Skip to content
HEX
Search
About
Back to results
Bitcoin Ethereum and more with DataDash Nicholas Merten
Oct 24, 2020
Open on YouTube
Copy link
Follow along
· transcript tracks the video
Transcript
Show
Load earlier
36:25
to tell me i'm not going to do that i'll
36:28
have to share with you i can't talk
36:29
about it now there's a there's a project
36:30
and stuff that
36:31
is out there i was originally working on
36:33
an open source initiative that was
36:34
focused on that but there's another
36:35
project of guys who have to be good
36:37
friends with because i think you can
36:38
only do that if you have fast enough
36:39
execution speed to liquidate in time
36:42
and so the reason we have over
36:43
collateralized loans is due to network
36:44
latency basically
36:46
so the one thing is for the under
36:48
collateralized loans the way that
36:49
they're doing it is they're actually
36:50
pulling from
36:51
real world data in this case so the one
36:53
thing i've always been a believer of is
36:55
if you ever really want
36:56
real lending to be done in a relatively
36:58
decentralized way
36:59
you're going to have to input real-world
37:01
data and i know as you mentioned richard
37:02
it's kind of a it's a game of like okay
37:04
how much information do i want to
37:05
exchange
37:06
and try but yeah but i'll share more
37:08
with you later and stuff we should
37:09
definitely do a follow-up conversation
37:11
so give me the
ethereum
pitch i'm
37:12
curious so overall
37:14
what made you what made you click on it
37:17
do you care about security
37:19
yes okay what where have all of the
37:21
hacks and cryptocurrencies come from
37:23
bitcoin has been hacked twice oh but how
37:27
but how
37:27
the inflation bugs some guy minted six
37:30
billion extra bitcoin in 2010
37:32
oops bug oops they had to roll back the
37:36
chain and fix it
37:37
the same happened again except this
37:39
time the guy that found it instead of
37:40
just using it and becoming infinitely
37:41
wealthy
37:42
what a nice guy he disclosed it to the
37:45
developers and then they fixed it
37:46
originally they lied about it originally
37:48
they said it was just a denial of
37:49
service attack
37:50
but actually it was done off service
37:52
attack with a mint as many free bitcoin
37:54
as you want
37:56
who knew well they knew and they told
37:58
you you know afterwards
38:00
so bitcoins had two inflation bugs
38:02
moneros had inflation bug bite coins had
38:04
inflation bug
38:05
raven coins had inflation bug xlm's had
38:07
an inflation bug
38:08
these things happen all the time why
38:10
because when you want to make the code
38:12
better
38:12
oops you accidentally something up
38:14
that affects consensus
38:16
and then people can mint free coins hex
38:19
doesn't have this problem because the
38:20
code is locked
38:21
ethereum
also doesn't have this problem
38:22
it's never happened to
ethereum
38:24
and
ethereum
has a bug bounty program so
38:26
you can get paid to find bugs in
38:28
ethereum
can you get paid to find banks
38:30
and bitcoin
38:31
no just by stealing the money so
38:33
wouldn't it be smart for bitcoin to have
38:35
a bug bounty program
38:36
yes wouldn't it be smart for bitcoin to
38:38
try and introduce modularity to its
38:40
software to isolate
38:41
the wallet consensus from the network
38:44
yeah it would be great
38:46
then they could be more like hex and
38:47
more like the hex
ethereum
combo
38:49
but they're not doing that instead the
38:51
developers of bitcoin are going off and
38:52
making their own side projects
38:54
so when you see adam back tweeting
38:55
what's he tweeting about liquid does
38:57
liquid have anything to do with bitcoin
38:58
no
38:59
it's its own software code base
39:01
run by its own set of developers
39:02
that takes away bitcoin's actual use
39:05
case which is settlement
39:06
don't settle on bitcoin settle on our
39:07
sidechain right
39:09
so like and then they have cloud mining
39:12
play too
39:13
and then and who's left block stream
39:15
peter roulette left block stream went to
39:17
chain code labs
39:17
some other badass dude just left
39:19
blackstream and went somewhere else like
39:22
and then everyone's been calling out
39:23
blockstream forever and just no one
39:24
listens
39:25
right samson mouse sells toxic
39:26
maximalist hats while
39:28
investing in erc20 tokens and being paid
39:30
in the rc20 tokens
39:31
with the toxic maximalist hat on for
39:33
sale
39:35
what are you kidding me what is this
39:38
right
39:39
be honest tell the truth i do it it's
39:42
okay you can tell the truth about
39:44
right
39:45
so
ethereum
versus bitcoin
ethereum
's
39:47
never had an inflation bug
39:48
it does higher transactions per second
39:50
it has scalability now you can do 2000
39:52
tps with on-chain security guarantees
39:54
through any
39:55
layer 2 roll-up that you want you can
39:57
use matter labs optimistic you can use
39:59
zk-syncs zero knowledge
40:03
roll-ups you can use you know
40:07
omg's plasma there's all these
40:09
things that work now
40:10
that scale now so
ethereum
has never had
40:13
an inflation bug
40:14
can't roll back the chain that's their
40:16
major problem way back when it was
40:17
smaller so you could roll the chain back
40:19
if they could roll back the chain back
40:21
they would do it now for gavin wood who
40:24
wrote solidity
40:25
and who wrote most of the
ethereum
code
40:27
he's got 150 million dollars locked up
40:29
because he had a multi-sig failure that
40:31
he wrote
40:32
and if anyone in the world was going to
40:33
get bailed out he is the most inside
40:35
human being possible in the world if
40:37
anyone could get bailed out they would
40:38
bail him out they're not bailing him out
40:39
so there's 150 million dollar proof it's
40:42
probably more now because price has gone
40:43
up
40:44
that they're not going to be going
40:44
through a chance they're not they're not
40:46
rolling back
40:47
so we've got proof that they're not
40:48
rolling back we've got
40:50
scaling now we've got bounty programs
40:54
we've got more decentralized mining
40:57
if you want to mine uh
ethereum
you can
41:00
do it with your video card
41:01
if you want to mine bitcoin
41:02
yourself you can't you need to go get a
41:04
thousand dollars and send it to some
41:05
world
41:06
weird country you don't live in and hope
41:07
they send you the mining machine on time
41:09
and hasn't been
41:10
tested too long and milked for its
41:11
profitability and then you finally get
41:13
it and then you can contribute to the
41:15
bitcoin network
41:16
bitcoin has 42 percent of all of its uh
41:19
economic energy and 2000 addresses
41:21
centralized as something like 60 or
41:23
70 percent of the mining is in china
41:24
could you think of a more uh
41:26
censorship-friendly country
41:28
than china that would be more likely to
41:29
cause network problems since
41:31
they're like the grand champion global
41:33
grand champion of filtering internet the
41:35
great fire wall of china
41:37
phil's filtered more internet than
41:39
anything else ever in history so
41:41
that is the absolute not place where you
41:43
want your hash power right
41:45
so what does
ethereum
have
ethereum
has
41:47
already got tested a proof of work
41:49
change if the miners get shitty
41:51
binders get too shitty we're changing
41:52
the proof of work you guys
41:54
and and they've already like put forks
41:57
in the code where the community said all
41:58
right miner's gonna get paid less
42:00
and then they just pay the miners less
42:01
and the miners take it awesome
42:03
that's a better setup that's a better
42:05
ecosystem so you're getting higher
42:07
throughput
42:07
with less pollution with a more
42:09
decentralized
42:10
mining ecosystem with more backup plans
42:13
that are already tested
42:14
to take over if the miners get shitty
42:16
with
42:17
scaling already done with bug bounties
42:19
already done
42:20
and and more developers and working on
42:23
smarter stuff all the zk roll up guys
42:25
all the scaling guys are all working in
42:26
ethereum
ecosystem i mean some of them
42:28
are doing
42:29
they're like other like
ethereum
killer
42:30
players one thing i wanted to
42:32
ask you about richard sorry on that
42:33
pitch i think you get a pretty good
42:35
pitch overall on it and even tackle it
42:36
on a few things
42:37
yeah yeah sorry okay so one thing i
42:40
wanted to ask you here in this case and
42:41
actually maybe you can build on this in
42:42
the sense of scalability is i remember a
42:44
while back you know you were pretty
42:46
like especially back in the day when
42:47
you're really big on bitcoin big on
42:49
proof of work
42:49
yeah obviously with you 2.0 i'm in the
42:51
boat that it's going to take a long time
42:53
to get there sure
42:54
um everyone i've talked to yeah um so
42:55
basically i'm just curious do you think
42:57
in this case like
42:58
going to proof of stake is a better step
43:00
for
ethereum
in this case or do you just
43:01
think it depends maybe
43:03
yeah i i think it will like i think it'd
43:06
be very late because all software is
43:07
very late and it always has been and
43:09
always will be
43:10
so i think it'll be very late i do think
Load later