For over the last ten seconds the sharpest satoshi's the best bitcoins the hardest crypto currency talk. Today on the Bitcoin Group we'd like to welcome Davy Barker from Bitcoin not bombs. Derek J Freeman from Peace News now and Will Penguin from Mass Appeal. Attention major corporations have you ever dreamed about owning your own altcoin perhaps it could be used for coupons or reward program or just to enhance the stature of your business get your own altcoin today at alpha lion technologies dot com. Screen share. Issue one Bitcoin before the Senate Committee on fatherland or homeland security the first half was all about control with representatives from Fin Sen and the secret service. The second half featured representatives from the Bitcoin foundation a few businessmen and a representative from the child endangerment council does congress really understand Bitcoin enough to regulate it I ask you. Do you want to ask you dolly bark. No I mean based on I don't know if you watch this hearing but no they don't understand what it is or how to regulate it. I'm glad that they're afraid of that because maybe they'll keep their hands off of it but no the way even the woman from Fin Sen you would think that if you were there speaking on a subject and you were supposed to be the representative of the expertise from the government on that particular subject that you would know what you're talking about but no they don't know what they're talking about. Derek J. There may already be tax implications for Bitcoin for all we know congress will treat Bitcoin like any other commodity that's traded on the stock market and pay roll at certain income taxes will apply. Will. Yeah it's clear they don't understand understand Bitcoin or if they did they probably realize that there'd be great difficulty in regulating it the thing that glued me in the most was as dolly mentioned the woman from Fin Sen indicating that. They you know they're trying to tow the line hopefully the senators and and the woman from Fin Sen kept articulating if they if they can tow the line between smart regulation and innovation fostering innovation then you know they'll have they'll have hit the mark but I think of you understand Bitcoin and it's disruptive nature you realize that. Any amount of regulation that we're used to seeing out of Washington DC is definitely going to stifle innovation and certainly chase innovation you know entrepreneurs and new new products overseas to more friendly jurisdictions i thought it was really really interesting that the woman from Fin Sen I don't know who she was trying to convince but she kept trying to say that all that benefit of leaving the United States to. Pursue your your new companies your new businesses will be short lived because regulations will catch up over there and yeah i'm not sure who she was trying to convince she certainly sounded like she was trying to convince entrepreneurs but i think they're far too smart for that so who else was she trying to convince herself or maybe the Senate delegation at the committee hearing i'm not sure maybe just the public audience on c span i have no clue but wasn't going to be. Was it going to be convincing of any entrepreneurs i'm sure of that. That was a really impressive moment it really did seem up until then that she was convincing people to leave the United States so that they could get their Bitcoin freedom i was watching it live with dovey and Derek and dovey kept shipping in every time they said go to another country with more freedom when they said less regulation it was really right on the money what do you think dovey. I think what's what's really missing in the whole discussion at least what was brought forward in hearing was that the government has no role in innovation there is nothing that the government can do to foster innovation the innovation is already happening it's happening right now in real time and they're reacting to it because they're afraid of it the only the only role that the government has is to stifle innovation the only interest that they have in what's going on is that they're not getting what they see is their cut. So the idea that the government is going to foster innovation is completely absurd. It's obvious exactly right this whole hearing was not about congress learning how to regulate but they were licking their chops to see how they could get more take more tax money they won't be able to regulate businesses because no they don't understand it well enough but certainly the IRS is going to take their part i was shocked that they weren't a part of the hearings. I was also surprised at how little the representative seemed to know about bitcoin if I had a checklist to make for the representatives next time I would say I'd like them to buy a bitcoin buy a product with a bitcoin send part of a bitcoin to a friend and maybe even donate part of a bitcoin to a charity or a relief organization I'd like the congressman to really know they don't have to know the math right the math is complicated it gets confusing at the blockchain level but they can't do it. They could learn how to use coin base or blockchain dot info and they could learn how to buy a bitcoin they would really understand it a lot better it would come through in the hearing if they'd actually tried it it's not very different from email. They also could have spent three minutes watching the informative video at we use coins dot com I don't think they even did that much because all of the analogies that they made were to centralize currencies they mentioned e gold they mentioned Liberty Reserve they even mentioned second life. Every example that they gave was an example of a centralized currency which makes me think that they don't know what they're dealing with. Moving on exit question on a scale of one to ten with one being extremely unlikely and ten being absolute metaphysical certitude will congress tax bitcoin. Dovey Barker ten congress will pass a bill attempting to tax bitcoin one people will not comply with that law there a j. Ten as I said they don't even need to introduce a new bill. Yeah ten the laws are already there it's clear the attitude coming out of the hearings was there even from the fence and representative they don't need new rules at this point they need to understand how bitcoin fits into the existing rules which I guess was a silver lining if you have one. The answer is ten. Issue two bitcoin hearing part two the revenge this time bitcoin went before the senate banking subcommittee featuring the director of thin sin again and later joined by bitcoiners and bankers the bankers seemed heavily in favor of regulating the fledgling cryptocurrency but congress seemed reticent does congress really have the patience to allow bitcoin to grow or will they clamp down with harsh regulations forcing brain drain on the United States and promoting the idea of a bitcoin you'd like to do. We have a bitcoin utopia that exists somewhere else where US citizens will have to flee to find their bitcoin freedom I ask you Derek Jay. They're pushing people outside of the US but it's not just through bitcoin the US empire has been pushing people out for decades it's certainly with the collapse that every in the housing bubble recently people losing their houses seeing opportunities elsewhere the growth in Asia it's forcing people out will. There was a fascinating talk on bitcoin from someone from Stanford University who discussed the opportunity for exit and voice in entrepreneurship and what he was really referring to is for lack of a better term a democratization that doesn't include voting necessarily. There's plenty of entrepreneurs I know personally and as acquaintances who've left in order to pursue a lighter regulatory climate just look at disruptive things like Airbnb Uber and Lyft they've had a heck of a time getting through some really arcane union structures and frameworks and just you know things that are outdated and ready they're decaying and they're just being. I'm not getting propped up with lipstick so you know I've considered it myself actually for starting bitcoin related businesses or even non bitcoin centric business ideas but you know including bitcoin of course in them just don't see how a lot of a lot of innovation is possible in America anymore. So I don't see a whole lot of interest in bitcoin among the sort of legacy banking bankers like it seems to me that they they they don't have a lot to make from it and it threatens their sort of business model and so the people who really have their their voices in the ears of Congress when it comes to regulating financial matters they don't have they don't have a stake in the game. So I think that we are going to see regulations because I mean the state's going to state that mean it's a feature right it's not but but at the same time. Bitcoin users have already fled so the idea that Bitcoiners are going to have to flee the US to find their Bitcoin freedom they have found their Bitcoin freedom by possessing Bitcoin so I don't see a whole lot of need for the average user to geographically leave the country. But there may be there may be using that if you want a sort of brick and mortar location or you want to run a larger firm or you want if you want to run a larger company then you may need to protect yourself but that's true for non bitcoin companies as well so I mean there's not a whole lot to say about the geography of Bitcoin. I have to jump in and say unlike most tech companies in the US which enjoy not much regulation comparatively to the rest of the US economy Bitcoin could be different in that the engineers who want to work on Bitcoin companies they need to be in places like India and China where these businesses are starting up if they're not starting in the US and you're someone who wants to be on the Bitcoin train as an engineer. You're going to move that is a brain drain and that's what we see at the end of all empires the Chinese empire the Soviet Empire there's always a brain draining of the best scientists and educators that's what's going to happen here. I can tell we commute to India. Oh that's a good point but as an engineer is that as practical as telecommuting as a commentator. No I suppose not. One option would be a golf goal in Chile I think Derek you've had some articles about that. Yeah I absolutely support individuals relocating voting with their feet that's one of the strongest votes you can cast in life is to move yourself to a place where you actually want to be and don't feel trapped by your geography. You're free to roam the whole earth and do that. Certainly projects like the free state project could be expanded to include Bitcoin in their freedoms and they could perhaps attract a new technological and financial crowd. Well that's already happened I mean Lamasoo Bitcoin is from the free state project so. Exit question what will happen first Bitcoin at 1000 or congressional regulation on Bitcoin Dobby. If we're going to if we're going to include the idea that Bitcoin will will fit into current regulations then I'll say current regulations will come first. Derek yeah absolutely sorry they're already laws on the books for this. Well yeah I think there are laws but I think you know there will be some new rules regulations coming out of Washington at some point but I think we'll see 1000 before we hear the you know I keep calling it the answer from Washington. What will be Washington's answer to Bitcoin I think companies in America and worldwide even are waiting for that answer before they you know start putting their products out on the market. Absolutely correct Bitcoin 1000 by January this episode was also sponsored by Bitty Licious Bitty Licious Bitty Licious Bitty Licious get your Bitcoins today at BittyLicious.com. Issue 3 Bitcoin correction. Bitcoin correction after touching the heights of 800 Bitcoin fell all the way to 500 before popping up to 650 is the crash over will we see more of a downtrend why is there always such negativity in the Bitcoin community when will we leave this ground floor behind and truly take Bitcoin to expansive heights I ask you will ping. I guess what I saw was a lot of profit taking I mean I host a meet up in Milwaukee where I'm from and we had a lot of new members last night at our meeting and the chatter before we really started the formal portion of our program for our meeting included a lot of folks talking about how they got out you know in time to take profit or you know just before they went under their buy in price or things like that and these are. You know new faces to not only our meet up group but new people to Bitcoin as we found out throughout the rest of the night talking with each other and discussing you know all of the Bitcoin topics of the day the week you know recent time here so yeah it was a lot of profit taking in my opinion I think you know again we settled back in right above we've you know right above the price that we saw the spike before Monday so yeah I don't see that is terribly negative I wish people. But yeah I see it it's up it's still up. Dovey Barker. You know the last on the last episode we were debating whether or not Bitcoin would stay over 300 so it seems a little strange to me to hear us now saying it crashed down to 500. So you know it's all it's all uphill from my perspective you know it went up to 100 it came back down to 500 now it's floating somewhere in the middle it's a volatile currency and and we need to get used to that. But this is the new normal the new normal it's not going back down to 300 okay so I don't have a problem with it at all. Derek J. Yeah obviously as we speak the price is nearing 800 again and the trend has I mean I can understand you asking the question because maybe a few hours ago it may have seemed like there was a downtrend but as I look at the chart now it really seems like a stronger uptrend than it was even a few days ago when we had that huge run up so. It's confusing and the volatility is unlike anything I've ever seen but I expect it like dovey said to be a continuing up tick despite the rampant volatility and I don't know what you mean by negative negativity in the Bitcoin community there's nothing negative about profit taking I can understand most people who are getting into this now may have an investor mindset and investors take profits at all time highs. It just seems there's always this idea that it's going to go down to 250 and I'm going to buy back in or I'm going to buy back in after the next crash there's always this waiting for the next crash feeling that I find negative maybe it's just crash bitcoins crash up and down so that's not that's not negative it's wishful thinking people want to crash so they can buy more. Yes I think what's negative is friends and family or folks that we know the four of us have probably evangelized to blowing up our cell phone after all time highs and things like why didn't you make me buy in then. That's not what happens. Despite my best efforts friends and family you said. It's been rough it's been rough they don't listen. I had someone who when they saw headline that Bitcoin was at an all time high and this was when it was around 600 on its way up and they said I'm just calling everyone I know who has talked to me about Bitcoin to congratulate them. There's a certain idea that if you've heard of Bitcoin before this year you must be wealthy but I think a lot of people heard about Bitcoin thought it was really cool but didn't necessarily put their money in. I computer geeks aren't the best financial planners is what I'd really think it's not too late. It's not exit question pop quiz this time next week what is the price of Bitcoin. Dovey Barker go. I think we're due for some stability I think it's going to hang out between seven to eight hundred. Derek J. 900. Will Penguin. I agree with Davi there'll be some stability unless we see some major news like we did this morning perhaps about the topic we'll talk about next but yeah I think we'll wiggle around between eight fifty and nine hundred for probably a week. The answer is nine hundred and fifty two. Issue four Bitcoin and outer space space space space. Billionaire Richard Branson is now offering Bitcoin as a truly intergalactic experience a chance to spend their bitcoins to go to space. Is Bitcoin truly the future of paid space travel. Is there anything more futuristic than being able to buy a ride into space with Bitcoin will Penguin. Oh man. Yes this is a dream of mine as a kid I wanted to learn all about space and astronomy and astronauts and the shuttle and the rockets and everything is a really young kid when I was home luckily enough to be homeschooled for the first few years of my you know primary education and gosh there wasn't anything I loved more and you know never wanted to go to space camp but always wanted to go to space so to the moon indeed. Dovey Barker. Yeah you know I think what we're seeing is a shift in consciousness planet wide and people are reaching into the future they're seeing what's there and they're dragging it back to the present and they're not waiting for the present to catch up with them so commercial space travel is in the future and he is bringing it to the present Bitcoin is the currency of the future and we are bringing it to the present so at some point those two vectors intersect and we're able to buy commercial space space space space. So I think it's a great way to get into space travel for Bitcoin in the future it's a no brainer. Derek J. How soon can we do this this is amazing it was the best thing I've ever heard. Can we like do this right now is this available or do we have to wait for something what's it does Richard Branson's company send rockets up. So I think it's kind of to the top of the stratosphere you go up into space for just a little bit you float wait list you can see the blackness you can see the earth and then it goes back down I don't think they've done their first official voyage yet they've done several test flights and I believe they have a guest list for the first voyage that includes celebrities like Brad Pitt and Angelina Jolie. Okay well this has been done in Hollywood the movie Apollo 13 was filmed in one of these sorts of expeditions wasn't. It might have been in an airplane where they go up and down yeah they do this weird curbs a way to raise weightlessness for like 30 seconds at a time yeah that's more of that's just a jet that goes up and then come straight down this actually goes into the space like the outer space not steady state weightlessness okay yeah and it's a it's a you know it's a liptical path it goes up for just a little bit more. It's a little bit and that comes back down but obviously this could be you know a lead to more space travel more space tourism it's in the new word they've created to call this how many Satoshi's will it cost at the point where it's available well and certainly like will Satoshi himself be one of the first passengers if you invented this thing why not go into space you've got plenty of bitcoins. So the so then the question becomes will Richard Branson protect the anonymity of Satoshi Nakamoto included on the first space flight where several actors actresses and some mathematicians. Exit question if you had the bitcoins would you go to space seems like yes or all around yes yes yeah can I stay there. All right moving on to questions and answers hi I love the show could you talk about forks I'm not sure I understand what happens when a fork is created how do I choose which Bitcoin to go with do you think the fact that forks can be created lowers the value of Bitcoin as a currency because not all bitcoins will be the same regards Zoltan well Zoltan I think we should first by starting to explain the idea of forks to a non computer science audience when you have an open source project like Bitcoin what open source means is that the code that it takes to compile or to make Bitcoin can be edited so if I wanted to rename Bitcoin to mad Bitcoin I could do it then I could compile it and then I could release it but it would just be an exact copy I think the fork that you're talking about is in our earlier issue about selfish mining. Selfish mining was an attack where miners could fork the Bitcoin creating a separate copy maliciously not as part of a project a fork in computer science comes about when developers disagree on an open source project and take it two directions causing a fork. Let's see evore Thomas writes I set up wallets with two of my co-workers on break they both have iPhones the only decent looking wallet I could find is the blockchain wallet I sent both of them 0.0023 2.3 ringos about a dollar my question is what do you all think about the wallet in general I installed on my nexus for last night it seems feature rich but I was unable to sweep in a private key from a paper wallet this is something I had no problem doing with a my cilium wallet. Anyone have any experience with the wallet software. We do this at our meetups we've been having a lot of new people come last several weeks so the last activity we do before we sort of break up to the drink up portion of our meetings is make sure that anyone who doesn't own Bitcoin before arriving leaves with some Bitcoin so we set them up with a mobile wallet solution right away most folks don't carry their computers but yeah the blockchain wallet is I think at this point again the only. Wallet available on iOS coin base if you have downloaded it while it was available in the app store for the two or three weeks that it was available then you still have it it's still functional you can buy and sell Bitcoin you can trade send and receive it's a very you know it's much more even feature rich than the blockchain wallet I think the blockchain wallet I am a big fan of that's the one I set up anybody with iOS because that's the only one. At this point since coin base was taken down that's available. For Android we set up almost everybody with my cilium unless they request something else it's so simple once you download it it's ready to go you already have your. Your account already pre created for you through the android device so it's it's a stable wall it's very simple I've never tried to sweep a paper wallet using the blockchain app on my phone but had no problem doing it through the. Browser blockchain dot info website so yeah blockchain dot info is very stable every now and then there's some buggy things that go on with it but nothing of great concern and they really have great support especially in the last well a couple months maybe that a free stator actually has kind of taken up that mantle he's. George mandrake he's he's fantastic you can find him on reddit you can find them on the blockchain support page and he will do a fantastic job of helping you with any help. Support issue another nice thing about the blockchain wallet is that they email the wallet to you as well so once you've linked your email account you could recover your wallet that way. Yeah another wallet for iOS is a glyph g Li pH it's also a secure texting and photos sending app it can do blockchain or coin base if you're using a coin base wallet on iOS. I recommend the blockchain wallet is because we are still seeing the schism between free marketers and regulation beggars in the Bitcoin space and I know that blockchain has great minds like Roger there and George mandrake on their team and so I anticipate that when harmful regulations come down the road that they're going to be the one they're going to be the companies that make principal decisions about how to react to those regulations and so I anticipate them being sort of more. Resilient and more sort of faithful to the sort of original pure intent of Bitcoin. On that note I'd like to mention that I have freely available a quick video tutorial on how to set up a blockchain.info wallet on either your iPhone or an Android device over at bitcoin.peacenewsnow.com. Sure I also propose mandrake as an alternative lingo to ringo. A ringo as everyone knows is 0.001. I don't know that I refer to that denomination as a mandrake. Ringo is of course the Japanese word for apple and also the famous beetle drummer. Mandrake happens to be one of the pioneers in the agris movement. He sells some great bocklebott which was my first purchase in Bitcoin. So some people call them ringo slash mandrakes. I prefer the term satoshi because there's no debate about satoshi's and you get to have more of them rather than it being a decimal you would have 2300 satoshi's. Satoshi is a millionth so if you have one Bitcoin you have a million satoshi's. It's 100 million. I think it's 100 million. The tiger is a millionth. I have all these terms on madbitcoins.com. I have flashcards I've made to help you learn them. We have a lot of questions. Just go to satoshi. The first question and this is a great question. What is the easiest way to create a paper wallet? So you could go to securepaperwallets.com or a website like that. You can print out the paper wallet. Our friend and Andreas has safepaperwallets.com. You can buy books with paper wallets. They're like checks. They have detachable stubs. And basically what you do is you print the wallet. It has your public and private key. You send bitcoins to the public key. Then you can check online see if they're there. Then you keep the private key safe in a safe a security box under your bed. Something like that. Anyone else other places to create paper wallets like. A block. You can get it in phone also. I've changed my possibility of coinbase.com has a generator as well. And it's just like generator wall and the neat thing is that your bitcoins stay for you in the blockchain. Your paper wall is just like a padlock that you have the key to that you just stick on the blockchain to come back for later. The next question. What will the price be at the end of the year? 2014. So that's a whole year past January when it turns 1,000. So dovey what do you think? I'm going to go 10 grand. Derek? That's my number as well. I'll go higher. I'll say 11. Well. Yeah, I think we've seen 500% gains in the first three years. I think it was an 800% gain in 2012. And so far we have a 4,000% gain. I think this year. So that's about 20,000. I'm going to I'm going to I'm going to I'm going to I'm going to be the top. I'm going to stick with dovey at $10,000. Let's see if we have any comments and comment tracker. Google is of course hiding the interface from me. Says here we go. Now do you need to dress properly to be on the show? And is that why Andreas is not with you? Great comment. Great comment. Did shame will into wearing a jacket? We all had jackets and then dovey and I shame Derek into wearing a tie because we both had ties. I object to the word shame. I did not say word one about a jacket or tie. I think this is a perfect example of market regulation at work. When one person enters the marketplace and they see that there is an industry standard, there is an intrinsic pressure to adhere to that standard. I can't bear with dovey. I didn't feel shame. I think this is a good example of a jacket. I think this is a good example of a jacket. The need to be flexible and for lack of a better word conform for the next 30 minutes. So I was happy to wear a jacket today guys. Well, I think you're all classing up the show. I think we look much richer now. And fortunately, Andreas is in Greece. He's unable to join us. He's on his Bitcoin world tour. And we hope he'll be back with us in a couple of weeks when he's back in the States. This is watching live. Hi Matt. I-Watt 11 was eagerly awaiting the Bitcoin Group Live. Hello, I-Watt. I'm going to check the questions in A. We have no more there. I think we have no more. So we're going to move on to predictions. This is the part where I ask you to predict something and I myself have forgotten to predict anything. So it's going to work great. Dovey Barker, what was you like to predict about the future of Bitcoin? I'm predicting that Satoshi Nakamoto will out himself as Grover Norquist. Derek J. I'm predicting the first ever uneventful week in Bitcoin. That seems unlikely. Will your predictions? Ah, well my most popular prediction that I publicly share a lot is that by the end of this year, Bitcoin will reach a thousand. That was a fun prediction to share, you know, before four weeks ago. Gosh, I don't know. You all have to offer a prediction. Well, let's see. I think we will see some innovation crushing regulation come out of Washington DC. Oh, the dark prediction, the dark prediction. Nice work. I'm going to go back to the light side and we're going to say this is the Christmas of Bitcoin. Bitcoin will be given as gifts this year. It will be bought as investments. It will be talked about at the dinner table. Everybody is going to be on everybody else with a computer or a laptop about Bitcoin. Have they heard of it? Can they get some? Tell me more. Where out of time? How did it happen in my house? Where out of time, but this episode is dedicated to John Fitzgerald Kennedy, the fallen president, the last freely elected president of the United States. We're out of time until next time. Bye. Bye.