Skip to content
HEX
Search
About
Back to results
Open on YouTube
Copy link
Follow along
· transcript tracks the video
“hardware wallet” · 1 mention
↑
↓
26:04
Transcript
Show
Load earlier
21:41
literally going to the site you're
21:43
installing Madame masque you're going to
21:45
site you're pasting your Bitcoin address
21:46
you're you're asking it to make you
21:49
something to sign copying it pasting it
21:51
signing it copying and pasting it done
21:54
so you're composting your address copy
21:57
pasting a cig copy pasting the output
21:59
and you're finished and then so you know
22:02
not to break it down and just Satoshi's
22:03
but for basically every Bitcoin how many
22:06
you know Bitcoin hex would they get so
22:08
if you claim the first week and let's
22:10
just call it the first day then you're
22:13
gonna get a 20% speed bonus if you claim
22:16
then week 25 you would only get a 10%
22:19
speed bonus if you claimed in week 49 of
22:22
50 possible you get almost nothing right
22:25
so it's it goes from 20 percent down to
22:28
0% the speed bonus if you get referred
22:32
whoever referred you gets 20 percent if
22:35
you refer yourself because you're one of
22:37
those smart dudes that likes to do that
22:38
then you also get another 20% so if you
22:41
claim first day and you refer yourself
22:43
you're gonna get fourteen thousand four
22:45
hundred Bitcoin tax for every one
22:47
Bitcoin that you have if you don't you
22:50
don't refer yourself you're gonna get
22:51
twelve thousand Bitcoin hacks for every
22:54
one Bitcoin that you have and you don't
22:55
need a full Bitcoin you can literally
22:56
claim one Satoshi
22:57
if you want to gotcha so is there any
23:00
like Willow penalty you say yeah yeah it
23:02
you know okay what we get here
23:04
so if you if you have a thousand coins
23:06
and up you're gonna lose half your stack
23:08
if you have ten thousand coins and up
23:11
you're gonna lose three quarters of your
23:12
stack and all those coins that you can't
23:15
claim they're gonna get redistributed to
23:17
the people that did claim and aren't
23:18
whales well it's actually it's gonna get
23:21
redistributed to people to stake whether
23:22
they're whales or not
23:24
so mount GOx can't claim the two iranian
23:28
addresses that the state department said
23:31
no one can work with they get those guys
23:32
can't claim can't think of anyone else
23:35
whose address I found yet that shouldn't
23:36
be able to claim because it's hard to
23:38
find people's addresses right so you
23:40
know if you take someone like the
23:42
there's this stock that just buys
23:46
cryptocurrencies they're called
23:48
investment trusts and it's run by a guy
23:50
named Barry Silbert and so they have a
23:52
Bitcoin investment trust gbtc is the
23:54
ticker and those guys when they get
23:57
Forks with Bitcoin they just dump them
23:59
on the market and pay the dividends to
24:01
their other users so if you're a smart
24:03
person launching a fork
24:07
why would you want to give free money to
24:09
someone that's just gonna dump it that's
24:12
no use right that's not the mission here
24:15
the mission is not to like give the
24:16
maximum free money to people that dump
24:18
on the heads of the believers right the
24:20
mission is to give money to people that
24:22
want to hold and believe in the system
24:23
right that's the like ideal state but so
24:27
in our case they store their money so I
24:29
would just remove them I'd be like oh
24:30
you guys just don't cool well you want
24:33
we don't need you at our party right GOx
24:35
you guys just dump GOx people Mau Cox
24:37
Trustee you just dump all right we don't
24:39
need you to our party right this thing's
24:41
made to appreciate in price that's the
24:42
whole idea it's the whole concept this
24:44
coin is to go up to the moon we don't
24:46
need people dumping it we need people
24:48
holding it and buy more of it and so I
24:50
would remove the gbtc guys but I don't
24:52
have to because it turns out they use
24:53
multi-sig and multi-sig
wallet
s can't
24:56
claim it all anyway
24:56
so we're good but if they did use
24:59
multi-sig I would look for their
wallet
25:01
and if I could legally find its address
25:03
in like a good legal document I will a
25:05
yep you're not dumping on us goodbye you
25:08
know mm-hmm gotcha and so for the whale
25:11
penalty that starts at what amount a
25:13
thousand so from a thousand to ten
25:15
thousand coins and up it scales from 50
25:17
to 75 percent linear from a thousand to
25:20
ten thousand and then over ten thousand
25:21
it stays at a 75 percent missing so for
25:25
instance two
wallet
s that can claim
25:27
because we can let three addresses claim
25:29
now you don't have to move into a one
25:30
address if you have a Saiga three
25:32
address which is default on new electrum
25:36
treasure ledger any of those things you
25:39
can just leave your money there you
25:40
don't have to do anything you don't have
25:41
to move your coins you don't have to
25:42
switch
wallet
s you don't have to switch
25:44
address formats you don't have to be
25:45
online you don't have to do anything
25:46
right you just need to wait till you
25:48
have a signature tool to copy/paste to
25:51
your offline signer thing and sign it
25:54
copy paste it back now that treasure and
25:58
ledger thing is neat because since we're
26:00
in the IRC 20 contract and we're using
26:02
meta mask madam a supports treasure and
26:04
ledger
hardware
wallet
s automatically
26:06
it's like a new cryptocurrency that was
26:08
starting from scratch with the less good
26:10
platform they wouldn't have
hardware
's
26:12
wallet
support from day one
26:14
but we
26:14
do because we chose a better ecosystem
26:16
right what was your question so I was
26:21
just asking you about the whale penalty
26:23
in then I was gonna ask you you know
26:24
about how the staking works okay you
26:27
know how you know basically what do they
26:28
do with these tokens after the snapshot
26:30
you know how does it appreciate you know
26:32
basically what do they get for holding
26:34
on to it for not dumping and all that
26:35
kind of cool stuff
26:36
okay so cryptocurrencies have inflation
26:39
the coins had over the last year four
26:43
point one seven percent inflation four
26:45
years before that the inflation was
26:47
double and four years before that
26:48
inflation was double again Bitcoin has
26:51
had very very high inflation since it's
26:54
existed because that's how it pays to
26:55
secure its network because we're in ERC
26:58
20 contract and other people are paying
26:59
for the security of the network we're
27:01
running on already we don't have to burn
27:03
a lot of money for security we're
27:05
getting the security for basically free
27:07
very very affordable security we don't
27:09
have to play block a block reward we
27:11
only pay fees when we do a transaction
27:13
and we rarely do transactions because
27:15
the whole idea the currency is to lock
27:16
it up and hold it and watch it go to the
27:18
moon you know you can do transactions
27:20
very cheaply in it it's cheaper than
27:21
Bitcoin to do transactions on and it has
27:23
a higher throughput but even even though
27:26
it has those nice features that's not
27:28
what we really care about what we care
27:29
about as a price appreciation by getting
27:31
supply off of the circulating so it
27:34
can't hit exchange by getting the tokens
27:36
locked up by paying people to lock up
27:38
more money for longer lock ups right so
27:41
a Bitcoin if you want to get new
27:43
bitcoins you got to buy mining
hardware
27:45
so let's say you've sent $5,000 to China
27:48
maybe they send you some equipment maybe
27:51
it's not already been used
27:52
maybe the hash rate hasn't gone too high
27:54
then you finally get your equipment you
27:57
finally start mining you start to maybe
27:58
generate some coins to make up for the
28:01
coins you didn't buy but just market
28:02
buying $5,000 of coins in the first
28:04
place maybe you end up profitable one
28:07
day but you already have a huge
28:09
depreciating asset sitting there that
28:11
you can't solve for what you just bought
28:13
it for right and usually when the price
28:15
is appreciating half of the profit of
28:18
your Bitcoin miner happens in the first
28:20
week if you get your Bitcoin miner a
28:22
week late you have permanently forever
28:24
lost half of its profitability
28:25
that's how Bitcoin mining works so and
28:28
then in that system when more and more
28:30
people mine they actually have to sell
28:32
more and more coins because everyone's
28:34
electric bills are higher because the
28:35
difficulty is higher so everyone's
28:37
working harder for Less pay and all the
28:39
people that make more money as the
28:41
electric companies that get to sell more
28:42
electricity and the mining
hardware
28:44
company is like selling shovels to gold
28:45
miners in our system the more people
28:49
that lock up the less coins get sold on
28:52
market the higher the price goes it's a
28:54
self-reinforcing cycle instead of a
28:56
miner is being a not self-reinforcing
28:58
cycle right more people mined more coins
29:00
get salt more salt pressure to pay for
29:02
more electric bills so in our system if
29:05
you lock up a year longer you get 20%
29:06
more payout the base rate of interest is
29:09
three point six nine percent which is
29:11
never gonna get paid it's very small
29:13
it's always gonna be higher than that
29:14
and I'll explain to you how that works
29:16
mm-hmm so let's say that we've got this
29:20
big currency and let's just call it 300
29:23
billion units right off thought my head
29:27
so of our 300 billion unit currency it's
29:29
gonna flate three point six nine percent
29:31
right so what's about four percent of
29:34
300 billion a lot like what 120 million
29:37
twelve million some large number right
29:40
so that very very large number of
29:43
inflation because we're fellating a very
29:44
big pool of the whole currency by a very
29:46
small amount that makes a big chunk
29:48
right well what if you're the only guys
29:50
taking you get that entire chunk even if
29:52
you're only staking one coin all 12
29:54
million blocks up well whatever whatever
29:56
the number is right whatever three
29:57
hundred billion times 0.01 two is 0.03
30:00
69 so if you if you look at that no one
30:08
is gonna be like hey look that guy's
30:10
getting four percent roughly of the
30:12
entire currency for just locking up one
30:15
ten thousandth of a Bitcoin one bhx
30:18
right well that guy's making too much
30:21
money I'll lock up my coins too and I'll
30:23
share in that pool so just like Bitcoin
30:25
mining right Bitcoin miners see they're
Load later