Hello everyone this is adam meister the
bitcoin meister the disrupt meister
welcome to this week in bitcoin today is
October the 19th 2018 strong hand like
this sure says long term thinking all
right obviously I'm so pumped you know
at the beginning this week there was
some drama there was some craziness and
they be kind of died down but now all of
a sudden I heard about some bit made
drama we'll talk about that but these
three guests they can handle it all from
Bitcoin maximalism to fidelity to
everything to tether fun oh my god we'll
talk about it so you guys all know
Federico tanga in Italy you know I'm
already been and maybe do you guys know
G but G is freaking awesome if you've
been following my show I've been talking
about his Twitter feed that you all
should be found and linked to all these
guys Twitter's below okay
so right now everything is talking about
on the shows also linked to below check
out the notes always feel follow these
dudes we're gonna start it off with Jeep
um the fidelity story was a big story
people were saying at the beginning of
the week you know it's the institutional
money is on its way and you know
eventually the institutional money is
going to come in as we all know we
should be patient but what's what's your
take on fidelity G yeah and I'm so first
like thanks for having me on man I'm a
big fan of the show my take on fidelity
is probably a little bit contrary into
what everyone else's take is we've been
hearing about institutional money for a
long time but I don't think people have
a good framework for understanding what
it really means if you look at the
products that fidelity actually you know
announced they're having its kind of its
to shinola custody solution they have an
execution trading desk and something
that kind of what seems like a like an
advanced customer helpline for
institutional customers they've got
questions i cryptocurrencies so I think
this is less the institutional money
coming in and more of a kind of a mental
land grab from fidelity
because they're you know they're one of
the most well known companies in finance
they have all the people's 401 K
accounts this is their attempt to say
like look we've already got all these
existing customers that are interested
in going into cryptocurrency let's make
sure that you know when they think of
cryptocurrency they think of us instead
of taking their money and going
elsewhere to somebody who has both the
traditional stuff and the cryptocurrency
stuff so this is them more defending
their flank than setting up a massive
investment and onboarding a time you
institutional hustlers I think the
bigger story was the David Swensen
investment in the to crypto hedge funds
I can go into that or please tell us
more yeah so I think if you think about
custody solutions they've already been
like kind of janky custody solutions
available and you have people investing
in these hedge funds which is fine but
if you think about what an institutional
asset allocator thinks about you know
they had specific frameworks that they
use for investing money and they manage
trillions and billions of dollars the
most prominent institutional investor
has really been David Swensen he's the
key and he came up with what's called
the Yale endowment investment model and
you know he's famous because he kind of
took a really contrary approach a long
time ago to switch from whatever they
were doing before too you know massively
move into illiquid equities so stuff
like private equity and venture capital
and he made amazing returns based off of
that so now people you know basically
blindly follow that model because they
know that it works so he you know I just
think that you know in contrast to
fidelity where people are already doing
that it's not clear exactly what it
means David Swensen is the guy he's like
the smart money's smart money and he's
the guy who's made these types of
massive switches before and it's changed
everybody's decision-making if I'm like
the young person in one of these pension
funds or sovereign wealth funds and I
want to go in there talk about Bitcoin
it's kind of a difficult conversation
because as soon as you bring up Bitcoin
somebody's gonna start calling on you
like this is the asset that was down 70%
and you know all the other flood that
you hear about but if you can go in
there and say like look you know there's
obviously a lot to learn but David
Swensen has made these types of
decisions before he's interested in
Krypton you know we know that people
blindly follow David Swensen so if every
else is gonna be looking into crypto I
think we need to at least take a look
and let's just start having
conversations about it and so I think
the types of conversations that people
are going to have now are going to be
completely different than beforehand
because you have you know somebody with
a big brand name like that and and so
people are gonna be worried like the
conversation is gonna shift - well can
we get allocations into the best funds
versus you know talking about should we
be in the space I think it's kind of a
different conversation that's gonna
start to happen now and I think that's a
much better story than you know another
long run
okay it's a great take Marty with the
way a lot was just said what do you
think about all that no I I tend to
agree with most of what he just said if
you listen and if you watch the live
stream of the conference where fidelity
made the announcement I actually think
Novogratz made a couple of good
statements to try to calm everybody's
nerves who might jump to calm moonshot
after announcement like that they
basically said it's gonna be a slow
trickle at first these it's only gonna
be opened up to their clients and it's
gonna take time for them to get used to
that and coming from fidelity it's not
surprising this is a company that's been
experimenting with Bitcoin my is known
to experiment with Bitcoin mining in the
past they've had their their employees
buying coffee with Bitcoin in the
cafeteria they found that maybe the
confirmation times and slow block times
might not be conducive for buying coffee
on the main chain so they've been
playing and messing around the space for
a while so it just makes sense that they
would take it to the next level and try
to be first to market and it seems like
they've definitely been doing their
homework and have a really solid team
that are so excited to see what happens
as they roll it out but like novigrad
said during a live stream like I think
it's going to be slow trickle at first
this is an asset class that millions of
people still have to get used to it
takes rewiring of brains to sort of wrap
your mind around the whole concept of
Bitcoin and a sovereign digital currency
in the first place some baby steps here
it's a good sign
yeah so it's positive it might not lead
to a crazy price surge in the near term
though and
and long-term thinking people that don't
expect there to be some you know because
of a press release there to be a great
surge price in terms of dollars and then
be disappointed when it doesn't happen
just way the institutions they will come
and yo you'll be happy then Rico out in
Italy any institutional talk what's your
take on all this
that literally nothing that they aware
of that institution are not really keen
to invest into this kind of very notable
suspect going I mean in general yeah I
can't agree that there is too much right
about this we are we are already at the
different cycles of I about
institutional money I remember like the
also like very early days with a post
announcing that they were going to do
the ETF then read last year the Chicago
Manual we have multiple of them and
nothing did none of them really had any
impact in the shorter so I'm expecting
some kind of organic grow adoption from
so whenever I see those new CI there are
positive news that I believe that if
they have an improv it will be lucky in
the long term not a long term thinking
people pound that like button if you're
liking the show so far all right so
let's turn it to Bitcoin maximalism
since we got Federico talking you've
been tweeting about maximalism a lot
this week a lot of people been taught a
tweet about maximalism
give us give us your take on Bitcoin
maximalism in look and the current state
of Bitcoin backs it's a very good topic
because also the way then because of the
publicly maximalism
about between the beginning the very
first it was vitally that they already
make the turn up in its mainstream and
was like kinda a way to talk the process
that you didn't agree with you and a
career in your
- but then people started to enjoy and
yeah there is a many people trim it code
because of the of the monetary value of
ending copper transit towards a single
currency that is not controlled by
anyone and the very idea of the ability
of a currency comes from the fact that
you have only one because you have only
one single asset that you use to trade
with any other asset so that's the
ability of a currency so obviously like
many people don't believe that you can
have a war with multiple competing
currency because the days and thieves
are artists they're just as an act and
usually in any country there is only one
main currencies and there are very rare
cases so a very particular situation
where there are competing currencies and
this is like how the motivation can
maximize that you may also have like
some interesting documented contractor
for example many people like Monero
because of the innovation privacy still
even if he it is cool tech it tests not
the ability to become global money
because we can all only has one bubble
money and the cornice is such a nut
bandaging in terms of network that it's
very hard to to cross this gap so this
is like what become maximalist are very
skeptics about alkynes and then somebody
started to to attack very many sometime
to aggressively to in to aggressive way
for founders over of that most likely
manarola corner equals etc and the
motivation of this aggressively is
because the maximals believe that people
that put money in the endoscope in the
skies that come on our Oracle also those
that makes them the legit they will
eventually lose money because monaro is
good debt but has no ability to become
common on so if you promote Manero
afraid there are the Monaro community is
very good about not promoting it much so
- you don't understand black black going
if you promote like canasa they used to
do with the corniest if a silver and you
are putting you are pushing people to
invest in something that it's not the
ability to become global money and now
other use cases so they will eventually
lose money so this is why bit Kanak
zamani's became aggressive and many
people from this kind of attitude
literally like it so recently we are the
own this taxi - I really don't see that
what becoming cements are supposed to do
a lot if I'm a become a scientist I
believe that there can only be one a
global money III don't really care about
the other side Connie they may some of
them may have like interesting that but
I don't really care about that too much
what am I supposed to do am I supposed
to buy them to promote them to be nice
to people that promote things that I
believe will eventually make people lose
money so I really don't see what the the
people attacked optically maximun
history want to do is there and God sir
yeah this is your fellow Italian Giacomo
Zuko you know because people they say
people who tried to paint the Bitcoin
maximalist this week especially as
extremists sir and he made a whole new
scale that on one side of the spectrum
you've got the no coiners and then on
the other side you got the multi corners
in Bitcoin maximalism is just in the
middle there was interesting with that
because yeah it's through the Apple II
become a saloon is it sounds like they
are extremists because they are
extremely toward the single coin
definitely yeah it's likely the moderate
middle you everyday those people that
are not all coins are bad that they are
all scoffs they're very extremist err on
the side and they and other people that
yeah all crystal good we can have a war
with removable cause new people change
during space forever which is kinda
extreme on the other side then you have
become
you'd say okay not old coins comes not
to all coins are legit we cannot have a
war with multiple competing coins for
every kind of use case you have a
different production with a different
genetic token and so yeah it's not that
fun an extremist position ingredi
actually suffered a very moderate
position alright let's let's go the
Marty he read so yeah they could
maximalism why does it fit only what be
in the news lately or people just bored
and it is it painted in this extreme way
but is is the reason because some people
can't take the harsh language it's some
big point max whiskey what do you
think's going on here Marty I think it's
probably mainly driven by people being
bored out of their minds because of the
market but this is an ongoing thing it's
pretty annoying and it's an argument
that's been had thousands and thousands
of times online on YouTube of podcasts
wherever yeah at the end of the day it's
a big care of our arts oedipus it's
descriptive it's not prescriptive we're
basically coming to the conclusion that
so I mean personally I don't like to
paint myself as like a Bitcoin max was
not a big fan of labels but I mean I
probably would be would recognize as one
given the definition other people would
give to it but from my view like the
coin only needs to do one thing one
thing well and that's enabled
distributed peer-to-peer censorship
resistant transactions roughly every 10
minutes and that one simple function
will enable a lot of complex things on
top of that I do not I think a lot of
people want a lot of things out of the
box with Bitcoin and like you said
earlier patience is a key and is key and
what people don't realize is it takes
time to build these things like I've
heard about earlier this week Mathias
some guy in Berlin he had a proof of
concept of a bike that you could wrap
with lightning and do micro transactions
with that and that was an example of
something that I think it was a company
that's gonna be launched out of the Dow
when they raise money for the dial
rigidly so it's like ideas that
people thought Bitcoin weren't gonna be
able to fulfill it just turns out it's
gonna take time to build out the
infrastructure at the protocol level and
then on the layers above that to get to
that point in time and we're getting
there slowly but surely and yes I think
as a Mack like that's all I care about
right now is Bitcoin does what it marks
it it will do it's getting more
decentralized as time goes on how would
argue which is a positive to see and it
definitely has the most asymmetric
upside of my opinion out of any any of
the other coins so that's why I pay
attention to it all right
most excellent G give us your unique
take on all this yeah I'm pretty much in
agreement with both the guys there I
think the reason why it's you know
you're seeing a lot more of it talked
about is there's a couple of people on
Twitter who've been extremely active if
you look at the way that like that I
think the way that you know media
happens is you have forums like Twitter
and reddit and you know people are
arguing back and forth each other and
you get some interesting content and
then people start reporting earlier so
one of the pieces of content that or I
guess there's a couple of guy ones like
panic you're the ones like further spy I
think isn't in yes those two guys are
just super active and they've got
interesting takes and everything but I
mean I think they're really good at
terms of phrase but I think ultimately
what it comes down to is like Bitcoin
maximalism is not some controversial
thing where we're trying to tell
everybody what to do it's actually
extremely non-controversial where we're
saying look we've solved the problem of
peer-to-peer in that cache we have magic
internet money that you know you can you
can save into and nobody can stop you so
you can now do whatever you want with it
we're not gonna make decisions for you I
think what's happening with a lot of the
out corners is they're kind of triggered
because like you know when you point out
some of the scam unis of the alkaloids
it reduces their ability to bring in
newbs
you know dump on them eventually and
then I also think that just in general
even the stuff that's less scammy and
just less like straight-up con job
there's stuff that just probably is not
going to work out and you know people
are setting unrealistic expectations for
the retail traders and they're setting
themselves up
when ahead of time giving discounts to
hedge funds and then again dumping on
retail then you have existing projects
you know stuff something like at meet
them for example there's a lot of people
who are doing some really interesting
development work on youth room but at
the same time you know if something if
someone's out there promoting it as a
competitor your big Bitcoin that's just
not realistic and you know Bitcoin is
something that works now whereas
something like an ether um there's like
six different steps and then an
undefined thing where they figure out
proof of stake before it actually starts
working asset you know as they stated
one of the things that I often stay on
Twitter is like they're always like one
fancy you know project name away from
figuring out proof of stake so I just
think that you know it's important to be
realistic and you know I think if you
meet Bitcoin maximalist in person and I
recently had a chance to meet ups
everybody's pretty calm we're all just
chillin you know I think the idea that
you know we're tolerant because people
are trying to force our ideas and other
people it's just not realistic
alright you you've got there there were
some slight illusions in there - maybe
someone that's been in the news that is
definitely not a Bitcoin maximalist
who's definitely a no no pointer and we
were talking about it up beforehand
Roubini what would tell us about Nouriel
Roubini i'm butchering his name please
yours long yeah so I think you know he's
a guy who gets a lot of press coverage I
mean there's a group there's an entire
group of people who called the 2008
financial crisis and they're they
basically they have an entire career
they can write as many books as they
want people will buy them any time they
want to show up on the new CNBC will
host them give them prime coverage they
can get paid speaking jobs at
conferences and they basically have made
it now the thing is if you go back and
if you look at them as you got to
understand that this is a it's a common
thing that people do is call the top of
the cycle so if you're the guy who calls
the type of the cycle you end up doing
really well you end up like these people
who get to go on the speaking circuit
but if you look at his track record in
terms of you know from an investment
perspective like should you be following
this guy's investment advice he's called
the top of the bubble you know every six
months he's always calling the top of
the bubble not specifically for Bitcoin
but just for stock market for anything
that he's looking
I'm when he's right you know he erases
the history of the rest of stuff and
gets to go on CNBC and pitch himself as
this like savant that can completely
predict the market that's just not the
case I'm here you know I think if you
look at the the what how aggressive he's
been and how he's just kind of I mean
this is a guy who's supposed to be a
paid professor at NYU and if you look at
his Twitter feed there's like a new
tweet every hour so I you know I think
the Pistons it and what you should be
looking at be like you know are you
trying to establish herself as a media
personality or teach so I just think
that you know he's a guy who's a
loudmouth he's trying to call another
top Bitcoin get close down ten or twenty
percent he's gonna give himself another
you know six months and being on CNBC
it's a I call it a he's a he's a big
crypto noisemaker I don't like to give
those dudes too much attention but it
was it was it was in the news you wanted
to talk about it and everything uh mock
Marty did you give any quick I you've
obviously heard about this dude and any
thoughts on it or is he jumped the shark
I mean I think he's definitely jumped
the shark personally but I think I just
think the fact that he was tapped by
Congress to come testify on behalf of
like they couldn't testify against
Bitcoin was that was like the most
astonishing thing to me about Nouriel
last two weeks is that he is the man
representing a sort of Bitcoin and
cryptocurrency to Congress and trying to
explain explain it to them like it it
sort of blows my mind that there's I
mean he had I mean he had like 95% of it
right and he was calling out scans and
calling out aetherium when he was
testifying but then when it came to
Bitcoin specifics he was way off base
and really didn't have the facts
straight at all so the fact that they
brought him in to represent a voice in
the space just like really bummed me I
love our government doesn't even know
who to find to teach them on the subject
what do you expect from the government
come on sorry to interrupt yeah yeah I
mean yeah it's all noise in the short
term he's gonna scream he's been
screaming
for years it's it's not a big deal yeah
guys so so have your strong hands don't
let a guy like that weak in your hands I
know there's a lot of new people
watching this we have 336 live viewers
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alt and disrupt meister comm i because
you show every day there federico do
many thoughts on this nori l or have we
just given him too much attention
well the funny thing is that I actually
agree with many other thing you say like
they're all SEO scams
most of the constant there are scams so
yeah this is quite funny but yeah I
think his motivational Tiki just
arrested Evan an extreme opinion on
enough topic like cryptocurrency is a
good way to get a lot of visibility so
actually now he's getting about
conferences to do the twisting end to
national TV so and it's probably getting
paid some good money to do that so yeah
I think it was just like it just figure
out that it was a good marketing
strategies to promote itself as a
personality opinion in space so now they
will keep inviting him to conferences
and to even to the US Senate up the
corner so yeah I think it it's just that
I it's not even maybe that convinced
about what you say that it's just a
smart move for his career
yeah well you know something we
sometimes we brought up a couple times
here etherium so we used the word of
theorem a few times and I if the jolt
does something in my mind that I think
Marty did you tweet about uh the
Constantinople delay was that yeah yeah
I mean I've been tweeting it I've been
tweeting about
ethereals transition of POS or well over
a year I have a thread that that links
to a scene celeb quote from the Black
Swan in which he sort of describes if
you give a project a deadline the closer
you get to the deadline
project not being completed extends it
to the future and no longer you're
extending the deadline the longer you
will be expected to wait to finish a
project and that's it reminds me a lot
of what's going on with with its areum's
transition a proof of stake and yes the
latest line improving that thread
correct was the Constantinople had got
pulling the test net that I believe they
tried so hard fork on the test that Russ
roster didn't I believe it's called and
at first it just didn't work there was
no miners to mine the chain on test net
for a few hours and then when they
finally did mine a block after a few
hours it it's split into three straight
three chains between the gas parity and
another implementation so it seems as
though they're taking a step back to
sort of reevaluate how they're gonna go
about this hard work and it's delayed a
bit further into at least 2019 people
talking about it actually and again this
is I'm a Bitcoin guy but we gotta see
what's theorem is a big player in the
space and when these delays happen they
should be brought up cheats you have any
aetherium thoughts yeah I know you know
that sort of the I think a theory was
really interesting and I'd like this so
that the big issue is I wish theme was
just like any other walls time because
you could just dismiss it but the thing
is there's actually like like the
developer I mean what they've done
really well is welcome developers so
there's a lot of like young kids who are
like learning about cryptocurrency
they're learning about how to code
through using each room and I think
that's awesome now from and I would just
separate like you know developers and
what things that developers are working
on from criticism of the protocol itself
because I think like developed like what
you want is people running experiments
at very little cost so somebody who's in
their 20s you know working on a new
theorem project and seeing if something
works and then failing and then trying
again like 600 times within a year until
they find something that works and then
it becomes massive that's like the ideal
situation what you don't want is
something like a multibillion-dollar
protocol like aetherium running
experiment
very slowly because then it's kind of
put itself in a weird position where
proof of steak has not been figured out
in order to figure it out they need to
run experiments to to kind of you know
fail enough times that they succeed but
because there's so much value at stake
they're kind of hesitant to run too many
experiments and then you know failure
after failure is in the news or whatever
happens like they're just kind of
hesitant to run and take the risks that
you need to figure out truth mistake but
at the same time it's just kind of this
weird they put themselves in this weird
dilemma I think and yeah it's just a
tough spot to be like they couldn't help
it at the price ran out so much but now
if they run too many experiments and
they tried too many crazy things the
value the protocol goes down on the
other hand if they don't they're just
gonna I mean they're in this weird
situation they're gonna constantly like
Marty said be pushing that deadline out
because it's just very difficult and a
side point the way that you run a
project is like I said small experiments
like figured out you know fail quickly
with and you keep things simple like so
the big value in Bitcoin for me is like
we said earlier in this talk there's
literally one thing that it does it does
it extremely well and nothing else
matters so it's very easy for everybody
to organize around that it's kind of
like the law of gravity like all right I
know if I drop something it's gonna
follow that rate so we can all organize
our lives around the law of gravity for
example Bitcoin you know the inflation
rate everything is already set already
so like it's not something that I need
to think about I need to worry about on
the other hand you know something like
aetherium they're they're running
experiments to get the protocol to work
in the first place but in the mean time
they've got like six different ways
they're thinking about doing it
everything is super complex it's not
clear like I wouldn't feel comfortable
putting too much money into ether room
because like it could change the next
day the next day the inflation rate
could go up to ten percent I mean you
just don't know
and so I think the level of complexity
that they're putting in there it's just
hard for the normal average retail
investor to understand and the normal
like developer to understand I think if
you ask the average developer they
wouldn't be able to tell you like you
know they wouldn't they'll explain the
development roadmap or anything like
that for I'm if they're in in great
detail because nobody actually has it
figured out so I would just criticize
like the way that they're you know the
complex way that they're doing this and
I just don't see the the line-of-sight
to finishing proof of stake whereas with
Bitcoin like I'm good to go now even and
yeah we're gonna have some cool
developments along the way
Bitcoin good to go now pal dad like what
I love it it's apples and oranges people
a theory of a Bitcoin they're not direct
competitors they real they really aren't
people simplify it to a point where
their direct competitors and the people
who like a fear and got it back now they
both can exist i won one is about the
law of gravity keeping it simple the
other one isn't too simple and hey let
them experiment over there that's great
if you're gonna do what you're gonna do
uh Federico
do your thoughts on this obviously ok
witness because according to you they
have embarrassment of God which is
programmable money and I'm just
approaching the the problem in two very
different way this Kearney's do like a
few things very well so you have a very
limited scripting language it is not
very complete that you can use your
stuff with that I mean you can do more
stuff that people think you don't have
them explicitly that you mess but what
it does is you can formally verified so
you should the kiddo text box like the
card clubs or the DAO some stuff with
you you can pretty much do anything but
it's tough to predict the behavior of
the car you put on the blockchain so you
have all this kind of problem that we
all know about so I think that the good
thing about the theorem is that they
showed how the design choice of Bitcoin
were actually very good so the idea of
not using a Turing complete language for
for for smart contractor it was a good
choice until I remember lacked authority
of people who were discussing that he
would have been the cool Club Turing
complete language oh my god
I can show that the EDI sort of the
problems and and also that code arm and
everything also there the fact that the
theorem is accomplished uses the disobey
structure of Bitcoin I think it showed
like a show the basic service
architecture of Bitcoin is much more
it's much better for second layer
solution so it was a good design choice
so I think this is the domain the domain
name
came from Kiev was to show like how you
could think differently and why you
would have been a bad idea and so I'm
not following the team environment does
not try us I used to do the path because
they are trying to focus more on VidCon
because there is already enough stuff
coming up the enrichment of identity
star people but yeah from what to say
they are a bitch some very serious
struggles with scalability they their
problem is is much much more serious
than the physical ability because they
have all this much contract running on
train so they basically have to solve it
faster but at the same time is much more
difficult to solve it because there is
so the he Franklin used something like
that in network so is very unique video
because you have the oldest malcontent
they have to to be run by order not in
the network in they they have a bigger
problem in the discharge so so I'm
expecting that it renounce or the very
very difficult or underneath you for not
some I am accepting that the maybe
already in 2019 at you will be under a
very serious pressure and if we struggle
it will have many network problems it
could be very bad both for people
developing on it I already although many
developers that's what annoyed by the
fact that they cannot even run thereof
not anymore and other kind of problems
there so it will be even better for
developers and not for all the those
application it'll be the material they
want really work the twirling anymore
because if they grow in the in adoption
the problem would be the worst so I
don't know I am feeling to see how Kira
will will deal with all this problem and
if he will manage to solve them or if
you will fail miserably but can see
would be very very alright we've said a
lot about aetherium I'm Marty it since I
started with you with your view of any
things you wanted to add before we move
on not less than too much dad yeah that
just think when Keith said it and
Federico's well their long-term path is
sort of undefined and I don't I'm gonna
find that bullish or advantageous at all
so let's let's talk about let's think a
little long term here what's what's down
the road for stable coins Marty and
tether what's what's the latest or we're
gonna are these gonna be major players
in the ecosystem forever or is this fun
and what is up with this bit the next
guy what's his uh when I noticed the
premium that the BitFenix premium has
gone down now it's the the difference in
price in terms of Fiat between buying
big coin on regular exchange that
BitFenix the spread isn't as much
anymore what is your latest on tether
and stable coins in all this drama
that's certainly some good drilling and
that's for sure yeah it looks like
BitFenix this has been in the process of
Bank hopping it seems pretty hard for
them to get banking they are doing
things that are not legal in the US and
tether is sort of a way to skirt that
and skirt the fact that they can't get
good banking relationships
I don't think tether is tenable in the
long term stable coins in my mine are
only stable until they aren't they're
highly susceptible to black swans and
are probably more unstable than a lot of
people think and I think the
proliferation a lot of stable coins will
actually make stable coins and stable as
well like just the fact that there are
more and more of them it's sort of a
you're fighting for the throne of
stability and that can lead to some
weird things on a market business and
yeah I think I think there fad I don't I
don't know if they'll be here in the
long term just because I don't think
they're viable from an economics
perspective nothing can really it's it's
really hard to keep a peg we've we've
learned that via economic experiments
throughout time so yeah these things
will only be stable until they aren't
with the finnex and tether in particular
I don't know it's been the ongoing story
in Bitcoin since its inception as
exchanges have been shady
place to keep your Bitcoin usually and
they'll they'll do weird things to keep
keep themselves in operation so just
take care of your own neck make sure you
have your private keys in your
possession and you should have to worry
about anything else great point there so
I just want to clarify everyone said
there a lot of people like to create
drama around this as they say the tether
story is a big Bitcoin story but I mean
what would if tether did disappear
tomorrow I mean isn't bitcoins still
gonna be Bitcoin nothing's gonna change
I mean what would you if tether goes
down what do you foresee I mean I think
if Heather goes down bitch Felix goes
down with it so they're sort of tied at
the hip it's vice versa same thing that
for America mount rock situation would
be probably bad news price would tank a
little bit near-term but like you said
long term it's really not directly
connected to Bitcoin at all Bitcoin
still produces blocks every ten minutes
and has no idea what tether even is so
exactly Federico when you've got some
teller thoughts over there in Italy well
I think the situation of between
BitFenix and data is very weird because
you have this big Phoenix which is a
very shady company in the sense that you
don't nobody knows to be much about them
they don't truly earth on a quarter they
have I think they have an office in
Taiwan with like 20 people or something
than here they have other people work in
remotely so they have a company operated
in income but nobody's really there so
yes this very fitted company and then
they are completely transparency on the
USD ledger which is standard for them
which is the opposite of all the over to
change um for example Vista is a very
short company in the ballasts and
induction board they are well
incorporated you know who they are you
know what they're doing but their use
the ledger is completely private you
cannot see anything about the movement
of USC we use the dollars inside the
system so it nobody can
can ask question about they if they are
solvent or not because nobody can
actually see anything so what other
people can ask question in there can be
a father stuff because people can
actually see what happened on the ledger
I think the problem with data is that
they actually to transfer us because if
discussion is not very different from
any other exchange the day of the is USD
lender that made it expected by real
dollars that is not there you can see
some stuff happening so to pull ups
question so yeah I have no idea if they
are conservative they are doing in front
fractional reserve they are probably
doing but the big phoenixes is any worse
than any other exchange for that because
an exchange could do that and we know
all right
yeah before we get to G on this because
I know he's got it he's got a take on
this we uh for some reason YouTube is
just shooting out this livestream to an
incredible amount of people so subscribe
to this freaking channel people who like
hardcore Bitcoin information best guest
in the space and a new show every single
day G what is what's your take on this
tether we've heard a lot about it yeah
you know there's a couple of different
angle I mean I think the the first angle
is like what is tether and what's the
whole point of tether I think BitFenix
is in is in this kind of class of like
fly-by-night operations where you know
this is just how the space got started
people are starting things up it turned
it's kind of you know it kind of turned
into something you'd to turn into an
actual exchange I forget the exchange
that circled bot that was based out of
like I think Boston but I think it's a
similar situation where because they
have this era of non-compliance with US
banking laws people are probably pretty
uncomfortable setting up banking
relationships with them tether was a way
for them to bring on board these large
institutional customers or people who
want to trade in large amounts without
having to you know set up a banking
relationships or deal with US dollars I
mean my whole my whole take on like 15 x
and bid for next and tether is that I
you know I think this is like from an
investment perspective the way that I
would look at is an investor in Bitcoin
is you know this is a guy who
even OG he's been in the space for a
very long time he probably saw what
happened with mal Cox where you know you
had the mal Cox change was hacked
you had the willy bot the trading bot
that was pumping up the price of Bitcoin
and the exchange was kind of siphoning
off those is kind of taking advantage of
their investors people who are trading
and set me off the trading profits and I
think that's the the super high-level
view of what happened you know when
people found out in the exchange it
collapsed Bitcoin was in a multi-year
bear market now I think you know
somebody's like pattern matching that to
the BitFenix hack and they're saying
like look this is shady you know so--but
for next got hacked tether is set up in
tethers like essentially the willy bots
that's pumping up the price and you know
people are unaware and it's a kind of a
similar situation so we should sell your
Bitcoin but the problem is that like
it's kind of there's a lot of people who
you know when you do it this level of
research he's done an insane level of
research so I think increases his
credibility but when you do too much
research you kind of get like to bought
into your investment thesis and the
markets completely different than what
it was when Mom got clapped collapsed so
you know tether
I mean BitFenix is not a hundred percent
of the volume in Bitcoin anymore it's
like a you know it's not a major
exchange as as big as Matt Beck's was at
least in fact most retail people that I
know are at coinbase keep it simple coin
base gemini kraken those are the
exchanges that the people I know are
invested in and so I think like there's
just been a huge step change in adoption
so that you know it's not like there's
like 600 people who are trading a day
there are thousands of people trading
per day and that step change in adoption
hasn't really been accounted for in his
thesis so he could be a hundred percent
right and it doesn't matter Tiger could
collapse BitFenix collapsed they just
market it's too diversified across
exchanges now for that to have as big of
an impact us and supply the other thing
that I'll say is I think what really
happened with tether and there's like
six different levels to his conspiracy
theory and and you know conspiracy
theory but it may be right but one of
the things is that tether is
fractional-reserve
well we found out through bit Mex
research and I think Bloomberg also had
a piece on this they trace the cash
to that bank in court reek Nobel Bank in
Puerto Rico through publicly available
filings so we can say like alright well
you know was it fractional-reserve at
some point maybe but now at least it was
clearly some cash behind it and it's
backing it the other thing that's
happened is you know there's a situation
where the peg breaks and the people who
are holding each other could potentially
take a massive blast so that'd be 2.8
billion in losses potentially but what
we've seen happen in so we've heard
rumors from Twitter and other people
that over-the-counter traders are able
to convert their tether to USD they're
able to arbitrage that so they're able
to attract away that discount but what
happened I think I think I heard this on
Marty's podcast actually here was
basically retailers like retail
investors like me and you were selling
to they're like let's just get out of
this this thing's in the news and the
people that were would normally
arbitrage that away
they didn't have enough time the selling
pressure was so much that they didn't
have enough time to kind of close that
gap and so the gap has mostly closed now
and I think the most the biggest story
which has been like widely underreported
if you guys follow how sue fly on
Twitter he had this interesting post
where he looked and you guys can do this
right now if you want it's like go to
coin market Capcom um and if you pull up
like tethers and markets the kind of
market cap tether you'll see that it
declined from 2.8 billion to two billion
dollars over the last nine days or I
guess now would be 10 days I love it is
and in what that means is somebody is
redeeming those tethers and if you could
go onto tether or like block Explorer
you can see that six hundred million
dollars of the 800 million dollars went
into the tether Treasury so his whole
thesis is that look this actually might
be the BitFenix and tether guys exiting
like they're they're taking advantage of
this discount to redeem the tethers out
of this guy and then go and take out the
full US dollar so able to arbitrage that
away and they're able to do it the scale
of six hundred million dollars well well
mark Marty any any feedback on that
because you got it you got a shout out
in that one too no I mean yeah I agree
definitely go check out that thread my
house too it's a very interesting thesis
and yeah I mean one
that the peg was broken for an extended
for an extended amount of hours over one
night that when the story of breakfast
he was in the beginning of the week
seems like a couple weeks ago now yeah
there was definitely an opportunity to
buy up cheap tenders and then it sprung
out back towards the dollar pegs so
somebody definitely made money arming
that I don't know who yeah all right
well let's the tenor drama for this week
no doubt as long as bitch the next
breeze we'll be hearing about it on
Twitter I did want to bring up another
case of drama that just broke and you
actually tweeted this one out so what's
uh there's this there's a guy out there
on Twitter and I linked to a balloon
gives a lot of insider bit main
information and he has a new one out
there today first off what is the
biggest thing he's got out there and in
the sky does he is he really an insider
you know I don't know if he's an insider
but you guys can go follow him is it's
at BTC King five five five he's either
an insider or he's just somebody who's
kind of in the space and seems to like
have a lot of inside knowledge at least
mom and he had this interesting thing
today where reported that coin desk
which is joined by owned by digital
currency group which is very sober it's
like investment company had reported
this story where hey bit me is
misleading investors in their IPO and
apparently bit main or Jihan reached out
to them and said like look you either
drop that story or we'll stop providing
liquidity to you know one of your sister
companies like Gemini capital or Gemini
trading at the it's called and they they
just drop the story so I mean it's kind
of interesting because it shows that you
know there's a risk when you have like a
concentration of a few companies
something like a digital currency group
all the companies are interrelated so
you know it's like the trusted third
party that you don't want somebody
applies pressure to that trading company
that needs liquidity from large miners
it mean is the largest miner they say
like look you either drop that story and
your sister company or we stop providing
you easy liquidity and then the person
is doing the math like alright this is
like a random media company I have it
makes me no money here's like a ot C
trading desk that makes all
profits which one am I gonna you know
how am I gonna make this decision the
cost benefits really clear so I think
it's good to avoid situations where you
have those trusted third parties making
decisions over your ecosystem and I
think that's why you know you just don't
don't frequent or use like any of those
types of companies but I think the other
the bigger story behind this story is
the whole bit me an IPO Fiasco okay yeah
well that's the thing your call you're
saying it's a fiasco based on all the
stuff we're hearing over Twitter and
stuff I I mean some of that stuff could
be true that that's why I asked you is
this guy an insider this guy have legit
information cuz he's posted on this this
Twitter feed he's supposed to quit a lot
of information pertaining to the IPO
also I think that it means gonna be able
to pull this off in the long run I don't
know what's your table yeah so like the
whole so you know a good that this was
like a good catalyst like learn more
about that main and how they do business
and everything it's kind of interesting
is it you know I think my perception the
perception and most like you know
average retail investors in Bitcoin
thought that bin main was like just the
like the cutting edge of ASIC
development and so you know it turns out
what actually happened was they've
released their cutting edge miner the s9
in 2015 the engineer that designed that
left and then since then they haven't
really developed a new cutting edge
miner in the interim since that time
they've spent a lot of time in trying
different chips and things but without
that chief engineer they've all failed
so that's actually cost them hundreds of
millions of dollars in the meantime you
know they're they've also invested in
Bitcoin cash which you know if you look
you know not only invested they kind of
went in hard and try to maintain the peg
with with Bitcoin and that was a failure
because people are selling Bitcoin cash
and nobody wants to use that as a
long-term store of value because it's
obviously a bad investment and so if you
look at their balance sheet there's
basically a massive amount of inventory
for obsolete miners which is all the
field mining it's a failed attempts to
set up new miners so that's a massive
amount of inventory you have all the
Bitcoin cash coins they're not at the
market value but at the cost it took to
mine them
so their balance sheet is total trash
and then you know they're going out to
IPL road shows and apparently they went
around telling people that you know
institutional investors like Temasek
which is like Singapore's Sobhan wealth
fund one of the most qualified sovereign
wealth funds in the world was interested
in investing and they actually released
a statement that they're not interested
in the rest so you know it's just kind
of interesting because when you dig into
it like how has bit men been able to
maintain the monopoly over ASIC mining
when we're all in this period if they
have a poor product and you dig into it
it turns out like it's really just a
classic they release the product first
and they control the supply chain so
they block out other people from using
their suppliers
David boric who's one of the SIA SIA
coin devs you know the see a coin
community tried to release their own
ASIC miner and they were kind of like
boxed out by bit main pressuring all of
their suppliers and it's kind of funny
because you know this is supposed to be
a decentralized movement and everybody
can produce everything but at the same
time this is like hardcore industrial
supply chains Dodge
this is the type of thing that like
Apple does so when they first released
their thing he was like their iPad or
something but one of the they had some
massive LCD screen that nobody else can
produce in fact it might have been like
the mat books steel case they went out
and they built the machine specifically
for that and then they they contracted
for all the inventory to produce those
machines so they like locked it down for
like a year and a half before anybody
else could even compete and by
controlling the supply chain they were
able to have the best product because
nobody else could you know bring in
anything in it turns out that's how bit
man's been maintaining their monopoly
that's not going away because their
chief engineer he started up his own
company there's a couple other people
who are starting up their own companies
it's clear that they have their own
suppliers now they're not able to
produce the same scale that Bittman is
yet but you know there's competition now
all right Marty is your thoughts on bit
mean will they be able to pull off the
IPO yeah I'm sure they'll pull off the
IPO I'm not sure how successful it'll be
but yeah and to go along with with what
Jeet was saying about the supply chain
we're finding is there is three to four
foundries in the world that are capable
of creating
this like the silicon that can basically
enable basic chips with I'm butchering
this right now but below like 12
nanometers there's only like three or
four foundries in the world that can
serve as this type of chip manufacturing
and the way you work with these
foundries is you rent out space on their
manufacturing floor and yes david wark
pointed out in that article that that
bit mean has attained a certain economy
of scale where they can lock down a lot
of the time on these on these
manufacturing floors but without being
said I think bit Maine is slipping up
but I've said it in the past like I
think they're gonna be the Icarus story
of Bitcoin where they feel a little too
close to the Sun egos got a little too
inflated thought they had a little bit
too much a little bit more control and
actually did over the influence of these
networks and this overall ecosystem so I
think just from just poor business
decisions in the past obviously the
balance sheets trash right now with with
that much Bitcoin cash they have I think
they're gonna slip up in the longer like
g'd said there is more competition on
the way and I think this is a good time
to actually bring up mining is probably
the most centralized aspect of Bitcoin
at this point like we should be
encouraging more competition again in
this space
so it's good to see the designers leave
and start their own companies then on
top of that there's multiple ways
through which we can be centralized
mining a little bit further and that's
me of the mining pools so implementing
something like Matt Correll owes better
hash mining pool protocol could actually
help decentralized mining a little bit
more to so it actually like to see a
little more discussion around pools
trying to make that happen in
bootstrapping that process because as we
all know again mining is very
centralizing think it is getting more
decentralized so from the manufacturing
side it's awesome to see MIT name yeah
taking a taking a knock down and then on
the pool side I like people to start
talking about better a little bit more
okay excellent
Federico do you have any thoughts on
this bit made stuff for well it's been
that
a very very good company from suburbia
stated they build their fortune during
the luster market which was not easy
they were very good at what the atom job
and they were the most efficient at
producing the statics and if it wasn't
for and they they cut corners the
creator of the so they they they really
look for profitability at all cost and
if he wasn't for this those very
expensive mistake to date in the past
year which was investing in between cash
and the Federal Reserve a few of the
last beacon Isaac's they will be so big
that they would be actually a huge
problems of its connectivity they would
have too much power
now they also have an investment branch
so that they actually invest in a lot of
startups so it's not just about money in
the controller actually a lot of
companies that will become big in the
futures now they are mostly Bitcoin cash
start us to become casual startups so it
won't be the tournament I believe but if
it wasn't for and then definitive split
that they would probably control control
a difference on many because startups
which will give them even more power
which is good so I I still believe that
big man will be a major player in the
industry for the next five years because
they still add a lot about the state is
still a lot of know-how they still have
a lot of connection stuff even if they
did some very specific mistake they can
still come back to be a profitable
company
I'm not sure how their IPO would go
probably not as good as they expected
the overall I think the big man will
continue to assist us as a big player in
the industry but at least thanks to
those few very expensive mistake the
situation will be a little bit more
centralized the money manufacturing
would be a little bit more interest
which is good for Bitcoin is good for
the value of Bitcoin so indirectly is
also kinda good for big night because
they are learning to code their
companies with the on Bitcoin sir
it's good also for them that bitcoin is
morality so yeah there's birthday all
right we're getting here toward the end
of the show I want to ask Marty about
something that he tweeted out I found
this article very interesting the Pierre
Rashard buyers of last resort peace
Marty can you speak on that real quick
that about the concept of the buyer of
last resort I like that that they
definitely exist in the Bitcoin space
yeah I think what Pierre was trying to
do with his articles come from a point
where people can sort of understand
Bitcoin by comparing it to the
traditional banking system that when he
that was compared buyers and last resort
to the lender lenders of last resort
which is the central banks and our
traditional banking system so when we
have a crisis and businesses are
shutting down and the market needs
liquidity you have the lender of last
resort which is the Fed which steps in
and injects money and so people get
loans going sort of stops the
deflationary cycle and then with Bitcoin
you know the buyers last resort you sort
of step in and create a price floor when
prices are falling pretty drastically
after a parabolic mode usually so yeah
Pierre did a really good job of laying
analogy he describes six different types
of hires last resort so it really
depends on your situation
there's some people who just dollar-cost
average every week about $50 a week
every week no matter what the price is
there they're creating some type of
support then you have people who are
waiting to buy in a very specific price
whether it be forty eight hundred or six
thousand it's a certain price they're
adding a different type of support and
it really goes into defining the like
the depth of the order books beyond what
you can see on the exchanges it's it's
really a mental s there's a mental
aspect to it as well where where hunters
have a certain number in mind where
they're willing to buy or sell Bitcoin
and that adds to the liquidity in the
death of the order books
all right strong hand people long-term
thinking on that frickin like button gee
did you have did you have time to read
that one
I did yeah and I thought that there was
like a couple of charts in the back
where he just gives you like sample
investment scenarios and asked you to
guess which is the best scenario for
your investment returns and one is a
line that kind of just goes straight up
the other one is a line that I guess
it's kind of you know wavy and you know
it's not clear and then there's another
line where it's kind of really low kind
of like the situation we're in now and
then afterwards it spikes up and if your
dollar cost averaging buying $50 a week
the situation that is kind of mentally
the most difficult is the situation
where you know you're pending at a
bottom and you're just hanging around
there for a while there's not a lot of
action and you're completely bottomed
down but that's the situation where your
dollar cost average buys end up
purchasing you the lowest average cost
so you know versus a situation where
you're kind of going straight up it's
actually better for you to be purchasing
during these down periods and I think
that that's like that's like the whole
idea of being the hot last resort I mean
this isn't a company like bit Maine
where you can plot out the cash flows
and value it like a traditional company
this is a non-cash produced an asset so
it's hard to say what price you should
buy it because there's no framework for
it the only framework you can use is do
I think it's gonna be more valuable in
the future than it is now this is a 70
percent decline from the top and the
world's only getting more complex
governments aren't able to really manage
that currency you can see them making
poor decisions all the time regardless
of a country you look at you know
budgets all over the place over taxing
people and their control and ability to
maintain capital controls it's just
declining so for me the scenario where
Bitcoin becomes a global store of value
is only going to get stronger in the
future all the trends are playing
towards that and so this decline is like
yeah it's tough but at the same time
this is actually kind of a good
purchasing I mean you couldn't ask for
more so I'm actually pretty I like that
title and I think that's like a good
framework to set people up to think
about how they should be investing all
right one thing I like to say is that
one Bitcoin equals one Bitcoin if you
think this is value your wealth and
bitcoin don't worry about what the price
is you think about how many Bitcoin
you're gonna need in the future so it's
the only stable coin you need
it is the true stable coin big bitcoin
is stable point alright let's let's get
to everybody I guess final thoughts here
Federico let's start with you first a
federal agency you want to mention up
the liquid network do you something to
say about that
yeah I've been following the liquid
projects for a while and it family who's
not a sweet committee they finally and
never leaves it so now the train is
running the section is running and I
think it's quite an interesting project
okay if you are into Bitcoin because
it's it's completely trustless and you
don't have to trust anyone liquid is
it's naturally for you but there are
nice situation when you even if it can
you still have to trust people anyway
example when you move money from a craft
and to be stopped you're moving money
from an environment which is that
trusted environment to another
environment which is still a trusted
environment so it doesn't really make
sense to use a completely trust ledger
which is the Bitcoin blockchain to do
this transaction so the idea of adding
another amount of ledger which is kinda
which requires a much more drafts
because liquid is a Federation so you're
just trusting down between exchanges
basically a must for most use cases it
doesn't you don't want it but for for
many use cases like moving money between
exchanges is it's very iterative
exercise is really useful and I I'm not
sure about the I believe you know a
large part of current Bitcoin
transaction are just 4/4 ready for
circulation some people moving money
between exchanged so thanks to liquid
probably we will have less pressure on
the blockchain which we will make the
fiscal star so we will have a little bit
more tact scale as the network and other
states another to think about liquid is
that is a good question
testing ground for new technologies that
could be implemented in between the
futures so for example in liquid is
already implemented confidential
transaction which is a way to either
amounts in the transaction using some
non zero knowledge proof tricks which is
which has a certain difference security
assumptions so I don't understood they
will be ever implemented it going
still it's good to have this testing
ground they they also implementing this
confidential asset which is the same
thing but you can issue us this generic
gossip like color coin on liquid and
that would configure and the privacy
both on the amount transfer and on the
nature of the asset itself which is
which is kind of cool it could I'm not
sure if there are actually many people
looking for this kind of application in
Teresa listen to the set mark and also
because if they develop it
the covering tested the market before
but yeah if you just in terms to the
interest business you don't want to make
any compromise liquid is not for you if
you're using exchanges liquid is good
for you because it you save this you
save time so that way it's much faster
they can settle transaction in under two
minutes or something so I mean it is
something good to have they are not
researching the promise of this the
original whatever that those such and we
can trust lesser the Baggies process go
through you have to trust anyone that
didn't really happen but still we end up
with something that is usable in some
some situation and and these are very
nice custom graphic Rogers something
that you kind of alluded to you in that
remember people you don't have to
participate in the liquid network it's a
second layer thing you probably will
have no reason to do it so there are
people that are ripping on it for
various reasons great you don't have to
deal with it if it breaks great it won't
affect the bottom layer that's why you
do these second layer experimentations
and again they're still working on it
and hey if it's not your cup of tea then
just ignore it it doesn't it doesn't
break the bottom bitcoin base layer
there all right Frederico thank you for
beyond the shirt was there anything else
you want to add any any other thoughts
canary thoughts that you had on any
subject matter
yeah I just wanted to add one thing up
the topic before about the buyers of
last episode I think Lori's a wonder
there is so much buying pressure on it
kinda surprised it's not just because
people expect the price of Bitcoin to
grow I think there are also the factors
is lenio that the Bitcoin today is the
only way to actually have control on
your world so the the way to the pay of
ambedkar now is not the time keeping a
beak on just because I'm setting Bitcoin
to grow in value even if I knew for sure
that bitcoin is not gonna grow any more
I will still keep let me become because
I'm not gonna put them in your bank and
I'm not gonna put them in all of them in
risk investments so many people they put
money in is going because that's the
only way to control your whether you can
do with God but I personally I wouldn't
be a been able to have the capabilities
to store God in a secure way so we've
been kind of in doing so the some of the
of the by support also comes from from
this is well I hope more more people are
learning that this is the best way to
control your own wealth okay but a lot
of people don't want to take they don't
have personal responsibility they don't
want to even do it but let's let's move
to Marty your conclusionary thoughts and
if you had anything to say about liquid
also yeah like you get it like Frederico
said liquid and you said that and liquid
is you don't have to participate it in
it if you don't want to I'm very happy
that a launch is just proves that hey at
least a form of these second layer
solutions exists they're pushing it
forward maybe the launch of liquid gives
a team that's been thinking about
launching a side chain a little bit of
confidence and they go out and try and
do it like maybe if that's all the
liquid does then I'll good good on them
I'm personally not going to use liquid
side you know I'm not an exchange I'm
not pushing that much Bitcoin so I don't
really need it but it is a use case it
is there for the people that want to use
it and it works so that's pretty cool
fine with that yeah
uh that's I'm really really excited to
see what no other stories to share or
anything that's that's what I met my
final anything anything the floor is
your assault I think I mean this has
been talking about about a knife the
last couple weeks but it's really cool
to see what samurai and Goten are doing
at the mesh networks I think that's
really cool
I think that's something that it's just
interesting it's cool I might not be
like getting a lot of usage right away
but it is the cool failsafe to have for
for a thicker it ever goes down in
particular areas or something like that
it fights that fun that you and I hear
all the time whap the internet goes down
groats ever needs to grow a lot more for
it to be a viable viable solutions the
whole internet goes that but it slowly
but surely well it's just it's just what
you said about liquid also maybe will
inspire other people to build something
similar and I really like that point
that you may not the liquid network it
will inspire other people to do side
chains this is just the beginning I mean
so we're we're in a very early early
time and they're gonna be other great
side chain experiments that people will
find also but sorry I didn't know yeah I
was gonna say it's it's basically I said
thanks for having me on
it's a pleasure to meet you tin
Frederico band Twitter fans for a while
you'll find me on Twitter I've already
bent and I got the newsletter in the
podcasts about it yeah remember guys all
these dudes contact information is below
and there's a lot of people watching the
show right now that was YouTube sent it
out the 500 live viewers so this is I
don't know what's going on out there so
you guys these dudes rock though we got
the best guest in the space G I'll let
you hear that you're the new guide in
the show but you've rocked it of course
like I knew you would you've got an
awesome Twitter feed
any thoughts on liquid but any
conclusionary stories or thoughts also
anything pertaining the Bitcoin or
crypto yeah you know I don't know enough
about liquid to be able to comment and I
kind of tend to agree with some of the
criticisms like I don't want a situation
where we start developing trusted
parties and I think the more people that
are transacting on on chain the better
well I I just want to say
like you know I think you guys are
talking about goat Anna I think gote
Anna I saw actually have four ago ten
toes and one of the unknown features
about go tenors is like once you get to
a pond your phone
they have like maps that work even when
the internet is down so I actually was
stuck in California where there's no
kind of Maps was able to actually access
cell service pulled out my go tenant app
I had the map already download it was
good to go be now getting rich to the
network the internet mafia did not like
I'm talking about my Nash Network okay
everybody I'll give my conclusionary
remorse with hopes that shall return
from his uh side there's a there's a lot
a very here we go guys remember this
show this weekend bitcoins every Friday
we've got different gifts every week you
can watch all the all of this with your
Bitcoin shows at Tech ball comm te CH be
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te CH be alt all these guys Twitter's
are linked to below also disrupt meister
comm I post a new show here every single
day Saturday shows beyond Bitcoin show
that's on Saturday night so tune in if
you want to hear about stuff way beyond
I'm crypto and Bitcoin philosophy type
of stuff gee are you back I think I'm
back can you guys generally yes students
without in your if you're talking about
go tenets and the California situation
alright so completely lost and to go
tend to a pop they have a map right
there it helps you have to get out I
think go tonight and Bitcoin fall in
that same category is stuff that it's
just like it just increases the
negotiating position for just normal
people so I don't know how to use I like
that say Google Maps they don't like me
they shut off my Chrome apps now I have
my go to no Maps or communication wise I
have go tena same thing with Bitcoin I
think that you know the
uncertainty is only increasing in the
world and central banks wants you to
either invest in assets or use their
currency but most central banking based
currency is very poor it's not a good
investment and so instead of placing
your life savings and wealth in the
hands of people who are kind of
generally incompetent and have done have
a good track record you just place it in
Bitcoin and feel completely safe and I
feel like that kind of improves every
humans negotiating position and that
just makes me super optimistic and I
think go 10s part of that and I just I
just feel like the negotiating position
for the average person in the world it's
just increasing every day and it's only
getting better from here all right
people that's why you get into Bitcoin
but not everyone's opting into Bitcoin
some people opt to stay into the old
Fiat system stay in the matrix they're
happy with the blue pill but hey 20
percenters come on over to Bitcoin
people watching this show bang that bail
button so you get reminders subscribe to
this channel new people I'm adam meister
the bitcoinmeister everybody have a
great weekend we will see you tomorrow
we'll see you next Friday
shabbat shalom as we say
