This week in Bitcoin- 8-24-2018- ETF fatigue, Banks confiscate, Bcash split, Ethereum, Bitmain
Hello. Everyone. This. Is adam. Meister the. Bitcoinmeister. The. Disrupt, meister. Welcome. To. This. Week. In. Bitcoin. Today. Is. August. The. 24th. 2018. Strong. And long, term thinking on. Confiscate. Able ok, dudes we, got pointed, this week in Bitcoin going on today, we don't know where Ron Galt is but he couldn't show up at any moment, but we do have Ansel. Lidner and we do have, Kevin, Pham making, his debut. On the show he's never been on before all, of their links are below everything, I talk about in this show everything we talk about in this show is linked to below get, your treasure or your t-shirts everything, all. Sorts of affiliate links are below also disrupt, meister comm, follow me on twitter at tech ball all right so let's start off with something, that's a, tweet, by, fluffy, pony no it doesn't have anything to do with Manero it is. SEC. SEC, denies. Bitcoin, ETF, is the, new China. Bans Bitcoin. Of 2018. I really. Couldn't say it better myself actually. Hansol, what. Do you think of it this, week obviously we've, had a lot of ETF. False. Flags I don't know if any would I call it which. What's your what's your thoughts, on this ETF stuff. Well. The. The Fudd specifically, the Fudd angle of the ETF denials, I think, it's completely. Different than the the China thing but. I don't. Know maybe there there, were people like I'm pretty calm right now even, with all this the, ETF stuff but maybe. There were people like that that were really, calm when. China was going going. Down so, to. Me it's, not, nearly, the same yeah, it's, not nearly as big as a mountain ox or the, China. Crackdown so. Yeah. I think this is just there they're looking. They're stretching, to, find any sort of FUD they can I just. Well yeah, I think I think what he meant is that it's just like everyone. Was used, I mean like last year they were the year before people. Would just talk about shine now like it was the biggest thing in the world and it's not the biggest thing in the world just like the eats every, little ETF, getting rejected isn't.
The Biggest thing in the world that's. My take on it and that's. That's what I want to remind people I mean I've been calm this whole time it's, it's jet it will be approved eventually. And I, think people are just talking, about it because it's something to talk about and, I. Don't, know if people like to create but Kevin what's your what's your opinion in all this. My. Opinion is I, don't, care what the government of Wall Street does bitcoins. Not supposed to care we're not sort of care we got to 20k without. An ETF. We. You. Know we we. Successfully. Took. Over the world without China, like. Bitcoin is bigger in Wall Street Bitcoin. Is bigger than. China and also you know as. One. Of the principles. Did not have for permission we. Know last the fridge for the government we, know ask for the permission for wall street we don't wait around we just go and. My. Theme is we're just gonna keep on building and then, if. China, wants to join if Wall Street wants to join they can join ideally. I'd like to sit, out as long as possible and. All, that standardized. People in Venezuela and in Zimbabwe, bump. On loves some Wall Street bankers that's. When I was like dumped, on China for it for them trying to you know suppress. Suppress, this movement well. I mean I think. We get. Regular, people in Zimbabwe, and in Venezuela, should, jump in on this before. These big institutions, dude is is that what you're trying to say that yeah, yeah and would it be would. It be would it be romantic. And poetic for, you know the, disenfranchised. And those. In squalor, and poverty to be able to dump on the. You. Know the privileges, to lease and, in, the West I think, I think that be a. Beautiful thing well, you know what it's personal, responsibilities. Of new counterculture, anyone, can get in on this map so. What. I think is gonna happen now, I'd say, the, ETF, is going. To get approved before. Some. Of these people in these, countries that are being devastated economically. Are gonna get in on it and I. Mean, they have the opportunity, right now but I just they've.
Had The opportunity for a while everyone's, had the opportunity, for a while we were we, got in on it. But III do think the ETF, will get approved a lot of institutional, money will pour, him pump, up the price and then unfortunately. I think some of these people who really need. It aren't. Gonna be able to afford I don't think they're proactive enough but hey I mean we're gonna we'll see how it plays out we, will, definitely see how it how it plays out aunt Winnie yeah, yeah, I just want to make one more comment on that um so. Piro, shards podcast, noted that he had on a van, eck guy, from, you know the van. Eck is is the principle, of this ETF coming, up and. He. Was like oh we need to make Wall Street comfortable, when we make Wall Street comfortable, then. We. Will get more liquidity and we'll get the higher prices and all that stuff and I agree, with Kevin, almost. The whole way not the whole way on that that, last comment there but I think we need to make them uncomfortable they, need to feel, like. Holy. I almost. Cost on your. Holy. Crap we need to. We. Need to get in this right, because bitcoin. Is taking over the world so I want, them to feel uncomfortable versus. Feeling, comfortable, as the stimulus and, yeah. I don't, I want. People that are. Foresighted. Enough to see this Bitcoin thing happening, to get in and I think it would be great if. Some. Of those these poor countries, got, the opportunity but. I don't. Know I'm not I think, that as long as they have access to the free market there they will be way better off so I just want Bitcoin to get adopted and bring. In a free market for these people to get ahead and I don't really necessary. Carefully my bitcoins. Well. Speaking. Of. Institutions. This, week we've. Been hearing about large. Banks. Or, governments. Cracking. Down on the. Way people, move their wealth whether. It be. Saying. Your bank account is closed now or. You, know you. Can't. Use your credit card anymore to accept payments, there been all sorts of stories if they're true you know they were Russian, sanctions, against, Russia they couldn't open bank accounts people, were saying the. Thing is is that. Bitcoin. This is just another example of. Why. The. Importance, of Bitcoin dig, up you. You cannot stop the movement of Bitcoin you, could shut down a credit card you can shut down a bank account these, are all centralized, entities, Bitcoin. Is unconscious, capable, so I mean. It. Did this you know I think we have all sorts of controversial, things going on in the world today and, I find, it fascinating that they still, are asking. For like credit. Card donations, or PayPal donations, whether it be something in South Africa, you know there's a lot of stuff going in South Africa right now guys. You what do you think people are going to wake up that they shouldn't, be relying on my bank accounts anymore and should be relying, or maybe on Bitcoin instead. Yeah. I guess I'll start so I, think what's. Coming top of mine is, Cody. Wilson interference, distributed. They. I believe Shopify, shut down their, account because violated, their Terms. And policies are there community standards, against you know the sub. Facilitating. The. Use or the production of. Firearms. And if. You recently just. He. Was taking Fiat USD donations, to the banking system he recently accepted, Bitcoin, and, Bitcoin. Cash, which, to, me I've. Been advocating for because. But.
That's Distributed getting, censured for not breaking the law but. By because. Some company didn't agree with their politics. Is, the. Primary. Use. Case for Bitcoin, it, is just like when we lease not shut down by. Or, their their their, payment foster paid my bosses there's shut, their shut down their accounts that they're getting pressured by the United States government so. To me, what's happening differences shipping is, kind, of the poster child of what. Why. We need a coin and why. Pay corners importance is to wrap right around. That. Type of censorship and not only that. Cody. And you. Know receive donations from anybody literally, anybody in. The world right. So that basically increases, you. Know his donor base you know, you. Know by orders, of magnitude so. I think that. The. Companies. That, do. Or the cause of that to leverage, Bitcoin, encrypted they're there they're ahead of the curve and they're, also. Controlling. Their own destiny, as opposed, to you know counting and trying to comply, with the regulations, or the the, the. You, know internal policies of of, banks. Yes. Ansel. Any thoughts on that. Yeah. I love defense distributed I think it's great that they're accepting, Bitcoin I remember WikiLeaks, was my, first kind of exposure to Bitcoin back. In the day so. That. I I think it serves a very. Pivotal. Role or a very important role in. Censorship. Resistant. Payments that's what we that. That's what it's for right now at least so, I, think. Bringing it back to like just in general credit, cards and and your, accounts, and things Jeff. My co-host on, my patreon series he, and. I have talked about this quite extensively, on there I think people should have a plan people should, you. Know know. The tax law have, a strategy. Have. You or all of your finances. In order and, don't. Be surprised because they will come for bitcoiners it's not a question of if it's a question of when so, have your stuff in order yeah. Banks. And confiscate. They can have ballons or they, can be told by the federal government hey one. Of you're someone. That's saving. At your bank they're, dealing, with this, notorious. Bitcoin, individual, shut. Them down you know we're, proceeding. With a court case against them you know you do not want to have a lot of your wealth at a bank, right now I think this is or in, the traditional, finance. Markets, right now whether it be with credit cards whether it be with banks you, should have an alternative, plan as Ansel, said and this, this week has been a reminder, because you. Might think what you're raising money for what you're raising wealth for is totally cool but, some, someone. More powerful than, you that can shut you down might. Disagree and that's it. Puts you it's put you in quite enough equate up in a vine there and I would just encourage everyone, to get on the Bitcoin train, right now whatever. You do have a Bitcoin, address on your business just, have an alternative. Out there, well. Moving on to some other news from, from this week and I think Ansel can hit, on this is the. Bit main IPO, falling, apart people want to hear about this. Yeah. It is I tweeted, I don't, know earlier, this week probably, Monday or Tuesday I was like is bit. Main exploding. And the. Response I got was no it's imploding, so, he had the bit. Main is up. Creek right now they try. They lied about having. All of this investor, money and they, also sold, most of their Bitcoin and bought a million. Be. Cash and they, continue to mine it I remember, when Bibby cash first, started, bit. Maine was the main miner and you. Could see the address that they were mining to and it. Had like four hundred thousand, be, cash in it back right when it launched, so, it. They I don't even have more than a million I think it was like 1.1, million that, they had on, their their. Investor. Prospectus. Or whatever they produce there yeah. It's, people. Don't need to be worried about miners. Centralization. Right now I've been, saying that for a while that if the price goes up the, free market will, naturally. Incentivize. New people, to come in and mine, and we saw that with GMO, and with. Oh. Crap. What's the other minor. That. Hey. Long, hey long hello mother yeah, so. We. I mean it's we still need to be vigilant but I don't think that, bit. Main is as big of a threat, as we once thought so. I mean if it main goes down that if the, IPO fails, what's, it mean for Bitcoin not much doesn't. Well. It depends, depends, sorry, go ahead. It. Depends on why I'm gonna here well, it depends on what they do with their hatchery you know cuz they.
Do Control, certain, percentage. Of the hatchery it's not that much right like I think they report. That they have less. Single-digit. Percent like. That bit main actually, operates, themselves, and. Bitcoin, grows, by like five or six percent every, single two. Weeks every single difficulty adjustments so that's. Not that big of a deal but, it depends on what kind of relationships, they have in the space who. They owe money to who. Owes money to them etc, etc. It. Could take a while to get worked out but that's. I'm, not worried about that all. Right Kevin what's what's your thoughts on this is, that. IPO falling, apart is bit main falling apart. To, be honest I haven't been following. The reasons developing the IPO, too much I guess my only concern. Is that I. Remember, the. CETA, developers. We're talking about, you know. Creating. It on a six to kind. Of you know combat bidding. You know trying. To attack or take order control their network or whatever and they were just talking about how. How. Anti-competitive. And, how like ruthless where they were in you know their business relationships. And and there's fire relationships, and whatnot and just being. This. Being rationally. Paranoid my, question, is you know. How. Much how. Closely do they work with the government China, how susceptible, are they to, you. Know. China. Chinese. Government, influence, I. Are they you know being subsidized, and what and what I mean they're you, know kind, of a sleeping, giant and you know waiting to attack or or, something like that you, know that I guess that is my, main, concern with. A bit, main and they're. Kind. Of you know dominance in the mind. Space but to Ansel's point I think as, I said it you know your profit, margin is my opportunity and. Yeah. Just like I said you know Bitcoin. Doesn't care about China Bitcoin, doesn't care about Wall Street it's. A it's, a pure. Free market and, anybody can join another. Nation-state, and subsidizing, miners I don't know so. Yeah I'm not too, worried. About it and it looks like you, know every time I look at the the coin dance you know. A. Pie, chart there that my name is getting more decentralized you. Know by the day now.
The, Point about a China possibly. Being. Behind bit, main in some financial way I I. Mean. I used to think about that but now you know I see bitman going this IPO, route, or at least trying to I don't know how much China could be subsidizing, them I mean I guess we'll have to wait and see right now this. Is this is a bigger deal for be cash, obviously. And, piqué she's going through some troubles now in us in a second we're gonna get to that I want to thank vention, Macau for, the $5 super chat I wanted, to remind everybody. To, pound that frickin, like button, okay, so, Ansel let's let's go on to be cashier, uh-huh. You, discussed. That bit name is a tremendous, holder of B cash so if, they. Go through some problems probably be cash they'll go through some problems but, also. In, be cash land there. Is the possibility of a, fork, of a split. Craig, coin Craig, cash and B cash what's, up with that. Yeah. Well to, just touch on the bit main having. A 1, million or 6% I think it is of all, be. Cash that's, a big problem because they can't sell it right, and and so if they wanted to like, they try to say it's an asset but it's actually a liability, because. If. If they were able to go IPO, and, raise a lot of money it, would, it would save them temporarily. They wouldn't need because. They might have this they might have get to a point where they have to sell the B cash if they, have, an IPO they're not going to need to sell the big hair say oh. Yeah. I don't, know I don't, think an IPO will save them anyway but. They. The. Big a story there is the fork Craig that's right you, know is being. Pushed out kind of by the. Community. And I. I've. Talked about this on the podcast that I think that it you know it's kind of the opposite, of. Galt's. Gulch where. All the, able people left society, and they went to this freedom, this, bastion, of freedom it's like the opposite all the victims. And the, inferior. Devs and and all those people they all are the ones that went to be cash and now they're just Fame fighting in this little little. Tiny valley. Of, crap. And so that's that's what B cash is and. Yeah. This Fork I don't, know I'm not too worried about it cuz they only have 5% the hash rate and, probably. One, of them will, emerge. In November. Very, quickly as the, winner and that. Would be it you, think well I, you think one will emerge quickly as the winner I see, it more as a drawn-out, fight almost. I. Mean, from what I've I mean I'm not following it that much but who's got who's. Got who on whose side here it seems like there's a lot of people on Craig side a lot of people on the other side so I, it. Should be interesting, I it'd. Be. Interesting, to see if they could keep it going on for a while like a big. Kind of civil war going on for quite some time but your uh your. Competitor, anti golf sculpting. Man found that like button that was pretty creative yeah haha, Kevin. What do you think about yeah it's Ansel's point I think I did a tweet about kind, of the market segmentation, or the marketing segmentation. And Democratics, of all the different. Cryptocurrencies and, then, basically aetherium, appeals. To kind of the social justice warrior, and, like Silicon, Valley you know dad developer. Worshiper. Types. In the BCS and ripple. Feels that have the Liberals, and the bankers you, know don't.
Click In and like Ben Bernanke. So, it's like you know you guys are not obsolete you know you guys could still be kind of cool or whatever you know it's kind of like you. Know yeah. Then, be cash was. Basically, marketed. Towards, you know all being competent people in, Bitcoin, it's a big town so it's kind of it it, looks like a chit show over there but I will say to, always. To, be adversarial minded to be devil's, advocate, I. Think, a lot of what Craig Wright does is a lot of uh a. Lot of misdirection, and trying to get people to. Underestimate. Him kinda, like you know Donald, Trump addict act like you're you're, a lunatic, or a madman but but, I honestly think that you know there there, may be some you, know, a. Method, to his madness and, yeah. Maybe he maybe he wants pick winners to. Underestimate. Him or whatnot because yeah, from from. What I'm pretty still you know pretty wealthy guy Roger Barry is a pretty wealthy guy I mean. You know they're, they're, they're. You, know making billions of dollars in profits, so, I, will say that although, you, know they look dysfunctional, from the outside they do have resources and, they do have a lot of skin in the game so. Yeah I think it's just to be help health, healthy, not to not to write them off and, then it to, the point about them forking, I I kind of go back for this is kind of a controversial, position that, I've talked to you Daniel Craig wits about. You. Know earlier, the Nakamoto, Institute the person that created the the. Term hyper pigmentation and, he, basically, says that uh you. Should hold out Forks because. You want all the forces to compete amongst. Others like gladiators, and just like for your you. Know uh fight, for your loyalty and or, whatnot. And it. Looks like that's what's happening in in. Be, cast right now with. You know that working off against if you if, you help a little then you know you're gonna get a little bit you, know more one, that's like I. Get. A little bit nervous saying that because I think I, sound, like Kermit. Oh my god like I'm a heretic it's a lot of uh a, lot of - a lot of bitcoiners but uh I, I like to I, like. To, see. The vantage point of you. Know others other smart people in the States so I just, wanted to add a little flavor there so do you think they're do you think there'll be a clear winner if, they do fork, or will they battle for a while oh. Yeah. I'm not following it too quickly, but, uh I. Think. It's kind of like based on the clout of you know whichever, leader so if it's no Craig right versus Geon, woo you know they were both you, know well, resourced and, you, know they don't have a lot of followings and a lot of resources stuff like that but. To. Be, principled, it, seems like there each of them are getting even more centralized, right so then like each one inside the factions there's like blue coin and, then there's like pretty, boy and stuff like that and basically it's, it's it's turning to the same thing with the tip with, etherium, which is basically appearing with the talent point right. Basically. The price moves, with you, know what he does and what he says and whatnot and yeah it looks like these, are the only ways that these. Coins can survive is that, you know Bitcoin you, know owns the. Market on you know decentralisation, and, censorship resistance, and you know no leader and whatnot so the only way that these guys can compete is, on. Having. A figurehead and having us you know very, you. Know charismatic. You know leader which, is to. Me. Short-sighted. And a, fatal, flaw oh yeah, that, was very well said dude it is it's. Impulsive, and in, most, people in crypto unfortunately, our impulse, that they want dictators. They want someone to tell them what they to do why. Do you think ripples so popular, I mean know what I mean it, makes no sense it's totally, centralized, but they got all these fan boys out there so yeah, be cash is gonna become, they'll, be to be cashes it probably both, of them will be more centralized, than the one before but, they'll still have their followers, I mean, it. A lot of us got ends of this for decentralization. A lot more just got in for I don't know what other reasons, I will, say in crypto. Even in a Bitcoin, you know a lot of people, you, know talk, a big game about, self, ownership. Self-responsibility. And. You. Know not, you, know. Not, trusting, but verifying.
But. It's it seems like it's just a natural human. Weakness. Or tendency, to. Just, be lazy and to. To. Outsource. Or hand off your responsibilities, to do your own diligence to somebody, else and, when and it's it's it's, it's like a muscle you constantly, have to just, to. Strengthen that and I think I learned that when you know I saw the telephone I didn't think it was that smart because all these implementations. You, know never you. Know worked out or they got hacked or and they never worked out like he said they were gonna do and I was like you know what you. Know I think it'll Harvard I go Stanford I'm not a you, know people your science you. Know, you. Know PhD, or whatever but I just you know challenged on his easy claims and I realize you know a lot of times that the. Emperor's. Wearing no clothes the kings wearing no clothes and and, to, yeah to challenge, people at. The top and take, it on take, it on yourself to you know protect, your position and to understand what's going on what, I want to say that you brought up collectivism. Is the default, for Humanity, exactly. Exactly, individualism. You have to go to yes. That's. What you were saying pound that like button Ansel. Any thoughts, on what he just said he said some glorious things there, yeah. I'm I. Don't. Hold all Forks but I actually I do, respect Kevin could be for, taking, that position because I think he does in an honest way right, he, says like I don't know but this is my what. I think is right and he has some reasons for that but. I don't think Daniels, honest I really. Don't, I think he but he supported, to exer something, I know what that dude okay sorry, yeah he's, probably. Well. I could make all sorts accusations, but I won't I don't think he's the most trustworthy person. Same, with Craig right I mean you got to wonder about who's. Paying them governments. They, are is it a government is it a another. Whale. Of some sort that is doing that. But. Speaking, of the the, fork thing I'd also wanted to, bring. This up like remember, how just a few weeks ago a, core, developer saved, me cash from. A chain split well. The. More Forks that happen, the. Harder it is for the, core developers, to come in and save the day like that and so. You, know that's, another reason to not hold the forks because, they're. Probably gonna die anyway, and you might as well get something out of them and that's. Another reason why I think there will be one be cash after November, because or, at least I. Mean. There will be either in cash, or be. Cash because. You. Know they only have finite resources with the amount of developers, and things, like that so yeah. Oh. Yeah, Kevin. That's. A that's a good point now Kevin you actually. Brought up the next topic which. Is a theory he's. Got an interesting etherium shirt on - I. Didn't. See I just like oh well he wore, something that had to do with the show to their cells and some people in the chat like it by the way ah. What's. Going on a theory I'm had some meetings today there, and. What. Would happen does anyone know what happened yeah they are there Federal, Open Market Committee.
Meeting. Today and, I keep on saying that that aetherium, is you. Know this, you know the Federal Reserve you know 2.0, they. Engage, in, bailouts. You. Know from ol hazard, crony. Capitalism. You, know bailing out insiders, and people were close to you know decision makers. They, have you, know a kind. Of a open, market meeting where you know a certain group of you know Deb's kind of steer. Steer. The discussion and a. Lot. Of people say that Vitalik isn't the leader but, I I think my. Observation. In mid say it's a observation. Not just you need to crypto but just to any governance, system is that, you see. You. The, test of whether it's centralized or not is that if, there is an emergency. Is. There. A. Final. Arbiter, to, make the decision, and. With, the hotel fork and whatnot. I believe. That Vitalik, is the, final arbiter and kind. Of the dictator at the end whenever when, you know there's an emergency, and in a quick decision it's kind of like when the United States and whenever there's an emergency, that's another opportunity. For the executive, to you know grab. More power into. To. Violate, you know our the rule of law or Constitution. Is like that so. And, you. Know empirically I'd say this everything's. You know I'm just like hater or, spirity. Fearest, or whatever. But, all they do is I just look at empirical, evidence, when. They worked when there was a. Rumor. That Vitale Dino Carson the plane. Crashed, whereas. Whenever, like, one would be kind of leader leaves, Bitcoin, it rallies, you know Gavin Andresen. Mike. Hearn or whatever, or whatever Bitcoin, reveals, that it's hard to change the. Price goes up and whenever, there's you know some centralized coin that's like doing you know a constant, hard fork after a hard fork and spacing we look they're. Revealing. Their centralizing, and the price doesn't it doesn't do it it's, the unintuitive. And, I think that, Vitalik. Is running out of tricks, up his sleeve because. First it was you know. Unstoppable. Smart contracts, then, dows and. Then it was you, know those. Didn't work because you know they were just unsecured. Then there was AI cos and then that got kind of nipped. In the bud you, know the the, sec and then next, to was crypto kitties and then next it's gaming and, then now it's lotteries, and then or auger, or now, it's just straight-up Ponzi's, or whatever and I feel like they're, running out of time and they're they're desperately trying to find a use case to validate you, know their their valuation, or why they checked into Bitcoin and, yeah. And I think yeah they're just kind of making things up as they go literally, I think they're making things up as I go well, that's what it is that's what it appeared. The meeting was going to be today it was kind of a haphazard ly put together type of thing you know I don't, know the result I don't think there were results, Ansel, do you have any, any thoughts.
On This I just. Read a couple things about it the, main thing was they. Definitely, gonna defuse the difficulty, bomb again which, I believe this will be the third time that they're, defusing, the difficulty bomb so why even have it in the first place right but, the price, what's. That default, the price yeah. Yeah, keep getting going yeah. That's true and, then. They, talked about supply so they want to know if when, they do this defusing, is a difficulty bomb are they gonna change it to one eath. Every, block or two or three or five they have no idea and. To. Kevin's. Point here I think this does show. That they have all these options well, which option is gonna win. It's. Gonna be the option that vitalik, and Vlad back right, exactly and in the decentralized, system. Basically. There, is no leader so if there is a, they're. Gonna fork and then they're going to go with their implementation. But, the thing with etherium is that vitalik and Vlad probably have so much power that. The miners, and, the market follows that. Right. You kind of started with a good a theorem classic is that they they, they, follow. The. Founders and you can see that in here and there where as projects as well you. Know he did bitshares. And, then he did scheme and, then he. Did. Eatos, and you see every time unless he leaves that the project. That just stagnates. And just like fades into oblivion and, then the, market, moves. But, with the founder so, so yeah that's that's that's, a I think, that the governance blind-spot that these people don't understand, it's that whatever you, know if the market goes with the talaq then you want to keep making italic relevance so he's gonna be the one to make this issue you can't you, can't really have. Substituent. Debates. And. Disagreements. To where bitcoin. Is not intuitive but then the toxicity and the debate, level with. Is, evidence that there is no leader and like, we're gonna let the best idea, in. Virtual consensus, and I. Also, have this analogy that block gains are more like, government's. Than, they are companies. And basically. If. You were to build a business you want to build a business that respects, the rule of law that's. Predictable, that, doesn't make cap hazard. Changes. Overnight - you, know the, rules. And regulations, or the Constitution, or the laws of you, know whatever your nation whereas in a dictatorship you know a dictatorship, can, you, know arbitrarily, change rules overnight, they. Can get overthrown by another dictator, and you, know just you know upset, you know that battle, system and would. You want to build a business on top of that No so then with aetherium there's no consistency. There's no predictability things, can be changed arbitrarily, so. Why would you want to build a real, business or. A real you, know protocol. On on. Top. Of that as, opposed to Bitcoin where, you know the rules aren't going to change or it could be very hard to change you can know. You. Know what the supply is gonna be and and, you, know everything else and you have predictability, so you can you can you can build a real. Business on, top of it whereas you, know theory I'm the only thing is just kind of fly-by-night you know token sales and whatnot and then you know just please, don't big and you walk away from million dollars it's just yeah it's kind of a lot of a high-tech, high. Purpose behavior. To. Answer your question why there's. Just people out there for. Whatever reason, they think aetherium, is the next Bitcoin when only bitcoin. Is the next Bitcoin so they were again. People, have hopes and dreams and, they want to be involved in the next big thing that's. Sometimes. Where they build on top of this and that's not a good reason to build on something though it's. Not also not a good reason to buy something, but hey that's that's, the world we're living in here in crypto. Right now any. Other thing oh yes please sorry. Did I keep, interrupting to. Ask you if there was something you had to add yeah yeah again. To Kevin's point is the miners like one of the things I read, was people, were surprised that the miners haven't said anything and they're. Talking about cutting the. Block reward by, 66%, and the, miners haven't said anything so, what does that tell you it in my mind it it tells me yes it's centralized, and they'll just follow up italic says and they know that, that's what's going to happen. Another, thing it tells me is these miners don't really care about, a theory on long-term yeah, so yeah they're sticking with the game and, so you, know but so, basically this is the, logic right so. Vitalik. Dictates. The price and, the, miners care, about, getting the price as high as possible, so they have no incentive to try, to challenge metalic because.
Without Fatality. Then I think, the valuation, will be more closer to here in classic right. And that would be good for the miners so they're just gonna you know try to keep this thing going as long as you can make me yeah, make, what they can until, the. Market, wise, up. Well. They're there to hear it guys yeah we got some etherium fans. All. Right well we're gonna we're gonna move on from that because it is uh this. Week in Bitcoin. Now, Kevin you had a retweet. Or a tweet out there a mentioning. Coinbase, had, a tweet, that said open. Financial, system, for everyone, and then, you said except, people that encouraged hate so. You know coinbase is trying to say you know be involved with us we're an open financial. System, but. Again and this goes back to my point beforehand they can they. Can censor anyone if you if, you think you're you're dealing with Bitcoin, when you're dealing through coinbase, no. You're not at all so uh what. Were you thinking when you tweet, that one out there it's, it's just it's just corporate, state it's doublespeak I mean. There, are what Facebook's, slogans. To be to, make the world more open and connected. Right. So it's it's the same I mean they, their business they're there to make money so like this is this is all just marketing, yeah. But you just look at you know this, is very very simple thing I do I look at words and good actions they say no one but my analyst is done and then, they're, you, know they're chief legal, officer goes, in front of, Congress. And they ask him about you know white supremacists. Or you, know fringe extremist, groups using, his platform to, fund. Their operations and. He says like anybody, that encourages, hate on our platform, gets removed but. I was like okay well define hate right. And yeah, that that is the, total, antithesis, of, what bitcoin is, all. About and also you know what if you don't want to keep Doc's yourself. By submitting, the KY speak you. Can't you, can't use coin. Basis platform and, why not so uh so yeah I mean you know I'm just trying to you know keep people honest and and. Basically. What. I see. That coin base does is that they count out to every government the man every, government, requests every subpoena. Or. Even. Illegal. Request. For information as, they. Did. With the HH. Snyderman when. He arbitrarily, you know requested, you know data about their you know operations, or when, and where as Jesse Powell who. Said that we don't even operate in New York because of the big license and you know Golu you know don't kick rocks you know get lost whatever. And and iris, and I respect that and you see people like Cody Wilson and Jesse, Pollock crackin actually you know taking, a stand and not. Normalizing. This. Financial surveillance, I feel that, American. Society or, the West or whatever we suffer Stockholm. Syndrome to. Where it's. Been normalized that yes you gave over your financial data to the government or your, bank gives over the financial aid government, whenever they you, know whenever they request it whereas. Like no. Ethically, as, a principle, you should have privacy. In your finances, unless you know you're you're you're breaking the law and the government has you know reasonable suspicion, or you, know just cause to you know investigate, your your. Finances, and I think that, bitcoin. Is an opportunity, to reestablish that, that, that. Principle. You. Know speaking, of, was. We, were today they, will, confiscate, I think people have, to understand, that you know they coinbase. Plays. But whatever government this was your point whatever the government tells them dude they're gonna do so, you, have no one but if you're keeping your your, Bitcoin, at coinbase still, they. They, will confiscate it if they feel like it if the government tells it just it's your own fault people take personal, responsibility. And. So any thoughts on what cabinets had to say. No. I think it's same old crony. Capitalism, I mean it's it's a the. Way the system is now with the barriers to entry and the licensing, for all this stuff and. Coin. Basis. Dibley pursuing, more. Of that you know when I went to talk to my state. Legislators. Banking, Committee when, they had a Bitcoin, bill, up. The. Only like proponent. For it was a guy that was being paid by coin Center in coin base and they. Those two are the ones that wrote this legislation. That, they wanted to get passed, in my state so. No. They're actively, out there trying to put, up these barriers, and to, get the market share and that's all they care about so um you.
Know I don't. Know I think it's similar to with this the worries about the ETF, maybe, we're over blowing it and eventually they'll just be. Out competed, by other sources I hope that's what happens or there's a fork and they're exposed, so. I don't know no. There will be they'll be better sources, of interesting. Coinbase than what coinbase does there will be I mean to me the answer is always, time. Whether. It be the ETF, whether, it be competitors, the coin base we just you just gotta be patient you gotta have a strong hand in the, long run it's, gonna be a lot different in a year 2021, Kevin. Yeah. So. I agree. And, I think we're talking about this in the pre-show about the sneaky. Crony. Capitalism, that's, going. On so, basically quite. Base has to an incentive. To prop, up these, onerous, regulations, in order to protect their position in the market or, is you just need a lot of money so you know be in compliance into. To. You. Know pay for all these licenses, and it's just like hey you know we will do everything like ever been asked, us so you know give us a bunch of VC money and, it's you know just kind of this uh you know this kind of crook to protect, type. Of behavior, that. Restricts. New, entrants. Into. The market, and same. Thing with the the ETF, I get kind of in and and, I guess, like this goes back to this whole aetherium, it's a security, thing it's like it shouldn't be who. Ledges which cryptocurrency, or which cryptocurrency, company. Legislates. Deaths or lobbies, best or complies. Best, it, should be, cryptocurrency. That is. Best. Able to resist, government, censorship, that, it will exist, whether. They like it or not and you can you, can join us or you can fight us but, you know I I think you know doing the former's Oh a lot more rational, so it's kind of a it's kind of a, it's. Kind of a negotiating. Tactic to you know where the intolerant but I already and, we're not gonna budge and we don't really need you you, probably need us so, that instead of us you know it's like well how can we make you comfortable and whatnot it's like you know screw.
You You know if you want to join you can join if not nope don't, um, don't, waste my time it's you know it's also like a high. Time cry friend versus low time reference, perspective, if you have a low time preference, all, you gonna do is just, keep on doubling down on to centralization, and, censorship resistance, if you have Hittite preference then, you're gonna start lobbying and, trying. To, yeah. You're, gonna try to comply in Lobby, and stuff like that to, where you become both beholden, to the state right say successor this person, or, shut, this down shut that down you know you you you got your inner, Kingdom you got in bed with them in another. Now they can tell you. Tell. You what to do so. Yeah. With the whole et, yeah, but the whole ETF thing that's kind of a high time preference you know I'm. High. Type of insane you know people want, a quick game and, you. Know they're all like banking on this where you know I'm focusing on you know development, and you know adoption you, know in in you know with. You know people being sensor to the people. Being. Disenfranchised. And if ETF comes to ETF comes and for example this whole, etherium is a security, thing it's. That, that's. Again another high time preference thing to wear Bitcoin. Launched, to, where. It. Was considered, any, commodity right so so just lots of software and people started mining right there was no. Initial. Point offering or whatever in database, to be were not under. The jurisdiction of the SEC, and the risk, being censured by the SEC whereas. Etherium they just didn't have you, know the skill I guess, to you, know launched. Like Bitcoin without a legal entity without. A public found her without, a investment. Of, you. Know money upfront and. With that they, open, themselves up, to censorship. From the SEC and, when, you open yourself and, when, you create these, these. Legal or regulatory or, government attack vectors, your. Your. Strategy, in. Order. To stay alive is to play ball with, the state which, is like you know we're gonna you. Know, you. Know lobby you know some politicians, or you know cut. A deal with a regulator in order to get a spy but, really what you're doing is it because you failed to. Design. Your cryptocurrency, to be censorship, resistant, now you have to engage in corny capitalism to protect yourself and you're. Getting back and do that same. Behavior and, regarding. You know all the baking licenses, and 1-9 or. In. Order to offer an exchange I make.
The, Example. Of the taxi medallion with, uber, and lifts basically. With that you know that was the, you. Know entrenched, you know taxi companies using. Lobbying. And getting. The favor of you. Know city regulators. Or you know city city officials to. Restrict, the supply of new, message to the market by having the medallion system and basically. What that is that they allowed them to you, know you know kind of corner the market and keep out new entrants in the banking system you need a baking license, you. Know do that you know in order to be a money service you need your money service business and stuff like that basically, what that does is also decrease, its innovation, and keeps. Out new. Entrants and decreases. You know access and inclusivity. So, that's. The, same thing that's happening in the banking system but nobody calls it out I think you know when uber and lyft disrupted. You. Know taxi, everybody said you have a text medallion thing is inefficient its corrupt or whatever but, I don't feel that people. In the Bitcoin community are, making, that same, argument against, you know, all the you know the baking licenses, and the money service licenses. That these exchanges. Need. And I think it's because they have that - preference, to where they want that easy easy. Adoption. That that Main. Stream adopt we want mainstream, adoption now, and, then when you do that you roll, over and you comply to every stupid rule that you know brought us into, this position. In, the. In. The first place that's supposed to seem a picture in and yeah, and holding, you know standing your ground and, not. Not complying and in making the system change and to, comply with us. Bitcoin, is the resistor, the other, ones do not resist. Ansel. Did you have anything to add to that uh that one there or should we move on now well. I think Bitcoin is still finding its footing right. We. Are going. Through different phases of what the narrative is, and. We. I think it's it's been a obviously. A strand, throughout the whole time of sound, money and. Freedom. And all. That stuff but now you know we've had things like a stacked. Protocol. Or. A layered stack. In. The last year, and other. Things so I think Bitcoin is still kind of adjusting, its, narrative it's definitely, squarely. Aimed at, at the central banks and, other. Banks, and banking regulation, will. Follow you know if you cut the head off of, the snake then you, end up killing the snake so just go for the fed and I think that's where the narrative is right now. Okay. Well let's let's move on for this topic real, quick, here you have so did you check out that article that I sent about uh the. Transaction. Value, versus, a transaction, volume, of a. Bitcoin. Yeah. I saw it, what. Was it at did. You I, mean what, I actually, discussed this on my show, yesterday but, um people, make a big deal out of it you know right, now Bitcoin isn't there's. Not a lot a lot of transactions. But what did you think that you know about the the total, value. Of transactions. Is quite significant. On the Bitcoin network right. Yeah. I like how you tied that in with the narrative piece because it, is like the narrative of. Versus. Are. We PayPal, are we visa. Is that who were going against and if. You look at the value, of transactions, on Bitcoin every. Year and every day, I mean, we're within, a order. Of magnitude, of visa and we're, past PayPal, is that the one you're talking about yeah yeah. So that's that's. A good way to look at it especially, when we have layer two and we're not really gonna know what's going on on lightning nearly. As well, so. That. You know that could just, be stealth, volume. Or stealth value that's being transacted, so we got a look at the the. Mass. Of. Instead. Of the number of transactions. We need to look at the mass value, that's happening on the base chain. Kevin. Any thoughts on the, FUD that you always hear about oh there's not that many transactions.
On Bitcoin as, opposed to that what we now know is that there's a lot of valuing. Yeah. I think, value. Moved is a better, metric, feels like a rumor, after the Ola scaling. Debate you know coinbase and largest reserve start matching transactions. Right. So then once you start batching transactions, of course you know the transaction, volumes, but. You can still get. A good idea. Of you, know the health of the. Ecosystem by, seeing the Advocate. You, know the other USD value that's moving through. Well. Now. I'm, glad I agree I I think people, should start talking more about the value instead. Of instead of the volume, if, anyone if you ever getting one of those debates people just bring up the value. Palace. Point about the narrative is that well. Is Bitcoin. You. Know PayPal. 2.0. Or decentralized PayPal, or is it gold 2.0, right and or, you know. And. I think that it's, pretty the. Consensus, view is that bitcoin is mostly. Gold. 2.0, mostly. The. You. Know digital store. Of value and with that now there's gonna be holders. Basically, you know protecting their wealth from inflation. In, underdeveloped. Countries, with unstable currencies. Or, you. Know wealthy investors in the West you. Know looking at like as a high. Upside venture venture, investment, on. Khan it's unconscious, capable its unsensible, people, remember. That and I, wanna we're. Gonna bring a one last subject, about something that's the complete opposite, a post. Posted, on ripple calm, by, their CTO, who. Claims ripple, has nothing to do with XR PD even, though it was posted, on ripple calm and, then. Then they're talking about how they're not how. They are decentralized. Even, though they have a CTO. What. Is this gonna and people. Keep buying into this a ripple. Thing I don't, get it anymore I don't I don't know what they're trying to pull off exactly and, I. The. Whole XRP is different than ripple now there's a narrative for, you I don't. Get it what what's. Going on here guys or Z, even worthy of talking I. Don't. Have anything to say, it's. A complete crap point so I.
I Don't I don't follow anything about Rick so. I guess, I'm kind, of you know the, marketing, mind, in, big winner crypt or whatever and basically what I'm saying is that they are going after the. Uninformed. Investors. Going. On The Ellen Show going. On Colbert. Getting. Bill Clayton just. Be do, a Snoop Dogg and whatnot you know these are these are not you, know cryptocurrency, experts, that you, know validate. You know the claims out there making, same. Thing with basically. They kind of lost a lot on you know immutability. And you know code is law that's, kind of you know bitcoins. Ml. So, from there they pivoted to the touchy-feely, social, good social justice warrior inclusivity. Diversity. Blockchain. Yeah. That's, what stick on third they're finding the full you. Had the greater fools to keep this thing going while, they liquidate, and try. To, capture. As much value for. Shareholders. Which, is you know their their. Fiduciary. Duty, you know you use the word marketing it is it's, these. All coins they, come up with gimmicks gimmicks. Best. Ways some ego yeah. So like this is my point is that you know the reason why bitcoin is because. It's an angel I successful, citizens are digital so so basically in, order to be consistent the, only way that you can, you. Know, in. A in a you know logically. Defensible, way to compete with Bitcoin is to become more decentralized Bitcoin, there's. Not having a leader which is not having incorporation you know having more nodes having more miners or or, whatever but, the thing is that that's just incredibly. Difficult. To. Yeah. To do all this you know there's like a major failure in Bitcoin, so, basically what they do is is you know they just try, to go after a perceived weakness in Bitcoin which is not having a bigger head and using that to just kind of accelerate, but you know they're they're building, bridges to nowhere basically. All. Right well we have come to the end of the show no one knows where wand golf is I hope he's alright but, let's let's, hear everybody's, final thoughts anything that was left off, just. A story, in the week anything an saw you first what's going on I just. Want to say I've been saying probably, since. February. That, the price was consolidating. And we're still consolidating. And now, like, I said at. The beginning I, feel like the narrative is consolidating. So to. Just. Touch real fast on Kevin's. Point there was. We. Use analogies, Gold, 2.0, well it's not really gold and I've talked with Chris DeRose about this briefly in that, you.
Know Is it's not, we don't actually think that it's gold, digital. Gold like made out of gold, atoms or something and it's. But, we use that as an analogy because, it's something different so it's, not gold it's not PayPal we. Use these best, analogies, to describe, what it is and then over. Time that. Gets. Better and people understand. More and that, gets you. Know sharpened, and honed so, that's. My only point about that, excellent. Good conclusionary. Thoughts there and so thank you for coming on today man it's always a pleasure to have you on cabanne, you have made a great first impression here on the show I love it you've done a great job what do you would other, stories, anything you have and comments. To conclude, with here yeah. So I guess I'll just leave it, with. An appeal to the Bitcoin community, so. Uh I've been following you know Cody Wilson and a defense to shape it very closely I, spoke. To them in person and my. Contention is that this, is the, next fights in. Censorship. Resistance, and free, speech and, the ability to be a sovereign individual, Bitcoin. Of Savitch ability to create our own money and so our own wealth I believe. The difference distributed, is to. Democratizing. And and. And. Protecting. Our ability to arm. Ourselves and, to protect that wealth and. Another. Thing that, they're. Doing is, he's. Establishing. The immutability, of code again to where you. Know this is just data this is just code on the internet and it's just effectively, speech and, there's, a big battle right now to where, you know people are deciding you know is this free speech or isn't it and that's, gonna set, you. Know some scary. Precedents, if software. Code, or you know catcalls or whatever are, not considered speech. Whereas. If we establish this. Precedent that, code is speech then. That means guns or speech and that, means Bitcoin. Is speech, it's. Not money and basically any you know the induced current source software seen in the world that, basically means that. The. World will be freed of you, know government you. Know regulation. And, you. Know you, know crony, you. Know rulings and whatnot and allow. Kind of a Cambrian, explosion in. Innovation. In the. Economic, realm. And, I think that's profound. And you. Know right now you know Cody needs our help and he's accepted. Bitcoin because, you. Know, you. Know the breaker or you know the US government is trying to shut down his account, you. Know financial, institutions, payment service providers are trying to shut them down and, he's, using Bitcoin, to survive like WikiLeaks did and. There's. A lot of bitcoiners out there that are mad that uh he's. Accepting Bitcoin cash, but. I heard you know Devere yeah, you know you put his money where his mouth is you know I don't think he's the smartest guy I.
It's. A parable fact that he puts his money where its mouth is and he can magically for one by one one, to one and then basically you know cover like well we're not going to fund you if you're something Bitcoin cash and, my thing is like you know what step. Up be a man and put your money where your mouth is and. Yeah. Cody, needs us he's you know he's on on the front lines of you know the next fight so. I urge. You know all bitcoiners, to. Donate. Bitcoin or and. Yeah. Let's slow you, know be catch all the water. Excellent. You know you. Your people in the chat are loving your freedom talk man this is uh if, you brought a good, perspective on, I can't wait to have you back, on the show those are some deep thoughts that come just left us with their you. Know this is there's a big world out there Bitcoin, can make a tremendous difference I want, to remind everyone. That this show this week at Bitcoin is on every Friday. Who knows on what time it comes on you have to watch Thursday's, show I post, a new show here every single day and of course Saturday. Is the beyond, Bitcoin, show that'll be Saturday, night I guess so. Tune in, found. That like button go to disrupt, meister calm, all that's good stuff, have a great weekend i'm adam, meister the bitcoinmeister disrupt, meister remember subscribe the channel like the video share the video thanks, again guests everybody. One bitcoin, equals, one bitcoin, see. You soon bye bye ah see.