This week in Bitcoin- 2-7-2020- Coronavirus, China, Hong Kong, Lightning labs, Central bank coins

This week in Bitcoin- 2-7-2020- Coronavirus, China, Hong Kong, Lightning labs, Central bank coins


Hello everyone this is Adam Meister the
bitcoinmeister the disrupt meister welcome to this week in bitcoin today is
February the 7th 2020 strong hand golden-age 2020s bitcoin is the next
bitcoin in motion five digit realm conviction be a unique beast i am
offended by selling all right hello my elite friends welcome to this week at
bitcoin i bring you the best guests in the freaking space and this week all
these dudes are in Asia and Asia has been in the news lately hasn’t it
because this virus and everyone thinks well the virus will boost the price the
big point of virus is this the virus is that what I want to really hear what the
heck is the virus really doing what does this coronavirus really doing so we’re
gonna we got Leo is in Hong Kong we got Louise in the Philippines we got to the
legendary Thais end is happens to be hanging out in Thailand right now so
we’re gonna start out on the virus tip blend it all into cryptocurrency don’t
worry people Leo what is going on with this this virus at least in Hong Kong so
the virus itself does not seem to be incredibly dangerous yet it doesn’t seem
to be spreading incredibly fast at least outside of China so the numbers there
there’s still a lot of uncertainty here but the numbers there do not seem to be
so alarming and the people have completely lost faith in their
government and in the absence of clear information all they see is the Chinese
government just panicking their emergency measures are straight from
like an apocalyptic movie entire cities are in lockdown
people cannot leave their homes supermarkets are poorly stocked and this
kind of panic which might not even be like a good reflection of the actual
situation in China but this kind of impression and creates a panic here in
Hong Kong and so we do have we do see people in Hong Kong just buying the
supermarket’s empty especially rice sanitary products including toilet
papers kitchen towels soap anything that like is easily stored like like spam we
sometimes see days where you cannot buy eggs and another day where you cannot
buy vegetables and yeah it’s it’s it’s mainly annoying coupled with this like
uncertainty in fear or allele what’s the what’s the mask ratio on the street a
hundred percent Wow be in closed buildings if you’re inside of a train or
inside of a bus you’re definitely at a hundred percent if you’re out on the
street you you’re probably it probably see once in a while some someone who’s
not wearing a mask I do have to say that like wearing a mask
is not necessarily very important to stopping the spread of the virus
especially right that’s a relatively useless right out of space they don’t so
much help yourself so you wearing a mask doesn’t so much
protect you it’s mainly protecting others in case you are infected but the
fact that suddenly everybody’s wearing masks and theoretically they should be
able to addiction Omiya wear them once right they should all
right artem the second day they take them off
creates this like massive demand from a stiff just nobody is able to to satisfy
so wherever you go right now in the world
you cannot buy math and diffusely the ones that you can buy here instead of
maybe eight US dollars for a pack of 50 and they would be fifty US dollars for a
pack of 50 so you can still use take credibly expensive does it is anyone
actually sick there I mean how many cases are in a man calm 25 confirmed
cases most of which are people who have traveled to epicenters in China or their
immediate relatives there are fears that just the massive number of people that
came over from China in the last few days in Hong Kong and before Hong Kong
will more or less close its borders tomorrow and that some of these people
will bring in cases of the flu that people
might not just self quarantine or might not exercise caution but generally we
can say that over the last ten days at least the flu has not been spreading on
the streets of Hong Kong the risk of being affected is close to zero well can
you see the Chinese government using this as a power grab method by any
chance um no I think they have assumed entirely full control of their para
Society I think the fact that this is a spreading so quickly and the fact that
people are panicking and the fact that people are yeah kind of questioning
Authority is because they have very much over reached their their authority and
they have kind of killed off the immune system that a civil society would
normally provide and so this is a massive problem for them I don’t think
it’s necessarily going to be the downfall of the Communist Party
but people are very angry we can tell on on WeChat and Weibo that people are yeah
I’m expressing an amount of dissent that senses aren’t evil even able to handle
and containing this and controlling these people is going to be like a
massive challenge in the next year’s and this can only be done with more force
and more repressive tools that yeah eventually you’re gonna lead to less
satisfaction less a soft power less well alright this is it this is great oh you
only get this stuff here and the bitcoins for your guys pound that like
button ties in what’s in Vietnam and in Thailand are you guys what have you been
experiencing in terms of this coronavirus in in Vietnam since it
borders um the northern part of Vietnam borders the China the southern part of
China and since you know we have a lot of economic activity with China and we
have a lot of tourists Chinese tourists come in we have a lot of them like the
bulk of the economy the tourism just just a lot a lot of things that that
Vietnam deals with other countries is is with China
like that’s as the bulk of it like the biggest
trading partner and everything so right now the masks are they normally sell for
like a box of 50 just regular masks like the ones you see they wear in the
hospitals they usually self like two thousand twenty cents two dollars and 20
cents and US dollars for a box of like 50 and now the pharmacies are jacking it
up to or increasing the price to close to $7 and some of them even ten dollars
and and it was getting pretty bad too where people could not get the masks and
so it led to one of the government officials I think I’m not sure his exact
title but he’s in the government and I think he’s the the who’s in charge of
the Health Department in Ho Chi Minh City which is located in the southern
part of Vietnam and he had to make an announcement that that any any pharmacy
caught making an attempt to you know rip people off unreasonably a charging high
prices on the mask and in selling news masks or or hiding hiding their
inventory and not selling the inventory to the public
anyone that is caught doing that the government was going to revoke their a
pharmaceutical license and not let them sell you no pharmaceutical drugs in Ho
Chi Minh City and in Ho Chi Minh City which is responsible for like almost one
third of the country’s GDP this past week yeah yeah this this week they were
ordered to to keep the kids the students at home for another week and that
they’re considering doing another week now now we don’t have a large outbreak I
don’t have the exact numbers but it’s just the fear well one of the things
that happens in less developed countries is when there’s a there’s a epidemic or
there’s a commotion there’s panic there’s a lot of uninformed educate or
being spread around and then you also have people that are
and tie the Vietnamese Communist Party in the US you know the like the losing
party that guy that lost you know the the the the US has former puppet
government that was in in Vietnam you know there in the US and they’re making
up fake stories about Vietnam so if you’re here it’s really hard to
determine who who is giving you the real information so one of the things as a as
a Vietnamese citizen is you just have to really listen carefully to see who’s
giving you the the correct information who’s not well here’s that here’s the
bottom line question I got are people actually sick in Vietnam I mean other
sick people find large numbers I mean is so if they’re panic it’s that the mask thing is wild to me
ah all right let’s move on to that the Philippines here Lewis what’s the
situation there are people actually sick there uh well I mean so our masks
shortage actually started a couple weeks before the corona virus even became a
thing in the news cycle you know in mid-january one of our volcano started
to spew ash all over the countryside and you know kind of as I live a hundred
kilometers north of that volcano and I woke up and there was a shawl over my
windowsill and that stuff is actually really JIT bad for your lungs if you
breathe it in so you know kind of a like everyone in the in the cities were
buying up all of the masks that they could because it was actually like legit
health hazard to to kind of breathe that stuff in right so so we had that and
then we had the whole coronavirus kind of pandemic saying kind of dominate the
news cycle so now you people who were already trying to look for masks are
kind of bubbling down hard on it I think we have our thing I think our confirmed
cases of actual people who are sicker like in the single digits so it’s not
we’re talking we’re not talking like a lot of people I will also say that you
know kind of you know now that the whole ashfall situation is kind of you know
like Richard pretty significantly there’s really no
need to be wearing masks because you know the the virus is not airborne and
in fact if you look at the people that are actually sick they tend to be either
closely related to other people who were sick so in other words they were in
super close proximity they were living together they were sharing meals they
were doing stuff like that right which would not happen if you were just
walking down the street for example this is not the kind of thing that you would
just pick up it’s not measles where you would just like pick it up just by
breathing the same air as someone who had measles it’s not anywhere at that
level so yeah I mean uh I I don’t know if there’s like a public company that
you could have invested money into prior to all this that makes those masks our
stock price is probably through the roof right now I don’t know who they are but
like I wish I knew beforehand it’s at 3:00 a.m. it’s like 3:00 I’m so public
company right so you could probably yeah Danny’s briam the master it’s probably
too late now but I wish I had I had thought of that like three four weeks
ago all right so this is uh I’m gonna tie everything together here guys I want
to say Josh coho in the super chat he sent a dollar 99 thank you dude
he said ties n Wade Mortes those videos hi Adam also oh dude you’reyou’re going
on that uh 80% of our role there Josh be careful um but hey you could do personal
responsibilities a new counterculture if you want to get into whatever you want
to get into Don Cornelius said had to drop a dono for that dogmas thumb now
Don sent uh two bucks thank you dude and for those that like that the thumbnail
for this was a dog wearing a mask because I even before I talked to these
guys I I’ve been hearing about this mask wearing stuff and those masks again you
it doesn’t prevent you from getting the disease it prevents other you from
spreading the disease which you don’t even have in the first place so yeah
it’s just as good putting it on a dog basically people are protecting their
dogs so we talked to a guy who’s in the Philippines a guy who’s in Vietnam there
are there’s millions of people in this
countries and they’re not too many people getting sick so we’ve got people
on YouTube all over saying the world is about to end this disease is about to
kill everyone and the funny thing is and I want to go back to Leo on this he’s
wearing his mask of course I heard that it spread through a fecal matter it’s
just that people countries they don’t have toilet paper and they’re getting
they’re getting it on their hand I mean this is this happens in developing
nations and so in countries which are developed where people wash their hands
after they go to the bathroom such as Hong Kong there really isn’t much to
worry about so is that your take-home at since you live in a sanitary place
you’re not too too worried about this I am quite worried about global supply
chains being massively impacted by factories shut down so if we now like
all panic hoards toilet paper that makes it relatively inconvenient for everybody
but essentially toilet paper is not something like masks that you suddenly
start to consume more and more and more as you get the flu but rather we
continue consuming the same amount of toilet paper as you would otherwise and
if we continue to have regular shipments coming in then a very temporary shortage
is a minor nuisance um but we are facing the possibility that factories in China
are going to be closed for another two weeks or two months or maybe even three
months and in that case we are going to see like massive shortages and certain
products that are just mainly manufactured in China and we already see
like even car factories and in Korea beep shut down because they cannot
source certain parts from China and the way our global just-in-time economy
works and is that this Chinese supply chain problem is going to within two or
three weeks trickle into the global economy and we’re gonna see shortages
and inefficiencies at pretty much every corner and if this translates into
people panic buying or into companies panic buying then the in these entire
efficiencies that we’ve built over last like two decades are gonna just
like disappear and it’s hard to imagine how this can easily be solved right and
it’s hard to forecast how bad this is really going to be like how tight are
the lockdown really going to be in China and how difficult is it to for them to
continue a functioning economy in this like epidemic how bad is this epidemic
even how easy is it to contain this when you lock everybody at home and versus
like the cost of it right like is this virus just like the flu and we should
probably like be a be like just give up and let it spread and focus on treating
people as best as we can or is this deadly enough that it justifies the
frost shutting entire cities down so let’s I want to get this straight here
so in China it is it’s really there it’s really spreading and because of that
people are not working the same way they used to
thus products to the rest of the world won’t be getting out there in the rest
of the world though the disease is spreading so the problem is the global
supply chain here because people are really people living in cities where
there’s currently no public transportation where you need a special
license to drive your car like a special like emergency permit which you can get
as like a medic or and maybe as a maybe as a police officer and with these
places where you’re not allowed to leave the house like where each household is
only allowed to dedicate one family member that gets to leave the house only
on odd days or only on even days and like these people are gonna need a
paycheck at the end of the month right they’re gonna need to somehow feed
themselves or and pay their mortgages and rents especially in the face of like
massively increasing food prices and and and that can become a very very
uncomfortable problem as more and more people yeah are becoming unemployed
aren’t able to pay their bills aren’t able to pay for their food for their
food and yeah factories just remain closed like there’s nothing being
produced there’s nobody making money so this is we are show okay so we’re gonna
tie it in the big corn here so this is a legitimate a global economic issue and
thus will we have these global economic issues
some people say bitcoin is a safe haven asset the price of bitcoin has been
going up lately is it connected at all do you think do you see do you hear
people talking about bitcoin investment for this reason for because of this it’s
even it’s even a little bit scarier than that like people are people are drawn to
like the apocalyptic horror right like they imagine like doomsday scenarios and
that night not be very unlikely but these doomsday scenarios lead them to
buy toilet paper or whatever price they can because they imagine that in a month
or two paper become money becomes worthless and toilet paper is what we
barter on the market and so in this case I don’t think Bitcoin and an immediately
show it comes to mind as something that people can like will flee into right
it’s not something that people will find useful to hoard you find useful to hoard
whatever you can whatever you can later consume yourself and use to keep alive
but we do have concerns that these triggers the supply chain collapses and
these temporary shortages are exactly the kind of ignition that we have been
there that we’ve been kind of waiting for in terms of inflation right we’ve
been fearing a kind of trigger that creates inflation on on a massive scale
and swine flu was one of these triggers what we saw food prices go up by 10 20
50 percent and now in addition we have collapse of farming like people cannot
go back to their to their farms chicken farms in Hubei Province the most
affected Province are looking to like being unable to to slaughter their
chicken because of lack of workers they’re unable to feed their chicken
because the food supply doesn’t come in and so we could see even more of an
increase in in in inflation which will lead people to seek safer assets and
bitcoin is going to be one of them but bitcoin is relatively easy to access
compared to for example gold alright ties in here you are you were a traitor
know about speculators and manipulators and stuff do you see this story getting
pumping up the price of cryptocurrency and Bitcoin at all people people
panicking to you I am okay so how do I see it affecting the crypto linin let me
just add something I forgot to add earlier when I saw about Vietnam that
that same health minister or official in Vietnam he he got on the news and he
said that there are thirty five manufacturers of those masks in Viet Nam
in Ho Chi Minh City around the Ho Chi Minh City area and there’s no reason why
that there’s should be a shortage of supply and he said that anything that is
a shortage is artificially manipulated by the pharmacies because there’s enough
manufacturers in Vietnam to supply the entire country with masks so that was
good news but here’s the reality when I went out to buy some masks there was
none available and when I asked um when when I asked the pharmacist like wow
eight or nine pharmacies that I went to none of them had it and I asked him how
come the health minister or somebody in the health department said that there’s
plenty of masks available and she said there is the problem is that Jack the
price up so high that they cannot afford to buy it because if they bring it back
to their store no one’s gonna buy it so there’s no point in them in buying
outrageous prices but there’s really no point there’s really no point
owning the masks anyway it’s this that yeah I’m just going about there yeah but
in Thailand in Thailand every time I come through the airport there are
usually like three lines just like if you ever come to Bangkok at either
Airport whether it’s dawn Hmong Airport in the North or Sawada poom Airport in
the east of the city there’s always like three lines at each one where they price
nothing but Chinese passport holders so I got the line for the Thai people then
they get the lines for the other countries anything out like several
lines just for Chinese people because that’s how many Chinese people come to
Thailand and I noticed that when it came to this time there was not like I didn’t
see anybody in that line and also it may be because I came like at late at night
but I didn’t see like every time I come through there there’s always the lines
always full of Chinese and the time I didn’t see that many and then when I was
taking the ride-sharing cars the drivers were telling me that yes there there is
a drastic reduction in the Chinese tourists
so this is huge in China each you know people are always talking about Bitcoin
in China connection do you do you see this affecting Bitcoin cryptocurrency in
any way to tie it all together no you don’t see no so there’s certain things
that people like to like like people like – well there’s a saying in trading
that you know correlation does not equal causation and and what that means it’s
just because something happens at the same time out in the world that doesn’t
mean and that’s what caused the price to go up or the price to go down in the
markets so yes like you you always hear a lot of non traders they just pull
stuff out the back of their butt and just said what caused the markets to go
up or this was what caused Bitcoin to go up or this is what caused it clean to go
down and I’m like really their orbit but there are some people that try to
manipulate it based on news that really has they try to connect it they try to
scare people into selling and stuff space based on news like this despite
most the people that okay so let’s just clear this up here good I hear this a
lot in crypto in trading you know the people that know how that that know how
to manipulate the markets in crypto in the people that are that know how and
they have access to technology that can do it and they have a capital to do it
and they’re in a jurisdiction where they can get away with doing it these people
that glove that they meet these criteria I promise you they’re not online telling
people that they’re pumping the price or they’re doing
they’re doing that they’re not though you won’t ever see those people you
won’t ever hear them they have nothing to do with the influence the crypto
influence is the social media they are busy in the background making a crapload
of money they don’t have time to be over here talking about stupid pump-and-dump
nonsense okay the people that can actually do it
for real you know the people that can actually do for real they are busy doing
it with software and a bunch of other stuff in the background they can see got
them watch it and tweak it they won’t have time to sit here and chitchat about
how you know tell the world that there’s a pump or dump going on so just hear
that here’s a quick question for you cuz like I’ve been thinking about this a
lot myself also like in situations like this where it feels like the world is
ending and we could argue all day about whether or not that’s true but do you
feel like if there are enough people that believe that bitcoin is a digital
safe haven that it would cause the price to pump regardless of whether you know
it’s necessary or not do you think that like the market caps small right so it
doesn’t take that much excitement in the market to move the price up a couple
hundred bucks do you think that just kind of you know the mistaken assumption
that that we are in some kind of apocalyptic scenario this year and you
feel like that is gonna call it that much buying pressure no I don’t think so
because the the people that are uninformed and uneducated about things
like this that scare easy people that scare easy don’t trade or invest a big
portfolio alright you see those people are not
managing or trading a of an eight nine figure portfolio and the people who are
managing at large six figures seven eight nine ticket portfolio they usually
got to that point in their life because you know usually they’re a little bit
more logical and they’re more reason based right right you’re not you’re not
gonna get to that level of training by being emotional like right yeah cuz I’d
be right mature traitor don’t you don’t last very
long so right you know be logical and I’m not gonna serve you that it’s you
know the people that say that trading you have to be unemotional when you’re
trading you know the only people I know that’s unemotional and will in real life
are like the the Buddhist monks that’s been meditating for fifty years
company you know you know regular people make for good traders that’s when you
don’t care about money anymore I’m saying is that usually the people that
cry all these nonsense in trading or investing or encrypt or in the stock
markets they are usually not people that that manage any reason any reasonable
amount of money that I would even care to pay attention to all right we love
the ties and trader perspective they’re people pal that frickin like button I
would have moved on a little bit here Tullio real quick Leo I don’t know if
you have anything to add to that in terms of speculation etc etc but I do
want to since you’re in Hong Kong are there still protests going on against
China I mean is is next we haven’t heard about this for a while because the virus
is distracting everyone so first about buying frenzy or how significant chance
that the economic damage from this virus and especially from the shutdowns of the
Chinese economy will leave the Chinese government to inject massive amounts of
capital into their own markets and these in in the kind of in a negative climate
where people yeah are very pessimistic about their own about their own future
and a lot of this money might go into crypto simply because people don’t think
it’s worthwhile for that to invest or because people fear that just through
inflation these this will be devalued regarding protests in Hong Kong there
have been again more significant yes increase of especially smaller protests
even more like curious tyrol blockades or or vandalism most of this has been
mixed with virus news so most of this has been aimed
closing the border to China and the medical of medical officials
medics and nurses went on strike for the last five days and to pressure the
government to close the border to some degree it worked because the government
did come up with a proposal where the border would not be well we’re only two
of the I think seven borders remain open and these two would only be open during
the day and people would face 14 days quarantine if they entered an issue of
new visas for a mainland Chinese to come to Hong Kong had already been halted a
while ago and a lot of people think that’s not enough a lot of people think
that yeah inviting mainland Chinese to come to Hong Kong to get a free 14-day
accommodation to then in case they did catch the virus get free health care
Hong Kong and some people think this is this is not acceptable I just think
that’s a good compromise between keeping the borders open and closing them
entirely and yeah so these these protest demands have kind of been mixed with
yeah with general discontent of how the government handles the virus okay let’s
see that’s a good update with that situation I wanna Lewis I want to go ask
you a China related question since I think we’ve all concluded this is we’re
gonna have a huge effect on it the Chinese economy at the very least and
anti as mentioned in you know in Thailand and in Vietnam there’s a lot of
Chinese back and forth travel and obviously Hong Kong deals a lot with
China is this sort of part of it it what’s what’s the Philippines connection
with China have you have you guys been feeling feeling their wrath lately is
this gonna hurt your economy if if all the Chinese are sick at home well I mean
we’re certainly becoming more and more dependent on China
not just for kind of you know manufacturer but also you know more and
more there are Chinese migrant workers that are starting all sorts of
businesses over here I always use the anecdote that you know when I
first moved into my building all of my neighbors were locals and now there’s
not a single person who was born in the Philippines in my entire building so you
know I I walked down the street and you know in some parts of the CBD all of the
advertising is in Mandarin which is fine if you’re in Hong Kong but you know in
the Philippines that’s a weird thing to see so yeah we’re certainly seeing I
think you’ll see these stories in a lot of other countries too we’re kind of the
locals tend to get priced out of their own residential areas because other
people are coming in with a little bit more buying power who can afford a
slightly higher rent and all of that stuff and for us it’s it’s definitely a
phenomenon of the last couple of years you know kind of the trade agreements
the Philippines and China have have certainly contributed to that the the
thing that we have that is very very popular here is called Pogo which is a
online gaming online gambling operator license and a lot of Chinese companies
come to the Philippines to set up these companies and and then just offer these
services internationally but they’re licensed here so their business entities
are here in the Philippines and and that’s that’s been fairly lucrative from
a you know tax standpoint for for the government but it certainly had some
other effects also not the least of which is that I no longer have any local
neighbors so that’s interesting yeah and I don’t know what will happen now that
you know kind of you know like there’s all sorts of travel bans right we’ve got
a couple of international bitcoiners that are now stuck in Manila because
they can’t fly anywhere else for example because they previously were in either
Hong Kong or China or one of the other related countries so you’ve got all
sorts of weird stuff like that going on it’s it’s a strange time it’s a it’s a
very strange time and we’re only what is it like six weeks into 2020 so
yeah it’s gonna bring I’m excited how’d that like bug for 2020 okay you just
with now that I got you I got you here Louise I’m gonna quickly talk about you
just spoke at a conference and you talked about stable coins and you talked
about central bank coins and you’re no fan of them so quickly uh tell us your
thoughts about them and then I asked the other panel members because these have
been in the news a lot in 2020 especially the central bank oins which
sometimes I think are gonna be the biggest but they’re gonna come but tell
us what you had to say about that yeah so the conference was actually held by
the OECD so I was in Paris at the time and the the subject of the panel was
cryptocurrencies and remittances so like my background or at least my area of
focus is very much on remittances cross-border money transfer stuff like
that and one of the questions that was put forth by the moderator was how I
felt CB DC’s Central Bank digital currencies
we’re going to help solve the you know kind of the remittance problem and the
remittance problem is that it’s expensive to send money overseas and you
know I was kind of very negative about it at least in the sense that I didn’t
really see how it was gonna change things
the thing about modeling you know digital currencies after stuff that
already exists is that you know the the better you are at your job the better
you are at simulating say a digital euro the more likely it is that it’s going to
have all of the same problems as the Euro or the US dollar right so all of
the regulatory hurdles all of the FX risk and all of that stuff just kind of
comes becomes part of that package and it was kind of funny because the panel
that I was on had someone from the European Central Bank on it so it was
kind of a little an interesting bit of banter afterwards where you know like I
I struggled to understand what they were for you know the the main problem with
remittances it’s not even so much that it’s hard to move money across the world
it’s it’s because there’s so many regulatory hurdles to operating this
sort of business there’s so much compliance that you have to pay
attention to and spend money on and you know having a central bank version of a
stable coin a stable euro a stable dollar or whatever that’s not really
gonna solve those those problems and it’s certainly not gonna change the the
situation to any significant degree so yeah so I was I was fairly negative
about it but on the other hand I’m not really sure what they were expecting me
to come in and say right I mean they they brought me in they knew I was a
crypto guy there’s hard there’s very few crypto guys that would be like hardcore
into a central bank stable coins oh yeah well you’d be surprised there are some
stable coin freaks out there I’ve run into I’ll say this I have nothing
against people quite as a concept but like central bank’s issuing their own
stable coins that’s I’m not sure what the difference is I mean it’s in the
whole regulation they’ll just repeat what they have in
the fiat side of things save for beta it’ll be more convenient for people I
think they’re caught I mean here here’s a a closing question for you they’re
calling though would you would you agree I mean I think these things are gonna
come by the end of a year maybe I mean they’re certainly coming because there’s
not a central bank in the world right now who hasn’t heard that you could do
this and I’m sure that they like everyone who can go try I mean we’ve
already got versions of it here in the Philippines
I don’t know that you know my company bloom will ever use them but you know
like honestly so so I’m fairly pragmatic about these things as well if it turns
out that I’m proven wrong and it turns out that you know central bank digital
currencies turn out to be kind of the preferred way to settle you know
overseas cross-border money transfer or whatever then I will I will happily use
the technology that is out there but at the moment like I use Bitcoin to a
lesser a much lesser extent we use tether and that’s about it
like you don’t really need all that much other stuff so I mean
that’s that’s kind of where I’m out there alright let’s go to ties then cuz
you’re a traitor okay but the central bank digital currencies take it away oh
okay so I want your audience to be clear about something here because everyone is
talking about these you know corporate coins and the same true central bank
coins which they’re all the same thing these government’s coins fed coin
whatever you know people on this thing I forgot Libra yeah there was not the same
thing okay and we’re talking about two different
things here man like the cryptic community is focused on one thing right
and and the government in the corporations or focus on something else
that’s completely different and the two people think it’s the same thing and the
people that’s listening to the two think it’s the same thing but the best way
that I would say this is have you ever talked to someone right in real life and
you ask him you know like hey man what’s the direction to the how do I get to the
museum from here and they’ll tell you like oh you know the the chicken
restaurant is this way and then you turn left you come right and you’re like I
didn’t ask you for a chicken the directions to a chicken West I asked you
the directions to this place over here and you’re and then you ask them the
second time and a third time and they’re still telling you where the chicken
restaurants that and you’re like dude I didn’t ask for directions for the
chicken whereas I asked for directions to the museum and what happens is your
audience has to understand what are these people talking about
okay the crypt of community is made up of libertarians in anarchists that don’t
like the government they want less government you know like everybody else
in crypto is like we want less government involved with our money but
we want the the the the the community the peers the people in the world that’s
using the currency to use this digital currency called Bitcoin or a crystal
currency whichever one that’s that whoever determine what community you and
whichever one you want but when that’s what the crypt of community people wants
what the banks and the corporations in the government
one is not a digital currency whenever you hear them say that they’ve come out
with their cryptocurrency and once you guys to translate that word
cryptocurrency to a settlement system just just replace
the word whatever you hear the corporate guys in the in the bank simply the
central banks and the government say hey we are looking to come up with our own
cryptocurrency I would generate any time where these institutions say that I want
you guys to replace the word cryptocurrency with clearing and
settlement system that’s what they’re doing they’re not trying to create a new
cryptocurrency like Bitcoin what they’re doing is they’re taking the bitcoins
clearing and settlement technology okay and what would I mean by that what I
mean by that is let me explain to you guys how it works if if I was to send a
hundred US dollars from my bank to Bitcoin Meister’s Bank right what
happens is on the surface I send it from my bank account – yes Bank kenneled here
and he sees it on his screen immediately or you know if I sent a wire transfer or
you know usually it’s within ten minutes an hour or whatever he’ll see that he
gained a hundred dollars and it came from ty but the reality is behind the
scenes it takes about three days to clear that transaction and what happens
is the bank is allowing Adam to go ahead and use $100 I sent them the reality is
the money never came from my bank yet but the banks have an agreement so that
they’ll let Adam use it okay and because my bank is in the same agreement with
them they trust each other so they let Adam go ahead and withdraw up a hundred
dollars or use it to make whatever payments he needs to make but the
reality is behind the scenes in the background that transaction has not
cleared and it has not settled and in case English is not your primary
language when the transaction has not cleared and it has not settled that
means that the money is still at my bank is not at Adams Bank yet
so once the money leaves my bank account and it goes to Adams bank account and
they know for a fact that it’s in their hand then it’s considered clear and
settled in the US and around the world right now that process is called t + 3
which means transaction plus three days or some people call it
trade plus three okay but the shortened word is T plus three
okay so most countries and now in the u.s. they’re trying to come they they
have a system in the process to get it down to T plus 2 which means transaction
plus two days to clear and settle the transaction okay Bitcoin when I send
bitcoinmeister a Bitcoin if the networks that clogged up usually takes 10 15 20
minutes and he receives it and then he can set it back out 10 and 20 minutes
well even an hour is significantly faster than three days wait time for it
to clear and set off so whenever you hear the corporations and the
governments say that we are building our own cryptocurrency I want you to replace
it and and hear it say that we are replacing our current right clearing a
settlement system with bitcoins clearing and settlement system that’s what
they’re doing and they’re calling it a cryptocurrency to get buzz to get news
in all this shit okay do not think for once that the u.s. is going to replace a
US Donald with any bullshit cryptocurrency okay they are going to
maintain that strong hold on it do not think for one moment that the the
European Central Bank’s are gonna get rid of their euros and replace it with
some cryptocurrency that the data is just do whenever I hear people say that
I just wish I could just reach out and slapping awake maybe because to me that
is so far-fetched I do what I want to point out one thing
though they do kind of tell you the truth look what they call a digital
currency that yes you do not say cryptocurrency to you yes maybe there’s
the central it’s totally centralized what they want to do is you have to way
to speed things up for them and make it convenient for everyone and get
everybody hooked on their system so let them have that but but here’s the thing
and so whenever we talk about remittance okay sending money from one country to
another from one bank to another from one individual to an individual in
another country that right there had nothing to do with with a the clearing
and settlement technology that has to do with regulatory issues okay like it
if you guys ever go and try to hire a securities attorney to help you get a
money transmission license in the US you will immediately understand that it’s
not a technology issue it’s a regular regulation issue like whenever we hire
the securities attorneys on our channel like like to check everything in our our
our education products or trading education products you know the lawyers
the securities lawyers cost anywhere between six hundred and fifty dollars an
hour u.s. dollars an hour to twelve hundred dollars an hour okay
and whenever we we hire these securities Italians to help us get a money service
business license right that shit takes a long time that that to get licensed in
all the states all 50 states in the u.s. that would requires probably a few years
and in several billions of dollars in just a Tony fees okay well we get I
think I think we get the Pullman era of the regulations course in Africa and and
that so I I do I want to move on real quick to to Leo to get his take on going
back to the stable coin and country digital digital Central Bank coins there
Leo what’s what’s your take on this yeah I think staple coins aren’t
cryptocurrencies either but I do see steeple coins as kind of shadow banks
and they’re useful as shadow banks only if they’re reliable and only if they do
things that regular banks cannot do so I don’t really see the appealed and
regulated stable coins I see the appeal in in a shadow Bank that yeah gives
everybody an account anonymously allows people to transact kind of has a as a
liquid market around it for you to move in and out of the system and I think the
main genius of stable coins is that they kind of remove themselves from having to
deal with withdrawals and deposits regular shadow banks have this big
vulnerability that what they’re doing is it’s usually more illegal than legal and
they have trouble dealing with with customers because some of these
customers are going to be narcs and some of these customers and all of
these transactions going to leave trails and stable coins have somehow managed to
push that problem as far away from them as possible in that you’re not gonna
find a lot of people who deal directly with any kind of stable coin company
most of them just buy them on the market and I think that’s that’s a genius
market that’s from genius from a legal perspective it’s genius from an
economical from a markets perspective and I don’t see how this translates into
government-issued stable coins at all like none of these advantages and none
of these appeals are going to extend to them especially since these shadow banks
are dealing with a very very specifically on tail and that is people
who deal with cryptocurrency people to trade the people who raise money with
them and that’s not really a market that governments or central banks are going
to be interested in serving I can imagine that governments and central
banks interested in creating financial systems in which they are a proper
center in which people no longer have to go through commercial banks where you
can sign up for an account directly with the central bank where you can transact
directly with others and essentially the appeal of that is to shut out the banks
of the money supply because banks have broken business models right now in that
taking deposits it’s not at all attractive so taking that business model
away from them is probably not gonna lead a like lead to that much resistance
and banks can continue to like ya offer loans and do investment products
retirement products and sell insurance and and build apps around it and what
you’re left with is like a very neat API that lets people to move money between
their their insurance app their stock broker app their their pawnshop app
between their WeChat and and PayPal without yeah with with having kind of
like a politically neutral and API that’s that’s regulated by the
government without anybody having to worry about actually taking that deposit
because when you’re moving money between your pawnshop and your and your
stockbroker and then the the actual account is still with the government and
your balance isn’t always with the central bank but just the service
provider around that changes and central banks are probably very interested in
this because this is an environment where they can’t find any introduced
negative interest rates or they can like drop helicopter money and where they can
very very tightly control supply and monitor all transactions in a way that
they cannot do it in any other system I think this is incredibly far out and
probably not very and probably not politically and technologically as easy
as they think so we do you respect the a major country to do to attempt well to
get away with the central a successful central bank coin soon no I think it’s
also just yeah it’s just marketing talk it’s something intelligence conferences
to give you the impression that they’re at the field and this is years out from
any kind of decent remain kind of meaningful project we might see some
trial soon these are not going to be trials it’s gonna be able to participate
and this is gonna be something that’s completely a black box and you’re gonna
have to entirely trust again the people who who have allegedly interacted with
that black box and how the experience really is it’s just you did mention
negative rates and I it is a way to implement negative rates that there’s a
way to do it through through this method if everybody was hooked into so that’s
why I thought he might something might actually happen where they can somehow
do that is that that’s a dream that’s in addition the Vance and taxation and but
this is something that is gonna be led with much more resistance than people
think and even in China people are going to quietly repeal all right like I said
we’re about to say something I thought you might have something additional to
say about the pure stable quite aspect of things because you’re a trader
you’re trader people are addicted to the okay so first of all I see the whoa okay
we going stable coins I see the corporation’s the banks and the
government’s you know I’m just gonna label them all together and caught the
man right I see the band coming using the cryptocurrency clearing and
settlement technology in a very short period of time they’re like maybe in
three four or five years why wouldn’t they like them but but that
doesn’t mean they’re coming out with a cryptocurrency oh it just means that
they’re using a better clearing and settlement technology that is a
desperate need that that is needed on Wall Street or in the banks in the
central place a better clearing and settlement technology is desperately
needed to reduce the time from taking three days down to ten minutes five
minutes or whatever it is right that is destined desperately needed within the
banking system and within the financial system in all the countries so that is
not going away I see that happening very very shortly but for them to say that
they’re creating a cryptocurrency that or stable quinta that’s just a bunch of
BS okay and then as far as a stable coin inside crypto here’s what I see
happening okay and I tweeted this out before several times and another Bitcoin
you know fanboys they don’t like to hear this okay but the reason why I put all
my life savings you know nearly all my life savings into buying Bitcoin back in
in 2013 was because the minute I saw how they clear and sell transactions in less
than 10 minutes I knew that this was gonna be the feature so I wouldn’t let
up as much as I could okay had nothing to do with you know thinking that this
is gonna go up to a thousand dollars or anything like that I just thought this
was a significantly better clearing and settlement technology than anything that
was on earth at that time okay and I said man this is if there’s
anything that can replace the the the fiat currency systems around the world
this would be the technology that does it because it was so easy to use
nowadays you know Bitcoin is not like trying to cash like it used to be back
in 2012-2013 what’s what’s what is actually doing it
what’s actually doing what Bitcoin was doing in 2012-2013 and it’s actually the
stable coins it’s actually the stable coins like if you come to Asia and you
talk to the traders here then let me tell you something the Asian traders
here I meet in Southeast Asia you will not meet any of them that gives a shit
about what the central banks or the government is doing or any of that I
think that they that you won’t find like one like if you come in Vietnam you
won’t find one guy one like local Vietnamese that thing’s for one minute
that there should be another currency that replaces the country’s national
currency that that thought doesn’t even cross their mind and but they use the
hell out of stable coins and they used to use Bitcoin because it was easy to
transfer and they can see that it’s gonna be transfer winning they transfer
the money to someone they can tell them hey man just wait a few minutes and
you’ll get it and then since it’s not that consistent anymore right
most of people over here you stable coins and I predict here’s my prediction
that stable coins the volume of stable coin transactions will continue an
increase and it will far surpass Bitcoin Bitcoin cash between SV or any of those
bitcoins okay and it will continue to climb in transaction because it actually
solves a real problem it actually solves a real financial problem that that some
of these countries have that have capital controls like Vietnam right
Bitcoin does not solve the problem as well as stable coins do and you guys can
look at it and go okay you know this is crazy what you’re saying you’re tight
but that’s the reality the reality is the stable coins here help solve a
serious financial capital control issue that happens in Vietnam and some of
these other countries around here right that bitcoin is not solving that’s the
reason why they’re using it because I want to add you’ve said before the
Bitcoin is harder to use than it previously was you can’t send a little
bit to your friend anymore like he used to be able to business is expense to the
cetera et cetera but if in terms of getting round
capital controls you send the Bitcoin out of the country it’s just as easy as
sending the tether out of the country it’s going to get out of the country in
a very short period of time the difference is the tether is worth a
dollar it’s it’s worth a dollar no matter what the big coin price can
change if there’s it’s I mean well one Bitcoin will always equal one Bitcoin
but people value their well a lot of people value their wealth of dollars so
they they want to make sure that the dude if he’s in Russia he’s sending a
Chinese guy a dollar it’s gonna still be worth a dollar the next day with a big
point you never know what it’s gonna be worth but they do I mean they’re both is
easy to say I mean they’re none that remember is it’s not because here’s the
reason why and you you you gotta look at this atom you gotta look at this that’s
what I used to think too but when I came back to Vietnam I was like why are these
guys keep using stable points by tether like they used tether significantly more
than they used Bitcoin and I’m like what the hell do what are they using teller
for right and what I found out was that money in the US and most Western
countries we are so used to capital like we go like you know I go to the bank I
get a 14,000 limit credit card I go in within I can go in there and buy a 30 40
50 thousand dollar car with zero down because just cuz I have a good credit
score right these things do not happen in these countries so capital is
extremely valuable like capital in America they put women on a pedestal
over here they put capital on a pedestal you got money they don’t give a shit who
you are but like you can be a serial killer right and if you got money that’s
all they care about they’ll do business they just did you
get my thing they don’t care they don’t even spend time to like you or become
friends with you as long as you prove to them that you got capital then they’ll
do business with you and it’s so important that when they send capital to
you that they have an idea that it’s actually gonna show up okay because
remember countries that are behind that are not as industrialized or as advanced
as as like Vietnam is not you know as advanced as the US and some of the
Western countries but when they did start their systems like internet
computer thing they just leap for all the legacy technologies and go straight
to the front so you go to a Vietnamese citizen right
now and they transfer money to each other they do Don hardly anybody uses
the computer they use their app on their phone and they transfer money in the
myth they hit Send boom the other person shows up confronts is done when they
send a Bitcoin transaction and they don’t know when it’s got confirmed
sometimes it’s 10 minutes sometimes it’s 30 minutes sometimes it’s an hour right
they can’t do that’s a lot of capital they don’t know that and no matter how
much I say that they put so much value on money and on capital here
right that you can’t imagine that until you actually live here do business with
them speak the language and you can see in their language how valuable capital
is to them all right so let’s let Luis Luis you’re in a similar country here in
the Philippines wouldn’t you would you have to say about all this um I mean I
think fundamentally I I don’t disagree that stable coins have a real role I
think that that’s certainly true I say I think that the fact that tether
sometimes does more daily trading volume than Bitcoin does is you know evidence
of that but I think the fundamentally stable coins are kind of very they’re
very today’s generation and I think that as we’ve like if you go back to kind of
the fundamentals of why we even had Bitcoin in the first place it was
because we believed that there was something wrong with the way that you
know kind of current traditional monetary policy was was architected and
like and the thing about stable coins is that they’re pegged against via so like
they’re not they’re not really gonna solve the problems of traditional
monetary systems long term they certainly have a role right now because
they allow people to you know so for example here in the Philippines you
can’t just buy dollars without you know explaining to the government or to the
bank exactly what you’re doing with it but you can certainly buy tether and
tether to a Filipino is almost as good as a dollar I mean granted there’s a few
points shaved off here and there but you know it’s close enough now the fact that
it is back to the dollar means that it is going to be
is going to eventually succumb to every single problem that every other fiat
currency has succumbed to over the last 500 years or whatever it is and that is
you know inflation like a overall decreasing value and buying power
ideally this was what bitcoin was really meant to address I I do want to say that
you know like we’re in the middle of a very we like to call it a very grand a
kind of economic experiment with Bitcoin right because we’re not exactly sure
this is the the solution that will that will really do it for us but it’s
certainly in my mind I certainly shown itself to have some real legs when I do
my workshops here where I you know teach people why Bitcoin even exists like I
always say that you know like when the year that I was born you could buy one
US dollar for 11 Philippine pesos as of this morning it’s about 51 Philippine
pesos so just in my just in my lifetime we’ve lost about 80 percent of our value
just against a dollar and that’s not even talking about like say against the
Consumer Price Index or whatever so all fiat has the same problem and
stable coins by definition especially like things like tether and and anything
else are pegged to this same thing and they will have these same issues
eventually so yeah so that’s why I I mean I still kind of look at Bitcoin as
the as the thing that will eventually solve these things now that is a belief
and certainly I am also pragmatic enough to to admit that I am wrong if I if I’m
proven that I’m wrong but at the moment it seems like it’s got legs all right I
want to move on to a lightning real quick because that’s gonna be the last
subject at the end of the show basically we’re running a little late but Leo did
you have anything to add to any of this just I wanted to get the final word and
if you had anything to say about the stable a lot has been said since you
last spoke Bitcoin cannot win against something that’s a
better bank account than Bitcoin really have a unique value proposition
the Bitcoin very much does have a unique value proposition and people do realize
that they do know that when they’re dealing with a stable coin
they’re essentially dealing with a company and they’re dealing with legal
issues around that and the yeah the intents and the trustworthiness of the
individuals associated and big Bitcoin is yeah it doesn’t have anybody running
it it doesn’t have a founder doesn’t have a CEO and people very much value
that in certain situations all right I won’t ever mind everyone all three dudes
are linked to below so you gotta check them out but let’s just there was news
this week from lightning labs anima oh yeah god no I want to point something
out to you guys right please yes a Bitcoin is trying to solve the
censorship resistant need permission lights and all that stuff it’s a
non-issue to the countries to the people that need it the people that desperately
need to use Bitcoin right they don’t see that as a problem and the Filioque do
itself decentralized you’re saying you’re trying to tell people hey man
look your financial system here’s the problem right and here’s the solution
over here and no matter how much we tell them that that bitcoin is the solution
right they don’t see it as a problem like hey we need to explain and we need
to make the case for why Hong Kong I should like yeah want to have the
currency and want to have a way of saving money in a way that the state
cannot easily confiscate it and suddenly we’re in a situation where this is very
obvious to everybody because the state has come out and confiscated the the
money from people so so so so check this out the Western countries then let’s see
the financial system as a problem right the their current financial system is
pretty good enough already to where it’s not worth changing it but
the countries like Vietnam and the other countries that are less developed that
can desperately use a system like Bitcoin they don’t see it as a problem
and when when you say oh it’s uncomfortable you you know like if I put
money in a Vietnamese bank and the government can take her or someone else
can take it right the mentality here is that you’re a fucking idiot to put it in
a damn bank why would you give you mine to somebody else yeah so something like
China would beg to differ like I think on unconscious cannibal
certainly matters to them it matters to ache to to a more developed country that
doesn’t really you you know you gotta keep in mind guys we talk about you know
that censorship resistant permissionless and everything it’s a small population
guys we are a small group of people okay we’re small until we’re not until people
realize like oh crap I do need this and I’m just sharing with you guys with
boots on the ground I’m just sharing with you guys okay so you guys
understand because sometimes when we live in a Western culture we it’s really
hard for us to step out and see and especially if we don’t live drink speak
the language and eat the foods that those people eat we may not understand
how they think that they may not think the same way that we do I mean I my
boots are definitely on the ground so they live right here and some people
their boots are on the ground but they can’t see what’s in front of them
because I’m doing this yes and we get their perspective that not everyone sees
it the same way and clearly they’re gonna like tether more than Bitcoin
there’s just there’s some people that are that they don’t care about the
certain aspects of Bitcoin leo you about to say something I think tie you very
much concede that people do think it’s stupid to put your money in the back
right you said it yourself like why give you money to other people but we don’t
have a lot of tools for for making this happen like we can keep cash under a
mattress we can keep gold in a safe or now we can keep Bitcoin so do you think
people already see the problem and they already have some solutions and with
Bitcoin I think they have a have a new solution and that is superior in some
other ways and I do think this is very much important to people they wouldn’t
call it unconscious kobold it would just call it like the government can’t like I
can’t like East take it away as a bank collapse and the
fact that this is not this is not pegged to their local currency it’s also very
very important like people like it being packed to the dollar because they see it
as somewhat stable but as Lewis pointed out that there’s this there’s this
inflation in the dollar as well that like the United States is kind of like
exporting to us and then we kind of pay because our local currencies are even
worse and people very much will see the situation where yeah something like the
corona virus leads governments to print money to make certain problems go away
and suddenly we realize like hey like our money’s losing our value I want to
put that wealth into somewhere where it doesn’t and the the tether works fine
until as long as the US dollar works fine and but other people are gonna ya
want to okay so so I want to share with some so you guys know okay whenever you
guys are talking about inflation like you know we talk about inflation in the
West because it’s important to us and we can see it right but over here they just
don’t care and you might say hey you know what the Vietnamese people are
stupid or whatever because they don’t care about inflation no it’s because
whenever they have extra money they go buy land with it in the land prices here
go up 20 30 50 100 200 500 percent in a year so so if you take your money and
you go put in a bank in and you lose money the value of it due to inflation
but then the mentality is cuz that’s your stupid fault like why didn’t you
buy something with it all right we’ve got into a broader discussion here the
show has a limit open be open to other cultures for the lightning news I want
to talk about the Lightning news and then everyone will sign off everyone I
get to say what they’re doing but I mean I just what what this was actually
something that happened this week lightning labs what would happen here
they’re entering the decade they got some funding lightning labs got some fun
here do you have thoughts on this Leo your you know I think it’s very exciting
to see that like people are interested in investing in this
and that also lightning laughs does have a have a plan
quite a credible plan to monetize their services which eventually is for most
Bitcoin companies like the biggest question similar with zap wallet I think
their announcement for for spark was also quite interesting and I am very
very anxious about these kind of monetization models but since they’re
incredibly important for yeah keeping this ecosystem running in the
long run and keeping these like amazing people on working on lightning this is
very exciting to see people like making the first move them off when you’re
saying your why are you anxious just it’s a traditional funding method of a
business that it can be co-opted that the lately I what’s what’s the worry
there we’ve seen this in Bitcoin already in that we’ve seen especially wallets
and and Bitcoin core development in general I’m having difficulties raising
the money that they need to get it simply keep running and that a lot of
these projects had to like we’re off into yeah into more problematic ways of
raising funds or more more problematic ways of running their business for
example by selling data by compromising people’s usability or by what happened
with bitpay of just yeah who knows going on to what direction and so we’ve seen
Bitcoin companies very much struggling with their monetization models but we
also know that this is incredibly important in the long run for really
keeping this project going okay let’s have like some thoughts on kind of you
know how you envision you know lightning like like what what’s the what’s the
killer I don’t know kill a use case for it like a couple years from now when
it’s a little bit more ready for a prime time because I’ve I’ve really struggled
to kind of wrap my head around what happens when you can do like instant
micro kind of transactions I’m really trying to you know see what like try to
peer into the future and and see what that’s like I don’t
have some thoughts on that question Leo what do you think about that then we’ll
go to Ty but he’s gonna have completely different
thoughts about the Lightning Network I think why not Leo what’s what’s your
take on that yeah I do think games and gambling is a very strong use case for
lightning in the short run especially because it’s so cheap and easy to
deposit small amount of money into into a slot machine and withdrawing it right
away without having to create an account without having to give out your personal
information I do think that’s an incredibly incredibly powerful yeah
a use case and because a lot of people are going to do this and this is going
to be commercially viable I also do think that selling data through API
points is going to become a lot more easy when you are able to charge with
lightning because that makes it so much easier – yeah so much easier to launch a
server and launch a web app and charge your consumers or pay for your own kind
of inputs so you mean like content like buying content or paying for content
yeah but the content could be like pinging a weather station or the content
could be to ping right oh you want to find out how weather a parking lot is
available and so you ping the sensor in the parking lot the parking lot tells
you but right now this is very difficult to have like an open standard and it’s
very difficult to you have to really convince everybody who runs the parking
place to invest in the tools but if they can actually sell that data then yeah
everybody has an incentive to start monitoring their their weather and their
air pressure and which ships are in the vicinity or airplane trackers go to go
to a website that that sells any kind of data for example led long latitudes for
addresses right this is a very excellent business model but it’s also very
valuable but how do you really charge for that right now we can only really
have yeah do monetization models as soon as he
consumed thousands hundreds of thousands of these of these API points but we
don’t really have way of charging for if you only need like ten US dollars per
month worth of API points but if you build you want to build like a good web
app that consumes the data from a hundred different sources you aren’t
really able to draw up a hundred different contracts and set up retainers
instead of credit card processors for these hundred different sites I’m also
just compiled into into into a single app alright aizen’s gonna have a what’s
your take of lightning network ties and that companies are getting funded and
such any any thoughts you have thoughts on everything so the ten million dollars
that lightning labs got you know that Elizabeth stark and her company got you
know that’s peanuts the guys are giving her two that have several probably
billions of dollars so that that ten million dollars would be like you asking
me for two bucks and I go okay here you can borrow two bucks so it’s all you
know to something that’s you know in in in Africa or somewhere where you know
that they’re living on you know ten cents a day you know two or three bucks
and I seem like a lot of money to them but in the big picture of things that’s
a very small amount of money and to me lightning you know like our team tried
to set up back I think by the year and a half ago you know just just just for
marketing reasons you know we just wanted to be able to say because our
security lawyers would not let us say anything unless we’ve actually we can
prove it so we want to be able to say that we run the biggest lightning node
just just you know for marketing reasons right we try to set it up and spend
several weeks trying to set it up and we’re like hell no like this is
ridiculous you know there’s no way we’re gonna go
through all this trouble and then it’s just so we just let that idea go right
and we have enough bitcoins at that time to where we can you know put in enough
bitcoins to where we can say we had the biggest lightning note on the planet
right but the difficulty in setting it up it is just not user friendly and to
me like the purpose of setting up lightning is so that we can have small
micro payments fast transactions in in low transaction costs
but if you look at the people that need to use it the people that that it
benefits the most right they’re not in a position to open up those lightning
channels even if it’s just a small amount of bitcoins it’s not easy for
them and to them they have an app their Bank app right now where they just hit
Send and boom it shows up like to them it’s not a big deal like like it goes
back to what I just said earlier lightning the solution that it provides
the people that need it they don’t see it as a problem and the people that it
does help that that understand how its beneficial they already have any banking
system or a financial system where it already solves that problem
I will say this your point about it needing to be easier to be as easy as a
bank made enough to sell it’s gotta be easy it’s gotta be easier money to make
it easier I mean that hopefully that a company like that cat like like to me
the people that are doing lightning and some of these high-level blockchain
technologies to me they’re really nerdy engineer guys and they said is it true
and they just have completely lost touch with reality is that they are not like
an Elon Musk or I Steve Jobs you know where they can understand the high level
technology and still be grounded and realistic and pragmatic enough and
reality-based enough to see that they can solve a real-world problem I see
there is a certain level of of disconnect but these people are smart
enough to figure it out to make it I I disagree I just read on that if you ask
me might mean engineers you know and on all these people are they
brilliant software engineers I’m sure they are because they’re doing stuff
that I’m not capable of understanding okay so so so so but but but here’s the
thing if you just just listen like I have experience working in sales and
marketing right just listen like if you listen to a
conversation by Elizabeth Stark or any of these people that work on high
blockchain stuff like this you can barely understand what the hell I even
talk I agree with you but they will hire the sales and marketing people we’re not
give it some time give it some time it has them I agree there’s a lot in the
host the space is all the cryptocurrency space as a whole there’s a lot of people
like that and it scares a lot of people away but I think we need more marketing
and sales if it was you or me developing lightning I would go for that
but the let me just just turn on a video of one just just turn a video of
Elizabeth start talking about how she got ten million dollars man that there’s
no way that you can tell me she can connect with regular people man she
might she can hire no but she has to I don’t think she has to be the one to do
that connection she’s just working on the technology itself the product is
asian of it can be something else that you can have the best product in the
world if you don’t have somebody that can sell it to the public to use it it
doesn’t mean anything it doesn’t mean anything no I mean I I don’t disagree
with that that’s that’s certainly true but I don’t know if that’s Elizabeth
Starks job is it hang time let a company develop like lightning if lightning is
not easier to use and easier to understand in two years then yeah we got
a problem and then there’s a problem but I wouldn’t I wouldn’t blow it off yet I
wouldn’t say it’s to Kiki forever and ever I would not say it has no chance
because I’m a sales perspective I would say it I mean at some point you got to
look at the product and say hey man you know this is not a good way to pitch
this project then we brought this aspect of you top level professional salesman a
marketing person or pitchman right nobody would ever communicate in that
matter to the public to get people to adopt that technology or that product of
that service man nobody does that why would lightning be so special that
you know throughout hundreds of years of history that all the products and
services that that people with a large number of users that that
that this product is well you don’t need anybody to sell or market us but it will
have it aim it will it will be if they can’t get it if they can’t get the
marketing right then it will fail that let’s just put it that way
let’s get up conclusionary thoughts in what we’ll start with leo
maybe you had something else to say about lightning Tulio but conclusionary
thoughts what what you’re doing hang tight stuff anything you want to say
yeah it looks like 2020 at least the next three to four months are going to
be quite a wild ride in Asia I do you think we’re gonna see quite a few like
unexpected political and economic or new realities I’m very optimistic of Bitcoin
at leat like very very well weathering them
it’s not even excelling at them and really yeah pointing out to everybody
like what its use cases and what its value proposition really is also
lightning excellent actually thank you again for giving us an update from on
the ground and crazy Hong Kong and I think I think all three guests kind of uh
you know put it in perspective that it did that worldwide I don’t think people
got a panic about the disease it’s more of an economic issue it’s what if you’re
China you should be careful you clean maybe you you you you should worry about
the high fructose corn syrup that’s in all your foods that you’re eating much
more and the refined sugars and then we find flowers and your food that’ll do
more damage to society than the coronavirus the cigarettes that I think
you know you dude you know in Vietnam you know the fake motorcycle helmets if
they make you know out of plastic is it I mean what what value does it provide
protection to your head that has more danger that’s gonna kill more people
than the coronavirus ever will and all the ten viruses before it all right well
since we got ties in here who untie you had a great internet connection today
I’m so glad I was able to work out I was worried before this
it worked out real well we had a great combo here what are your conclusion Airy
thoughts what are you looking for it’s a 20
ok Oh link to below Batali talk talk about when you do everything my
conclusion might might conclude my final thoughts for this and I’m surprised you
didn’t bring it up man is the Bitcoin cash taxman we talk about it well yeah
III am a trader so I’ll trade anything I’ll trade Bitcoin yes VI was one of the
first guys online to tell people to buy Bitcoin SV when it’s like 56 57 58
dollars after it was delisted by finance and crackin you know and I’ve made a
crapload of money on it okay so a big Bitcoin cash the same thing but it first
came out was only three hundred dollars I was telling people to hold on to it
right and then we went up to like three four thousand dollars so what were
traders so if you ask me from a training perspective you know I’ll try anything
that makes money you know from a philosophical perspective now I’m
putting on my philosophical hat okay this is not my trading hat okay
this is my philosophical hat man that Bitcoin tax the Bitcoin cash tax that
has to be the dumbest shit thing in Bitcoin cash history I’m sure somebody
in the Bitcoin core community is gonna take a clip of this and replay and
rebroadcast it over but that has to be the absolute like it if there was an
Academy Award or a gold medal for the dumbest idea that you know one ever came
up with in Bitcoin cash is history it has to be that 12 percent ass we we
talked the last two shows we talked about the last two this weekend because
we talked and someone brought up how the guys at be cash say that no no no it’s
it’s really the big coin people that are gonna pay for it and money my guess like
I said that’s totally yes they’re just saying that there’s nope they give some
complicated explanation of why it’s really the big coin people that are
paying the tax they make it be so complex that you just don’t question it
it’s total BS I mean that’s that’s like you know that’s that’s like the faggots
that you know screw another instead of hey man you close your eyes
it’s the same as you know make it okay listen listen the the tax has to be the
dumbest shit like if everyone is accusing Bitcoin cash I’ll be penalized
and everything you know and you know they argue there’s no evidence of it all
the stuff and now you come out okay I hereby declare you know that we’re gonna
tax every miner twelve percent or whatever it is you know I’m like who the
hell are you who the hell is you let me say I’m from Baltimore and we have just
we have entered the ghetto here I mean retie is really great it’s just so
stupid like they should it’s the best way to do
that okay and I’m telling you how let me explain to you guys so you guys
understand the Asian culture they don’t see it as that way they don’t see that
as I centralized move you guys understand that they don’t good point
you’re making dad be Cash’s totally centralized totally outrageous against
the philosophy of cryptocurrency and Asian buyer who cares they’ll just
buy it this buy it to buy it it’s gonna make the coin more valuable champs yeah
that was actually about this I’m telling you guys I’m telling you guys
if you walk up to an Asian person unless that Asian person has Western influence
like plate like me like you know you know learn and study in America and
places like that you just talked to a local Asian person when you tell them
about censorship resistant when you tell about permissionless when you talk about
uncomplicated ball do their eyes just just because you know it’s a saving face
culture don’t look at you know mm-hmm yeah yeah mmhmm yeah your idiot go make some money off of it
this is an unexpected turn at the end of the show here thank you for the PCAST
stuff I didn’t think were you talking about that today
all right to put an address up if they wanted donations they should have just
put in an address up and say hey man we need funding okay we need funding if all
of my said you’ve got to be able to do they were going to be able to raise two
hundred million dollars so we’re on and they weren’t able to do it so they they
do this instead we’ll see there might be enough and there might be a split
eventually it’ll be interesting oh it did that different did that Hey
mark my words there will be a split in Bitcoin core in Bitcoin cash and Bitcoin
SP it will happen again you’re the second guest that has
predicted you passed away I wouldn’t be surprised all right Lewis we’ll let you
tie it all up well that Louisa conclude you come from
– conversation I’m gonna go back really quick – the lightning thing I think that
you know when you’re when you’re building an open-source technology light
lightning you know ultimately well when it’s I don’t know like how many years is
gonna take the furthest stuff to really be ready but ultimately that will be
judged on the quality of the technology itself in the same way that Bitcoin was
judged based on its technology and you know there was no centralized marketing
effort to push Bitcoin and it just kind of happened organically I mean obviously
we had a lot of people who are really really into it and wanted to kind of you
know tell all their friends about it and stuff like that and certainly a lot of
people threw money at trying to promote it but that was not ever the job of a
single organization or a single foundation I think the same thing will
happen with lightning if it is in fact as good as we are hoping for now that
being said we don’t know and the reason why I am very optimistic is because you
know this first round of funding for Lightning labs well I guess it’s not the
first round of funding but this round of funding is at least a step in the right
direction and certainly this is the this was what was missing from maybe the
early days of Bitcoin and everything was just volunteers so I’m hoping you know
that it will eventually turn into something that I mean I’ll be the first
to admit that it’s a it’s a little rough around the edges right now and I’ve
certainly tried to use it myself and I’m not sure that I would be able to
recommend it to kind of be your average non-technical person but I kind of felt
the same way about early Bitcoin as well so I’m hoping that eventually will kind
of get to that point where it’s a little bit more polished a little bit more
stable and all of that stuff what do I think about the rest of the year it’s
gonna be a wild ride if I if the first six weeks are gonna be
are any indication and I cannot wait to be on the show again you know a year
from now and hopefully we’ll all be wearing the massive gas masks and stuff
like that and hoarding our toilet paper so yeah yeah all right very good
all right I brought you three guests from all the ground in Asia okay and I
don’t know any other shows that do that I want to give everybody a different
perspective I know we generally if you’re watching an english-speaking a
channel or podcast is you’re gonna get the Western perspective on
cryptocurrency and-and-and the situation in terms of
the virus so I want to give everybody something a little bit different we make
it’s I don’t like to make generalizations or anything like that
like oh it’s done this way in Asia it’s done this way in North America but
they’re definitely different paths that people go on in different places that in
certain parts of the world they are not familiar with so I just I I just want to
clear up if anybody was thought that people here were making big
generalizations today no they would just think they were revealing certain things
that go on in other parts of the world that in the western part of the world we
might not be familiar with I mean so there’s so many narratives on the
western side of cryptocurrency that are not even known in on the Asian side like
I mean again with the beat casting I think in
the western side there’s a lot of but this is so fake it so it’s it’s nonsense
it’s a scam bah bah bah bah bah but no face aside there’s plenty of people
might know some what it’s whatever it is so what if it splits again so what if
there’s a tax as long as it goes up in value so there’s just I love I love
doing this and giving the the different ideas that are out there and it does
make some people like crazy take like one thing that can’t be true but no it’s
true and that’s the beauty of Bitcoin and cryptocurrency anyone can go their
own way any no one can stop them no one can censor you and so hey but I thank
all my guests it Hey for bringing this unique awesome energy and so calming
everybody down about the virus that that’s that’s very important in so yeah
20-20-20 should be a blast all right thanks a lot guys i’m adam meister the
bitcoinmeister the disrupt meister remember to subscribe the channel like
the video share this video check out the links below pound that like 1 bang that
bell button shabbat shalom new show here every day we’ll see you next Friday for
this one this weekend breakpoint every Friday see

17 thoughts on “This week in Bitcoin- 2-7-2020- Coronavirus, China, Hong Kong, Lightning labs, Central bank coins

  1. Reminder. Next Bitcoin shirt partnered Watford FC ⚽️ game against Brighton this weekend from the EPL 🏴󠁧󠁢󠁥󠁮󠁧󠁿

  2. Good talk. I am in China still in Guangdong Province. What Leo said is not quite true, at least in Guangdong. I can leave my apartment and drive wherever I want whenever I want. Maybe what he said applies to some areas in China, but I am not there so I can't say. Wuhan may be a completely different situation than Guangdong. Here, masks are mandatory when going outside, and we get our temperature checked at every building we enter. I personally am NOT worried about this virus AT ALL!

    Edit: I don't mean to tear Leo down here. He is getting his news about China from Hong Kong and they need clicks. The reality on the ground here is that there is no frustration with the Chinese government at all, in fact everyone has made this a national cause. If anything there is more support for the government than ever. At least, that is what I am seeing on the streets in my daily life. News reports can't compare to being on the ground personally!

  3. Fantastic show! It's pleasant to hear Tai's grounded perspective ever since he learned to behave. Even if I think his takes are a bit too ghetto-centric. Just because Vietnamese fishermen don't understand censorship resistance and the nature of government, doesn't make it unimportant. Sooner or later everyone will understand, like is happening rather quickly in China and Hong Kong from what I can tell. Instead of just telling Bitcoin what to do, he should also be teaching his people about liberty. Because it's not like the societies they've created over there don't have major issues and people don't want to move somewhere better. If they just nod their heads and say "okay" to Bitcoin's fundamental proposal, it's going to be worst for them. Bitcoin chugs along either way.

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