BTC Sessions - Bitcoin Fundamentals Rock Solid, BTC on Netflix Altered Carbon | Economy In Turmoil – Bitcoin Fixes This EP025

Starting point is 00:00:01 Wasabi wallet. I'm fairly private. What's up, everyone? I'm Ben with the BTC Sessions, and this is your daily session. Before we dive into the show, of course, shout to sponsors of the show, leaden.com. This is where you can use your Bitcoin for a variety of different services. They've got Bitcoin savings accounts where you can earn interest on your Bitcoin paid in Bitcoin. They've got Bitcoin backed loans, where you can. can use your Bitcoin as collateral to secure a Canadian or U.S. dollar loan. So if you're in a pension, you need dollars, but you don't want to sell your Bitcoin because you think it might be a

Starting point is 00:00:42 bad time, this could be an option for you. And for you, Bitcoin bulls out there that want double the exposure to the price of Bitcoin, you can check out their B2X offering. If you want to check out any of that, there's a link in the show notes. And if you opt to get a loan with the link, they'll credit you with an additional 50 bucks worth of Bitcoin. And up next, we've got packs full. I'm partnering with these guys for the month. And this This is a peer-to-peer marketplace where you can go on and find and create offers to buy and sell Bitcoin between you and another individual. Now the draw of something like this is if you're in a place where maybe you don't have a lot

Starting point is 00:01:17 of options for buying Bitcoin, while these guys have 300, yes, 300 different payment options to purchase Bitcoin. And if you're on the opposite side of the coin and you're looking to sell, you can actually get a pretty decent sum and get a pretty decent spread on selling your Bitcoin. Bitcoin and turning it around. So be sure to check them out. They've also got a killer affiliate program where you can earn some money bringing people to the platform. So be sure to check them out. That is paxful.com. And there's a link to that in these show notes down below. And with that, let's dive into the news. So there are a number of interesting metrics with Bitcoin that are looking quite

Starting point is 00:01:58 bullish for the protocol, even though we've seen a recent dip in the price over the last few weeks here. Well, that doesn't seem indicative of people's bearishness on the actual protocol. It just seems to be Bitcoin doing its thing. So what are these metrics? Well, number one, the hash rate has hit a new all-time high. So just, I believe, today, yesterday, sorry, the network's hash rate reached an estimated all-time high of around 136 quintillion hashes per second, which is insane. That's according to blockchain.com. Other monitoring services like Bitcoin info charts put it at around 120 quintillion hashes, which would still indicate that it has almost tripled in the past year. So the notable thing about this is the halving is

Starting point is 00:02:54 approaching, which means that the reward for miners every 10 minutes will be cut in half. Currently, every 10 minutes 12.5 Bitcoin are dished out to a lucky miner or mining pool that correctly guesses the next block. But that is going to be cut to 6.25 Bitcoin plus whatever Bitcoin transaction fees that are included there. But still, a major cut in revenue for miners. And despite that, miners are continuing to ramp up operations and get new hashing onto the network. So that seems to, it tends to indicate that they're very bullish on the state of the network and that the price may move to support, even with a huge cut in revenue, it may move to support that and justify those new machines coming onto the network. So they're ramping up their

Starting point is 00:03:55 investment in the network itself. So that is one. notable net metric. There's a couple more on an article from Coin Telegraph here. I won't go into all of them, but a couple notable ones. One is the Bitcoin ASOL, and that stands for average spent output lifespan. So what is a spent output? That means when you've executed a transaction from a Bitcoin that you held, it creates a spent output. And so that spent output essentially, can sit there until you create another transaction at which point your unspent transaction output or UTXO is destroyed and that creates a new UTXO. So essentially it's just a measure of how long was Bitcoin sitting there before it was spent again? And those, the average spent output

Starting point is 00:04:50 lifespan, it shows that the average in the average in days of spent transaction outputs. And so as long as the ASOL stays low, we don't have to worry about long-term holders that are trying to move or sell their coins. And right now, it looks like there's not a lot of old-time holders that are moving their coins. And another metric that would seem to indicate that as well would be the number of Bitcoins that haven't moved for two, for more than two years. And that metric is continuing to increase, which is another sign that investors are holding their coins much more than even just a year ago. So if you want to check out a lot of these metrics, I'm going to link to both these articles, the hash rate one, and some of these other ones.

Starting point is 00:05:42 And they've got a few other interesting metrics on this article here from Coin Telegraph as well. So be sure to check that out. Let's move on. Now, this is interesting because I was watching this show on Netflix the other night. I actually missed this, but some eagle-eyed bit corners watching altered carbon on Netflix, which by the way, if you haven't watched, I kind of like it. It's a pretty fun, futuristic show. Season two anyways, there's a shout out to Bitcoin and I guess some other cryptocurrencies, but it would seem that the person that shoved that little Easter egg into

Starting point is 00:06:16 the show either may not understand the monetary policies of things like Bitcoin or is pretty bearish on them one or the other. We'll see. But basically, there's a point in the show where they're going into, the main characters are going to steal some supplies. They're going on a bit of a mission and they need some weapons and so on and so forth. So they break into this shop and there's a whole bunch of stuff there. And this is from Twitter here. I just pulled up an image. If you're on the podcast, sorry, you're just going to have to imagine this. Anyways, you've got somebody standing by a shelf of goods and you can see the cost of a lot of those goods. And some of the costs of those goods, and it doesn't look like they're particularly expensive goods,

Starting point is 00:07:06 but they're like there's a pair of gloves. And underneath that, the cost of it is 0.867 Bitcoin, which, you know, with Bitcoin in and around $8,000, what, $9,000 pretty close. Yeah, that's, you know, that's like 8 grand for a pair of gloves. And, yeah, not really favorable for Bitcoin if rampant inflation hasn't taken place for Bitcoin. Also, it's the same item. A pair of gloves is priced at 3,089 light coin. We see some other stuff priced in things like Zcash and Monaro. So I mean, whoever put that in there is bullish enough to think these things will still exist.

Starting point is 00:07:54 But it seems that they may not understand that Bitcoin has a capped supply. And thus, if people are still using it that far into the future, especially interplanetary, that with that many people using a currency like that, it would be in short supply. One, you probably won't be pricing in Bitcoin to be pricing in SATs. And two, you sure as hell wouldn't be paying $80. million sets for a pair of gloves. But who knows? Maybe an inflation bug hit or something.

Starting point is 00:08:26 But either way, kind of funny and cool to see these little tidbits drop inside mainstream TV and Netflix shows like this. So yeah, shout out to those that pulled other eagle eyes and caught this one. So I wanted to touch on something that came out of the bent today. I mean, it's Marty Bent from Tales from the Crypt. By the way, if you're not subscribed to his newsletter, the Bent, you should get on that. I will link to this issue in particular, but you can subscribe there. So shout out Marty for always drawing attention to the important things. And so he brings up a tweet of his that he tweeted earlier today and elaborates a bit.

Starting point is 00:09:13 So he says, and so it begins, NIRP is coming to the U.S. sooner than you think. So NIRP, what is that? That is negative interest rates policies and U.S.A alluding to a communist country or the U.S. becoming a communist country. So what happened is the Federal Reserve came and cut its rate by 50 basis points, which is half a percent, cut its interest rate by half a percent. But they did that completely unannounced. They were expecting a cut, like the market was expecting a cut, but probably not until March 18th, which was supposed to be their meeting. However, this emergency cut seems to be kind of a reactionary based on coronavirus and its effects on the markets. The stock market has been dropping like

Starting point is 00:10:05 crazy the past week. We saw a rebound a little bit after this, but it seems it wasn't enough because there was a bit of a bounce when that first happened, but then it continued to drop. And so let me just pull up, if we look at Bloomberg, for the end of the day, the Dow Jones was down by another 2.94%. The S&P 500 was down by 2.81%. The NASDAQ was down by just shy of 3%. So there were still major drops across the board in the face of the Fed cutting rates, which normally has the complete opposite effect. Not only that, but just the previous evening, $120 billion were injected into the repo markets overnight, which is essentially quantitative easing, but just unprecedented amounts. We've seen more pumped in than some of the biggest pumps from QE back in the

Starting point is 00:11:10 financial crisis. And so in light of all of that, the market is. still is still not pumping. It's still dropping. And so that seems to suggest that the markets do not have confidence anymore in the Federal Reserve to be able to get a handle on these markets. So they're pushing QE even though they're not calling it QE. They're cutting rates and the market is still dropping. That's not a positive sign. And then you have Donald Trump tweeting out the Federal Reserve is cutting, but must further ease and most importantly come into line with other countries and competitors. We are not playing on a level field. Not fair to the USA. It is finally time for the Federal Reserve to lead more easing and cutting. So he wants more cuts. They're at 1%. Sorry, where are they at?

Starting point is 00:12:02 What's their interest rate? Yeah, they are. Da-da-da-da-da. Yeah. So, yeah, I believe, what is the interest rate now? It doesn't even say here. But anyways, I mean, they cut by half a percent already. We're going to be in negative interest rates in no time whatsoever. And they're basically doing QE without saying QE because they're afraid to say those words. But yeah, we're printing money like nothing else. We're cutting interest rates pretty soon when those rates go negative. All of a sudden, you have money in the bank. You are being charged for the privilege of lending it to the bank. So that gets into a very, very scary,

Starting point is 00:12:46 unprecedented state of affairs for the U.S., and it's just, it seems to be that this is what Bitcoin was built for. This is why Bitcoin is. And even though they were able to kick the can down the road, it seems that their arsenal, there's not much left. You can't keep cutting until you, you know, eventually, again,

Starting point is 00:13:15 they're just going to have to go into deeply negative interest rates at some point in the future if this doesn't pan out and it doesn't look like it's panning out. So anyways, holy shit, guys, stack your sats. Stack your sats while you still can. I guess I will, I know that's kind of a downer note to end on. I guess not if you're holding a ton of sats, but regardless, I guess I'm going to wrap it up there. Guys, thanks very much for watching.

Starting point is 00:13:44 Of course, do remember to hit like, subscribe, and share. Always hit share if you're on YouTube especially. And if you are listening to the audio-only podcast version, be sure to share that out on your social media. Now, if you want to help the show in another way, you can hit up the sponsors down below, Leden and Paxville. And you can also check out Rise Wallet. You guys have heard of them before. These guys are friggin' awesome.

Starting point is 00:14:05 physical Bitcoin gift cards, they can pick up at a store near you. You gift it to somebody, and they're just instructed to download a paired app, scratch and scan a code. And it creates them a Bitcoin wallet on the spot and sends them an on-chain transaction for the face value of the card. You go to risewallet.com and click on locations. You can find out where you can pick one up. And keep in mind, they're only in Canada right now, but they're looking at expanding.

Starting point is 00:14:28 So keep an eye out. With that, I'm out. Have a wonderful evening, you guys, and I will see you next time for your daily session. Thank you.

BTC Sessions - Bitcoin Fundamentals Rock Solid, BTC on Netflix Altered Carbon | Economy In Turmoil – Bitcoin Fixes This EP025

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