This episode covered the intersection of traditional finance, emerging payment technology, and cryptocurrency fundamentals, featuring discussions on regulatory shifts and specific altcoins.
Summary:
The discussion began by critiquing Apple Pay, arguing that while convenient, it merely adds another intermediary layer, unlike Bitcoin, which operates peer-to-peer. The episode highlighted Bitcoin's inherent advantage of providing merchants with lower costs and instant access to funds by eliminating middlemen and chargebacks.
On the regulatory front, Benjamin Lorsky of the NY DFS clarified that the state would not require licenses for software developers creating digital currency tools for personal use, suggesting a path toward a less restrictive environment.
The segment then detailed Obtenium (UNO), emphasizing its unique characteristics: a fair launch, extremely low inflation due to drastically reduced block rewards, and rarity.
Finally, cryptographic economist Blake Anderson provided an overview of Bitcoin's mechanics, reminding listeners that the daily production rate continues until the 2016 halving. He strongly advised investors to maintain long investment horizons, extending past the 2016 halving event.
1) Main Topics Discussed:
* Critique of centralized payment systems (Apple Pay) vs. decentralized crypto.
* The role of intermediaries in payments.
* Regulatory environment for digital currency (NY DFS).
* Analysis of Obtenium (UNO) as a low-inflation, rare commodity.
* Bitcoin fundamentals, halving cycles, and long-term investment advice.
2) Key Quotes:
* "Apple Pay does not represent a major change over the legacy payment process. In essence, Apple is becoming and adding in another intermediary."
* "We do not intend to regulate software as software or software development."
* "I would encourage everybody to extend their investment horizon at least six months past the 2016 block having."
3) People Mentioned:
* Benjamin Lorsky (Superintendent of Financial Services for New York)
* Blake Anderson (Cryptographic Economist)
4) Bitcoin Price:
* No specific price was mentioned, only that the price is currently "going up and down."