The 1 Bitcoin Show- Vlad Costea talks Lightning Network, BTC media, Romania, Mircea Popescu, more!


Hello everyone this is adam meister the
bitcoinmeister the disrupt meister
welcome to the one bitcoin show today is
August the 14th 2018 a strong hand one
big point equals one Bitcoin value your
wealth and bitcoin offended by selling
bitcoin is the next bitcoin be a unique
beast holder of last resort world
reserve cryptocurrency don’t FOMO on
altcoins alright we’re doing it a little
different today on the one Bitcoin show
we got a special guest coming in from
Romania Vlad Costa is here and hey man
Vlad you’ve written you guys have
probably read about him in Bitcoin
magazine he break for Bitcoin magazine
he’s got his podcast with a really cool
name with your Chabad guys caught again
it’s got an awesome name yeah the
Bitcoin takeover the Bitcoin takeover I
love it pound that like button alright
so I like I like your writings man you
write bitcoin magazine best publication
out there they’re hardcore in the
Bitcoin there are a lot of ridiculous
stories on other publications covering
all sorts of drama but you guys do cover
that the hardcore technical stuff how
did you become and I don’t want to be
presumptuous here but are you a Bitcoin
maximalist oh that depends on how you
find the term in the sense that I would
only invest in Bitcoin that yes in the
sense that I disagree that
experimentation with other protocols is
damaging for Bitcoin I don’t think so
you can experiment with lots of
protocols and lots of projects to be
sure what would happen if you were to
implement that specific line of code
into Bitcoin so I guess out coins can
useful for research purposes but I
wouldn’t recommend anything as a
financial asset and nothing of what I
say is fine
actual advice because personally I’m not
very good at reading and I know you had
some bass in the show so watch that
episode would tell and just forget about
everything that I say about money well I
like your perspective on a Bitcoin
definitely I have to agree it if that’s
what a Bigfoot maximalist is I think I
like I like that definition I think some
are much more hardcore they will what
they don’t even think altcoins are
experiments they think they’re just
scans but again my thing and I don’t
give financial advice but I only buy bit
of course this is the bitcoinmeister
pound the freaking like button people
now with all with all that said in terms
of your writing
it is about Bitcoin related stuff you
covered the big Piggy’s thing and I
meant to mention this off the air to you
but I met Jim before actually the guy
behind big TVs and I got I give you guys
credit I mean it’s a simple concept but
you uh you brought it to the attention
of many more people so do you have any
thoughts on that concept but the big
Piggy’s having a a piggy bank getting
kids into it early I actually had the
idea presented by Christy who is the
editor-in-chief at Bitcoin magazine and
bit piggies was one of the items which
was sold during the Bitcoin 2019
conference in San Francisco and they
wanted to have this type of interview
but prior to mean joining Bitcoin
magazine I interviewed Jim for my
podcast and I knew of him and I saw that
the topic was being pitched but nobody
picked it up and I said you know I can
actually take this and turn it around
and give it some kind of interesting
twist because at the time I was also
researching in Siskiyou morphisms which
is a concept that basically means that
you take something physical and put it
into something virtual and for example
think of the first versions of the
iPhone or you had app icons which
resemble very specifically the
applications that they were having that
correspond in real life we had the
library
application which would appear like a
shelf on which you choose your media and
I was thinking that bit piggies does the
exact opposite take something which is
natively digital but puts it in the
physical world and makes it makes sense
for young children yeah that is a that
is a great way of looking it looking at
it taking something is digital and
putting it into the physical world and
it’s a basic cotton for people so try
something like that I think it’s a I
think it could really catch on and that
is a very what was the original term
that then is the reverse off to a
morphism sk-ii w mor ph is M all right
where we’re learning new stuff here on
the show I like this I like this ok now
something else that you’re covering
which is I get asked these kind of
questions all the time decentralized
changes and your your I have playground
a bisque I don’t know if you have it all
but you have you have played around on
huddle Hobbit though so uh is there what
do you have to say about how to huddle
and is there a big difference between
the tube and your take on decentralized
exchanges I’m actually lucky enough to
have interviewed both the people from
huddle huddle and representative from
disk and I know that in pure terms if we
were to define decentralized it’s only
best that is truly decentralized as it
doesn’t have a central authority which
governs it they just have some
developers which write code and from
that point on you just connect root or
two and network where you get on the
marketplace and from there you just make
a peer-to-peer exchange whereas in the
case of huddle huddle they take
advantage of jurisdiction which allows
them to keep the business running
without any kind of issues I guess they
are based in the Cayman Islands or
something and they have the central
point of failure in the sense that is
run by two or three people but at the
same time its users who post offers and
the transactions are peer to peer and
their zone
a point three percent fee which they
have to pay to huddle huddle for this
convenience it basically takes away the
power that centralized exchanges have
and allows people to transact in a way
that doesn’t require any kind of trust
and they use a multi-sig a two out of
three
where huddle huddle holds one of the
keys one of those shards of the private
key for the transaction and it’s only
settled when but both of the parties
involved are happy about all right so do
you see do you see these decentralize
that well you say only one is truly
decentralize do you see decentralized
exchanges getting more popular in the
near future or people gonna have to
learn the hard way
and are they gonna become easier to use
any time I hope so
that I’m not entitled to make any kind
of predictions I don’t have any kind of
data to reveal right now but I spoke to
max Kaden of huddle huddle actually it
was for writing and I got some comments
for from him for the article which I
posted yesterday and he said that the
number of users is increasing and huddle
Hollow
which means that there is an incoming
number of new users who require this
type of peer-to-peer transactions which
are much more cyberpunk than the idea of
holding your coins in a centralized Bank
like going bass yeah I hope so
that it becomes more popular otherwise
we’ll just have centralized exchanges
and if you want to go peer-to-peer
you’re just going to get on some type
some type of IRC channel or forum where
you trust that people are ok and will
not try to kill you or torture you until
you give them your private keys and you
meet in person and you’re going to do
this kind of swap for cash I guess
that’s the only other alternative which
is much more confidential than anything
involving bank accounts now you did say
that one key word in there
and it’s not showing it’s not a
trustless system that you know when you
have to meet the person in may have to
meet the person in person you gotta
trust they’re not going to stab you I
mean that’s that’s that’s an ass big ass
there so we do hope that that the online
these decentralized can become as
trustless as as possible one can hope
now you you cover a lot some tech issues
and you’ve got a tech head on you there
definitely what what’s your take on a
lot of people are very excited about the
financialization of Bitcoin does that
interest you at all all the the big
financial institutions that are
supposedly coming into the space and
that’s usually nice sand it’s pleasant
to have this warm and fuzzy feeling of
not being alone and crazy and all of
this big space but at the same time it’s
not mandatory for them to get in in
order for to be popular what is into the
game but other than that I don’t really
see the purpose
okay so Bitcoin doesn’t need they need
money that cannot be confiscated and
cannot be centralized and cannot be
inflated otherwise they can just use the
dollar and be completely happy and most
people get into Bitcoin at first because
of speculation and it was also my case
and I got correct because I had no idea
what I was doing but in my case it
turned out to be just fine because I
ended up reading books and studying the
phenomenon and actually getting a job to
write about it which is incredible yes
it is when did you get into it by the
way well I first heard about it in 2014
when I was in Paris studying at
university and yeah I had to make a
class presentation about blockchain at
the time and the only eloquent and clear
example
blocking was Bitcoin and I basically had
to explain to my class what bitcoin is
but I didn’t buy any at the time and I
wasn’t very sure about what I have just
learned because it seems so complicated
and I only had a few days to learn
information and basically make my
presentation and know what to say and I
read an article in Wall Street Journal
at the time and it just presented the
whole Silk Road situation and predicted
that bitcoin was going to die and I was
going to this kind of University which
was very tight in close ties with the
banks in the sense that we have always
learned that the banks are honest and
the banks are nice and it’s them who we
should trust basically and when I read
that in The Wall Street Journal there
was no way for me at the time to think
otherwise
and to actually contest that but I got
into Bitcoin in early 2017 I guess but I
got into et reom first and I got wrecked
with that one and it was exactly what I
needed to hear around the time that you
decentralized the internet you build the
world computer which is able to run any
application in a decentralized way when
I heard that I was blown away it was
everything that I ever dreamed of
wrapped in a nice package in which I
could invest like okay take my money
please well yeah I got disillusioned
pretty fast you’re out of it but it led
you to Bitcoin it led you through the
right spot do you think there is a
future for Syria in a speaking to ten
days you said was just on the show last
week I he doesn’t think there’s a future
what about you Uriel
it’s hard for me to think there is any
future given the fact that there’s
nothing special about it Billy you it
can be inflated I mean it has an
unlimited supply okay but they used to
have this plan for a certain percentage
of new coins getting in and they just
kept on delaying the
a time bomb to the extent that I think
right now they have more than 100
million Eve which was my in which
Vitalik said that wouldn’t happen back
in 2016 but now it happened and they are
over 7 million above the 100 million
fresh odd so in this regard it’s not
predictable it’s just like a central
bank and the fact that it can run smart
contracts and it has that Turing
completeness I mean that can be done
with any other product oh you just have
the first mover advantage because they
were the first of the kind to be
released but right now with taproot and
snore and all the improvements that
they’re bringing into Bitcoin for smart
contracts I guess part of the companies
which invested in it cerium and we have
already seen it with Microsoft are going
to move back to Bitcoin because they see
it as more robust and more sustainable
on the long term it makes much more
sense for them to invest into something
that will be around in the next ten
years as opposed to something like which
gets trashed by crypto kitties and then
goes through a whole existential phase
where they’re trying to figure out what
they should release first and when they
should transition to prefer stake and
when they should have plasma is charming
and Raiden and defy and whatever man you
saying all the catchphrases there defy
God hey people people buy into it it’s a
free market this is where the big boys
play we shall see what happens but I do
like your take on that everybody
remember vlad’s link is below you can
follow him please follow him there he’s
tweeted out some stories recently and
his thoughts what are some big stories
out there that people are talking about
and maybe some stuff that you’re
covering that you’re about to debut and
floor is yours right now I’m working on
an article about different types of
lightening routing because it might seem
obvious right now that the Lightning
Network has been deployed done the main
that that we have a type of routing
which works and is scalable but
furs already think about more scalable
ways which can create greater advantages
for the parties which are transacting
and one of the approaches is ant routing
and they basically took the idea from
ants which when they look for food they
dispersed they go in their separate ways
and they leave pheromones behind and
basically that’s their way of knowing
where each one of them has been and
whichever of them finds most food they
know how to get there
because they have the smell of
pheromones and the idea is similar I
mean there’s a French team which works
on this and I have been watching their
presentations and I’m supposed to
research on it and I guess I have to
contact them and ask some questions
because it it exceeds my technical
understanding of what’s going on okay
but the idea is that when Alice and Bob
are transacting they set a certain fee
because in the future it’s it’s not
expected that lightning will be as cheap
as it is now because it’s getting more
centralized and it’s likely that
channels will basically say if you want
to route true me then you’re going to
pay this kind of fee and basically Alice
and Bob will be able to establish what
kind of fee they want to pay and this
type of ant routing will search through
the entire network and find the fastest
and the cheapest of the routing methods
to be sure that they use the node which
gets the money they’re the fastest and
the cheapest according to whatever
inputs they set excellent excellent but
their people love on my show to hear
this lightning Network inside info so
I’m not privy to this kind of stuff so
I’m glad you’re doing the research I
know Erin covers this stuff a lot too
than weird oh yeah I actually got the
topic from him because he didn’t have
time to cover it so I basically
inherited it
well that is awesome that you can take
over and Aaron’s story because he is he
is great also and he’s a hardcore
Bitcoin guy which you also definitely
appear to be I want to ask and wanna
remind everybody found that like button
if you like it when we get a guest on
the show like this this is awesome your
first time on the show I love it no
brain I’m bringing you the best freaking
guest in the space people you never know
who’s going to show up here
now there is again I love with the news
that you guys cover over there but
there’s a lot of clickbait stuff it’s so
many other publications and I mean if
you just have a story that says like
Bitcoin to a million dollars or some
technical analysis chart I mean it’s
gonna do just amazing in terms of in
terms of attracting people what’s your
take on the state of crypto media today
and is there it do have a favorite fudge
story that’s out there or a favorite
Ludacris puppet story that’s out there
well before getting to Bitcoin magazine
I have worked for crypto globe which was
my first gig and and there I guess it
wasn’t as rigorous in terms of reviewing
the content and if you had something
which was I don’t know sometimes we used
to joke that we were turning into
BuzzFeed because we were trying to keep
the standard high and write something
good but at the same time we noticed
that if the content was I don’t know
more click bTW and more accessible to
the masses were just looking for pumps
and reasons to feel bullish about
certain coins then they were getting
like 10 times more views and at the end
of the day they figured out that their
business and they should be operating
through this compromise which they
haven’t taken to an extreme like CCM for
example which i think is the lowest
denominator and they’re not the only
ones but I like to think that CCN is
like an assembly of shit corners I hope
they have changed but the last time I
checked their website they had a
politics section just for the sake
the fact that they sound kind of like
CNN sometimes and they did politics just
to I don’t know broaden the audience or
something which makes no sense to me at
least they they’re going to see
something oh but politics is important
for regulation and the cryptocurrency
space which I disagree they don’t cover
specifically the topics which are about
regulation they just right-click baby
stuff about Donald Trump it’s just it’s
just pure clickbait its clickbait when
they write about ripple it about Donald
Trump and and this just seems to be the
with so many people out there a base
they’re they’re they’re supposing news
around it’s unfortunate and that’s why I
like that people like you on who you
know you’re not trying to get the clicks
you’re trying to get the information out
there so that’s uh they’re very very
respectable what you’re doing so
everybody there is the wild wild west
out there in terms of news in terms of
rumors I can’t keep it simple people
stick with the Bitcoin stuff stick with
the big coin you start you know you
start hoping and praying your altcoins
gonna do so great you’re you’re gonna go
to these sources that just reaffirm your
false belief which is uh it’s gonna send
you down a path of unhappiness in the
long run now you’re in Romania what’s
the scene the Bitcoin scene like over
there well you’d be surprised because
there was this guy I’m not sure if
you’ve heard of him but you have all the
reasons to research him his name is
Mitch a popescu and he was like the
Roger Vere of 2010 or something he mined
a lot of bitcoins he set on about
600,000 of them which is insane he’s
like one of the biggest whale whales
after Satoshi and he built an exchange
and tried to do stuff around here but I
hear that he’s an Argentine or something
he he was forced to move for tax reasons
and we also
have lots of Bitcoin ATMs which is
surprising there are lots of places from
where you can buy Bitcoin and aetherium
because a company which is called
Bitcoin Romania and they have basically
partnered with all these electronic
devices where you can go and pay for
your bills and there you can pay your
bills with Bitcoin or you can actually
purchase Bitcoin the places where you
can withdraw cash by selling them your
Bitcoin are much more selective and
there’s only a few of them now you can
still find them and the fact that you
find all these ATMs only makes you
wonder okay how many people are actually
into this in our country it’s mostly
because we have lots of software
engineers and we have a very good
technical schools and I guess lots of
geeks get into Bitcoin for various
reasons and it also might be the fact
that we have an unpredictable kind of
economy and then place an empty sella
policy which is just crazy so people get
into Bitcoin as a safety net they think
that this might be the only option that
they have so that they don’t convert
their money into dollars or euro or some
kind of currency which they consider to
be more stable but Bitcoin also
appreciates in price much more in
relation to the US dollars so maybe that
it makes sense for them to huddle some
and keep on buying yeah how do you spell
that guy’s name again the guy who had
six hundred thousand Bitcoin at one
point M I RC e8 okay the ope s see you
I’m gonna I’m gonna look that one up
people look that guy he probably does
not if he was like who you said he was
like he probably gave a lot of his
Bitcoin away I would I would think I’m
not sure it was kind of crazy about it
he understood what Bitcoin was all about
before a lot of people did it was 2010 I
actually looked him up there’s a lot of
talk about him on
Bitcoin talk and he had a feud with
Gavin Andresen at some point which is
funny he has a blog which is called
trilemma okay trilemma I’m gonna look
this guy I had not a single L okay
trilemma with this okay and Wednesday
what do you think he still has six
hundred thousand be quick
maybe one hundred thousand of them but
he bought a castle at some points and
then he saved an operating system which
is helpful for Bitcoin mining basically
the developers ran out of funding and
were about to close down the project and
it was thanks to his donation that they
were able to continue because apparently
it was like distribution of Linux that
is very secure and that’s why they were
able to keep working and their operating
system basically found its purpose in
Bitcoin mining I very this is quite
maybe I had heard of him in the past I
have liked it I haven’t heard about this
guy for a while I could tell you that
but this is a quite a character that he
might have his you might have as many
Bitcoin as the freaking the Winklevoss
brothers that’s amazing now I wanna I
would I want to end this pretty soon
because we’re getting close to the end
with a quote of yours from a recent
tweet and I want your take on your own
tweet something the Bitcoin community
has taught me is that reputation is
essential in free markets if you want to
stay around you have to be honest and do
your job right definitely not something
you find in the normy world where people
can act in bad faith with law on their
side
I do think reputation is important for
people with good memories reputation if
someone ruins a reputation they’re not
gonna want to associate with them but in
this space in the cryptocurrency space I
think people have some short-term memory
problems I think people forget like
almost the next day after they hear
something bad about someone I think
there’s some players out there that are
very questionable individuals and have
like cult followings and stuff so I in
Fury your your your take is correct and
I would say among the 20% are producers
out there yeah they’re they’re not going
to want to associate with people with
bad reputations and if you if you mess
up your reputation you’re doomed among
the productive people I guess which is
the most important thing but overall in
the space I think a lot of people have
gone a lot of different directions and a
lot of people have just forgotten about
so I I don’t know what is a duty any
thoughts on that that there are some
people that are getting away with really
bad reputations out there oh it all
comes back to financial incentives I
guess or to the fact that some people
are just foolish enough to follow the
money and that’s pretty much it they
don’t care about character or morals or
any kind of moral compass or values or
whatever I’m tired but you get what I’m
saying they just followed the money like
right now I think of Richard Hart
according to this trip the description
that you made that guy is just this
camera and I can read his mask I can see
what he’s doing to the audience by
constantly trying to solve them and
trying to act like he’s one of them but
at the same time he’s smarter and I was
on his show I was set up by my former
boss to be part of this show and promote
crypto insider for which I was working
at a time and I just couldn’t believe
that he basically used me and my face my
image my voice and everything we had
reasonable conversations and after that
he started shilling his shit token which
is called hex or something yeah it
hasn’t come out yet yeah it’s rumored to
be coming soon yeah and I just didn’t
want to be rude because I was basically
pushed on the show by my boss and I was
supposed to be polite and
have a decent conversation with him but
after I finish the interview I felt like
it was my duty to clarify that I don’t
agree with his project so I wrote an
article which was called why Bitcoin
Hexter scam and I started okay so I
started from the way he was treating
deuterium about a couple of years ago
when he was saying that it’s basically a
dumpster fire that cannot be saved
because by design it has many flaws but
right now he praises vitalik on every
show that he does and says that he’s
some kind of genius and prodigy who will
bring salvation to us all and him busts
in anti-aging technology or something so
they become immortal at some point which
I find so big and childish but whatever
Richard Hart seems to be a big believer
in this kind of stuff and after that he
just gradually moved away from the hard
Bitcoin er stance that he had and just
became this shit corner who is trying to
at first he wanted to do a nice co and
then he basically got to the hex idea
from other failures that he has had in
the past and I have no idea how about
20,000 people regularly watch whatever
shit he produces and he dresses like a
scammer he talks like one she pretends
to be a billionaire which he is
obviously not because otherwise why
wouldn’t he bother you know III will say
this it was interesting you brought him
up because you’re like yeah some people
do not really Stanford at one point he
was on my show because he was at this
great big coin believer you know going
to 20-day and everything like that and
it was and then when it when it hit me
he would Bitcoin went down he totally
had a panic attack or something like
that
he gave up with and I’m like oh that’s
I’m done with this too I have done with
it but then was shocking to me and how
this is tied into the original quarter
is how many people still like ask me
questions about them and are like and
taken seriously I can’t believe anyone
takes him seriously I’m really is he
just sweet look just like you said he
went from saying
etherium was a joke to the complete up I
mean what do you see what do you stand
for is that is the question out there
but there again people the 80% are
zoomin they don’t care they just want
the hottest the latest thing I guess
follow the money with it whatever where
you want to state it but they have very
short memories in or maybe they don’t
they don’t consider that up you know
when someone was ripping on a theorem
before and then praising it laters
doesn’t matter to them everybody can
with what’s ever convenient what’s it I
mean I guess some people just like
convenience over you know actually
standing for something interesting that
you bring him up I I’m I had no idea you
were gonna do that so so it’s a very
very good very good timing actually
never had the chance to explain this I
spoke to somebody else during their
podcast but I at the time I was refusing
to talk about it because I was feeling
like Richard Hart could sue me for this
and I honestly don’t want to get in this
kind of situation it’s not in my
interest I have nothing to make out of
it I’m just going to lose much more time
but I I don’t understand why people
still follow him given the fact that he
has a bad record and any presenters
don’t care about reputation I mean it
would be a great world if reputation was
essential to everyone but it is it’s not
essential to everyone unfortunately
alright let’s end it with a good note
here anything uh anything else you want
to bring up just the floor is yours I
don’t think I have anything specific
that I wanted to bring job except for
the fact that I also want to post this
on my podcast and maybe make it a
crossover episode because I feel like we
had a productive conversation which
didn’t quite stay specifically on the
path of you know Bitcoin stuff and we
talked about some scammers
but other than that I feel like it was
pretty good and I’m happy that he
invited me yeah you never know what’s
gonna happen here it has been an
adventure having you on the show
I love the unpredictability and you
never know it’s gonna come up here what
everyone pound that like button check
out flags link before below you’re gonna
hear this on his podcast also which is
great I love that we’re doing a cross
promotional thing here i’m adam meister
the bitcoinmeister the disrupt meister
subscribe to the channel like the video
bang that bell button clicking those
squares uh you show every day follow me
on twitter at tech both te CH BLT
thanks a lot glad thanks a lot everyone
see you guys on Thursday bye bye

9 thoughts on “The 1 Bitcoin Show- Vlad Costea talks Lightning Network, BTC media, Romania, Mircea Popescu, more!

  1. Don't forget to also check out my podcast. You'll find the episodes on this YouTube account, but also on iTunes and Spotify. For more information, check https://bitcoin-takeover.com

  2. Hi Adam. If you had a private key with 1 Bitcoin from July 2017, how much would you be able to extract in value from that private key, except for Btc, Btg, Bch, Bsv. How much more in dollar value would you manage to get out from it? Cirka estimat…

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