Big thanks to Vortex for getting Tuur on the show. Tuur is a very respected analyst and is one of the few people in the crytpo space who has been doing really good (none technical) work. I have been a follower of his for some time and happy to share a podcast with him for the first time. It focused on the following article he wrote which criticized the value proposition of Ethereum. Why I’m short Ethereum (and Long Bitcoin) The following is a discussion of that article:
October 7th from NYC: Here is the TLDR 1. Backpage CEO Arrested – This is unfortunate but not unexpected. We all knew that he was running the biggest escort site on the planet and just like DRP of Silk Road the admin is being held responsible. I do not understand why these people chose to keep their US Passports and travel to US and being a public figure is even more unbelievable. 2. Scaling Bitcoin – Looking forward to many things coming out of the event but the smooth implementation of Segregated Witness is what I'm looking forward to the most. BONUS: I attended the Ross Ulbricht appeal hearing, I walk about it at the end. I walked in optimistic but after listening to Ross's lawyer not have any ability to articulate the reason for the appeal (which I though was a shoe in light of 2 federal agents involved getting arrested) i walked out very disappointed. However there is a chance as the judges realize that the punishment might not have fit the crime. I talk about all the details below.
September 30th from NYC: Here is the TLDR 1. Bitcoin Unlimited Bounty Grants – This is kind of silly as all they will get are people that do not care about the tech simply programing for short term financial gains (like Alt-Coiners & ICO devs). 2. OneCoin – It’s a scam so obvious that not a single bitcoiner will ever lose a penny. But what Ethereum, Steemit, Dash and other fans don’t realize is that their project are no different… “You Are OneCoin!” 3. UnoCoin – I really like the efforts over an India from the Bitcoin Community, Keep up the good work guys. 4. Deutsche Bank – EUR is in deep trouble, the stock price will bounce but I do not expect the Euro to exist as a currency by end of decade.
September 25th from NYC: Not on this show as often but the topics were good, here is the TLDR: 1. Which US Presidential Candidate is Better for Bitcoin – They are both good but in different ways, Trump will double down on drug enforcement while Hilary will double down on Tax Collection. These are two of my 7 use cases for Bitcoin. 2. Ethereum Being Attacked by Hackers During Devcon2 – Bitcoiners don't care about your scam enough to waste their time and money attacking it, go blame find the 16yr old on his Mon's couch poking holes in your insecure project.
September 23rd from NYC: Here is the TLDR: 1. Bitcoin is Money – No one really knows, it’s all about how it is used and this time a judge in NY said that it was. Lots of questions surrounding this case. 2. 500 Million Yahoo Accounts Hacked – Not surprised, unless you were using that log/pas combination to secure your bitcoins, who really cares. 3. Bitcoin Unlimited – We all like you Roger, but on this issue I do not agree and I think the Bitcoin community is harmed by this infighting. Bonus: I like the Paxom team and they are doing great work helping Bitcoin become a circular economy, but this stunt puts on my list for this year winner of the Darwin Award: http://www.local10.com/news/florida/miami-dade-county/armed-trio-arrested-in-miami-beach-walks-out-of-jail?v=1
Sep 16th from NYC: No major news again but a few interesting developments in the crypto world, here is the TLDR: 1. Mr. Robot – We once again talk about Mr. Robot and the attempt by the banks in the show to eliminate cash. This is no different than all other stories of this type from Federal Banks around the world. There are 3 reason they want to eliminate cash: a. You can set any monetary policy you like (ex: Negative Interest Rates) and there is nothing people can do financialy to object. b. If there is no cash, there can never be a run on the bank and all the pictures of people in line for ATM’s will be left to history c. In the eyes of Government, we are all Money Launderers and Tax Evaders, so to them, the existence of cash is what has prevented them from solving all the world’s problems. 2. Ripple gets $55M – The concept of Ripple having a free floating value token to do their service is a cross between Scam and just plain stupid…. More money down the toilet. 3. Paul Sztorc Blasts Altcoins – I respect Paul’s position and agree with him 98% of the time, the only thing I would alter in this case is that it’s not Satoshi others are disrespecting, it’s the idea that PoW is no a requirement for a Blockchain. 4. Circle iMessage – Since I have never used Circle nor an iPhone this is hard for me to comment on. I did my best but probably got a bunch of things wrong. Bonus: R3CeV has no idea what they are doing. I’m also predicting that the hype over anon coins is about the end.
Sep 9th from NYC: In this special edition due to a slow news cycle, we play movie critic in analyzing how Bitcoin is portrayed by Hollywood in Movies and Shows. Here is the TLDR: 1. StartUp – The new show from Crackle is about an alt-coin called GenCoin. The show acknowledges the existence of Bitcoin and other alts (with Made Up names). The show gets a huge Thumbs Up from me and now that I have finished Season 1, can't wait for Season 2. 2. Mr. Robot – Bitcoin was not mentioned in Season 1 but plays a big part in Season 2 with Dark Net markets and E-Corps attempt to create a private crypto currency to eliminate cash. I am not a huge fan of the show and find some of the unrealistic parts (like one corporation being the only bank in the United States or CTO's going gay for carear advancement reasons) too much to ignore. 3. Dope – The move was pretty good and had a good understanding and implementation of Bitcoin.
So what is a Bitcoin Troll? It’s a question I recetnly asked and got the following reply:
So let’s try and keep this short. It looks like the use of the word Troll lately is to just describe people you don’t like. What originally started out to describe those that would take an on-line conversation off topic or disrupt it (on purpose or otherwise) has no extended to everyone you disagree with. It’s also commonly used to describe people who are asking questions or pointing out problems with projects that you like because it might expose the issues in these projects.
In the case above, this definition seems to look a lot like the definition of a Bitcion Minimalist which is a term credited to Vitalik Buterin for creating. One day we will find out who exactly he was talking about, but right now credit seems to be taken by the hosts of the podcast Bitcoin Uncensored. Recently, I found the following video very enjoyable so thank Tai Zen for taking my name to the top of the list. So why do all these alternative crypto currency believers hate us so much? Mostly it’s because they feel that we are in their way of getting rich. Let’s assume for the sake of argument that you are a part of a project where the architects are actually working on something revolutionary and not doing it just to get rich for pre-mining or just handing themselves coins on day one. Of course these project are few and far between as both Ethereum and Steemit failed this from the start. (more on that in upcoming posts) The question that you have to ask is, why launch a free floating coin with its own exchange rate? This is a very simple question and when it comes to Bitcoin the answer is also very simple as it was designed to be a peer to peer value transfer. But if your project was not designed for this purpose the only reason to have this feature is to get around current regulation on qualified investors & company share trading so that you can make money by launching the coin.
Another thing us Bitcoin Maximalists try to explain is that in the end all PoW initiatives are in direct competition with each other. (PoS is not even a Blockchain in my opinion and a topic saved for another day) Even if they use different algorithms and hardware, in the end they are still relying on the same burning of energy and decisions made as to which hardware will get the investment. In really just comes down to security that depends on the amount of energy burned. If this energy is being evenly burned between 10 PoW coins, they are all independently 10 times less secure than a single PoW chain would be. In the end there will probably be only one because we only need one. Just like we only have one internet that everything was built on top off. Yes, the internet is not perfect as it could have definitely had more privacy centric measures with better security, but hopefully that this is something that would be corrected this time around with the protocol of value. Taking a position that we only need one PoW public ledger, it now becomes a matter of choosing which one, Bitcoin Maximalists picked their horse, have you?
This was a quick episode as the stories were not all that important. Here is the TLDR: 1. Bank of Canada puts out a paper on Bitcoin price Stability – Bank of Canada has been doing lots of research in the space but they are just not willing to admit the obvious. It's not that adoption will stabilize the price it's that the price for small items will feel stable once the price of bitcoins reaches far beyond $10,000 each. We just need more value On-Chain. 2. Venezuela – Bitcoin should be very popular there but USD is probably still more so. They don't want to speculate they just want stability. I have no idea how Dash fits into the story, lot's of strange things involved. 3. Hacks – Goes to show you that some Bitcoin related sites are taking security seriously… hope Bitfinex is listening. Bonus: David Seaman has either got certifiably nuts or is off his meds… i don’t see how that’s debatable: https://twitter.com/WhalePanda/status/771564496145952769
From Aug 17th in NYC: This was the first panel of the day where Bobby Lee and I decided to focus on what a Blockchain actually is (aka Blockchain vs. Bitcoin is usually the tittle). As I’ve said before, I go by Satoshi’s definition, so “Proof of Work” (PoW) is necessary for you to be called a Blockchain. If your project does not have Proof of Work, then it is either some kind of a database or a public Proof of Stake (PoS) system. I do not really know how to classify PoS but I stand by my comments that there is nothing technologically innovative about PoS and believing anything economic can run on it is equivalent to believing in Unicorns & Mermaids.
Here is the video, I was going to say something to the woman on the panel that suggested to put people on the Blockchain but time was limited.