There is no chance that I'm gonna give you coronavirus, if I send you Bitcoin A lot of talking, but very little actual acting at the end of the day Like in the words of Tim Draper, when I asked him what advice he would give to someone looking to invest in crypto, just do it
Just do it! Spread that honey, all over, and send some Bitcoin to Giovanni No, guys, I wanted to make sure everybody understand, when I say Satoshi Nakamoto, I don't mean Craig Wright Hi, everyone, I am Giovanni And I'm Jackson And here we are at Beer&Bitcoin where we drink beer and talk about Bitcoin
And all things crypto Cheers Cheers to Bitcoin And beer So, Cointelegraph recently came out with their first ever Top 100 list
This list is, in Cointelegraph's opinion, the most 100 important influential people in blockchain and crypto So we're going to take a moment to break it down a little bit The top 3 were CZ, CEO of Binance David Marcus, who is the head of the Calibra Association at Facebook, and Kelly Loeffler, who's a former CEO of Bakkt and is now a US
senator of Georgia Me and Jackson didn't make this list It was our editorial team So it doesn't necessarily mean that we agree with that Unfortunately, we don't have the authority to rank the top 100 people in crypto
Yeah, we will make our little ranking today We'll make our own list There were two main questions that our editorial team asked themselves So the first, who have been the most important people in crypto and blockchain in 2019 and the second Who do we expect will be the most important to development of this industry in 2020? As we said that the first one was CZ, CEO at Binance, for rather obvious reasons, according to me
What about the second, Jackson? Why David Marcus? The fact that the name of Libra made so much impact in 2019 without having existed kind of guarantees him a spot, at least in the top-5 You know, I mean just the potential for this thing to exist sparked so much conversation that regulators all in a tangle and it just, you know, turned the whole crypto sphere upside down It was all everyone was talking about for months So in terms of that impact, I think he definitely deserves a spot up there Right, but it was mainly a kind of media media impact
A lot of talking, but very little actual acting at the end of the day, because Libra's stalled, is stuck The regulator managed to kind of clamp down on this project So I don't agree that these guys should be in the second place So let's talk about the third in this ranking Her name is Kelly Loeffler and she used to be the CEO at Bakkt
Then she stepped down from the company and she entered politics Now she is a US senator for Georgia and she's expected to promote a crypto friendly regulation To me, it seems like a very U
S centric kind of view in terms of like, okay, she can create more consistent and clear crypto regulation within the US government and as a result, the US
government will lead the way in terms of establishing clear regulation for crypto What I noticed is that in these three spots, the first three spots in this ranking out of the three two are people that are not native of the crypto space So the only native crypto entrepreneur is CZ like the other two come from, I would say, the legacy financial world Who would you put in the top-3 that you think deserves a spot there? To me in this list, the top three of the most influential people in crypto in 2020, I think the one missing is Satoshi Nakamoto You mean Craig Wright? No, no, no, man
Why we go back again and again to this guy? Man, he's Satoshi, don't you know? No, guys, I wanted to make sure everybody understand, when I say Satoshi Nakamoto, I don't mean Craig Wright No, Craig Wright in the first top-3 in the ranking I just mentioned Satoshi Nakamoto because he is the one who not only created Bitcoin, but he put into Bitcoin one very special feature which we're going to talk about later in this video You know, if I knew a little bit more about what was going on in Jack Dorsey's head, I would probably say Jack Dorsey, I think that Jack Dorsey, another guy who actually never did anything in crypto He has the following, he has the following He has Twitter Yes, the following with a capital "F"
You know, with the capital following, it's all capitalized Like, you know, if he does something drastic or very crypto friendly, you know He's spoken before about Africa being the next big economic boom, that cryptocurrency could lead the way for people in Africa to come into the financial world If he can create some sort of access through Twitter for crypto, I think, you know, the impact would be unbelievably enormous Let's hope he accepts an interview with Cointelegraph soon, we can find out
If you're watching this, Jack, I want to talk to you Guys, we just told you about who we think should make it in the top-3 most influential people in the crypto space Now it's your turn Do you agree with Cointelegraph ranking? And if not, who would you like to be in this ranking? Please let us know in the comments Who did we miss? You know, this is one of the most important topics of the year
Tim Draper is certainly thought so in our 2019 end of year video So we're going to talk about the Bitcoin halving, of course Or some people call it The Halvening Yes Still not sure which one is the most correct
You gotta choose, man, are a halver or are you a halvener? I'm sure I will jump back and forth from the two like Carl the Moon did in a video Okay, so basically the Bitcoin halving is the major event of the year and is going to happen inbetween the 14th and the 18th of May It's not clear yet exactly the date because there might be some slight variation Basically, what will happen is that the mining reward after the halving will be cut by a half And that's why it's called the halving
Currently, the reward for miners is 125 Bitcoin per block mined So if you mine a block, you get 125 Bitcoin Exactly
After the halving or when the halving will happen, the reward for mining a block will be cut in half and it will be reduced to 625 Bitcoin per block Just to get the numbers right, the inflation rate will also drop by a half So right now, the inflation rate for Bitcoin is around 359-3
86% After the halving, it will drop to around 18% So what I was saying before about Satoshi Nakamoto, why is this so important and what is this feature that he put into Bitcoin? I was actually meaning the halving, because I think that one of the most important thing about this, about Bitcoin is that it's a deflationary asset So the halving is what makes Bitcoin a deflationary asset
What does it mean? It means that the supply of Bitcoin is capped and basically it will become scarcer and scarcer It's not gonna be like fiat currency, which is controlled by a central bank And that's why central banks can just to increase the amount of liquidity as a tweel and that's basically the cause of inflation So while fiat currency is an inflationary asset, Bitcoin is deflationary, thanks to this mechanism which is the halving The halving is a phenomenon which happens one time every four years
There will be 32 halving in total The last halving is supposed to occur in the year 2140 So I'm sure we'll still be around Hopefully if our brains will be transplanted into some kind of artificial intelligence Thanks to Roger Ver's stem cell research
With the last halving Bitcoin will reach its maximum supply of 21 million Bitcoin So the cool thing about Bitcoin is that there is a capped amount, 21 million and no more than 21 million can be mined So that would be the last halving Everybody is asking how is this halving, of course, impacting the price of Bitcoin Everybody just thinks about the price
The price of Bitcoin, of course I found the opinion of Spencer Bogart very interesting Spencer Bogart is the general partner at Blockchain Capital He basically said that the Bitcoin halving is absolutely priced in there is no risk-free return that we had from buying Bitcoin a few months before the halving and selling a few months after the halving it is not that nobody is expecting the decrease selling pressure from miners Very convinced opinion
What he means is also that the halving is serving as a catalyst, which will bring a lot of capital that is on the sidelines into the market What a lot of people are saying is that the halving is actually a self-fulfilling prophecy so that there is so much media hype talking about how good this halving would be for Bitcoin That will push a lot of people into the market and that will be raising the price automatically DataDash said that Bitcoin halving is not priced in Even though we may know until we finally reach that point when there is 900 apples in the market and you know there is a demand for 1800 apples, then the price starts going up It only can happen at the moment when there is a supply shock
Basically, what he said is that the halving is going to boost the price of Bitcoin, but not immediately So what he said is that the price will probably increase a few months later, after the halving If you look at the charts of the previous halvening like for example, in the last one, in 2016, the price of Bitcoin actually dropped significantly after the halving So if you decided to buy before and sell after that wouldn't have been a good idea By the way, what do you think? Is the Bitcoin halving going to be priced in or not? You know, if you're looking to make money of the halvening buy before and just wait
And eventually the fundamentals should lead to the price increase Yeah, as a simple man with some Bitcoin, that is how I am approaching it Like in the words of Tim Draper, when I asked him what advice he would give to someone looking to invest in crypto, just do it Do it Now it's your turn, guys
Do you think that the Bitcoin halving is or is not priced in? Let us know in the comments, please Giovanni? What kind of beer we're drinking right now? Well, as you can see from the shape of the bottle it's clearly a Corona beer Do you know what rhymes with Corona? Coronavirus Unfortunately, these days when people talk about CV, they're not talking about their curriculum vitae They're talking about the coronavirus because it's on everyone's minds
Well, it's the biggest crisis this world is facing at the moment It's one of those global events that even Cointelegraph covers because it's so big that even a cryptocurrency focused outlet is obliged to talk about it How do you think it would impact the cryptocurrency industry? I don't know, Jackson I feel that probably the crypto industry is not doing that bad compared to other sectors of the economy I am declaring a public health emergency of international concern over the global outbreak of novel coronavirus since the announcement of the coronavirus from the Chinese government, which came in late January, Bitcoin's price, if anything, has gone up
We've seen an increase in Bitcoin's price since then and throughout the month of February, which is when the narrative of the coronavirus was really taking off Bitcoin hit all time highs for the year And multiple other cryptocurrencies were doing well, you know, Bitcoin Cash, Bitcoin SV, Ethereum, all of the top cryptos were riding on that wave You know, this can happen for many reasons I think primarily this is because of the global decentralized nature of Bitcoin
Now there are some potential risks, right 66% of Bitcoin's hash power comes from mining farms in China And we saw in early February that a mining farm owned by BTCTop was actually shut down in quarantine by Chinese authorities So the government in China has actually the power to shut down and putting quarantine whole companies just because there are someone who are infected by the virus So that is a serious threat
You know, like they can just shut down the whole company Yeah, I can imagine like having all this hash power completely cut down It would have massive impact on the whole crypto space, I guess Yeah, but I mean sometimes when I think about these farming facilities, I think about this bunch of pieces of hardware that are just, you know, working almost automatically Like, I don't know how many people actually leaving, people that can be potentially affected by the virus need to be there
You know, it's a good point And it's true as well These mining rigs, they don't actually require a lot of human labor You know, it's mostly just a bunch of computers in a room that every once in a while need maintenance So it shouldn't take more than one or two experts or whoever is maintaining the facility to just go around and make repairs as needed and whatnot
Face to face is the best way for this virus to be transmitted And even though the crypto industry is largely digital, there are still many, many, many gatherings of people in order to spread the word, show new investments and stuff like that, like crypto parties, for example Like Blockshow, Cointelegraph's favorite crypto event But a lot of these events are being impacted, you know, NiTROn 2020 in Seoul and we got postponed Korea, for those of you don't know, has the second most infections behind China
Hong Kong Blockchain Week – postponed TOKEN2049 – postponed And a crypto lending startup called DeFiner was supposed to tour through 10 cities in China and they just cancelled it Yeah, I mean, I think that this is affecting everything Like, of course, we are talking about crypto, but of course, like even in Italy where now the coronavirus is spreading very fast
And I think together with Iran and I think Japan, we are at the same level of contagiousness So they cancel the very important events like, for example, the Milan Fashion Week and also the carnival in Venice They were all canceled because of this And these are kind of events that are like very, very big Probably bigger than the average crypto event
So no wonder the crypto events also get affected I personally feel that as part of the crypto community, we still should consider ourselves lucky in terms of how this virus is impacting our business Definitely, the crypto industry is better situated than most, given its digital nature to endure this kind of event, absolutely And I think that this is very aptly shown by something recently that happened in China, where the Chinese government, realizing that the coronavirus could be transmitted across physical objects, has started quarantining cash, quarantining banknotes How absurd is that? You know, like you go to pay with something from like someone just took all your dollars and was like, okay, I'm going to go wipe these down like it's insane
So and that's literally what they're doing They're taking banknotes, they're disinfecting them and they're quarantining those banknotes for two weeks And then redistributing them back into the market This shows an outdated system You know, this is a situation where digital currency could thrive
There is no chance that I'm gonna give you coronavirus, if I send you Bitcoin Well, I still hope this is not the only chance for cryptocurrency to thrive Otherwise we need to hope for a future, an apocalyptic future where people are not able to exchange physical contact for being afraid of being infected by some virus Definitely dystopian, but it provides a use case at least Do you think that this coronavirus outbreak could actually speed up the development of this digital yuan? It definitely provides motivation for the creation of this technology
Whether or not will speed up the development is a different story Most people that I've talked to believe that the energy the Chinese government is spending on fighting the virus is being taken away from the energy being spent developing the DCP So how do you guys feel about the coronavirus? Are you worried? Do you think that in the long run this could have a significant impact on the crypto industry? Have we just not seen it yet, you know? Is Bitcoin or another crypto a safe haven and an economy that could be potentially decimated by the coronavirus, you know, taking away the labor force Thank you, everyone, for watching, my name is Jackson And my name is Giovanni
And this has been Beer&Bitcoin So guys, if you want to watch us drinking beer and talking about Bitcoin some more, don't forget to subscribe to our channel
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