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“hardware wallet” · 2 mentions
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15:25
01:08:49
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02:36:48
be delayed because of this optimization
02:36:49
right this is Donald Knuth saying that
02:36:52
premature optimization is the root of
02:36:54
all evil or something for that effect
02:36:57
yeah when you start building crypto
02:36:59
instead of just [ __ ]
02:37:00
talking about it and you know yeah I
02:37:02
bought my bag and left it on coinbase so
02:37:04
please make me rich someone working hard
02:37:06
I'm actually doing the hard work and and
02:37:08
most of this shit's so hard that it's
02:37:11
it's almost understandable like when you
02:37:13
asked me what the supply will be hmm
02:37:15
well let me tell you what the supply
02:37:16
will be I don't know how many people
02:37:18
will refer themselves I don't know how
02:37:20
many people were for other people I
02:37:21
don't know how many people will claim
02:37:22
when they'll claim I don't know how many
02:37:24
people will stake I don't know how many
02:37:26
people will emergency and stake so now
02:37:28
in order for me to give you a range of
02:37:30
guesses I have to permute if not an
02:37:34
infinite number of variables a large
02:37:36
number available across each one of
02:37:38
those user behaviors and then time-warp
02:37:40
them in the future and then try and
02:37:42
guess how those future values would
02:37:44
affect user decisions in the future past
02:37:47
that I could have built like for
02:37:49
cryptocurrencies with different features
02:37:52
in the same time it would take to figure
02:37:53
out how this one's gonna work out and
02:37:55
that's part of the appeal part of the
02:37:57
appeal is finding out how it works out
02:37:59
that's the stickiness that's the mining
02:38:03
calculator when you go to the mining
02:38:04
hardware
and all these people bought
02:38:06
mining equipment all those people about
02:38:08
mining equipment cuz they went to a
02:38:09
mining calculator and weren't smart
02:38:11
enough to put the right numbers in there
02:38:13
to figure out that was a terrible idea
02:38:14
and then so many people did it and fell
02:38:17
for it
02:38:17
but it became a more terrible idea
02:38:20
because they all had to compete for the
02:38:21
same pool right so in this system if
02:38:23
everyone overestimates the value and
02:38:25
they see giant numbers and they all lock
02:38:27
up that's better for all of them right
02:38:30
it's the opposite of the the dark
02:38:33
pattern and mining where it [ __ ]
02:38:34
everyone that overestimated in this
02:38:36
system looks like oh I get locked up
02:38:38
forever and everyone else locked up
02:38:39
forever so one day we're all gonna do
02:38:41
really good right ok so the last
02:38:46
question that I have is after the claim
02:38:49
period after all the other bonuses and
02:38:51
all that stuff let's say I want to sell
02:38:55
at some point I want to sell because
02:38:57
everybody's make the point is to make
02:38:58
money mm-hmm so why would people buy it
02:39:04
after the bonuses oh well the insurance
02:39:06
rate like the day they should into this
02:39:09
3 profit there's 3 profit centers so
02:39:12
first if you wanted
02:39:14
if you wanted to be more safe in the way
02:39:20
that you're earning profit from the
02:39:21
system then you can do what people do
02:39:25
with CDs and it's called Lateran and you
02:39:28
use multiple lockup lengths so that some
02:39:31
portion of your stack is coming out of
02:39:33
lockup
02:39:33
right guys and you don't you know on
02:39:37
your early amounts that you can you know
02:39:40
oh you want to speculate you think price
02:39:42
gonna outprice going down you want time
02:39:43
to market okay you can do that with your
02:39:45
10-day things right on your your longer
02:39:49
ones so it's just like so Tony Robbins
02:39:51
has a system called the three bucket
02:39:52
system right high growth low growth
02:39:54
dream dream is like hey let's make this
02:39:56
money worth something okay we got money
02:39:58
great do we want to care about money
02:40:00
then every once in a while you actually
02:40:01
have to buy something nice otherwise
02:40:03
you're not gonna you're not gonna care
02:40:04
about the way that you should right like
02:40:07
if you watch Bitcoin go to 20k and you
02:40:08
sell anything and then you watch all
02:40:10
your paper gains disappear you feel like
02:40:12
a real [ __ ] and then if you had a
02:40:14
couple of cycles as I've done you feel
02:40:16
like a giant [ __ ] all right you're
02:40:17
like man like it's all the top you can
02:40:21
write or like Gavin Henderson did he
02:40:23
just sells a little bit all the way up
02:40:25
so he says so you can use a CD ladder
02:40:29
like normal people do in the real world
02:40:31
with normal CDs so Bitcoin tried to
02:40:33
remove trusted middlemen and it failed
02:40:36
because it turns out that those trusted
02:40:38
middlemen are worth more than the
02:40:40
founder of Bitcoin coinbase as a bitcoin
02:40:44
seller a retailer has extracted more US
02:40:47
dollars of profit out of the Eco / out
02:40:49
of the Bitcoin project then Satoshi has
02:40:51
even if Satoshi sold his [ __ ] coins
02:40:55
right because like the exchanges so if
02:41:02
you want to make money on your Bitcoin
02:41:03
right now you've got to send it to an
02:41:04
exchange
02:41:05
let them lend it out for you hope they
02:41:08
give you your profit back and hope they
02:41:09
give you your principle back and hope
02:41:10
they don't get hacked in the mean time
02:41:12
which is a lot of hope yeah they're not
02:41:13
insured cold
wallet
insured hot
wallet
02:41:16
not insured right if they can even get
02:41:19
the cold wall insured and the government
02:41:22
doesn't give a [ __ ] about your insurance
02:41:23
right if you get shut down for fraud
02:41:24
like I don't think if btc-e was insured
02:41:27
I don't think they got paid
02:41:28
right because when you're in jail and
02:41:31
you don't have any money to defend
02:41:32
yourself you also don't have any money
02:41:33
to hire a lawyer for your company to try
02:41:35
and sue the insurance company usually
02:41:36
right it's in like receivership like by
02:41:39
the government the government's not like
02:41:40
oh well you know they're not that
02:41:42
friendly so my point is if crypto and
02:41:46
Bitcoin was invented to get rid of
02:41:47
centralized risky margin charging little
02:41:51
rent-seeking middlemen it has failed to
02:41:55
get rid of them it has created more of
02:41:57
them okay
02:41:58
Bitcoin has generated billions of
02:42:01
dollars of money and revenue for [ __ ]
02:42:03
middle men because of kyc and AML
02:42:06
coinbase is allowed to charge you out
02:42:10
the ass and make tons and tons of money
02:42:12
on you but since I'd like to get
02:42:13
listening to corn-based Columbus I love
02:42:14
you I love you guys you're the best but
02:42:19
they're making billions of dollars by
02:42:20
being a middleman and and doing the
02:42:23
opposite of what crypto is not to do
02:42:24
they're reducing your security they're
02:42:25
reducing your anonymity they're giving
02:42:27
you less choice they're giving you more
02:42:28
risk and for that what are you receiving
02:42:32
in return you get to be lazy you don't
02:42:35
have to handle your own keys or maybe
02:42:37
you could like speculate a little
02:42:38
quicker because you don't have to wait
02:42:40
trends blocks to like send your coins if
02:42:42
you want to dump them or whatever and
02:42:43
I'm not even sure what percentage of the
02:42:45
coin base market is really a speculative
02:42:47
the G Dax market which is a related
02:42:49
company is more speculative same owners
02:42:51
so my point is [ __ ] I lost my point I
02:42:57
guess I take the nice things so we got o
02:42:59
so Bitcoin was meant to get rid of
02:43:01
trusted third parties and increased
02:43:04
security and increased personal
02:43:05
sovereignty and reduce the amount of
02:43:07
screwing that these middlemen get to do
02:43:09
and it hasn't been able to do that
02:43:11
because there's certain very important
02:43:13
financial functions the currency does
02:43:15
not have currency is not a seedy
02:43:18
currency does not bear interest you say
02:43:21
if you want to earn interest on your
02:43:23
Bitcoin you have to send it somewhere
02:43:24
let them rent it out to people that want
02:43:27
to short the price hope they pay you
02:43:28
your interest back hope they don't get
02:43:30
hacked that's a lot of hope for very low
02:43:32
return I have a better idea for you why
02:43:34
don't you just send your coins to the
02:43:35
smart contract that made them in the
02:43:36
first place lock them up and then get
02:43:40
mad gains with no counter
02:43:42
party risk trustless interest bitcoin
02:43:45
can't do that for you to make interest
02:43:46
on Bitcoin you got to take a lot of risk
02:43:48
you got to give your money to someone
02:43:49
that's not you right
02:43:50
you got to loan your points to someone
02:43:52
else and hope they pay you back police
02:43:53
pay me back in this system the smart
02:43:55
contract
02:43:56
will pay you back and will always be
02:43:58
able to pay you back because it invented
02:43:59
the coin in the first place first you
02:44:03
see this kind of good becoming like like
02:44:09
is there potential for something like
02:44:10
this to become a a lending market or
02:44:13
something like that I must think it I
02:44:16
can't share this idea with you I was
02:44:19
thinking about a way I can i I don't
02:44:23
want someone to beat me to market with
02:44:24
my own idea how can I give you parts of
02:44:26
it without letting you make money on it
02:44:29
I just hired what you're gonna do well
02:44:33
I'll give you I'll give you a clue I'll
02:44:35
give you a clue I'll keep the 80% of the
02:44:37
profit secrets myself but I'll give you
02:44:38
the 20% so if you wanted to be able to
02:44:45
sell a stake token then you could do
02:44:49
like an open dime you familiar with the
02:44:51
open dime product maybe yeah it's like a
02:44:53
hard hey puppy my puppy is hungry so now
02:44:57
you guys are good to meet her this is my
02:45:04
puppy pup it's a size yeah it's not my
02:45:08
first choice it's entrained shits in
02:45:11
level 3 chain jog that only speaks
02:45:13
German and jumps through fire and
02:45:14
ignores gunshots and will rotate from
02:45:17
biting one arm to the ball so the other
02:45:18
arm on command is what I would ideally
02:45:20
choose but a girl I knew had this and so
02:45:25
now I have this so I think the person
02:45:28
just just just hold it and now go like
02:45:31
this good like Oh mini me like the one
02:45:35
trillion bitcoin hex I you the only way
02:45:41
that you could so you're still going to
02:45:43
want to borrow these coins if you want
02:45:45
to short them right so the staking of
02:45:48
the tokens will lock up supply and lock
02:45:52
it up in a way superior to any other
02:45:53
system where it's on a schedule you know
02:45:55
when those coins are
02:45:56
my off supply you do not know when
02:45:59
someone's gonna dump their Bitcoin you
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