:Coinbase, Kraken, I don't know if they operate in Canada offhand, but those are examples of
Speaker:centralized exchanges. They're sending them a list of people and saying, freeze all these accounts.
Speaker:So the lesson here is maybe if you, you might not want to think about keeping all your money on
Speaker:a central exchange. Okay. We've talked about this before. There's security reasons for that,
Speaker:but this is just yet another reason. And I don't want to get into, I'm not going to get
Speaker:into all the politics of this, but just something to think about, right? Now the stock market as
Speaker:well in general, the United States stock markets, the exchanges are not doing well and they have not
Speaker:for weeks on end. And I do think that a lot of this ties back to the whole Russia Ukraine thing,
Speaker:which has gone on for a long time now. And I still believe at this point, and I may be incorrect,
Speaker:I still believe at some point things are going to happen. The Russia Ukraine situation,
Speaker:even if it resolves by an invasion happening and those two countries start fighting,
Speaker:I think that things will bounce back. Now I'm not promoting that you should try and trade or
Speaker:anything based off that. That is not financial advice. My financial advice would be as always,
Speaker:DCA, just keep buying. It's the 21st of February. I'm 21 days into buying Bitcoin through strike.
Speaker:And I've talked about it on a couple of episodes. A small amount each day, 1230,
Speaker:I get an email saying, you bought your Bitcoin. You bought your Bitcoin. You bought your Bitcoin.
Speaker:I would be very careful at this point about alts, alts if we are truly going into a bear market.
Speaker:Are going to fare the worst. And I would suggest that anything outside of Bitcoin,
Speaker:well really technically anything outside of Bitcoin is considered an alt. I think Ethereum
Speaker:will fare fairly well, probably ADA, but anything that doesn't have a long track record,
Speaker:I would be highly suspect of. Certainly probably would not continue to invest. And
Speaker:I don't know. People get mad if I start saying anything, but do your own research or course.
Speaker:But we could be in for a ride. Now here's the thing. And I've told you all this
Speaker:a number of times. The bear market can make you rich. You can make money in a bull market,
Speaker:of course. And some people with the right setup or if they get lucky or whatever,
Speaker:they can make a lot of money. But a bear market will make you rich. Do you realize that not very
Speaker:long ago Ethereum was $100? $100. And what did I just say it was? We're down 50% from our all-time
Speaker:high, essentially at $2,500. I don't have the chart in front of me and I'm not going to take
Speaker:the time to look it up. But it was less than two years if I'm not mistaken. If it was more
Speaker:than two years, I will bring that up on the next show. I believe it was less than two years.
Speaker:$100. You could have bought a stake, 32 tokens, for $3,200 at that point.
Speaker:And now it's almost $100,000. $64,000, excuse me. At the height at $5,000,
Speaker:roughly, it was, my gracious, $150,000. That's why DCA is such a powerful thing.
Speaker:I'm going to buy it whether it's $5,000 or $100. If it's $100, if everybody's screaming,
Speaker:and I don't think we're ever going to get back down to $100, but if everybody's just like,
Speaker:oh, the end is nigh and crypto's over, that's what I'm going to buy the most. I'm going to be like,
Speaker:everything I can scrape together, I'm going to buy because that's probably when it's the cheapest.
Speaker:It's going to go up from there. DCA, that's the financial advice.
Speaker:Okay, that's the market. It's not pretty, unfortunately, but it is something that we
Speaker:have to think about. We're going to roll through the news. Not a huge amount of news, but again,
Speaker:some really good, I think, powerful things. There is one thing that we're going to have
Speaker:to talk about that's not, and it goes back to security on the internet. Okay, first of all,
Speaker:Colorado. Colorado introduced a bill. I have to bring it up here. The state is going to start
Speaker:accepting crypto for taxes by this summer. The governor said that they will start doing that.
Speaker:It was at an Ethereum conference that they were holding in Denver. He came out and said,
Speaker:we're going to start accepting crypto. Again, states accepting crypto. I think in the United
Speaker:States, what we're going to see is a lot of states are going to be doing things like this, Miami,
Speaker:New York, California, so on and so forth, and it will trickle up to the federal level.
Speaker:Hope that makes sense. All right, so you've got Colorado. Actually, also even more recently,
Speaker:I think this came out maybe yesterday. Kind of odd on a Saturday. Where did it go? A California
Speaker:lawmaker is introducing legislation to accept crypto as payment for government services.
Speaker:To me, this sounds exactly like the Colorado thing. It's coming in California. California,
Speaker:of course, is the biggest, most populous state in the United States. All right. Oh, and the Ukraine
Speaker:actually recognizes Bitcoin as legal or crypto as legal. Let me look that up real quick. Make sure
Speaker:I've got that right. So Thursday of this week, the Ukrainian parliament passed a bill to legalize
Speaker:crypto, preparing a framework for the regulation management of those services. So there's a lot
Speaker:going on in Ukraine in terms of crypto. Unfortunately, of course, they're under all
Speaker:this other stress, but that's just another step for them. And Russia, ironically, actually made
Speaker:some more moves. They've been talking about this over the last few months. No big surprise,
Speaker:but they're just moving forward with stuff there as well. So again, just like I said,
Speaker:all of this is good news. States accepting crypto. Governments recognizing crypto. Oh, I tweeted,
Speaker:this was mind-boggling. I'm going to bring this up. I've said this, I don't know how many times.
Speaker:By the way, on Twitter, Fountain is fountain underscore app, if you want to follow them.
Speaker:But I actually tweeted, follow the president of El Salvador. He's a hoot. It's Naib Bukaili,
Speaker:it's Naib Bukaili, N-A-Y-I-B-B-U-K-E-L-E, no space, no anything. It's all, you know,
Speaker:at Naib Bukaili on Twitter. He said just a couple of days ago, El Salvador's GDP grew 10.3% in 2021.
Speaker:That's great. And now it exports. Excuse me. And now it exports. Oh, he actually has his
Speaker:mother language is Spanish, of course. He has a small English error here. Hold on. Let me just
Speaker:figure out what he's saying. Okay. I think this is what he's trying to say.
Speaker:He says exports grew 13% in January of 2022 compared to January of 2021.
Speaker:And exports are the main driver of economic growth. So, it sounds like right now they're
Speaker:even doing better than they were. Are we looking at another double-digit GDP growth this year?
Speaker:And by the way, he just kind of casually dropped this in. El Salvador had never had a double-digit
Speaker:GDP growth before 2021. Now, you can say that wasn't Bitcoin. I would say it at least had
Speaker:some part in that. There are a tremendous amount of things going on in El Salvador
Speaker:in regards specifically to Bitcoin. They have chosen to centralize around Bitcoin, so to speak.
Speaker:So, that's a bit more news. Certainly, good news coming out of El Salvador. Again,
Speaker:more good stuff, more good stuff, more good stuff. And yet, we see the price go down day over day,
Speaker:almost every day, week over week. We will see here shortly if February is going to be
Speaker:a green month or a red month, if it's going to be positive or negative. Oh, and then the last bit
Speaker:of news. And unfortunately, this is another hack. It happened on OpenSea. OpenSea, which I've talked
Speaker:about before, is the largest NFT platform out there on Ethereum. Largest in general, but they
Speaker:specifically are on Ethereum, as well as Polygon now, I think. But anyways, they had an upgrade
Speaker:that was planned. Apparently, this phishing attack was somewhat related to that. A phishing attack
Speaker:is not a flaw in the code. It's when somebody's sending emails trying to get you to click to go
Speaker:to the wrong place kind of thing. And apparently, they're saying it's 13 from the latest that I can
Speaker:find. And it's still fairly early. Things are kind of unclear. If you have anything on OpenSea,
Speaker:I'm sure by now you've probably already heard of this, if you do, but I would not be interacting
Speaker:with it at this point. I'd be very careful about that. Let this settle out. Anyways, they ended up
Speaker:with like 13 people that lost their NFTs. And some of these were not small NFTs, or at least small
Speaker:in price. So there was quite a bit of money that was lost, unfortunately. Now, I think OpenSea
Speaker:should step up and pay these people. They can argue, well, it wasn't their fault because it
Speaker:was a phishing attack. But the reality is it would just be the right thing to do, in my opinion.
Speaker:We'll see what they do. They don't have the best reputation right now. They had some insider stuff
Speaker:going on months ago. Now, not a great reputation out there in some places, I'll say. It would do
Speaker:them a lot of good from a marketing standpoint, so to speak, to step up and say, yep, we'll take
Speaker:care of that. And we'll compensate you for the current value of those NFTs. I think that'd be
Speaker:the right thing to do. That's it for the news this week. I hope this week was helpful. I know
Speaker:the last couple of weeks have kind of been, there's a lot of putting your head around this
Speaker:whole value for value model and podcast 2.0. It can be difficult. I get it. It takes some time.
Speaker:But with the Fountain app right now, and I don't get anything from this, by the way. I want to be
Speaker:very clear about that. I have no incentive to share this with you other than the fact that,
Speaker:A, I think Fountain's a great app, and B, it's free Sats. It's a way for you to try this out,
Speaker:and I think you should take advantage of that. Go download it. Listen to it. Set up your account.
Speaker:Listen to a podcast, any podcast, my podcast, I don't care. Get those Sats and then use that
Speaker:to go out and try this podcasting 2.0 and start supporting your podcast 2.0 people, podcasters,
Speaker:whatever the words are. If you like the content, I would love it if you'd visit the Apple Podcast
Speaker:review page and leave a review. The more reviews I have, the more visibility the podcast has.
Speaker:Tell your friends about Generational Wealth with Cryptocurrency podcast. Thanks for being here.
Speaker:I hope this has been helpful. I would love to hear from you. I'm on Twitter at McIntosh Fintech,
Speaker:and you can reach me by email at mcintosh at genwealthcrypto.com. And of course,