35 Burst results for "Bitcoin"
CoinDesk Podcast Network
Why Elizabeth Warren Is Wrong About Crypto and the Fentanyl Epidemic
"Featured story is an opinion piece by CoinDesk's Daniel Kuhn. Our piece today is entitled, Why Elizabeth Warren is Wrong about Crypto and the Fentanyl Epidemic. For a while, crypto's role in the illegal and gray area drug trade seemed swept under the rug, or at least it was not getting the attention it could have, which is good and which the Fed shuttered back in 2013. It's good because some people have a tendency to moralize about drug use, and the less crypto is linked to crime in general, the less the entire industry will be stigmatized. However, it would arguably be better to be upfront about such things, assuming they're going on, as data now suggests. If crypto ever has a shot at finding a killer use case, or mass user base who understands why blockchains are important. U .S. Senator Elizabeth Warren, a Democrat from Massachusetts, is calling for a greater crypto crackdown following new research from blockchain analytics firms Chainalysis and Elliptic that found Bitcoin and Tether, or USDT, have become cornerstone to the global fentanyl trade. These are the same research companies that put out annual reports showing a fraction of a fraction of crypto transactions can be tied to illicit use. Quote, crypto is helping fund the fentanyl trade and we have the power to shut that down, Warren said, continuing, it's time. End quote. The Senator is a longtime critic of crypto, who recently made an incomprehensible anti -crypto army campaign part of her re -election bid. But does the Senator have a point? I already know what the crypto faithful will say. Chainalysis estimates less than 1 % of total crypto transactions are related to crime, so it doesn't matter if Chainalysis is now saying there's evidence. At least $37 .8 million worth of crypto was sent to drug manufacturers in China since 2018. But hold that thought, we'll get back to it. First, let's try to place crypto's alleged use for drug sales in the context of the global drug trade. To start, it's difficult to judge just how large the fentanyl economy is, because it is, by nature, kept mostly out of sight. But if Chainalysis and ellipsis figures are to be meaningful, they need context. According to one source Chainalysis cited, total quote chemical exports, end quote, from China, assumed by most authorities to be the largest manufacturer and exporter of black and gray market drugs, surpassed $100 billion in 2021 alone.
The Breakdown
Bitcoin Prehistory
"All right, friends, welcome back to another Long Read Sunday. This week we are focusing in on the work of a radically under heralded writer. That is Byron Gilliam, or Gilliam if I pronounced it wrong, Byron, I apologize. Byron is the primary newsletter writer for Blockworks and pretty consistently combines Bitcoin, crypto and macro in a way that is extremely enjoyable to read. Today, to give you a little taste of Byron's writing, we're going to do a piece that looks backwards and a piece that looks forward. We start, of course, with the backwards. The piece is from a newsletter called Crypto's Family Tree on May 30th, and it kicks off with a Chinese proverb. To forget one's ancestors is to be a brook without a source, a tree without a root. The good news of crypto's long ancestry. Newsletter readers, I've learned, are a savvy bunch. So if I were to ask what the first blockchain was, I'm confident you'd immediately suss it out as a trick question and decline to answer. Unless that is, you've heard of Surety, which offered a blockchain -based timestamping service for digital documents starting way back in 1995. If, like everyone else, you associate blockchains with the distributed computing systems that are Bitcoin and Ethereum, you might question how Surety could classify as such. Running algorithms on a decentralized set of computers would have been impractical in the dial -up era of the 90s. But that's not the only way to do it. Surety held customer documents on its own servers, but achieved trustlessness in a most analog manner by printing its hashes once a week in the classified section of the New York Times. That admittedly does not sound very useful by today's standards. One week block times? But I offer it here as evidence that the history of blockchains predates Satoshi's white paper of 2008. And as a fun fact to drop into conversation at your next crypto conference. But here's an even funner fact to wow your crypto friends with. That first blockchain is itself predated by smart
Bitcoin Audible
When Bitcoin Meets AI by Aleksander Svetski
"A seemingly unstoppable force meets with an immovable object. I know, I know. Your Twitter feed has probably been drowning in threads and tips from AI bros who've discovered 99 ways for you to save 99 hours every week using chat GPT or some other list of 99 AI apps. I'm sick of it too. Trust me, especially considering most of these AI experts were Web 3 experts last year, NFT experts the year before, and DeFi or crypto experts before that. Trend hopping at its finest. That's not to say there's no value here to be found. Somewhere beneath or behind the almost deafening noise coming from these influencers, there is a possible paradigm shift and a genuine set of use cases. We've seen some already, of course. You can chat with these models to reason out a problem. You can summarize thoughts and ideas, find correlations between ideas, search for some information better than you could with Google, and of course, build more linguistically functional chat bots. Perhaps the best use case thus far is the Dev Assistant tool, but I get the sense that we've not yet seen the Uber moment. There is also, somewhere beneath and behind all the scary talk of AGI and the idiocy being proposed by bureaucrats and would -be regulators, a more human -centric, human -enhancing use for these tools. The idea of a language user interface as the next step from the thumb tapping we've been used to over the past decade is fascinating, and what we should be thinking about is how to make these tools new, quote, bicycles for the mind, as Steve Jobs said about computers. It's very important we push back against doomer narratives that lean the world toward approved AI, quote, unquote, in order to avoid such tools becoming yet another appendage of the state.
CoinDesk Podcast Network
Markets Mixed as Debt Ceiling Bill Could Threaten Liquidity
"Bitcoin, Ether, and other top tokens are down, and markets trading mixed, but mostly lower. Traders of risk assets broadly, though, are paying close attention to ongoing movement towards a multi -year suspension of the U .S. debt ceiling in a deal that has both Democrat and Republican members of the Business As Usual club declaring victory. The agreement passed the House last night with majority support and now heads to the where it's expected to pass as well, before being signed into law by U .S. President Joe Biden. You might think that with uncertainty around that threat and default likely to soon be over, that risk assets would be hopeful, but that's not exactly how things may work out. Once a suspension is signed into law, a few things are expected to happen. First, the U .S. Treasury will have to refill its almost completely depleted Treasury General account, also known as the TGA, which means selling some $500 billion worth of debt into the financial system, which means they will be extracting that much cash. This is likely to hit risk assets in particular, as they tend to be more sensitive to liquidity conditions than safer plays such as bonds and many groups of equities, macroanalyst Noel Acheson said, continuing, The Treasury drawing down its account at the Fed was one of the tailwinds for the market earlier this year. As money that would normally just sit there was put into the economy in the form of government expenditures, Acheson explained. She continued, Now the reverse is likely to happen. The government needs to replenish the account balance by issuing debt which will draw liquidity out of the market and back into the Treasury's
Crypto Curious
Debt Ceiling News Pumps BTC
"Let's go straight into some market talk. Is it all around what's happened with the debt ceiling, do we think? Or is there a bit more to it? I'm not sure, but that news about the debt ceiling has really pushed up all asset classes, and Bitcoin had a bit of a shakeout last week. Even you had a bit of a panic sell trace, but we're back to the races now. Police. I don't know if I had a panic sell. Come on. We're back to the pre -sell -off levels. I guess it was the debt ceiling, which you can give a bit of an update to. Let's talk about that. Crypto prices had a nice little pump on Sunday night with the news that the US lawmakers had ended their stalemate over the government's debt ceiling debate. As part of the deal agreed between President Joe Biden and Republican House Speaker Kevin McCarthy, the plans are a 30 % tax on crypto mining also has been shelved as part of this deal. So I think what exactly was the deal as well? There's no debt ceiling until January 2025? I mean, that's interesting. It's the kicking the can down the road scenario that every country is doing basically, but particularly America has been leading the way for well over a decade. I'm certainly no financial expert, but what I do know is if you keep printing money, money is going to be useless. Absolutely. We've been on the way there for a long time. I'm sure that's why many people are in crypto. I didn't see this coming. I thought they'd sort of let what needs to happen happen, but how much further can they go? They sort of keep making their own rules and, like I said, keep kicking the can down the road. So the inevitable will happen at one point or another. All they're doing is, in my opinion, making what will inevitably happen
Crypto News Alerts | Daily Bitcoin (BTC) & Cryptocurrency News
You Gotta Be Crazy to Short Bitcoin Right Now
"Bitcoin traded near $28 ,000 on May 28th. Would traders still worry of a full correction of weekend upside? And here you're looking at the Bitcoin One Hour Candle chart. Data from Cointelegraph Markets Point Trading View showed Bitcoin cooling volatility after a last minute surprise saw the action around the weekly close with the US markets closed for Memorial Day holiday. Crypto markets were quite quiet. Traders waiting for a congressional vote on the proposed deal to extend the US debt ceiling. Bitcoin up 4 .4 % on May 28th. Meanwhile failed to convince everyone that the bulls might now have the upper hand. Uploading a potential Bitcoin price roadmap on Twitter, popular trader Crypto Tony called a move back to the low of $23 ,000. Still very much a possibility. Quitting him here. If we close back below $27 .5, I will close my long and look for a short position. And quoting decent trader, the Bitcoin long short ratio has been declining as the price has gone up. This suggests a lot of retail traders on Binance are adding shorts. You got to be crazy to be short in Bitcoin at a time like this. Just saying. But on chain monitoring resource material indicators nonetheless cautioned over dismissing the uptick as a fake out. As someone who frequently uses the phrase while Wes weakening crypto actually believe the Bitcoin PA we have seen for the past few days is legit for multiple reasons, including the fact the bounce came from a key technical support of the 200 week moving average and the debt ceiling deal announcement
Crypto News Alerts | Daily Bitcoin (BTC) & Cryptocurrency News
You Gotta Be Crazy to Short Bitcoin Right Now
"Bitcoin traded near $28 ,000 on May 28th. Would traders still worry of a full correction of weekend upside? And here you're looking at the Bitcoin One Hour Candle chart. Data from Cointelegraph Markets Point Trading View showed Bitcoin cooling volatility after a last minute surprise saw the action around the weekly close with the US markets closed for Memorial Day holiday. Crypto markets were quite quiet. Traders waiting for a congressional vote on the proposed deal to extend the US debt ceiling. Bitcoin up 4 .4 % on May 28th. Meanwhile failed to convince everyone that the bulls might now have the upper hand. Uploading a potential Bitcoin price roadmap on Twitter, popular trader Crypto Tony called a move back to the low of $23 ,000. Still very much a possibility. Quitting him here. If we close back below $27 .5, I will close my long and look for a short position. And quoting decent trader, the Bitcoin long short ratio has been declining as the price has gone up. This suggests a lot of retail traders on Binance are adding shorts. You got to be crazy to be short in Bitcoin at a time like this. Just saying. But on chain monitoring resource material indicators nonetheless cautioned over dismissing the uptick as a fake out. As someone who frequently uses the phrase while Wes weakening crypto actually believe the Bitcoin PA we have seen for the past few days is legit for multiple reasons, including the fact the bounce came from a key technical support of the 200 week moving average and the debt ceiling deal announcement
Crypto News Alerts | Daily Bitcoin (BTC) & Cryptocurrency News
You Gotta Be Crazy to Short Bitcoin Right Now
"Bitcoin traded near $28 ,000 on May 28th. Would traders still worry of a full correction of weekend upside? And here you're looking at the Bitcoin One Hour Candle chart. Data from Cointelegraph Markets Point Trading View showed Bitcoin cooling volatility after a last minute surprise saw the action around the weekly close with the US markets closed for Memorial Day holiday. Crypto markets were quite quiet. Traders waiting for a congressional vote on the proposed deal to extend the US debt ceiling. Bitcoin up 4 .4 % on May 28th. Meanwhile failed to convince everyone that the bulls might now have the upper hand. Uploading a potential Bitcoin price roadmap on Twitter, popular trader Crypto Tony called a move back to the low of $23 ,000. Still very much a possibility. Quitting him here. If we close back below $27 .5, I will close my long and look for a short position. And quoting decent trader, the Bitcoin long short ratio has been declining as the price has gone up. This suggests a lot of retail traders on Binance are adding shorts. You got to be crazy to be short in Bitcoin at a time like this. Just saying. But on chain monitoring resource material indicators nonetheless cautioned over dismissing the uptick as a fake out. As someone who frequently uses the phrase while Wes weakening crypto actually believe the Bitcoin PA we have seen for the past few days is legit for multiple reasons, including the fact the bounce came from a key technical support of the 200 week moving average and the debt ceiling deal announcement
Crypto News Alerts | Daily Bitcoin (BTC) & Cryptocurrency News
You Gotta Be Crazy to Short Bitcoin Right Now
"Bitcoin traded near $28 ,000 on May 28th. Would traders still worry of a full correction of weekend upside? And here you're looking at the Bitcoin One Hour Candle chart. Data from Cointelegraph Markets Point Trading View showed Bitcoin cooling volatility after a last minute surprise saw the action around the weekly close with the US markets closed for Memorial Day holiday. Crypto markets were quite quiet. Traders waiting for a congressional vote on the proposed deal to extend the US debt ceiling. Bitcoin up 4 .4 % on May 28th. Meanwhile failed to convince everyone that the bulls might now have the upper hand. Uploading a potential Bitcoin price roadmap on Twitter, popular trader Crypto Tony called a move back to the low of $23 ,000. Still very much a possibility. Quitting him here. If we close back below $27 .5, I will close my long and look for a short position. And quoting decent trader, the Bitcoin long short ratio has been declining as the price has gone up. This suggests a lot of retail traders on Binance are adding shorts. You got to be crazy to be short in Bitcoin at a time like this. Just saying. But on chain monitoring resource material indicators nonetheless cautioned over dismissing the uptick as a fake out. As someone who frequently uses the phrase while Wes weakening crypto actually believe the Bitcoin PA we have seen for the past few days is legit for multiple reasons, including the fact the bounce came from a key technical support of the 200 week moving average and the debt ceiling deal announcement
Markets Daily Crypto Roundup
The Growing Culture War Around Bitcoin
"Our feature today is entitled, DeSantis and the Growing Culture War Around Bitcoin. This week, CoinDesk published one of the most thought -provoking and balanced articles on Bitcoin mining I've ever read. The report is focused around the Greenwich Bitcoin Mining Company in upstate New York, which was at the center of a protracted media cycle last year after environmental activists claimed the facility was boiling the waterways and poisoning delicate ecosystems. Those claims went on to influence an actual policy decision by the governor of New York, restricting Bitcoin mining in the state. The thing is, most of the worst claims about Greenwich were straight up wrong. CoinDesk's Nick Day and other reporters took a trip up to Dresden in upstate New York to take the temperature of the lake and speak to the locals, finding that not a single lawmaker visited the Rust Belt town or spoke to its mayor before drafting what is essentially a freeze on new Bitcoin miners. Most of the Bitcoin mining debate today is centered around the Bitcoin network's environmental impact. Greenwich became a lightning rod because before the company moved equipment into the plant that now uses natural gas, it was deactivated, meaning when the miners were turned on, they weren't just drawing on electricity that would have been produced anyways, but actively releasing fresh so -called carbon into the atmosphere. The Bitcoin network uses as much energy as a country like Norway, and trying to wrap your head around whether that is or isn't worth it often comes down to your point of view on how you value permissionless money. Individuals can certainly make up their minds on the matter, but how a state should treat Bitcoin, for instance, whether mining should be encouraged or banned, is a societal -level conversation involving politicians, stakeholders, and those affected. In a behind -the -scenes account of how the story came to be, Day wrote that he expected locals to hate the plant. He and his team had heard that Greenwich was pumping pollution into Seneca Lake and creating incessant noise, a claim that was also debunked. Instead, the CoinDesk team found that many in the town and surrounding areas supported the upstart business. Although Greenwich created a relatively small number, every job counts in a town like Dresden, which has a population of just 296. In fact, a few complaints about Greenwich lodged by locals came from so -called cottage people, the wealthy out -of -towners with vacation homes on the lakeshore. Sure, as taxpayers, these people have a right to be concerned about their property value, but should their opinion matter more? Because it seemed
Markets Daily Crypto Roundup
The Growing Culture War Around Bitcoin
"Our feature today is entitled, DeSantis and the Growing Culture War Around Bitcoin. This week, CoinDesk published one of the most thought -provoking and balanced articles on Bitcoin mining I've ever read. The report is focused around the Greenwich Bitcoin Mining Company in upstate New York, which was at the center of a protracted media cycle last year after environmental activists claimed the facility was boiling the waterways and poisoning delicate ecosystems. Those claims went on to influence an actual policy decision by the governor of New York, restricting Bitcoin mining in the state. The thing is, most of the worst claims about Greenwich were straight up wrong. CoinDesk's Nick Day and other reporters took a trip up to Dresden in upstate New York to take the temperature of the lake and speak to the locals, finding that not a single lawmaker visited the Rust Belt town or spoke to its mayor before drafting what is essentially a freeze on new Bitcoin miners. Most of the Bitcoin mining debate today is centered around the Bitcoin network's environmental impact. Greenwich became a lightning rod because before the company moved equipment into the plant that now uses natural gas, it was deactivated, meaning when the miners were turned on, they weren't just drawing on electricity that would have been produced anyways, but actively releasing fresh so -called carbon into the atmosphere. The Bitcoin network uses as much energy as a country like Norway, and trying to wrap your head around whether that is or isn't worth it often comes down to your point of view on how you value permissionless money. Individuals can certainly make up their minds on the matter, but how a state should treat Bitcoin, for instance, whether mining should be encouraged or banned, is a societal -level conversation involving politicians, stakeholders, and those affected. In a behind -the -scenes account of how the story came to be, Day wrote that he expected locals to hate the plant. He and his team had heard that Greenwich was pumping pollution into Seneca Lake and creating incessant noise, a claim that was also debunked. Instead, the CoinDesk team found that many in the town and surrounding areas supported the upstart business. Although Greenwich created a relatively small number, every job counts in a town like Dresden, which has a population of just 296. In fact, a few complaints about Greenwich lodged by locals came from so -called cottage people, the wealthy out -of -towners with vacation homes on the lakeshore. Sure, as taxpayers, these people have a right to be concerned about their property value, but should their opinion matter more? Because it seemed
Markets Daily Crypto Roundup
The Growing Culture War Around Bitcoin
"Our feature today is entitled, DeSantis and the Growing Culture War Around Bitcoin. This week, CoinDesk published one of the most thought -provoking and balanced articles on Bitcoin mining I've ever read. The report is focused around the Greenwich Bitcoin Mining Company in upstate New York, which was at the center of a protracted media cycle last year after environmental activists claimed the facility was boiling the waterways and poisoning delicate ecosystems. Those claims went on to influence an actual policy decision by the governor of New York, restricting Bitcoin mining in the state. The thing is, most of the worst claims about Greenwich were straight up wrong. CoinDesk's Nick Day and other reporters took a trip up to Dresden in upstate New York to take the temperature of the lake and speak to the locals, finding that not a single lawmaker visited the Rust Belt town or spoke to its mayor before drafting what is essentially a freeze on new Bitcoin miners. Most of the Bitcoin mining debate today is centered around the Bitcoin network's environmental impact. Greenwich became a lightning rod because before the company moved equipment into the plant that now uses natural gas, it was deactivated, meaning when the miners were turned on, they weren't just drawing on electricity that would have been produced anyways, but actively releasing fresh so -called carbon into the atmosphere. The Bitcoin network uses as much energy as a country like Norway, and trying to wrap your head around whether that is or isn't worth it often comes down to your point of view on how you value permissionless money. Individuals can certainly make up their minds on the matter, but how a state should treat Bitcoin, for instance, whether mining should be encouraged or banned, is a societal -level conversation involving politicians, stakeholders, and those affected. In a behind -the -scenes account of how the story came to be, Day wrote that he expected locals to hate the plant. He and his team had heard that Greenwich was pumping pollution into Seneca Lake and creating incessant noise, a claim that was also debunked. Instead, the CoinDesk team found that many in the town and surrounding areas supported the upstart business. Although Greenwich created a relatively small number, every job counts in a town like Dresden, which has a population of just 296. In fact, a few complaints about Greenwich lodged by locals came from so -called cottage people, the wealthy out -of -towners with vacation homes on the lakeshore. Sure, as taxpayers, these people have a right to be concerned about their property value, but should their opinion matter more? Because it seemed
The Breakdown
Can Bitcoin Avoid the Partisan Curse?
"Today on Long Reads Sunday slash Saturday, where I want to start is with some further analysis around Ron DeSantis's announcement that he was a running for president and B in so doing was hoping to protect Bitcoin. Because this isn't a political show, I didn't get into the politics of DeSantis in America, although they are, of course, very complex. Plenty of people have pointed out that his focus on the freedom that Bitcoin creates is perhaps inconsistent with some of his other positions. But holding aside specific policies, there's also questions of what his embrace of Bitcoin suggests about how it fits into the larger partisan framework. CoinDesk's Daniel Kuhn wrote a piece this week called DeSantis and the Growing Culture War Around Bitcoin. Daniel writes, This week, CoinDesk published one of the most thought provoking and balanced articles on Bitcoin mining I've ever read. The report is focused around the Greenwich Bitcoin Mining Company in upstate New York, which was at the center of a protracted media cycle last year after environmental activists claimed the facility was boiling the waterways and poisoning delicate ecosystems. Those claims went on to influence an actual policy decision by Governor Kathy Hochul restricting Bitcoin mining in the state. The thing is, most of the worst claims about Greenwich were straight up wrong. CoinDesk's Nick D, Doreen Wang, and Cheyenne Ligon took a trip to Dresden in upstate New York to take the temperature of the lake and speak to locals, finding that not a single lawmaker visited the Rust Belt town or spoke to its mayor before drafting what is essentially a freeze on new Bitcoin miners. Most of the Bitcoin mining debate today has centered around the Bitcoin network's environmental impact. Greenwich became a lightning rod because before the company moved equipment into the plant that now uses natural gas, it was deactivated, meaning that when the miners were turned on, they weren't just drawing on electricity that would have been produced anyway, but actively releasing quote unquote fresh carbon into the atmosphere. The Bitcoin network uses as much energy as a country like Norway, and trying to wrap your head around whether that is or isn't worth it often comes down to your point of view on how you value permissionless money. Individuals can certainly make up their minds on the matter, but how a state should treat Bitcoin, for instance, whether mining should be encouraged or banned, is a societal level conversation involving politicians, stakeholders, and those affected.
Bitcoin Audible
The Basics of Key Management
"We haven't done a Basics episode in a while. I've had a couple of people ask me some questions that made me realize something that I was a little... that we haven't come back to with the Basics is just kind of the really simple, really practical, what the hell do I do with my keys? So we went into an entire episode on what our keys are and hardware, wallets, and all of that good stuff. And I will tell you straight off the bat, you need a hardware wallet if you have any meaningful savings. If you're just tinkering, that's fine. Don't give yourself a homework assignment and, you know, have to invest all this money and stuff into it if you're just playing around. But it's very easy to get sucked in and it's very easy for playing around to become a meaningful amount of money in Bitcoin. In fact, a good example actually was I was playing around with the Bitkit wallet, which is one that I'm a big fan of and I'm really looking forward to its future. And Synonym and John Carvalho and their team over there have built a really amazing and really intuitive product. But I was just testing a bunch of stuff out. So when I moved some Bitcoin to it, it was always intended to just be kind of a throwaway wallet. And I actually at some point took a screenshot of my backup seed and put it in the Discord chat with everyone in Synonym because we were we were trying to work something out. I can't remember what it was, some weird little quirk with the interface or whether it was showing addresses or something like that. I don't remember. It wasn't that big of a deal. But because I was thinking of the wallet so cheaply as just like throwaway, I did that. But what's funny is I, you know, was testing all out. So I added a bunch of contacts and, you know, I started making messages with people and, you know, all these things. And I started trying out a bunch of different widgets. And it got to the point where I'd kind of forgotten that I had done that. And then I just moved a little bit of Bitcoin to move a little bit more Bitcoin to it and eventually ended up with like eight hundred dollars worth of Bitcoin on it. And my seed is sitting in a screenshot in a Discord room that I don't know if 30 people or I have no idea how many people are in that Discord chat could see and just and so many multiple people may have just out of trying to help me put it in their wallets. So I was just totally exposed. I was just like putting cash in other people's pockets. Nobody stole it from me or anything. And I just woke up one morning and it hit me and I was like, oh my God, I'm an idiot. And I withdrew it back to my nunchuck. But just a easy little story to explain that you need to be careful with your keys and you need to have basic practice on how you're going to back things up. You need to know how you're going to be treating your wallet going
CoinDesk Podcast Network
Josh and Jesse Berger Talk All Things PKT
"These two gentlemen that are here today have been fighting to get on there and get some visibility for a year now. I met you both gentlemen last year walking around. And I have with me Josh Berger and Jesse Berger. The Berger Brothers. The Berger Brothers. Is there another one? There is a third Berger. There's a third Berger. I saw him on the emails. Who's that one? He's the younger Berger Brother. You don't take him with you? He's got a kid, so we got to, you know, he needs a babysit, you know. Got to babysit. That's funny. We need someone to keep the train on the tracks while we're out here in the trenches hustling and spreading the gospel of packet. That's it. That's what we're here for today is talk about packet and it's spelled PKT. That's correct. But it was interesting is last year I ran into you. We were talking over at a lounge and it was so exciting because at Consensus of 2022 had like 20 ,000 people. It was just amazing to be able to run into everyone. And there's so many people here today. We have more room here to mingle and walk around, but you've come such a long way in a year with this product, with this amazing, what would you call it? A portal Wi -Fi. How are you packaging packet? Yeah, so it's a mesh Wi -Fi technology and there's really two key parts to this. There's the baseline protocol, the blockchain, which is called packet and it's an ecosystem fully decentralized. There's no foundation. There's no company. There's no investors. It's like the true decentralized type protocol, similar to Bitcoin. It's code on GitHub. Anybody could download it for free and make essentially money off of your internet. And then within that ecosystem, a company that Josh and I and Jeremy founded, as well as our other co -founder, Caleb James Delisle, who's one of the original protocol creators and lead dev, started PacketPal. And PacketPal, the whole premise was building software and hardware to make it really easy for people to participate in the packet ecosystem.
Bitcoin Audible
Paying With Bitcoin Just Got Easier With Ark
"Arc. I'm excited to publicly announce Arc, a second layer protocol for making cheap, anonymous, off -chain Bitcoin payments by Burak. Arc allows recipients to receive payments without acquiring inbound liquidity while preserving their receiver privacy. The protocol is as private as Wobby Sobby, as convenient as on -chain and as cheap as Lightning. Before getting into details, let's talk a bit about my story. As someone who initially started on the big blockers side of the camp, you can imagine I've been a big critic of Lightning myself. I have always had severe objections toward Lightning centered around inbound liquidity, async receiving and on -chain footprint. Over time, the more I dig deeper into Lightning, the more I realize some of my objections are kind of addressable in the long term. For example, PTLCs solve the async receiving and proof of payment at the same time, and the shared UTXO model partially addresses the footprint issue. However, unfortunately, I couldn't find a cure for the inbound liquidity issue. Inbound liquidity also felt like a bug to me. It always felt like it simply should not exist. The entirety of it just doesn't feel right. Imagine doing a simple market survey before designing a Lightning. Hey, would you use a payment system that requires you to run a server 24 hours that works only if you acquire liquidity in the first place? Do you realize what kind of user experience assumption this is? The ideal end user experience just has to be frictionless. If something works 95 % of the time, it's not considered working. Users should be able to simply push a magic button to receive SATs and another button to send
CoinDesk Podcast Network
FTX CEO's Legal Billings Hint at Comeback for the Exchange
"It wouldn't be a Taco Tuesday without referencing some insanity regarding FTX. FTX's CEO's legal billings continue to hint at 2 .0 and now we've got something from the New York Times and I've actually got a hot take about this. Oh, I get to do the hot take first? Okay. So my hot take is that I actually think, and again, you guys are not financial guys, I think that the reboot of FTX is going to actually be a good thing. FTX really had a lot of great products and services that were available. However, they had absolute trash management. And I think if a mature responsible adult can actually take the money and be transparent, not use customer funds for weird things, then I think that the platform does have some sort of chance to do well. That sounds like creditor talk. It does not sound like it. No, I'm actually, I am an FTX US creditor, but I'm being serious. They really had great products and services. And one thing that Sam did well was he was able to communicate to his audience and pull or integrate things that they wanted, which was good. However, they just were scammers behind the scenes. So it sucks. So I don't know, maybe there will be some sort of good that comes out of this. Either way, I'm probably not going to touch it. And I'm not going to tell my audience about it. Did the things work though, Wendy? I mean, we don't have FTX here in Canada, but I heard they didn't really work all that well. They did. They did. Okay. A lot of users really like the interface. Like the UI on FTX was like pretty slick, et cetera. I don't think it's really going to happen. I mean, I think he's exploring all avenues, right? Because JJ Ray, the third, his mandate is to give as much money back to creditors as possible. And if this is a possibility for doing so, then sure, put some billable hours on there and indicate that you're at least thinking about it. Whether or not this will actually happen, I guess I'm a little bit less optimistic on this ever coming to pass, but this is the man's job. He's out there to make sure that people can get their money back to the best of his ability. And I think the fact that he's considering this is interesting. Maybe it's a bit little outside the box thinking, but bringing this back in some form may ultimately bring revenue in the door that could make creditors whole. So credit's in for thinking it, but I don't, I don't see it happening.
Bitcoin Audible
Mint the Future With Taproot Assets by Ryan Gentry
"Let's get into today's read. And it's titled. Mint the Future with Taproot Assets version 0 .2 by Ryan Gentry. Today we are excited to announce the latest release of the Taproot Assets protocol daemon, formally Taro. Taproot Assets version 0 .2 provides the core set of features for developers looking to issue, send, receive and discover assets on the bitcoin blockchain, currently on testnet with mainnet support coming soon. We first released the Taproot Assets draft specification a year ago and continue to be grateful for the reception from the amazing bitcoin developer community. Bitcoin developers, we appreciate your continued support as we bitcoinize the dollar and bring multi -asset support to the lightning network. This core set of developer features consist of these flagship items. Sending and receiving with novel virtual partially signed bitcoin transactions or VPSBTs. Discovering and publishing assets with the initial universe APIs. Maximum chain space efficiency with multi -asset mints, sends and receives. Stability and scalability improvements. Now that the release is available for download, we will propose the finalized Taproot Assets spec to the community as a formal series of VIPs. Merge Taproot channels, publish a blip describing added interaction for lightning functionality and finally launch the first testnet Taproot Assets payment channels on lightning. We are incredibly excited to release these new lightning capabilities to the developer community as a new tool to bring bitcoin to the
Simply Bitcoin
"bitcoin" Discussed on Simply Bitcoin
"The entire global economy from a single Bitcoin not only because its subdivision into a 100 million parts, but because those each of those parts of a Bitcoin exist in a trade pair with every other unit of account and medium of exchange, every other currency in the world. And so what Bitcoin is, is it's this universal form of collateral. And in an economy where so lending, bank, private bank creation of money through lending. Is a chief engine of economic expansion. End of capitalism. You can see the kinds of growth that we've seen in human economies over the past few centuries if you didn't have credit. And that also means debt. The problem is, though, when you have so much credit and so much debt that your collateral can no longer in any way meaningfully backstop that debt at that point you have a recipe for collapse. And so what Bitcoin can do is conserve as this politically neutral universal collateral layer. That can actually backstop many, many of the areas either private or sovereign around the world that are suffering debt crises. Interesting. It's very interesting. You've really opened my mind to getting into the very specifics of capitalism and defining that term. I think that I've definitely, I'm definitely guilty of using the flag waving term of what I define as capitalism, which is free market. The entrepreneurs build things and the market sends you price signals, et cetera, et cetera. Whenever looked at it from the financial capitalism and the other aspect and I find that really, really interesting. Now, you said something there that I'm sure the audience would love to hear what you mean by that. You said that I asked you if Bitcoin fixes capitalism and you said that is a categorical error. What did you mean by that and why did you say that? A category error just just means that we're talking about two different categories of things in a way that's incommensurate. So capitalism is a system of political economy, whereas Bitcoin is a money, a form of currency. There could be you could make a historical perhaps economic argument that the form of money somehow influences the type of political economy in a society. But I think that argument would be very hard to make because for most of human history, you know, coins, currency were some form of commodity money, gold and silver, but the economies were not capitalist. They were futile. And then potentially mercantil, as this transition state between feudalism and capitalism. And so it's not the money itself that will magically create for us. The system of political economy we want. That actually is up to us. We, as people have to have to decide, do we want a nationalist king based political order, and there are many that do. I mean, there are many growing number of people today who are just like, you know, democracies have failed experiment. We need to go back to monarchy. And nationalism, you know, free trade needs to go away. We need to develop, we need to adopt protectionist policies, et cetera, et cetera. And so there's no guarantee that the system of free trade and liberal democracy that we've known over the past several generations will continue into the future. We actually have to fight for that if that's what we believe in.
Simply Bitcoin
"bitcoin" Discussed on Simply Bitcoin
"Do think Bitcoin will build a world where you can more easily often and opt out of society because you'll have some wealth, actual wealth that you can build up through your proof of work. And if you do the work, create something valuable for the society, then you'll be able to build up some wealth over time, and you'll be more mobile. You'll have the actual freedom of movement because you have the wealth to be able to make that happen. So I think people will be able to more easily opt into kind of a political order that they like. So political and social order that they prefer. And I think that you'll have all stripes of political and social orders in nations or states or citadels, however we end up calling them around the world. And people will move about between them and vote with their feet, I guess you could say, by moving from one place to another and how they want to live. So that to me, it's like not necessarily beyond politics. Because it will still be debate within those citadels about the laws and how to enforce them and all of that. But there'll be, I think these sort of shelling points of accumulations of laws and enforcement of those laws. And you'll create people and people will come there that pretty much agree. This is the way it should be. So I think, yeah, there'll be a more harmonious world because people will be able to opt in and opt out much more easily. They can just move, they can move easier. And there's something that you said that really stuck in my mind, which was this concept of you'll actually be able to build wealth and then if you look at it from the progressive case when you were saying in the very beginning, was, look, if you are low, I would even say the middle class, the middle class, your paycheck to paycheck to that nihilism that just you get infected with by not being able to think long term.
Simply Bitcoin
"bitcoin" Discussed on Simply Bitcoin
"Elastic, it soars Bitcoin goes to the moon. And the theory of vault season is this pair, whatever this trading pair of altcoin BTC and whatever this altcoin is worth. And there's really a lot of these things are intrinsically doesn't even matter if they have value. The mean coins are literally just a nihilistic financial form of gambling. That's less than zero sum because the exchange takes their fees. But given this final elasticity of these things and the volatility, you know, it's so illiquid, right? The bid asks are crazy wide. So a little bit of money on either side just moons the thing, right? And so all the coin outperformance is a big narrative, but in particular, if you look like the biggest, the best performers during this kind of hype phase, it was like exchange tokens, right? You saw Celsius go bonkers, you saw FTX go FTT go bonkers at the same time, you know, binance, trailed FTT outperformance by a couple of weeks. I might have to flip. It might be binance but first and FTX started going insane, but they all outperformed Bitcoin like crazy and the smaller market caps for sure, way less capital and flow, but people only look at the percent returns. And all of those things crashed, the correlation, and illiquidity traded both ways. As volatile asset to the upside, more volatile than Bitcoin, the downside as well, and B and B was kind of this weird financial anomaly, where it was 200, 300 asset in a bull market and a bear market where Bitcoin is, you know, after it's kind of all settled down, Bitcoin's a let's call it, I don't know, 80 Volt asset, B and B is just around the same. It's a little higher, but not double, not triple. Like it wasn't a bull market. And those things make me scratch my head. I can't know anything there, but ask yourself what the incentive is to pump your thing that you own 70 billion enough. And the thing is, the thing that makes me fishy is a smart capital allocator if they created created money, created it an asset from nothing. And within 5 years or four years, the thing was worth total market cap a 100 billion. And you had 50 of that. And you know you can unload that 50% into the market. But it would in theory make sense to take some chips off the table. If you were an unbiased capital allocator. And the fact that they're like, oh, we've never sold any. And we don't leverage against it. It's like, okay, then what is the point of holding? There is no point. So if you're never going to sell it because you don't want it to impact the market to the downside, where there's no real natural buyers, right? You're the primary market maker. You're the primary liquidity. You're all the liquidity. Binance platform. You can't really sell any. So the thing that I would worry about and the reason FTX went down was because they were borrowed collateralized against the solvency of the aggregate system. Their collateralized answer on a change token. So I couldn't prove the binance is doing that. Do I think a majority chance say, all right, I don't. I mean, I hope not.
Bitcoin Magazine Podcast
"bitcoin" Discussed on Bitcoin Magazine Podcast
"It doesn't say like, oh, you can not be greedy, or you can not be selfish. Or it can not say you can not be kind. It's just that allow us to be authentic. And I want to just add in a way that we want to act. And what it does is that it's very unleashes our creativity. And our potential as human beings. And our nature, you know? And I think that that's somehow I think brought the box in my opinion. The skin outs box that try to look as into behaving in a certain way. And, you know, by creating stimulus and by using stimulus, whether there is economic stimulus, the using money as a 2.2 to incentivize our behavior, they are those who control monetary system, they are controlling our behavior. They are intending, intending to generate certain responses from us. And that we were wrapped inside the skin rooms box. Being made to simply react, you know, react to the economic forces. And now I think there are hard not being any kind of way to get ourselves out of that kind of forces, you know, because simply the money it used as a tool to incentivize our behavior and then if there isn't alternative, then we are locked in. And I think Bitcoin now brings out the new incentives and then out of which the those who are to choose to use Bitcoin, we could start acting differently. And then now we have network. Bitcoin incentives help us to create a viable network and that we are now seeing that how human beings are starting to act a different day. At the global level, and it's, yeah, so and as a result, the observable phenomena, I think that we are seeing the blossoming of readable expression. Resurgence of the art and the variation of human creativity. And it's showing who we are, what we can do. You know, our true potential. And that potential that I am now personally seeing, groups that men put toward my behavioristic psychologists
Bitcoin Magazine Podcast
"bitcoin" Discussed on Bitcoin Magazine Podcast
"Titled broken hearts, Bitcoin restores the solo psychology, fixing and distorted vision of humanity. And then I'll also just point people towards your substack, which is phenomenal, a titled the way of the heart, I have that pinned up in the nest as well. So that's a bit of a background on you, but yeah, welcome. How are you today? Yeah, thank you for having me. It's great to be able to chat with this because it makes that topic, I guess, yeah. Awesome, yeah. So yeah, here at Costco Bitcoin, we really like to understand kind of the higher order effects that Bitcoin is going to have on society, how people relate to themselves relate to others. And then kind of the underlying philosophy around a lot of that. But before we kind of get into your work, I really was just curious, where it seems like you've always had this idea of trying to better understand yourself. Like for your writing, it seems like that's often what you're searching for is this idea of truth of understanding yourself and replacing the world. And where do you think that desire started? Is that something innate to people? Was there any point in your life where that kind of clicked for you as a path that you saw yourself going down or perhaps it's developed later in life? It would just be really curious to hear. Yeah, I think as a child, I was very open minded and imaginative. And my parents gave me, you know, allow me to have full experience of childhood, which I think many people don't have nowadays. They are kind of pushed the already on to, you know, study hard or meet expectation about adult, but my parents never pushed me to do anything. And then they just seemed pretty allow me to do whatever I wanted. So yeah, so I became very imaginative and have big dreams, you know, as a child. And then that's like grew up. I just started to recognize how other kids are not like me. You know, as a kids kind of didn't have a dreams when they were asked what they want to become when they were grown up. They just have like this answers like, oh yeah, you like to work out the bank, or I want to become a lawyer, or I want to get into a prestigious college and the things like that. So then I kind of started to recognize I was observing kids around me and they started to see how
Simply Bitcoin
"bitcoin" Discussed on Simply Bitcoin
"To Bitcoin, but ads extremely high risk. Bitcoin can't afford to trigger the blowback. This could cause not right now. Like I said, dude, I think that the economics are on our side and I think market forces are just going to do what market forces do. I think this is just expensive. Anyways, ordinals in its current form wouldn't be possible without Bitcoin to Bitcoin's 2017. SegWit upgrade and the more recent taproot upgrade. SegWit helps scale Bitcoin by introducing a block field to hold witness data, signatures, and public keys for Bitcoin transactions, potential vulnerabilities forest developers to impose limits on the size of that data. When taproot came along, it resolved those security concerns allowing the old restrictions to be removed and paving the way for large chunks of NFT data to be stored on chain. Turns out it's the perfect foundation for ordinals. The new protocol has reignited an old age debate on whether Bitcoin should be used for non financial purposes.
Simply Bitcoin
"bitcoin" Discussed on Simply Bitcoin
"Is going to take a long time, and I know Bitcoin is often say, oh, everything's going to happen super, super suddenly. But I don't think we've got past the gradually phase yet. I think the dollar is still going to be around for a lot longer. How long I don't know. I'm not a TA chart bro or anything, but I'm just a normal dude who sees things the way they are. And I'm really glad that I am holding Bitcoin. Especially with all the inflation that's been happening, even though Bitcoin's crash 70%, which fucking sucks, but I wouldn't want to be holding a portfolio of all the dollars. But going back to the main point, I was trying to make as like are the main topic of this is like I can see clearly into my future on a Bitcoin standard, even if Bitcoin being super conservative and saying like, oh, Bitcoin's, let's say, in ten years, Bitcoin's like a $100,000. Or something like really low, like that is still better than holding a money that is being debased and is going to zero. That actually gives me firm ground to stand on. And it also gives me, it gives me a clear vision looking into my future and how I want to plan things out. And it just makes everything a lot simpler. Obviously number go up is like a freaking cheat code. And I feel like super fortunate to be in the position I am, because this isn't normal. This is not normal. This is like a once in a species kind of event. I feel like. And not everybody is going to get the same opportunity that somebody like you or me is getting to build generational wealth, like if Bitcoin really does rip like the way we think it is, like my future kids, they're not going to be, you know, oh, the halvings coming up.
Simply Bitcoin
"bitcoin" Discussed on Simply Bitcoin
"What I totally know what it is now. I could actually explain what it is. So it's very interesting. Just really quickly, I'll say that as a kid growing up, I tell the story a lot. So when I was growing up, I like to take things apart to see how they work. They had this natural curiosity and it's been my life. Like I ended up being a builder of custom homes because I like to know how things work, and I learned how to build houses. And so I just, it's fun. It's like putting together a model, only it's really big. And I used to do that as a kid, I used to put together plastic models. And all that kind of stuff was really interesting to me. So when I learned about Bitcoin, I had to learn about how it worked inside, but it's a digital thing online. So the learning process was a little different. It was no real hands on taking something apart. But you know, metaphorically, you can still take it apart. You can learn about the different parts of Bitcoin. And why those of us who understand the network and trust it recognize that the qualities that are said that the Bitcoin network is said to have are actually there, you know, what makes up the various important qualities of Bitcoin. It takes a little while to understand it, but that's what I did. I had to do that work. So for me, I dug deep into the technical aspect of it and I learned some stuff that I never thought I'd ever care to learn. But in doing so, this epiphany happened where I saw how important Bitcoin is, how it's not likely to ever be stopped by any person or government, especially now. Every year that it keeps going, it gets more resilient to breaking or being attacked or anything else. So, and you know, this takes a while to learn why that's the facts. There's reasons why that's a basically a true statement. No guarantees about the future on anything in this life. Obviously, but Bitcoin has resisted a lot in its growth and there's a high likelihood it's going to be here for many, many years, decades, hundreds of years, potentially thousands. And over that period of time, each individual unit of Bitcoin will grow in its ability to purchase goods and services. So the more those units you own and get them now while they're cheap in the future, you'll probably be able to buy much more than the money you gave up to get them now. You know, it's a simple concept, but it takes a lot to believe that that could happen. And that requires learning what Bitcoin is and how it works a little bit and to whatever extent you as a technical or non technical person needs to know all that information is out there and go down that road and learn it, you know? I don't know what else to say. I'd be happy to start explaining it now. That's not necessarily the point of this show. I'm just trying to get like that overview perspective. Like, I had to go through this. And I'm just to be honest, anybody who's looking, I just turned 62. And so, you know, like, but I look at my life, like, all right, it's two thirds over. Maybe even less. I could go to a hundred. I can go more than a hundred. I got healthier because of Bitcoin. If you want to go down that road, I'll tell that story. But I literally will get there. We'll get there. Right, so way more optimistic about my future. I think I'm going to live way longer than I maybe ever thought, right? So like a lot of shit, there's a lot going on here. All right. I'll let you go back to asking me questions.
Bitcoin Magazine Podcast
"bitcoin" Discussed on Bitcoin Magazine Podcast
"I mean, I think it's a really interesting perspective. Firstly, for me, I'm not even thinking very much about Bitcoin fees. I think that miners are going to live off the subsidy for a very long time. And it's really just Bitcoin's hyper monetization outpacing the block subsidy getting cut in half. Which is going to enable a lot of mining as well as efficiency gains from Bitcoin mining over whatever they're doing before, whether that's hitting your house inefficiently with some space heater or whether that is managing a nationwide grid and leveraging proof of work to help balance the grid. I think Bitcoin mining unlocks efficiencies. So of the things that are going to pay for Bitcoin mining into the future, one is Bitcoin monetizing too, is efficiency gains from proof of work. And in three, in my opinion, is the fees. So people are just focused on the complete wrong thing here. Yeah, I mean, I think you made a great point and the thesis of the report was it's Bitcoin's dynamic fee market that basically makes Bitcoin resilient against any sort of attacks. If a nation state or any sort of adversary decides to attempt to attack Bitcoin and sensor transactions, the natural response just in the market is for transactors of Bitcoin to increase their fees and to get an honest minor to build to include that distraction in a block and make that block included in the longest chain. And so I think that it's kind of an interesting way to think about the future of Bitcoin security and it's not necessarily a way that people have thought about it in the past.
Bitcoin Audible
"bitcoin" Discussed on Bitcoin Audible
"Everyone recognizes that this is a problem. People seek out different marginal solutions to it, some seek out hedges in the traditional sense, but everyone is largely conditioned to understand that the dollars in their bank account will purchase less and less over time and act accordingly, trying to escape the impact of its decline. That is the problem, and everyone finds the best way to deal with the symptoms of it, which is very different from actually solving the problem. It is the distinction between Bitcoin being a hedge to inflation and being the permanent solution to it, such that inflation as a problem no longer exists. Bitcoin permanently eliminates the ability for more money to be created. If the root cause of inflation is the printing of money, the prevention of that mechanism is definitionally, the answer or the solution to the problem. The entire world needs a form of money that can not be printed, for the same reason that existing forms of money can be easily printed. It is a need, not a want, but needing something does not make it so. While hedges are designed to protect against the risk of future uncertainty, risk itself is never implicitly knowable. The perception of risk in Bitcoin and why many believe it to be a hedge to the dollar is tied to uncertainty. To what extent is it possible to know whether, in fact, Bitcoin supply is really fixed. To what extent is it a risk or an uncertainty? The skeptics, or even those who might want to know, typically make a few classes of errors. Believe that determining whether Bitcoin has a fixed supply is unknowable, recognize that it is knowable but believe it is unknowable to them. Or a third do not recognize that it is the right question to ask and never consider it. In each instance, it leaves Bitcoin in the minds of most who are conscious of it as at best a possibility subject to chance. It is, however, knowable with a defined surface area and an empirical record. It is possible to discern the first step is recognizing that the 21 million fixed supply is the fulcrum. The next is forming some conception or framework as to how it is enforced. Without that as an anchor or guidepost, it would be impossible to tell what is up or down north or south in a sea of noise. No one could reasonably evaluate whether Bitcoin has fundamental value, or how anything significant or not impacts Bitcoin without one and then the other.
Bitcoin Magazine Podcast
"bitcoin" Discussed on Bitcoin Magazine Podcast
"Inimitable? So this is just that my temple down the rabbit hole, I guess. That's particular passage I keep falling down. I'll show you, yeah. I guess for me personally, like my tumble down the rabbit hole was definitely something I didn't ever really. I mean I haven't heard of Bitcoin many years ago and was like, oh, that sounds interesting, but never really gave it too much more thought. And the further down the rabbit hole I get, it seems like the further away I am from conceptions in my kind of pre Bitcoin life. It really does change you in a really, I'd say dramatic but also very healthy way, which I really enjoyed. It's really made things seem a bit more meaningful than they otherwise would. And I would just be curious kind of moving from your life like pre Bitcoin into where you're working on Bitcoin full time. How has that been? I know Bitcoin community is growing, but we're still early. And I'd be curious to hear what that's been for you navigating relationships in your life, maybe even like your relationship with yourself. Over time, as you kind of move into this space, that's a cause me question right there. So we're getting cosmic even before we get to talking about the articles. Yeah, for me, moving into decided to dedicate my time to full-time to Bitcoin was a big leap of faith because it wasn't that someone came around and offered me a job. I'd wanted to work in Bitcoin for years because I was so fascinated by it and there weren't any jobs in Bitcoin really unless you could design an asic chip or wanted to work for a chick point exchange, but those were really to me ways to work against Bitcoin not work for Bitcoin. So at one point I just through caution to the wind shortly after the COVID crisis kind of ended the thing I was doing before and said, you know what? I feel like if I take care of Bitcoin, Bitcoin will take care of me. And I just decided to start writing about Bitcoin. One thing led to another. And now I actually get paid to work in Bitcoin. So that's pretty, that's pretty awesome. But it is a weird thing, like people don't most of my Friends from my former life to the extent that they're still friends anymore, as many Bitcoin as find out. There may be just log go forgotten acquaintances, but they don't really understand what the passion for Bitcoin is. And for me, in particular, as I've gone deeper and deeper into some of these things, touching on the edge of not as I suppose
What Bitcoin Did
"bitcoin" Discussed on What Bitcoin Did
"But it's so much more convenient to just have this one you Bitcoin only. It's mentally lazy and it's very comforting to know that it's like it's so nice, isn't it nice to think there's one perfect money and I just need to focus my identity and all my thoughts on that and I don't need to challenge your question to anything. It's very hard to question. Just in general in life. So what would you question, what are the most important issues you would be pushing back against? Bitcoin has done money because I think that leads to the maximalism. I think not spending. I think not being open to monero. And the other thing with Bitcoin maximalism is that it pushes out so many other tools that we need. So people think, I'll just fix the money, I'll fix the world. No, Bitcoin is very narrow in what it fixes, but people when they just focus so much on Bitcoin it's on money. What about everything else? What about civilization? What about civil rights? What about all these other things that Bitcoin has nothing to do with? And so that's the problem with an overemphasis on Bitcoin and seeing it as perfect money. You can just sit back and say Bitcoin is going to fix us. I just need to HODL and like everything else is sucking. Right, so you think it's a naive view that if we all HODL and Bitcoin gets big enough and everyone adopts a Bitcoin, we stop the central bankers printing huge amounts of feed and society will suddenly repair. Yeah, and we've stopped wars and it's not true like Bitcoin funds the state with taxes that we pay with the licenses that Bitcoin companies have to pay. So Bitcoin funds the state. And with the Central Bank digital currencies, I think that's going to give it a good idea to state to have more control and censorship..
What Bitcoin Did
"bitcoin" Discussed on What Bitcoin Did
"Behind a lot of where I'm at mentally is I think the history of Bitcoin is a series of human beings trying and failing to understand Bitcoin. And I don't think that there's anything special about the current time period that we're living in that makes us immune from those mistakes. So I look at the other periods, the Bitcoin history, and I try to maintain a humble perspective. Because I know that those people were wrong, everybody thought they were right. Everybody was retweeting them constantly. And they were wrong. You don't hear about them anymore. And so my worry with the current group of bitcoiners is that I do think that they are correct and preaching about the monetization of Bitcoin. Bitcoin is monetizing at a insane rate. I think you can be that is a very charitable description for how fast it's monetizing. That said, we should be very careful about the expectations that we set with new people that are getting in that okay. People are very easy for people to get into things and then think that they're special. Now is special. Now is a special time because we're here at I'm here and I'm special. So this must be special. Hybrid organization must be occurring within the next few months. I don't think that's an accurate way to look at it. I think my proxy Bitcoin is does do people understand Bitcoin? No. So I don't know how hyperbike organization occurs in that. Do most people who are in the cryptocurrency industry understand Bitcoin? No. So how are we at a place where hyper bitch organization can reasonably reasonably occur? And then if it does, it's going to be completely on the monetary brutality of Bitcoin. And is that how you want people to be introduced to Bitcoin? How does somebody objectively claim the understand Bitcoin? Yeah, I don't know. I mean, I think the I think you notice those charts or tweets or people talking about the longer you've been here, the more questions you have. And I think that's because some of those questions are very legitimate. There are a lot of deeply meaningful questions left to resolve about Bitcoin. We don't know that Bitcoin is going to work in an environment where the subsidy is not coming out from the supplier..
What Bitcoin Did
"bitcoin" Discussed on What Bitcoin Did
"The nodes keep them honest because we as the operators of the system. We don't want it to break because we bitcoin. We is imperative. the system doesn't break and let's be. Let's be super explicit about what what a scenario where a minor tries to violate the rules and the note says no why that doesn't happen get so so if i'm running if i'm running lots of servers the cost the ongoing cost of doing night as a big power bill right. We're generating generating this compute. But in order to power the compute we consume significant amount of energy the if we were to if we were to try to propagate noncompliant blocks and then we asked for bitcoin and return and the node said no. We're not getting that energy back. Yep and it's user lose it and a block is now worth what to two hundred forty two hundred fifty thousand dollars six and a quarter bitcoin. Plus fees yes six times forty three hundred thousand three hundred plus grand and you. Could've you could've spent how much on path one of those two to fifty thousand depend on who you are really depends on who you are but you spent you spend a lot of money. I'm sitting on a lot of money. Six figures on power. You spend a lot of money and the incentive to cheat the system is like can. I create extra bitcoin into an account. The i want. That's kind of. That's the best cheap that you could do. But you're never gonna get away with it because the node will reject it so is burning money. It's just burning money just throwing money away. Yes so there's no incentive in the system for a minor is incentives for people to try g that just never going to get away with exactly and the and the cheating can't be hidden yes is what's important is that you can't you know even if you attempt to cheat it's it's shockingly difficult to get away with it and this is all you know we. We lose sight of this. Because bitcoin is part of our common vocabulary now but this is just like fundamentally innovative right. The core innovation Offers us is a solution to the double span problem. What that means is is that if i send you a. Bitcoin can't send the same bitcoin to somebody else and stay within the rules. There is no work around so that i can perform that behavior. And the way that that behavior is avoided and enforced is with the relationship between proof of work and mining and nodes invalidation out on the pup. No okay. so that's that's like a great primer for everyone i think. Now let's talk about the business of mining because this now is fascinating like from a distance. It's big business. Like is huge business. I mean how how much money of mine is generating daily I don't i don't know daily but it's you know it's nine hundred twenty a day in net new roughly so you know gives a price man.
Bitcoin Audible
"bitcoin" Discussed on Bitcoin Audible
"Know buffers ends up load balancers on the grid and the ability to take advantage of disparate and essentially currently uncaptured energy sources. They're out there that. Bitcoin can actually utilize because bitcoin doesn't care where it is or what time of day it is or win the consumer needs it. It's just always there. It is a buyer of last resort. I mean the innovation that is going to come from just just a few of the fundamental things about how. Bitcoin works on top of the fact that it's going to realign economic incentive that it's going to fix that huge debt imbalance in the dilemma of exporting paper rather than something of real value. There's going to be an absolutely massive wave of innovation and where we've seen the the digital era come into full force in last thirty to forty years. I think we're going to have a bitcoin era. In the next thirty to forty years. In the rebalancing of economic incentives the restructuring of actual debt versus savings prices in the economy is going to change everything about the direction and the speed with which the economy moves the ability to transmit value accurately and have price signals. That are meaningful. That actually means something as opposed to just what this what this politician thinks. We should be doing at this time. But it's an actual indicator of real economic conditions and what the economy needs to correct and to produce the most value in the most efficient manner. The prosperity that could arise from. This is hard to fathom because this is a global phenomenon this will happen in the third world the second world and the first world at all across the board essentially at the same time it is open access to everyone it secures real price signals in the economy not doesn't seek stability for the sake of stability at the cost of useful and real information on the economic condition it creates real prices and is essentially. Nothing you can do about it. Because the supply can't be manipulated and it removes one of the biggest frictions on trade around the world today political risk and bias that conflict of interest around using a tool that is politically manipulated and cannot secure trust. Because it's based on a political third party solving. Those things will unleash so much capital in so much trade. That was not.
Bitcoin Audible
"bitcoin" Discussed on Bitcoin Audible
"Like inventory. Availability that is tied to the bitcoin supply that is tied to big actual bitcoin cycles. And there are predetermined eras in this protocol did are going to change how that capital is allocated and where most capital comes from which is actually really interesting. And i don't know if i'm totally on board with the you know i've read this piece just out of curiosity i i can't say that i one hundred percent agree that this these are how the cycles are going to play out. And these are the major elements there but it is very fascinating and is not something that i've just i haven't dug into it enough. I mean literally. This is the article really that. I've read on the idea of trying to map these. The shumpert cycle own top of the bitcoin. It's essentially supply schedule and inflation schedule cycles. And was funny in the context of the kitchen cycled the the second secondary cycle this kind of like a ten year cycle is. I actually think when we're looking at the idea of how the let's take the stock to flow for simplicity. Right is that it's the beginning of bitcoins. Life cycle here when the amount of Bickering being issued was enormous. Percentage of the supply was a hunt. Will you know basically the first year. One hundred percents is by fifty. Bitcoin per block means that the inflation rate the amount of capital or the amount of newly issued. Bitcoin coming into circulation was massive so to have that cut in half to twenty five is extremely is very substantial on the flow of bitcoin on the amount of bitcoin. It's coming into circulation that needs to be met with new demand but after you've already issued ten million after ten million coins already exist in your issuing at twenty five per block in the net custody. Twelve point five actually doesn't have as great of effect suddenly and this is something that can edge from talk about in this article. Is that you start to shift away from the inflation schedule as the amount of capital or the th the flow say so to speak the flow in the economy and it moves toward inventories. And you have this savings versus spending cycle and this is much more akin to a normal sort of seasonal cycle that you would see in the markets or a traditional business.
What Bitcoin Did
"bitcoin" Discussed on What Bitcoin Did
"It's not hedge of hedge against inflation if you bought in three months ago and then you had to sell it has to begin to turn to some timeframes. And i'm just gonna. His he said is important to remember the bitcoin at this stage. This adoption vase is not a hedge against inflation but rather perpetual credit expansion. So it's kind of echo what you just said there but can you just a little bit more into detail on this perpetual credit expansion but explain it in a way like someone like myself. Who just doesn't understand. This can understand that what it means. And what the threat here is. Yeah so like. You'll see a lot of people depending on the price action of bitcoin. You know if it's going up going down if it's if it's march twenty twenty when bitcoin tanks with everything else and they say ha bitcoin's not a hedge against financial system see you know went down during the biggest liquidity crisis ever And and so it's like it's either not inflation hedge or not at you know it's it doesn't work against deflation and like all the stuff but i think that's taking like a microscopic view of things And in my opinion. And i've i've kind of been hitting this point home a lot recently. I think that bitcoin over the medium to long-term as a hedge against inflation in terms of credit expansion and deflation which is credit contraction and so for for two reasons. Earn many reasons but Credit expansion. We can think of that as as you know. Qe or basically in fiat currency system money is created through lending so like a commercial bank. There's a positive commercial bank. They extend alone. They fractionally reserved those deposits and send out alone and in that process. Money is created money. The money supply increases the the bank. Now has an asset and the other person has liability and cash in the money supply increased in that in that sense and so ultimately this is kind of like the long-term debt cycle stuff. We talked about last time..