Pumpamentals. What actually makes the price go up? Improve Bitcoin? The secrets pumpers don’t tell.

Pumpamentals. What actually makes the price go up? Improve Bitcoin? The secrets pumpers don’t tell.


How’s it going out there?
It’s nice to have a microphone. I’ts nice to see all you guys
There’s a lot of girls here for some reason.
I love this clicker. You’re only going to see one thing – that. I don’t need a script to speak to you. Everything that I say is
from the heart. You get the pun.
I hear a lot of people talking about how blockchain is going to change the world. Blockchain has been around for 10 years. It hasn’t changed much.
People could use it on the Darknet. People could use it to try and send some people money.
What they find is that it doesn’t work that well.
So let’s talk about the Darknet. People go on the Darknet.
Why are people on the Darknet instead of the Clearnet because they want to do things that other people don’t want them to do
They want to buy porn that people might not like, they want to buy drugs that people might not like
They don’t want to have those things tied back to them. So why are they using Bitcoin? Because it’s censorship resistant
So if you need censorship resistance, the blockchain is a fantastic way to get it. It might be the only way to get it
How many people really need censorship resistance?
Statistically? Well, how many illegal drugs do people buy a year? It’s a small percentage of their expenditures per year
So if you look at the market cap of Bitcoin
Which there’s 18 million coins.They’re about 8300 dollars a coin currently
You’ve got a market cap just over, you know, 110 billion something like that
What percentage of those billions is from people that need censorship resistance?
4 percent? 5 percent?
Well, what’s all the rest of the money from?
Why do we have such high valuations? For the same reason Ponzi schemes have high valuations. Because lots of people buy, and they don’t sell
Well, it’s pretty good. If you want to create a new currency new currency is only useful if it has a large market cap
Wars of liquidity are what make currencies better than other currencies. Why is the US dollar the top currency in the world?
Because it has the largest liquidity
If you want to buy it, you want to sell it the market doesn’t move against you. You don’t have much slippage
It’s accepted everywhere.
It’s not the best currency because they keep printing it all the time
But it’s better than all the other crappy currencies that they print more of every year and so a lot of people have
Shorted the dollar and been destroyed because they forget that the other
Things the dollar trades against are crappier for the most part
Gold was crappier for the most part for a long time. It had its peak at about 1900 dollars in
US Dollar to Gold pair per ounce in 2011. Now, it’s 2019. It’s been eight years
Just this year it went up 30 percent.
It still needs to go up another 30 percent to get back to the all-time high that it had, right? And this is
known as the most stable currency that you can get
It’s so stable that the central banks of countries buy it to secure themselves against existential risk, right?
so in Europe you guys tend to have a couple wars every once in a while here last hundred years or so and
Whoever held the gold got to recover the best when it was all said and done, right?
So what I tell this to you guys
You know Bobby Lee come up here and told you, you know don’t sell until it’s 700,000 a coin or something like that
It’s a strong statement, right? It turns out that in the real world, everything is an S-curve. There is always something that caps your adoption
Nothing goes up forever. Could Bitcoin become 700,000 dollars a coin? Sure
It’s very easy to do if the Dollar becomes worthless, right?
Then 700,000 US dollars a coin isn’t that much because the Dollars’ not worth that much
You don’t want to live in that world, right?
You don’t want the entire world to burn
But you have a larger slice of a smaller pie. The world’s better off if we have larger pies
So in my belief system, the best thing a cryptocurrency can do is go up in value. Crypto has been around for ten years.
Just for fun. How many of you guys used Bitcoin today?
This guy almost raised his hand, that guy raised his hand. I’d say there’s maybe a 100 people here
So that’s one and a half a percent. Maybe used Bitcoin, right? Why?
Because it’s not that useful, right? If you want to buy something with Bitcoin
They can’t re-bill you, right? You can only pay them once you want push the payment so that breaks any subscription model. Can’t do it.
Then that guy if he wants to rebuy his Bitcoin he has to pay, if he’s on Coinbase, half a percent fee to get in
Or he goes to an ATM and he pays a 10% fee to get in to replace his coins
Now when he sends his coins to that company that he paid a percent to ten percent to get
He can’t charge them back if they screw him. And he doesn’t get any reward points and he can’t do re-billing
Which is the reason we don’t have adoption for this stuff. Now I tell you the truth about Bitcoin.
Which most people do not want to hear, because all of you guys either own crypto or want to, that’s why
You’re here, right?
You have to understand that even though it can’t cure cancer
It’s still the highest fastest appreciating asset that’s ever existed and that should be enough for you. It doesn’t need to cure cancer.
It doesn’t need to actually do payments well. We’re lucky that it does store of value well enough. Now, how much is store of value worth?
Gold’s worth nine trillion dollars. Nine trillion. A couple months ago earlier this year, it was worth seven trillion
It’s up 30% this year. That’s a lot of money. Do you think if you bought gold?
You’re going to get a 10x return on investment? Do you think it’s going to go up to 90 trillion anytime soon?
Nope. It’s unlikely, why? Because the larger economic mass that exists the harder it is to move it the harder it is to get really
insane returns. Now I got into Bitcoin and mined full blocks myself without
pool, right
Because back then there were so few people involved that you could just turn your GPU on and mine as many coins as you wanted
That phase died very shortly after I got into it got very hard to make coins
It got so hard to make coins. You can’t make them with GPUs anymore, which is a problem, right?
If the only thing that Bitcoin does well is censorship resistance and appreciate because most of it’s for speculation
Well, that means that
Having centralized miners control who can join the network is terrible
there’s only four companies in the world that you could probably buy a miner from and attempt to be cash positive over buying Bitcoin.
Bobby Lee says China is not where they’re at. China is where all they’re at. China is where all the mining is at.
China is where all the manufacture is at
China’s where all the skilled labor is at. China’s where affordable electricity is. Which is
why all the mining is in China on top of the fact that they have currency controls there.
Which makes it so that you can’t send money out of the country
You have a cap on how much you can send, unless you can get into crypto and get around it
And so it’s the perfect storm of all of crypto being successful in China more so than anywhere else.
Because of capital controls. Because of skilled labor. Because of electronics manufacturing in Shenzhen and
because they love gambling over there and because speculation is such a large component of
cryptocurrency valuation, the Chinese run it. There was a token called PlusToken in China that owns 1% of all Bitcoin now
Straight Ponzi scheme
Ponzi scheme is where they promise you that they’re going to return you a lot of money
But they don’t actually do it. They run out of money
They pay you, they get new money from these guys
They give it to the old guys, but eventually they can’t do that anymore
And then they just exit scam with whatever money they had. These guys exit scammed with a billion dollars
They have 200,000 Bitcoin. They’ve got I think 600,000 Ethereum
They also got a lot of EOS and other stuff. Now those founders got arrested and extradited to China
I think the main guy is still free
And it sucks for me because I want to know where their coins are so that I can stop them from claiming HEX.
Because I don’t want to give them free money, right? I’ll give you an example. So what does this mean?
I think that you can build a better Bitcoin. I think that Bitcoin has a lot of problems
I’ve been in Bitcoin since the beginning. I’m an expert on it and
There’s things that I wish it could do better, right? The mining ecosystem is terrible. What are we doing in mining?
We’re protecting ourselves from what? The miners themselves. It’s a protection racket. It’s a scheme
The only people that can attack you are the same people that you’re paying and saying
“Please don’t attack me.” And what do they do with that money?
They take that money in Bitcoin that they mined, they sell it on the market, pushing the Bitcoin price down.
To give it to electric companies to pollute the environment.
Now we have to do that in Bitcoin because that’s the security model.
We use proof-of-work.
But they’re overpaid and there’s a lot of cryptocurrencies that move a lot of value that produce less waste and less pollution, right?
So let’s do a thought experiment. If we wanted to generate a new cryptocurrency
With the goal of appreciating faster and higher than any other crypto had ever done before, how would we do it?
Well, we’d need a lot of people to buy it, right? Well, who’s the easiest people to get to buy crypto?
People that already have crypto. Because they can’t spend it anywhere else and
They want to make more ROI
And if you’re a Bitcoin holder
The only way for you to get more coins is to lend them out on exchange and take the chance
You never see them again. Exchanges get hacked all the time, right? You can lend your coins out
Hope you get more, now you’re making a return on your Bitcoin. What else could you do?
You could sell your Bitcoin and hope that by buying mining hardware you get more Bitcoin later?
It never works it absolutely never works
you can go back through history and
Pretend that you bought coins or hash rate at any point and the coins always win, because the coins start appreciating
The minute you buy them and with the hash rate you get your coins later
When the price is far higher and you get far fewer coins?
so
What if we could get rid of the miners?
Not pay them block rewards, piggyback on top of Ethereum where they’re doing trustlessness for free
If you pay a couple pennies for an Ethereum transaction, you’re not getting the transactions rolled back. You’re not getting 51% attacked
It’s totally secure. Four of the top ten crypto currencies in the top ten market caps were launched as ERC20 tokens
EOS, TRX, BNB
Ethereum itself, more or less
So if security and trustlessness is already free why should we over pay it with block rewards
Why don’t they just make their transaction and that’s enough, right?
What else could we do? Well, how do we onboard all those crypto users that have crypto?
We give them free crypto, just like Bitcoin cash did over a billion dollar project
Just like Lumens did over a billion dollar project. Just like XRP did a over billion dollar project
When you go through the top ten coins giving free coins to people is a wonderful way to onboard them
Like freemium, like coupons and then they buy more because they like it, right?
We can also attack a larger market. Can Bitcoin do all of Finance?
No
Why? Because they only can give rewards to miners, and they don’t care about things like holding. In the real world
We care about holding. If you go to the bank, what are the top three most successful products at the bank?
Savings account, checking account, time deposit, CD (certificate deposit.) You lock up your money
They give you a better interest rate. Do we have that in Bitcoin? Nope. Why?
Because you can lock up your money, but you won’t get any rewards you won’t get any benefits from it
You just won’t be able to spend your money. That sucks
So what if we control the supply?
And create a smart contract that says when you lock up your money
You get all the inflation. You get all the new coins. Not the miners
Now you’re paying people to hold the price up
Because they can’t sell the locked coins, and Bitcoin you’re paying miners to dump the price. To buy
electricity to pollute the environment. It’s the exact opposite. So we reduce the price pressure from miners selling.
We give free coins to Bitcoin users. If you guys have Bitcoin you be able to claim these for free trustlessly.
It’s not an airdrop. Nobody hands you the coins. It’s not a fork.
There’s no Bitcoin code in it. You can read the code. It’s on the website
Giving people free money is a very easy sales pitch, right?
Now how do we get rid of the whales? So, for instance, Bitcoin Cash gave the MtGox trustee
190,000 Bitcoin Cash. Legally. all he could do was dump them on the Bitcoin Cash holders heads, and that’s what he did
He sold 40,000 Bitcoin. He sold 40,000 Bitcoin Cash
He dumped the price of both things and how was the world better for it? The world was worse for it.
So we removed that guy
We don’t let him claim we know his addresses because they’re in the court documents, but if I find the PlusToken people
I’ll remove them too, but they keep moving their coins around so I’m probably going to fail at it.
Regretfully. Those guys don’t need any more money. They already have 1% of the total Bitcoin supply from scamming. It’s just tragic.
It’s funny when you start counting what percents of Bitcoin are owned by other people.
1% is owned by PlusToken, 1% is owned by the Winklevoss twins, 6% is sitting on exchanges I know the addresses of.
Maybe 40% is lost and
Satoshi’s holding about 5%. He’s got a million coins and there’s 18 million total
I hope Satoshi’s kids are nice people if he gives his coins to them
I’m up here defending Bitcoin rather regularly from attackers inside and out. I don’t see Satoshi doing the same thing
I don’t see him writing improvement proposals
I don’t see him letting people know that the real Bitcoin has the BTC ticker and no other ticker.
It bothers me too, a bit.
In my opinion, he’s either deceased or cowardly.
There are other founders that have started cryptocurrencies with multiple billions of dollars of valuation, that don’t hide away like cowards
They’re out there speaking publicly, like Vitalik, right? Vitalik founded a currency, speaks publicly, improves it,
markets it. He does a great job with it. Satoshi, he’s doing none of those things, not writing code, not publishing.
If he’s alive, he owes us more than what he’s doing.
So what else could you do to make a currency go up?
We’ll make it so people don’t want to sell it, right?
So if you give people a bunch of free coins, and the price goes up really high
Well, we’ve had that, that’s a bubble. Well, how do you get it so it never goes down?
Time locking, right?
So this is the first currency that we’ll have a chart of future market supply which has never existed before.
In Bitcoin you know what the future total supply is, but you don’t know when Satoshi’s gonna dump on you
You don’t know when Gox is gonna dump on you
You don’t know when the Ponzi schemers are gonna dump on you. And if they told you, you wouldn’t believe them.
In this system when people lock their coins, you know when everyone’s coins are coming out of stake
So, you know whether the price is likely to go down when those coins become available or not
And since everyone knows what the future looks like, you should get less volatility
Up volatility, everyone loves. Down volatility, people don’t love
I bought Bitcoin at 30. It went down to one. Went down to a penny on
MtGox was the only exchange at the time
That sucked to hold from $30 down to a penny. And then I held it all the way from $1,200 down to $266.
Then at $20,000 got a little bit smarter told people to short at $19K, told them was a very good deal to short at $19K
Called the $20k Christmas several months earlier about $3K or $4K
Which you guys know if you are on my YouTube channel, http://YouTube.com/RichardHeart
Or my Twitter account http://twitter.com/RichardHeartWin
So I think Bitcoin can do a lot of things better than it does.
Are any of you guys Bitcoin miners in here?
You’ll never meet them. They won’t speak to you. They don’t care about you. They won’t talk to you on Twitter.
They’re not your friend. They do not help the price. They sell the coins. Miners are not your friend.
I think mining GPU, which is what you can do on Ethereum, is way better.
All of you guys have a game computer or a laptop with a video card in it, you can mine Ethereum and actually be part of the network.
If you want to mine Bitcoin, you can’t. You have to beg some foreign national company to maybe
send you the machines when they can still make profit and not waste all of the
The first week that you receive a machine is half of the profit the machine will ever make because mining
difficulty is at all-time highs, but the price isn’t at all-time highs.
The Price was $20k. Now it’s $8k. That’s not all time highs. That’s one third of all time highs, right?
What else can you do to make a coin go up more?
I guess you could do fake partnerships with, you know, companies. Like there’s
a lot of companies that say “Oh we’re teamed up with McDonald’s”. No, you’re not. You shop at McDonald’s
You’re not teaming up with McDonald’s. Right? “We’re working with IBM.” Oh, yeah, what good thing did they do? How’s Watson working out?
No, no Watson anywhere? Scam. Hype.Yep. Lots of hype, lots of scam, right?
What else can you do to make a currency go up? Fix unit bias
Nobody wants to pay .032 for something. People hate decimals. You should have more units.
Referral program, right?
Amazon has a referral program
Tesla has a referral program Ponzi schemes have referral programs. Does Bitcoin have a referral program?
Nope. Which is why I don’t see any ads, because no one can make any money bringing you on to Bitcoin.
It Sucks. So when you go on your Facebook you go on to Google and all you see is people that run Ponzi schemes that have high margin
Every dollar they get is a 100% margin. They can invest nine out of
ten dollars they get into marketing and still be cash positive. You can’t do that in Bitcoin.
You’ve got very very low margins. The only ads you might see are from exchanges that screw you with fees
Well, that’s all the opposite of what Bitcoin is built for. Bitcoin is built to be trustless
It was meant to get rid of counterparties. The only people who have gotten extremely wealthy on Bitcoin are holders and
Exchanges that beat you up with fees and token founders.
Right, that’s it. Those are the only people that really really kill it in crypto. Everyone else has a hard time the guys at Paxful it looks like they do a good job, right?

Are you trying to do questions? You guys want to do questions? You guys seem tired out there?
I’ll try it but if your questions suck, I’ll just finish out my two minutes talking. Any questions from the audience?
Can you to think of any way to make a currency better than Bitcoin? Here’s your chance to say how.
Nobody? You guys just all love Bitcoin? It’s perfect? No better currencies? I met a BSV Maximalist last night.
I know there’s people that like things other than Bitcoin in here.
Nothing?
All right. Well go to https://HEX.win. We’re launching in November. Claim your free coins. Enjoy your free money.
When you claim, 90% of them are Autostaked so
you can’t dump. You have got to wait till the end of the year.
Your referrals, if you refer people, you can dump those whenever you want. 10% of your claim you can dump whenever you want.i
It’s designed to appreciate, right? It’s trustless. The codes been audited twice
I don’t know of any other project that’s been audited twice. Bitcoin hasn’t. Ethereum hasn’t.

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