Hello everyone this is adam meister the bitcoinmeister the disrupt meister welcome to this week in bitcoin welcome to this week in bitcoin today is september the 11th 2020 strong hand long-term thinking never forget dudes alright welcome to the show everyone hello my elite friends if you have questions we have answers yes we'll we'll take questions on the show you can do a super chat you can type in bitcoinmeister but we're going to start it off and bring up one of the big stories of the week and yeah it's gigi ken bozak and freaking anders are in the house best freaking guest in the space we bring you every single friday here but let's talk about this uh drama this uh this blacklist stuff blacklist blocklist what the heck is it is it being blown out of proportion is it an attack should we still be talking about it all these days later uh i've got my opinions but let's hear what gigi has to say about it hey yeah it was definitely like the news of the week i would say um yeah it it's actually an old merch so uh it came up because it made it around on twitter as most of you probably know and the whole controversy was about uh pretty much like almost a single character change um they wanted to change a variable name from file jar blacklist to file jar block list and it was actually changed and it was merged like three months ago and it came up again because uh someone didn't agree with the change and was worried that um like the change was politically which i would agree with and you can by just looking at the pull request you can immediately see that it was a controversial change and in my opinion it wasn't handled uh the best it could have been handled by uh neither the maintainers nor the core developers because the change it had some concept next so in in bitcoin um in bitcoin core we have the system of agreeing to a change or agreeing with the concept of a change or disagreeing with it or disagreeing with the concept which is agkaneck and concept action concept neck and the change had necks from michael folkson and concept next from john carvalho and they pointed out very very interesting things like first of all if you change blacklist to blocklist you would have to change all appearances of whitelist as well this would be a bigger change uh they also pointed out the blocklist is like a horrible name for a blockchain project because a block list is a list of blocks and if we rename it and we should rename it to something else and i think most people were just upset um how it was handled because in the end it was simply merged and the discussion was closed and it was like okay we're the maintainers we're merging this now no further discussion this is uh otherwise the discussion will get too heated and we'll just attract a lot of drama which it basically did like three months later and uh once people figured out what was going on there i think um the immune reaction was warranted so it shouldn't be like that you should never silence speech around topics like that and you should just keep the discussion going and talk it through all right well has this shown that the the best way to attack bitcoin is a social attack yeah i i would agree with what some some of the loud fall folks said um i think it was nvk who said uh rudolfo from coal card he said that bitcoin's attack vector is social and the attacks that might succeed are mitm attacks like uh not man in the middle attacks but meat in the middle attacks so since we still are developing the protocol and it hasn't ossified yet um it's definitely an attack factor and i i think what we saw here is also um the attempt of just producing a drama and trying to split the developer community it it did not succeed but if you want to do that you definitely will do it like that and i in my opinion you know it what's funny about this pull request is also it wasn't like a regular contributor that decided to change that it was a newly created account first time contributor and uh so that just adds to the controversy and some people said you know like maybe maybe it was like a nim account because um a regular contributor wanted to did not want to put his name behind it i highly doubt that um but still you know it's you can't make an argument in that direction but i just want to i just want to echo what uh for example giacomo says as well but like it's it's not about the commit like the commit itself is completely irrelevant it's the dynamic the dynamics around it that are seriously concerning so um it just it just shows that um yeah we don't have enough reviewers and not enough eyes on the repository and on the code and uh so this is the sentiment that i agree with from the maintainers and the core developers they say that all the time and that is obviously true so maybe maybe we have more eyes on the code now so maybe something good came out of it i think that's a very productive conclusion to all this because there was a lot of drama but like let's boil it down to get rid of the emotion need more eyes on the code to prevent any type of social attack yeah social engineering is an interesting way to hack something right to hack your way in but through social engineering that's interesting yeah i mean that's uh it's well there we go we we've seen it uh well we've seen a possible uh way they somebody tried to do it and now it can be easily identified hopefully we we'll see there's there's always gonna be attacks on bitcoin it's uh bitcoin is the next bitcoin all right uh anders what's your take on all this uh yeah it seems like a lot of uh energy and and time uh wasted on something like that and it seems useless to involve politics in something that no one had a problem with no one had a problem with it being called blacklist except this account that that wanted to cause trouble it teams but i think what i like about it is it just proves that um very very hard to you know you can't go in and uh and kill bitcoin what it shows here is um bitcoin's immune system evolving so when something like this has happened now um the core developers and the the community in general has become more focused on something like this so immune system has been developed where there will be more eyes on this type of um commits or whatever pull requests and i don't think something like this would succeed next time because the immune system has developed all right yeah absolutely if i may add something to that um like pierre for example was also talking about implementing a twitter bot that will monitor the pull requests for next and like if someone disagrees with the pull request and it gets merged anyway that we have something like a warning system because that's never good thing if there's a controversy and it gets merged anyway and the second thing i would like to mention is a lot of people forget that bitcoin is a worldwide phenomenon and most people are outside of the us and don't care about us politics and so just this is a non-issue outside of the us so uh it's it's especially infuriating and i think i think that's also the reason why for example giacomo was loud about it because he's italian and like literally nobody outside of the us cares about um identity and politics and black and black lists and that much like where i'm from nobody cares about it like literally nobody cares about it so um yeah it should stay out of bitcoin for that reason alone you know it's not an us-centric project that is a hilarious point at a very good point that it's but i i would say i bet australians and canadians are also uh as maybe even worse some of them uh than some of the sjw uh american people but yeah it has it has no place but uh it obviously there's a lot of uh there are a lot of americans that are in in bitcoin though so it can cause a uh it's a legitimate attack vector i guess to trigger some uh americans uh before we get to a kenza take on this i want everybody uh retweet this dudes that are watching this uh that are watching this live right now i'm putting the uh putting it out there in the in the chat you guys can just easily retweet pound that like button so people know we're we're live ken what what is your take on the blacklist blocklist uh i think i think i think it's virtue trolling you know uh like a lot of what happened with like you know the the football team changing their name or uh people taking icons off of their products uh moving forward it's it's it's virtue trolling you know it's it's somebody found a way to troll a virtue signal into bitcoin or crypto in general and we see how far these memes go you know it's pretty meta but we've also seen like legacy industries kind of cave to this political agenda as well so yeah it didn't surprise me to see something like this happen it's you know it's it is the it is a world topic i know it's not so prominent outside of the u
s with you know whitelist blacklist being like a political thing or like the football team being called the indians and instead of native americans but it is a way to virtue troll memes are powerful and whoever this is it was probably a group of people you know that just like satoshi's style you know an anonymous account by a group of people had an idea they memed out the idea and the group kind of you know did the work on the back end and now they have a scapegoat to point at you know to say hey that's the troll it wasn't us all right we got a virtue trolling that's a new i like that term i i think that that uh that explains uh what what's up in a lot of social media way beyond bitcoin type of stuff all right let's uh let's move to some other uh big stories of the week the week started off uh with the sushi swap thing which is like a copy of uniswap which is this is i guess the d5 part of the show the incentive what was the defy insanity this week the defined insanity this week was sushi swap so the the guy who made it up uh sold all the sushi and then everyone was angry and now he has given back his sushi uh due to pressure due to pressure okay so i mean there's a lot of lessons here okay it's gambling first of all uh but but also you could put peer pressure on someone to give up their fortune it that was a little weird uh but ken what's your take you're probably looking at this closer than i am oh man i'm loving it i don't know if it was uh intentional to have something like this where you know it takes what like 15 million or something and it gives it back and to the developer fund and maybe even more but what i think it was there has to be something happening over to the left when i'm staring at the right like i'm looking at it like a magic trick and i'm just trying to find out like how this magician pulled one over by giving back money like and getting out of it and and kind of bailing on everything what did they get out of it and yeah i i would just uh be weary of anything popping up like this even though this it's a weird like false flag sentiment you know it's like oh dude took all the money you know uh there's the false flag the sentiment is oh he gave it all back though so don't worry guys everything is fine you know it's like the meme of the dog sitting down sipping tea with the house on fire it's like don't worry this is okay um it just it adds a false sense of credibility to what's happening in the whole d5 space like people will point at this as like that hey but don't worry you know when shit does hit the fan you know at least this guy gave his money back we never know it's this is better than big connect nudge nudge nudge so it it it clearly looked like an exit scam but now it doesn't look like an exit right it looks like an entry scam it's weird i've never seen anything like this before the exit is the entry to a whole new scam i got but okay so ignoring the fact that the dude might have gave gave it all back due to peer pressure the lesson here is there are going to be clear-cut exit scams like where the dude doesn't give back the money people uh so that's your that's your d5 lesson of the week i will say this if he really gave back all the money i mean he's kind of a cuck i mean dude i mean you created it you're the creator you're the creator these suckers bought it yeah and now you're just going to be a uh well it's the developer's fund right it's not really the investors he's given the money to he he's giving it to the developers who are basically self-incentivized to pump and dump even though he left right that's what i mean it's like it's almost like a weird perpetual motion machine of scamming us with this sushi shit i mean dude he's supposed to be anonymous you pulled the exit scam don't like don't give give back you know live your life enjoy your 14 million dollars man well it's like uh it's like if i wanted a job at a casino i would walk into the casino i would steal millions of dollars from the casino i'd leave the casino i'd let the casino know i stole all their money i'd bring the money back to the fucking casino and then wait to 10x the same shit and maybe not walk back in next time all right so we we this is uh this is d5 uh anders do you have thought thoughts on this sushi swap thing uh yeah i'm just really surprised that the guy came back with 14 million dollars like i'm trying to understand the incentive here because if he's anonymous um then how you know why would he come back um but uh yeah overall me and dfi the take i have on it it it um it smells so like uh icos in in 2017 uh it seems like the totally the same thing you try and tell people about uh bitcoin and sound money and why it's the best money the world has ever seen why it will take over and then you have these projects coming in riding on the positive way to scam people it's it's like people forgot icos and what happened to them and most people lost their money and i think it's the same with with defy i mean um it's uh it's it's vaporware there's nothing there of value um and as far as i can see so it's just a way of um scamming people of their money why he came back i don't understand but um i don't like it i don't trust it he's that what's he the sjw of scammers or i mean again he's a cuck dude what i i don't understand he gave in to the peer pressure and maybe there's something else up okay uh gg what's uh any any thoughts on this yeah well you know play stupid games win stupid prizes i'm also surprised that he came back but who knows you know maybe 14 million wasn't enough maybe he wants to 10x it and then going for the for the big money yep if if he wants to 10x it he should just uh buy bitcoin and hold it for one and a half pound that like button but no no it's it's not exciting it's not making headlines bitcoin you know everyone wants their flavor of the month now speaking of flavor of the month i'm even getting messages about this one and of course uh the the big the mainstream publications are writing about it like it's legitimate yearn finance yfi soars to 33k after uh coinbase listing is 40 000 next yeah you know here it's the flipping bro yeah and exactly this is the gimmick that's being used with this one is just like well it's worth more than a bitcoin so it must be awesome and i mean i understand market cap and circulating supply though you know this is the i i'm bringing this up because other people are bringing it up but i'm bringing it up for posterity because through the years we have had many altcoin flavors of the month many many and they come and go and people forget about them right now everyone they're i mean they're legitimate people thinking that oh this is the next big thing dude the top ten it's not even in the top ten in market cap but we've seen the top ten alter over time so i i'm just i'm bringing this one up out up i i like feel like vomiting when i say its name um but i i thought it it's in the news this week and it's it for for me the gimmick that i think is attracting people to it is that you know it's got this high price now ken is that is there something else about this thing that that's getting people to pile in i mean you i mean you're you're over there in the altcoin land you see what's going on what what the heck is up with this flavor of the month or is it just another flavor of the month i'll be honest this one came out of left field on me i love shit coins but man this one popped up out of nowhere i mean i took a little bit of a detox you know with the whole pandemic and lockdown thing uh in february after the conference i was at i just decided maybe take a little bit of a social media and in general detox like i just stopped diving into things for the past few months i got back in this month into the space started my podcast back up and everything but yeah this is this is beyond insane but i also don't know how i feel about like coinbase listing it and you know like i don't know if it's good for like you know taking the credibility away from these custodial platforms like coinbase when they dilute their shit portfolios with shit coins or if it adds credibility to a shit coin by being listed on a custodial platform like coinbase it's i don't know i'm excited to see what comes of it though you know a lot of a lot of people that don't understand what bitcoin is and just see oh this must be better than bitcoin because it costs more ah they're gonna have a really expensive uh uh on-ramp experience right like that's gonna that's a college tuition life lesson right there missing the ball but uh again it's just it's just the whole price thing right everybody cares about price if bitcoin was fucking a hundred thousand dollars right now it wouldn't matter if this coin was forty thousand it would it wouldn't even be talked about but because it's worth more than bitcoin that's their mark that's the whole marketing campaign that i've seen for it you know it's like oh but it's worth more than bitcoin well i haven't seen anything else mentioned about this project other than it's worth more than bitcoin so it's like no one's pushing any fa it's all ta just tell me what it's doing why is it worth what's it why is it going to be worth more nobody knows they just know it's worth more than bitcoin so that must be good yeah this is a new style of flavor of the month we've never had one that where someone can say well i just want one of these and i'm gonna pay thirty thousand i mean that that'd be a bad lesson it's gonna be a bad lesson for someone who buys one whole one of these be careful people it's it's hey there's new types of flavors of all coin flavors of the month all the time who knows what they'll come up with next uh anders you just went you went off on d5 before but you have anything to to add to this uh d5 story um no i just want to say that i agree with what ken is saying it's uh people have this unit bias and tend to think of the value of something in what does one unit cost while it's completely irrelevant it is always about the market cap what is the total asset worth that's important it doesn't matter if they if there's one yearn and it's worth 40 000 or 33 000 you know it that's what's important what is the market cap um so yeah it i haven't heard about what it does that is so great what is the value that it creates that is so great so um about two weeks ago i went to this um private uh arrangement where there was someone coming with a and explaining about a um their hedge fund that was investing in d5 and how it was up uh 600 year-to-date um but all these different projects being mentioned there was zero focus on what does this project actually do that is um you know revolutionizing something that is disrupting something that is creating new value because it's some new technology it was all about it's gone up this much uh so far it's it's the focus on the on the fomo part uh and how how much it's worth not about what value is at it um and and sushi was mentioned as as one of those interesting projects and then like a week later um i read about it collapsing although the guy is back well that's the thing though man people only have speculation to relate and correlate to a utility so hey if it's worth something it's obviously speculative that's its utility what do you mean essay you know what i mean like all the fa is the ta the ta is the fa it's a spec like no show me the use case why what is it doing and that's the question nobody's asking because they don't they only they only care about speculating and that's i hope utility uh really starts to bring the fa into the the spotlight and the ta can kind of go back into the shadows now anders this uh this private meeting it was with a a fund what what what were these guys about so there's uh a friend of mine um had another friend who uh had like a group of of guys together like uh we're 20 guys having barbecue and and then listening to this presentation by um a guy um running a hedge fund together with another guy um and explain you know talking a little bit about um bitcoin in general and and and different cryptocurrencies and you know saying they made more than 600 so far a year to date um but um yeah yeah okay it's complexity worship there people just bitcoin beats your freaking fund all right you know you don't need some third party to tell you uh oh i'm putting your money into urine and sushi oh my god but hey if i can if i can add one thing uh my point was and still is you know the 2000 x potential that i see in bitcoin right now that's more than enough why you want to be greedy and expect more than 2000 because you're not going to get it this 2000 x i i feel has a high probability um you know why why is that not enough uh but go for it if you want to lose your money gamblers be gamblers on that like button gg your thoughts on yearn are you are you spending 40 40 000 dude all right yeah i i think it's really interesting that it's just another kind of unit bias and i i just for the life of me you can't understand why coinbase hasn't listed satoshi's yet as a separate listing you know like if you want to buy something that's really cheap just buy satoshi's and if you want to go into the other direction if you want to buy something that's really expensive just list something and call it killer bitcoin you know and just like buy a thousand bitcoin at once and then then you have a coin that's really expensive so all of it is just unit bias and all of it is just really stupid and none of it matters like um the alkynes since you talked about ta and fa i can give you a fundamental analysis of every single altcoin because every single altcoin has something in common it was invented to enrich the founders and that's why bitcoin is different because it has no founder so every every single purpose of every like the purpose of every single outcome is exactly the same of every other altcoin it's to enrich a small group of people um who are behind the projects who founded the project including ethereum including like all every altcoin you can think of theaters may look at this as early adopters being those people though yeah well i mean you can do mental gymnastics until you win a gold medal in mental gymnastics and explain it away um you know i just like to point uh to ethereum over and over and over again because i think most people that believe in the ethereum don't realize that there was a 70 pre-mine and uh all of it was paid out and pretty much sold at the top and that's the same story over and over and over again and a lot of people like to point to ethereum specifically as like d1 altcoin that is not a scam i don't agree i think it's a scam as well same hand so so all the altcoins have something in common and bitcoin is the only one that's different and i think it will stay this way because it's really really difficult to invent something that is like 10 times better than bitcoin and do it without anyone having eyes on you and anyone finding out and and also with disappearing immediately afterwards i i don't think it's possible so um i i would rest my case all right i don't i still don't see why sushi swap gave his money back then i mean he was just trying to enrich himself like all the other founders and then he didn't enrich himself properly it's very strange all right i know i keep going back to that let's talk about uh something a little bit different that involves total bitcoin here bello ruse in belarus now i i've had a guest from belarus on the show before eugene is is a great guy and he he told me about this story but it made it made the news that uh this this fund by seoul b-y-s-o it's it's linked to below i talked about i i'm i'm impressed people are using bitcoin to help revolutionaries should we say in belarus in belarus if you speak up against the government if you say what's going on there is wrong you can lose your job really easily and then you have no money and if you can prove that's happened to you these dudes will send you bitcoin to to to make up for lost revenue and p people and people have learned very quickly uh that there was an example in the article of a lady who didn't know she didn't know how to use bitcoin but she lost her job and she quickly figured out uh how to get bitcoin so uh i we've always said it's a use case uh for bitcoin to to help uh battle against uh totalitarian governments and and now we're seeing it and it's being funded by just a group of people a private group says hey we don't like what's going on in belarus um if you don't like what's going on in belarus and you're in belarus and they've laid the smackdown on you we're going to give you some bitcoin so uh anders do you have any thoughts on that yeah i think first of all it just really once again uh highlights why one of the reasons that bitcoin is a better money uh than what we've seen before it it's outside of state control it can be frozen um they can't censor any value transfer i mean it started back with wikileaks and i believe it was 2010 when the us government cut off wikileaks from receiving funds because they were exposing dark secrets um so you can no longer do a bank transfer swift was blocked um the credit card companies were told if you work with wikileaks you know we're going to shut down your business so they could no longer receive money by credit cards so uh they started receiving bitcoin instead because you can't censor it and you can freeze accounts and and this is a great example of you know people fighting for uh freedom and human rights and um uh good things can use bitcoin as a money because it's possible and it's superior to the alternatives now and now the difference between you know when wikileaks got the money uh they requested it and they they knew how to use bitcoin when they requested it these dudes are being they're learning how to use it i mean they're they're forced to learn how to use it if they've lost their jobs and then they somehow found out about this fund i think it's a good way of uh onboarding uh new people and i mean it's it's unfortunate that they're they're living under circumstances but who knows what this could lead to i i hope it leads to someone doing and and it's it's a private entity that started this fund so someone could do it with venezuela just as easily a fund giving uh to venezuelans the bitcoin like this uh gigi what's your thoughts yeah i really liked the article and i liked how it mentioned that uh she was able to figure it out in 10 minutes and also at the very end where she mentioned you know it's uh now that she knows how to do it it's not a weird thing anymore so um i think once i i love how it shows that how how far that we uh how far we have come already like if you can figure out how to send and receive bitcoin transactions in like 10 minutes then i think we've come a long way in the last couple of years and um also like not being a weird thing and i i can only echo that if uh if i show other people uh lightning for example a mobile lightning wallet and on board them that way um it feels very natural already and it's it's obviously very quick and i i also like how how they mentioned it and um yeah how they mentioned just in general that more and more people are learning that bitcoin solves real problems and i think we're gonna see more and more of that like if you if if bitcoin is your only option like if you can't use paypal or other means then uh i think people will figure it out and we will see that more and more in the next couple of months and years yes oh yes hey dudes we're going to ask ken bozak in the super chat sent 199 but he's on the show at the same time how is this possible if you guys have questions i have answers we all have answers so you could do what ken did do a super chat or just type in bitcoinmeister and we will answer uh questions ken what what's your what are your thoughts on the belarus door i actually i sent a super sticker i don't know if you saw it it was a sticker it says it says on set so i have my director's chair on set in the chat that it makes sense okay i see that okay that's what super stickers eye all these gadgets i'm working on nfts for this by the way so adam if you go and watch my youtube channel live and you buy one of my nfts from my wax store you get a little super chat sticker pop up on the screen and it's all crypto i can bring you in on that but uh my thought is this is like the silk road for unemployment line bro i fucking love it you know government's suppressing and oppressing people uh because of their political views you know a disenfranchised area of the world bro being able to utilize this in a way where it's like again the silk road of unemployment right like i mean if people need money we can do this and it's proving that we don't need smart contracts or dowels to facilitate these things right like you don't have to wait for for a dow or a smart contract to to do good with bitcoin you know we could have private companies come together and do good with it you could do it independently and individually and we can self-regulate if we find out that the bitcoin isn't going where you say it's going the bitcoin stops coming in and the scam only works so long and credibility will build and we'll we'll create our own gofundmes and kickstarters with this like this is the future of patreon like by patreon and you're 30 cut that we don't need you anymore you know like the people in place like i wish we had more of this and i saw some of it but i wish we had more of this in the whole freedom for hong kong scenario where right before the pandemic you know there was millions of people protesting in hong kong for freedom bro and like they were being oppressed their bank accounts were being frozen you know they were losing their jobs for posting political opinions just asking for fucking freedom bro and you know like to be able to say like you know what here's 50 bucks a month to the hong kong freedom for foundation people that lost their jobs due to protesting for their freedom they could have a couple of my dollars to go get something to eat and we could do that as a work we as the world can support small areas that are in you know in war with their own government i'm just saying we have to start looking out for our neighbors before we have to worry about our friends and our family and eventually ourselves like i'm happy that this is happening because there's a chance that american citizens may need this you know people that are protesting right now with the black lives matter and everything that's happening in in portland like there are people in america that could use some help like this and obviously there are others around the world that obviously could use it more but to see like you know the world come together and solve centralized like nonsense but like micro problems in macro ways dude it really it brings it to your eyebrow like so why i love bitcoin well i i i gotta say uh one thing that you mentioned it uh it beats a patreon it beats uh having a third party distributed and take a tremendous cut dude look at the red cross the world's biggest scam on on the on human emotion is the red cross you know it's in human nature to give and help and nobody walks past somebody hungry and doesn't want to help them it's i don't care how sadistic you are or narcissistic human nature you see somebody hungry you want to help and then there's these scammers like the red cross and patreon and gofundme that man in the middle of this and gatekeep and border to entry for those that need it the most that's why you have people scamming on kickstarter and gofundme because they're the only ones that can get in are the ones that you know don't need it so it's just eh i'll game it i'll gain the system you know i'm glad you brought up the red cross bitcoin could make the red cross out obsolete 100 yeah yeah people don't bring that up but uh yeah if you if you want to really give a charity if you want to help someone why do you need to pay a tremendous staff to to maintain everything like they they do at the red cross so uh and bitcoin uh solves that right there and so this is a real example of it uh it's being sent right to the people that's that's awesome well when we're on this topic here and we got ken here uh etoro launches the good dollar a uh a universal basic income uh for people who know about etoro now i i have said many times that i would i think it would be great if uh a private entity created their own uh crypto that was a ubi or a rougher relations coin better than the united states dollar uh being turned into something like that so ken you actually went over to the site sign up for it so tell us your thoughts yeah i did i fo mode over free money i don't know you sent me the link i was like i've never seen it what's the good dollar bro let me see what etoro's doing and i read the article uh i mean it says you know in the article here it's backed by die soon it'll be a basket of coins so basically it's it's g which is kind of gangster if you ask me so he toro has g which is the currency's uh ticker and you can get you know one g i think it's one g a day from what i've seen i don't know you could probably get more it looks like but there's already been over a hundred thousand uh of dollars basically die g which is you know backed by die given out to 250 now 251 users because i signed up and i got my g uh i got a dollar worth of stable coin and it was really easy bro like i was worried you know i need to whip out a driver's license or something and just prove it all they wanted to do is see if you know if my face was already registered in their system so they said you know hold up your camera and it was like sort of like a picture uh but it didn't take the picture like whatever looked more like a video photo and it just said hold it and i'll move it away move it close done and they said all right you're verified you'll get your ubi you know from etoro on a daily basis which is crazy it was so easy i can see why like people in venezuela south africa and nigeria are already creating hundreds of wallets uh i almost feel bad you know like just stepping into the soup kitchen line they taste the soup to see how good it is because i don't really need it i know i shouldn't have signed up because i don't really but i wanted to see how the process was and i now i can tell people like look a dollar a day in venezuela goes a whole lot farther than a dollar a day in new york city you know so some people this may not be for good i hope it's so inconvenient to you and your you know in your suit and car that you don't want to do this for the dollar but the people that need that dollar in venezuela in south africa in nigeria like this is this is this is so much more than they could expect for what you're asking of like a selfie just to make sure you're not setting up several accounts i think that's a really good idea you know without going overboard with kyc yeah i was concerned when i initially talked about the story uh that uh people were gonna be able to be tracked but you make it seem like uh they didn't even know it was ken bozaki i had my vpn on too on my phone by the way so i had my my phone's vpn on and i could have used anybody's face in my house like i could have went up to my brother and just used his face the problem is he probably wouldn't have been able to create an account because his face would probably already be registered with mine but yeah it's just they didn't know my name they just had my face you know just to make sure i didn't have two accounts very very interesting stuff uh so i i'm always the guy says compete don't complain i don't care what these altcoins do let them do so but is it uh what is this just uh i'll go to anders is this just a marketing gimmick uh for etoro do you think because i mean it's etoro's created a uh uh i mean they're very good with advertising we got to say that and uh they've created a ubi coin and they get their name in the news so what's your take on it anders well uh i read the article and um it seemed to me like they wanted to create the technology so uh governments could use this or something why are they just handing out money themselves that i don't quite um understand to be honest is that what is the case etoro is handing out money to people who want it's donation no so basically they're accepting donations and the donations go to the applicants so it's all self-run through like donations and then you can use like their yield farming coin to basically you know be a supporter rather than like a uh a person in need so like if you want to contribute to the charity basically they're saying like you know go stake their coin and with uh let me get the article up i forget the exact so the donations back uh give value to this new coin that they're printing yeah they're yield farming defy and they have uh protocols already like compound or uh ava avi uh so yeah it's basically you it's supporter funded so it's not etoro's money technically it's just etoro set it up and kind of walked away and said all right as long as money comes in money will go out uh and that's kind of cute so it seems it's a they've created a system for donations if you want to donate money to people in need you can do that and people in need can sign up to get what is it a dollar a day um i mean i don't have a problem with that um it doesn't seem that it's something that etoro is profiting on uh but yeah you're right i see a way for them to profit off this because i read the article and they said it's backed by dye soon a basket that basket is the listing fee that's they're going to make their money from right you're going to want to be a part of this universal basic income basket aren't you a shit coin dude and shit coin so if you want to be in the good coin basket or you know what i mean the good dollar basket it's going to be a 10 million dollar listing fee you know because blah blah blah that's i i i never i'm always skeptical of anybody doing anything for good bro and like this is i i already see how they're going to be able to be snake snaking this out but and again it is great for the individual but they're also not just being charity they're not doing this out of the kindness of their heart this is definitely going to be a huge profit model for them if it does take off but they want imagine a billion people signing up to get a dollar a day and now your shit coin could be a part of that basket well they want the token to go up in value too i mean they if the token if this becomes a popular project and people are just like oh this this good token is a is valuable you know because we say it's valuable then they can print as much as they want and they're printing free money there i mean who knows we'll we'll see but i i for me it's better than uh better than uh it's it's an experiment it's a private experiment let private people experiment printing their own money calling it ubi uh better than the the dollar uh being a ubi then i'm i'm yeah anyway take this dollar we're gonna get 1200 checks in the mail soon again by the way everybody all right now yeah gigi your thoughts yeah i think you know it's interesting to see this exchange exchange-based shit coinary backed by government-based jet coinery and they want to do ubi but i'm a fan of ubi because in my opinion ubi simply stands for unsettled bitcoin investment and just take all the ubi you can get buy sets with it stack sets and be done with it get the free money convert it to real money and then just yeah make the best of it yeah exactly exactly you get that uh if you happen to find a government check in your mail we'll uh turn that fiat into bitcoin and pound that freaking like button people as we did you know w when this when all this insanity started i i've mentioned this many times now i uh and bitcoin went on sale that one day march the 12th i knew we'd be getting checks in the mail so i i spent my check before it even came in the darn mail to turn it into uh there's a bot that follows it right it's like triple in value if you invest it your your stimulus into bitcoin there's a daily bot that tweets out the difference and i like that even though coiners are starting to follow it and engage with it like i've seen like outside of like crypto twitter people now mentioning it and it's i was at the uh tattoo parlor the other day because i got to do a bitcoin tattoo right here so i got the superman bitcoin john and uh you know we were talking about it at the tattoo parlor and stuff like they they they want to get involved they just don't know how and i'm trying to show them but like you know business owner all dog new tricks employees young dogs want to learn new tricks so it's just pretty cool all right let's let's move to uh some mainstream type of news that can be tied into bitcoin uh famed investor drunken miller thinks 10 inflation is possible now i i don't put uh guys like that on on a pedestal or whatever but it was it was a headline and uh for me it's just uh there someone's making a call on inflation now 10 inflation uh then that's not hyperinflation people remember that and we we had 10 inflation but in the late 70s i believe it was more than that who knows what it was back then um but uh we printed uh the united states and all sorts of other countries have printed a lot of money lately so uh where would the 10 inflation even show up is is the question uh some people already say we might have it already because you know real estate keeps going up by insane amounts but but anders you are a hyper bitcoinization guy you you are a guy that believes that what that everyone people are going to give up on fiat one day and just bitcoin will be the currency and something that leads to that is inflation and uh just this and hyperinflation of of the dollar itself so you want to talk about a little bit about hyper bitcoinization also uh when you think it will happen but what's your take on a 10 inflation is it possible well i think there's is two different types of inflation there's there's the one for um goods that you need every day supermarket etc uh that is not really being pushed up because in reality uh the situation is not that great a lot of people out of jobs a lot of people had to close down their business so we don't see a lot of inflation there where we see inflation is in assets so even despite the economic situation not being so great stocks are all-time high um real estate also is is going up very fast and it's a matter of as soon as somebody gets some of these billions or millions in their hands they know i don't want to stay in cash as ray dalio says cash is trash because they are printing more even tomorrow so as soon as you get it you want to put it somewhere to store the value so it doesn't get diluted and that's why people are buying assets head over heels like real estate and stocks and that in the future i i think will be uh yeah bitcoin to a greater extent right now it's just a small amount of people using the stimulus checks um for bitcoin i'm sure all of us did um so yes um hyper vacanization absolutely it's so it's something i believe in i think if if you believe in in gresham's law uh which logically i think makes a lot of sense uh gresham is a british economist that lived uh several centuries ago whenever there's several money people will spend the money they consider to be a little bit weaker or you know not have the same safe future as another money they will spend a week of money first and what happens is all that weak money goes out first in circulation until people only have the good money left so always you will come back to having the strongest money as the money that people use because the rest will be flushed out because they are not as attractive their price will diminish over time um and you know us dollars ethereum of bitcoin it's the same game of who's gonna um who's the best money and i think it's pretty obvious that bitcoin is by far the best money you know we discussed that earlier one of the reason it is you know it's it's uh censorship resistant you can't uh freeze the money um there's so many other things that are advantages of bitcoin and for that reason bitcoin is the money that will win out and and uh not only will the all coins eventually be pushed out uh i don't think it will happen until bitcoin reaches like 90 95 percent of uh global monetary value that's the time when the others are pushed out the same will happen to us dollars the you know and other currencies that are fiat um just because we have known them for the last hundred years don't mean they will exist forever um they they will be pushed out because they are weak currencies they are not solid sound money like bitcoin with a cap on 21 million as another um of the the assets of of bitcoin uh so the one thing as i told you before the the show that i'm contemplating a lot is so when will it happen will it be during this halving uh or epoch or will it be after the next one and and i still um so i'm talking to different people about this because it's the one topic that really interests me the most at the moment i still think it's going to be after the next having i i think we will simply reach a price level where a lot of bitcoiners will be willing to take some profit to you know to pay off the house to get a car whatever before we reach um the time where where the general population will understand that that's where money is going in the future and they need to exchange their say us dollars for bitcoin i don't think that's going to happen in one and a half years it will happen but i think after the next having is way more likely all right uh gigi you like this topic that uh andrews has been talking about you have any thoughts oh yeah absolutely i still have hyperbit conversation in my twitter banner so i'm a huge believer as well and i i love to talk about it and and just um philosophize on it because all of it goes without saying all of it is speculation nobody has any idea what's gonna happen in the next two years or five years or ten years but as far as i can see fiat money is in general trend towards zero has been true historically is true still today um bitcoin is trending upwards and i i think you know with inflation as well inflation goes slowly and then very quickly and either the unit is uh like the currency is replaced or it hyperinflates or um yeah something else happens like in the european union a bunch of countries go together to create a new currency stuff like that and i think hyper bitcoinization makes complete sense i think we are in the process of bitcoinization right now and i think it will um just like the reverse with inflation it will continue to go on and there will be one point in time where everything will happen really quickly and i believe this is going to be in like i uh last year i said the next 10 years so um it's going to be nine years because we had three halvings in the next nine years so i i think i'm i'm not as bullish as anders is i think we will need one more halving but just to think about it in from first principles all the money that is printed right now has to go somewhere so obviously we're going to see inflation and we're seeing inflation all around now mostly in um yeah in in the real estate market and other assets that rich people can flee in you know like nobody wants to hold cash and if you can afford it you buy stocks you buy real estate stuff like that and just keep in mind that the us printed more money in one month because of the coronal crisis than in the last two centuries so all these trillions and trillions and trillions of dollars have go somewhere and we will see inflation i wouldn't be surprised about 10 inflation it would probably be more but the us of course has the benefit of being the global reserve currency so the us might be the last currency to inflate i'm more worried about the euro before that and other um you know like government-controlled jitcoins they will inflate way before the us dollar will and yeah escape velocity is an interesting thought i don't agree with some of the macro guys that are like high polish on bitcoin right now that are saying we will hit escape velocity this cycle i think the cycles will kind of continue and if we hit something close to escape velocity like the collapse of the euro dollar i think it will take another like nine years something like that all right gigi's got that strong hand 20 28 all right uh ken your thoughts on you did not save the best for last i'll tell you that much uh no man i i mean i'm i i feel you with the hyper bitcoinization but i mean personally i feel like we need hyper shit coinization everything needs to experiment and create its own shit coin and fight bitcoin tooth and nail till it can't afford the fight anymore and we have to support that we have to just let companies corporations governments banks we have to let it we have to support it we have to help them so when they do realize that they're fighting an upheld battle that is infinitely uphill you know they'll relax and and and join us but i i want to i want to support chick i want every pizza shop to have their own shit coin i want every coffee store to have their own shit coin i want every bank to have their own shit coin bro because without hyper shit coinization we will never reach true bitcoinization potential we we have to fail forward and we failed so much in the past 10 years that is why we have succeeded so much that's why bitcoin has been so successful is because of the proof of failures of thousands of other projects trying to compete with it dude that was quite a take on altcoin i've never heard that one before that was good thought maybe if i may um since anders mentioned before we will have to find out what the hardest money is and he mentioned like the us dollar and ethereum and bitcoin there's one thing that the us dollar and ethereum have in common nobody knows how many of them are out there so no we do we do gg it's infinite and we do that's right you want some we make some more we print some more no that's a 2016 joke dude you don't hear those anymore the ethereum aspect uh we never we never covered that uh controversy on the show uh the uh people were spending a lot of time worrying about you know how can i figure out how much ethereum there is oh god that was that was some uh that was some drama wasn't it that was from a few we didn't but we just got an allusion to it there all right all right good good good well uh i think we've covered uh the big stories of the week here uh let's uh let's get to do you guys have any uh things that you left off uh left out any uh we'll start with uh we'll start with ken you want to bring up another topic something uh yeah if anybody's watching from the philadelphia area on the 13th uh i'm putting together a meet up so you know bring your mask or leave it at home totally your call it's byom uh but yeah we're doing a meet up we're having tatiana moroz come out do some live music uh we have uh speakers coming in uh jason uh brown i believe from komodo uh we have uh you know comedians coming in to do stand-up comedy at our meet up and we even have a food truck that we on ramp in philly to start accepting bitcoin so not just at our meet up do they accept bitcoin now it's called some pig food truck but they accept bitcoin in the center city area of philly now because you know our meetup helped on ramp them so if you're in the philly area you want to come and hang out with me smoke and joke and chill uh and spend use bitcoin get something to eat you know get your munchies with your crypto it's just it's so cool that i'm able to do this and nobody's really doing much because of the lockdown stuff so nobody's got anything better to do so you have no excuses if you're in the area it's completely free uh just check out the hashtag phillycryptojohn because we have to keep the address kind of low key because if we get more than like a few people the neighbors will just call the cops and it will get raided and we don't want that it's it's a secret location but if you dm me you you will uh get the address so uh that is what i'm up to right now are they all of these dudes are linked to below follow them on shout out to the sponsor aspire sorry dude they're sponsoring the event they paid for the secret venue so just had to shout out our sponsor what day is it it's on the 13th yep and it's in the philadelphia area not too far from center city so if you can travel bus or uber it is it's it's in a decent spot has a nice beautiful scenery outdoor indoor and it's all like even the outdoor is technically indoor because we have walls that keep it private so nobody should call and get us rated for having like 50 people you know hanging out you know and during locked i hate that this is even a thing adam yeah i know i i think the most anarchy thing that we could do is have a bitcoin meet up during a pandemic yes i i was to say i have such respect for the people that are having real events in person no even if they don't have anything to do with bitcoin but it's great in the bitcoin space we have people whether it be in texas or in pennsylvania that are not compliant that are defiant that are not boot lickers and are having real life events so everybody in philly go to that everybody don't be scared i go outside every day i my life hasn't changed there's a there's a real world out there adam somebody shook my hand yesterday and it felt weird if like yo anybody else like i don't know like this is a thing or whatever i don't know i don't want to get off topic but like i was at the store and uh there was a business owner and i saw that he had an atm machine i'm like yo bitcoin atm you know he was like oh yeah how much and i was like they'll give you a couple hundred bucks to throw an atm right next to that one he was that sounds great why not gave me his name his number and he went to shake my hand and he held his hand out and even for him he was like he went to pull it back as i went to give him a handshake and it was weird and i don't think that that should be weird man so it's just really upsetting that a simple handshake has become like weird because of the new normal and i i hate it because like i fell into the fact that i felt the weirdness and i didn't think i would feel the weirdness of the new normal just keep it in your head there is no new normal there is no if people want there to be a new normal they can have their new normal i'm i'm sticking with the way things were baby all right and you just have that you don't don't don't be uh don't don't let the mass media fitting in is overrated dudes remember all that and you will you will return to where you were before but yeah obviously after months and months and months of insanity sometimes you you do freak things whatever all right uh but ken go to his event thank you ken and guys in the chat if you guys have questions this is your last shot do a super chat or type in bitcoinmeister let's hear anders your your conclusionary thoughts a lot anders got a lot of links linked to below by the way yeah so you have my youtube link i started producing uh youtube videos again which is uh is is great for a long time i didn't really have time now i have time so it's great to get the habit going again uh other than that i would just say people should be really scared and fearful if they don't hold bitcoin um in times like with this where they print so much fiat currency i would be nervous if i didn't have bitcoin so a non-financial advice buy bitcoin wow that's uh i've never heard anyone say here's financial advice buy bitcoin that is my financial advice buy it do it i just don't want to be sued i knew ken was gonna say that i didn't sue me for bitcoin ken ken doesn't care about the rules baby found that like button for ken he is a union so well all right eg gg you're gonna now it's time for gigi's uh uh closing uh statements here we just had i won't give any financial advice i'm not as keen on the prison time lock even though i think it's a great idea you know get locked up for something like that and just force huddle some bitcoin but um i just want to echo what ender said and also what adam curry said uh i think it was this week right on joe rogan's podcast um it was number one five three three and he said you know that the apocalypse is coming and you you're gonna need a bitcoin to survive a bit and i i can echo that so yeah start stacking sets it's it's the easiest and most mentally sane way stop looking charts just get autodca going and you know join the lifeboat it's a lot of fun as well and if you're a technically technically minded person um there's lots of stuff going on in bitcoin every week just this week and the first mainnet dlc smart contract uh was launched on the bitcoin mainnet so um nicola sorya tweeted about that and it's a bet on who is going to win the us election for one bitcoin i believe yeah and so there's a lot of fun development going on what kind of smart kind what was the name of it and dlc stands for discrete lot contracts and it's a way to have like trust minimized oracles in bitcoin it works very similar to lighting like opening a lightning channel but it's not really opening a lighting channel you sign a bunch of transactions that have a predetermined outcome and after the real world event happens uh trusted oracle um signs uh um the outcome then it's similar to a lightning closing you know what this this makes me ask a a question that i don't ever have a chance to ask smart people but what happens when these oracles have a like you know the election is done right trump wins or whatever but a week later there's a debate there's a recount and the oracle has already paid out people for winning but the recount says no he didn't win x y or z one instead due to the recount you know even i'm just curious like how do we deal with that yeah you basically don't okay in my opinion i think it's generally generally true to say that the oracle problem is unsolvable um bitcoin solves solves it in a roundabout way with proof of work it doesn't really solve the oracle problem but with proof of work we have something to combine the digital and physical world so it builds a bridge between something that is inside the computer and something that's outside outside the computer and if you don't use proof of work then you don't have anything like that and you will always have to trust the person that does the input of the data or that says this event really happened and that's why it has to be a trusted oracle and uh you also like the the oracle can basically um mess with both parties and uh yeah just yeah i think it would be people to see different oracles have different locks and payouts you know what i mean like to see if the uh the election you know you did win but we have to make sure the oracle's results stay true for the next 90 days until inauguration i mean we see this a lot in the old kind space they they deal with with that way more but i think a nice comparison is um dark net markets like if you if you buy drugs online how can you make sure that the drugs actually arrive it's basically reputation-based you don't have any other way to make sure you don't have any guarantees and so i think similar systems will emerge you will have to you will need to have trusted oracles that are reputation based and markets around that will have to form but you know it's a very long discussion in general it's not a not a problem that it's nicely um perfectly solvable and by drugs he meant like insulin and birth control okay guys of course of course all right dudes well that was a that was a great uh ending there about oracles very very good stuff you never know what you're going to hear here uh i thank all the guests they were awesome ken gg anders they are all linked to below follow them check out their social media all right today oh did someone else want to say something no i just wanted to say thanks for having us of course man today's a day we all have strong hand we all have conviction personal responsibility is new counterculture long-term thinking this is where the big boys play you get a new show here every single day this week in bitcoin best guest in the space every friday and of course friday shabbat starts soon so shabbat shalom for all of you out there and uh thanks a lot for all the live viewers and the questions and just retweet it follow me on twitter at tech ball t-e-c-h-b-a-l-t everyone have a great weekend i'm adam meister the bitcoinmeister the disrupt meister pound that like button and subscribe to the channel see you guys later thanks bye-bye have a day yeah all right
