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“howey test” · 1 mention
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19:19
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Load earlier
14:06
on the dot win domain it renews at a
14:09
reasonable rate now I made I'm rich I
14:11
shouldn't care about these small numbers
14:12
but I do I don't like to get a bad deal
14:14
on anything at all so I don't want a bad
14:17
deal on domain I don't want a bad deal
14:18
on dinner like I like good deals so I'm
14:21
very very happy with a hex don't win
14:24
domain there ain't there ain't no way to
14:27
get a three-letter pronounceable domain
14:31
name so like I had stripe which was
14:33
really similar to Skype right and Skype
14:36
did well with hers so I figured straight
14:38
would work well but having to explain oh
14:41
yeah the telegram paid straight the
14:45
problem is people ask you how do you
14:46
spell that I am so sick of getting asked
14:50
how to spell a domain name
14:52
I will never launch a business ever
14:54
again where I'm ever asked how to spell
14:56
the domain ever I never do it it's not
14:59
worth it yes so it if your if your
15:03
domain if your project is called hax you
15:05
ain't never gonna be asked how to spell
15:07
it ever right and so to get a three
15:10
letter domain that you can't misspell
15:12
and has technical like in in aetherium
15:18
which is the system we're building on
15:20
their address formats and hexadecimal
15:22
right and when you do colors on the
15:26
internet it's also hex code hexadecimal
15:29
right so like it's technical the imagery
15:33
and the branding of like the hexagon is
15:35
awesome like it's just some super super
15:38
happy with a brand it's it's hex is a
15:40
better name for a project than Bitcoin
15:42
which is two words and it doesn't stand
15:47
out or is not descriptive right so like
15:49
okay coin okay maybe it's money
15:52
okay bit like alright what's a bit like
15:55
it's small or like it's like a horse
15:56
chomps at a bit or like like there's no
15:59
imagery or strong it's just not as good
16:03
as hex give your hacker
16:05
like taxes a cool name if your name is a
16:07
hacker was like bit it'd be like not as
16:09
cool is that it's cool what I find the
16:16
awesome is that you know how I love the
16:20
way the process is gonna work and you
16:23
know you will we need the only own
16:26
Bitcoin for that one snapshot which
16:29
makes it great for people that might not
16:31
have all the money tied up in Bitcoin so
16:32
let's say you're holding 10 grand and T
16:37
pay or 10 grand and Virg and then you
16:41
know all you need to do is sell those
16:42
coins for whatever it is a few minutes
16:45
get it into Bitcoin get get in that
16:48
snapshot and then you could get out and
16:51
buy your coins back and you'll still get
16:53
your Bitcoin next yeah true no I mean
16:57
brilliant there isn't there isn't
16:59
brilliant I was thinking of air-dropping
17:02
etherium holders I was 50/50 on it now
17:05
I'm like so I'm torn every time a
17:08
Bitcoin maximalist [ __ ] talks my project
17:10
I want to airdrop aetherium holders so
17:13
very much more just to be like oh you
17:15
don't like the free money I'm giving you
17:16
these guys like the free money like you
17:19
don't like the free money okay everybody
17:21
else does right but I just don't want to
17:24
delay the project anywhere right so I
17:25
would love to on board like ideally I'd
17:28
just airdrop everyone that's in the
17:31
creeped a crypto ecosystem at all but
17:33
you're under these problems so you have
17:36
to set a market rate and exchange rate
17:38
between all of the Crypt is at the
17:40
snapshot to set the ratio that they can
17:42
claim at and then you can only allow it
17:45
for like one day because otherwise you'd
17:48
have to run some trusted Oracle that
17:49
could fail or lie to do it for more days
17:52
right and then you're worried about
17:55
getting rid of scammers right so if I if
17:58
I did let eath people claim I wouldn't
18:00
want any i ciose to be able to claim so
18:02
I have to set like a really low limit on
18:04
the size of the wallet that could claim
18:06
because I don't want any ICS getting
18:08
free money and it I just think it would
18:12
delay the project so probably not gonna
18:15
do it I want to get to market already
18:18
and you know the other thing is like you
18:19
don't you don't have to claim the free
18:21
money it's awesome if you want to but at
18:24
some point like there are gonna people
18:26
there will be people who have claimed
18:28
that maybe want to sell some then you
18:30
can buy it from them
18:31
right it's gonna be on exchange pretty
18:34
quick like ether Delta you can list
18:37
anything off the bat so it doesn't
18:40
require them until I could prove it
18:41
apparently and then I'd X which is the
18:45
largest distributed exchange they're
18:47
like 54% of the trading volume they
18:49
reached out to us and said they want the
18:51
list Wow then this is and once we get
18:55
into audit I'll just start cold calling
18:57
all the large exchanges and be like
18:59
what's up let's play right in a tourney
19:02
letter what do you want to look like and
19:04
then we get that that ball rolling I'm
19:07
careful I'm careful about making
19:09
promises as to what you know I'll do
19:12
because I'm so like since I founded the
19:15
project I don't want to have securities
19:17
problems and I know that one of the legs
19:19
of the
Howey
test
is like expectation of
19:22
profits from the work of others some I
19:25
think I'm okay if I tell you that I'm
19:27
likely to do work before you could have
19:30
possibly done anything to like pay me
19:33
theoretically or whatever right so so as
19:37
a caveat or disclaimer I'm not going to
19:40
actually do any work for you don't
19:41
expect it I just really want this thing
19:43
to work for my own reasons there's
19:45
nothing to do at all with you buying it
19:48
or whatever like I don't know it's it
19:50
sucks that I have to like pretend not to
19:55
do work for something that I want to
19:56
work on to try and avoid some security
19:59
crap like welcome whatever that's the
20:04
game like I play it you're not giving me
20:07
any money
20:07
there's no common pool you don't get any
20:10
voting you like any shares once this
20:12
contract is done it can't be changed you
20:14
couldn't do any work on it even if you
20:15
wanted to so that's my like disclaimer I
20:19
still like not be a security right you
20:23
know it's funny it's funny you know just
20:25
listen to you talk about you know all
20:27
the things that you have to go through
20:29
to get your project moving it
20:31
how what you got to think about this you
20:32
gotta think about that man it's got a
20:34
lot of stress and it's funny like a lot
20:36
of people don't realize this and that's
20:38
why I like all the time I'm glad that
20:40
guys on like you Richard who can tell us
20:41
what actually is going on because you
20:43
know people just see a coil look at this
20:45
coin this could let me point out you
20:47
don't want to take the freaking gift to
20:49
where that is and then listen cubing it
20:51
I'm stressed out right now Amanda it's
20:53
hard and I thought I'm like how hard can
20:55
it be to launch a customized ear see 20
20:57
it can't be that hard oh my god the it's
21:04
it's nearly impossible it's insane it's
21:08
black Shane is really really really
21:10
really hard extremely hard and you
21:14
really have complexed a small contract I
21:17
mean I'm probably one of the I would say
21:19
probably one of the most complex marks
21:21
small contracts out there it's it's it's
21:24
not our ger complex but it's it's hard
21:27
enough I mean it like if it were any
21:30
harder you'd wonder you don't you don't
21:33
want to make any harder it's it's hard
21:35
enough yeah now could may I ask why uh
21:39
ye theorem why'd you decide to go that
21:42
route yeah so I only here's all I care
21:46
about
21:47
I have a very simple belief as to what
21:50
makes crypto valuable today okay
21:54
fantasy dreamland what might make crypto
21:57
value in the future you can dream up
22:00
whatever you want
22:00
oh it's gonna replace the dollar sure
22:02
dude
22:04
maybe right what I have is today okay
22:07
what we have today is the two most
22:09
valuable things you can buy with your
22:11
Bitcoin our alt coins or US dollars in
22:14
an exchange that's it less than 4% of
22:17
retailers accept it far far less than
22:20
less than 4% of the top like 500
22:23
retailers less than 4 million wallets
22:27
exist with over $100 on them
22:29
most people have more than one address
22:32
okay so when I say when I say wallets
22:34
that's incorrect its addresses listen
22:36
four million addresses have over $100 in
22:39
them which means if you're like minimum
22:41
number where you consider someone
22:43
actually user of the stuff as a
22:44
bucks which ain't asking much I might
22:47
say you know clash clans is 100 million
22:49
users and their average tickets far over
22:51
$100 otherwise it would make the billion
22:54
dollars a year they make right do the
22:56
math on that Wow so they and I think
23:01
that's net I'm leavin net a billion I
23:03
think that gross more check it check the
23:05
numbers yourself if you don't like their
23:06
numbers the other 4 or 5 top games also
23:09
have about the same numbers casual games
23:12
free games that magically turn not free
23:15
yeah so examine if if you look at
23:19
Bitcoin which has been around for 10
23:20
years to only have less than 4 million
23:22
users with a hundred bucks in it
23:24
I think it's pitiful so I need to be
23:28
able to do better in order to do better
23:30
I need a better tool right so there are
23:34
a lot of people that have made a lot of
23:35
money a Bitcoin right so like exchanges
23:37
of made of time mining hardware
23:41
companies have made a ton wallets
23:43
haven't made anything it just sucks
23:45
right so the people that are most in
23:49
control of the user experience for the
23:51
thing to do what it's supposed to do
23:53
which is get rid of middlemen they make
23:54
the least money so the user experience
23:56
sucks wallet does which are like the
23:59
most important people in the ecosystem
24:00
the the most likely people to catch
24:02
security bugs and most likely people to
24:04
make this whole thing work better didn't
24:07
get paid [ __ ] who makes all the money
24:09
the middlemen the people were trying to
24:12
get rid of they make all the money
24:13
exchanges make all the money margin
24:15
trading makes all the money
24:16
you know like it's a tragedy the Commons
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