Skip to content
HEX
Search
About
Back to results
Bitcoin with Adam Meister, Steemit Mitchell, and Bgold Robert.
Nov 3, 2017
Open on YouTube
Copy link
Follow along
· transcript tracks the video
Transcript
Show
Load earlier
40:43
Bitcoin over the coming year I yeah the
40:47
good ones hopefully some of the good
40:50
innovations for some of the quarks will
40:52
eventually get incorporated into the
40:54
main Bitcoin in some future hard work
40:57
what one of the analogy that I like to
41:01
use for all coins and other
41:04
cryptocurrencies is that bitcoins the
41:07
shopping mall and all the alt coins or
41:09
the food court so you would think that
41:12
more alt coins is worse because they're
41:14
gonna take away some money from the mall
41:16
it's not the case more little
41:19
restaurants in the food court though
41:20
they compete with each other they bring
41:22
more demand to the shopping mall so all
41:25
of these even these shitty scammy
ICO
41:28
alt coins for the most part are actually
41:30
still good for Bitcoin financially
41:32
because you got a buy Bitcoin to buy
41:35
them and they're just little food stalls
41:37
in the food court of the Bitcoin
41:39
shopping mall it's the analogy I use and
41:42
the forks are even better because it
41:44
makes people who hold alts have an
41:46
opportunity costs to holding the alts
41:48
instead of Bitcoin so anyone you know
41:51
who's thinking straight in case you
41:52
might want to get into bitcoins before
41:56
if the point fork if they think that for
41:59
it's going to have anything
42:00
I agree that's good yeah that's a good
42:05
way of phrasing it very good analogies
42:07
were thrown around here too there
42:08
Richard that was very good speaking of
42:11
all coins you Richard you've been you've
42:14
been outspoken some would say about
42:18
etherium and I've been looking at
42:22
aetherium and I think as a platform to
42:25
distribute tokens it's the best one out
42:29
there now if that is that a legitimate
42:31
use case for anything I mean I guess
42:34
that's arguable but I think it's a good
42:36
if you want to distribute a token if you
42:37
want to do it for free or if you want to
42:39
charge people it seems to be pretty good
42:41
at that what do you think about that or
42:43
I mean are you still down on the fury on
42:45
my go ahead so I I think if you're iam
42:50
is a giant security nightmare
42:53
they have had endless security failures
42:57
some of those failures directly because
42:59
of decisions made in the etherium EVM
43:02
like requiring you to declare a variable
43:06
as private and then if you don't you
43:10
lose all your money which is what
43:11
happened with the the multi-sig hack and
43:16
parody you know they they didn't use the
43:20
EVM the way they should have and the EVM
43:23
was designed poorly so as to make people
43:26
commonly make mistakes
43:28
so basically aetherium because of their
43:31
bad security model and bad choices in
43:33
the EVM and bad choices and having
43:35
competing implementations not a quorum
43:37
of implementations but competing real
43:40
time Jeff won't agree with parity and
43:43
then you have to turn your wallet off
43:44
that's it the network's down I mean
43:46
their network has gone down in 2017 four
43:49
or five times the exchange wallets have
43:51
been turned off that doesn't happen in
43:53
Bitcoin well maybe when these forks
43:55
happen they get paused for a shorter
43:56
period of time so you know they they
44:00
created a sand trap of a quicksand trap
44:04
to get developers to try and use buggy
44:07
very very hard not to make buggy code I
44:11
mean if you write code bugs is the law
44:13
you're going to have bugs and so if you
44:15
write code in aetherium when you have
44:17
those bugs you lose all your money
44:19
so the dow got hacked the multisig and
44:21
parity got hacked their contracts are
44:24
getting hacked left and right and it's
44:25
not avoidable if you make a Turing
44:28
complete language you have created the
44:30
maximum security surface attack surface
44:33
where you'll have the maximum number of
44:35
bugs and it becomes impossible to secure
44:37
so that ecosystem will continue to lose
44:39
money to hacks forever basically now if
44:43
you try to implement a formalized rule
44:47
set for your programming language
44:49
you still get hacked because
44:50
formalization just fails and all the
44:52
points outside of the formalization all
44:54
the other things that input data those
44:56
things fail you can't test them all now
44:59
that's just the problems technically
45:00
they also have problems with money all
45:02
these idiots have given their money to
45:05
ICS the
ICO
is take their money and then
45:07
dump it for gold cash stocks and some of
45:13
them for some reason haven't done that
45:14
yet
45:14
so as the price goes down from 0.15 0.8
45:19
0.7 0.6 5 4 it's point four oh now I
45:23
think yeah so guess what those
ICO
guys
45:27
that actually hold all the etherium
45:28
they're gonna race for the exits because
45:30
whoever gets out first whatever pump and
45:32
dump scammer gets out first gets a lot
45:34
of real money for his aetherium tokens
45:37
and I don't think we've even seen the
45:39
race for the exits yet so if you if you
45:41
thought aetherium was a good deal point
45:43
4 oh boy I'll bet you'll love it at
45:45
point O 4 right so you know I I now that
45:52
being said I mean if I haven't made the
45:56
decision yet but on my
ICO
probably I
45:59
hate that term forget I said that
46:01
when I have this token thing that's a
46:04
staff that's accredited investors only
46:05
blah blah blah whatever that's called
46:10
yeah that that prop this is a contract
46:13
for future tokens when that product
46:14
exists I might use some the minimum
46:17
number of parts possible from the
46:19
etherion project maybe maybe so I might
46:23
find a way to make it less risky to you
46:27
is for my use case but overall if
46:29
there's any other way to do it I'd
46:31
rather do it any other way like if we're
46:33
good Scout if root stock was up I'd
46:34
rather use that probably okay so let me
46:38
ask you a question that kind of deals
46:40
with this when where do you see the
46:44
Bitcoin dominance being in three months
46:48
since you you are saying it theory on
46:52
which is the number too cryptic are see
46:53
right now it's it's going to be worth
46:55
less soon enough so you you are clearly
46:59
bullish I think on Bitcoin dominance
47:02
going up at least eighty percent at
47:04
least eighty percent because I mean Wall
47:07
Street has so much money and it's coming
47:10
into the real blue chip the real Bitcoin
47:13
that's it
47:14
so like you know how many successful
47:19
daps are there in the etherium ecosystem
47:20
zero
47:21
how many hacks are there tons how much
47:24
Google searches they're there like eight
47:26
times less Google searches for aetherium
47:27
the Bitcoin now that ship has sailed
47:30
have a blind diversification by these
47:34
Wall Street people just they're coming
47:36
in a little bit coin we are going to
47:44
people that are smart enough to
47:46
diversify are smart enough not to buy a
47:48
chart that looks like this they'd rather
47:52
diversify a thing like they'll diversify
47:54
across things doing this right so I
47:58
don't I don't think blind
48:00
diversification will save a project
48:01
that's gone from 0.15 to 0.40 that's
48:07
already down four times for X from its
48:10
peak to Bitcoin that's bad and it ain't
48:13
getting better very very very
48:15
interesting one and one last question
48:18
for you here you apparently had a be
48:22
cash guest on or something I know you're
48:25
not a be a be cash fan here but you are
48:27
a numbers fan you're a guy who admits
48:30
that this is a crazy market people just
48:33
buy into things pump up things with the
48:36
upcoming 2x with all the flood that's
48:39
going around
48:40
with some big players behind be cash and
48:43
you know Robert mentioned a conspiracy
48:45
theory
48:45
do you see be cash being pumped up yeah
48:48
it's already broke its approaching point
48:50
one I would have to think it's going to
48:53
go over point one pretty soon and not
48:55
based on technicals just based on
48:57
people's insanity and on rumors and thud
49:01
so if you didn't pump it you don't know
49:04
when they're gonna dump it so if you're
49:06
the last mover and you're the last guy
49:08
to notice and you didn't buy it when it
49:10
was cheap and you're like oh look this
49:11
thing's going up I'm gonna get in
49:13
there's a chance a pretty good chance
49:16
that as soon as you get in they dump it
49:18
because you were the last guy to know so
49:20
if you're the last guy to know on the
49:21
pump you're gonna be the last guy to
49:22
know on the dump and since you didn't
49:24
pump it you don't know when it's gonna
49:26
dump so right now the play is their kind
49:29
of pump be Cash's price up to try and
49:32
attack the network again hope STX causes
49:35
some drama and hope they can get some
49:37
more miners but as you saw they already
49:39
took half the miners and it didn't mean
49:40
anything no one cared now maybe it'll
49:43
get 40% of the miners maybe they'll get
49:46
sixty maybe look at 85 no one cares
49:49
it doesn't matter Network difficulty
49:52
will readjust fees will go up miners
49:55
will come and get the new fees all self
49:57
balances no big deal right so they're
49:59
gonna try their little pump and dump
50:01
scam again where they drive the price up
50:02
hope to get some miners hope to cause
50:04
some drama hose to us as 2x causes some
50:07
problems but when they fail again just
50:09
like they did the first time when they
50:10
had a better chance that a much better
50:11
chance the first time because people
50:13
didn't know that these things were
50:14
likely to fail because they'd never seen
50:15
one takeover attempt fail before that
50:17
was the first time they got half the
50:18
miners maybe it'll work it didn't work
50:20
right so now their chances are less
50:23
because now let's say s 2x becomes its
50:25
own token now they've gotta compete
50:27
against two parties they've got to
50:29
compete against s 2x miners and Bitcoin
50:33
core miners that leaves less miners left
50:35
over for their crap coin so sure
50:37
short-term price could pump will it dump
50:40
yes will they succeed no they had their
50:43
chance
50:44
they failed and I wouldn't suggest being
50:46
the last guy in on a pump and dump
50:48
because you're gonna be holding the bag
50:50
when they flip the switch excellent
Load later