This week in Bitcoin- 2-16-2018- Is privacy important? Ethereum POW vs POS! What is a scam?

This week in Bitcoin- 2-16-2018- Is privacy important? Ethereum POW vs POS! What is a scam?


Hello everyone this is adam meister the
bitcoinmeister the disrupt meister
welcome to this week in bitcoin today is
February the 16th 2018 strong hand be in
motion long term thinking alright people
I am really pumped for this show because
we’ve got the returning guest the great
maneet Riggs is here
Russell Spears is here you know these
dudes and we also have Giuseppe stew
dough coming from Boston he’s gonna talk
about some privacy issues and I know uh
we’re gonna talk about the price we’re
gonna talk about privacy we’re gonna
talk about aetherium we’re gonna talk
about everything Judy but I want to
start out with Giuseppe Giuseppe tell
tell the world that the people here some
of these people know who you are was
even good on the show before so give you
a little brief description and then jump
into the white white privacy is
important what’s going on in the world
of privacy and Bitcoin and crypto today
sure thanks for having me Adam
so my background a software professional
from Boston Massachusetts actually I
co-founded a consumer software company
called fam and I run that alongside my
co-founders here in Boston and I’m
involved with the Bitcoin private
open-source community so I’ve been an
early contributor on that initiative and
currently helped lead their open-source
marketing and public relations
initiative and also help out with a lot
of the operations and everything else
and you know what attracted me to this
project but some people are aware of it
some people are not so Bitcoin private
is the upcoming hard fork coming up
later this month
technically snapshots on February 28th
and then two days later is the actual
main net launch and it’s one of a kind
where it’s a fork merge of the Z classic
blockchain and the Bitcoin blockchain
but we can get into that if it’s
necessary but more so in the
higher-level notion of privacy today and
cryptocurrency
I think it’s a fascinating topic you
know there’s solutions from the zero
cash team with the zero protocol
with that of zero knowledge proof that
is the only mathematically provable form
of anonymity that I’ve seen and then
there’s also many other neat solutions
for that of privacy and you know the way
that we like to see you know why privacy
is an important topic is because just
like any software problem or any
especially with relation to peer-to-peer
electronic cash transactions it’s
something that definitely you know
people need to continue to iterate on
which is what this project is doing and
what the team behind Bitcoin private is
doing and also the teams behind all
these other privacy projects are doing
they’re highly capable teams and no
one’s quite in in our opinion figured it
out in a sense of how to implement the
best privacy privacy solution to a
mainstream audience right the latter
part is incredibly important where
although the technology may exist it
doesn’t mean that it’s hit a mainstream
audience yet and that’s what you know
from from a technological standpoint and
also from just a an adoption standpoint
what we’re trying to build towards and I
mean that’s kind of my my high-level
thoughts we can get deeper well let me
let me ask you a question here I
consider privacy very important I I
think and you basically apply there’s no
easy solution of privacy yet or
mainstream solution privacy yet I think
most of the people that are in
cryptocurrency right now they don’t care
about privacy really I did I do do you
do you agree with it that right now the
masses they probably don’t do it they’re
they’re interested in be private because
a they are Z classic holders and they
want to get that it’s a unique way of
getting a Bitcoin crypto dividend a big
point fork sure so that’s a great
statement and I think that’s what makes
it an incredibly fascinating problem to
work on I agree with you that you know
relatively speaking a large portion of
the cryptocurrency community is unaware
of privacy really not being solved at a
mainstream point but I think that that’s
a good thing at least you know for for
the teams that are working on these
problems because typically you know if
you look at major disruptive
technologies
in history of technology we crypto or
non crypto related typically these types
of solutions are worked on before the
masses are even aware of the problem and
there there are definitely use cases
where you need 100% anonymity one of the
being you know store value for example
at least for me personally right I mean
if you look at the history before the
internet you know you have safety
deposit boxes which are mainstream you
have your bars of gold do you want
people knowing how many parts of code
you have stored in your safety deposit
box so you know and that’s just one use
case but I think pointing to that use
case it in our opinion is enough of a
touch point worth you know kind of
making this more of a mainstream now I
want to move the money trades money
crazy you are a guy who’s interested in
the Z Forks and stuff do you have a big
do you think that their privacy
technology the Waldo wants it that you
know the Z cash the Z classic is better
than the Monaro technology or easy I
mean do you know about these things
well you know the the protocol itself is
more privacy driven just you know look
at Manero they don’t even have like a
mobile wallet out yet so you know who is
who you know maybe the 300 hackers are
using it yeah but everybody else has
been waiting for you know at least a
ledger integration to store it offline
freaking mobile wallet to use it
you know I love I love the privacy coins
and I’m just waiting to use it but okay
have you heard about this Manero fork
the Monaro v fork by any chance we I’ve
been talking about a little bit on the
channel I’ve been so busy these days
yeah yeah it’s someone I think some
people I think I know I think some the
reason I suppose you see it you sound
frustrated with Manero I think they’re
there other people out there they’re
know I’m frustrated that how the hell
are they you know basically so big and
there’s not a mobile wallet out or I
can’t store it offline
with a hardware wallet it’s it’s
becoming frustrating I knew oh sorry
someone’s about to say something yeah I
was gonna know I was gonna say I think
that’s I think just generally speaking
it’s you know I think that that’s the
importance of the software teams behind
these projects because I totally agree
with you I think having a vision and
having a prospect and then actually that
being kind of viably implemented or two
totally different things I think we
there’s nothing a need for made all
actually I have a question about the
whole implementation of a lot of these
altcoins
I I think that you know be gold if
anything it represented the ideal
attempt to give a proportional airdrop
of these Forks and they did it right
they got this thing listed a lot of
these new alts I think are not
approaching it right way they’re they’re
making it kind of difficult to access
these tokens there it’s not kind of
proportional in a way in it I guess in a
way what’s gonna matter for these
airdrops is that one they innovate in
areas that are important and I think
privacy is one of those areas I think be
Gould’s innovating trying to innovate in
the backend decentralizing the mining so
I see those two as really good projects
but you I think there’s a problem with
people not doing the airdrop properly it
shouldn’t be a task on the holder side
it should simply be implied in their
holdings in Bitcoin at whatever time
they want to go ahead and and say take
ownership of that token you know what I
mean and they’re there’s gonna be
probably thousands of these privacy
attempts in this coming two years you
know but um like I said though I do get
that privacy is important I think it’s
underestimated right now I think Adams
right we have a culture right now that
doesn’t seem to appreciate it I think
it’s because we’re disempowered I think
once we become more empowered we’re
gonna have more concern over privacy
protecting like Bitcoin can’t take up I
think privacy for a good I think a
utilitarian purpose you know it to me
it’s it’s it needs to be open right
enough that it could be I don’t know
friendly
to a culture of suspicion right because
that’s hey that’s where we’re at but I
think it also needs to be closed enough
I think that it’s gonna discourage mass
surveillance so are you guys approaching
this in a way that’s a balanced area in
that area – again I’m thinking long term
you know if you guys do this right if
you do the airdrop right where everybody
will hold it because that’s what’s gonna
matter at the end of the day is that
these people will hold that token they
don’t hold it in my opinion it becomes a
hostile Fork nomadically friendly they
sound to be clear this is with respect
to Bitcoin private your I’m sorry yeah
sure so I think we respond to the
airdrop we’re we’re certainly doing
everything from the open source
community standpoint everything possible
to make this as user friendly as
possible I totally agree with you there
from the airdrop standpoint I mean
there’s three wallets on the Z classic
side that that are so currently
supported let’s try and make as easy as
possible you know going later closer to
the fork they will be you know educating
people a lot more on how they can can
they can claim these Bitcoin private and
also you know hold on to it from from
kind of answering the second part of
your of your question you know and
actually you know is there gonna be a
good balance you know at first the way
it’s going to work as there’s both it’ll
support both transparent and shielded
transactions so the shielded part
obviously comes from the zero protocol
and transparent ones not and we’ll be
supporting both of those but we are we
do have plans to naturally potentially
shift towards making shielded
transactions the default so that and
that and then we’re gonna try and align
that from a roadmap standpoint with
rolling out things such as mobile
products so liked it’s a money trink
standpoint you know is this you know yes
you show the transactions or your
default but are they actually usable
right and that’s why we’re gonna be
trying to align the different parts of
our technology to make it so that it’s
both will be usable excellent excellent
you know what I didn’t know you were
part of the uh I mean I knew you were
dealing with the fork I didn’t know you
you’re officially part of the marketing
team over there or is he the kind of
unofficial or it’s interest
well there’s no centralized entity right
the question of how you you look at it
but yeah I mean yes I mean it is yes I
am part of the contradictions it’s just
so funny I was trying to get I was
trying to get read on this show also but
I had no idea you guys even like knew
each other yeah we were together at this
we had a conference in New York City you
know I want this to be I believe I mean
I’m biased I I’ve said many times I
believe this is gonna be the biggest
Fork since the be goal of one and it
really I hope behind the scenes I know
you guys can’t really talk about this
that you’re working with big treks and
because there’s a lot of people that are
holding their Z classic there and that
they’ll just they’ll split it there and
I hope I hope traceur jumps on this I’m
gonna make some videos just encouraging
it because you know I’m all about
Bitcoin I’m all about holding Bitcoin
and I will my fellow Bitcoin holders to
be able to get this thing as easy as
possible and store it as easy as
possible on their treads or or you know
god forbid if they don’t have if they
have the Z classic on an exchange that
they’re credited with their be private
immediately and take it off right away
and put it on their Tresor I’m also
concerned like you know once we once we
I guess gain access to these tokens
we’ve taken on a tax liability as well
that’s not officially you know well you
you can that’s not super official yet I
mean I’m not you know what I don’t and I
don’t like to you see we’re gonna
confuse the world if we start talking
about what’s a tax liability what’s not
a tax liability in terms like I do not
I’m not I’m not a I’m not a temp and I
don’t even is there’s some people have
asked about that before I might does
just don’t even answer because it’s like
they the IRS doesn’t know what that
stuff even is yet right now as I have
said in many and many a times what the
IRS cares about is you turning your
cryptocurrency in the Fiat and all the
people that are signed up on coinbase
that have done that that panic sold and
did all this craziness
they’re the ones that are being targeted
they’re the ones that are gonna have to
worry because they went into Fiat and I
do when I want one real quick thing we
got a super shit first of all pound that
like button everybody if you like this
and love this panel welcome to super
will get the money Triggs in a second
but in the super chat here chris mezack
kappa junior said for five bucks thank
you chris by the way many people think
privacy is impossible isn’t possible in
this age we must continue to educate on
best practices pound that like button
and check out bit consult dot co big
consult dot c– oh well I hope that’s a
good site because I just I gave you a
promo there but I do see I do agree with
you that many people think they don’t
think privacy they think privacy isn’t
possible in this age but it is possible
and cryptocurrency is gonna figure this
out well we know what yes but this mass
surveillance I think I think that’s well
I I’m thinking of it in terms of the
free market the free markets gonna
preference I think things that move away
from mass surveillance I think there’s
enough interest in moving away from mass
surveillance so I think Bitcoin as it is
it’s already kind of hard for the
government to transit and follow
everybody’s transactions but it’s easy
enough for them to follow and a
particular pass if they have certain
people of interest right I think there’s
always going to be a balance in this
free market if people start to have more
of a concern over a you know mass
surveillance you have another Edward
Snowden dump and we see this stuff
people may want to prefer to see updates
with Bitcoin and make it a little bit
harder but I don’t think bitcoins ever
going to be a privacy token only because
we still live in a culture that fears
terrorism and what-have-you so on that
level there’s always going to be a
market balance I think with Bitcoin
where as it’ll create I think an
opportunity for all coins to take that
up as a privacy again right now Zeek a
shamone era these are
Hostel tokens and if people don’t have
what you guys do in terms of your
airdrop if it isn’t proportional fare
and these things uh your token will end
up being a hostile token as well
your guys’s aim should be to encourage
people to hold it to make it easy for
everybody that’s holding Bitcoin to own
it and I think you’re just gonna see a
lot of competition if you guys don’t do
it right another guys are gonna come
right down behind you and just fork
whatever you’re doing and out you know I
mean that’s a good point I think let’s
let’s give them let’s give me the
benefit of the doubt let’s see it happen
they were 28th it they’re gonna they’re
gonna have to prove this as well see how
legit it is I hope it’s as legit as it
can be and I good luck to them and we
will keep you we will keep everyone
updated on that situation I do I want to
move the money Triggs though real quick
with what’s something else that’s been
in the news that we’re all gonna have
opinions about it seems like even though
we’ve known about this for a while
proof of stake a proof of proof of work
the proof of stake a theory this is
something that’s been coming down the
pipeline for a long with metallic and
now there’s there’s noise about it what
and you tweeted about this or re tweeted
about it money tricks what are your
thoughts on the situation and what are
all these people that built icos on top
of the theory I’m they have no clue
about this so much is this gonna cause a
panic
what’s gonna happen to the eye cos or is
everything it was life just gonna go on
and they’re not gonna know this is even
happening it’s all gonna go smoothly and
then everyone’s gonna stick with what
Vitalik says and there’s gonna be no
fork money tricks yeah so basically
it’ll be whatever Vitalik and his little
group says will happen and then you know
be a battle of the miners because if you
look last week bit Maine just tweeted
out that they’re selling a sick miners
for etherial right that they’re they’re
selling their badge so what’s gonna
happen to all that harder you have to
ask right so they’ll be trying what to
fork the chain to see if they maybe can
keep the chain alive or
which most of the market might be
betting on is that don’t migrate to eat
theorem classic right that’s why you saw
people like Jehan mu and the other big
miners were at the etherion classic Hong
Kong conference where excellent point
fare by the way I got no I think that
statement says a lot was just huge what
you just mean that you’re breaking it
down here buddy inside scoop I’ll give
it a good right I’m a trained alrighty
please I already bought a bunch and I
bought more but as soon as I saw that
Geon woo was there with all the big guys
sponsoring and they’re completely in any
doom classic it’s gonna be very clear
that dole dump get there you get a bunch
of money and hello idiom classic cheap
coins and that’s why they have their
little puppet Jeff garsik had announced
his coin ICO on aetherium classic and
not a theory
so they’re basically already trying to
kind of pump it from the back look even
on the etherium itself I just feel like
you know like vitalik himself he’s such
a huge influence on that community and
where it’s going and you know he’s very
I think he’s a little too comfortable
with centralization I mean he’s very
outspoken now I think he’s getting a
little bit more disillusioned as well
but yeah these guys have been getting
beat up all the time I think as well so
I think there’s a lot of fatigue in that
area I think that’s another reason why
centralization or any kind of having a
spokesperson is a really a bad thing
oh yeah there’s there’s no doubt having
a dictator in this space is bad thing
but people doesn’t care but I gotta say
I brought up this topic because I
thought we were gonna we’re gonna talk
about how there’s gonna be in aetherium
3 and there still might be a fork I did
not think about the option of all
you just you know instead of creating
their a new version of aetherium classic
which basically this would be if if
metallic went um proof of steak just uh
to go to the theorem classic and I had
no and Jihan whoo you’re saying money
traits was at a big a theorem classic
event at the Hong Kong yearly one
there’s a yearly Hong Kong conference
for Atheneum classic for everybody to
you know sit meet with each other
because they work with each other right
so that and jihun who and all the
biggest liners were there with Barry
Silbert and everybody else right I
didn’t even put this in the title of the
video so anyone who’s watching this
video I’m not gonna put it in the title
of video I’m letting all the smart
people will actually pay attention and
have listening comprehension learn about
what might be happening here I mean this
is that’s why a theorem classes price
has been going up I thought was because
they were doing their cheap little creep
crypto dividend you know they’re having
their own little for too so look look
what happens listen these kind of stuff
has happened in the past with much
smaller coins which the Chinese miners
were market makers right like very point
rare coin was a proof of state coin and
it Ponte knit Ponte was on mental and it
pumped when they announced that they
were doing a proof of stake algo change
that price went down and it never came
back up right because they went to
something else alright so the miners
listen you don’t have much money you
know how much money they make right now
with aetherium okay ever every little
token sending a little transaction smart
contract whatever is paying right now
one dollar and five cents okay because I
use it right so they are making so much
freaking money with Athene right now
there is no other choice
for them to migrate keep the hardware
working but then also promote it right
and and just keep it going because proof
of stake is like is is basically just
nuclear for a mine when they hear proof
of stake you basically just brought out
the nuclear weapon on them well I think
I got a do a follow up with that real
real quick if they if they move
to aetherium classic if Jihan chooses
aetherium classic do you think these icy
odors are going to start building their
stuff alone aetherium classic and what
is going to happen to the ice ears that
are on aetherium are they gonna head out
that was exactly what I was gonna ask no
that’s right that’s a good question
that’s obvious
the the I SEOs remember what will happen
is idiom classic will be cheaper to
transact so suddenly everybody’s like oh
it seemed classics much better right
because it’s cheaper that’s one and then
the ecosystem will be based off of the
proof of stake so whoever is holding the
coins will will be making that money by
validating in the protocol right but you
have suddenly gray skill investments
which has an investment fund for
etherium classic you have them with the
biggest miners bit main and everybody
else that’s now pushing badges of basic
miners for freaking aetherium okay so
you’re talking about hundreds of
millions in hardware like if it’s it’s
very smart of them actually to do it
right because they’re driven by profits
and if you read between the lines again
just like they went to a conference why
do you think their little puppet Jeff
garsik which does any development work
they want with her forks and attacks why
it is suddenly his ICO being done a
medium classic I’ll ask yourself that
question
classic because our hardware will be
mining that coin we know this oh you do
it there let me ask you also with
Derrick Barry Silbert he was the one who
originally came up with the it wasn’t
that long ago with it with the 2x
compromise wasn’t he he was the book he
was a New York agreement he made the New
York agreement and she and honest man
he wants to play Switzerland you know
he’s not a developers of a cyberpunk so
he doesn’t understand the dangers of
centralizing Bitcoin by giving a
different by giving repository access to
you know though the miners and and just
our sect yeah but III understand that
the reason I bring that up is during
that whole little you know conference
New York agreement he got to know Jihan
didn’t he I mean he was involved with
jihad back then is my point correct yeah
he had this so it me they can be working
behind their connections are deep their
connections are clearly deep their
friends they are prophets you know it’s
always profits profits driven you know
so the idiom classic is is basically
like the only move to do cuz to fight
and do a third fork would cost just so
much money and would be stupid because
et et Cie is right there well I’m
getting back to what Adam was trying to
imply is that you know there’s a lot of
people have already have these ECR
tokens these ICO tokens represented on
the regular in Syria
I don’t see how that’s going to be an
easy transition if they want to set it
up over there cuz these people are
holding these tokens apart from these
platforms now like like me for instance
I love presearch right I’m into it
but to me I have the tokens but it’s not
it’s no longer in pre switches control
it’s under my control on aetherium
now what happens when they split is a
one of the questions I thought we were
gonna raise today but I find this more
interesting but maybe they’re not gonna
not gonna have to worry there won’t be a
split it’ll just be hash rate changing
to eat theorem classic and suddenly the
price is exploding because the market
making is going on that end and Russell
I don’t think the answer then the people
who have already created their I CEOs on
aetherium they won’t even know they
won’t even care as long as they’re i ce
o–‘s are still alive on a fan aetherium
will still be alive it’ll just be
thinking that the okay this is
interesting now because the people who
are
holding tokens from the icos are you
guys saying that there’s a possibility
that they could be basically set afloat
no that they’re they’re cool that
they’ll be cool in this situation not
under that snare what I was worried
about was if it actually if a third
aetherium came out then wouldn’t they
have duplicate tokens on that now it’s
gonna you know what this is this
problematic this is more interesting
this is why I like this I think this
scenario is much more likely and I think
a lot of people who are watching this
right now are going wild saying but I
have not heard this anywhere else and
I’ll obviously other people were
thinking about it was that’s why
aetherium classic is clearly pumping and
so ways to get Giuseppe you haven’t
spoken for a while give us your thoughts
on all this I was kind of caught off
guard but we kind of gravitated towards
a different potential fork right or fork
in the road where we I even consider it
at all money drinks those are amazing
observations and I think it makes total
sense I think that the the indicator
there to keep an eye on is the hash rate
and if we see you know it’s shifting to
more towards you in classic I think this
theory will definitely has a good
likelihood of playing out and it
actually is safer for the rest of the
points that you were bringing up for the
kind of existing tokens and over TI code
and who depend on the ethereum
blockchain
I think it’ll it’ll it’ll mitigate any
disruption in that sense so I mean it
sounds like it’s from a theoretical
standpoint it’s in the best interest of
all the areum’s stakeholders if you
compare like you know doing a fork of
the theory I’m a third one right or just
shifting to e theory I’m classic the
latter sounds more logical I think based
on at least from from these indicators
and just looking at the landscape well I
hope this plays out bad for this
aetherium project I I’m not really happy
with it
I’m hoping that they’ll go through their
little moment as bitcoins rising I think
at the best year ever
no souls gonna say something
the
I was gonna say I mean I think and then
there’s the prospect of we didn’t touch
on it too much but centralization right
I think this makes it I mean yes
someone’s you can always say you know we
have any proof or evidence that you know
proof of stake has been hacked in the
past but I don’t think that’s the
question we should be asking the
question we should be asking is how much
more centralized these things become or
do things become centralized not me it’s
more about complexity I mean the this
monster that they’ve created and
unleashed in this crypto you know airing
it’s like a Windows laptop right and
connected to the Internet holding eight
hunt you know 80 billion dollars for
anybody to hack and then you create this
mess where they want to take this chunk
of code and slap it over here and you
got you know thousands of these icos now
in this mix it it looks like a disaster
waiting to happen
Bay that everybody that talks about
Bitcoin being slim and you know not
having all these fanned angles now
they’re gonna they’re gonna eat their
words
alright well we we have this has been
really I’ve learned a lot from this
segment and everyone out there pal that
like button is you get I’ve tried to
bring on the bet I bring all the best
guests in the space here okay and you’re
gonna learn something when you watch
this show okay you’re not gonna you’re
gonna hear stuff you’re not gonna hear
anywhere else because we’re thinkers
we’re long-term thinkers parent I am I’m
really loving this thing
so speaking of we’re speaking about law
of turkic takers let’s talk about some
you know some toxicity that seems to
have gone away lately for some reason a
lot of people are saying Bitcoin was
about to die and now it’s it’s price in
terms of dollars and I don’t care about
his price in terms of dollars that much
but a lot of people clearly do has has
gone up again and that toxicity is gone
or it’s it’s quieted down and I just
wanted to hear everybody’s thoughts on
what where they think
bitcoin is going and you know I know the
three guys here they didn’t panic or
anything but the toxicity that is caused
by the the the no coiners the crypto
noisemakers it really can weaken some
people’s hands and it’s just it’s just
so
unfortunate so I will start with a which
is happy here what do you think about
the the system that the Bitcoin
situation for this week next week next
month this year what’s what’s going on
positive negative I mean the way well
the way I like to talk to my friends and
people who aren’t encrypt though and
don’t understand software and all that I
think when it comes down to is educating
people that you cannot neglect the fact
that there are several years worth of
research iteration community development
that have gone into Bitcoin this is more
abstract than high-level the TAT alone
should tell you that this project is
just not going anywhere just know it’s
it is truly the in my opinion the really
the only proven you know blockchain
project he concedes in the history of
cryptocurrency and I think the
supporting evidence to that is just a
scale it’s hit you know no one else has
hit that scale how it’s work that that’s
scale how you have a development team in
development community that continues to
stick around and continues to innovate
and all of these touch points I think it
just it comes down to
educating people and I think that if you
look at the growth of the cryptocurrency
space and if you wanted to find growth
by market cap whatever there’s different
ways of quantifying it over the past few
months several months it’s really been
at an exponential rate that I I’m pretty
sure anyone here or correct if I’m wrong
didn’t expect it to grow that quickly I
know I’m confident it’s gonna continue
to grow and and grow even larger but the
rate at which it grew and the magnitude
to which it grew was was definitely
unprecedented and it’s gonna come I
think with these educational setbacks
right where it’s just impossible for
people to come in at that rate and to
also understand the the you know which
projects our project is really if true
quality versus the ones that have yet to
even scratch the surface of figuring it
out yes it’s unfortunate but I think
that with over it’s gonna get better I
think over the next several weeks months
and years and that’s my take good good
steady approach there rust so any any
thoughts well yeah I mean look I think
the most exciting
parties we’re moving towards this moment
where we’re gaining a lot of clarity in
terms of what was actually important
about blockchain and I think it was the
fact that it was a global ledger of
agreement and I think one of the things
that we’ve always wanted agreement on
its value not transactions and I think
as long as that that that narrative
about medium of exchange starts to move
to the side and we start to understand
that we’d gain our our economic
sovereignty by having access and control
over our store of value the medium of
exchange is whatever you use
you know chuck-e-cheese tokens if you
have to but I think as we’re moving
along as we’re moving along we’re gonna
see I think like to me I always
mentioned a Hydra but they people get
misled by that I’m just saying like at
the end of the day the strongest system
I can imagine is one where you have an
anchor a store of value a global ledger
of agreement and from that you’re gonna
have all these altcoins that are just
going to start up coming off from and I
think as long as they can keep buy-in
you’re you’re creating an infrastructure
where you’re just all possible
innovation moving forward and they’re
gonna be less blockchain in my opinion
none of these altcoins will be able to
do what bitcoin does and it doesn’t have
to it doesn’t have to be the most secure
doesn’t have to be the most private but
you’re gonna have to prove yourself in
the market indeed indeed that’s how
that’s where the big boys play it’s how
real markets are supposed to work
actually money and money trades uh
anything to add any more any revelry any
Bitcoin revelations that you have that
were just like you’re you know I’ll say
from the ground I’ll say necessity
drives growth right because we operate a
few Bitcoin ATMs and some other
businesses and I can tell you this you
know or maybe you ask people other other
people around in Europe it’s easy to buy
and sell Bitcoin but just for example on
a Caribbean island right you would think
they have everything
it is very very difficult for them to
buy Bitcoin our ATM will be sold out and
it sells for 25 percent premium right we
don’t have enough inventory like it will
be sold out and then we have to move the
money bank long list it has to be sand
wire like and that’s on a Caribbean
island which has big hotels tourists and
everything so what what my point is is a
lot of people are buying and are paying
20 30 % premiums and they wouldn’t have
a way to sell like these are really
really long-term holders so as we grow
as access becomes easier because you
know South America Africa some a lot of
these countries like I have family there
and I talk to the friends they when I
have to PayPal they didn’t even know
what paper was I will I didn’t even dare
to ask if they knew or Bitcoin was right
but just now I’m gonna send some money
and there’s a business in that city that
will take the Bitcoin and then do a
local bank transfer for them so they’ll
be receiving money indirectly with
Bitcoin right now so really really
people like people are obsessed with the
price and whom I got listen if you right
now just buy whatever you’re comfortable
with and come back in a few years when
all this has expanded like the internet
has and still is being integrated into
business you’ll be very happy and yes
you’ll also have financial sovereignty
because nobody can take it from you you
know we’ve been saying this for a very
long time but right now we’re at you
know with layer two scaling I don’t even
have to start you guys we’re talking
about privacy layer two scaling is
what’s gonna bring the privacy to
Bitcoin right it’s gonna be done on the
second layer in enlightening Network the
wool will be getting a lot more privacy
so well businesses right now right
there’s a couple groups that are
actually D you know direct their lane
ting identities up with all of these
accounts already I don’t know if we’re
gonna be able to avoid that maybe our
spending habits will be anonymous but
not the accounts right and second layer
mixers and you’ll be cross chain atomic
swapping yo you’ll be able to get your
privacy done you know it just depends
who you are are you that searched for or
just don’t you want to pay tax I think I
just think there are certain things I
think the people they’re gonna use these
other altcoin I’m gonna use Bitcoin yeah
and I think it wouldn’t wait from it to
Russell’s case I think it depends on use
case I think that you know the way I
like to look at it is you know I like to
say when it comes to our privacy we
shouldn’t rely on a consequence right
lightning Network is a scaling solution
a consequence of that is these forms of
privacy but that doesn’t mean that it’s
intended for privacy and also to I mean
if you look at it technologically and
mathematically even with I was just
looking at the latest rendering of the
Lightning Network on topology on the
main net there’s a lot of redundancy
which is good that’s a good thing when
it comes for – downside decentralization
and even this consequence of privacy but
there’s still these centralized nodes
that are larger than others and
depending on how you send it what
channel you’re on or what hop you’re on
I mean if the and you gotta think just
like infrastructures building for
blockchain related projects related to
privacy they’re building for forensic
purposes – so the bit furies of the
world are going to get stronger so I
think that it’s it’s just the way I like
to look at it isn’t mathematically
proven or not well and Andreas actually
I think spoke to a little bit of this
last night
great great part of the guy he’s blocked
me but I can’t go there I love the guy
but um my point was is that he’s
actually talked about that he goes on
the lightning it’s you know you’re gonna
put some value on that chain you’re
gonna open up a payment a payment no and
and it of course yeah a payment channel
and you’re just gonna find yourself
susceptible to a hack but that
susceptibility that vulnerability on
lightning will help decentralize it
because people are not going to put it
bunch of money on one node they’re gonna
put it on thousands of miles or hundreds
of nodes so I think that may be a really
positive part that addresses both the
privacy and what have you but you know
go ahead
it is amazing people are very excited
about lightning Network and I think what
money trigger is implying is there gonna
be other layer two solutions we cannot
even think of it
imagine you imagine the excitement
that’s gonna be around them I mean I get
asked wherever I go about the freaking
Lightning Network and I’m no tech genius
so I can’t answer all their questions
I’m sorry I have to interrupt you but
what people don’t have to forget is the
power of Bitcoin is the sustainability
of the hundreds of developers we have
working on it and nobody paying them to
do so so that’s the big big big big
advantage over all points a dream power
behind it but I also think that it’s
just a dumb Network look with all these
layer twos and layer three is adding
complexity that we’re avoiding that I
think the very reason why in cerium is
gonna learn this year why complexity
doesn’t pay cuz Wall Street’s watching
they’re watching this mess out play now
they’re like well wait a minute we just
went through some mess with Bitcoin I’m
into this stuff and I still don’t know
what’s gonna happen with these ECR I
don’t know what’s gonna happen to my
tokens my ICO tokens but I’m gonna say
this that Wall Street’s gonna avoid that
like the plague and that’s gonna be a
good another part of this that’s gonna
play out oh but but in terms of being
excited about this technology I don’t
know too many people are excited about
adding more complexity to aetherium
they’re gonna be excited big right and
and the proposals are getting better
like there’s nimble Wimble which is
another privacy proposal and I think
that money tricks you hit on a good
point right I think that’s the indicator
I always like to look at that I alluded
to earlier where you have the most
talented cryptographers and engineers
working on Bitcoin as volunteers
essentially right and I think that’s a
huge indicator and I mean there are some
other communities won’t say any names
that want to self-promote but that have
also that kind of volunteer
community that has come together I mean
in a short period of time for a specific
use case of privacy to keep in mind so
use cases I think will fragment is my
point all right all right let’s I want
to quit I want to move on and find wait
money tricks I get at the end the show
you got to tell us about this radio
station thing that you tweeted about I
just I just remembered I mentioned it
all my another show I think it’s a
unique idea of combining the old and the
new but let’s let’s talk real quick the
word scam has been thrown or about so
much in this in our ecosystem and it’s
like the boy who cried wolf with some
people because area you don’t know
what’s this what’s escaped do they mean
this is like bit connect bed or I mean
so is everything a bit connect now I
mean I don’t know I’ve lost you know
it’s lost meaning so we’re gonna talk
about that but the reason I bring this
up is this to commute the commodity and
Futures Trading Commission CFTC I link
to this below I think they made an
announcement they’re looking for scams
and pumping dumps in the ICO and
cryptocurrency and which they there are
in I cos there are a lot of pumping
dumps and and they are willing to pay
people they’re willing to pay snitches
so did any of you guys read that article
that I sent I I think I sent it to all
of you um Guiseppe what was your what
was your what’s your thoughts on that is
should that CFTC be policing and looking
for snitches and I SEOs what’s a scam
what’s not who should decide what’s a
scam what’s not what is a scam what’s
going on it’s a very good question and
topic I think it’s an important one I
took a look at it I think that so it’s a
question of right well embedded in there
is a question of regulation I think
that’s a very touchy subject I think to
the extent that it bolsters the
infrastructure and I think that in a in
it it increases one’s belief in the
credibility of cryptocurrency it’s a
good thing because I think that
ultimately if we think this is going to
continue to grow at the rate it is which
I think we believe that’s the case it is
going to be impossible for the people
coming in to be fully educated and I
think that there’s going to be bad
actors
in any community and I think for the
egregious cases which I don’t to say any
names but there have been some some
pretty egregious cases where you have
retail individuals who are buying some
these tokens etc that are getting you
know ripped off and I think that that is
something that I’m for you know to a
certain extent you know helping those
people up and certain unique cases well
you’re talking about a space that
engenders a huge amount of complexity I
don’t think there’s going to be a single
person in the history moving forward
that will be an expert and will
understand this enough to make a decent
decision this is going to be guesswork
moving forward among the got among
government regulators definitely I don’t
know the first thing they’re offering
bribes right now they continue sorry to
say yeah no I was gonna say I think it
depends on what part of the world you’re
in right I think that in the u.s.
they’re pretty aggressive the regulatory
bodies are made it clear that they’re
gonna learn more and more about this and
and I mean I don’t know for sure but I’m
sure they’re looking into different
entities that facilitate these types of
transactions and buying and selling etc
and and in doing so I think that that is
where more compliance will be embedded
but once again this is an international
ecosystem so it’ll be interesting are
those kind of those efforts gonna
actually be viable because it asks you
know it doesn’t play with everyone
else’s rules from other countries well
here’s the thing I see a lot you people
who want to buy icos beware just be
careful if you don’t know what you’re
doing don’t buy it I’m not here to bail
you out with my taxes okay don’t don’t
expect a ballad alright don’t you know
you hear now that the government is
concerned and maybe that makes you feel
better
know be a long-term thinker if you don’t
know where you’re getting it don’t get
into it’s your fault it’s your fault if
you buy these icos people it’s your
fault and I and so I don’t and I try to
avoid situations where the regulation
comes in because it’s usually because a
bunch of foolish people made foolish
mistakes and the government tries to put
some weak bandaid on it so that they’re
there they see what happened with the
bit connect thing and now there they are
they stay that they gave everyone a
warning okay that’s nice thanks for the
warning is what I’m saying
yeah but now they’re like looking for
snitches they’re like if you’ve got
inside information tell us and we’ll
give you a third of the value I mean the
link is below and what have they it was
gonna be false we’re gonna be yeah it’s
just continues your tricks are a Chosen
you know it becomes a very great area
let’s let’s be honest here guys it’s
just another tool to put in place so
when they want to take something from
somebody they have it in law right
because what happens if an ex-girlfriend
that’s mad is gonna be started giving
tips on the boyfriend that has Bitcoin
and it’s Livengood and it’s all false
and then you know come on it’s the US
government right actually decent I mean
look you got some look I’m I am all in
favor of these huge massive corporate
monopolies being decentralized and if
you can find that open platform like
like again I’ll use presearch as an
example but you’re talking about
somebody a group that is wanting to
decentralize and Google my god I would
support that even if I lost my tokens I
don’t care because my ankles I think are
different that’s cool I think that’s
fine I think everyone should be entitled
to do that I’m not saying if the ICO
shouldn’t exist I think when some of
these I cos when most of these I CEOs
blow up that the people who bought into
them shouldn’t go crying to the
government and shouldn’t expect the
ballot they should just know that is so
yeah I I agree I think the IPO process
you know it gates off the common man and
the ICO lets you get in on the grant let
the regular men get on the ground level
here which is awesome I think that’s and
I think that is why bitcoins became what
it is if it really the Bitcoin was was
something that was centralized with
these venture capitalist schemes that
they have here in the US that kind of
monopoly on innovation has we’ve already
seen what it does but of course when we
have this
like we do with Bitcoin and that’s one
of the things I tried to push so early I
was like you know you know look this is
the only big huge technology a guy on
the street can come in and actually put
a little bit in you know and they had
that opportunity and you know not for
nothing but I kind of do want Bitcoin to
end up in the hands of the smart and and
disruptor groups you know and I think
for the most part it is so when it bears
fruit here in the next couple of years a
couple of you know a couple you know
maybe even a decade who knows I think
those disruptive smart minds are gonna
do a huge amount which is speaking to
that amount of innovation that we don’t
even estimate that’s underneath that low
iceberg you know so I I’m excited about
that yeah well I’m the disrupt meister
here and disrupt meister was singing
back in 2015 you can look this up in the
archives i tell people to look in the
archives all the time i had a video that
said something like you know the bitcoin
is the facebook ice IPO for the common
man you know this is your chance to get
you couldn’t buy facebook before it when
you know on the regular stock exchanges
like all the wealthy people caught it
would have gotten bitcoin i was telling
people this would Bitcoin was $400 so
rusty rapidly correct and hopefully that
a lot of disruptive people and the
opportunity is still there it’s still
very early in this Bitcoin thing and I
think that’s what we the message we’ve
conveyed today I’m just set the era or
money Triggs anything else you want to
add to this discussion before we do our
final thoughts all right so let’s talk
about giuseppe what’s your story of
anything you want to add we’re gonna
we’re gonna tie the show up now anything
you wanted to bring to the table that we
haven’t talked about today that you
wanted to bring up no not necessarily no
no more okay so any any morbid and
people that everyone no Breet you could
say anything that be private you wanted
so okay so I mean I didn’t want to be
redundant but I’m yeah I think thought
the final thoughts that I’d like to
leave people with with regard to Bitcoin
private is a there’s a very strong team
behind this you know I’ve like I said
or I’ve had the privilege to be able to
just watch highly talented engineers
from all over the world come together in
a decentralized manner the way it should
be and work on an open-source project
quite cohesively and that is just a
privilege in and of itself and then to
just layer on top of it the impact that
it can have on a problem where like you
mention Adam so few people are even
aware of where you know as this
continues to grow as an industry and it
continues to grow as the most efficient
and effective
you know peer-to-peer electronic cash
method of transaction transacting you’re
gonna then say wow I really need a good
solution for 100% privacy but I want to
make sure that it’s on a blockchain that
I trust for my transacting right I think
that this Fork merge coming up are hard
for every want to refer to it as of
Bitcoin private is going to be that
solution and there’s a lot of exciting
stuff in the pipeline for how it’ll make
it mainstream excellent very good
conclusionary remarks and you a bit your
first time guest appearance here was
awesome you’re gonna have to return
you’ve been a blast man rock rock
Brussels kind of thoughts anything with
a bring up that we can talk about not
you’re muted you’re muted brother muted
there yep well I guess what I’m trying
to say is I I love the big picture
thinking look we need to think as a
community right it doesn’t have to be a
group really honestly but are we just
wanting to be the next corporate
monopolies you know are we really gonna
think about a new paradigm moving into
it you know creating a 21st economy
we’re moving into a jobless future
there’s big questions on the hand and
I’m interested in seeing if this
community can move past the minutiae and
that in a the technical details which
are important I’m not negating that but
I mean what’s this future we’re looking
at I wanna I’m hoping that the Bitcoin
community can start having bigger
discussions and you don’t have to
include words like social justice if
it’s a stigma but just know that there’s
a lot of words that have been used and
abused that follow every one of these
ideologies but if we just move past it
and look at something big
bigger picture that’s what I’m excited I
hopefully and if you guys want that
conversation
hit me up I’d love to join in on it and
everybody there everybody’s links are
listed below to all these guys you can
check them out below I mean we’re the
few the proud the 20 percenters yes we
are
all right so finally money Triggs i want
you to talk about this radio station
thing a little bit and just anything
else you want to anything else you want
to mention okay about the radio station
we’re currently looking to launch or
acquire a radio station that maybe once
the sell on the island of Aruba because
we’re doing numerous business ventures
there and we have launched a very
interesting coin for a project we have
going on there so yeah and oh yeah
the news is when we acquire the radio
station will be doing crypto podcast for
140,000 people and then we’ll have
bitcoinmeister on there as a regular
also to broadcast his show all right you
know this is when you I think when the
I’m sorry about your name talking about
you know paradigm shifts and stuff like
that you have many of us that now are in
the opportunity financially to you know
enhance the ecosystem and therefore
right now we’re paying radio ads and I
was like why hey radio as if we can just
open our own radio do it ourselves we
would we exactly who is weak it’s funny
it’s funny you say that because it’s
actually the Bitcoin community on the
island right I’ve hooked up with some
friends there they’re all doing very
well because they’ve been holding
Bitcoin for a while and you know
everybody wants to wants to help it grow
and and participate with other ventures
on the side but then with the influence
of crypto because we’ll be on will be
organizing a Bitcoin conference that
will be like a yearly event then we’ll
have the radio station we already have
two ATMs there were the only ATMs there
that function in the route where the
it’s you know
yeah Caribbean island Aruba yeah yeah
yeah but you’re right but you’re okay if
you are in Spain you’re you but I mean
exactly you know this is crypto listen I
got we have a community member in the
Aruba project which is from Nigeria
right and this is because of Bikram like
I have friends all over the world cuz of
Bitcoin listen the ATM I I function so I
make the ATM function remotely like it
doesn’t have to be done locally I do it
from across the world and I make it
function I put the fees I add the coins
I can hook it up to the exchange I do it
all remotely well you can control a
hundred ATM machines behind one computer
this is you’re given us some you’re
gonna some breaking news Aruba and you
bill that I haven’t heard about much
with a Reuben cryptocurrency now you’re
giving us all this Bitcoin to rumor
information radio well let me tell you
this you know cause of our initiatives
because I haven’t really been saying
this publicly because we’ve been ongoing
cause of our movements and everything
else you know there’s there’s close to
20 businesses that accept Bitcoin but
also accept a ruble coin which is like a
token that we’re doing for the locals
there cuz low barrier entry is a big
problem there nobody wants to sell their
big points right this is why I put an
ATM there nobody wants to sell their
bitcoins but if everybody got some free
a ruble coin
guess what suddenly you have somebody
close you can buy it and sell it from
and that you could exchange for crypto
so exit go to the bank ye use as a store
of value and then you can have every and
every other token you need the concept
of that was just have a low barrier
entry and then you can convert cuz the
back is what the problem is there so
that’s a little you know side project we
have ongoing but because of that project
we are promoting like I could add the
link for the radios we have a radio
but it talks about big coin first and
then it introduces this token right so
yeah I hope that this whole Aruba token
thing works out for you so other people
in other countries can replicate it
because nobody in these other countries
when it is to give up their zoom their
their cryptocurrency either I mean I
talk to Wanda Kim Bo you know exam AAB
way about making a something that would
be to get them to be able to get on his
way to enter Bitcoin with a token so I
mean this is it keep us updated with
this to see if that’s successful that’s
a good on-ramp just creating this hazmat
really really much success because
basically we got sixteen businesses even
a spot in the hotel all accepting it
right cuz there’s no internet banking
there nobody uses their cards look
handled at the end of this I really see
government’s I know the community used
to laugh at the idea of a Fed coin or a
you know dollar coin but I think they’ll
end up having something similar to it
won’t be a blockchain but it’ll be a
kind of cryptocurrency and it’ll be
nobody yeah but the government will keep
track of it people to turn people off
but but people will have the option the
smart option to be in Bitcoin and not be
in the matrix but eighty percent of
people will choose to be in the
government matrix coins I mean that’s
just the way it is 80% that’s 20% so be
a 20% of people the coin do–make will
also automatically take your tax off so
when you send ten you know they ate the
the two will be deducted so dough
converted because we could exchange with
the Bitcoin and everything else very
quickly and automated making them more
money but also gives you their
alternative right which they can make
unlimited amount of while yours is
scarce crypto Fiats are gonna compete I
think in a free market they’re gonna
have to at least show a little bit more
responsibility but that’s it’s that
store value that’s gonna matter guys and
that medium exchange is going by
bicycling right into Bitcoin I think
where is that store value
one conclusionary remark I wanted to say
for myself is that this Venezuela coin
petrol that thing is supposedly coming
out on the 20th right so we’ll see
that’s the first fed coin out there it
for our country we’ll see we’ll see how
that goes how legitimate that is what
happens with that and how they keep
track of our people for error if it’s
successful at all that’s just a sum to
look forward to in the next couple weeks
for the people who are watching we’ll
talk about that in the future this
weekend point maybe we’ll have Maximo or
Gabriel or somebody from Ben as well a
back on that to give us an update about
any tricks any anything else I didn’t
want to be shorter you know exciting
times ahead man buy your Bitcoin and
wait for November December you’re gonna
be very happy all right guys all right
well let’s let’s wrap it all up I I
thank all of my guests again it was a
very unique show with some awesome
revelations I tried to you know create
shows where people are gonna learn stuff
get it you know inside type of
information today it was definitely one
of those shows I mean definitely so if
you just tuned in now at the end make
sure you listen to the entire show and
like really listen you try to comprehend
try to understand everything that’s gone
on but I think you’re gonna be pretty
happy about what you’re learning for
those people that are into altcoins and
again I only see the buy Bitcoin but I
know I can’t stop people for those of
you who are in the all coins I think
you’re gonna be pretty excited after
watching this entire show so I’m Adam I
sure to town that like one first well
I’m Adam I should be climb I should
disrupt meister remember to subscribe
this channel likes videos with you check
out the notes section below I make a new
show every day we’ll be back tomorrow on
Saturday and of course Friday every
Friday is this week in Bitcoin see you
next week for this show see you tomorrow
for the Regular Show bye bye and see all
right

19 thoughts on “This week in Bitcoin- 2-16-2018- Is privacy important? Ethereum POW vs POS! What is a scam?

  1. POW is flawed, if Kim Jong Un decided he wants to destroy BTC chain he could easily do it.
    It cost money to do it, but if you have financial initiative or some other initiative it can be done.
    With POS that is not possible, because after a successful attack on POS you can simply roll back and undo the damage.
    What's the difference between a religious fanatics and a BTC maximalist?
    There is NO difference!
    Is 51% attack possible, YES
    Will a religious fantastic ever admit that his God is not real, NO

  2. This episode was one of the best episodes. MoneyTrigz breaking down the ETC game theory! ETH and ETC might reaching parity?

  3. Adam Meister! Great podcast as always, thank you for keeping us Layman informed… just a question out of curiosity, when you record these conversations do you affect the camera shifting to who's talking? Or is it a piece of software that you use that changes who we see automatically? Thanks again for all your great podcasts!

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