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Bitcoin Ethereum and more with DataDash Nicholas Merten
Oct 24, 2020
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58:55
thing
58:55
there um we've been on a korean exchange
58:58
for a while and i just
58:59
yesterday i got my first like korean
59:01
language question in main chat
59:03
so we had like a t team before it says
59:05
hex core like we had a korean chat that
59:07
we're playing with in a while seems dead
59:08
to me now but then i was like having a
59:10
google translate answers to this dude
59:11
you know
59:12
yeah because we got chinese users but we
59:14
don't really have many
59:16
i don't think we have any korean users
59:17
this would be like our i mean i guess we
59:19
do
59:20
but i don't know them you know so i
59:21
can't like tag them like hey i know this
59:23
guy speaks korean or whatever
59:25
yeah they do fomo hard as over
59:27
there the koreans
59:28
fomo heart well it's it's it's very i
59:31
mean it's common in a lot of areas of
59:32
the world where like speculation is
59:34
definitely ingrained a lot into the
59:35
culture it was the reason and in china
59:37
for
59:38
the 25 the sorry the 2015 uh shanghai
59:41
composite bubble that was basically
59:43
built off retail volume
59:44
and this is something that i always kind
59:46
of emphasize with what we're seeing now
59:47
in equities
59:48
a lot of people kind of stuff that you
59:49
know retail investors aren't playing a
59:51
role in it because their liquidity size
59:52
is so small but the thing is is that
59:54
they do something that institutions
59:55
stole and they market buy so they're
59:57
constantly marking by and clearing
00:59:59
through any asks
01:00:00
and this causes a secondary effect where
01:00:02
institutions follow suit they follow
01:00:03
what are the retail investors buying and
01:00:05
now as we saw warren buffett was selling
01:00:07
the airline stocks
01:00:09
when everyone was buying them uh and you
01:00:11
know retail investors bought tesla and
01:00:12
now
01:00:13
the funds are like oh we got to get a
01:00:14
piece of tesla at a 200 300 400 billion
01:00:16
dollar market cap you're supposed to get
01:00:18
in before the retail not after
01:00:19
like they're yeah actually yeah because
01:00:22
i mean retail gets wrecked
01:00:23
it just takes a little while right like
01:00:25
okay helicopter money everything's going
01:00:27
up fine
01:00:28
but at some point that was a funny thing
01:00:29
like you see interviews with like
01:00:31
naval robin kant or uh warren buffett
01:00:34
and
01:00:35
like everyone's scaling into cash and
01:00:37
then you're like
01:00:39
yeah but the market's a new all-time
01:00:40
high so you guys feel dumb now huh
01:00:42
and they're like yeah i guess we do feel
01:00:44
dumb but you know
01:00:45
like it sometimes the market does
01:00:49
that is unreasonable
01:00:51
so with everyone out of work all the
01:00:53
real estate empty
01:00:54
now we're on like second wave zone you
01:00:57
can't travel
01:00:58
the whole industries are shut down but
01:01:00
everything's making new all-time highs
01:01:02
you're like all right something's funny
01:01:04
about this game this this is not
01:01:06
like one percent owns everything to such
01:01:10
a hard degree
01:01:11
that it doesn't matter if everyone else
01:01:12
is out of work because those people
01:01:14
don't matter the only people that
01:01:15
actually matter the one percent
01:01:17
and they're giving those guys helicopter
01:01:18
money and what are they doing with their
01:01:19
money buying up future valued
01:01:21
assets so like that joe america is out
01:01:25
of job doesn't actually affect the
01:01:27
market you're like oh well
01:01:28
who knew interesting i mean i knew the
01:01:30
one percent mattered but i didn't know
01:01:31
they mattered
01:01:32
that much right yeah no it's upsetting
01:01:35
man the dynamic that's going on with
01:01:37
asset markets and monetary policy has
01:01:39
been
01:01:40
it's been really fascinating to see just
01:01:41
kind of you know phase two
01:01:43
since 2008 in this case where we've just
01:01:45
continued on the same track of all let's
01:01:46
keep printing money
01:01:47
keep injecting it into financial assets
01:01:49
and somehow this is going to like work
01:01:50
out in the long term
01:01:51
it'll trickle down everyone's network
01:01:54
every
01:01:54
normal person right rich people are very
01:01:56
great billionaires are tacking on extra
01:01:58
billions
01:01:59
hey i can't lie hack's doing pretty good
01:02:01
it's a 115x
01:02:03
before the call started it's not bad i
01:02:06
love being an industry where we measure
01:02:07
our performance by the number of
01:02:09
multiples it's done
01:02:11
in a normal business you're like we've
01:02:12
done .005 x's here we're very happy
01:02:15
yeah we're very happy for the strategic
01:02:17
five percent growth that we expected
01:02:18
three percent
01:02:19
it's like it is it's one man and it's
01:02:21
it's just it's so interesting i think
01:02:23
above all like to to see how fast-paced
01:02:25
things are moving in this space i mean
01:02:27
like i said richard i mean just thinking
01:02:28
back like a year ago man like it was
01:02:30
just
01:02:30
it wasn't per se just an idea but you
01:02:32
haven't launched it yet you know you're
01:02:33
just getting ready for it
01:02:35
so i mean and so much change it was
01:02:37
bitcoin hex now that bitcoin word we
01:02:39
don't need it get out of here yeah
01:02:41
and people could yell and complain and
01:02:43
then uh dude three billion dollars of
01:02:45
bitcoin holders
01:02:47
minted their hacks in the contract that
01:02:48
means people that have private keys
01:02:50
to spend three billion it's more than
01:02:52
three billion now it's like 306 000
01:02:55
bitcoin
01:02:56
so it's probably like almost 4 billion
01:02:57
now i guess
01:02:59
they could just decide to swap some of
01:03:02
that
01:03:02
for hex because they've already used it
01:03:04
they've already seen gains on it
01:03:06
so then we know they have the private
01:03:07
keys because they signed from the
01:03:08
private keys
01:03:09
that's amazing like three billion so
01:03:12
sure it could have been a lot more like
01:03:13
we only got like
01:03:14
three percent of the possible claims i
01:03:16
think but still three
01:03:18
three billion dollars that's a
01:03:20
lot of money
01:03:22
yeah man like people that have minted
01:03:24
their own hacks have control of three
01:03:26
billion dollars of bitcoin
01:03:28
that's awesome like what more validation
01:03:30
do you want you know
01:03:32
yeah no i think above all richard and
01:03:34
stuff like i said i'm very interested to
01:03:36
see how things go over the long run
01:03:38
what i appreciated above all with hex
01:03:39
like when you first like
01:03:41
when we talked about it originally and
01:03:43
also i've been kind of following it
01:03:44
through the uh through about the couple
01:03:46
of months before you actually took it
01:03:47
live i mean that
01:03:48
the the thing for me that really stood
01:03:50
out is that like for example it's
01:03:52
definitely out there it's definitely
01:03:53
different from a lot of the other
01:03:54
cryptocurrencies but
01:03:55
the reason why it is is i think a not
01:03:58
only did you do things by the books
01:04:00
but the one thing as well that i do
01:04:01
appreciate above all
01:04:03
is that you're not kind of bs'ing like
01:04:05
you're just kind of honest about what i
01:04:07
tell you why we built it
01:04:09
yeah everyone else satoshi put a
01:04:12
happening in the inflation every four
01:04:13
years it's not in the white paper
01:04:16
there is no mentioning of the happening
01:04:17
and the white paper whatsoever
01:04:20
why did satoshi put that in because he
01:04:22
wanted it to pump
01:04:23
now what do the ethereum guys want they
01:04:26
want ethereum to pump so what are they
01:04:27
doing they're trying to build coin
01:04:29
burning with the ip1559
01:04:30
so instead of miners being paid
01:04:32
something that they then give the
01:04:33
electricity company
01:04:34
it'll have a large component that just
01:04:36
burns so it rises
01:04:37
it's actually purely and not just like
01:04:39
bitcoin where you have a declining
01:04:41
inflation rate to a finite cap but with
01:04:42
e115
01:04:43
f9 in this case or ethereum improvement
01:04:45
proposal one five five nine nine
01:04:48
um in this case you're giving the
01:04:49
opportunity where ethereum can actually
01:04:51
become truly deflationary so that's kind
01:04:53
of a misconception some people have
01:04:54
about bitcoin is they call it
01:04:56
deflation it's a reality it's fine
01:04:58
convergently
01:04:59
less inflationary yeah exactly so so
01:05:02
like
01:05:03
so we already have coin burning and
01:05:05
they're trying to figure out staking so
01:05:06
they can get coins to lock up to drive
01:05:07
the price up and we're like yeah we
01:05:09
already have that so like hex already
01:05:10
has coin burning and lockups
01:05:11
and ethereum's trying to catch up but
01:05:13
people don't realize that
01:05:15
and the other thing is a lot of what hex
01:05:17
does
01:05:18
is actually just what bitcoin does but
01:05:19
people don't realize it so bitcoin
01:05:21
inflates
01:05:22
to reward miners and miners literally
01:05:24
just sell the coins on people's heads to
01:05:26
pay for electric bills and hardware they
01:05:27
don't buy coins they sell them
01:05:29
we hex inflates to pay stakers to hold
01:05:32
the price up and we don't have negative
01:05:33
externalities we don't have to pay
01:05:35
miners they get a couple pennies or a
01:05:36
dollar they don't get
01:05:38
billions of dollars an hour like in
01:05:39
bitcoin and
01:05:41
they're both fixed reward polls so in
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