Hello everyone this is adam meister the bitcoinmeister the disrupt meister welcome to the one bitcoin show today is August the 14th 2018 a strong hand one big point equals one Bitcoin value your wealth and bitcoin offended by selling bitcoin is the next bitcoin be a unique beast holder of last resort world reserve cryptocurrency don't FOMO on altcoins alright we're doing it a little different today on the one Bitcoin show we got a special guest coming in from Romania Vlad Costa is here and hey man Vlad you've written you guys have probably read about him in Bitcoin magazine he break for Bitcoin magazine he's got his podcast with a really cool name with your Chabad guys caught again it's got an awesome name yeah the Bitcoin takeover the Bitcoin takeover I love it pound that like button alright so I like I like your writings man you write bitcoin magazine best publication out there they're hardcore in the Bitcoin there are a lot of ridiculous stories on other publications covering all sorts of drama but you guys do cover that the hardcore technical stuff how did you become and I don't want to be presumptuous here but are you a Bitcoin maximalist oh that depends on how you find the term in the sense that I would only invest in Bitcoin that yes in the sense that I disagree that experimentation with other protocols is damaging for Bitcoin I don't think so you can experiment with lots of protocols and lots of projects to be sure what would happen if you were to implement that specific line of code into Bitcoin so I guess out coins can useful for research purposes but I wouldn't recommend anything as a financial asset and nothing of what I say is fine actual advice because personally I'm not very good at reading and I know you had some bass in the show so watch that episode would tell and just forget about everything that I say about money well I like your perspective on a Bitcoin definitely I have to agree it if that's what a Bigfoot maximalist is I think I like I like that definition I think some are much more hardcore they will what they don't even think altcoins are experiments they think they're just scans but again my thing and I don't give financial advice but I only buy bit of course this is the bitcoinmeister pound the freaking like button people now with all with all that said in terms of your writing it is about Bitcoin related stuff you covered the big Piggy's thing and I meant to mention this off the air to you but I met Jim before actually the guy behind big TVs and I got I give you guys credit I mean it's a simple concept but you uh you brought it to the attention of many more people so do you have any thoughts on that concept but the big Piggy's having a a piggy bank getting kids into it early I actually had the idea presented by Christy who is the editor-in-chief at Bitcoin magazine and bit piggies was one of the items which was sold during the Bitcoin 2019 conference in San Francisco and they wanted to have this type of interview but prior to mean joining Bitcoin magazine I interviewed Jim for my podcast and I knew of him and I saw that the topic was being pitched but nobody picked it up and I said you know I can actually take this and turn it around and give it some kind of interesting twist because at the time I was also researching in Siskiyou morphisms which is a concept that basically means that you take something physical and put it into something virtual and for example think of the first versions of the iPhone or you had app icons which resemble very specifically the applications that they were having that correspond in real life we had the library application which would appear like a shelf on which you choose your media and I was thinking that bit piggies does the exact opposite take something which is natively digital but puts it in the physical world and makes it makes sense for young children yeah that is a that is a great way of looking it looking at it taking something is digital and putting it into the physical world and it's a basic cotton for people so try something like that I think it's a I think it could really catch on and that is a very what was the original term that then is the reverse off to a morphism sk-ii w mor ph is M all right where we're learning new stuff here on the show I like this I like this ok now something else that you're covering which is I get asked these kind of questions all the time decentralized changes and your your I have playground a bisque I don't know if you have it all but you have you have played around on huddle Hobbit though so uh is there what do you have to say about how to huddle and is there a big difference between the tube and your take on decentralized exchanges I'm actually lucky enough to have interviewed both the people from huddle huddle and representative from disk and I know that in pure terms if we were to define decentralized it's only best that is truly decentralized as it doesn't have a central authority which governs it they just have some developers which write code and from that point on you just connect root or two and network where you get on the marketplace and from there you just make a peer-to-peer exchange whereas in the case of huddle huddle they take advantage of jurisdiction which allows them to keep the business running without any kind of issues I guess they are based in the Cayman Islands or something and they have the central point of failure in the sense that is run by two or three people but at the same time its users who post offers and the transactions are peer to peer and their zone a point three percent fee which they have to pay to huddle huddle for this convenience it basically takes away the power that centralized exchanges have and allows people to transact in a way that doesn't require any kind of trust and they use a multi-sig a two out of three where huddle huddle holds one of the keys one of those shards of the private key for the transaction and it's only settled when but both of the parties involved are happy about all right so do you see do you see these decentralize that well you say only one is truly decentralize do you see decentralized exchanges getting more popular in the near future or people gonna have to learn the hard way and are they gonna become easier to use any time I hope so that I'm not entitled to make any kind of predictions I don't have any kind of data to reveal right now but I spoke to max Kaden of huddle huddle actually it was for writing and I got some comments for from him for the article which I posted yesterday and he said that the number of users is increasing and huddle Hollow which means that there is an incoming number of new users who require this type of peer-to-peer transactions which are much more cyberpunk than the idea of holding your coins in a centralized Bank like going bass yeah I hope so that it becomes more popular otherwise we'll just have centralized exchanges and if you want to go peer-to-peer you're just going to get on some type some type of IRC channel or forum where you trust that people are ok and will not try to kill you or torture you until you give them your private keys and you meet in person and you're going to do this kind of swap for cash I guess that's the only other alternative which is much more confidential than anything involving bank accounts now you did say that one key word in there and it's not showing it's not a trustless system that you know when you have to meet the person in may have to meet the person in person you gotta trust they're not going to stab you I mean that's that's that's an ass big ass there so we do hope that that the online these decentralized can become as trustless as as possible one can hope now you you cover a lot some tech issues and you've got a tech head on you there definitely what what's your take on a lot of people are very excited about the financialization of Bitcoin does that interest you at all all the the big financial institutions that are supposedly coming into the space and that's usually nice sand it's pleasant to have this warm and fuzzy feeling of not being alone and crazy and all of this big space but at the same time it's not mandatory for them to get in in order for to be popular what is into the game but other than that I don't really see the purpose okay so Bitcoin doesn't need they need money that cannot be confiscated and cannot be centralized and cannot be inflated otherwise they can just use the dollar and be completely happy and most people get into Bitcoin at first because of speculation and it was also my case and I got correct because I had no idea what I was doing but in my case it turned out to be just fine because I ended up reading books and studying the phenomenon and actually getting a job to write about it which is incredible yes it is when did you get into it by the way well I first heard about it in 2014 when I was in Paris studying at university and yeah I had to make a class presentation about blockchain at the time and the only eloquent and clear example blocking was Bitcoin and I basically had to explain to my class what bitcoin is but I didn't buy any at the time and I wasn't very sure about what I have just learned because it seems so complicated and I only had a few days to learn information and basically make my presentation and know what to say and I read an article in Wall Street Journal at the time and it just presented the whole Silk Road situation and predicted that bitcoin was going to die and I was going to this kind of University which was very tight in close ties with the banks in the sense that we have always learned that the banks are honest and the banks are nice and it's them who we should trust basically and when I read that in The Wall Street Journal there was no way for me at the time to think otherwise and to actually contest that but I got into Bitcoin in early 2017 I guess but I got into et reom first and I got wrecked with that one and it was exactly what I needed to hear around the time that you decentralized the internet you build the world computer which is able to run any application in a decentralized way when I heard that I was blown away it was everything that I ever dreamed of wrapped in a nice package in which I could invest like okay take my money please well yeah I got disillusioned pretty fast you're out of it but it led you to Bitcoin it led you through the right spot do you think there is a future for Syria in a speaking to ten days you said was just on the show last week I he doesn't think there's a future what about you Uriel it's hard for me to think there is any future given the fact that there's nothing special about it Billy you it can be inflated I mean it has an unlimited supply okay but they used to have this plan for a certain percentage of new coins getting in and they just kept on delaying the a time bomb to the extent that I think right now they have more than 100 million Eve which was my in which Vitalik said that wouldn't happen back in 2016 but now it happened and they are over 7 million above the 100 million fresh odd so in this regard it's not predictable it's just like a central bank and the fact that it can run smart contracts and it has that Turing completeness I mean that can be done with any other product oh you just have the first mover advantage because they were the first of the kind to be released but right now with taproot and snore and all the improvements that they're bringing into Bitcoin for smart contracts I guess part of the companies which invested in it cerium and we have already seen it with Microsoft are going to move back to Bitcoin because they see it as more robust and more sustainable on the long term it makes much more sense for them to invest into something that will be around in the next ten years as opposed to something like which gets trashed by crypto kitties and then goes through a whole existential phase where they're trying to figure out what they should release first and when they should transition to prefer stake and when they should have plasma is charming and Raiden and defy and whatever man you saying all the catchphrases there defy God hey people people buy into it it's a free market this is where the big boys play we shall see what happens but I do like your take on that everybody remember vlad's link is below you can follow him please follow him there he's tweeted out some stories recently and his thoughts what are some big stories out there that people are talking about and maybe some stuff that you're covering that you're about to debut and floor is yours right now I'm working on an article about different types of lightening routing because it might seem obvious right now that the Lightning Network has been deployed done the main that that we have a type of routing which works and is scalable but furs already think about more scalable ways which can create greater advantages for the parties which are transacting and one of the approaches is ant routing and they basically took the idea from ants which when they look for food they dispersed they go in their separate ways and they leave pheromones behind and basically that's their way of knowing where each one of them has been and whichever of them finds most food they know how to get there because they have the smell of pheromones and the idea is similar I mean there's a French team which works on this and I have been watching their presentations and I'm supposed to research on it and I guess I have to contact them and ask some questions because it it exceeds my technical understanding of what's going on okay but the idea is that when Alice and Bob are transacting they set a certain fee because in the future it's it's not expected that lightning will be as cheap as it is now because it's getting more centralized and it's likely that channels will basically say if you want to route true me then you're going to pay this kind of fee and basically Alice and Bob will be able to establish what kind of fee they want to pay and this type of ant routing will search through the entire network and find the fastest and the cheapest of the routing methods to be sure that they use the node which gets the money they're the fastest and the cheapest according to whatever inputs they set excellent excellent but their people love on my show to hear this lightning Network inside info so I'm not privy to this kind of stuff so I'm glad you're doing the research I know Erin covers this stuff a lot too than weird oh yeah I actually got the topic from him because he didn't have time to cover it so I basically inherited it well that is awesome that you can take over and Aaron's story because he is he is great also and he's a hardcore Bitcoin guy which you also definitely appear to be I want to ask and wanna remind everybody found that like button if you like it when we get a guest on the show like this this is awesome your first time on the show I love it no brain I'm bringing you the best freaking guest in the space people you never know who's going to show up here now there is again I love with the news that you guys cover over there but there's a lot of clickbait stuff it's so many other publications and I mean if you just have a story that says like Bitcoin to a million dollars or some technical analysis chart I mean it's gonna do just amazing in terms of in terms of attracting people what's your take on the state of crypto media today and is there it do have a favorite fudge story that's out there or a favorite Ludacris puppet story that's out there well before getting to Bitcoin magazine I have worked for crypto globe which was my first gig and and there I guess it wasn't as rigorous in terms of reviewing the content and if you had something which was I don't know sometimes we used to joke that we were turning into BuzzFeed because we were trying to keep the standard high and write something good but at the same time we noticed that if the content was I don't know more click bTW and more accessible to the masses were just looking for pumps and reasons to feel bullish about certain coins then they were getting like 10 times more views and at the end of the day they figured out that their business and they should be operating through this compromise which they haven't taken to an extreme like CCM for example which i think is the lowest denominator and they're not the only ones but I like to think that CCN is like an assembly of shit corners I hope they have changed but the last time I checked their website they had a politics section just for the sake the fact that they sound kind of like CNN sometimes and they did politics just to I don't know broaden the audience or something which makes no sense to me at least they they're going to see something oh but politics is important for regulation and the cryptocurrency space which I disagree they don't cover specifically the topics which are about regulation they just right-click baby stuff about Donald Trump it's just it's just pure clickbait its clickbait when they write about ripple it about Donald Trump and and this just seems to be the with so many people out there a base they're they're they're supposing news around it's unfortunate and that's why I like that people like you on who you know you're not trying to get the clicks you're trying to get the information out there so that's uh they're very very respectable what you're doing so everybody there is the wild wild west out there in terms of news in terms of rumors I can't keep it simple people stick with the Bitcoin stuff stick with the big coin you start you know you start hoping and praying your altcoins gonna do so great you're you're gonna go to these sources that just reaffirm your false belief which is uh it's gonna send you down a path of unhappiness in the long run now you're in Romania what's the scene the Bitcoin scene like over there well you'd be surprised because there was this guy I'm not sure if you've heard of him but you have all the reasons to research him his name is Mitch a popescu and he was like the Roger Vere of 2010 or something he mined a lot of bitcoins he set on about 600,000 of them which is insane he's like one of the biggest whale whales after Satoshi and he built an exchange and tried to do stuff around here but I hear that he's an Argentine or something he he was forced to move for tax reasons and we also have lots of Bitcoin ATMs which is surprising there are lots of places from where you can buy Bitcoin and aetherium because a company which is called Bitcoin Romania and they have basically partnered with all these electronic devices where you can go and pay for your bills and there you can pay your bills with Bitcoin or you can actually purchase Bitcoin the places where you can withdraw cash by selling them your Bitcoin are much more selective and there's only a few of them now you can still find them and the fact that you find all these ATMs only makes you wonder okay how many people are actually into this in our country it's mostly because we have lots of software engineers and we have a very good technical schools and I guess lots of geeks get into Bitcoin for various reasons and it also might be the fact that we have an unpredictable kind of economy and then place an empty sella policy which is just crazy so people get into Bitcoin as a safety net they think that this might be the only option that they have so that they don't convert their money into dollars or euro or some kind of currency which they consider to be more stable but Bitcoin also appreciates in price much more in relation to the US dollars so maybe that it makes sense for them to huddle some and keep on buying yeah how do you spell that guy's name again the guy who had six hundred thousand Bitcoin at one point M I RC e8 okay the ope s see you I'm gonna I'm gonna look that one up people look that guy he probably does not if he was like who you said he was like he probably gave a lot of his Bitcoin away I would I would think I'm not sure it was kind of crazy about it he understood what Bitcoin was all about before a lot of people did it was 2010 I actually looked him up there's a lot of talk about him on Bitcoin talk and he had a feud with Gavin Andresen at some point which is funny he has a blog which is called trilemma okay trilemma I'm gonna look this guy I had not a single L okay trilemma with this okay and Wednesday what do you think he still has six hundred thousand be quick maybe one hundred thousand of them but he bought a castle at some points and then he saved an operating system which is helpful for Bitcoin mining basically the developers ran out of funding and were about to close down the project and it was thanks to his donation that they were able to continue because apparently it was like distribution of Linux that is very secure and that's why they were able to keep working and their operating system basically found its purpose in Bitcoin mining I very this is quite maybe I had heard of him in the past I have liked it I haven't heard about this guy for a while I could tell you that but this is a quite a character that he might have his you might have as many Bitcoin as the freaking the Winklevoss brothers that's amazing now I wanna I would I want to end this pretty soon because we're getting close to the end with a quote of yours from a recent tweet and I want your take on your own tweet something the Bitcoin community has taught me is that reputation is essential in free markets if you want to stay around you have to be honest and do your job right definitely not something you find in the normy world where people can act in bad faith with law on their side I do think reputation is important for people with good memories reputation if someone ruins a reputation they're not gonna want to associate with them but in this space in the cryptocurrency space I think people have some short-term memory problems I think people forget like almost the next day after they hear something bad about someone I think there's some players out there that are very questionable individuals and have like cult followings and stuff so I in Fury your your your take is correct and I would say among the 20% are producers out there yeah they're they're not going to want to associate with people with bad reputations and if you if you mess up your reputation you're doomed among the productive people I guess which is the most important thing but overall in the space I think a lot of people have gone a lot of different directions and a lot of people have just forgotten about so I I don't know what is a duty any thoughts on that that there are some people that are getting away with really bad reputations out there oh it all comes back to financial incentives I guess or to the fact that some people are just foolish enough to follow the money and that's pretty much it they don't care about character or morals or any kind of moral compass or values or whatever I'm tired but you get what I'm saying they just followed the money like right now I think of Richard Hart according to this trip the description that you made that guy is just this camera and I can read his mask I can see what he's doing to the audience by constantly trying to solve them and trying to act like he's one of them but at the same time he's smarter and I was on his show I was set up by my former boss to be part of this show and promote crypto insider for which I was working at a time and I just couldn't believe that he basically used me and my face my image my voice and everything we had reasonable conversations and after that he started shilling his shit token which is called hex or something yeah it hasn't come out yet yeah it's rumored to be coming soon yeah and I just didn't want to be rude because I was basically pushed on the show by my boss and I was supposed to be polite and have a decent conversation with him but after I finish the interview I felt like it was my duty to clarify that I don't agree with his project so I wrote an article which was called why Bitcoin Hexter scam and I started okay so I started from the way he was treating deuterium about a couple of years ago when he was saying that it's basically a dumpster fire that cannot be saved because by design it has many flaws but right now he praises vitalik on every show that he does and says that he's some kind of genius and prodigy who will bring salvation to us all and him busts in anti-aging technology or something so they become immortal at some point which I find so big and childish but whatever Richard Hart seems to be a big believer in this kind of stuff and after that he just gradually moved away from the hard Bitcoin er stance that he had and just became this shit corner who is trying to at first he wanted to do a nice co and then he basically got to the hex idea from other failures that he has had in the past and I have no idea how about 20,000 people regularly watch whatever shit he produces and he dresses like a scammer he talks like one she pretends to be a billionaire which he is obviously not because otherwise why wouldn't he bother you know III will say this it was interesting you brought him up because you're like yeah some people do not really Stanford at one point he was on my show because he was at this great big coin believer you know going to 20-day and everything like that and it was and then when it when it hit me he would Bitcoin went down he totally had a panic attack or something like that he gave up with and I'm like oh that's I'm done with this too I have done with it but then was shocking to me and how this is tied into the original quarter is how many people still like ask me questions about them and are like and taken seriously I can't believe anyone takes him seriously I'm really is he just sweet look just like you said he went from saying etherium was a joke to the complete up I mean what do you see what do you stand for is that is the question out there but there again people the 80% are zoomin they don't care they just want the hottest the latest thing I guess follow the money with it whatever where you want to state it but they have very short memories in or maybe they don't they don't consider that up you know when someone was ripping on a theorem before and then praising it laters doesn't matter to them everybody can with what's ever convenient what's it I mean I guess some people just like convenience over you know actually standing for something interesting that you bring him up I I'm I had no idea you were gonna do that so so it's a very very good very good timing actually never had the chance to explain this I spoke to somebody else during their podcast but I at the time I was refusing to talk about it because I was feeling like Richard Hart could sue me for this and I honestly don't want to get in this kind of situation it's not in my interest I have nothing to make out of it I'm just going to lose much more time but I I don't understand why people still follow him given the fact that he has a bad record and any presenters don't care about reputation I mean it would be a great world if reputation was essential to everyone but it is it's not essential to everyone unfortunately alright let's end it with a good note here anything uh anything else you want to bring up just the floor is yours I don't think I have anything specific that I wanted to bring job except for the fact that I also want to post this on my podcast and maybe make it a crossover episode because I feel like we had a productive conversation which didn't quite stay specifically on the path of you know Bitcoin stuff and we talked about some scammers but other than that I feel like it was pretty good and I'm happy that he invited me yeah you never know what's gonna happen here it has been an adventure having you on the show I love the unpredictability and you never know it's gonna come up here what everyone pound that like button check out flags link before below you're gonna hear this on his podcast also which is great I love that we're doing a cross promotional thing here i'm adam meister the bitcoinmeister the disrupt meister subscribe to the channel like the video bang that bell button clicking those squares uh you show every day follow me on twitter at tech both te CH BLT thanks a lot glad thanks a lot everyone see you guys on Thursday bye bye
