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Bitcoin with Adam Meister, Steemit Mitchell, and Bgold Robert.
Nov 3, 2017
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36:25
shows that it's the idea can over if
36:29
it's a good idea that can overcompensate
36:31
for not having the kind of celebrity
36:33
supporters or in corporate factions that
36:37
other Forex haven't so that's what we're
36:39
trying to prove in this experiment and
36:41
we'll see what happens with in the
36:43
coming months it should be interesting
36:47
see what what the market is going to
36:49
determine what it's worth and how its
36:52
gonna compare to 2x and B cash etc I
36:54
want to ask Richard what do you do you
36:57
have any specific thoughts on this big
36:59
old situation as a finally fork and has
37:02
your mind changed about cryptic
37:04
dividends friendly Forks unfriendly
37:07
Forks since the last time we talk is
37:08
like I've heard some people tell me like
37:10
Richard it doesn't he's not he doesn't
37:12
seem to be a big fan of Forks but I
37:13
wanted to hear it straight from you so
37:15
go ahead okay I think every fork with
37:17
replay protection is a beautiful
37:18
experiment on things that might be great
37:21
so if you fork and copy the the best
37:24
consensus code that exists in the entire
37:26
world that's a heck of a good starting
37:29
place and then if you improve on it
37:34
experiment with it and actually find a
37:37
community to support it you know if you
37:39
if you do a proof-of-work change like be
37:40
gold it's good as long as people mine it
37:45
your Vaughn boarded a bunch of great
37:47
users you've got you know you've copied
37:48
the UT XO and now they can go and
37:53
compete you know it's another
37:54
cryptocurrency that slightly competes
37:57
and more power to them I mean your
38:00
option if you don't if you don't like
38:02
Forks your option is a bunch of scamming
38:04
i SEOs pump-and-dump deals where people
38:07
put money in and then they never get
38:09
back out so I'd much rather have honest
38:12
replay protection Forks for innovation
38:15
and experimentation instead of scammy
38:17
pump-and-dump ICS where you're their
38:20
starting place is vaporware and it
38:22
transitions into more vapor where I mean
38:25
with a with a fork of Bitcoin you're
38:27
starting at the best possible place
38:28
you've got an onboard set of users that
38:31
are the most likely to be able to
38:33
interact in that ecosystem it's a great
38:35
recipe for experimentation much superior
38:38
recipe then I see us or startups in
38:42
general so I'm completely for friendly
38:45
force yeah so there he just made it very
38:48
clear and thank you for clarifying that
38:50
because you know you read all these
38:52
comments in the comment section it's
38:54
it's better just to ask the source and
38:56
that was straight from the horse's mouth
38:57
right there
38:58
he's the fan of friendly Forks as am i I
39:01
mean what's the harm eh they're
39:02
definitely better than I cos I coz ask
39:05
you to give them money and then they
39:07
might give you something this is free
39:10
money this is these friendly forces
39:13
they're giving you something if you hold
39:14
the brute coin if you if you hold the
39:16
Bitcoin so it is going to be an
39:18
interesting 2018 to see who else does
39:21
this if anyone else does it is I should
39:23
say one more thing about how good these
39:24
forks are if you wanted to see all to go
39:27
down and Bitcoin go up they used to move
39:30
kind of Amplatz used to amplify Bitcoin
39:33
Bitcoin went up alts went up more
39:34
quickly run it down alts went down more
39:36
now because of Forks and because of
39:38
these crypto dividends when Bitcoin goes
39:41
up the alts die I like that I like it
39:45
when the alts die and give all the money
39:46
back to the real coin that
39:48
needs the liquidity to compete against
39:49
global currencies it is a liquidity war
39:51
currency is liquidity where the one with
39:53
the largest mass of the quiddity is the
39:56
better currency usually so these Forks
39:59
and these crypto dividends are the only
40:01
way that I've ever seen and may ever see
40:04
that will cause the alts to go down and
40:06
push Bitcoin up and I love that so
40:14
imagine the Bitcoin blockchain has
40:18
evolved into something like the
40:20
seven-headed Hydra from Greek Greek
40:22
mythology where it had as multiple heads
40:25
emerging the first head was B cash and
40:29
then we had out of nowhere no one
40:31
thought beagle will come out now we're
40:33
having a 2 X and a whole you know Rhett
40:38
Creighton has his own Fork of Eagle now
40:40
there's gonna be dozens of new Forks of
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
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