Satoshi's Plebs

A lot has transpired since Sunday night's recording. I thought it would be best to do a shorter special episode to discuss this and the ramifications on the market moving forward.

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!

This week's news has Twitter all riled up. And it wasn't just about Elon's taking over. It seems that the FTX Exchange of Sam Bankman-Fried may be a little too cozy with Alameda Research. And Binance will be selling all their FTT tokens.. Is this all related? Will it crash the market? Does it matter?

News and Notes

Bank of England raises interest rates by 75 BPS

Bank of England on Recession Fears

Alameda Balance Sheet

Bitcoin Magazine Opinion on Alameda

Opinion on Alameda Solvency

Mining for Groceries in Lebanon

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!

There was a lot of news this week! It seems we continue the inexorable slide to a worldwide Great Depression. With interest rates spiraling up (and choking off long term capital expenditures) and inflations rates continuing to move higher it's almost inevitable at this point.

The battle for how crypto regulations will develop continues to be fought. You should take the time watch the Youtube session between Erik V and SBF about Sam's draft legislation proposal.

And BTC (as well as the rest of the crypto market) finally makes a move of more than 100 dollars ...

News and Links

Today (October 31) is the 14th anniversary of the day Satoshi Nakamoto published the BTC white paper

BTC White Paper

Erik Voorhees and SBF Debate

Italy Inflation hits 12.8% - highest since 1996

Costa Rica lawmaker proposes law eliminating BTC taxes

Egypt’s currency slides 13.5% to a record low against the US dollar, as IMF and Cairo reach a $3 billion loan agreement

German CPI hits 11.6%

Japan spending $200 Billion to counter inflation

UK Lawmaker Committee Approves Stablecoin Regulation Bill

US Q3 GDP rises by 2.6%, the first increase in 2022

World's Largest Public Bitcoin Mining Firm Core Scientific Says It May Run Out of Cash: Halts Debt Payments Amid Solvency Risk

European Central Bank hikes interest rates by 75 BPS to 2%

FTX/SBF working on a new Stablecoin

Credit Suisse cutting 9000 jobs

Bank of Canada hikes 50bps, less than the expected 75bps

A year after Nigeria launched its CBDC, only less than 0.5% of Nigerians are using it

Cashapp enables lightning payments

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 "hack of the week" gives us a chance to discuss both the importance of being safe with your crypto activities as well Sam Bankman-Fried's regulatory proposals.

News and Links

3com/FTX security breach

Sam Bankman-Fried policy proposal

Erik Voorhees Response to SBF Policy Proposal

EU inflation rises to new ATH of 9.9%

UK inflation returns to double digits (10.1%) as food prices soar

EU wants to shut down bitcoin miners

Turkey detains 543 people based on financial data

Germany to keep three nuclear power plants running until mid-April

Italy inflation reaches 8.9%, the highest it’s seen in 37 years

Tunisia reaches preliminary agreement on $1.9bn IMF loan

Zimbabwe will keep the world’s highest benchmark interest rate of 200%

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 IMF and the World Bank have been around since 1945. The goal of the IMF is "The International Monetary Fund (IMF) works to achieve sustainable growth and prosperity for all of its 190 member countries. It does so by supporting economic policies that promote financial stability and monetary cooperation, which are essential to increase productivity, job creation, and economic well-being." Are these goal and policies helpful to the countries receiving them? Research shows that it might not be helpful.

Let's discuss both this and a possible solution.

News and Links

https://www.imf.org/en/About/Factsheets/IMF-at-a-Glance

https://www.france24.com/en/20200903-live-france-unveils-%E2%82%AC100-billion-economy-rescue-plan

https://www.coindesk.com/policy/2022/05/16/portugal-makes-u-turn-on-cryptocurrency-tax/)

https://www.coindesk.com/business/2022/10/09/bitcoin-mining-is-cool-again-we-can-thank-africa-prudence-and-growing-hashrate-for-that/

https://bitcoinmagazine.com/business/profiting-on-biogas-with-bitcoin-mining

https://watcher.guru/news/uk-unemployment-rate-falls-to-3-5-lowest-in-nearly-50-years

https://bitcoinmagazine.com/business/bny-mellon-offers-bitcoin-custody

https://www.wsj.com/articles/fasb-settles-on-fair-value-accounting-for-measuring-crypto-assets-11665614205

https://bitcoinke.io/2022/10/ghana-inflation-in-september-2022/

https://www.reuters.com/markets/us/argentina-inflation-undershoots-easing-pressure-hike-rates-2022-10-14/

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!

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!