This week in Bitcoin- 8-11-2017- $3500 BTC, Segwit, Bcash, 2x, and more!

This week in Bitcoin- 8-11-2017- $3500 BTC, Segwit, Bcash, 2x, and more!


Hello everyone this is Adam Meister the
BitcoinMeister the disrupt meister
welcome to this week in bitcoin today is
August the 11th 2017 buy-and-hold get
rich by desiring little pure commitment
to Bitcoin and what a commitment it is I
am in Dublin Ireland I landed like two
hours ago I can’t even tell you what
time it is but I needed to make this
show and the guys that are on the air
with me today they all came here last
minute we might have some other people
joining us so let me just quickly get
rid of this screenshot remember to go to
crypto Hwy like calm and let me
introduce everyone just to say who they
are
Farzana say you’re coming from South
Africa Johannesburg tell us who you are
I’m doing guys my name is Faris I’m a
sunny working in Johannesburg unlike
most people probably in this world
actually working for a bank so I look
forward to chatting to you guys awesome
and BTC penny you say everyone knows who
you are
yeah my name is Ben or BTC penny on
Twitter and yeah I run a channel called
the BTC sessions so yeah you can hit me
up on YouTube and check out my channel a
lot of easy how to’s and I’m excited to
be here this morning
Francie’s poo though is here oh wait
you’re muted francis he’s coming from
Montreal by the way right I’m unmuted
now hi guys I’m plus miss Polly I’m from
Montreal Canada I’m a Bitcoin
entrepreneur and activist dude
and Simon Dixon came into the room Simon
say where you are today what’s going on
I was making me sweat Adam you thought I
wasn’t gonna show up it’s crazy it’s
good to see you I am visiting my family
in London again I’m here for the next
month
normally in Asia normally in Hong Kong
but yeah doing a bit of Europe for the
next month or so so I’m from bank to the
Future dock home okay so we get weird
people all over the
world here it is gonna be an awesome
show pound that like button everyone
well far zanza got only a limited amount
of time with us today
so we are going to start with him you
were you first of all
Laurie and gamma Ralph recommended you
you’re both obviously know each other in
South Africa and everything
the we were hitting $3,500 a Bitcoin
right now this morning I mean people are
excited people are excited about
segments
what is your take what is your take on
this weekend Bitcoin for you in South
Africa yeah what’s going on just this
tell us so so as usual all that’s
happening in this world as you just said
that the prices hit 3,500 we just had
the file points ICO with one of the
biggest raises you know between the $50
million dollars
we had coinbase raising a whole bunch of
money entre billion dollars of the
making them a unicorn so tons of
hackathons happening in this world
I think it’s not like an unusual week
there’s always tons of happening in this
world and also kind of living in the
glow and the aftermath of the Bitcoin
cash for work so I think notes is
happening over here in South Africa
where we’re super excited obviously the
the the Bitcoin price over here January
trades in South African rands anywhere
between two percent to thirty percent
premium above the dollar and Bitcoin
dollar price so we actually in our local
currency 50,000 rands per Bitcoin as
well so that’s a pretty big thing in our
own market as well so what’s happening
in this world super exciting very
excited to actually see what’s going to
be happening with with this world co
sacred second layer lightning channels
and how that’s going to change things so
very exciting times well I want to ask
you something in South Africa on the
ground do people care about all these
things as much as the mainstream Bitcoin
cryptocurrency community does in the
world or are there other concerns that
we just don’t know about I mean Lorien
has talked about and I have been to
South Africa I didn’t debrief you on
this beforehand but I spent a lot of
time with Lauren in South Africa
Zimbabwe Mozambique in November so I
mean I’ve seen there’s some desperation
there in terms of meeting Bitcoin for
you know transferring it across borders
and stuff so some of these bigger you
know we’re excited about the
technological abilities of sacred you
think do people care there are there’s
some other really basic things the world
wants to know yes I think first of all
there’s a lot of people are very excited
about this technology Bitcoin as one of
the other cryptocurrencies as well as
blockchain technology in general just as
much as everywhere else in the world we
do have particular things in this market
which is the fact that you know compared
to you know the US or other developed
markets there is a much higher kind of
proportion of poverty in South Africa
and in Africa in general and I think the
the potential for this technology to
impact financial services that we all
know so little about is super-exciting
one of the things that I think we kind
of sometimes get a little bit kind of
into deep forgetting about some of the
intricacies is that oftentimes people
think like Bitcoin and cryptocurrencies
and functions gonna keep you change the
world the fact of the matter is we have
social issues we have a lot of poverty
so if someone doesn’t have rands or
dollars in Zimbabwe or whatever maybe to
feed themselves now the fact that
there’s a new assets on the market even
though you can transfer it cheaper
doesn’t necessarily mean that you’re
going to promote Financial Inclusion
better so there are a lot of things
around kind of the technology in the
cryptocurrencies that still need lots of
lots of problem-solving and lots of
improvement one thing that is kind of on
our minds much more than other markets
is remittances so remittances is a huge
market and if you look at remittances
generally in the traditional financial
institution on average about twelve
percent of what you send is actually
taken out of your
action in fees now that’s just ludicrous
especially in a part of the world that
is has a lot of poverty so that’s one of
the things that we’re super excited
about is just the fact that you know
this technology pays no heed to borders
and given the global nature of the world
and diasporas from Africa etc all over
the world we’re seeing a lot of people
starting to use this technology to
facilitate transactions for those that
have left and loved in the developed
world back into Africa so that’s a very
exciting thing that’s particular to this
part of the world oh yeah this is good
I’m glad you’ve given us the perspective
because people do like to like to hear
that different perspective now I want to
I want to move to Francis here because
he himself has made news this week and I
know everybody else is going to want to
comment on this you you put out a tweet
basically defining what a bunch of
Canadian businesses define the real
Bitcoin as and what what is a hard fork
what is a contentious hard fork I’ll
link to it below I’m gonna link to
everybody’s information below eventually
right now I only link to Francis his
tweet because I this was so less than
than putting the show together but
Francis elaborate on this because it has
to do with it has to do with the
potential to X that we’re gonna get and
we’re gonna have to address that because
that is news of this week because people
are starting to talk about the 2x part
of segment 2x yeah ok so that specific
article came out in the end of March and
it was as it was as a result of Bitcoin
unlimited gaining a lot of ground and
some of the changes some pop regarding
how they were gonna you know treat treat
the fork and which one was a bit corn or
not and I wasn’t specifically happy I
didn’t think those those policies were
very sophisticated so we decided to put
out one of her own I’m not even sure I
had the idea I think it was one of the
other guys that was a signatory but we
started out there’s a bunch of Bitcoin
entrepreneurs that operate Bitcoin
businesses in Canada and this is a
constituency of the Bitcoin consensus
that we would called the economic nodes
or I can
make businesses or economic majority or
industry but the specific businesses
that we have in Canada are a little bit
different than you know the ones that
sign other agreements like like coinbase
or bitpay or those companies since we’re
much smaller we’re much more grassroots
we’re much more close to our customers
in the sense that out of the sixteen
signatories almost all of them operating
in person brokerage business of some
kind and consulting of some kind and
those 16 signatories and now there’s
much more that that that have contacted
me and told me that they would have
signed it perhaps only 25 now with some
with sign this definitely represents
like as far as I’m concerned probably
half of Canada’s OTC markets on that
letter so that other basically states
that there’s a few there’s a few
different elements but the one that’s
relevant for 2x is that there is through
the role of of businesses and Bitcoin in
the consensus I would argue the number
one role of the exchanges is to
determine what is Bitcoin on their
exchange they will list BTC the release
BCC they release something else they
will also buy list or not listing or the
legitimize a certain coin they allow
value to flow in and out which changes
the balance of power on the network for
the miners for the price at all those
and you know so they have it they have a
pretty defining role and it seemed like
we as businesses at that time we were
kind of waiting for consensus to happen
and kind of look where it landed and go
there and I was telling a bunch of
people so we are part of the consensus
so you need to make your opinion known
so just broadly speaking the guidelines
that we set up and this is nothing
official this is just a shared a shared
signed letter so let me just pull it up
that up
so basically Bitcoin core is by default
Bitcoin so this is a stance that all of
our businesses have have have a proof
and then if you do a hard fork if you
propose a hard fork it doesn’t matter
how much hash
power that hard fork has it is going to
be consensus right so it doesn’t matter
for example the businesses that say that
we will always follow the longest fork
we don’t agree with that we believe that
the Satoshi client descendant bitcoin
core that is Bitcoin and regardless of
the hashing power and if there is a fork
then that is by default contentious
every fork proposal is by default
contentions and then the proponents of
the fork need to bring about evidence
and make their case publicly that there
is consensus on the fork and consensus
of developers of miners of users of
businesses which is near you and it was
like I think that’s pretty good
for through hard fork so that was there
was a few months ago and I had this talk
where not to what not too long ago so
because and they called cash the fork
paths
there’s you know in Bitcoin cash within
our parameters Bitcoin cash is did well
right did they put replay protection and
it didn’t claim to be a Bitcoin and it
claimed to to the bread of Bitcoin which
the businesses are custodians of they
just said we make an all coin and that’s
fine
whereas Bitcoin to X or B to X or segue
to X is different right so they they say
it’s Bitcoin they believe it’s Bitcoin
there hasn’t been any commit on the repo
for 22 days developing developer
community is not on board I don’t know
of the users who are screaming for you
know segue to X like they were for for
you a SF or first equit I don’t you know
businesses they say some people say that
there’s overwhelming industry support
through you guys it was signed by some
of the major exchanges but just just two
days ago I found a list of all the
businesses that didn’t sign and also
that opposed and you know out of the
absentees and a strong opponents there
was about 80 businesses there and in our
letter that we published in March we
specifically said if you are absentee
not
before a hard fork because a hard fork
is a very active thing you need to
actively upgrade or else you’re on the
wrong chain so if you don’t say anything
by default this should be bitcoins
position by default that if you don’t do
anything then you’re on the legacy chain
basically right so that’s it and then
now the 2x part is coming up and we
don’t know who’s gonna list it and we’re
back to square one
yes there’s no clear rules and there’s
no clear framework and people keep
having these these these dumb policies
that just say we’re gonna follow the
longest chain whatever it is so we’re
back to square one so our idea was to
try to frame that give some kind of tool
for businesses to follow something
that’s objective something that’s to a
certain degree measurable and so that
you know we can go into these hard Forks
not having to scramble every time for a
new policy because this is obviously
gonna keep happening and and I know I’ve
been talking for awhile but I just want
to say one more thing is that this is
gonna be happening a lot this is gonna
be I think the new standards both for
non Bitcoin high CEOs right that are
going to be using existing I CEOs as
balances as for Genesis blog for example
that keeps a large portion of the coin
this is gonna be happening for for
Bitcoin the idea that my no remark
minority forks will die is completely
2013-2014 there was never this level of
speculation you never had billions of
dollars that were ready to pour into
funds of you know the top hundred all
coins meaning that those minority Forks
that we thought had no value so nobody
would mind them and they would just
disappear that’s that’s that’s not gonna
happen they’re gonna always stay because
any ID any occasion to create a new all
coin out of a fork for speculators is
gonna be a good one so we need to be
ready to have those things happening and
I can imagine in like five years the
first page of corn market cap is still
gonna be like 50 Bitcoin clones dude yes
and you know a new precedent has been
set with this definitely and Wow and I
am glad you have set a precedent by
trying to define what makes a real coin
signing I’ll you have a lot to say in
response to this I’m sure to everything
that
just said do you agree with them putting
out this firm stand on what the binds
the original of a coin and and do you
see this being a new trend and it’s good
that people are putting their foot down
now I agree with quite a lot that
actually I agree that the precedent has
now been set people are going to watch
this and it’s actually a very clever
marketing strategy if you’re an all coin
to actually give every Bitcoin name or
or whatever every aetherium own or every
I co-owner and every exchange having to
adjust because all of their customers
are demanding their free money so you
know I you know we’re investors in
cracking bitstamp BitFenix you know coin
coin secure it pays many of the
exchanges and it reached absolute havoc
across the industry you know someone
like Queen base
took a stance and says we you know we
really don’t want to support this you
know they they they have billions of
dollars that they’re trying to secure
and to just you know simply release a
new coin on their platform it is a big
job because they take security so
seriously and they have to it’s a big
you know coin basis kind of would be the
disaster if they ever got hacked for our
industry for you know it’ll be them the
next man caught so you know they have to
do things very seriously they can’t just
jump and change they’re not prepared
like exchanges who have you know kind of
been added in all coins and have to move
more speculatively they’re actually
storing value so this created carnage
across the industry now you know
coinbase suddenly are demanded by all
their customers with lawsuits saying
give me my free money give me my free
money so exchanges have no choice but to
give the free money and any opportunist
in the ico market or someone trying to
launch something new well we’ll see the
system the most amazing marketing
strategy you simultaneously get listed
on every exchange you get the whole
world talking about you and so a
standardized process for how to deal
with this is what every exchange is
working on right now so you
but Bitcoin never ceases to amaze us in
terms of the intellectual challenges it
throws everybody involved in it but so
let’s look at something more positive
well on the positive side you know we we
also proved that the Bitcoin brand is
very hard to plagiarize people clearly
knew that this was an altcoin people
clearly knew that Bitcoin was Bitcoin
everybody started speculating on a new
asset class no you know I mean no one’s
spending that be cash no one’s using
there be cash I mean I’m not saying that
that’s not going to change in the future
they seem to be having a community
behind it but everyone knows that you
know what what bitcoin is and that’s a
very important thing I always went into
this debate saying the most important
thing to me is that we still have 21
million bitcoins if we can prove or if
we can find a way of confusing the
market into thinking there’s 42 million
bitcoins then that’s going to be 84
million bitcoins and there’s going to be
infinite money supply and bitcoin that
we’ve all invested in is over as we know
it if that won it lost and so that’s
what’s being reflected in the price
right now everybody knows that bitcoin
is the only store of value and
everything else is an investment that
you can speculate on aura aura or a
trade on around it and try and make more
Bitcoin and that’s fine is you know the
the the hot fork was less scary than I
thought it would be the second time
they’ll be more prepared and everyone
everyone’s you know this was very
bullish for Bitcoin in the markets the
markets reflected that so I’m overall
pretty happy and now you know we’ve got
we’ve got these ways of people
experimenting with their their big
blocks or or whatever the next thing is
or their government new governance model
that’s coming next or their new privacy
model that’s coming next or their zero
knowledge proof or whatever whatever
these are we’ve kind of got a model for
dealing this but yeah coin market cap is
gonna be millions and millions of coins
not so long and and and the one thing
please that the market needs to stop
saying is Bitcoin is not
losing market share bitcoin is just
competing with millions of clothes and
coins and therefore if you create a
million new stocks then obviously the
Dow Jones is going to be worth less than
a million new stocks because you keep
cloning so this percentage of you know
this that this this statistic of saying
bitcoins market cap is going down
Bitcoin is being used just as much as it
ever worth more than that ever was
it’s still the world’s reserve
cryptocurrency of the world and
institutions all around the world and
now getting more and more confident in
using this as a store of value and
recognizing there’s pretty much only one
asset class worth investing in in
today’s market with with what we have
ahead and that is Bitcoin and that’s why
all institutions all around the world
were kind of waiting for this
uncertainty to past and I’m telling you
it’s three and a half thousand dollars
in my opinion bitcoin is still the
cheapest asset class that ever that
exists today
well and that is very well said there
Simon I love all your little sayings you
come out with during these uh talks of
yours Benny would you have anything to
add to that and do you what do you think
it’s gonna happen with 2x are they gonna
actually hard work and do they have a
shot of convincing anyone that they are
gonna be the real Bitcoin what’s your
what do you what’s your take on what was
just said in that – um okay so I think
personally that this when it comes to I
first of all I was impressed with how
easily or how well the market actually
handled the the Bitcoin cash fork I
thought there was going to be a lot more
panic than there was but they Bitcoin
just shrugged it off and and went to new
all-time highs which is amazing I also
feel like via BTC single-handedly took a
crowbar to the knee of 2x because what
they did is they’ve now split anybody
that really really was pushing for that
two megabyte hard for core for a hard
fork in general well they all have their
own coin now so are the half of them are
gonna be you know pushing for this and
how many people are remaining that
really really wanted that two megabyte
hard fork and how many are remaining
that were just agreeing to it to get
sick with so I feel like by launching
this mold coin like super early they
really jumped the gun and had they
waited until until 2x was gonna be
released and then done it then they
would have had more of the industry go
along and and and some of the companies
that maybe wanted it would have gone
with that fork at the time if people
hadn’t made it happen so so I feel like
them jumping the gun has has almost well
even if it’s not dead on arrival it’s
it’s severely limited its capacity to to
get more people on the side of the 2x
fork excellent farzam what it what are
your thoughts is there gonna be a 2x
hard fork will people think it’s Bitcoin
do you think it’s as clear as everyone
else is saying out there what the real
Bitcoin is what bitcoin alt coins are
but what’s your take on this with your
South African perspective I’m sure so
first of all I think it was very
interesting the coin cash would be cash
that they actually came out and they
actually gave themselves a different
name so right then and there they kind
of acknowledged that they weren’t the
original Bitcoin and I think that’s
something that’s kind of new because in
the past when we talk about Forks we
never necessarily talked about the names
of those works yes we were talking about
Bitcoin unlimited and etc but this time
these guys kind of came out and said
this is we’re actually it’s not a coin
they kept saying but effectively is and
they made it easy from that perspective
by calling it something else to identify
what the true original of Bitcoin was so
I think it will become much more
contentious in the future if people
don’t make such a claim and say this is
what it’s going to be but they may just
change the name of the code rather than
the actual at the name of the the altar
coin so that’s one thing
keep in mind second thing to keep in
mind is like we in the community get
really caught up in the short run even
if we did have a fork at 2x now that we
have segments which is great than that
allows the second layer transactions if
we didn’t have sex with segments just
the 2x doesn’t solve anything you know
it’s a very short term solution and you
know I really agree with what Simon said
I think we are the point is so cheap
right now I mean we have this this this
view that you know it’s hitting all-time
highs but when you actually think about
monetary value in our society if you
think about gold I know we always kind
of uses an analogy and in comparison but
since 1971 when the gold was the word
when the daughter was decoupled from
gold lost 98 percent of its value it’s
gold
now that is phenomenal all right and
that kind of just shows you how
something that truly is scarce even
though it’s physically scarce in this
case can maintain its value of over long
periods of time millennia if certain
conditions are read and I think Bitcoin
has all this beautiful attributes of
call it doesn’t rust it’s durable etc
and it’s even better than that because
it’s much more portable so so my
perspective we’re still as an industry
like I put out a tweet a few days ago
I’m kind of saying like right now we’re
super excited about the market cap going
over 120 billion US dollars I think we
shouldn’t be surprised in the next 3-5
years if we see that market cap over
three trillion US dollars so this is
really an extended exponential phenomena
our human minds are not tasked and are
not equipped very well to understand
exponential phenomena and so even if you
if you in your wildest dreams back in
2010 we’re saying that you know Bitcoin
would be worth $3500 in 2017 people
would call you nuts and we’ve seen how
it’s kind of happened and that trend is
just going to continue so it’s a it’s
very exciting times
III personally
not too worried about the kind of the
short current short-term protocol
changes I think given the nature of this
system like things will kind of they’ll
find their way and you know the true of
the original Bitcoin will kind of move
forward and that will be the Bitcoin
that most people actually believe in so
I think it’s a it’s early days it’s
exciting times I’m super excited to be
one of those training wow this is really
good
optimistic discussion deep discussion
everyone found that like fun if you like
what’s going on you’re up here for this
Europe special European time start I
know everybody in Europe in Africa is
real happy and I also wanted to thank
the great fractal vlogs we sent five
bucks over the super chat I see that now
I’m not checking out the chat today
because it’s hard managing this awesome
discussion I want to say to the panel
here again we’ve said a lot of deep
things does anyone have something they
want to add on to all of this that we
just said I think there’s some eager
ones you out there that one the add-on
there a little comment I’m sorry if I
the I think I I think it’s worth
rethinking how we think of these what
we’re calling attacks you know we’ve
seen it now we’ve seen it a few times I
think we should kind of celebrate these
attacks because Bitcoin really is
decentralized and the market does
determine in the end and while there
might be the centralized attacks or
there might be degrees of centralization
in mining or degrees of centralization
and development or degrees all around of
centralization the one thing we have
proven is that these attacks are healthy
for the ecosystem they do calm the price
down a bit which i think is very healthy
because exponential growth in financial
markets just doesn’t ever happen you
know it’s it’s very if you have
exponential growth you get exponential
crashes and bubbles and that hurts a lot
of people so slow and steady growth is
always the way to do it and what these
attacks have done is they’re kind of
slowing down Bitcoin allowing us to
rethink what simple
Horton’s creating a free market you know
approach to how we can experiment with 8
megabytes locks or maybe 8 mega bloks is
good who knows or how we can experiment
with different types of things and the
market really is determining that but
you know what what it rather than being
an attack on Bitcoin it’s kind of like
let’s watch what that one does let’s see
how the community congregates around it
and let’s see what changes we can make
in Bitcoin in a safe way with the
developers that have got a proven track
record of doing these in very
responsible slow ways say I think it’s
time to you know reflect upon this these
years and years of hate that we’ve
developed in this extremely painful
scaling debate and try and think beyond
where we are and celebrate the fact that
all these different schools of thoughts
trying to achieve different things has
actually given us the Bitcoin that we
have today and the one question in my
mind was always can Bitcoin scale to
meet the demand of the world and we’re
not there yet but we’re getting more and
more closer to that and these tacks are
required in order to get us there so I’d
like everyone to kind of rethink what
these things mean to them because it’s
it is exciting and it is positive I
agree with with Simon here I did want to
add to that it adds that that free
market element to it like there I don’t
think there should just be one currency
because let’s say you you are unhappy
with how Bitcoin works that that’s not
outside the realm of possibility that
somebody maybe doesn’t agree with the
road map and that’s fine and those
people are now given a coin that aligns
with their ideals which is fantastic
people should be able to do that I love
that they’re able to split off and now
we have two separate groups of people
that both got what they want the market
has shown us that more people want what
we have with seg wit but also some
people want what Bitcoin cash has and
that’s fantastic and not only that it
further incentivizes you’re already
incentivized to hold Bitcoin but if
further
devises you to hold Bitcoin because then
when people split off you have these
other coins you can liquidate those and
get more bitcoins so I mean it’s win-win
for everybody yeah so so actually I’m
not a traitor but before the fork before
the Bitcoin cash fork I’m I was planning
on splitting everything and dumping as
soon as possible so I actually
liquidated most of mine on Bitcoin
assets and got everything
you know I consolidated all my bitcoins
in one place for the split on a treasure
and with the sorry with the the breads
going up I mean that ended up being I
respectively a very good decision so
thank you Bitcoin cash fork for for
getting us all to our Bitcoin not of
exchanges and and split them and I mean
a lot of good points I mean I share
everyone’s optimism as you can tell
behind me there’s a poster of a little
bit coin guy that’s going that’s the
rollercoaster guy by the way if you
recognize that but he’s not a coaster
anymore he’s going through the moon so
I’m super bullish for many many reasons
then um like Simon Says I mean I you
know I’m into Bitcoin for the also for
the political and socio-political
experimentation that we’re seeing and I
really like the way that all of this
planned out I mean I’m really happy
about you know going to Bitcoin from
that perspective because everything that
I thought was gonna happen kind of did
happen I’m a really big proponent of the
kind of opt-in opt-out type of system of
governance right I I’m another huge
believer in in governance mechanisms to
achieve compromise whereas I always
thought this is why I’m interested in
you know seasteading projects and all
those projects whereby you know you kind
of choose your your set of rules and if
if you don’t like it you know you don’t
impose it upon anyone else you just
leave and start your own set of rules
and in Bitcoin that’s really interesting
because you kind of have all these these
communities that are revolving around
the way that money is created and this
is the most important thing to them and
these these rules of how the money is
managed is is absolutely fanatical and
and ultimately you know the the Bitcoin
brand is it’s not that strong that they
won’t let it go for further political
ideals which which is great so now now
that we have this behind us there’s a
lot of good points from an investor’s
point of view and from a more
Bitcoin asset class and the trust in
that point of view so I think I had
measured that before I I talked to a lot
of investors as well Simon and and what
I’m hearing now is my pitch was was that
you know no the Chinese mining you know
kind of this this this picture they have
of the Chinese miners they don’t control
Bitcoin
I think the control baked-on in say the
Quatro but the adult and so that has
kind of been proven with with you or at
least I mean there’s there’s that it’s
actually the hard core of the user and
holders and some of them more interested
participants that are that are in
control so that that’s that’s really
good in terms of the possibilities I
don’t think people really fully
understand the possibilities of lining
Network and how real it is now and and
how you know the whole story of of hyper
ledger and and of the theorem and
presence and the whole story of these
these kind of other block chains is kind
of crumbling away with lining Network I
know of a project right now that uses a
very sophisticated lining network that
holds a fixed amount of Fiats in a
payment channel by using an Oracle which
allows a infinitely scalable
yet representation on the blockchain
just by having this massive Lightning
Network smart contract that looks at the
Bitcoin price and that will update the
state of payment channels where
liquidity providers such as banks they
will act as intermediaries anyway so you
have fiat basically value on the Bitcoin
blockchain on the lining network with no
counterparty and no like meta protocol I
mean there’s there’s so many crazy
things that are coming it’s it’s it’s
it’s my mowing in terms of privacy one
of the big problems to Bitcoin is
privacy so and this is true for
institutional investors mostly large
financial institutions have expressed
deep concerns over that and another
issue was the lack of program ability of
Bitcoin transactions which for some
basic smart contracts which are actually
valid you can’t do that using Bitcoin
scrip so fortunately passing segwayed
has all these other unseen consequences
which are not even reflected in the
price yet so I agree 100% with Simon the
system
we kind of know but no one really kind
of sees coming but you know snore
signatures which are next
after segue basically without segue this
would never have passed allows you to
have really sophisticated scripting in
Bitcoin which as far as I have
understood allows you to do automated
payment forwarding natively on Bitcoin
in a decentralized way which is like wow
isn’t that what you know the use case of
a theorem is just tokens that distribute
dividends so you have you know yes you
have multi stake which doesn’t really
work on if it does we’re gonna theorem
but there there was bugs in it you have
colored coins and assets and that kind
of stuff and payment channels which are
smart contracts and then you have
automated payment for words which are
smart contracts that everybody uses for
aetherium right like you send money
there and it splits that money according
to whoever has whatever and if you can
do that with solution or signatures and
I’m not even talking about rootstock
right so I mean wow like look at all
that value that bitcoin is gonna be
sucking from other all the other
blockchain platforms so with that being
said I mean I’m super happy I’m super
bullish I think it’s great that people I
don’t it is not necessary and attack to
me like it is it was kind of an attack I
use that language myself but I am also
happy that that that these things happen
and if Bitcoin wasn’t able to withstand
this I just wouldn’t
I would leave Bitcoin because it would
be too heavy on my morale if I didn’t
have like this faith that Bitcoin is
always gonna be better after these
attacks I would just leave right and now
I I don’t you worry because I know every
time like people try to hurt Bitcoin or
if there’s stress and we learn more
we’ve learned more in the last few years
and in the last previous five years
about Bitcoin specifically because of
the scaling debate which got everybody
interested into thinking about how it
works so all around like that the end of
my monologue is really like I was I was
bullish every for every time I was on
this show with Benny too for like the
past two three months and now I’m just
like I’m just super super bullish I mean
I really I I’m nervous I’m nervous like
Simon Says – I’m nervous this is this is
going too fast so yeah it’s great to
have to be like can I put a word of
caution in there yeah yeah yeah please
so you know I think one of the things
that I realized
like in general and I think it applies
to the Bitcoin community as well is that
the biggest accomplishments are kind of
achieved through unity and you know the
vitriol and kind of the ego that has
been playing out in the Bitcoin world
the past couple of years I think hasn’t
been a great service to anybody so you
know I think we all would love we’re
going to do well but I do believe there
are scenarios in which Bitcoin and the
people that profess themselves to be the
biggest advocates of Bitcoin because of
their disunity could shoot themselves in
the foot and I think just because this
hard work has gone relatively well and
as I think according to all of us it’s
gone much more smoother than we had
imagined I don’t think we can say that
all hard works in the future will be as
seamless and so I wouldn’t want to get
kind of a sense of complacency to repeat
what has happened over the past couple
of years and the kind of disunity and
vitriol and quite frankly just oakiness
that was taking place within the big
community and we kind of need to get rid
of my egos trying to do something that’s
best for the ecosystem without that the
point may have troubles in the future
III think you I agree but I don’t think
it’s gonna happen again
these long debates because what I think
we’ve discovered is that there is no
conflict resolution mechanism like
within a coin that effectively works and
we’ve tried everything we could think of
like everything for two years
and now now we know that and I agree
with you it’s these cryptocurrency
systems need to be extremely tight and
United and this is why they succeed and
when there’s a conflict it seems now
that according to me it seems now that
the solution is just to have I’d rather
have these really tight-knit groups is
really solid network effects that have
like solid cores around them then just a
big kind of you know I’d rather have it
diluted and non diluted smaller cores
now because what we’re doing remember
there is no adoption yet of Bitcoin like
what we’re doing and III don’t think we
should measure the ecosystem in terms of
adoption I think we should measure the
ecosystem in terms of are we ready to
see a billion people rush to Bitcoin
because Fiat and banks have collapsed
right so in order for that this is like
I don’t I’m not
too sad to see bit pace numbers go down
right I just wanted us to be ready and
for us to be ready we need to be
extremely United so I’m happy to see
these small hard cores of people that
are just you know because there’s so
much foundational work we’re already
talking about building on top but the
foundational work needs some you know
some radical people that are very United
so I agree with you this is our biggest
strength and if it if it doesn’t work
out then you know we need to to to part
ways and it’s gonna be faster in the
future it’s gonna be much faster there’s
gonna be less next year because there is
there the idea of trying to overpower
Bitcoin I mean that was the best shot
they had like you know that was the best
shot you know Bitcoin cash is a pretty
good effort it wasn’t easy to pull off
alright and anyone any of you have
anything to add to all that right there
is a weave this is better excellent
discussion most excellent all right all
right if you don’t I have a question for
every single one of you will most
because people are wondering this this
is a pretty basic question well that
it’s a it’s a it’s two-part question and
we’ll start with Simon have you sold
your B cash yet and do you think there
will be a 2x hard fork or will they just
give up the dream
Simon unmute yourself first
so yeah III did a very stupid thing
during the fork and that was I decided
here’s a chunk of Bitcoin where I’m
willing to just chuck it on in exchange
and see what happens
and so I took what was you know a pretty
large number of of Bitcoin and I had
them on crack in a bit finnex and I was
ready to just just a dump them it turned
out to be a pretty good move but now I’m
you know trying to trying to push
through some withdrawal limits to get
them off the exchange
oh sorry you happy cash yeah sorry I
never sell Bitcoin I I spend I spend
Bitcoin I earn Bitcoin I I never try and
time the bottom I never try and pick the
top I never you know if I ever started
trying to trade Bitcoin and say right we
got it you know it was
reached a point where he needs to calm
down it it always burns you know you
know it’s it’s impossible to do just
it’s stressful as well you know I I
don’t sell Bitcoin um I I spend them
certainly willing to spend them you know
because I like to I like to incentivize
our staff you know we give a percentage
of our staff Bitcoin and you know and
that’s just a great way of getting
people to want to work for you and stuff
in this new economy but yeah I I don’t
do that so yeah I had a loader that I
had I put someone the exchange it kind
of you know this the the worst advice
kind of rewarded people during this hard
podcast and odd fork in that if you had
yours in a very secure environment you
couldn’t get them on the exchange and
you can sell them but but then again you
know and and so we you know I was very
fortunate to catch some of this 600 700
700 dollar wave when no one could could
actually get them but I didn’t put all
of them on there you know I I was
managing that so I’ve still got some
that I can pull out which I just haven’t
got round and I’ve got you know I did
some that I just put on the exchange and
sold days and I had fun with it it was a
really exciting day I was I was on the
world crypto Network on that 8 hour
marathon and it was just an exciting day
when everyone was learning stuff so you
know it was just it was just really
interesting so yeah I did sell them it’s
an altcoin to me i have no idea in the
value there’s a community behind it that
think they can do something with it and
good luck to them but you know I tell
you what ice drive me insane and is when
I’m tweeting something about Bitcoin and
I know that you know when I go and
present I get there’s there’s new people
that listen and you know what the bit
that I hate about the division that the
house calm is the we’re confusing to
many new people I start saying something
about Bitcoin and then someone that’s
very bullish on Bitcoin and start saying
how shit bitcoin is because they’re
pumping bitcoin cash and saying all the
problems with it and they don’t actually
mean the Bitcoin shit what they mean is
we believe that there’s a different way
that bitcoin needs to progress if you’re
a newbie and you’re reading these tweets
you’re seeing somebody that’s really
into Bitcoin slagging off bitcoin and
they interpret that as like bitcoins a
scam or bitcoins rubbish money or
bitcoins crap and so the community kind
of is starting to attack itself in the
we’re confusing a lot of people but the
AI no one controls Bitcoin no one can
stop these things it is what it is this
asset you know this bitcoin is going to
become what its gonna become is too
important invention and this too
important to too many people that every
time something crazy happens you know
you’ve got really really smart people
idiots
trolls everything that all concrete
together and create this environment
where at the end of it we get a better
Bitcoin and I’ve just come into terms
with that and in kind of the chaos and
the conflict I’m just gonna come to
terms with it because that’s never going
we’re never going to be a united front
like that anymore and and then you’ve
got the newbies you know that there’s so
I have got no idea where this statistic
conference but it feels to me that
approximately you know half a million
new people or a million new people
joined this community in the last year
because there’s so many people that
don’t have any idea about the history
they went straight into aetherium or
straight into a nice yay don’t know
anyone who anyone is there you know
they’re there debating with people on
Twitter like they know absolutely
everything without understanding the
history and III was kind of resistant to
that I was a bit annoyed about that but
then again hey this is what happens when
Bitcoin grows we’ve got to accept this
we’re we’re kind of got it played the
role and be a bit more patient of okay
yeah we’ve been around for a few years
we understand there might be some
history that you don’t know about but
you know we’ve got to kind of help them
understand the history help them
understand what you know that
understanding might not come with a lot
of knowledge behind that say but you
know we’re growing we’re getting loads
of new users and while there for us
while it might be frustrating this is
this is this is where we are now we’ve
got a hundred and twenty five billion
dollars a market cap that means now his
you know say what you want about icos
say what you want about all these things
but the fact of the matter is you can
come along right now have an idea of
something that you think improves this
crypto market that many people will
think will crazy every bank will think
you’re crazy every VC might think is
crazy and you can now get it funded by a
group of people that really believe in
that vision and that’s self-sustaining
now that’s how you get from 125 billion
to a trillion to five trillion and
beyond because now we don’t need to ask
visas we don’t need to ask the banks we
don’t need permission in in that census
is a completely self-sustaining
environment where you can think
something’s a scam and put and stay out
of it or you can participate in
something and there’s so many problems
of this market the you know believe me I
could go into just as many problems with
whether it is but the fact of the matter
is we created 125 billion dollars of
value out of nowhere and that is you
know they’ll be crashes they’ll be
everything along the way but the cat is
out of the bag there’s no reversal of
this trend the Internet has been created
people are creating websites all around
the world
Bitcoin is the protocol there’s lots of
derivatives that come from Bitcoin
there’s there’s alternatives has changed
as all coins as a theorem there’s ICO
there’s everything but no one person can
even keep up with the amount of
innovation that’s happening right now
and you know I’m getting 25 white papers
a day of things that you know you know I
think anyone involved in this community
is just completely overwhelmed and
excited at the same time so you know
it’s it’s sorry if I’m blabbering here
but it’s it’s it’s a reflection of what
my email inbox looks like right now
given given where we are today and
what’s actually happening and you know
every bring it all along bring it on
this exciting times it’s a great it’s a
great comment because I’m actually
worried about a lot of people that are
getting very tired like at consensus I
saw a lot of the love the best people
that I’ve been in crypto for like five
six years and I was just and at the time
where were worth taking off like we all
need to be very well rested and and just
to be able to deal with all those new
people and not lose patience with those
new people that’s that’s like a big
challenge and also I was tweeting about
it I’m kind of joking but I’m not is
like we resisting the urge to gloat and
that’s really like bit corner problems
but as the newbies come in it’s it’s
it’s it’s we always forget that or we’re
speaking some weird lingo on Twitter
that just doesn’t make any sense like I
would love to just take some tweets that
I wrote and like show them to me like
four years ago I’m like what the hell is
does that even mean you know what I mean
completely alien Francis did you sell
your be cash what’s your what’s your
status on your behalf
yeah I did it was super fun so I took
like I actually did take a week off of
work just to deal with all that stuff
and just to relax a little bit so I woke
up at 8:00 in the morning
you know with my I had consolidated all
my and actually it’s funny I wasn’t I
was a base show and if you remember
Benny but I said a one-time one-time
only advice one time only is to leave
your Bitcoin on the exchange if you want
to treat me cash it was a one-time only
advice of course I did not follow my own
advice of course I put everything on the
treasure because I did take like
bitcoins out of cold storage and selling
some some alt coins and stuff and I had
like I was like there’s no way I’m
sending this to bit Rick’s like I just
can’t I just couldn’t do it so and then
all right so the fort happens and then
I’m ready to dump I got my my treasure
tool and super stoked about that and try
to and then Kraken doesn’t open the
funding right Kraken doesn’t open bch
funding and I start getting super mad
because I was really really hoping I was
I was hesitating to put everything on
Kraken I was like yeah I got super mad
and I wasn’t even thinking oh my god
this is
see they called everyone and they said
put all your bitcoins on crackin and
we’ll close the funding so and then I
went to bit tricks and I really wanted
to dump all might be actually thought he
was gonna go down much faster was really
worried I was like yes I finally know
something that the market doesn’t so you
know let’s let’s profit from that for
once and right so it was actually quite
it was not an easy process so on beat
Rex
it opened the funding as soon as the
open funding I put my my beseech dear
I put the priority fee on treasure which
was about $3 and 50 us for BCH so much
for the low fees but I’m joking at the
time it was very there was a lot of
traffic on that black Giants actually to
think that maybe a day maybe a day to
get to the track so 20 confirmations I
think took about maybe 30 hours and I
had an auto sell button on bit Rex for
everything and I’ve just been a lot of
friends has been I’ve been using my bit
Rex all the sell button because they
don’t know how to how to do that so been
helping people dump red since the
beginning I for me was unreal when I got
the bitcoins out of bit Rex it was
really surreal feeling of having you
know then a basically 10% bonus on all
my bitcoins I was I I kind of took it as
a as a Satoshi’s way of thanking me for
the usf thing or something like that I
don’t know so yeah that free money I
realized those gains on the free money
and these are now bitcoins that are
gonna be bitcoins forever so yeah I’m
super happy so we have part of that
alright so I have my ACH don’t intend to
actually and just kind of thinking back
at the the hard fork with aetherium I
remember people being super excited
about selling it at ninety cents or all
to the door of 50 and selling it and so
my mind view is I’m long this asset
class
I kind of have not too interested in the
shorts days day trading and just I’m
excited to see the entire asset
as a class girl one of the things that’s
sad for me is when people hear about
this industry because of these
phenomenal growth rates in the past and
all they do is they come and ask me
about Oh God what should I invest in
were the best coins to invest in because
they’ve totally missed out on the genius
of satoshi and understanding what this
glorious technology means for Humanity
and I think that’s a really sad
situation where people are just kind of
treating this is just another asset
class I kind of get rich quick scheme
without really understanding why and so
I always encourage people to understand
why you believe this asset class or a
particular coin is actually going to
take off and why you’re actually believe
is going to have value in the future
so my view is kind of just they can
enjoy the show
I kind of am with Simon from the
perspective that I kind of buy it and I
spend it I don’t generally really sell
it so I’m in here for the long term and
I and I welcome every new coin I get by
not buying for Sam thank you for being
on guys all right I’ll see you thank you
Benny
what did you sell are you holding are
you partially or yeah so I I liquidate
it everything I could so I had some
Bitcoin on a treasure some Bitcoin on a
ledger nano s so those were super easy
to deal with and and split and sent to
an exchange of course I like liked it
most people I had to wait those twenty
confirmations to get my to get access to
my B cash on the exchange to then sell
but I’ve still got some sitting on a key
key that they haven’t released the the
new software to be able to access and
send it so I’m kind of waiting on that
as well
I’m also in the process of making videos
for people so they can understand how to
access their there be cash if they have
some so I’m working on that it’s like
really simple walkthroughs but to kind
of respond I know he’s gone but farzam
said after the split however
buddy was excited to sell their etherium
classic at whatever ninety cents and
everything and it’s worth more now yeah
but you have to look at the percentage
gain versus the percentage gain that
etherium itself made since that split
and at the splits
you had aetherium you had a theory of
classics sitting at a boat I think it
was about fifteen to twenty percent of
the value of aetherium and now if you’re
in classic I’m not sure what it is today
but it’s closer to about six percent of
the value of aetherium so had you
actually liquidated your aetherium
Classic and bought more aetherium you’d
be up and and it’s really the only
example we have to go on for this so in
my head you know history doesn’t repeat
itself but it does rhyme so I’m
anticipating that potentially again like
be cash is sitting at it well now it’s
like ten percent but it was like fifteen
twenty percent of the value of one
Bitcoin and it’s going down I could I
don’t think it’s going anywhere but I
don’t think in terms of the value per
Bitcoin I don’t think it’s going to stay
necessarily where is that or go up too
much from where it is I think it’ll just
kind of stick around it’ll have its ebbs
and flows like every other
cryptocurrency but by and large I
believe more in in Bitcoin so as soon as
I can liquidate those be cash sitting on
my my acute key I probably will and and
that’s fine like I don’t mind if people
hold it it’s that’s up to them if they
if they believe in it then it the price
of it shouldn’t matter you know yeah
yeah I don’t get the argument like oh
it’s freebie cash I’m gonna hold to see
what happens it’s like so why don’t you
just sell it and then yeah Bitcoin and
then you can invest in any all going
like you do right yeah upon further
reflection they really it kind of I mean
so yeah so me it was just it was like
dead sir everyone would be selling and
no one could prop it up but it didn’t it
didn’t work that way yeah you know it
didn’t actually happen as I thought it
would go but you know upon reflection
you know if you think about what all
coins versus Bitcoin are bitcoin is you
know it used to be a highly speculative
version of an all coin when Bitcoin was
around but now it’s become like this
this rock store of value for those you
know if Bitcoin scales and achieve
certain goals then it’s kind of you know
like the the solid things so you’d
always you know the rules of the markets
are risk-return so bitcoin is a much
lower risk so it’s expected over the
long term you know in the short term to
be lower return and all coins you’re
basically you know you’re making heute
you’re taking huge risk so you’d expect
higher returns but you’re just using it
as an investment to try and convert it
back into Bitcoin so that you can have
the lower risks or a value because there
is only one store of value that’s a fact
in the hot in the entire cryptocurrency
market there is only one store of value
and there’s tons of investments to try
and get into that store of value or make
your store of value worth less and say
you know you’d expect and that’s why all
coins are so attractive to people
because it’s just a way for them to make
or lose their Bitcoin in a really fast
way so that they can then get on the
store of value and sit on that sit on
their bitcoins and spend them as they
become wealthier and wealthier that’s I
mean I just wanted to show you one thing
I just remembered something as you were
talking and that at the bitcoin embassy
which is where I used to work at there
was actually a photo of you on the wall
with a quote when I got there so in 2013
it was like a famous bit corner and like
build big gates and there were seven
dicta and it was something about the it
was it was some quote about the nature
of money or something like that and and
when you were saying like Bitcoin is
this sort of value as is have used have
you started to realize that bitcoin is
the unit of account now also and that
the altcoin traders they refer to
Bitcoin as Satoshi’s and it’s it’s 0.01
Bitcoin and it’s it’s you know it’s a
it’s 12000 Satoshi’s you know that’s how
I know that’s how I value B cash now
when I look I am like oh I can get a
tenth of a Bitcoin yeah right so this
this these properties of money everybody
was saying
you know nobody’s measuring anything in
Bitcoin you know bitcoins not a unit of
accounts it’s always converted from USD
well and the Bitcoin in like the crypto
economy things are you know nominated in
Bitcoin as the base value so you know
Bitcoin may not have the three
economists magic whatever properties of
money but they do in the real you know
in the physical world but in the crypto
space I mean unit of a method of payment
you know everybody buys you know
everybody adviser all come with Bitcoin
and you start value obviously whenever
you make money with an all coin you know
you know I always say that all coins you
know value proposition is to make people
more bitcoins and you know the third one
is the is the unit of accounts right so
we were measuring stuff in Bitcoin now
so within the crypto economy like
Bitcoin is is top dog you know it’s it’s
the money it’s the form of money so I
mean that’s from an economists
perspective that’s really interesting
it’s really cool to see play out like we
thought it would well everyone found
that like button everyone was this been
an awesome show we’re gonna start tying
it up right now but I wanted to make an
announcement real quick
everybody are a lot of people watching
this show and my channel are familiar
with Gabriel in Venezuela he’s been a
guest on this show before he’s been on
guest on my other shows before and he is
safe in Venezuela I have spoken talked
to him over email in some other ways and
he is good in case you were wondering
because we do we have fans in Venezuela
and we have people who’ve been on this
show in Venezuela and Gabriel is pretty
legendary around here so if anyone was
curious that’s my that’s my little tip
of the week and I am happy that Gabriel
safe in Venezuela and I wish him good
luck down there and everyone be careful
and hopefully everything will get
straightened out down there soon enough
okay everybody else please share your
stories of the week
Benny your first story of the week or
just news that anything you would you
know what I really enjoyed seeing was a
it was an advisor to Putin I believe
they just raised like a hundred and
something million dollars to start
massive mining operations in Russia to
compete with China
and my favorite thing about it was that
they’re using bit fury chips or Biff
you’re a great like they’re going with
bit fury so so they’re giving I’d say
either they’re adding more competitions
of the space as far as we’re mining
operations are located but also for for
the the people that are making mining
rates and and and fabricating chips
it’s just injecting more competition
into mining but also encouraging other
companies I think to get into the space
and start fabricating these chips
because I think that’s one place where
it is a little too centralized and I’d
like to see more companies come to that
space and if they see countries starting
to compete compete on this sort of a
level there’s bound to be more
competition soon so for me that’s
something that really stood out in the
past week here yeah I like that one too
I mention and I think it’s there’s so
many bullish things to take away from
that story even if they don’t get their
act together who knows you know what
these are like semi state-run companies
what’s gonna happen but still that the
sentiment is there is it’s good news
Francis what do you have to say any any
additional thoughts to my I need to be a
to be honest I kind of lose a sense of
time so I don’t know what happened last
week versus like three weeks ago is like
the last month for me is like a whole
blur of news like I just can’t put my
finger on anything honestly no yeah yeah
just too too much too much overload yeah
I I feel that too and I mean that is
that’s a story in itself that the the
content creators the guys that are
playing around in this space it has been
wild it’s like every day there’s a
million new things what am I gonna talk
about what am I gonna cover what’s gonna
keep me up at late at night and you know
how about how am I gonna spread the word
to get this this you know do so
everybody does the right thing so I I
know what you’re feeling I don’t know
what day it is anymore I don’t know what
time it is all over the place Simon um
you’re gonna get the final thoughts here
on the show what he’s what do you
wouldn’t you have to add today I think a
story that’s not got as much airtime
just because of the the nature of what’s
been happening over the last few months
with the is actually btc-e
btc-e for those of you that are kind of
new to this it was a real epiphany for
me because it filled a gap in the
history in the fill in Bitcoin the movie
that I’m sure is coming out seen a I
think they’ll need like a whole I
there’s definitely a whole series on
Bitcoin the movie to come out you know
your whole 24 style melee but btc-e was
it filled in such a gap for me of my and
it and now it’s so obvious but I just
didn’t see it at the time I always
wondered that you know Bitcoin is
censorship resistant money means that
one of its user cases is certainly for
people that need censorship resistance
and that means that it can be used for
ransoms it can be used for ransomware it
can be used for money laundering it can
be used for you know all the money
that’s being made on the dark web and
all these these these interests in it
but I always wondered how does all that
money get converted into fear and now I
know because btc-e was the exchange
where all the hacked bitcoins from mount
gorks and all the ransom and all the
crazy things were actually going to
convert them into fiat because i just
thought you know that can’t will be done
through Bitcoin ATMs and and things like
that so it just it just it filled in
such a gap in the history and then we
find out that you know the CEO or the
founder or whatever it is I’m probably
not even getting the stories right you
know it has been is is being is trying
to be extradited into the u.s. for four
four billion dollars of money laundering
and then you know what happens btc-e
come along saying we’re gonna put our
exchange up as usual and because the the
feds or whoever who has confiscated
clients money or whatever is happening
with those bitcoins and notice very few
people were crying and crying out about
the money they lost probably because
they couldn’t because there were so many
people that had money on there that they
couldn’t go out and talk about the money
they lost I’m not sure I’m sure you know
I I pity I’m not trying to trivialize
anyone that lost their money for you I’m
sorry for your loss and hopefully that
comes back
but now they’re talking about doing a
noisy oh and launching a token in order
to make up for the money you know and
and this is just unbelievable story
imagine if it turns out that this
exchange comes back online everyone
makes their money back through some kind
of financial engineering and what this
does is it it paves the way for what we
talked about in previous shows Adam
which as I said the future of the ico
market is your have people that identify
themselves doing regulated I SEOs in a
regulated structure and then you’ll have
just like Bitcoin to markets a regulated
market kyc market I’m on the Expedia and
then an underground market where people
are anonymous on the Deep Web doing i
ciose the circumvent government controls
and and you know kind of just like those
things and now we’re getting that case
study of i SEOs probably to being done
the way that they were intended to do
you know with with fully anonymous
censorship resistance what a fascinating
story it’s it’s it’s you know Bitcoin
the movie is just gonna be the best
movie ever it’s gonna have like series
or recurring one yeah
and interesting enough fair so my news
of the week is actually the the shutting
down of alpha Bay and the the arrest and
suicide of Cass Lane Aleksic as a which
was the the alleged men they which is
obviously the whole story is tied
together right so there’s been a lot of
activity on the on the darknet so you
know alpha babe was was a mammoth of the
net and this guy was also a legend of
the dark net actually it’s was found a
hanged in his cell like oh so that
that’s another story if you want to look
into those this get the alphabet case
that’s that’s another movie entirely
yeah he’s the Mount gorks history when
exactly you know when Bitcoin became a
store a value in the early days when you
know this this story is just a brilliant
story yeah yeah it’s crazy it’s all very
hush-hush
but there’s a lot of it there’s a lot
and you know I was just thinking about
it that there’s a lot of people now
selling their bitcoins now there’s a lot
of people that are not selling their
bitcoins that used to sell their
bitcoins as soon as they got bitcoins
because what they wanted to buy to sell
on the Internet they could only buy with
US dollars right so all the vendors of
the dark web when it goes down and all
the money launderers you know when their
money when this goes down they’re stuck
with bitcoins so they can’t the daily
dump that happens on exchanges isn’t
happening so you know theory well theory
is is you know you see the price
increasing as a result and you know it
starts to make sense a little bit you
know there’s a lot of pressure of the
exchanges that those people aren’t
dumping so I was and I wanted to make it
the opposing argument I was gonna say
well the whole darknet it kind of
crashed and the Bitcoin didn’t crash so
we may have moved on but it just goes to
show you how much we we don’t know about
what goes on in Bitcoin I guess so yeah
that’s a very interesting story I’m very
excited to see how this whole who’s
gonna when when the mystery will unravel
itself fully because we have a lot of
moving parts and I have a feeling you
know one day we’re just gonna the lid is
gonna pop off and we’re just gonna see
the whole one massive scheme run by a
few people and it’s all gonna make sense
that they will be pretty fun I’m sure
well awesome guys this has been a really
good show I thank all my guests for
being on all over the world I hope
everyone out there learned a lot I’m
here in Dublin Ireland I’m gonna relax a
little bit finally I’ll see some of you
at an event tomorrow Saturday but again
thank you guests Thank You viewers pound
that like button i’m adam meister the
bitcoinmeister the disrupt meister
remember to subscribe to this channel
like this channel share this video check
out the notes section below I’ll have
everybody’s links down there soon have a
great day and European and African
viewers I hope you like this start time
maybe we’ll have some earlier ones now
that I’m in Ireland for a week so thanks
a lot bye bye everyone

19 comments

  1. Do you guys ever for see a time when one bitcoin is worth one million dollars ? could it ever really make that kind of growth.

  2. a silly question to anyone who can answer… im a long time bitcoin bug but for the life of me i dont know why u guys call it a coin or a token when its actually digital currency…. no biggie just saying 🙂

  3. Okay Adam Meister, you gave me a problem…i have too much Bitcoin! Seriously! It covers one year of my salary and i am a senior software developer. And that is before any withholding and deductions such as 401k. How do i reward myself from my offline wallets? It will take years for me to sell it all off, $500 USD at time via local bitcoin

  4. Hello Adam… Your videos are very informative. Thanks for the daily videos spreading Bitcoin awareness. The FUD 🙂 question that I have is, ultimately doesn't the miners support matter?. What if 95% of miners honor the NYA and 95% of mining hashpower goes to the new November hard fork coin/FUD coin/ALT coin BCASH2X (or whatever) and what if BTC (Core) gets only 5% of the hashpower. I am newbie. Just 3 months into Bitcoin and still in the process of learning. So my question could be wrong or irrelevant

  5. The more different crypto ccys there are the more impossible it is to shut it all down. Having only one would be very very bad. How it is now is good.

  6. Better existensial show so far. In line with the late Alan Watts. When you look inside it all looks messy. From perspectice of the whole its all effortless and perfect.

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