Hello everyone this
is adam meister the bitcoinmeister the disrupt meister welcome to this week in
bitcoin today is friday 13th yes it is December the 13th 2019 strong hand
bitcoin is the next bitcoin offended by selling conviction holders of last
resort all right we got some hardcore big pointers here today BTC Benny is
coming in from Canada G is here and of course JW weathermen is in parts unknown
and he he is also here so I I am pumped hello my elite friends in the chat
you’ve been looking forward to this all-star cast for a while
yesterday we bought you brought you tres mayor so check out the the archives of
course but we’re going to talk a little bit about proof keys and as we move on
in the show but what I want to bring up first is like some breaking news here
that the bottle payday is discontinued now they’re they’re ending it because of
kyc type of threats BTC betting can you elaborate on this yeah so from what I
saw it just seems like there’s some new regulations coming to infect coming into
effect in early January in the UK oh hey you still got me yeah yeah yeah so there
would be some regulations coming into effect in early January that would more
or less cause them to need to collect an undesirable amount of debt well any data
is undesirable to collect on behalf of their customers users so you know kyc
AML they they need to collect a lot of stuff that they just don’t want to do
those unfamiliar bottle pay basically an easy way to tip on via lightning in a
custodial manner and then withdraw to a noncustodial
wallet if you choose yeah so rather than rather than let it happen
they just opted to shut it down close the doors it is sad to see because
it was a cool service I will say that if you’re still looking for like a tipping
type thing tip and dummy is is an alternative it wasn’t quite as widely
used but yeah something else to check out it is sad to see hopefully BTC pay
server does something with it or they can open source the code and somebody
can pick up the slack but it is the same threat gonna happen again we’re gonna go
through the same situation where the person scared of kyc well it seemed to
be you because it’s uk-based yeah but okay so it can’t be a uk-based one now
that that’s it there you go that’s a for now at least but uh okay JW
your thoughts on this yeah so this is similar to what happened with the open
node guys where they they’re you know doing smaller amounts of transactions
and so a lot of us thought okay they’re gonna be able to get away with not
having to do you know ky caml know your identity all of this garbage when you
just want to send your buddy five bucks you don’t have to upload a copy of your
driver’s license and give this little startup your social security number so
it seems cool and then same same thing happened with open node they got to a
point where the the regulatory I was they felt like it was going to be on
them and so they went kyc and you know bottle pay I think is executed this much
better and I think they made an honorable decision just to shut down the
service because it is useless to have a service where you can only do small
amounts it’s serving that niche and now you gotta you got to do all this
regulatory stuff it just doesn’t make sense so I think they made the right
call there hopefully they’ll they’ll find a way to pivot to another
jurisdiction but it does kind of show the importance of being able to do this
on lightning because you know lightning is non-custodial there’s a lot of
problems that we could solve with custodial solutions but the thugs won’t
let us and that’s why we have Bitcoin so that’s why we have light so I you know
it’s a shame I hope those guys figure it out it was it was cool it was the only
way that I had was able to tip anybody on Twitter and
not feel like an idiot that I couldn’t get it figured out so hopefully
hopefully other services will come along but but really if it’s custodial I think
we’re gonna just continue to see this okay well I will say this about these
guys great minds I hope they move to it maybe they’ll be a completely another
project where they don’t even have to worry about government regulation that
that maybe I’m maybe I’m wishing too much there but hey good luck to those
dudes gee your any thoughts on this yeah the media thought that comes to mind is
like what a loss for the UK you know anytime you have some type of disruptive
technology like this like I mean how many times is the internet gonna come
across right so when you have something like the internet or you know the new
potential gold which you know Gold’s been here for tens of thousands of years
people have used it you got the new potential gold you know kind of makes
sense to you know potentially allow things to grow a little bit and have a
little bit of a safe harbor for some of these new inventions and yeah it’s just
kind of sad to see that they’re letting that opportunity pass by this level of
like oversight into transactions is not something that’s historically been there
because you know people in general dealt in cash so the fact that money’s gone
digital allows people to track it better but it’s not entirely clear that it
actually like you know solves some of those problems so you know the everyone
has to obey the law but it’s just kind of see that the law is not adjusting for
the potential opportunity you know you see the same thing in New York City
where there’s like a lot of great startups and a lot of smart young people
they should be doing stuff with crypto but some of them feel a little bit
hamstrung and a little bit intimidated because in order to get a license from
the government to run the dough it’s going to the Bitcoin license it’s like
millions of dollars right so two people in the garage making Apple don’t have a
million dollars and it just it just feels like a kind of a waste on whoever
the regulator is to let the opportunity go by yeah it is
it is a shame yeah we’re gonna we’re gonna get to the opposite of this and
what I think is sort of the opposite of this at least an article and JW you you
Gordon want to actually inform me about yes that Square is paying this
pseudonymous Bitcoin developer a lightning guy a grant the square crypto
grant is going to z MN SC pxj obviously that’s not his real name we don’t really
know where he is but a big corporation is paying him to work for them and this
is uh this is the word where we live in now yeah absolutely and it’s awesome
I have been paid more money as a pseudonymous person than I thought I was
going to be able to over the last couple of years and it’s actually not that big
of a deal if it’s a for-profit company you have to give them you have to give
them some paperwork but if that paperwork isn’t accurate so you have to
give them a w-9 form that paperwork is inaccurate it doesn’t matter as long as
you pay your taxes so I’ve been paid from you know big companies that have
given me money they they you know probably know that my real name is in JW
weathermen but they don’t really care that’s what it says on the w9 and I’ve
talked to my attorneys and made sure hey it’s fine as long as you pay your taxes
it doesn’t matter the point is so they can track it but at the end of the day
if you pay with you oh then you’re not liable for anything right and you know
there’s scary language on that w9 this is you go to prison for the rest of your
life or something but but that’s my current understanding I’m assuming that
that they took the similar route and it’s freaking awesome because you don’t
have to worry about you know weirdos shown up at your house because they’re
on some competing chain there was a post from Greg Maxwell not long you know
about all the ways that he has been harassed and it was completely
terrifying and eye-opening even to me and I’m a paranoid weirdo right like I
use a pen name and it still scared me so I think this is a great development I
think it should happen all the time like why why do I need to know your meatbag
address in order to do business with you it just doesn’t make sense I I agree now
the CM guy he’s in Asia probably so there’s no w-9 involved the
mist on his side I don’t know what he’s doing
yeah international payments are a little bit different and I don’t I don’t even
know how that it’s supposed to work I know I’ve done
it and I’ve probably done it wrong I think most people that’s what I’m
wondering how square can get away with this I mean I love that they’re doing it
so I I mean I’ve hired people I’ve hired people out of Asia before and talked to
CPAs and they’ve said no there’s nothing that you have to do it’s an expense you
write it off as an expense they’re not an embargoed country and you don’t have
to do any paperwork between I’ve never felt great about that like I still feel
like someday I’m gonna get audited it’s written to check but but that that’s
what I’ve been told and I’ve heard it from a couple of different CPAs that if
they’re if they’re not a u.s. it isn’t that that tracking system just kind of
gets broken and you know the the time I want to use people have to handle it on
their end or whatever they get their tax money so it it may have even been easier
with him not being a US citizen than what I’ve gone through
but really it’s we live at a time where you can spin up a pen name like JW
weathermen didn’t exist ten two years ago right you can spin up a pen name you
can do some you know reasonably passable work build up a reputation and you can
earn a living my son will you know he’s working under
a pen name he’s 16 he’s never had any income that wasn’t under his pen name so
he may live his whole life where he always gets his paycheck in Bitcoin from
people that don’t know where he lives and you know as a father and that’s
great for me because I know he doesn’t have to get harassed
wow that’s a pretty cool take man it’s interesting hey uh Gee and your thoughts
on this dude I imagine some I didn’t think Taiwan my first thought was
there’s some kid who’s in Malaysia you know living off a u.s. level income and
then with the cost basis of like a Southeast Asian country that’s amazing
so you know you can there’s a little bit of an arbitrage there where somebody
who’s like really smart but they’re in a country like Malaysia or Philippines
where they don’t have as many opportunities they just are able to
service customers in the United States and they’re making us wages but you know
their costs are so low so it’s kind of cool and it opens up some opportunities
that if they’re like local economy isn’t that hot they can kind of do this type
of thing you know my other thought to which I’d love to get your guys’s take
on was I totally imagine that there’s probably some smart programmers who are
you know in startups and you know maybe you got other open-source projects and
they’re kind of maybe two high pro file to work on Bitcoin or to work on
you know potentially kind of political you know dissident type of technology so
it’d be kind of cool to think that you know this opens up like a larger pool of
developers to develop on Bitcoin and other things that are seen as
controversial oh yeah yeah that’s that’s a really good a good point there they
that people that are known can now be unknown
yeah that’s BTC penny and your thoughts on any of this yeah I think they
interest I think me is that what we’re getting to is we’re getting to a point
where first of all this was impossible just a few years back right to have a
pseudonymous person getting paid remotely not having to know who they are
not having to go through the banking system it all of a sudden we’re in a
place where you can no longer have or it’s possible to not have either
identity politics or discrimination creep into the workplace because you
don’t know who the person is as its it’s the work speaks for itself so somebody
can basically create a service or or or you know complete a job and do it well
you don’t know who the individual is you just pay them for what they’re doing
there’s no longer the the worry of oh this person didn’t get the job because
they are X Y or Z there’s no longer that that
oh it’s there’s a wage gap because of this or this person was discriminated
against for whatever reason it’s literally just the qualified people get
the the work and so it takes that kind of identity politics out of the
workplace as well and I think that’s that’s a great place to be where where
people can achieve what they can achieve and not have to worry about that aspect
of it which I don’t know I just started kind of going down that line of thought
recently and I find it to be an interesting one all right let me hang on
a second I just you they’re still bidding I yeah I’m here okay good good
good JW any thoughts on 1g or Ben had to say no I mean I think they’re I
think they’re spot-on it’s a it’s exciting right I mean there’s a lot of
people that haven’t gotten jobs because they were white there’s a lot of people
that haven’t gotten jobs because they’re black or Indian or whatever and it is
cool that that’s going away and you know I think that it’s worse now than it was
pre-internet and now that we do have internet money it can be like it was way
back when people just hired the person you know a hundred years ago most people
were too hungry to screw over their neighbor because they didn’t like the
way they looked right and I think we’re getting back to the point where people
will just pick the person that does the best work they’re not going to ask hey
by the way are you white because I have some quota positive or negative and yeah
it’s exciting that’s it’s like it’s a really good development in the midst of
a lot of shitty ones but but I think it can overwrite most of the ones that were
worried about all right hire Malaysians and Philippine
Pinos you big companies out there give them some opportunities if they’re the
best dudes use Bitcoin we don’t really need to know who they heck heck they are
we’re getting into a whole new realm here now I want to check
I want to thank FF 2k he sent $5 in the chat cs2 sent 10 bucks
and he says in the world of technology bitcoin is alive on the internet it’s
heart beats every 10 minutes oh yeah I like that pound that like button people
if you guys got questions you can do that super chat you can type in
bitcoinmeister there we will answer your questions we are all looking at that
chat I want to move on to some big controversy here and I will start it off
with JW that Kiki Kiki Kraken found out that Kiki is vulnerable if if you have
one in your possession someone could get ahold of your Bitcoin if you don’t have
a passphrase on it okay no I don’t want to I don’t to freak anyone out like that
I was not a Kiki fan for various reasons and they broke they’ve been selling up
for like five bucks apiece lately again if you if you keep it any possession and
you and you’ve got a passphrase you’re cool but JW your thoughts on this so I’m
not a big fan of hardware wallets in general I
the big lesson here is not to focus on keep key because we’ve seen
vulnerabilities released on open or for like opened I’m Rodolfo Novak’s company
I’m forget cold cart we’ve seen vulnerabilities for cold card in the
last month or six weeks we’ve seen vulnerabilities and treasure over the
last couple years there’s been vulnerabilities in ledger and so it it’s
not just a keep key issue these things are a bad idea
fundamentally they’re a bad idea and I don’t want you guys to freak out and
start trying to move your coins because then you’ll do something asinine and
screw up you got to be really careful if you’ve got if you’ve got money on one of
these things take a deep breath you don’t if it’s not connected to a device
you don’t have to freak out you have you know you have a reasonable amount of
time several months let’s say before I think that it your your likely to get
burned by something but but hardware wallets they don’t like in this case
there’s not even a secure element right so the shitty smart card that you get
from your business you know to get in the front door that has the chip you
know that maybe you slide into a crappy smart card reader that has a secure
element on it they didn’t even bother to do this with these devices but even if
you did that you can go look at my Twitter feed I asked a really prominent
security researcher just a couple days ago named Dan Kaminsky he did the first
security review of Bitcoin actually and was one of the people that helped expose
Craig Wright as a fraud I look if it did have a secure element and I throw a
bunch of Bitcoin on it and sent it to you and didn’t give you the information
how much Bitcoin would I have to put on this just you know off the cuff to be
confident you take the time to steal it right very good thought experiment and
he said roughly 100 K that means that that’s the first time he’s ever done it
right so I send him an open dime or I send him a cold card or I send him a
treasure his off the cuff is it might take him $100,000 worth of effort or you
know maybe he’s thinking half that because he’s actually gonna take the
time to do that so you know people respond and say oh well you do multi-sig
well look it’s $100,000 per device right so if there’s four devices on the
marketplace we’re talking about what maybe thirty man weeks right because
these guys are really expensive they’re two hundred plus an hour guys so thirty
man weeks and you have every hardware device
that’s out there so if you’re storing if you’re storing large amounts of money on
this thing and you’re expecting it to protect you physically it’s just it’s a
security theater it’s not a good idea stop it but a more important problem
with these things is that they usually you know the the people that buy them
are buying them because they’re user friendly they’re not going to set up
their own node most of the time and so you know you buy a treasure from Amazon
you think you’re doing the right thing you shared your Bitcoin balance and your
home address with treasure that’s the reality the situation and that’s what
people should be way more concerned about is somebody just grabbing it you
know out of their drawer and stealing their Bitcoin funds okay this sounds
like trace from last night he said he sat in that that last part about giving
your address to treasure he brought up that same thing so my question for you
JW is what should the average Joe do what should the average Joe storage
protocol be so if you’re storing more than 50,000 dollars let’s say us worth
of Bitcoin you shouldn’t use anything other than Bitcoin core and the only
exception to that would be and I was forced into doing this right because I
planned on writing a doc that was just gonna walk people through using Bitcoin
core I did end up writing a small Python script similar to glaciar protocol so
glaciar protocol is a good option I’d recommend that it’s just hard to use
it’s a hassle so what I did is I created Yeti cold comm it’s a Python script that
walks you through setting up Bitcoin core you have an online and offline
machine it sucks though in the sense that you do have to trust that that
little bit of code that I wrote isn’t doing anything malicious so it’s far
less ideal than just being able to trust Bitcoin core but that’s the best that I
can offer right now what I definitely would say is you don’t want anything
other than Bitcoin core to be doing critical things like generating the the
randomness for your seeds or your private keys like it’s barely
trustworthy as it is learning well you put this in context there’s critical
code in Bitcoin core right now it’s being written and there’s two or three
developers that look at it regularly and Bitcoin core is probably a hundred times
more reviewed than anything else so don’t use anything else it’s already bad
enough all right this obviously people are freaking out now but so
I’m going to say I obviously I know people that keep more than $50,000 on
Tresor and everything and but he’s a we’re not all gonna agree on this stuff
so G your take yeah I think I mean it this is so tough so you know one of the
things that that comes to mind for me is there’s been several of these like
situations where this pops up and you know you have the wallet and you feel
like okay well now I’m a target right there was a I think it’s just confusing
right because you know the risk is if you go to upgrade in the process of
upgrading or switching things around like JW brought up you could actually
misplace your Bitcoin right because you’re in a mad rush you’re confused you
know people knowing that like for example when electrum was targeted like
two years ago people knew that electrum had an error so then people would post
like fake electrum kind of web pages for you to go to and kind of target you in
that way and that’s that’s like the risk and and so I think there’s just mass
confusion so I think the question for for JW is like how should we think about
wallets all right like you know there’s so many different types of hardware
wallets there’s ledger there’s treasure let’s let’s say Mozart so like what are
the what are the kind of axes of security that you think about like one
would be for example how complicated is the device or you know has it been used
to kind of even to just start to judge right it’s it’s a really good question
so the fundamental problem is that the best that we can do like the best that
humanity can do to create a device that you physically have access to and is
unhackable is these secure elements these secure elements are not even close
to unhackable so in that thread Dan Kaminsky explained
that he would use tempest which means he would take that device he’d put it in a
rig that listens to all the electromagnetic chatter that comes off
the device when it’s crunching numbers we don’t have any technology to do that
or to prevent that humanity is just not capable of that so the problem with
hardware wallets when they are marketed and when they’re presented to people as
if somebody gets this device they can’t take your
point is that it’s just fundamentally untrue it also highlights why bitcoin
itself is kind of incredible and cryptography is kind of incredible
because if you for example have a multi sig setup you let’s say you use Bitcoin
core like Yeti dot Yeti cold comm what have you do you use a multi sig setup
and somebody gets a hold of one of your private keys
there’s not enough computing power in the universe to be able to hack your
Bitcoin right that really is the promise of what hardware wallets are offering
but if you get access to those private keys even if they’re on a chip that’s a
quote secure element you know all bets are off
so use multi sig use Bitcoin core it is a pain in the hat it’s a pain in the
butt but do that if if it’s a significant amount of money now if
you’ve got you know 10 15 20 30 40 thousand dollars use use a use an open
node not an open node a cold card like rodolfo is a super cool guy it’s a cool
product he’s always making it more fun and interesting to use totally
appropriate for some and maybe I’m wrong right maybe it’s good up to a hundred
thousand 150,000 these are just gut feel off they get sort of numbers I mean Dan
Kaminsky didn’t spend six months or you know even six hours thinking about what
it would cost him to hack that it was just off the cuff right so use these as
general guidelines general gut feel but if it’s more than a lot if it’s a lot
more than fifty thousand dollars don’t use anything other than Bitcoin core if
it’s less than any of these are probably fine Benny yes so I guess I’ve got
further questions for Jade over here so my understanding of a lot of these
attacks are are they are physical obviously there’s an element of trust
when it comes to what what is the software doing even like in just
generating the seed you were talking about entropy I know that Rodolfo with
the the cold card allows you to introduce your own entropy even by
rolling dice when you’re setting up the seed so that hopefully would and and
it’s open source so you know hopefully that would mitigate some of that how
much of what you’re talking about is is remote versus getting your hands on the
physical device and how much of that is affected by
having introducing an additional passphrase on top of your seed so the
the real problem with a lot of this stuff is that even though it’s
open-source there’s just not that many people reviewing the code right
so if treads are put out of fix how many people do you think are actually
competent and are looking at that fix every time they do it to make sure that
they didn’t just change the code so that when you put in your dice it is ignored
right there’s no way for you to know that unless you actually review the code
so even though it’s open source it has to be super popular open source in order
to be secure and that’s why I say there’s only one that’s super popular
that an open source and that’s a Bitcoin core so if you want a trustworthy source
of randomness for your private keys use Bitcoin core don’t use anything else and
there’s kind of three different ways that I look at hardware wallets or to
three different major problems one is privacy another is that they’re not a
full node and then the third is just that they promise physical security when
they don’t have you know the writing checks there but can’t cash right there
is no physical security it’s deceptive to make people think that the full node
issue is is a design flaw and that is that when people are buying me is
they’re buying them because they want to be able to plug them into an
untrustworthy laptop and still not have their Bitcoin stolen but the laptop is
doing a lot of important things it’s verifying let’s say that it you are
more extreme than most in that laptops a full node it’s verifying that you’re
getting genuine Bitcoin do you want to actually get genuine Bitcoin then you
better have a full node that’s on a trustworthy device you can’t you can’t
have an untrustworthy laptop that’s your full node and plug in your old card and
be confident that you’re getting genuine Bitcoin so every single thing that that
laptop does that’s important that’s not happening on the hardware wallet is a
huge security design flaw another thing that’s come up recently is address
generation so change addresses are generated on the laptop well what if
that change address’ is modified in some way it’s only so the only that attacker
knows where it’s going or maybe it’s their own address so every
single thing that that laptop does that the
well it doesn’t do that’s important is a big problem and I think that is I I
think that’s pretty deceptive marketing because the only people that buy these
hardware wallets are buying them because they don’t feel like they can trust
their laptop so logically what you’d have to do to address all those problems
is move all of those functions slowly over to a hardware wallet and what do
you have when you’re done doing that you have Bitcoin core running out of Ubuntu
laptop that’s freshly installed doing everything that a full note does because
everything a film everything a full note does is security sensitive so you don’t
want that to be anywhere else and then the third area is privacy and you have
to be using your Hardware node again with the full node so you might as well
just have a full mode but the reason that people buy these hardware devices
is because they don’t feel competent to set up a full node so a lot of it is you
know these things are cool I would like to play with them I’d play with them a
lot more if I could buy them without having to give up my identity and be on
a list because you know I’m paranoid but I think they’re fun and that’s fine
but it’s when they start making you feel like you’re safe either with physical
access or with an insecure laptop you’re plugging it into or using it as it’s
designed out of the box you just plug it in and you use their centralized service
to check your balances all of those things are where I have a problem where
the marketing and the reason that people are buying them don’t match reality so
though that’s that’s my take on that if it’s a small amount you know you don’t
really care about privacy and and to be clear when I say that you’re sharing
your home address with Trez or when you use a treasure it’s not just when you
buy the device it’s also when you plug it in to check your balance because it
calls treszura services from your IP address
you know maybe you’re using tor maybe you’re using a VPN but look these things
are marketed to people that are not super technical and so I know what
they’re doing they’re plugging the damn things in and they’re giving their IP
address which is easily correlated with their home address to anybody that cares
to go through the trouble to treasure along with every single UTX of them that
they have I don’t think most people buying treasures know that and that’s
why I have a problem it’s it’s the deception okay just to jump in there
this this is uh this is such a good point that it’s kind of like you know
we’re transitioning all of our all of our valuable stuff all of our
relationships all of our at like physical money and everything to
digital from physical and in physical I feel like we have a set of kind of
procedures and things that work so if I have like an expensive you know if I
have a stick of gold I’m not sure I want to keep I don’t feel comfortable in the
security environment in an apartment or a house that’s open you know near a
major street and it you know somebody could come in and just break it in and
take it so okay maybe I’ll leave it I’ll leave it at the bank or something and so
you know when you’re traveling to and from places if you’re going into a bad
area you know maybe don’t leave your laptop on the backseat of the car
because if somebody sees it there then maybe try to go and get it and so
there’s like these like physical things that we do to try to like protect our
money and our valuable stuff and now that everything is digital I don’t think
we have any sense of what is you know like there’s some neighborhoods in San
Francisco where if you lose your car with the windows up it’s gonna the
windows gonna get broken we don’t know where those neighborhoods are digitally
and I think we also just have no sense of like what is actually valuable and
what’s not so you know when somebody grabs your Twitter account or they grab
you know your Facebook account and hack into you they’re actually hacking into
all of your relationships so there’s a two bit idiot on Twitter
he’s been hacked like five or six times it’s like every week he’s got a new hack
and you know these screenshots keep coming up where it’s you know so he
tweets some but be like urgently like hey I need to get some Bitcoin in
somebody on the other side he’s thinking like well I value this relationship the
guy’s in trouble I might as well send him some money and and so they’re able
to just kind of take advantage of these things so I don’t think people yet have
the the sense online for safety that they do like physically JW yeah no I
think he’s spot-on there man I think that’s absolutely true
like in physical things we have pretty good instincts if you leave your laptop
on your back seat you know and it gets stolen people are gonna be like ah
you’re you’re an idiot but when it comes to stuff like this you’re really relying
on marketing from the companies that are selling you products and then we’re know
randos like me to just complain when I don’t think they’re good and that’s a
tough thing to try to navigate that said I don’t want to overstate the risk here
there haven’t been a whole lot of people saying hey my
bitcoins have been hacked so don’t panic don’t do anything dumb take your time
make a plan to migrate to Bitcoin core for your bitcoins that are you know
significant value in cold storage I obviously put a lot of work into Yeti
coal calm with my son and I think it’s pretty decent but it’s in beta right so
take it take it slow and be careful but the other thing is we got to put this in
context with like the rest of the banking system and everything else like
it’s not just Bitcoin right so you might be freaking out that your Bitcoin can be
stolen right now you’re the stuff in your bank is absurd
like my biggest problem with Unchained Capital and costs a hole is that they’re
trying to bring security a Bitcoin back to the banking system era it’s not that
banks are safer they’re worse right it’s much easier I promise you to impersonate
you with a bank you know do a sim swap do a couple other things and draw money
out of your bank account than it is to steal your Bitcoin right now even if
it’s on what is this a keep key right like I would much rather have my money
in a keep key right now with all the issues that it has then have it in a US
bank account because that stuff is riddled with security holes that you
wouldn’t believe the only difference is that the taxpayers fit the bill on all
that not right now all those costs are hidden in the banking system because
it’ll probably be reversed you’ll probably get an FBI agent
assigned to your case for free and you’ll probably get all these hidden
benefits but we’re paying for them you know we’re paying for them in the fact
that beef is four percent more expensive every year for everybody and that’s part
of part of that expense goes to covering all the all the nonsense in the banking
system that makes you think that you’re safe when you’re absolutely not but you
don’t care because you don’t you don’t realize you’re paying for it no matter
what all right anyone with conclusionary remarks on
this this topic here of storage to me it’s it still feels like there’s a
spectrum like again as Jada what you was saying you know it depends on the amount
what you’re trying to do and again always assume that if somebody gets your
somebody gets your physical device well they’re they very likely will get a hold
of your Bitcoin that should always be the assumption and
be ready on hand with it but there’s there’s always going to be worries
unless unless you end up doing a multi-sig set up like JW was saying with
Bitcoin core and and realistically how many people are actually gonna do that
and and be able to learn and do that we’ll see so yeah I guess it just goes
to prove things are still very imperfect and and hopefully they’ll get better and
hopefully we get to a point where there are enough eyeballs on on certain
products and and the code behind it that we can be more confident in the way it’s
executing but time will tell I will say this you do have to put it all in
perspective like JW said better than banks with that in mind
proof of keys people it’s coming up if you’re new to the space and you still
have your coins on coin base or whatever this is the time to learn how to send
your Bitcoin properly okay that that’s what uh you should take proof of keys as
we talked about trace and I talked about on the show last night you can watch it
does anyone have comments on proof of keys before we get off of this storage
topic are you guys enthused do you think it’ll bring down some exchanges at all
get I think it’ll be kind of a repeat of last year I think I think more people
will probably partake I don’t think it’s necessarily gonna take down any
exchanges but hey hopefully it becomes more of a mainstay of the Bitcoin ethos
and every year more and more people partake I’d like to see it become pretty
widespread but I don’t think it’s there yet I don’t really have Bitcoin with any
custodians so I get to just watch from afar but you know I’ll I’ll celebrate
like everybody else we know with proof of keys is very interesting because we
have all these companies out there that are now offering to hold your Bitcoin
and they’re going to give you interest so some people are still going to keep
their Bitcoin with those third parties which I think is I
is unfortunate I am NOT down with any of the companies that give interest on the
big coin I say control your own private key people Ajit your thoughts on
approving keys yeah I think I you know I like the idea a lot the reason why I
like it is because if you don’t have this proven case type situation where
the reserves just call them exchanges like compared to banks if somebody isn’t
paying attention to the bank then what’s gonna happen is they’re really well
connected people are gonna get loans for cheap and you know they’re not gonna pay
the loans back and then these losses are absorbed by the other depositors so this
is something that’s happened in the United States happened in India just
recently with a massive bank failure and this is a bank that was in you know for
6070 years it was operating perfectly and complete failure and the people who
got all their money out where the really well-connected people the people who’ve
been using it for cheap loans very well-connected people and in almost
every single country that I’d like Google around and looked you’ve been
able to see a similar scenario and I think we got to avoid that type of thing
in our space in the Bitcoin space by self-regulating and that’s through stuff
like proof of keys where you just kind of you know gut check the exchanges and
see you know are they prepared and and it just kind of potentially exposes that
it’s like when the tide goes out in the water you find out who’s swimming naked
and we’ll find out you know if there’s potentially players who are being unsafe
or don’t have the proper reserves JW yeah I love it man I think I think this
is maybe gonna be traces greatest and legacy is coming up with this concept
because this is one of the cases where I do want people to freak out right like
don’t freak out over keep key and move your bitcoins rapidly but do freak out
in this case and the reason I say that is that if you’re listening there’s
probably this is my gut feel of course a 1 in 20 chance that exchange that your
bitcoins are on is going to be insolvent over this event so if you’re comfortable
with that leave them there but the the great thing about this bank run concept
is that if if they’re running at a reserve the people that are the most
fearful that don’t take them out on the 3rd and take them out on the second are
going to be better off but the people that take them out on the first are
going to better off still right who’s gonna get
left holding the bag when there is an installment exchange and if this does
force an exchange to go bankrupt it’s gonna be the people that move first so
if you have your money on one of these exchanges I do think it’s a really good
idea that not only do it on the third but do it a couple days early because
you don’t want to be the last one to pull it out you’re gonna be the guy that
is the case study that tells everybody else that the exchange was insolvent
right you don’t want to be the last one without a chair so do panic if you have
money on in exchange just you know for a few days panic get it off and then if
you know you’re a degenerate trainer and you got to put it back on put it back on
but when you got a one a 220 Jan sore maybe even a 1 in 50 chance of all of
that money being vaporized take it off for three days right I really think you
put it in perspective there I think those are good numbers to think of there
is it between the two and 5% chance that this movement could actually bring down
an exchange and you don’t want to be the person on that exchange so those are C
and again he’s pulling those numbers out of his head
I think I’m thinking of those numbers right now you see my head move I think
that’s a good way to think of it 2 to 5% chance that this brings down in an
exchange and that’s big enough that it that that is not that’s not worth the
risk at all by the way all these dudes are linked to below pound that like
button all right speaking of well we’re gonna move on to mining real quick here
G you read that report that mining report tell us about it yeah so I read
the report at bitfury George who’s the CEO of bitfury which is a mining company
based in Georgia and he kind of he kind of put together an interesting analysis
which says that hey there’s kind of this paradigm shift happening and in the way
that you run a profitable mining company so in every industry you know there’s a
whatever the new thing is can can generally charge higher prices because
they’re solving something new so for example you know bit Maine has been like
the boogeyman in this space for such a long time and for a number of years
we’re all really concerned because they were producing top-tier mining equipment
and so it kind of presented a concentration risk but one of the things
that is beautiful is you know when somebody is making that
much excess profit margin above beyond what you like normally consider and
beyond the opportunity set there was a ton of people who are looking at that
like really hungry eyes and dingy like I kind of want to be making those site to
profit margins so of course you had a ton of people a ton of capacity and
mental energy going into well okay how do we copy their hardware how do we copy
their their methods for putting together these chips and you know who can we hire
away from their company and then sure enough other people started to develop
equivalent kind of technology and bitfury George is just pointing out that
hey this is kind of interesting that now that the kind of mining hardware layer
is becoming a little bit more commoditized and that the there’s not
that much variance between the best mining hardware and the worst mining
hardware that’s to no longer someplace to compete so if you have a better
relationship with bit named than me it doesn’t mean they’re gonna make more
money than I am now the relationship is equal because I have alternative
suppliers so anytime somebody has a monopoly they had bad service and they
overcharge quote-unquote overcharge but now that there’s competitors the price
is down anybody can become a miner so now where do you compete so now that
revenue is kind of potentially come down a little bit the other place that you
look for is your costs and the largest cost and mining operations is
electricity so I think he’s pointing this out because I think my
understanding is that he has kind of bitfury has like sweetheart deals where
they’re contracted with like local large utilities and they’re getting really
cheap electricity prices similarly you see miners kind of crowding around
places with hydroelectricity because that type of renewable energy is
extremely cheap so everyone now is gonna be focused on reducing their costs for
their mining equipment where is the lowest cost place it’s it’s where you
have renewable energy and then if somebody wants to make an even bigger
investment we’re talking you know 10 20 years in the future the lowest cost
energy is of course nuclear power so nuclear power is something that is
actually extremely safe relative to all the feeders that people have but this is
how something like Bitcoin which is just a pure price signal gets all these
people interested and involved in acting all these different ways and it kind of
leads to you know new breakthroughs that we wouldn’t have seen without it so
right now the breakthrough is wow we have really strong ASIC mining equipment
and the future of the breakthrough is this is going to lead to nuclear power
becoming popularized again and delivering free or you know low-cost
cheap electricity for everyone so now the world is constrained because nobody
wants the people in Africa or Asia to become more developed because it’s gonna
cause climate chaos right so there’s these kind of I mean it feels like kind
of an effort to you know not have them develop as quickly but with free nuclear
energy and you know those constraints are no longer there so it’s kind of a
really optimistic way to think about the world and that was maybe not the full
focus in his article which is more on the commodity hardware but but that’s
the kind of vision that that’s like the natural logical next step that alright I
appreciate that you read that whole thing it gave us a good summary like
that was not everyone again not everyone could pull that off
do you guys have any comments on on the mining situation at JW or eveni yeah
yeah actually I think I mean two years ago I was debating Luke – jr. and Cobra
as these guys were pushing for a proof-of-work change and I was saying
look we need to get to a point where these Asics are commoditized because
that’s what secures the network if we do a proof-of-work change it resets the
clock on that and we have all this new opportunity to have you know just a few
small people have a lot of control over the network because they’re the only
ones with that specialized hardware it takes time for things to become
commoditized so I think it’s awesome that only two years later we’re at the
point where were like oh yeah although all the hardware’s commoditized
that is a huge impact on Bitcoin security you know thank God that we did
not change the proof-of-work if if it comes up in the future and there’s
another attempt because that’s one of those few attacks on Bitcoin that won’t
go away there’s always going to be the potential to convince a lot of people to
change the proof of work and basically obliterate our security so be aware of
that be one of the people that are saying no bad idea but it’s awesome that
we’re in such a strong footing now compared to
years ago where that you know we had some pretty popular people advocating
that and it was a viable possibility yeah that attack vector will come up
again it’s it’s all cyclical III foresee that I don’t know when but it they say
there were legitimate names talking about it so uh who knew who knows
BTC Benny yeah it’s it is nice to see that you know the further
decentralization of mining itself every you know especially ever since we ran
smack dab into Moore’s law and and now you have that time horizon where it
takes a little bit longer for new chips to come out it’s it makes it a little
less practical for for people that are manufacturing the chips to hold on to
them too long and mine themselves before pushing them out to market so yeah it
does just kind of help the whole space in general where there’s kind of a
little bit more equal access it’s nice to see new basic manufacturers pop up
around the globe I’m sure that will be further decentralized we did there was a
recent article about China having what 66% of hash rate or something like that
it there was a recent uptick but I think that also I could be mistaken but that
also coincided with some of the new chips that have just been started to to
hit the market and since a lot of them are manufactured within China then that
could be coinciding with the initial hey we’re gonna run these a bit and then
send them out but again like if you look at the bigger trend it is leaning
towards things being kind of more globally diversified there’s a lot of it
going on in here in Alberta as well there’s strand of natural gas in
northern Alberta where I live and you have people like Steve barber who are
basically rolling ups kids that are portable miners in there they’re
capturing natural gas that would have been just vented into the atmosphere and
they’re capturing that waste and converting it into power to mine Bitcoin
so yeah it’s you know it leans towards the the cheapest
just available power and in this case it’s actually a plus for the environment
as well because that would have that would have been terrible for the
environment if it was invent it was vented now instead of paying that carbon
tax and polluting it’s now being burned and used for something good which is
securing the Bitcoin network so yeah good good good bringing up Steve barber
he’s been on the show before I’ve obviously we’ve all hung out together
good good dude doing that that’s some creative stuff up there alright jeet
since it you started the topic you’ve anything to say to conclude this topic
no I think this is this is awesome this is the kind of dream of Bitcoin that
there’s now something that stands outside all these you know people who
want to interfere in the marketplace and just provides pure price signal and it
allows people to kind of coordinate around that so super excited about the
potential for this sorry one other thing that just kind of came to my mind into I
was at a Bitcoin comp or a kind of Bitcoin ish FinTech conference in
Toronto and one of the folks there’s a kind of academic they put together an
analysis of FX rates the official FX rates published by governments versus
the local bitcoins FX rates and they kind of saw a correlation between when
the price of the currency makes large movements on local bitcoins it kind of
predicts that oh wow so now that all these people are trying to get the money
out of that currency in the there’s a Bitcoin premium there what’s happening
is there’s going to be a move or there has been a move where the government is
messing around with the supply of that local currency so this is something
that’s come up in places like Argentina and of course Venezuela but it’s kind of
cool because those governments depend on manipulating the price and all the
newspapers and everything else so if there’s some source that says you know
the prices that they’re telling you is actually a lie the real the price is
much higher for your currency and that means by the way that all your food is
much more expensive and everything else it’s just a cool signal for those people
in those countries to have you know some alternative source than their local
newspaper to understand what their real situation is so it’s just a small
example that’s the kind of vision here now for for those who can dig that deep
in those kind to find these alternative sources I mean
that’s the thing most people just go with what the government tells them to
do now on that topic the government telling you to do something uh I know I
didn’t go over this topic with any of you before the show so maybe you read
the article but in Greece there they say that citizens have to spend 30 percent
of their income now electronically or they’re going to get penalized because
this is a way to avoid people not paying their taxes who has comments on this uh
yeah I’ll dive in I was I was talking about it on the show the other day but
yeah essentially you have to spend yeah 30 percent of of your given monthly
income electronically and if you fail to do so whatever remains out of that 30
percent will incur I don’t know if they’re calling it a fine or a tax but
it’s 22 percent of whatever’s left so let’s say you make a thousand euros in a
month and you now need to spend 300 years of electronically then that
remaining 100 euros will be taxed at a rate of 22 percent which is in insane if
you know the the war on cash is real there is we also have at this in the
same breath there’s another story about Italy – where next year cash purchases
over 2000 euros will be illegal and a year later cash purchases over 1000
euros will be illegal and if you do allow for a cash purchase over a certain
amount you’ll be fined and if you refuse to accept credit cards you’ll get a
believe it’s a 30 euro fine plus a percentage of the disputed amount that
was not allowed to be paid by the customer
so yeah the war on cash is very much accelerating but luckily hopefully he
will clue in and they can utilize Bitcoin yes utilize Bitcoin beat figure
out ways with Bitcoin to get around all that there’s nonsense
in those countries I’m glad I’m not in Italy or Greece do you guys have
thoughts on that let me jump in on that one because you know to your point
earlier about like who can actually access the stuff outside of their
country the the the war on cash is a problem because it’s kind of pitched as
this way to get rid of crime and everything else but the problem is that
the the people who are actually using cash are just kind of marginalized poor
people or their elderly people who don’t know how to use like electronic payments
and cash so represents something like 50% of all the payments in the world
today so when you’ve seen other countries making moves like this to get
rid of Dib to get rid of cash in the favor of digitized payments the people
who get impacted are the poor so in India they did something called D
monetization they took all the old $100 bills they said those are illegal now
but you know you got to use these new hundred bills but you only get from the
bank so you got a you got to go to the bank show up and transfer it and what
ended up happening of course was all the really well-connected people showed up
to the bank first and the night before they got all their money out and so the
people who are left standing in line for days were like just the kind of normal
average everyday people and the poor people who are like selling vegetables
and you know running their own small businesses they’re just completely
disadvantaged because their middle-class customers don’t even have cash to give
them so they’re like stuck at the very edge of the network and you know when
you have these like withdrawals of like you know key services like that it’s the
poor who are impacted the most so this thing in in Greece it’s kind of a great
headline for them and it makes them look like they’re getting a lot of stuff done
but it’s also kind of dangerous because you know in Greece no one actually pays
I shouldn’t say no one but very few people pay their tax at corn do all the
newspaper stories and I was reading this thing that apparently 5% of the
population which is the middle class who have salaries so it’s easily visible
they’re the ones who actually pay the tax they pay about half the tax it’s
just those 5% and so the really wealthy people already have you know businesses
outside of the country and bank accounts outside of the country but your normal
average everyday guy is just stuck there like he doesn’t even read the newspaper
he shows up like wait you’re saying my dollar bill doesn’t work anymore so yeah
the impact of this make no mistake is going to be on the kind of marginal
people in the world yeah the real criminals aren’t using cash they’re
using hsbc totally before you get too excited about you know not being in in
Greece or Italy or France or these places that are that are being more
aggressive on cash the reason that the US isn’t that aggressive on cash is that
it’s more sophisticated right so everybody’s freaking out about you know
China and its dystopia meanwhile we have the greatest surveillance state the
world’s ever seen right everybody’s freaking out about the
monetization or the cat the war on cash in Greece right now but you just said
almost nobody pays taxes in Greece I would love to be in Greece nap right now
being one of those people who don’t pay taxes I pay all of my taxes because I’m
terrified of the Eye of Sauron and I know it’s here it’s not over in Greece
in the United States we are the absolute best at collecting taxes we’re the best
at surveillance and we’re good at propaganda so we don’t do stuff that’s
all rough-and-ready and we just pass a lot of 30% we just weren’t going to deal
with PayPal MasterCard and Visa behind the scenes we we make sure that Twitter
censors the right stuff and you know we get we get stuff done like a
sophisticated Empire not like a bunch of you know retards that are gonna go out
there and make it obvious so don’t be too happy that you live in the land of
the free because because we’ve got it dialed in so let me let me push back on
that a little bit one of the things that’s important to note is that if like
I kind of have measures of who pays how much tags and how much they expect
there’s actually less tax evasion in the United States than economists would
predict because people generally like you know even though I love them the
first person to complain like the roads are bad and you know the taxes are
definitely like too high and the government spending is very inefficient
but people like like to feel like they’re contributing towards something
so the amount of tax evasion is actually far lower than what you’d expect so
that’s what I’m fair to say that’s my point the amount of tax evasion in the
u.s. is far lower you might say it’s because we love paying taxes but if you
know very merit many Americans you might be here we don’t love paying taxes we
hate paying taxes but we’re terrified I have sat three targets driving at
$30,000 a year and it took like 80 hours of torture of him going through all of
his receipts like we know how to make it
sting and we know how to send a message to a population that you don’t evade
taxes without having to seem so heavy-handed gee you were saying no no I
mean it is really hard to know but you know I need to look more into it but I
do think that people like people well it’s hard to say I think your average
person I mean there’s definitely billionaires and things who can avoid
the taxes just like in Greece but I think your average person maybe they
don’t like it and they complain about it but they do pay their taxes and I think
so I don’t think it’s all the surveillance state I think some part of
it is like people do feel like the government is providing legitimate
services and I think that the problem places like Greece is Greece India is
the government’s not providing any services to begin with so people feel
very comfortable avoiding taxes like in Mexico it’s a similar situation nobody
pays the taxes and yeah I think that it’s I think it’s more driven by the
lack of government services being delivered at all so there’s no public
goods whatsoever so the tax feels more like a mafia shakedown kind of thing I
would argue that that’s more propaganda if you’re a normal person in the United
States and you call 9-1-1 you’re not getting a cop to show up and take care
of you until it’s time to mop up the blood I’m sure it’s the same thing in
the middle of nowhere in Pakistan but we feel better about it because we’ve been
propagandized since we were three years old in public school for the last you
know two decades I will say this about what JW said about propaganda that there
are a lot of Americans who blindly blindly believe yes
must must paying taxes makes me loyal makes this make makes everything all
right there now they’re not worried about like like a lot of people like I
gotta pay my technically I got to pay my taxes or else I’m gonna get tortured
with this audit but there’s some because of the propaganda and I’m not one to
jump into these propaganda type of things and overblow it but here I gotta
say that a lot America a lot of Americans are just like yes must pay
taxes because they have except that’s the right thing to do it is it supports
the country it makes us stronger pain had a propaganda even that is
propaganda because the IRS publishes stuff regularly and says if you get paid
in cash in you’re an American citizen you don’t
pay any tax so if you know that you have the opportunity because you’re you’re
doing something you’re running some store and some tourist town and people
are paying a lot of cash the IRS will admit like you can you can search for it
that they don’t get on average any tax out of people that are primarily paid in
cash so the propaganda doesn’t actually work but if you’re already paying taxes
and you’re forced into it and you know what are you gonna say like you might
you might as well say that it’s not so bad if it’s already taken out of your
paycheck right but we know empirically if given
the opportunity the average American pays zero tax just like the average
grecian the average Indian it’s all a system of fear and intimidation and you
know I don’t know that that’s that’s the end of my rant on that topic all right
yeah we got we are Bitcoin people getting the big all right let’s get into
the Yenta the gossip part of this show real quick
BTC Benny talk about Mark Cuban I couldn’t believe it
he says Bitcoin could be hacked I mean what wouldn’t wear it where is this what
is he I couldn’t believe he said that one line like is he that confused or she
just angry yeah I mean so it’s it’s ironic coming out of a guy who had the
foresight to make a bunch of his money in the tech bubble of the 90s to be
dumping on the next big wave of interesting technology but that said a
lot of the a lot of this stuff that he recently said seemed to be flood and and
just not correct so part of it he was saying oh it’s too it’s too difficult to
use but in the same breath his team the Dallas Mavericks accepts Bitcoin and he
even in a another interview said that they used to accept it but then people
didn’t use it but then the the methods with which people could pay got easier
so then they brought it back so that people could utilize it he also said it
will never be a reliable there’s no chance that will ever be a reliable
currency and yet again he accepts it as currency
– for his team so it just seems like a lot of the stuff that he’s saying
doesn’t quite line up and to his point that it’s difficult to use is there a
learning curve absolutely there was with the internet and look at us all now
streaming a live show with the four of us with an audience that is currently
taking it in but he’s just this fact that he said that it got easier and so
they reacted it means that it’s not static it continues to evolve and grow
and for him to not see that is a tad ridiculous I just think that he’s very
focused on the now he wants to see that this is a a globally used currency by
everybody and he’s not really kind of zooming out and seeing the bigger
picture is is how it comes across to me but I don’t know I’m curious to hear
what you guys think about this you guys any thoughts on him I know a little bit
about Mark Cuban because I think he’s a you know that show that he’s got and
everything he’s so she’s such a popular business figure so I I do know a little
bit about him and one of the interesting things is you know he’s actually he’s
famous for bringing radio onto the Internet so you know a lot of people you
know they they’ve coded things and he just literally said let’s put radio on
the internet so it’s kind of it’s kind of cool that he was able to sell a
company broadcast comm that was literally radio on the internet
for six and a half billion dollars during the dot-com boom the other
interesting part of that story is he had one and a half billion dollars of that
or one point four billion dollars in that in Yahoo stock so he was worried
that were in the know comm bubble this is not real money so yeah whose stock is
not a good currency and I need to get out of it so he set up a hedge with
goldman sachs so that if the price of Yahoo stock went down he would actually
hit you the hedge would increase in value and so it would cancel out and
you’d be able to preserve the value of that depreciating currency of Yahoo
stock and I think that it’s kind of rich coming from him to say that bitcoins not
gonna be something or there’s no use case or it needs to be spent day today
because when he needed to protect one point four billion dollars he found a
way to protect it and I think in a similar way there’s
a lot of people out there who don’t have access to you know real estate in
different countries or you know swiss bank accounts and they’re sitting there
thinking like I’m not sure I trust the current financial system and I want to
hedge my bets a little bit and Bitcoin is just it’s so it’s so popular now and
it’s such an option that there’s an entire kind of spectrum of people who
don’t have access to that stuff that’s only available to millionaires they
don’t have access to goldman sachs but they need to hedge their bets and so
what are they gonna do the option becomes Bitcoin such it’s so popular
throughout the mainstream media you know famous athletes are they accepted as
currency instead it’s just becoming popularized and it’s gonna become the
new way that if you have a windfall of cash the first place you should park it
throw some in Bitcoin and kind of get off zero so I think that yeah that’s
kind of my take that I really just don’t believe him pound that like button I I
like that gig okay JW any any takes on the mark you bitter
yeah I mean I’ve worked with guys like Mark Cuban and I think a lot of people
overestimate how smart these guys are they’re you know I’m not saying that
they’re lazy or that they’re dumb they’re certainly neither of those
things but a lot of a lot of the skill set that you need at that level is
political you got to you know it’s a little bit of right place right time
it’s a little bit political if you’ve worked with guys like this you know that
they’re not all that sharp technically right like they’re they’re they’re not
technically eeeh TSA’s well how did he make money he put radio on the Internet
I guarantee you there were thousands of people that were like yeah that’s really
stupid we’re obviously gonna have radio on the Internet
right like this is but right place right time comm bubble you could put anything
on the internet for a little while there and get crazy valuations and I’m not
trying to take anything away from him I’m just saying it doesn’t surprise me
that he doesn’t get it he’s got a ton of money he’s got a ton of stuff going on
he’s not as bright and as technically confident as a lot of people would think
and I’m sure you know even though he’s talking trash on Twitter he has not
taken the time to research monetary history for 25 minutes so I’m not sure
all right all right dudes we have reached the end of the show here and I
want to hear from all the guests there conclusionary remarks any stories they
wanted to bring up anything they want to promote so we’ll start with Ajit yeah so
super pumped about this conversation I think the key takeaways were that get
smarter about you know being digital online and the kind of safety and stuff
that you need and also that a lot of this the other thing for me it was just
the war on cash and how there’s a there’s a there’s a gradient of
technical people versus non-technical a lot of stuff that doesn’t necessarily
impact us and we’re safe from there’s a lot of non-technical people that had
impact so those were just my two key takeaways
the other cool thing I want to point out is there was a recent election in the UK
where the probe brexit party that the party that supported brexit had kind of
a really strong results and the reason that I think that’s interesting is
because outside of the United States the European Union is like the second
strongest currency or the safest kind of jurisdiction and when brexit actually
happens in Britain exits the European Union it kind of is gonna start off a
chain reaction of then Scotland is gonna want to exit Britain and join the UK
there’s countries in the EU that want to get out so it’s you know places like
Catalonia there’s parts of Italy that haven’t been independent or haven’t been
dependent for that long different countries that have like breakaway
movements and all of a sudden the project of the European Union and the
euro currency is gonna start to look less and less likely to last a long time
and so when people start to think about how do they hedge the risk from that
bitcoin is gonna become an option so that’s a recent kind of more political
event that happened but the the long-term takeaway effects of that is
these like political projects that technocrats are putting together are not
going to last a long time this thing only lasted 40 years and it involved an
enormous amount of effort and it’s completely starting to fail so it’s very
exciting times for people who are interested in smaller levels of
silencing that all right good take on Briggs in the European situation tying
it into two Bitcoin JW your your thoughts your conclusionary thoughts on
or anything you want to add anything yeah actually I’ll just say that
check out that mascot calm that’s that’s my main project I’ve stepped away from
that for I don’t know the last couple months as I’ve been trying to work on
Yeti cold calm but we’re we’re back at it we’re working on it
if you are in a situation where you want to move your cold storage to Bitcoin
core which I highly recommend for a lot of the reasons that we talked about and
some that we didn’t yet ecole comm is my new site it’s basically a like a thin
Python script that will help you set up Bitcoin core and enable you know QR
codes it’s it does as little as possible and lets Bitcoin core do the rest
we’re in beta now so if you guys can screw around with that test it you know
give me feedback find bugs that would be awesome and yeah than that just stay
safe it’s gonna be an interesting year all right interesting decade on the way
here all right Betty you got the final word here yeah I mean I really enjoyed
combo with everybody thanks for uh thanks for being awesome but I I guess
my general sentiment right now I really I really like where we are at in the
space in general right now it kind of feels like the calm before the storm
again it’s very reminiscent of late 2015 early 2016 where we’ve just seen a bunch
of great crap built out that was much needed but you know the you know oh yeah
yeah yeah sorry that you know we’re pre happing they’re still like thud in the
air there’s a lot of saltiness it very much seems beckons back to that time to
me and I’m excited to see how things progress especially post having and and
if we do get another mania in the the year following that how how much more
resilient and robust bitcoin is to handle new people so again I guess time
will tell but I’m excited to see what the next couple of years old alright
that’s a great way to conclude the show we’re entering that golden age decade
but yeah I was nodding my head this reminds
me a lot of the end of 2015 also so okay dudes we do this we can be coin every
Friday and we’re live again and we’ve got three guests again so hey we’ll be
back next Friday remember I do a new show here every single day so follow me
on twitter at tech both come through this channel bitcoinmeister every day
you want to disrupt meister comm what else
oh yeah saturday that’s tomorrow will be the beyond Bitcoin show as usual so
thank you guests you all rocked the world shabbat shalom everyone have a
great friday i’m adam meister the bitcoinmeister the disrupt meister
remember subscribe to channel like the video share the video pound that like
button and bang that bell button take care everyone thanks a lot again see ya