Trump vs Bitcoin, Japanese Exchange Hacked, Mining BTC with NASA’s Apollo | Coffee and Crypto


Hi, everyone, I’m Olivia,
head of editorial at Cointelegraph.
And I’m Molly Jane, head of news.
And this is Coffee & Crypto.
So, Molly, what are we
going to talk about today?
I’m going to tell you about some tweets that
our president made.
Okay, I’m going to tell you about what the
EU Central Bank said about Bitcoin.
And then I’m going to tell you about a big
hack…
in Japan.
And then we’re going to talk about NASA.
And then we’re going to talk about
the first time that we heard of cryptocurrencies.
True.
And not about taxes.
Our American president, Donald Trump.
Our American president 😀
Our American president tweeted
about cryptocurrencies and Bitcoin.
But luckily, Olivia hasn’t
actually seen the tweets yet.
So we get to see her reaction right now to
what happens when the president of the United
States tweets about cryptocurrency.
“I’m not a fan of Bitcoin and other Cryptocurrencies,
which are not money, and whose value is highly
volatile and based on thin air,”
Who knew.
“Unregulated Crypto Assets,” crypto capital,
C capital, “can facilitate unlawful behavior,
including drug trade and other illegal activity.”
That is such an original thought, thank you.
It’s crazy that before this we thought that
bitcoin was only for good, but now he’s shown
us that it can be used for drugs.
I had no idea it was based on thin air.
I thought it was based on blockchain.
“Similarly, Facebook to me…”
Wait, what, “Facebook Libra’s “virtual currency”
will have little standing or dependability.”
So now he’s hating on Facebook, this is fun.
“If Facebook and other companies want to become
a bank, they must seek a new Banking Charter,”
capitalized, Banking Charter, “and become
subject to all Banking Regulation.”
Capitalized.
“Just like other Banks,” also capitalized,
“both National and International.”
Because the tweet goes on the new
tweet, it’s a thread, threading.
“We only have one real currency in the USA,
and it is stronger than ever, both dependable
and reliable, is by far the most dominant
currency anywhere in the World.”
Capitalized.
“And will always stay that way.
It is called the United States Dollar!”
This is really mind blowing.
People have reacted online basically the way
that I think that we’re reacting now.
My favorite reaction of all of the ones I’ve
seen is from Gemini Twitter, because they
are tweeting and quoting the Winklevoss twins.
The founders of Gemini, as if they’re saying
these quotations that are like quotations
that should be memorable forever.
So Gemini replies saying “Bitcoin, it’s freedom.
It’s very American.”
And then cites Tyler Winklevoss.
Nice.
You know, why didn’t Tyler Winklevoss just
tweeted?
Obvious point, which is that like USD is cash
USD or just cash in general, especially dollars
are used for illicit activities for the majority
of illicit activities.
That’s the point.
And if you go back to the old story that Cointelegraph
covered a few months ago, or maybe even last
year, some U.S. high ranking law enforcement
officials said that they want criminals to
keep using Bitcoin, because then they can
trace it on the blockchain.
Can’t trace the dollar
like you can trace bitcoin.
It’s another thing if you’re trying to be
illicit, you should not use bitcoin.
It’s pretty dumb.
Japanese crypto exchange BITPoint suffered
a $32 million hack.
Another hack.
I’m not even surprised anymore.
The reason this hack has its unique quality
is that BITPoint was the exchange that the
Mt. Gox trustee Kobayashi was using to sell
Mt. Gox’s Bitcoin holdings.
Oh.
It sucks.
I mean, it would have been pretty crazy if,
you know, the Mt. Gox holdings were hacked
or lost.
But this time it ended up being about $9 million
of the exchanges funds.
And then about…
In Bitcoin?
XRP, bitcoin and other cryptocurrencies.
So the majority of it was customers funds
in Japan.
And this exchange had received a business
improvement order from the Japanese regulator,
so yeah, not surprised.
What happened exactly, I mean is it clear?
Hot wallets were stolen, their cold wallets
were not compromised, apparently.
Hopefully our Japanese team will be able to
get more information.
So we will probably, most likely
do a follow up.
Which you can read on our site.
Which will have more detail than the news
piece, so just wait a little bit for that.
Just a tiny little bit.
My next thing I want to tell you about kind
of connects back to Trump better, but whatever,
which is about the eternal question that everyone
wants to know, that everyone’s constantly
asking themselves before
they fall asleep at night.
And that is, is Bitcoin a currency?
Is it?
Who doesn’t think that it is?
Thanks for prompting me.
The EU Central Bank.
Oh, that’s kind of big.
Yeah, it’s big.
EU said in a tweet, quoting their chief economist,
Philip Lane.
“No. Bitcoin is not a currency, it rather is an
asset and it is very volatile.”
So there’s a few things here.
First of all, it was part of a Twitter “ask
me” thing with hashtag #AskECB.
So they say, so the answer on the question,
does ECB have plans to add bitcoin to its reserves?
And they’re like, no, bitcoin is not a currency.
It rather is an asset.
What kind of asset is this they don’t specify.
It’s very volatile.
That seems to be the reason that they’re saying
it’s not a currency.
That’s their explanation.
So you might be wondering, whenever you ask
yourself this important and deep question,
what is a currency in general?
What’s the definition of currency?
Right.
I ask myself that every day.
Right.
And every day you open Cambridge Dictionary
and you look for currency, their definition,
there’s sort of two ones as money.
It’s the money used in a particular country
or place.
Meh, boring.
And it’s also, you know, how you can say like
something’s a currency.
It’s a state of being commonly known or accepted
or being used in many places.
So Bitcoin kind of fits well.
So you can, you know, exchange for other things.
Yeah, but then there’s a definition of money,
which is a lot of times people say currency,
they sort of overlap it with money and they
conflate them.
Money is, as we all know, has three main properties:
1) medium of exchange, 2) is a unit of account.
So like, does that make sense?
Yeah, it makes perfect sense to me.
Unit of account, like how you can say you
have a certain amount of something.
Yeah, like rocks.
A certain unit,
it’s like in a dollar, in a rock.
How many rocks you have.
Except for rocks like you probably can’t exchange
anything, so they’re probably not money, and
also store of value.
Store of value is the third property of money
or function of money.
And that’s something people debate also like:
is bitcoin a good store of value?
Because today it’s $10,000,
tomorrow it’s $1,000.
It’s not actually true, but you know what
I mean?
Like it’s the volatility for a lot of people
is the key reason why Bitcoin is not a good
store of value, which is only one of the three
functions of money.
So we have currency and money.
Does Bitcoin fit those three criteria?
In some cases, yes.
This bank doesn’t think so.
Well, it’s not accepted as like, for example, it’s unaccepted as a medium of exchange anywhere you go.
But neither is the dollar.
But in a particular country, for example,
it’s hard to use bitcoin in that definition,
because that’s an old outdated definition.
Bitcoin has no borders.
Bitcoin has no borders.
Why don’t you tell us about the first time
that you heard of Bitcoin?
Because I think you had a problem with that.
Yeah, so I’m trying to remember, I was just
telling you this story, what year it was.
2013, the first time I heard about Bitcoin,
it was 2013.
I was not working for
Cointelegraph by any means.
And my little brother was a freshman in college.
And he, not me, but he got sort of offered
by a friend of his to invest some money in bitcoin.
But the way it was phrased was like, I’m going
to this kid, this freshman student, was like,
I’m going to collect money from all my friends
and buy Bitcoin and trade it.
Or maybe he was just buying and selling, like
maybe he wasn’t being a trader.
But at that point, it costs so little and
it was like so unknown for most people.
So, all his little freshman friends each put
in as much money as they wanted.
My brother put in like $100 or something.
And he made them a bunch of money, he made
them big returns.
And I don’t remember his exact timing and
stuff, and how much bitcoin cost at that moment.
It was probably like since it was a start
of fall 2013.
So you guys look it up.
My mom told him that she’s like: yeah, your
brother’s buying some kind of internet money
and making a bunch of money off of it.
And I was like, I don’t like
the sound of this.
What did he actually get?
Like, is it a currency?
How does it have value?
What is it backed by?
That was asking all the basic questions like
who owns it?
Like what is Internet money?
What does that mean?
I felt like an idiot, I was upset, I was angry.
I had anger, because I was like, how does
it have value?
I felt like Trump.
Basically, yeah.
I understand how Trump feels, because I felt
that in 2013 for a second,
but I just didn’t have as many Twitter followers.
One of the reasons I’m wearing the shirt,
other than that it’s from our merch store
and you can buy it and it’s pretty cool.
The link below for our merch store!
Other than that is because a computer scientist,
who works for NASA, mined Bitcoin on a 52
year old Apollo guidance computer, very old
computer.
They made millions.
So no, he didn’t, basically, he said this
is the last part.
He reported that because of the hash power
being very small, he said that it would take
“a billion times the age of the universe to
mine a block”.
It’s great.
If you guys have any topics you think that
we should be discussing in our next issue
– comment below, and we’ll probably respond,
but we’ll definitely read it.
Even if we don’t respond.
We read all the comments.
We read every comment, personally. Everyone.

82 thoughts on “Trump vs Bitcoin, Japanese Exchange Hacked, Mining BTC with NASA’s Apollo | Coffee and Crypto

  1. Has anyone listened to this? 

    It’s Well Worth a view: “George Gilder: Forget Cloud Computing, Blockchain is the Future”

  2. Could you please do another interview with the korean youtuber SPUNKY from BITGOSU to guage the current sentiments on crypto in korea?

  3. hi…ask trump for the love boat off is friend j.p.morgan….are the cocain fund weed crypto our weed clients dolares??? ironic no ????? live free our die !!!!

  4. Funny, all comments on how you two look like each other. I never saw that.
    But now people mention it, I can find a few similarities 😀
    – Anyways, you girls rock. Love your vids.

  5. Any comments about mining? As many bitcoin enthusiast i have a bitcoin full node, but not a great computational power. I receive not a cent by the confirmation of all transactions in bitcoin blockchain. This sounds not fair to me.. tks.. 🙂

  6. I always thought you BOTH were SAME ……… Wow love to hear your thoughts always and updates on our beautiful crypto world.

  7. Great info and just subscribed to your channel, but can you turn that music down or remove it from the future video, it's so distracting.

  8. I can't stand you don't have your rainbow nails paint! How can someone seriously talk about crypto whitout it?

  9. You guys are so cute but u missed four additional attributes of money: medium of exchange, unit of account, portable, divisible, durable, fungible, and store of value.

  10. Found this interesting. A different format that most I've come across. Keeping it fun, light and informative. BUT….though the music was nice, could you turn it down? At some parts I felt like it was competing with your voices. How about doing a segment like this but live taking view questions? Keep up the good work.

  11. Now is definitely an accumulation phase. The moments that everyone is doubtful and the market is depressed are when you want to be stacking more crypto. Trust me as a holder it hurts, but you should never invest more than you're willing to lose and always dollar cost average over time rather than going "all-in" (because you can get REKT like what just happened). We should stabilize soon but in the meantime we have to re-test some of those support zones. My money is still on Litecoin, Bitcoin, Ethereum and other top name projects to recover first- although I am still heavily invested in other smaller cap alts as well like STEEM.

  12. Wait I always thought you were the same person for some reason 😂. I thought you just cut your hair!!!!! You both are deff related

  13. I liked HODLERS digest, but it really sucks that the episodes are completely inconsistent. Now you have another series? How inconsistent are these episodes going to be?

  14. Topic of discussion Why is Bitcoin legal? What constitutional mandate can we provide to support that statement and or international law that allows us to operate and also halts the powers that be and or those looking to stop it from becoming widely used? I'd like to repost and hopefully help others feel more comfortable about the use of it.

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  16. Thanks Roy.
    He was able to generate 3.6btc into my wallet with just about $500 investment.
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  17. If you have been losing to fake hackers it's your best time, I was overjoyed with his hacking techniques @jamesphinny001 on Instagram he just got me 2 btc in my wallet, so legit and affordable

  18. simple bitcoin is not a currency cant scale and costs a fortune to send geeez anyone know what is possiby lol

  19. Great gathering weekly among nice descriptions, why not next one for Bitcoin white paper little some briefing in cointelegraph style for better to understand the way of internet money work :..!

  20. Bitcoin is only volatile when it's priced in dollars. Dollars aren't money because they don't have 'store of value'. The price of something and it's value are different.

  21. So how about bringing on a conservative who loves crypto humm prehaps Peter Thiel . Cointelegraph is just suffering the same centralized liberal bias as most of silicon valley pukeee , kinda sad how your whitewashing a whole sector of soceity ,liberals dont only own Crypto !!!!

  22. I got the best crypto tab script from Fasthacks and they were able to help me generate 3.4Btc.. Thanks a lot. +[1-530-431-8156]

  23. Hey, great vid,
    I had to chuckle when you pointed out the president's tweet errors, considering it's not exactly uncommon for cointelegraph articles to have typos/errors ;-P though I'm sure y'all will iron that out eventually hahaha

  24. I don’t you two understand Trump. Notice he didn’t say anything about not believing in digital assets, like XRP.

  25. Total CRAP, these 2 seems to have less knowledge then Donald Trump when it comes to crypto…
    Also the interest in BTC from the one on the RIGHT (the one that looks like a guy) is almost 0…
    GET SOME CREW WHO ACTUALLY KNOWS WTF THEY SAYING AND DONT MAKE A SHIT SCRIPT…

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