• Category Archives Politics
  • WCN Bitcoin Group #136 – ASICBoost – Japan accepts Bitcoin – BFX Coin – Distributed Rendering

    April 7th from NYC: This is a very important episode. It was the one right after ASICBoost revelations were uncovered by Greg Maxwell of Blockstream. Here is the TL;DR:
    0:01:00 – ASICBoost – This is a serious problem. I fully believe Bitmain has been doing. The good news is that we now have clarity and this clarity should go a long way to people demanding SegWit gets passed sooner than later. Anyone still supporting Bitcoin Unlimited is just an Idiot. These people should admit Jihan Wu played them but instead they are doubling down on the stupid.
    0:33:50 – Japan Big Retailers Accept Bitcoin – I do not care for this development because the retailers immediately convert to Fiat. This is not helping the Bitcoin economy unless the Bitcoin is moving in a circular fashion. I also do not expect many people to actually come in and spend Bitcoin (why would you want to spend something that will go up in value if you have other currency to spend)
    0:46:00 – BFX Coins Get Paid Back – Bitfinex has paid off their debt tokens which they issued after the hack. Good for them, glad to see that there is a responsible management team at a Bitcoin exchange.
    0:57:00 – Distributed Rendering Paying in Bitcoin – I’m not sure exactly how this tech would work, so I basically ask a bunch of questions.
    1:09:00 – BONUS – I once again give a price prediction —-> HIGHER


  • Freedoms Phoenix Mar 2017 – More Bitcoin Scaling and Politics

    Freedom’s Phoenix is one of my favorite shows to be a guest on. Ernie was the first person to give me a public interview that helped kick off my career in the Crypto World as a public speaker. I wish there were other major topics to discuss but it feels like for the last 2 years every time i’m on the show i’m explaining the Bitcoin Scaling debate. This time it’s SegWit vs Bitcoin Unlimited. After that we get into the discussion of Politics as usual.
    Here is my profile on Freedom’s Phoenix to see all prior appearances

    2017-03-15 Hour 3 Tone Vays from Ernest Hancock on Vimeo.


  • WCN Bitcoin Group #125 – Trump Bitcoin, EthC ETF, Karpeles Interview and Miami Bitcoin Conference

    January 20th from Hunter Mountain NY: I know my connection was bad but it’s the best I had being on location in the middle of nowhere. Here is the TLDR
    0:00:02 – Is Trump Good for Bitcoin? I have been saying for a long time that both Trump or Hilary could be good for Bitcoin but for different reasons. Unlike Hilary, Trump is anti-tax so this would be very bad for bitcoin as it might not be a use case. However we still need to see his stand on the drug war and if he is anti drugs that would be good for bitcoin. He might also make remittance to Mexico harder which is a very good thing for Bitcoin. Exit question was the price of bitcoin in a week and i’m pretty confident it will be higher. (price at the time was $900)
    0:23:00 – ETC ETF by Barry Silbert: My position on ETC has not changed since day one, I expect the price of ETC to equal ETH in the future. As for Barry, i have been very critical of him and what he is doing with his statements on ETC and buying it ahead of time then pumping it with his comments. I am also critical of Barry about his current Bitcoin Trust product. I also think it’s silly to have a Bitcoin ETF so imagine a Shitcoin ETF. A Bitcoin ETF has two major problems and about a dozen small problems:
    A. Who is going to be responsible for the security of the Underlying asset (aka Bitcoin that can be stolen)
    B. Allowing a Bitcoin ETF is opening the door for a OneCoin ETF and everything in between.
    0:45:00 – Mark Karpeles: Not much of an opinion but I will try and get Karpeles on my new show CryptoScam
    1:05:00 – Miami Bitcoin Conf & Hackathon: Just general thoughts on the event from Chris DeRose and Myself. (I would love to see a conf in Cancun Mexico)
    BONUS: Coinbase is insane for their speaker quotas for the Consensus Conf.


  • WCN Bitcoin Group #124 – China uses Leverage – GBMiners Ponzi? – India Booms – Backpage

    January 13th from Miami: This was an on location appearance as I was the Keynote speaker for the opening night of the Miami Bitcoin Hackathon (which was great by the way). Here is the TLDR:
    0:00:02 – Regulators Investigating Chinese Exchanges: This is a serious situation which caused the price of Bitcoin to drop over $100 in just over 24 hours. It also looks like we are already seeing reduced leverage coming out of these exchanges but there is no word on results of the inquiry. I also accuse BTCC of fake volume and make a case that this space needs more regulation without the KYC of the consumer.
    0:38:50 – GBMiners Ponzi?: This topic was specific to Cloud Mining Scams out of India but I take the position that all Cloud Mining operations are shady and will turn into scams sooner or later. Yes this includes Genesis Mining and BitClub which for now seem to be some of the ‘more’ honest operation in the space. Also talk about how convoluted Bitcoin inspired scams have been getting and the job of scam busting becomes harder and harder. Bernie Madoff history also came up in the context of those scam busting rich and powerful people are putting their life in danger.
    1:14:00 – Price of Bitcoin in India: It is all supply and demand, but in India most people are poor so no one is probably buying a full bitcoin. I still think it’s the headlines that cash is being eliminated which is stimulating interest in richer regions like EU & US which is doing all the speculation. I also reference a great study on the elimination of cash from Harvard Business Review.
    https://hbr.org/2016/05/the-countries-that-would-profit-most-from-a-cashless-world
    1:33:00 – Backpage Shuts Down Escort Section: So it did not take long to figure out where all those ads went. They have migrated to the Dating section so just check out “Women > Men” to find the same ads you were used to (or Men > Men, we don’t discriminate here). Also talk about how stupid it is to run this company publicly nor fly through US territories. In addition companies like Paxful or Xotika should be getting ready to fill the void in case Backpage does go down for good.
    1:50:00 – BONUS: I predict the future of Bitcoin perfectly. I explain why Bitcoin will go up $75 in the very near future because of a Cup&Handle Pattern and it did just that within 4 days without any downside.


  • Bitcoin News #31 – Bitcoin Rally, Fed Rate Hike, Bitcoin in 2017

    December 19th from NYC: This turned out to be an excellent episode. A lot of the conversation revolved around General Economics as much as Bitcoin. Here is the TLDR:
    1:05 – Bitcoin Rally: We talk bitcoin price and the news that it is once again the best performing asset. The price was around $780 at time of recording and I show charts where I’m expecting a swift rally to all time highs of over $1000. I also talk about how India and Venezuela are not having that much of a direct affect on the price rise but them being in the news and richer countries taking notice is a reason for some of this rise.
    32:20 – Fed Rate Hike: We get into a long economic discussion about the Rate Hike. I do not think it has any affect on Bitcoin and very little affect on the overall economy. The Fed is like a dog chasing its tail. The market has already decided that rates need to be higher hence yields on Gov’t bonds already went up, so the Fed needs to keep up. On the flip side, one of the reasons why the rates whent up is of course due to the expectation that the Fed will raise rates hence we are back to a circular self fulfilling prophecy. I also discuss how the rise in rates should not affect stocks. We also get into the history of the Federal Reserve and I take the side that the original reason for its creation was not as conspiratorial as many think in relation to Jakyl Island. It also had a lot to do with the the 1906 San Fran Earthquake. For more on this topic please see the links in the following post from about a year ago. At the end I talk about why i’m looking for a 2-3x increase in stocks over rest of the decade.
    1:13:15 – Predictions for 2017: I am very optimistic on the price of Bitcoin into August 2017. I would like to see Netfix offer an ala-cart service via Bitcoin. I’m also not looking forward to the ETF and i also talk about why i think ICO’s will start go away and regulators will bring the hammer. I also see Bitcoin dominate the market of crypto and get back to 95% of total MCap.


  • WCN Bitcoin Group #121 – Coinbase Lawsuit – Open Bazaar $3M – War on Cash – Venezuela

    December 16th from NYC: Another good episode with great topics, here is the TLDR:
    1. Coinbase Lawsuit – The guy suing the IRS is not that interesting but the class action lawsuit against Coinbase for assisting Big Vern of Cryptsy to get out millions before running away to China is fascinating. What is even more interesting is that the recent changes at Coinbase are making it more and more like Cryptsy with all those altcoins.
    2. Open Bazaar Funded – I do not have all that much of an opinion on Open Bazaar. I do not consider them a scam since they did not tokenize (yet) but i’m also not sure why someone would use them when there are more convenient options everywhere.
    3. War on Cash – more countries are planning on eliminating large denomination notes. This time the focus is on Australia. I have discussed this concept many times and have an article on it from the old CoinTelegraph days called When Banks Become Law Enforcers. The reason to eliminate cash is 3 fold:

    A. It allows the government to set any monetary policy they like without any consequences other than long term economic imbalance (aka Negative Interest Rates)
    B. It eliminates the possibility of a Bank Run and those long cues in front of ATM machines and banks as there is no physical cash to withdraw.
    C. It enforces taxation as the Government already sees every citizen as a tax dodger. They think that it is the cash users that have prevent governments from creating a utopia.

    The elimination of cash is the greatest thing that can ever happen to bitcoin.
    4. Venezuela Pt. II – For the second week in a row we talk about the specific economic issue in Venezuela where they have taken a page from Inida’s play book and eliminated their largest bill (100 Bolivar Note). The Gov’t claims that they are replacing it with a 20,000 note but no one has yet seen one.


  • WCN Bitcoin Group #119 – Coinbase vs. IRS Round 2, Latin America, SFMuni Hacker

     Dec 2nd from NYC: This was a very good episode where we dive deep into important topics. Here is the TLDR:
    1. Coinbase vs IRS Round II – I continue to say “I told you so” and explain that the outrage towards Coinbase is unwarranted. Between their KYC requirements and the horrendous law IRS put on the books for Bitcoin users in the US it should have been obvious any user is assumed to be Federally guilty of Tax Evasion until they prove themselves innocent. Since the technology is not really there for any random citizen to prove themselves innocent to people that probably do not even understand how bitcoin works, ANY user of Bitcoin user who is also a US Citizen is putting himself at great legal risk. You also get what you pay for. Buying Bitcoin in the street paying a 10% premium for anonymity will greatly reduce this IRS risk vs only paying 1% from the comfort of your own home via Coinbase.
    2. Latin America – There are great reason for why bitcoin is used in Latin America, but talking about it brakes rules #1 & #2 of Fightclub. I’m disappointed & a bit worried about Rodrigo for going public. 
    http://reason.com/archives/2016/11/28/the-secret-dangerous-world-of
    http://reason.com/blog/2016/11/30/rodrigo-souza-bitcoin-venezuela-brazil
    3.  San Fran Muni Transportation System Hacked – We should all be thankful for CryptoLocker in a way, they are educating people on Internet security & why you need bitcoin. They also have a very helpful support staff that will teach you to acquire bitcoins :).
    BONUS: I make a case how mining can be sustainable and decentralized after the new bitcoin creation subsidy ends and most fees are captured by layer 2 protocols like Lightning.