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Bitcoin Ethereum and more with DataDash Nicholas Merten
Oct 24, 2020
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12:53
they want you to beg them to transact
12:55
you want to buy food
12:56
use a card and we can say no you want to
12:59
pay your rent use a card and we can say
13:00
no
13:01
you want to get a taxi use a card and we
13:02
can say no and you're at our
13:04
you're our behest if we want you to be
13:06
able to transact we'll leave your card
13:07
on
13:07
but if we don't like you one day we
13:09
deactivate you and then you're
13:11
then you're what do you do for to eat
13:13
right what are you doing in a cashless
13:14
society to eat if your card's turned off
13:16
you starve is what you do or beg so
13:21
these it people didn't have to lose
13:24
money in cryptopia they didn't have to
13:26
lose money in quadriga cx they didn't
13:27
have to lose money on okay x
13:29
they didn't have to lose money and these
13:31
exit scams rug polls
13:32
hacks there is a better way if you use
13:35
truly
13:36
audited secure software like holding
13:38
their coins yourself
13:40
then there's no counterparty risk for
13:41
you there's no counterparty risk for you
13:44
so absolutely it's like you have
13:47
smart contract risk and defy fine you
13:50
have inflation bug and node risk and
13:52
normal
13:53
coins like bitcoin native or eth native
13:56
and then that risk you have an extra
13:58
layer
13:59
of the custodians so your
14:03
your blockchain could you or your
14:04
smart contract your smart contract could
14:06
you
14:07
or the people holding the private keys
14:09
could you or the government
14:10
could them and make them you
14:13
and then you have to decide
14:14
how many layers of do you want
14:16
to engage with like a stable coin you're
14:18
like fiat sucks
14:20
so you know fiat sucks and you can only
14:22
put 100 grand in the bank to get a
14:24
deposit insurance maybe it's like 300
14:26
now
14:26
um and then it's always going down in
14:30
value so how can we make that suck worse
14:33
let's have a stable coin where you don't
14:34
even have the money in your account
14:36
somebody else has it in their account
14:38
and then you've got
14:39
blockchain risk counterparty risk
14:43
no fdic insurance and no yields you
14:45
don't make any money
14:47
it's just like but the funny thing is as
14:49
shitty as all that is
14:51
it's still worth it to most people for
14:53
the regulatory arbitrage
14:55
to use it still so like so like stable
14:57
coins have the most volume of anything
14:59
in crypto
15:00
even though you would never think like
15:02
wow what a dumb invention
15:03
and then they've proven to be fractional
15:05
reserve like the the new york the nyc
15:07
attorney general to tether was like hey
15:09
uh
15:09
yeah you just had like a quarter three
15:12
quarter of a billion
15:13
seized in poland so yeah you're running
15:16
a fractional reserve and they're like
15:17
yeah
15:18
but we launched a token so it's okay
15:21
and then yeah and it has been okay so
15:23
far you know like
15:26
so my so my point is i want to get back
15:28
to the chris black the risk the risk
15:29
thing
15:30
there's a token that people are farming
15:32
right now i won't tell you what's called
15:33
but there's a billion dollars of funds
15:35
in it
15:36
that one guy can take whenever he wants
15:39
he can literally just take all the money
15:41
there's a 12 a 12 hour time lock and
15:44
he's already done things that have taken
15:45
13 hour to fix bugs before
15:47
so he could just have a bug say okay i'm
15:50
working on it
15:52
replace it with uh something else that
15:54
has a backdoor in it
15:55
and then empty out all the funds so ren
15:57
vm could run with all the money bitcoin
15:58
could run with all the money and they're
15:59
in charge of all rap btc
16:01
and who's trying to buy them paypal and
16:03
now who would be in charge of the rap
16:04
btc paypal
16:05
is that good for crypto paypal sucks
16:09
so is is this hilarious that we were
16:10
supposed to replace banks and people are
16:12
like oh god the banks are coming thank
16:14
god
16:14
and we were supposed to replace paypal
16:16
and people like oh yes play pals buying
16:18
more bags
16:18
oh my god it's so amazing and there's
16:20
like no worst company in the world on
16:21
facebook and they're like yes
16:23
we're going to get the facebook coin or
16:25
oh how about this one
16:26
un
ico
in
16:31
is better than bancor because they did
16:33
more volume and better software
16:35
and didn't have a hundred million dollar
16:36
ico
and didn't have a stupid duct tape
16:37
on token
16:38
and everyone loved it and they're like
16:40
yes real no duct taped on token
16:43
right
16:43
public good no one's getting rich but
16:45
then what happened
16:47
got a duct tape a token onto that
16:49
they duct tape a token onto it and
16:51
everyone loves it even more
16:52
and and hexagons love it the most
16:54
because a hexagon's got five percent of
16:57
all those coins
16:59
and it's a five billion it's a billion
17:00
dollar project so hexagons got five plus
17:02
million dollars
17:03
free money off of those airdrops
17:07
so thank you for the free money that's
17:09
amazing and they have the funniest price
17:10
chart
17:11
first two days solid green lines up only
17:13
doom ever since
17:15
it's literally a nike symbol pointing up
17:17
it just goes like this
17:18
it's like hilarious and there's never
17:21
oh dude crypto's so funny the hypocrisy
17:25
it was amazing because there's no token
17:27
and now it's more amazing because
17:28
there's a token
17:30
what and it was fully functional without
17:33
the token okay so what does the token do
17:35
now
17:35
and the tokens are security as well so
17:38
what what is a security you give money
17:40
to a common poll
17:41
with the expectation of profit solely
17:42
from the work of others okay
17:44
so they say things like hey this token
17:46
it's going to allow you to change the
17:48
default
17:49
search list to put tokens in the default
17:51
search list okay
17:52
well i know that a human being has to
17:54
edit that that's not on chain that's a
17:56
front end that someone runs on a server
17:57
so a human being is going to edit
17:59
something to benefit
18:01
the holders of this token that's a
18:02
security someone is doing work
18:04
to ben to pump someone else's bags and
18:07
then everyone
18:08
lists it instantly everyone lists an
18:10
obvious security that has voting
18:12
and like i'm like what
18:16
or like cz she's like yeah we don't list
18:18
anything unless we know the founders
18:20
okay list sushi swap within hours
18:23
and then exit scams you're like what
18:26
happened dude
18:27
would what huh
18:30
you have enough money like you don't
18:31
have to scam you have enough money you
18:33
already have successful business your
18:34
your market cap's already billions like
18:36
you don't need to do extra risky stupid
18:38
scam
18:39
if you're already like the leader of the
18:41
volume like they have real
18:42
volume
18:43
it just blows my mind dude so in summary
18:45
don't put your money
18:47
in things where you're going to get exit
18:48
scammed that have oracles or admin keys
18:51
because
18:51
you will lose it all so that guy that
18:53
has a billion dollars if he decides to
18:55
access cam
18:55
why the wouldn't he access cam for
18:57
the billion dollars i think he's
18:58
anonymous as well i don't even think he
19:00
i don't think he has an identity why
19:02
wouldn't someone who's anonymous x's cam
19:03
for a billion dollars
19:04
a billion obviously they would
19:08
yeah i don't know about the project
19:09
richard i i mean i've seen some of these
19:11
called farm
19:12
i think the token is called farm yeah i
19:15
mean honestly man it's like yeah
19:16
above all this is the the point i was
19:17
getting to earlier was like i do
19:19
understand for example as with anything
19:20
and that's why we offer
19:22
compound uh within the the digifox wall
19:25
in that case
19:25
we hope to offer more different types of
19:27
offers in that case they're more
19:28
decentralized
19:29
competence thank god yeah absolutely
19:31
yeah exactly compounds but
19:33
it's to be fair as chris black points
19:34
out and stuff you know again all d5 is
19:36
very
19:37
it's kind of a spectrum it's subjective
19:38
there are admin keys and what's next
19:41
yes exactly in oracle's yes people don't
19:43
know what an oracle is an oracle is two
19:44
guys running a server
19:46
that then controls everything and if
19:47
they change the price on that server
19:49
it ruins everyone's projects all of it
19:52
and that's it
19:53
so so when you're when your blockchain
19:55
thing says okay what's the price of a
19:56
bitcoin
19:57
something has to tell it what the price
19:59
of a bitcoin is because it doesn't know
20:00
and whoever runs that server can ruin
20:02
everything
20:03
just to clarify in that case for you
20:05
like that that's if you could have an
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