A recent study has voiced the opinion that reversible transactions on a blockchain are a good idea as a way to combat hacking. Unfortunately, this is a simplistic worldview. The reality is that being able to roll back blockchain activity has unintended side effects that end up harming people not even involved in the hack. Let's discuss!

News and Links

https://www.bloomberg.com/news/articles/2022-10-01/solana-says-successfully-completed-cluster-restart-after-outage

https://www.cnet.com/culture/internet/kim-kardashian-pays-1-2m-to-settle-crypto-instagram-ad-charges

https://cointelegraph.com/news/the-sec-is-bullying-kim-kardashian-and-it-could-chill-the-influencer-economy/amp

The United Nations calls on the Fed and other central banks to halt interest rate increases - WSJ

HAK, one of the largest vegetable brands in Northern Europe, to shut down production for six weeks due to high energy costs.

Inflation hits 83% in Turkey, a new 24-year high

IMF Managing Director Says the Fed has "High Responsibility"

US national debt surpasses $31 trillion for the first time ever

European Union bans all #crypto assets, accounts, and custody services belonging to Russians.

California will be sending out $1,050 stimulus payments to qualifying residents to combat inflation

Tunisia Raises Rates to Highest Level in 30 years to Combat Inflation

 Belarus President Alexander Lukashenko says he's banning inflation: "From October 6, all price increases are forbidden. Forbidden!"

https://twitter.com/nytimes/status/1578437514372829192

Celsius published a 14,000-page document detailing every user's full name, linked to timestamp & amount of each deposit/withdrawal/liquidation

Why Finality Matters

https://cointelegraph.com/news/reversible-transactions-could-mitigate-crypto-theft-researchers

Bitcoin Whitepaper

October 9, 2022 Weekly Close (USD)

BTC - $18,446.43

ETH - $1,322.60

ADA - $0.423072

Podcasting 2.0 Apps available at http://newpodcastapps.com/ and Value4Value information page available here: https://value4value.info/

I can be reached by email at [email protected] and on twitter at @McIntoshFinTech. My mastodon handle is @[email protected]. I'm also on matrix at @mcintosh1775:matrix.org. Looking forward to hearing from you!

Website

https://gen-btc.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

Website

https://satoshis-plebs.com

Podcasting 2.0 Apps available at http://podcastapps.com and Value4Value information page available here: https://value4value.info

I can be reached by email at [email protected] and on Twitter at @McIntoshFinTech. My mastodon handle is @[email protected]. Looking forward to hearing from you!

For years I have held the thesis that there would be some point in time when the game of fiat currencies backed by "faith and trust" in government would fall like a badly built house of cards. With the kickoff the of global pandemic and subsequent governmental reactions (including accelerating national debt levels) I reasoned that the time of reckoning was drawing nearer.

With the beginnings of the rise of various inflation rates I started saying on the podcast that basically 2023 should be the worse part of the recession. That still may prove to be true but I am very strongly starting to believe it will be in the next few months (say three to six months) instead of the second half of 2023.

This weeks news is packed full of backing for those views. Inflation is beginning to spike sharply in a number of countries. As an example, the Netherlands are reporting 17.1% inflation for September. A number of institutions are experience severe credit issues. Energy production is down. Energy prices in Europe are spiraling upward. The war in the Ukraine is continuing to drag on. Banks and various other companies are beginning to say they don't have liquidity (ie .. cash) to continue. Apparently without a governmental intervention (ie .. injection of cash via creation of more debt) the majority of the pensions in Britain would have been insolvent last week.

So let's dive into the news and remember why we stack sats!!!!!!!

News and Links

Proposal for Reversible Transactions on Ethereum

Germany announces 200 Billion Euro package in Debt Relief

A US CBDC won't be anonymous

Netherlands records 17.1% inflation rate

World banks exposure to crypto

US Federal Reserve Emergency Meeting

Zombie firms and business bankruptcies

Why is the US dollar so Strong against other currencys?

French minister for the economy demanded access to all banking transactions

The second largest steel producer in the UK is seeking urgent financial help

Lynn Alden

Paypal Updates User Agreement - Goodbye Paypal!!

Podcasting 2.0 Apps available at http://newpodcastapps.com/ and Value4Value information page available here: https://value4value.info/

I can be reached by email at [email protected] and on twitter at @McIntoshFinTech. My mastodon handle is @[email protected]. I'm also on matrix at @mcintosh1775:matrix.org. Looking forward to hearing from you!

Website

https://gen-btc.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

Website

https://satoshis-plebs.com

Podcasting 2.0 Apps available at http://podcastapps.com and Value4Value information page available here: https://value4value.info

I can be reached by email at [email protected] and on Twitter at @McIntoshFinTech. My mastodon handle is @[email protected]. Looking forward to hearing from you!

The macro environments (inflation, world events, basic commodities and energy, as well as stocks, bonds etc) definitely affect crypto currency pricing. I discuss how these unprecedented times are keeping crypto a "risk on" asset and what it will take to decouple from these traditional financial markets.

News and Links

Belgium to Shut Down a Nuclear Reactor

Github "unbans" Tornado Cash Mixer

Podcasting 2.0 Apps available at http://newpodcastapps.com/ and Value4Value information page available here: https://value4value.info/

I can be reached by email at [email protected] and on twitter at @McIntoshFinTech. My mastodon handle is @[email protected]. I'm also on matrix at @mcintosh1775:matrix.org. Looking forward to hearing from you!

Website

https://gen-btc.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

Website

https://satoshis-plebs.com

Podcasting 2.0 Apps available at http://podcastapps.com and Value4Value information page available here: https://value4value.info

I can be reached by email at [email protected] and on Twitter at @McIntoshFinTech. My mastodon handle is @[email protected]. Looking forward to hearing from you!

It's important when investing in cryptocurrencies to understand some of the basic math behind tokens - often called "tokenomics". In this episode we look at bitcoin's total market cap and what it would take to have bitcoin worth REALLY large amounts as well as discuss what the debt to GDP ratio means and what potentially could happen as a number of sovereign nations are at historically high debt to GDP ratios.

Global Debt to GDP ratio

China Reaches Record Debt Level

Collapse of the Japanese Yen

United States Debt to GDP Chart

Podcasting 2.0 Apps available at http://newpodcastapps.com/ and Value4Value information page available here: https://value4value.info/

I can be reached by email at [email protected] and on twitter at @McIntoshFinTech. My mastodon handle is @[email protected]. I'm also on matrix at @mcintosh1775:matrix.org. Looking forward to hearing from you!

Website

https://gen-btc.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

Website

https://satoshis-plebs.com

Podcasting 2.0 Apps available at http://podcastapps.com and Value4Value information page available here: https://value4value.info

I can be reached by email at [email protected] and on Twitter at @McIntoshFinTech. My mastodon handle is @[email protected]. Looking forward to hearing from you!

The culmination of years of work is occurring tonight with the "merge". The move from Proof of Work to Proof of Stake by the Ethereum developers will shape Ethereum's future in ways that are probably not even known currently.

Join the podcast as I cover the background of the merge, the development that will be occurring after the merge and even some "live" commentary during the actually merge itself. There are events that shape the future of cryptocurrency for better or for worse and this is certainly going to be a pivotal event.

Ultrasound Money

ETH Merge Dashboard

Watch the Ethereum Burn

Ethereum Difficulty Bomb

Celsius CEO Lays out Plan for "Revival"

Arrest Warrant Issues Against Do Kwan

Podcasting 2.0 Apps available at http://newpodcastapps.com/ and Value4Value information page available here: https://value4value.info/

I can be reached by email at [email protected] and on twitter at @McIntoshFinTech. My mastodon handle is @[email protected]. I'm also on matrix at @mcintosh1775:matrix.org. Looking forward to hearing from you!

Website

https://gen-btc.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

Website

https://satoshis-plebs.com

Podcasting 2.0 Apps available at http://podcastapps.com and Value4Value information page available here: https://value4value.info

I can be reached by email at [email protected] and on Twitter at @McIntoshFinTech. My mastodon handle is @[email protected]. Looking forward to hearing from you!

The Hive blockchain has been around for quite a while and I have never discussed it on the GWC podcast. It's not a chain that I know a lot about, but what I do know is intriguing. Recently I contacted Brian of London about coming on the show and he was gracious enough to do so. We had a great conversation about Hive in general and his work developing Podping and the V4V app.

News and Links

Hive

Hive Apps

Hive Smart Contracts

Brian of London's Hive Blog

Brian's PeakD account

Signup for a Hive account

V4V App

Podping

Podping Source Code

Poolin Mining Pool

Russia Legalizes Crypto for International trade.

Fideltity offering trading for retail customers in November

Coinbase Backing Lawsuit against US Treasury

UK Freezing Gas and Electricity Prices

UK Striving to be Crypto Hub

Climate and Energy Implications of Crypto-Assets in the United States

Optifi Shutdown

Nigeria and Binance in Talks about Digital Economy

Podcasting 2.0 Apps available at http://newpodcastapps.com/ and Value4Value information page available here: https://value4value.info/

I can be reached by email at [email protected] and on twitter at @McIntoshFinTech. My mastodon handle is @[email protected]. I'm also on matrix at @mcintosh1775:matrix.org. Looking forward to hearing from you!

Website

https://gen-btc.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

Website

https://satoshis-plebs.com

Podcasting 2.0 Apps available at http://podcastapps.com and Value4Value information page available here: https://value4value.info

I can be reached by email at [email protected] and on Twitter at @McIntoshFinTech. My mastodon handle is @[email protected]. Looking forward to hearing from you!

Bitcoin miners want the cheapest source of electricity to mine bitcoin. Many climate change activist attempt to make an argument that bitcoin is bad because it uses so much energy. How can we resolve this? On today's episode I dive into innovative ways that Bitcoin can be mined that help the system instead of just "generating more load". Ways of creating and consuming electricity that only benefit the environment and potential climate change.

News and Links

Iranian Exports

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

Compound Service Down

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

Paraguay President Vetos Crypto Bill

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

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

Sats Calculator - Flirting with Bitcoin

https://goals.flirtingwithbitcoin.com/

JP Morgan

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

Mining Bitcoin with Old Tires

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

Podcasting 2.0 Apps available at http://newpodcastapps.com/ and Value4Value information page available here: https://value4value.info/

I can be reached by email at [email protected] and on twitter at @McIntoshFinTech. My mastodon handle is @[email protected]. I'm also on matrix at @mcintosh1775:matrix.org. Looking forward to hearing from you!

Website

https://gen-btc.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

Website

https://satoshis-plebs.com

Podcasting 2.0 Apps available at http://podcastapps.com and Value4Value information page available here: https://value4value.info

I can be reached by email at [email protected] and on Twitter at @McIntoshFinTech. My mastodon handle is @[email protected]. Looking forward to hearing from you!

Any blockchain project has three primary issues to balance - security, speed and decentralization. No project can provide perfectly all three components at the "layer one" blockchain. The compromises made are what determine the characteristics of the blockchain.

Understanding the challenges and tradeoffs will allow you to make better long term choices in your crypto assets.

News and Links

German PPI Data

Podcasting 2.0 Apps available at http://newpodcastapps.com/ and Value4Value information page available here: https://value4value.info/

I can be reached by email at [email protected] and on twitter at @McIntoshFinTech. My mastodon handle is @[email protected]. I'm also on matrix at @mcintosh1775:matrix.org. Looking forward to hearing from you!

Website

https://gen-btc.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

Website

https://satoshis-plebs.com

Podcasting 2.0 Apps available at http://podcastapps.com and Value4Value information page available here: https://value4value.info

I can be reached by email at [email protected] and on Twitter at @McIntoshFinTech. My mastodon handle is @[email protected]. Looking forward to hearing from you!

What is the best way to keep your assets safe? You don't have to depend on any company, defi product or person to manage your assets. You can control your coin and keys. It is the ultimate solution to keeping your future safe.

News and Links

https://www.theverge.com/2022/4/6/23013420/jack-dorsey-block-hardware-crypto-wallet-bitcoin-rock-preview

Podcasting 2.0 Apps available at http://newpodcastapps.com/ and Value4Value information page available here: https://value4value.info/

I can be reached by email at [email protected] and on twitter at @McIntoshFinTech. My mastodon handle is @[email protected]. I'm also on matrix at @mcintosh1775:matrix.org. Looking forward to hearing from you!

Website

https://gen-btc.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

Website

https://satoshis-plebs.com

Podcasting 2.0 Apps available at http://podcastapps.com and Value4Value information page available here: https://value4value.info

I can be reached by email at [email protected] and on Twitter at @McIntoshFinTech. My mastodon handle is @[email protected]. Looking forward to hearing from you!

What rights do you have to financial privacy? This week's news of the arrest of the creator of the Tornado Cash anonymizing dapp sent shockwaves through the industry. Regardless of what happens with TC this will ultimately affect everyone. The United States has very clear foundational rights about privacy and in my opinion those rights are being shredded with Tornado Cash being the latest example.

News and Links

https://www.activism.net/cypherpunk/manifesto.html

https://en.wikipedia.org/wiki/Ecash

https://www.coindesk.com/policy/2022/08/12/netherlands-arrests-suspected-tornado-cash-developer/

https://twitter.com/semenov_roman_/status/1556717890308653059

https://cointelegraph.com/news/kevin-o-leary-says-sacrificing-tornado-cash-worth-it-for-institutional-adoption

https://cointelegraph.com/news/coming-sooner-eth-devs-move-up-the-date-for-merge

https://www.coindesk.com/business/2022/08/11/blackrock-fresh-off-coinbase-tie-up-offers-direct-bitcoin-exposure/

https://www.law.cornell.edu/constitution/fourth_amendment

https://www.cato.org/blog/why-dont-americans-have-stronger-financial-privacy-rights

https://en.wikipedia.org/wiki/Clipper_chip

https://www.freightwaves.com/news/freightwaves-classics-generals-pershing-and-eisenhower-impacted-the-interstate-highway-system

Podcasting 2.0 Apps available at http://newpodcastapps.com/ and Value4Value information page available here: https://value4value.info/

I can be reached by email at [email protected] and on twitter at @McIntoshFinTech. My mastodon handle is @[email protected]. I'm also on matrix at @mcintosh1775:matrix.org. Looking forward to hearing from you!

Website

https://gen-btc.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

Website

https://satoshis-plebs.com

Podcasting 2.0 Apps available at http://podcastapps.com and Value4Value information page available here: https://value4value.info

I can be reached by email at [email protected] and on Twitter at @McIntoshFinTech. My mastodon handle is @[email protected]. Looking forward to hearing from you!