This week in Bitcoin- 7-5-2019- Ethereum debate, Jobs in the space, Altcoins, Libra & the gov, More!


Hello everyone this is adam meister the
bitcoinmeister the disrupt meister
welcome to the this week in bitcoin show
today is July the 5th 2019 we don’t take
an extra day of vacation here no way
strong hand long-term thinking be a
unique beast value your wealth in
bitcoins having hype uncomplicated all
ok one Bitcoin here offended by selling
you know all the things purse
responsibilities new counterculture Juan
Galt is here Phil Geiger is here Chris
black is finally back in the house baby
and he’s going to be ripping it up in a
second and people be like why do you
have that guy on your show but he is
awesome marketing dude but he’s got some
things to say anyway check out all the
links they’re all linked to below and I
want to say I’ve got a new shirt on yet
again and again you check out these guys
they are linked to below lightning hood
I mean he’s right there’s my first green
bitcoins shirt come on dudes check it
out you can get shirts like this they’re
I mean they sent me so many it’s awesome
I know here this hat to a samurai huh
hey I mean it’s pretty cool this I don’t
wear hats but you know I may be okay
okay so let’s let’s jump right into it
here ah Big Boy dominants been
increasing its to me it seems like uh
and all coins it seems like there’s some
people that are throwing in the towel on
these all : and they’re just are coming
back in the Bitcoin Chris I want to
start with you on your take with that
you know it’s like every time we have
these conversations we kind of we kind
of group together altcoins right like
well there’s Bitcoin and then there’s
alt coins and then there’s nothing else
okay which is a bunch of you know in my
opinion nonsense I think that there are
there’s Bitcoin which is the granddaddy
of them all and then there’s some really
awesome innovative projects that are
occurring that are both sort of
completely divergent from Bitcoin and
some of them are sort of piggybacking
on Bitcoin and on blockchain technology
whatever your opinion of them they’re
really strong innovative technological
innovations some of them are even
inspiring new features of Bitcoin right
so to me there’s that second stage and
then you’ve got every a lot of other
stuff and even that stuff can be grouped
into other stuff um and I do agree like
we’re seeing like a lot of the stuff
that bubbled up in the ico phase of this
of the last craze
you know 2017 craze sort of just falling
off the map right because a lot of stuff
came about built on a lot of a built on
aetherium that just wasn’t it didn’t
have meaning it didn’t have substance
had no technology no ideas the stuff
that’s still around that’s still
important is the stuff that has actual
implications with technology you know
new ideas new thoughts privacy you know
defy you know there’s all these
different things that are really really
important and I’m a firm believer that
the price is very much detached from the
utility or the potential utility of any
of these projects so I think price is
important but I don’t think that it it’s
really it’s tied more to emotion and to
mania than it is to the actual potential
usefulness or importance of the
technology okay so you you have you know
that there is a top tier there are top
tier altcoins out there basically and
that that’s the way I say there are some
ones that are going to survive and so
you say that the lower the nonsense ones
the bottom tiers some of its flowing
back in the Bitcoin now but you’re
you’re not seeing a price reflecting
utility in terms of so you’re seeing
undervalued all coins out there love you
yes I think they’re undervalued but I
think that that in my opinion like there
is really no link between any price
including bitcoins price and the actual
utility of it there’s no reason that you
know six months ago bitcoins price
should have been half of what it is
right now the utility of it has not
changed right the actual function of
Bitcoin has not changed in that time you
know not nothing has changed that has
caused the price change so all price
changes in crypto are determined by
human emotion herd mentality and mania
okay so then okay I understand I
consider a youth something that Bitcoin
does it’s a safe haven it’s you don’t
consider that a utility I mean I’m sure
I do I do but the ability of it to be a
safe haven has not changed in the past
three to six months to reflect the price
change that when the price went from
three thousand eighteen thousand there
were some things that happened during
that time but nothing to cause us 6x you
know nothing meant to cause a ninety
percent or whatever decrease so price is
completely detached you cannot determine
what here’s the more of what I’m saying
you cannot determine the value of all
coin technology by its price you have to
look at each project on its individual
technological and ideological merits in
order to really understand them you
can’t group them all together and look
at the price yeah I’m starting to get
off topic with the safe-haven thing
because the the environment has changed
in the world though more people desire a
safe haven but you’re saying Bitcoin is
just as much as a safe haven is it
didn’t become a better safe haven it’s
it’s always been what it’s been in terms
of its safe haven ability well arguably
against it becomes more of a safe haven
the more the more it’s adopted right
okay so and I’m sure we’ll get into this
but you know I think that the efforts to
increase Bitcoin adoption have kind of
have kind of stalled all right one we
have just put a lot on the table there
what do you want to rip apart there or
add two yeah I wouldn’t go as far as to
say that the price completely detached
from the value of the coins there
certainly is a lot of room for
volatility and emotional kind of
training and and all the hype and all
the fun more and all the flow that
happens in crypto but there certainly is
a base right we it’s not like we went
back to $300 even though the proof of
work was bacon was still you know it was
probably more than maybe the biggest
computing network in the world three
years ago four years ago and it was
still like you couldn’t take down bit
you could have push it over right there
certainly you know better technology on
Bitcoin today I mean I’m looking at the
stock market kind of the market
capitalization of a company like Apple
right
I’m not sure exactly how much is but
it’s it’s about you know a few hundred
billion dollars right so bitcoins market
cap right now is two hundred billion
dollars and and it’s not it’s not even
as big as Apple right so that’s Apple
Apple is a giant right it’s an empire so
some of these outcomes are maybe not
worth more than Apple right I think when
they do the price shoes like that but we
do have things to compare their their
value against and I don’t think that the
market and response even though it is it
is certainly slow I am you know
nonetheless on your side there is
interesting outputs out there they’re
suggesting projects you know Monera is
definitely one of the ones that has a
lot of clout and a lot of influence
because it is you know very it’s
different enough and and and it has been
done properly so people really
appreciate it it has a kind of gravitas
right the thing is like Bitcoin is not a
it’s not a stock it’s not a corporation
it is it is a store of value and store
values are more valuable than things
like payment networks right if you stack
these have MasterCard and PayPal market
caps right of their stock it gets to
about a trillion dollars but the market
cap of gold is about a trillion dollars
and so it doesn’t matter right so things
are more valuable than others and and
Bitcoin right now has that sort of
storoe value of gravitas and I don’t
believe you will reach payment
processing sort of my medium of exchange
status but it just it’s really hard to
do that when what you have when you
don’t have stability in the currency so
that’ll probably go on happy when we
plateau when we finish you know going
super parabolic and we start to
stabilize then it’ll really kick in
because now you won’t have to swap it
and exchange it and and stress about the
volatility all right I want to go back
to one of the original points I put out
there with with the altcoins because you
do know about all coins want do you see
this trend continuing that the lower
tier ones people are going to throw in
the towel and get into Bitcoin is that
but one of the reasons bitcoins been
pumping lately I mean we throw a towel
on a few like I kept it you later on my
outcomes but we
and a half ago to work with the weeks go
by like I definitely kept it related if
you look at dominance chart on on
Bitcoin there was you know it was 85%
dish for a long time in around 2017 in
February it just plummeted right
aetherium yeah it was because of the
scale right yeah yeah right the scaling
rate and aetherium win with parabolic
and that was kind of like you know that
was the big that was the big out season
right a lot of our coins pumped with a
ripple pumped with it and then the the
ocular market has a hole pump with it as
well and that that’s the white line if
you look at if you’re looking at the
corn market Capcom dominus charts and
we’ve been sort of oscillating but
there’s definitely like a kind of bull
trying the dominance happening in and I
don’t know that that that’s not
necessarily a lot of new money coming
into the market that’s like money coming
back from our coins into Bitcoin I do
expect that to continue to happen just
because the store value is it’s just a
different animal right like you don’t
you don’t simply come up with a store
value company or project or solution
that’s not how it works it’s not a
product of capitalism or
entrepreneurship so much this is kind of
like a natural phenomenon right but
people will trade gems and she shells
right and it’s not like somebody was
like I wanna start a seashell money
company right like that that’s not
that’s not how it happens
I don’t think and so and so I think I
think I’ll consume could be here with us
till the rest of time and and tokenizing
things is there’s a lot of interesting
stuff about tokenizing art and you know
there’s there’s coin currencies right
now people are not gonna stop creating
money now that we figured out how to
create money out of thin air but but for
something to actually attain the
evaluations that bitcoin has or even
like aetherium has i mean that’s not
arbitrary anymore and i think that that
the veil like the the veil of of of
outgoing high paths has taken a serious
some serious damage over the last three
years because people that actually go
and play with these things and like use
them and stuff realize that it’s play
money and nobody accepts it and i think
it has more utility in certain aspects
like you know like stock trading and
collectibles
you know maybe some other stuff will
come I mean I don’t want to rule
everything out but that’s that’s kind of
where I’m at let it let him keep on
innovating down there bitcoin is the
next Bitcoin he said something very
interesting that you know the bitcoin is
a store of value coin and I I agree with
that and that you really can’t create a
store of value coin out of thin air so
no one’s gonna some people are gonna
like hearing that see yesterday’s show
but Phil what what’s your take on all
this
what’s what’s your take there’s been a
lot thrown out there now altcoins
bitcoin store value take it away
yeah so I’ve spent the last few years
really trying to define a good
explanation of why we’re seeing Bitcoin
grow in value and I think the best most
like clearest description I have is that
Bitcoin solves the problem of inflation
by increasing in decentralization over
time so Bitcoin from my perspective is
the only asset that we’ve ever seen that
is actually not currently possible to
manipulate the supply and as a result
people are trying to find a place where
they can store value in an asset that
isn’t going to be manipulated so we’re
finding that bitcoin is just increasing
in magnitude over time and since
bitcoins supply is totally fixed the
only thing that really matters is demand
and demand is measured by number of
users as well as the amount of value
stored in Bitcoin so we see these like
parabolic spikes and crashes I think
because it’s sort of like tidal waves of
adoption like hitting up against this
completely immutable supply of coins so
yeah I mean I think bitcoin is sucking
all the oxygen out of the room you know
altcoins will be around for a while but
I to view them as you know a form of
inflation and so I personally will never
be converting my BTC into any altcoins I
think when it comes to all coins there’s
there’s kind of a difference between
what the founders a lot of times want
the
project to thee and then how the free
market actually treats the projects and
since they’re trading internationally on
these different exchanges and they’re
priced against BTC or against you know
other all coins what we’re seeing is
that over the over time they’re actually
decreasing in value whereas for Bitcoin
and time is one of its strongest you
know value propositions like as time
passes the thing just gets more and more
value yes long term thinking for Bitcoin
it just keeps on getting the fur
gratification now pound that like button
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every single day pound that like button
Chris I’m gonna go back to something
that you said before because they know
you like etherium and I am NOT a
etherium hater like some people just
like oh it’s it’s a scam it is I mean
clearly it’s not a scam and there’s a
lot of innovation going on and there’s
kind of cool things you can do with it
now you mentioned defy I think a lot of
people throw that word term around just
as a catchphrase just just to promote
their businesses or some coin they’re
gonna they’re gonna promote soon so are
how close are we to that really being
real
well defy these centralized finances is
is real in that it exists I mean there’s
some amazing applications that are now
available on aetherium and other places
to which I haven’t really explored yet
admittedly but I can tell you right now
that on aetherium the future of banking
is being created the future of Finance
is being created on the etherion
platform right now whether or not it
stays on the etherium platform is a
different story but the ideas and this
is the most important part there’s the
technology side to all this and then
there’s the ideological side to all this
coming up with these ideas the ideas
that are being come up with by by things
like maker Dow and by groups like
compound finance and by you know there’s
all these different ways that you can
now leverage
you can you can get interest on your
money and it’s one thing to look at
these projects as end-all be-all
you know just unto themselves but it’s a
whole other thing to look at these
projects and imagine in 5-10 years what
they’re going to look like you know and
how they can be adopted in different
ways even outside of the etherion
platform even ignore the fact that they
run on eath currently you know what
could they look like if they’re adopted
by you know the broader finance industry
so dphi is very real it is happening and
I agree with you like there’s a lot of
people just like with any term in this
industry that are you know that’s being
abused and used in inappropriate ways
defy is real and it’s in very nascent
prototype stages right now you know but
it’s really important to look at all of
these projects every altcoin not just as
what it is today but first future
potential and just one thing like that’s
really important distinction because
when I look at these projects I’m not
just looking at them as investments or
as will my money 10x and in five years
you know I’m looking at these things I
have a much broader level of interest as
to how all of this is going to change
the world and that’s why with Bitcoin
because specifically my art I’m a
staunch Bitcoin supporter but I’m also
very harsh Bitcoin critic when it comes
to making sure that it stays globally
accessible and really hits its fullest
potential as a as a peer-to-peer digital
currency all right you know what did you
fill bro of a very interesting point
about all coins that sometimes the
founders have want to go in one
direction and everybody else takes in
another direction do you see that
happening a lot and be people who just
wanted to TEDx basically yeah of course
yeah I mean it’s especially the the
coins you know a good example I’m a big
fan of a project called nano which in my
opinion is and I’m not trying to show it
I’m just using as an example but I think
is a great alternative idea to Bitcoin
in the way that it think it considers
decentralized currency but it came out
of the gates 2017 you know and it has a
really awesome dev team that’s that’s
has a bunch of great ideas shot from
like 25 cents at $35 had a
exchange hack third-party exchange hack
that killed the price you know drop back
down like 75 cents and in the eyes of
anybody who’s looking at this as an
investment it’s like well who the hell
cares about nano like the price is crazy
it’s sitting at a dollar and like but in
my eyes I see wow this is a great idea
you know this is like the technology the
idea there is strong and it’s worth a
lot more than dental cone or other other
garbage coins that are sitting at the
bottom of coin market cap but in that
regard you know yeah the the people who
buy it and sell the speculators the
investors can drive the price wherever
the heck they want it’s completely
detached from the value of the idea and
the value of the technology and where in
my head all right now I want to I want
to go fill I had to let you give a sit
do you have something to say about defy
at all I thought you might I think it’s
gonna be really hard to build
decentralized finance on top of
platforms that inevitably centralize
over time or are not strong stores of
value so I think the concept of defy
sounds nice I think if it’s going to
happen it needs to be built on a
rock-solid foundation of the strongest
store of value and it’s just gonna take
longer than what maybe some of us want
to see I kind of view Bitcoin is
basically like a foundational reset of
the global economy so I’m a little bit
on the extreme side with that but I
think that you know we’re see we’re
already starting to see a bunch of
products and services and really cool
functionality slowly being built on top
of Bitcoin and I think that’s the stuff
that’s really gonna stick around
I think the dphi stuff you know a lot of
it is interesting experimentation and a
lot of those the things that come out of
it are then are worthwhile can be added
to Bitcoin over the long term but I just
don’t see many of these many it’s at all
of these other blockchain projects
surviving in the long term because they
all somewhat centralized I mean I don’t
know yeah it’s something where I’m at
that’s my issue with some of the dphi
it’s built on centralized so it’s not
any way if why did you have any thoughts
on the defy thing I was
planning on asking you but I thought you
might have something yeah up your sound
is off for your oh yeah now you’re good
I think that sound is it’s something
with your mic let me just comment
transpose
okay um you know on the decentralized
versus centralized concept you know it’s
really important that we all remember
there is no such thing as 100%
decentralized if you look hard enough
you will find centralized aspects of
Bitcoin there are there’s no such thing
it’s a sliding scale
you know decentralized is a hypothetical
that lives over here and completely
centralized as a hypothetical that lives
over here every cryptocurrency
lives on this spectrum bitcoin is
arguably the most decentralized form of
money of cryptocurrency of everything
that we’re currently aware of etherium
lives on that scale okay it’s not just
that’s not a binary and as you move down
the scale you start to pick up other
attributes speed exists Oh farther away
from Bitcoin you know bitcoin is super
decentralized we gives up speed it gives
up efficiency it costs more to use you
know and there are projects that are
playing with how much decentralization
do we actually need to be secure you
know and is it worth the pick up and
speed is it worth it to have a slightly
more centralized cryptocurrency that’s
actually usable by somebody who has a
phone in Kenya that wants to send money
instantly to somebody in Europe for zero
dollars you know is it let’s talk about
Libre then let’s talk about Libre what
do you think about Libre griever is
different that’s gonna be easy for some
African dude to use and most likely in
theory that’s what they’re they’re more
internet but but it is we haven’t really
seen it in practice yet and we you know
if it is being built on on blockchain
technology even if it’s centralized it’s
going to have certain aspects of
inefficiency right so what we what we
don’t know yet is what that’s going to
look like we don’t know what
transactions are gonna cost we do know
that you know it’s going to sacrifice
privacy in a big way
you know and at first glance it looks to
have all the worst parts of you know
it’s it’s blockchain with with
everything good taken out it’s so you
know that’s really what it looks like to
me I don’t see benefits to it and I am
in in conflict with you know when I see
like Joe Lubin who’s one of the
cofounders of aetherium tweeting that he
thinks this is great the more the
merrier in the blockchain space to me
that’s that’s blasphemy because the way
I see this is there’s a huge potential
that global adoption if Libre actually
gets out there it can take place you
know and there’s a great chance that
people will just go for the easier
quicker more seamless solution because
that’s historically all that people have
ever done you know and we’re in the
minority we always have to remember we
are in the very small 1% minority people
that actually care about
decentralization about censorship
resistance about privacy and if you need
proof of that just look at how many
people use Facebook Google Twitter you
know without even thinking about it
they’re sharing personal information
that the world does not care about the
things that we care about so we need to
remember that as Libre rolls out there’s
a huge potential people just go for it
and sort of ignore all the stuff that
we’re doing so we have to be conscious
to this as we go forward all right okay
we’re in the 1% dudes pound that like
when one okay you’re thought you you’ve
got stuff to say yeah let’s take the new
you can’t hear me yet yeah you’re great
great so I mean finance very complicated
thing right there’s there’s all kinds of
derivatives and embedding kind of
arrangements right there’s their stocks
there’s equity there’s organizational
structures that happen right there’s
different roles within organizations
there’s companies that are massive in
companies that are very small I agree
with sorry I forgot your course nice
race yeah I really do feel that that it
has to be built on a strong foundation
because they think that you’re molding
with cryptography is the money itself
right so you wouldn’t you wouldn’t
create a currency
startup currency in order to create a
complex sort of contract that you’re
gonna end up settling against the dollar
anyway so I think I agree that that’s
good that that capital in that and that
that talent and that discoveries gonna
have to move to whatever is the broader
currency and maybe that’s Libra coin
maybe a theorem will gain adoption maybe
it’s gonna be Bitcoin I believe it’s
probably gonna be Bitcoin
I think some stuff is gonna be built on
these big networks I’m the etherium is a
giant right so I think I think that’s
kind of where I’m at but at the end of
the day right there’s somebody was
saying recently that where there’s a big
depression or recession the price of
things crashes but the human capital and
the infrastructure that’s been built
remains and it’s just cheap right so you
can buy that cheap and move it somewhere
else right it’s all the experimentation
that’s happening in etherium you know if
we’re if we’re not kind of in a if we’re
betting that it’s not gonna go but the
prices are going to go that well that
talent in that and that experimentation
has been done and they don’t move
somewhere else if if the serum goes down
but yeah I mean I do believe that that
complex finance will will come to crypto
and and and in stocks and and equity are
not gonna stop existing it’s a very
valuable function of the marketplace so
this sort of anti tokenized companies
sort of attitude that a lot of
maximalists have is I mean I understand
it but it’s it’s fundamentally
irrational right Stark exists equity
exists and people like to trade it
alright for the group if you don’t mind
Adam please
you know if I guess a question I have is
regarding decentralized finance the vast
majority I think we can all agree like
90 plus percent of innovation of
development in the field right now is
aetherium is happening on aetherium
developers learn solidity they go and
work on aetherium to be part of that dev
community and there’s there’s X you know
there’s a lot more people developing on
a theory and platform than on Bitcoin or
any other platform if we can all agree
on that for that but deeper deeper for
dobra overall overall yes and for defy
yes
developing a Bitcoin than aetherium
overall oh yeah there are more people
working on all sorts of stuff on Bitcoin
than aetherium aetherium I mean I can
give you that they’re more defy people
definitely working on aetherium but when
I say when I say developing on I mean
developing on watching on chain you know
so if you’re talking about businesses
that are sort of you know buying selling
markets you know like that’s one thing
with Bitcoin but I’m talking about
developers tech nerds who are sitting
there coding and that’s something like
that was not the point of my comment
okay a question
yeah we can to me that might be why
would defy is everybody developing on
aetherium and why isn’t any of this
stuff happening on Bitcoin like why
aren’t there better days if Bitcoin is
capable of smart contracts and of doing
everything that a theorem can do why why
is everything all that development
happening and this burgeoning industry
occurring on aetherium because that’s
what the theorem was built for I mean
it’s programmable money Bitcoin isn’t
that you Bitcoin requires a second layer
solution to do that stuff on top of it I
mean that’s that’s that’s my take on it
that aetherium is built for that that
kind of experimentation and I mean
that’s why the I SEOs got built on that
yeah you could build AI SEOs on top of
Bitcoin but it would be on top of a
second layer solution that’s that’s
that’s my tape so I mean I’m not saying
I mean that that’s a positive thing for
aetherium that it is it is more so
programmable money at the base layer
than Bitcoin is okay that’s my I I
shouldn’t I’m the host but I want to
like first of all uh just a couple
topics ago we talked about the sliding
scale of decentralization it’s really
really important to use time
additionally as a metric so you need to
to look at decentralization over time so
when I look at the Central Asia’s
decentralization over time for something
like aetherium you know I see them I see
like in Fira nodes getting pretty
massive I see them kind of announcing
each 2.0 it doesn’t look to me very
decentralized and then in regards to to
the developer comment like I actually do
think that there are probably more
people developing on etherium than
Bitcoin
at the same time I think that that’s way
more malinvestment I think it’s a lot of
time energy and resources that are being
devoted to this
I think if their names kind of a product
and I just don’t see it lasting you know
another five to ten years whereas the
opposite is kind of true with Bitcoin
yeah there’s there might be fewer people
building products on top of Bitcoin
itself but bitcoins value proposition is
that it solves inflation and it’s
continuing to solve that problem by
increasing in decentralization over time
so I mean yeah maybe there’s more
developers on aetherium but what value
are they creating like I haven’t seen
anything and you’re what my question was
like why are they going there is it just
better marketing you know it is Joe
Lubin paying them each five dollars to
join etherium or are they actually
seeing more potential in the technology
before that particular purpose and is it
possible that that technology serves a
purpose that Bitcoin simply can’t
provide right now which was Adam Adam
was alluding to this like the technology
of Bitcoin is not capable of doing
certain things that aetherium is capable
of doing and aetherium is capable of
doing it the theory wouldn’t be here if
it didn’t go through the steps that it’s
taken to get to where it is right now so
again like you know the we all are in
love with decentralization I’m in love
with decentralization I’m a total
Liberty geek you know I don’t want
anybody touching my money I don’t want
to be censored I don’t want to I don’t
want to be confiscated you know I don’t
want anything like that but at the same
time I recognize that to achieve certain
things as a society we have to look at
that sliding scale and not everything we
do can be on the fully completely
decentralized East centralized to the
point of inefficiency realm that Bitcoin
is at you know so I’m totally with you
guys’s you know if I’m putting my money
somewhere it’s gonna be in Bitcoin it’s
gonna be safe there it’s gonna it’s
gonna have the the benefit of the
network effect and it’s agree that I
think it’s going to increase in value
but I also see tremendous potential in
these other projects that are bubbling
up and I think there is zero chance zero
chance that in 10 20 years that Bitcoin
is the only blockchain based
cryptocurrency in the world you know I
think that there’s zero chance
for the sole reason that anybody who has
an amazing idea can come up and create
one and can you know and again it won’t
have the satoshi effect it won’t be
decentralized to the point of God like
you know but it will have a high level
of utility and yet the world will want
to use it you know so cuz the world
again is not looking for Satoshi the
world is looking for utility so quickly
in ten years though will it be the only
store of value safe-haven coin
Chris no you see was I agreed ten years
there’s not gonna be there could be
plenty of other coins they’ll be plenty
of top-tier coins and anyone can create
a coin any time they wanted that’s
that’s the beauty of this revolution
that I mean you can create anything but
will it be the unanimous store value a
safe haven asset a coin you know to be
honest with you easy answer the easy
answer based on what we know today is
yes because we can’t see the future and
we’ve never been able to see the future
you know and none of us twenty years ago
knew or thought that we would have a
supercomputer in our pocket at all times
you know I’m talking about the phone
nothing not the other thing yeah so like
you know it’s like you just don’t know
you don’t know what’s going to happen
now theoretically in theory yes I think
like every Bitcoin has the best chance
it’s it’s a the I think in the history
of humanity Bitcoin represents the one
of the probably be greatest achievement
in the financial history of humanity you
know as far as like people creating
money that is owned by people know
governments involved but at the same
time you know looking forward ten years
like it’s so difficult to say you know
and at the same time we don’t know you
know and like I you know I don’t like
going down this road a lot but like for
instance we don’t know what’s gonna
happen with Satoshi’s million bitcoins
we don’t know you know there’s all these
things we just don’t know you like can
sort of blindly move forward and to just
ignore a reality it’s not that thing I
do you know like that’s why I think you
know you we just really don’t know we
have to hedge our bets all right I wanna
I was having show he’s got a great
and I love that he cares about the
having we should all care about he said
fifty Norwegian krone ah he said you’re
also welcome to stay at my place in
Norway Adam any time host and guide new
video out today dude thank you thank you
for offering me a place to stand
I loved Norway back in 2018 so and
thanks for the 50 Norwegian kroner I
want to go I want to go back to Juan
Gault here Chris just said a lot of
things did you have any any take on that
stuff yeah have some thought something
that I agreed
nobody knows what’s gonna happen right
we fundamentally don’t know the future
and we’re all kind of trying to figure
it out as far as to why there’s more
developers and if you’re in the big can
I mean I just did a quick Google search
and does seem like there’s a lot of
articles claiming that there’s more
developers I’ve been to so many theory I
was always at DEFCON 3 I believe and
that it was ginormous right it was a lot
of people write more than I’ve seen more
than I saw for example in at the honey
badgers in Latvia conference which is
Bitcoin maximalist comes much much
smaller conference so yeah I think I
think it’s it’s quite possible and maybe
even reasonable to see there’s more
developers and there’s a bigger sort of
numbers in aetherium um there’s also a
history as to why aetherium happened in
might happen not in Bitcoin they started
with colored coins and there’s something
called the counterparty that came to be
and people are trying to create tokens
and ICO sort of Bitcoin and the big
debate was well Bitcoin is a 10-minute
Blanc cycle
transactions are gonna probably grow
right it seemed to me that happen in the
fork right and if you do all the stuff
on top of the of the of the main chain
you’re gonna you’re gonna sacrifice the
the network topology and the network the
centralization to be harmful to run
notes gonna escape civilian computing
that’s one of the are administers or
their arguments involved and so at some
point that friction meant that etherium
created it that ecology created etherium
right and part of it is in order to fund
a lot of this a lot of this innovation
you actually have to pay for it right so
that’s why there’s so many ICO is it so
many different tokens and there’s a lot
of engagement happen in the theorem on
that and a lot of speculative investment
and whereas Bitcoin took a much more
conservative route and I think there is
a kind of political kind of
personality difference between etherium
oriented people and Bitcoin oriented
people become people are generally more
considered more conservative in my
experience maybe I’m wrong about this
I’d like to see some demographics and
some summits some some research on this
but it seems like the more conservative
they’re more more focused on sort of
strict order and like to try it it’s not
necessarily to paint them in a bad light
it’s just they’re focused on keeping
things organized and and tight right and
etherium is a lot more creative and an
exploratory and and you know move fast
break things right and that’s it that’s
a different personality type and I think
you know as to what its gonna happen at
the end of the day that those two worlds
will merge in finance right and and and
and that whatever comes from etherium
will be built in in in in many different
platforms and it’ll probably one of the
most probably dominate I do think big
things gonna dominate I think you just
couldn’t build the ICO tokens on top on
layer one and layer two is being built
in layers to is very complex trip the
cryptographic finance if you look at the
white paper if you look at some of this
stuff that’s happening just the amount
of smart contracts that are built into
lightning Network itself is incredibly
complex and and and it’s very
sophisticated and on top of that we’re
gonna build other things so I think the
Lightning Network will will take us to
the next level and then on top of that
we’ll probably build sort of will start
will start bringing some of this sort of
equity in tokens and and more complex
sort of sort of non bacon denominated
assets on top of it and I think it will
come but it’s gonna be awhile and it may
be a theorem will dominate that maybe I
thought maybe another one will take that
market so yeah we’ll see what happens
third layer solutions there Juan Gault
was referring to basically if you’re
building something on top of the
Lightning Network that’s and two other
people have mentioned that to me by the
way Tony traveler thank you for the
$20.00 of this super chat he said strong
hands and yeah man I got some strong
hands all right I want to ask what one
is a big econ guy our Trump is tweeting
about for like having a money-printing
contest for China and I mean I not that
he’s really gonna do it who knows but
I’m do you see inflation on the way and
what’s that mean for a Bitcoin because
it seems like they’re that they’re all
competing all the big
company countries are who can inflate
more yeah it’s very likely that that
trump will do more inflation trump has
never had a position of a financial
being conservative with inflation right
like he’s that’s not how he thinks right
I think that libertarians are accurate
in their diagnosis of the marketplace
they’re just wrong about a couple of
things they’re they’re always late
that’s the problem they’ve been late for
thirty years and they’re still late at
the mark the American dollar and in the
stock market is had all-time highs and
breaking new ground and then we have
Peter Schiff that are libertarians like
uh it’s gonna happen and it’s probably
gonna happen right I think one of the
things that is not calculated in this
equation from what I’ve heard is is
we’re we’re in a singularity of
technological innovation we started
going parabolic in the industrial age
and then we just kept going parabolic
and now with a digital age we’re just
we’re innovating at Lightspeed right and
that innovation creates new opportunity
for people to be more efficient that
that efficiency improves the marketplace
and so as long as inflation stays below
innovation we can probably keep playing
the silly game of inflation but I think
I think Bitcoin because it scares
fundamentally scarus is going to start
serving as a counterbalance to that and
I mean I have no expectations of Trump
not inflating the dollar more I think I
think you know we will see how we place
it there’s ways to play it and draw this
game out even longer but yeah I mean
it’s very bullish for big thing I like
how you say as long as inflation stays
below innovation we’re cool and well it
can keep the game to keep on going we’ve
opted out of the game though if you if
you’ve got Bitcoin which is great so you
could just watch the game go by I think
that’s a great way of pointing of
putting things there I’ve never put it
that way but I have talked about how I
think that the countries can keep
pulling it off because people are just
satisfied with their big screen TVs and
that moat as Chris said very few people
care about store value or savings and
they just you know if they’re
comfortable and they can buy buy cool
shiny new things they’re happy and
that’s what technology provides new
shiny thing
that people spend on and they don’t
notice that a loaf of bread cost a lot
more than it used to because again so I
I’m not into money printing I’m not
encouraging the government to do it I
know that it’s going to happen that is
why I’m in Bitcoin fill your thoughts on
one of the reasons I’m a big one though
your your thoughts on Trump and
inflation and safe haven you know
there’s all this stuff going on in Hong
Kong out to well I’ve uh I’ve started
measuring things in BTC so when Trump
tweets out things like stock markets at
an all-time high I’m like well measured
in which currency and if you start
measuring different assets like you know
housing you know other currencies and
the price of Bitcoin you see that over
time pretty much everything is dropping
in prices comparatively
you know like I don’t know I feel like I
have an advantage now because I just
started measuring things in BTC so it’s
like now I you know pay off molds or
whatever and then anything else just
goes goes to the corn
you’re really you’re valuing your wealth
in Bitcoin you’re hey that’s what this
song does all corners have to do – we
didn’t talk I mean this is a given here
we know this that’s some of me were like
oh it went up so much in terms of
dollars but then in terms of Bitcoin no
it didn’t you would have been better
holding Bitcoin Chris your thoughts on
inflation is it is it coming along what
your thoughts on the politician odd
tweets from politicians there yeah I
think you know the reason I the way I
kind of discovered Bitcoin was through
just thinking about the nature of money
you know in the history of money and the
fact that money can be anything that we
want it to be you know if we all agree
on it and the fact that inflation occurs
without people even realizing it and the
fact that people just think oh 50 years
ago you could get a brand new car for
2,500 bucks and it’s just normal you
know it’s just like the way the world
works like prices just go up it’s just
how it is
in
reality it’s not and people just don’t
understand it but they don’t take the
next step to try to figure out why you
know and that inflation every single
year is the reason why a gallon and milk
goes up and that’s right
you know with Bitcoin there’s no
inflation so um you know but we have to
remember you know as we’re trying to
gain adoption yes for people to
understand money and no money and get it
then you know the inflation thing that’s
a big be right there
the inflation thing is an issue but for
the rest of the world it’s not so I
guess a question that I hope everybody
is thinking about right now is and we
sort of been moving away from this idea
of banking the unbanked you know and
Bitcoin being the technology that can
potentially be the world’s currency
you know that’s used by everyone not
just by people who think about inflation
on a day to day basis it’s people that
want to pay for stuff people that want
to do stuff people that want to send
money from you know their their home in
New York back back home to Haiti or to
different places around the world and
the question is like how important is
that going to stay over the next one to
five years for Bitcoin you know are we
gonna focus in entirely on this concept
of store value which only serves sort of
the the elite you know top 5% of the
world me it actually has value to store
or are we going to think about Bitcoin
gaining global adoption as a
peer-to-peer currency and is that going
to sort of pick up steam again once
lightning picks up you know where is
that this is something that people
aren’t gonna care about an inclusion
well I mean I think the question is in
the present do people do people want to
spend crypto coins and and we’re gonna
see that with Libra I mean it’s gonna be
forced people are gonna I think that’ll
be the test that that’ll give you the
answer if if Bitcoin will need to pivot
in that direction a little bit I don’t
think I think store value is a keep on
keep on moving on the trail that the
Bitcoin is on I and let the lightning
people work on the lightning and we’ll
see if people really want to spend
Bitcoin they’ll spend the lightning
they’ll use lightning Network and if
people really want to spend
cryptocurrency we’ll see how big a Libra
coin but becomes but I mean III get I
get your point III definitely and and
this is the point that the B cashiers
bring up all the time also so
you’re and bringing up these
appointments does not make me be kind oh
I know I know I but I do wanna I do want
to say like there’s already proof in the
world that people want to use
cryptocurrency even if they’re not using
it and all you need to do is look at
Western Union you know Western Union is
a huge huge huge business of people
paying a lot of money to send money from
one country to another and people are
doing it every single day and these are
people that don’t make a lot of money
they just need to get money from point A
to point B if they had a cryptocurrency
that they could easily use easily access
with really super low fees to send
anywhere in the world bypassing banks
bypassing companies they would use it
but they don’t have one right a bit
there’s a lot of things that Bitcoin is
all that they Bitcoin is better than
Western Union already it might it might
not be easier to use than Western you
that that’s when you’re comparing
Western Union Bitcoin it’s our Bitcoin
is cheaper than than Western Union it’s
just that people don’t have their hands
on it and it’s I guess it’s it’s it’s
bulky and complex to use right now issue
is when you receive it you can’t use it
that’s the issue you know so when you
receive it you need to convert it to
your fiat currency so that goes back to
the idea if Bitcoin was usable
everywhere to buy a sack of rice or a
cup of coffee and this does not make me
a be cash or guys this is this was the
original like kind of idea here you know
if it could do both would it achieve
global adoption with the price website
coined a answ coin Diane yeah see so you
can you can very easily verify whether
or not what you’re saying like is is
actually true or not because you have
the peer-to-peer exchange volumes around
the world for Bitcoin and what we see in
all of these countries that have that
are experiencing currency crises is the
amount of money flowing into Bitcoin
increases so it is already usable for
these people and you can verify that
publicly based on these volumes so this
whole narrative about Bitcoin not being
useful or being too expensive is is
proven often false just basing on
exchange volumes around the world so
because it’s not you know maybe it’s not
you
right now as the number one form of
payment but that makes sense as well
like if I give you two currencies if I
give you a dollar and a Venezuelan
Bulevar which currency are you going to
get rid of first full of are of course
right so that’s that’s what’s known as
Gresham’s theory where you get rid of
your bad currency and you hoard your
good currency and I think that that’s a
pretty good description for why we see
all of these exchange volumes in
countries with really bad fiat
currencies spiked whenever their
currencies start collapsing right so I
think when your currency is going to
hell right it’s useful when you’re in
Venezuela and you’re not planning to
convert your point back to Boulevard
look beautiful for me right now in the
US because I believe that the US dollar
is inflating way faster than what is
officially you know published so the
store of value use case I think is by
far the most important and focusing on
anything else right now before this
thing you know has even reached two or
three percent of the global population
seems like putting the cart before the
horse this thing is in the process of
becoming money it’s not money like I
mean it is money but it’s not being used
daily for transactions because there’s a
weaker currency that you want to get rid
of first that’s pretty funny yeah yeah
wine yeah it’s really funny because I
but back in the day there was sort of an
effort to get Bitcoin adoption like I
like many or big earners we went and
like the merchants in like hey accept
Bitcoin right and like had it happen
everything like I try to do it in
Toronto and Laurel have done this and I
like the currency aspect of it hasn’t
caught on and it hasn’t caught on in
retail in brick-and-mortar because a
there’s ease of use questions be there’s
volatility see there’s a learning curve
it has caught on on the internet like I
buy a lot of things with bit code online
I pay for my sim card sort of phone data
plan on use using lighting Network or
Ribeira feel and such you know I might
the main names with it i buy flights
with it so you can buy things with it
there’s a problem if you’re if you get a
penny dollars and you’re accepting
Bitcoin and in big
your preferred store value and so you’re
selling dollars there’s no incentive to
to sell Bitcoin to buy dollars to spend
again if you’re spending dollars to buy
anything right but only that people
start getting paid in Bitcoin is the
moment that now that shifts and the
demand for medium of exchange is gonna
grow basically in correlation to how
much people actually get paid in Bitcoin
and that means transactions need to be
cheap enough and that means that you
know the economy of Bitcoin has to
continue to mature like the Crypt
economy has continued to mature well
doing transactions in the currency that
you’re earning so measuring transactions
priced in BTC versus priced in a
different currency I would say sorry go
sorry can you say that I get I missed
that yeah so another common
misconception that I think people make
is when they’re looking at the price of
Bitcoin transactions they’re pricing it
in fiat currencies so oh wow the the
price of a Bitcoin transaction increased
in u.s. dollars but you have to start
icing things in BTC there well and even
even against dollars like the $50 $30
transactions happen for a month in
December of last year right would be two
months right the team and every since
then it’s been about you know under $3
right to get it in within ten minutes
right which is still a lot for most
countries right like Colombian people
you know people in Colombia certainly
put in Venezuela
I got a common friend that’s an OG he’s
been around for longer than I have and
he’s like dude I don’t know what to do
like it’s too expensive to use now what
do I do
right and so scalability and there’s not
that’s happening in lightning and this
is why there’s so much gravitas to
lightning within Bitcoin has to happen
like like the scalability has to come
and the scalability won’t come in unless
the said less sent decentralized ways I
think like lightning is slightly less
decentralized and layer one that’s bad
for that because it’s it’s it’s true but
it’s it’s it’s a tearless right like it
goes from 10 to 8 maybe right and
centralized exchanges are like you know
one and then there’s gonna be there’s
gonna be a range of that right and Stan
will come with some centralization
Bitcoin is a giant right beacon is
bedrock right it’s
it’s so decentralized it’s almost
ridiculous right it’s so strong it’s
almost ridiculous right like the proof
of work the amount of energy goes into
proof of work is incomprehensible right
and that’s fine and the stronger the
better but right side compromises some
security so some decentralisation for
scale will happen in layer two and three
and so forth and and and you know you
can send crypto with you know you can
send Bitcoin for one Satoshi fees on
lining today right now and it works
assuming that you know you’re connected
to a network right so it’ll get easier
to use I think that’s gonna come and
it’s gonna have to come from beacon to
really kind of become dominant as a
currency but yeah i think i think we’re
ways away cuz the volatility is just not
it’s not practical for merchants that’s
why bitpay still exists right because it
despite everybody in between hating them
but big bit they exist because they
allowed because much merchants you know
can use them because it gives them Fiat
right so yeah we have to scale all right
all right
Chris you had a you you wanted well
first of all I want to say people asked
to get paid in Bitcoin
that’ll help nothing wrong with didn’t
pay to Bitcoin all right Chris you
probably have some wrap-up thoughts on
on everything that’s been thrown out
there but yeah I know you tried to say
something before and you gotta get out
of here what you stuff to get out of
here pretty soon
uh yeah yeah and really I think like you
know what I’ve been hearing it’s been a
great conversation I think there’s a lot
of talk about the idea that that like
lake one was just saying which I just
picked up the one called thing John Galt
Mongo I love that it took me 45 minutes
but now yeah so the idea that Bitcoin
needs to potentially add slightly less
decentralized features and layers in
order to achieve maximal usefulness
which are gonna be optional I would
assume you know whether or not use these
layers but that idea is already in
execution and it’s the reason that a lot
of alt coins exist right because they’re
trying these things out they’re testing
out these ideas they’re showing that
they can work they’re showing that
they’re not being hacked they’re showing
that they’re capable of scaling you know
and that’s the value in these
Jex so when we talk about the next ten
years we have no idea whether bitcoin is
going to absorb ideas from another
cryptocurrency whether another
cryptocurrency is going to be a
tag-along to Bitcoin as a day to day
spending vehicle we just don’t know what
its gonna look like but I think for us
to to ignore the rest of innovate all
the innovation that’s occurring out
there just for the sake of our
investment so that because so that we
can will our bag into growing and Fiat
value is a mistake it’s fine to want
your bank account balance to grow but
it’s naive to ignore the other 99% of
the innovation that’s occurring even if
it’s on a blockchain at you in your
brain for some reason think is like an
ugly girl you don’t want to look at it’s
like so don’t be naive don’t miss the
boat there is no an investor in any
regard stock market you know Bitcoin
anywhere that puts on blinders and just
move straight forward and ignores
everything else out there is gonna be
short-sighted and it’s gonna lose in the
long run you have to think bigger
so yes strong hands yes in confiscated
well yes all that stuff but don’t ignore
the rest of the world and don’t trash it
don’t listen to the Joker’s like
sayfudine and and all those guys who are
constantly telling you all this other
stuff is garbage ignore it ignore
there’s only one path but on your
blinders and follow me down my cult Road
you know so that’s my heart II thought
all right Chris
thank you very much always controversial
ah crap wait wait before you go Chris Q
he’s linked to below you can follow him
below we’re gonna talk about jobs in the
space do you have any thoughts on that I
mean you’ve been consulting and stuff I
mean you’re in the space and everything
you know and advice for people out there
advice or my advice is really to absorb
as much information as you can like
there’s there’s it’s gonna be very hard
to find a job if you’re completely
immersed every day all day and just
Bitcoin like you have to know what’s
going on out there because like I said
the stuff that’s evolving on other
blockchains could potentially be the
future of Bitcoin most business as
developing is outside of the Bitcoin
world you know so there’s there’s a very
very big case if you want a job in
cryptocurrency
you have to branch out you have to
understand the whole landscape and
beyond finance technology – I’m not
but you have to understand the use cases
for all of these different platforms you
need to know what defy looks like on
etherium you might even have to look at
es guys you might have to think about
what else is going on out there even if
it’s not as centralized or decentralized
as you want even if you wouldn’t put
your money there you have to understand
it so my advice for career seekers is
get out there learn about it all even if
you’re not gonna invest in just
understand it and understand the use
cases for all these different things all
right Chris we will let you go thank you
thank you very much man we’ll continue
the show without Chris have a fun time
on the beach man in a pleasure guys all
right all right let us uh I wanted to
talk about jobs because still I mean
iced I knew about Phil from Twitter and
I was just like oh this is a cool dude I
want on my show and he was on the show
before and he’s been around the space
for a while I’ve great Twitter feed and
then I invite him back on the show he’s
like I’m starting a new job as what so
okay just tell us your story bad tell us
your side because he’s in motion this is
all there being in motion he wanted to
get into the space and and now he’s got
a job in the space tell us where you
work and I mean that you just moved in
everything this exciting stuff yeah I’ll
just give a completely different take
than what we just heard from Chris yeah
so I my long-term background is I
studied econ in college and hated it I
hated economics that I learned at my
university so I went into healthcare IT
and was doing software implementation
for about seven years
discovered Bitcoin in 2014 and then fell
down the Austrian economics rabbit Hall
and I haven’t emerged since I’ve gotten
even deeper and you know ever since but
yeah as of 2017 I was able to start
going my own way and started doing some
consulting and writing written some
medium posts I have an article featured
on the block and then listened to I was
actually listening to Tales from the
Crypt and I heard Parker Lewis from
Unchained Capital talking about the
Federal Reserve just reached out to him
I got connected with him and
and yeah now I’m working with Unchained
Capital as the director of product
marketing so I focused my time
essentially 100% on Bitcoin and was able
to get connected with I think a team
that you know really has their heads
down and is focused on growing the depth
of Bitcoin products so I think there’s a
couple different trends that we’re
seeing in the industry right we’re
seeing a lot of exchanges that are going
wide and like a by Nance style where
they’re trying to get as many different
crypto currencies as possible and then
we’re also seeing a little bit now a few
companies that are just going really
deep into Bitcoin and I view Unchained
capital as one of those companies
they’re a Bitcoin financial services
provider and all of their products are
based on a foundation of multi-sig
addresses so it’s really really what
financial products can look like but all
using some of the like super strong
native functionality of Bitcoin so for
me that was like super interesting and
I’m super excited about like the
long-term vision of you know what a
financial services company built
specifically on Bitcoin can look like so
that’s what drew me to them now it’s not
defy it’s just Phi B I mean which is you
my it’s B Phi you know they’re not
trying to pretend to be decentralized
and so I link to their they are link to
below
you’re in Austin you moved to Austin are
you moving to Austin Texas it’s linked
to below he’s actually on their page
already you could see his pretty face on
the page with all the other pretty faces
on there and everything so dude he got
he’s got a job at one of the who knows
what this how big this company might get
again it’s it’s doing the finance stuff
and there’s some I mean they’re people
that want loans they’re people that want
their private you know for someone else
to hold it for them that’s not not
necessarily the way I go of course
people know that but it’s out there it’s
gonna be out there that’s what you’re
doing yeah and you brought up the loans
which I think they’re taking the best
pasa
approach to it I believe because what
you can do is deposit your BTC into a
multi-sig address untain capital holds
one key you as a customer holds a key
and then a neutral third-party company
holds that final key and then you’re
able to take out a collateralized u.s.
dollar loan so throughout the duration
of the loan you have a hand on the key
and can always verify that the money is
where Unchained capital says it is on
the blockchain and then if anything
happens to Unchained you can work with
the neutral third party to recover your
funds I mean I I haven’t personally
taken a loan out yet
but if I was going to take a USD loan
out on my Bitcoin that’s kind of how I
would want to do it rather than just
kind of depositing it into an account
with a company and maybe not knowing
exactly where the money is I think it’s
a it’s a risk reduced Prout approach
still obviously risky but if you’re good
trying to reduce your risk that’s the
way to go now this this might be a
little bit of a flashback for you this
is for my longtime viewers out there who
watch this show every week
what would JW weathermen didn’t be
saying right now I mean we would there
would be such a huge fight that
sometimes things just get set up in ways
so yeah he had some things to say about
Casas and I’m sure yeah yeah yeah and
you know there’s there’s there’s a lot
of nuance here and what I would say is
that JW is trying to remain as anonymous
as possible and that’s great right good
for him he should not everybody is
attempting to stay as anonymous right
and in order to stay completely
anonymous you have to go full Satoshi
and like never move your keys ever again
so for those of us who are thinking long
term for things like how am I going to
pass my BTC on to my heirs when maybe
they’re not nearly as technical I think
that there’s some benefit in having a
Bitcoin specialist as part of your team
you know they don’t have untrained would
never have control of your money but
they’d be there you know to work with a
lawyer or to work with whoever you’ve
given your
and key within the event of you know
something goes wrong with you so you
know there’s there’s definitely a
spectrum and Unchained is not going to
meet the needs of the most anonymous
people with our premium products that
said there are open-source tools that
Unchained created for people to just use
for free without ever even interacting
with Unchained so you know untain really
recognizes the value of those anonymous
people also recognizes it’s just you
know having a service a financial
service company is never going to be
able to meet the needs 100 percent of
those anonymous people so free tools out
there check them out
alright all these guys are linked to
below pound that like button Juan Gault
I want to ask you about John I mean this
is your job you travel all around you
talk about Bitcoin how easy is it for
people to get these jobs and be a
consultant there any thought and also I
wanted you to talk about that interview
you did with the the the storage device
company is we’re talking we’re talking
about storage he’s talking about that
type of storage but you you’re talking
about a competitor of tresor but that’s
a lot on the table right there so take
it away
sure well first so congratulations on
this new job yeah that’s great and all
the stuff you talking about is fantastic
I think I certainly agree with you the
financial services are there’s
definitely gonna come to picton right
like like banks water banks banks are a
really nice real estate and customer
service and then there’s money and
finance and stuff and if we’re taking
over the the money and then we’re
cryptographically creating this this
contracts you’re still gonna make
customer support and it’s still nice to
have a nice couch to sit on and people
to talk to that understand it because
division of labor people can’t not
everybody’s gonna become a Bitcoin nerd
and I’m like I’m actually doing
something very similar I have a company
that I just founded in December is
called bBYO voluntour be your own vault
so be able to come and and what we’re
doing is I’m basically doing consulting
teaching people creating a trade
educational materials that I’m gonna be
selling educational materials and I
think going down the route of sort of
teaching inheritance and solving
inheritance for people and that’s
fantastic I mean you guys are taking it
to the next level doing loans multi-sig
loans I think that’s really interesting
yeah trust minimize finance right
think that that that’s I definitely see
that as the future of UX in a sense
right like there’s two ways we’re gonna
reach adoption it’s gonna be like brain
melting UX right kind of the stuff that
Casas working on and then it’s gonna be
education and and consulting and
financial services and and so you know
more part three I wanna check out the
company is very exciting yeah and the
other thing that you mentioned right is
like right now the US dollar loans are
the the major product but there’s a lot
of ideas that were playing with
internally on how we can use this like
multi-sig quorum to start offering
additional products so yeah I think it’s
you know there’s always gonna be it’s
great somebody to like help you out I
think you know we’re not we’re not all
living up in the mountains good for you
yeah yeah I enjoy the mountains
beautiful they’re very nice relaxing
yeah yeah all right yeah that’s great
that’s great III I’m really excited
about multi sync I think there’s a lot
of potential there that hasn’t been
materialized and it’s a real it’s really
sad but I think it’s in part because
it’s just so early right we just don’t
even know how early it is right like
trying to recreate contract law with
cryptography right like like
understanding law is difficult enough
try to make a cryptographically
verifiable and sound just a whole other
level so you’re gonna take some time to
bring functional contracts into
cryptography but I think it will happen
and its really it’s really exciting area
of Bitcoin and I think I think it’s much
more interesting to row it in bigger
than in a theory of course again like
it’s like you’re kind of on on shaky
ground it feels yeah yeah you’re gonna
say yeah I ask you about that storage
device interview you did yeah yeah well
yeah I mean this guy’s reached out to me
and they have it’s a new company called
engraved oh they’re doing a hard room
wallet it’s a new hardware wild device
we did a full interview for about an
hour and I just asked some some of the
tough questions um I don’t I didn’t know
about them beforehand and I don’t know a
whole lot more about them than the
interview I think the interview kind of
speaks for itself I asked all the tough
questions and and I like that I like to
approach it don’t seem like they’re
thinking about it
deeply they’re there at big things that
I wish treasure and letter had for
something when you create a master see
like when you create a backup seat on
your on your Tresor right or your ledger
it’ll give you the words one at a time
and then it’ll verify them right but
there’s no like like that back to the
day there’s Wallace where you can like
move the mouse around and moving the
mouse would add entropy to it that’s
nice that adds I feel comfortable with
that you know I believe that the random
generation process on press and ledger
or good but it’s nice to know that I can
add some some influence to that that a
secured loan is very cool right they’re
gonna be adding other stuff so I’m not
I’m not like a fan I’m not like I’m not
necessarily like a fanboy or promoting
them at all is just kind of a
conversation and I think adding more
Hardware wallets and doing more more
research on more more more engineering
and more innovation on crypto security
it’s gonna be a huge market coming going
forward they’re also talking about
inheritance right how to deal with
inheritance which is a fascinating
problem very I’m very interested in that
problem and and then they’re also
talking about it right and it usually
revolves around multi-sig solutions or
Shamir’s secret sharing solutions and
then you have to layer legality legal
sort of structures on top that’s that’s
that’s cutting edge that’s what is the
stuff that gets me excited so yeah that
was gonna have a look at the adventure
views on my channel alright again that’s
twit they’re both there Twitter’s were
linked to below and you can find out all
their info from there they tweet it all
out
both these dudes are very much in motion
man doing jobs in the space I like that
okay I want to leave with the I wanted
to just cover this is just like the exit
question and then we’ll get out of here
a pump had this tweet earlier this week
which is getting forgotten was
everyone’s like taking off but this is
important members of Congress just sent
this letter to Facebook asking them to
officially stop development of Libra
wait till Congress finds out that they
can’t send letters to Bitcoin
okay we all understand the second part
we don’t need that again into why
bitcoin is better than Libra but what do
you guys think about this latest
development that a Libra has gotten the
the official letter from Congress is
it’s just a bunch of first you signaling
does Libra have everybody paid off
already that this is going to go through
what bill we’ll start with you you know
I I just
to think back to before Bitcoin was
invented and a couple different
companies attempted to make their own
sovereign currency and were immediately
shut down by I think it was the FBI like
rated and completely shut down well I
think you know Libra is kind of funny to
me because it’s gonna fail like I can’t
see it ever
you know lasting for the long term
because they’re trying to peg it to a
basket of floating fiat currencies what
I think makes the most sense and the
conspiracy theory that I’ve heard that I
think is the best about Libra is it’s a
way for Mark Zuckerberg to secretly
start stacking stats
because he’ll add Beauty to the the
basket of currencies so I think it might
be you know maybe his way of starting to
hold some big hind but who knows yeah
the letter to Congress is hilarious it’s
like an advertisement for big money like
Congress gonna call up like can cut so
to get the CEO of Bitcoin on on the
phone now it incepting that question
like wow they’re trying to shut down
Facebook’s cryptocurrency
why haven’t they shut down Bitcoin yet
or any of the other cryptocurrencies
good advertisement yeah exactly if
people get that if people are that deep
to understand they should be able to
what do you on do you think it’s a
threat a serious threat or is is fate is
a Libra doomed to be shut down I think
it’s going to be fascinating to watch
yes that key I’m spanking popcorn right
app it’s and it’s best to be in that
position people you’re not ingested in
it at all you’re invested in the real
thing so you can just watch the show and
some of these hearings will be hilarious
I’m sure with Maxine water waters asking
technical questions of Mark Zuckerberg
oh yeah
found that like oh my god oh my god
Maxine Waters yeah talking about asking
him about the the cryptographic sort of
you know verifiability in you saw double
Spence Mark Zuckerberg
all right so I think I think Facebook’s
coin is gonna be I mean this is great
I’m excited because it means that you
get it you get a giant that nobody likes
going to going up against financial
bureaucracy that nobody likes and it’s
gonna be a collision that’s gonna be
great for all of us so I’m excited
obviously the coin is terribly dystopian
right like Facebook coins just supposed
to stop being thing I can imagine like
beyond my own night my worst nightmares
so you know it’s gonna be interesting
dad this is a great way to show the
whole thing that you just said that was
that was great guys that says it all but
I do I will give you guys some last
words field you have anything else to
add thank you so much for being on today
the world yeah I mean I guess it’s just
like a final comment about referencing
what Chris was saying earlier it’s like
you know pay attention to everything
else is happening out there I would I
would say like from a from a market
perspective having a single currency
just makes things way way more efficient
for the whole world
so like the value proposition of all
these like thousands of all coins that
are just gonna keep being produced and
perpetuated like man I think it just
makes everything more inefficient in
like if you’re a day trader I get it try
to you know tried to trading him try to
make some more BTC but for the rest of
us just keep your eyes on BTC and hold
it easy all right
I’ve ended by selling adam meister all
right one what are your conclusion airy
remarks here yeah i’m excited about the
future of Bitcoin I’m excited about this
great drama with Facebook and and and
and the government that’d be right a
face Zuckerberg wants to be a dictator
of its own true cyber government right
more power to them let’s see how it does
in the in the in the geopolitical space
right I mean governments and politicians
and political parties all over the world
are looking at it like like they want a
piece of it so this is great I’m excited
I think I think I’m also very excited
about the social network marketplace
there’s a lot of new social networks
coming up and some of them a lot of them
Tripta friendly so yeah well we’ll see
what happens in then yeah crypto finance
that’s a great way of putting it
Zuckerberg who wants to be dictator of
his own virtual country and sure I think
he should be able to be I think he
should be able to be I I think people
will get used to it if this all happens
that you don’t have to be a real you
know country you can visit to have your
own currency or to have your own
dictator that there can be these virtual
countries out there and Facebook really
is becoming that and again we don’t have
to live in that country so many people
think they have to live in that country
in face D doesn’t be a part of it isn’t
you could be I love being in this
Bitcoin overlay where I’m in no country
and I just get to watch you know all
these people complain why they’re
getting banned from YouTube why they’re
getting better okay you didn’t have to
be there it’s not necessary so anyway
very good points there guys thank you
very much we went real long today but
hey it was a great show remember every
Friday is this week in Bitcoin who knows
what time it’s coming on next for I’ll
be in Israel next Friday so it’ll be on
it early I guess but thank you guests
for being on I do a new show here every
day Saturday will be the beyond Bitcoin
show we’ll talk about all sorts of
that’ll be Saturday night but anyway i’m
adam meister the bitcoinmeister the
disrupt meister shirts are listed below
remember subscribe this channel like
this video share this video pound that
like button
bang that bell but everybody have a
great weekend it’s still 4th rely your
stolen vacation shabbat shalom see you
tomorrow
buhbuh

13 thoughts on “This week in Bitcoin- 7-5-2019- Ethereum debate, Jobs in the space, Altcoins, Libra & the gov, More!

  1. Message for Chris who said you can't buy things with Bitcoin. You know what you can buy with Bitcoin when needed? Your local Fiat. And you can buy alot of it and over time more and more. So yes, it is a useful valuable money.

  2. Owning tokenized art is as pointless as owning gold certificates. You don’t own the gold, you don’t own the art.

  3. Price communicates very important information to the market. Ignore it at your own peril. NANO 😂

    Chris should read the Bitcoin Standard. It'll clear up his view on the Libra "threat".

  4. Thw public does not need to understand SOV to get obliterated by accepting beads rather than gold. Cjris you need to understand the forces of nature don't care if you understand them or not. People who do not contemplate inflation will eventually migrate out of course but not because they understand.

  5. This guy should ask himself why DeFi dapps struggle to get 2,000 daily active users per day (combined). It's because centralized services like Bitmex, Binance, etc will always provide a better trading experience than one that is pretending that it's decentralized. Even with their state of the art servers specifically designed to process billions of transactions per second, they struggle to handle the load. Now you want me to believe that Ethereum will do the job, having slower computational power than what's in my smartphone.

    There's no market demand for psuedo-decentralized trading platforms. Traders actually prefer using a centralized service so that they can hold them responsible when something goes wrong, or take legal action if they can't get their money.

    Seriously can't believe that in the 7-8 years of shitcoins their supporters still haven't come up with a more creative reason for their existence than "they are revolutionary, because I think they should be"

  6. Chris, Bitcoin is a network and if the number of participants grow its liquidity pool grows and the price reflects that. This Chris dude is the typical shitcoiner trying to justify his shitcoin bias.

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