Skip to content
HEX
Search
About
Back to results
Adam Meister and Richard Heart talk Bitcoin and cryptocurrencies.
Sep 8, 2017
Open on YouTube
Copy link
Follow along
· transcript tracks the video
Transcript
Show
Load earlier
22:36
based on that it I think that if you
22:38
sell Bitcoin or crypto on news you will
22:41
get rekt because most people do not care
22:44
about the news
22:45
like for instance vitalik started
22:47
etherium three price barely moved China
22:51
really banned ICS which is like
22:53
devastating to the theory ecosystem
22:54
because that's a theorems only use case
22:57
is ICS it's the only reason anyone has
22:59
ever bought an aetherium is to get into
23:01
a Nicaea and if i cos were for if
23:03
chinese ICS were 40% of aetherium volume
23:05
then it's a massive massive harm to
23:09
aetherium but the price was only
23:10
slightly impacted right and like so i
23:14
don't suggest trading at all and i don't
23:16
suggest trading on news and i don't
23:18
suggest trusting china
23:20
you should go long and hold and if you
23:23
want a little bit of extra margin take a
23:25
little bit and go to X or 5x long
23:28
there's a link in my channel if you need
23:30
it
23:31
and that's it like don't trade you'll
23:33
lose you're the last guy to know you
23:35
know why didn't you know ahead I didn't
23:36
know ahead you're not going to know
23:37
ahead so you know you're gonna get rekt
23:40
by these random things don't trade yeah
23:43
well thank you very much Richard for
23:45
that opening that puts everybody up to
23:48
date on what's going on and yeah I'm a
23:49
buy-and-hold guy to pound that like
23:51
button people 90% of the time traders
23:54
lose so I wanted to read this tweet that
23:57
kind of sums up everything uh it's from
23:59
Beauty on I'll link to it eventually it
24:02
was linked to in the original
24:03
video for this that got cut off
24:05
volatility on news from China shows that
24:09
Bitcoin markets are still very immature
24:11
as immature as the men day trading on
24:16
the exchanges so yeah that's it there's
24:19
there's there's a lot of people who call
24:22
themselves traders and all these
24:24
exchanges I mean I'm wanting that
24:26
they're just pan occurs they buy into
24:28
every rumor it's just it's the Wild West
24:31
out there I I've said it a million times
24:33
don't be a trader man it is ninety
24:35
percent of time you're gonna lose but
24:38
just fine hold is what I do I love it
24:40
it's fun you get to you get to sit back
24:43
and just know in the long term it's
24:45
gonna be ok ok that's my opinion
24:47
connection ok good oh yes Richard I just
24:50
know we dumped her just 46 to 42 and now
24:53
we're like 44 so like so not very
24:59
exciting well we'll see we'll see what
25:02
the real news is Nick what is what is
25:03
your opinion on this you too
25:05
Nick's got a great Twitter out there and
25:07
in his recent weeks he's been saying
25:09
like did China even really say this or
25:12
not so Nick what's going on yeah first
25:16
of all thanks for having me on it's it's
25:18
great that you give me this chance my
25:23
opinion ease trader a friend of mine
25:26
texted me earlier and told me Chinese
25:29
regulators like to test the waters prior
25:32
to making big moves
25:33
so am I of the opinion that list is
25:35
entirely fabricated maybe not the the
25:40
sources that I'm seeing there's
25:43
basically two big outlets the news came
25:45
out on kite chin and the China
25:48
Securities Journal they're fairly
25:52
credible right the source may be
25:54
questionable but isn't an outright
25:56
fabrication I think that's pretty
25:58
unlikely um my friend who is Chinese and
26:03
he's sort of he likes to trade told me
26:06
this is very common you saw it in the in
26:08
the equity markets before the regulators
26:11
put limits on margin so you know maybe
26:15
this is just a precursor and you know
26:17
the exchanges in China
26:18
exchanges haven't heard anything yet
26:19
from the regulator's so yeah a lot of
26:25
people are calling us on this Fudd and
26:26
fake news there's possibly more to it do
26:29
I think it's a reason to sell your
26:31
entire Bitcoin stack of course not
26:33
you know a lot of my smartest friends
26:36
academics are absolutely terrible
26:38
traders right and I wouldn't recommend
26:41
trading with any news like this I
26:42
absolutely agree with that with Richards
26:45
analysis I think this may have some legs
26:48
to it but ultimately what percentage of
26:50
global trading long is China I couldn't
26:53
tell you but it's definitely not the 90%
26:55
that people thought it was back in 2016
26:59
yeah I agree I know I don't think they
27:02
make up that big of the market anyway so
27:03
we always overreact to everything China
27:07
when when will the community get over
27:10
things Romi yeah where they must
27:14
overreact to everything China or is this
27:16
just the way of speculators playing
27:18
everyone they always start to sell start
27:21
to cause panics when they hear any news
27:23
other time I don't know I know I know
27:25
that for aetherium China is 40% of the
27:28
ISO purchasing because I've personally
27:30
spoken with people that have had multi
27:32
hundred million dollar ICS and they
27:35
personally told me in person that forty
27:38
percent of their sales volume in their
27:39
ICO
was Chinese and vitalik speaks
27:42
[ __ ] Mandarin so their coin might be
27:45
like Bitcoin might not be affected by
27:47
China so much but aetherium is 100% for
27:51
sure
27:53
that is a very good interesting point
27:55
I'm glad you brought the statistics I
27:57
wanted to point out that this whole dump
27:59
that's been going on for the last two
28:01
hours it affected every single crypt
28:03
every cryptocurrency drop so it was just
28:06
the people heard oohs China's gonna shut
28:09
down exchanges let's sell all our
28:11
cryptocurrency that's what it looks like
28:13
has happened but again it's been it's
28:16
just speculation
28:17
even if China does do that who cares
28:19
that there's a whole world out there
28:21
think long term people rocky what is
28:24
what's your opinion all of it all this
28:25
let's get to the great Rocky well what I
28:28
read was that the Chinese exchanges
28:32
stopped allowing Fiat deposits but
28:34
continued to allow Fiat withdrawals so
28:37
this you know put a fear into everybody
28:40
over there and thought well I better get
28:41
you know and my withdrawals out while I
28:43
can and it just kind of you know
28:45
cascaded from there but you know it's
28:48
hard getting good information if you're
28:51
in China we're gonna have to wait a
28:53
while to really find out what's going on
28:55
over there yeah definitely everyone
28:59
we've had some technical difficulty
29:01
we're back on schedule found that like
29:03
button town that like button and spread
29:07
the word that we're over here I I can't
29:10
see I don't think I have my chat open so
29:12
sorry about arming maybe I do I'm still
29:15
a little foot tumbled over here let's
29:18
talk to Rocky let's let's transition
29:20
into segue it's obviously been
29:23
implemented the addresses are out there
29:26
more people are using it what is what's
29:29
going on you want to tell us some stuff
29:31
about segue and then we'll get Richard
29:33
to reply to what you have to say about
29:35
what's going on with segue because I've
29:37
got some specific questions for Richard
29:38
also oh yeah um ice cream I'm screen
29:45
sharing now
29:50
uh are you yeah are you yeah I was
29:54
asking okay cool okay so as most people
29:59
know we got seglet activated on august
30:01
23rd so shortly after that within a day
30:04
or two uh you know my uh my knee poles
30:09
started mining blocks bigger than than
30:11
one meg bitfury was the first and then
30:15
five or six came on board shortly after
30:18
that but it wasn't until August 31st
30:20
that ampoule started mining blocks
30:23
bigger than one Meg and it wasn't until
30:25
five days ago
30:27
on September 3rd that via BTC started
30:30
mining blocks with one bigger than one
30:34
Meg and what's interesting here on this
30:40
screen shot or this screen I'm sharing
30:43
here is that you know our beloved Roger
30:51
Moore recently known as Bitcoin Lucifer
30:55
has been refusing to increase the
30:59
maximum block size on his mining
31:01
software the miners have control over
31:03
how big a block they take in mind
31:05
although they can't go over the maximum
31:07
they can still control you know you know
31:09
under the maximum so even today Bitcoin
31:15
comm which is owned by Roger is still
31:18
mining blocks only up to one make so he
31:21
hasn't changed his maximum block size
31:25
attribute to 4 Meg's they couldn't they
31:29
could set it to 4 Meg's now core put out
31:31
a memo to all the miners saying change
31:33
your maximum block size allowed from 1
31:35
Meg to form a stat segment will allow up
31:38
to 4 Meg's so him refusing to do this
31:43
that's the big question I mean basically
31:45
he's a hypocrite he's been going around
31:47
for the better part of two years saying
31:49
he wants bigger blocks now he could mine
31:51
bigger blocks and he's refusing to mine
31:53
bigger blocks well he's saying in his
31:57
coin base here that he supports the New
31:59
York agreement which means say what now
32:02
and a to Meg
32:04
I work later and he's also signalling
32:07
here for bu Bitcoin unlimited which
32:10
means unlimited block size eventually
32:13
and so you know all of his screaming
32:15
about bigger blocks bigger blocks bigger
32:17
blocks now he can mine bigger blocks and
32:18
he's refusing to mine bigger blocks but
32:22
the good news is it doesn't matter he's
32:24
a small mining pole comparatively
32:27
speaking also GB miners they're in the
32:29
same boat here they refused to change
32:33
that setting on their mining software
32:34
the big one is BTC top they haven't
32:38
changed their setting to form eggs
32:40
either but they're right now out of the
32:43
past 300 and some blocks so you can take
32:47
a look here I think it was yeah 365
32:51
blocks that's about two and a half days
32:52
worth of mining BTC top is mined more
32:55
found more blocks than anybody else so
32:57
they're a big mining Pole and they're
32:59
refusing to do it but again the good
33:01
news is I don't believe it's really
33:03
necessary for all the poles to start
33:05
doing it because once the wallets kick
33:07
into gear and get with the Segway
33:10
program and release new versions of
Load later