The Bitcoin Group, the American original, is filmed in front of a live studio audience for over the last 10 seconds, the sharpest Satoshi's, the best Bitcoin's, the hardest cryptocurrency talk. Today's episode is brought to you by V8 and Twinkies. We'd like to welcome our panelists, including Chris Ellis from Feathercoma, currently filming himself. Megan Lawrence from Bitcoin, not Bons. Donnie Barker from ShinyBadges.com. Christoff Ellis from Anonymous Bitcoin book. Blake Anderson from Facebook.com slash Got Blake. Will Penguin from Bitcoin, Milwaukee. And I'm Thomas Hunt from Mad Bitcoin. Issue one, looking for the screen share button, not finding it. Now it's scrolling forever. Privatize the pound and replace it with Bitcoin. Says free market think tank. How am I going to read the script while I'm looking at the article? This is not going to work. The fashion legacy money has no competitive advantage with Bitcoin. Bitcoin is simply better money. It's easier to send, easier to divide, requires no physical printing. It's just playing better. What do you think of the think tank's plan? Chris Ellis. I think it's a pretty silly idea. I don't know who came up with this or whether it was a publicity stunt or whether anyone wants to write it on that article that you quoted from the Guardian. You should definitely scroll down to the comments at the bottom because that's where a lot of people raised some really sensible points. The analogy that the author made to things like British gas and British telecom, which were private high, less than the 90s in the UK, are not very good example spits. Because Bitcoin isn't really a privatized currency. It's everyone's currency. Everyone ends it. So none of those metaphors are going to work. And also, because it's got such a low trading volume, it would be easy as hell for anyone to manipulate a whole nation's state's currency, just by printing a few million dollars on the exchange. So I think it's quite a reckless idea. I like where they're coming from. And I definitely think like somewhere like Tuvalu or somewhere really, really small could probably experiment with something like that as long as they ease themselves in slowly. But I don't think it's a good headline. I think it worked very well. I think it's a good headline. I think it worked very well. I think it's a very sensible idea. Megan Lourdes. Yeah, I don't know that I'm taking it super seriously either. I don't think this is the way to get, you know, you can't force a mass adoption with Bitcoin. Just because you're putting this idea out there, we need to make, you know, a big currency a privatized spot. I don't really think it's serious, like Chris said, it's a good headline. But I don't know that he is all that serious about it. Donnie Barker. On the same camera. In the same room, even. Yes. I don't know. I mean, something that we've seen with Bitcoin is that it makes a global economy. And so if like Russia or China do something significant to the Bitcoin space, like some regulatory nightmare happens and people all think that affects my wallet, even though I'm just a guy selling the merchandise off of a table. So if a country decided that they were going to use Bitcoin as their national currency, they're just opening themselves up to financial attack by every other country. Right? Because that may like, let's say, for example, that this went through. Immediately, that country's enemies are going to start creating regulatory regimes that are hostile to Bitcoin, that manipulate our panic surprise. I mean, governments can't deal with currency fluctuations now. And they're like these like slow, titanic, sinking currencies. And people, they're still too volatile for an economy. So if a national economy was dealing with the volatility of Bitcoin, it just sounds like a disaster to me. We're going to go out of order, but in order on the computer, Chris Doff, Atlas. Yeah. So of course, no modern government is going to adopt Bitcoin as their national currency. A hundred percent of national governments at this point are based on the ability to inflate their national currency. They would have to shut down, you know, approximately 99 percent of the government and it would have to retain a specific size in order for them to have a deflationary cryptocurrency of this kind, where the amount of coins that are ever going to exist is fixed and completely predictable to everyone. So that's simply never going to happen. Bitcoin and governments are oil and water. And what I expect to happen in the long run is that Bitcoin will simply replace governments. And we will find other other forms of governance and finding ways for humans to cooperate. That's more peaceful. Blake Anderson. Yeah, I think it's a top down planning and Bitcoin are kind of mutually exclusive. It's decentralized by nature on purpose to make it so that we can build it from the ground up in the right way and trying to get some kind of top down situation working through a pound to fall on the hard strings. It just seems kind of irritating me. Will. Yeah, I think it's well intended where the folks are coming from. Certainly. I think it's kind of a discussion. Good to be out there. But, you know, the question of privatization is kind of a world-wide way of thinking. It's been a way of these world-wide activities. We're bringing us to a new paradigm and a new way of thinking about organizations and social organizations. So to say that Bitcoin could be private or public, I think both are false. You know, Megan, I think you said, Bitcoins are for everybody. You know, if something's public, it doesn't mean it's for everybody. It means it's for the government. And if it's something's private, it means it's something personal or, you know, a company owns it. So neither of those things are able to contain or classify and compass Bitcoin. I'm going to go out on the lamp here. Everyone here. I think this is. It's fantastic. I think it is the only way to save the pound. And I think in the future people look back on this and they'll be like, why didn't they do that? Why didn't they try to save the pound? All these cryptocurrencies came out of nowhere. Destroyed all of our national currencies. All of them gone. The pound could have survived. The pound had a plan. It could have been a cryptocurrency. You guys aren't looking at this enough. If the CD had come along and said, hey, let's merge with MP3. They could have saved the CD. We could have bought MP3 CDs with 10 discs of piece on them back in the day. And people would say, wow, the CD is an incredible format. 10 albums on a disk. And I could back to my computer. It's fantastic. Exit question. Which country will create a private version of Bitcoin to replace their national currency first? Chris Ellis. Or a discriminatory premise. I'm sorry. I'm sorry. Thanks. To our microsity history.ome. Makes sense. When I don't really care. Dawi is obvious. Simulia, they have the communications relationship. First structure. They plot pirates. I mean obviously Somalia will be the first national crypto currency. We'll also accept Kenya with any case. Well, if it was Britain, they'd have to kick the queen out on her ass. They'd have to pour clothes on the palace and sell all her gold and her corgis. We sold those a little bit of ball and ice cream for us. She doesn't have corgis. I think you're right of those. I did have the stoppah marrying off to you in breads. It would just be a sad day for England, I think. I know that Queen Williams has this rather large, but they could still fit the Queen to say something before. Oh, it's going up in your umbrella. The core of the coin is the real question is how many jetcoins fit on the face of the Queen? 21 million. Good answer. Which country will go first? Wait. That's a weird question. I don't even know how to start to answer that. I think they're mutually exclusive. We can have something on another coin with all kinds of free mind, an air drop and stuff like that. Without something fundamentally violated what Bitcoin is. Not a fair go of coin. We'll pay money. I think we can have lots of nations accepting Bitcoin or integrating cryptocurrencies like the nation of Islam, the nation of Navajo, the Erokoi nation, the Sunation, Packer nation, Stealer nation, all of these nations, the nation of Israel, all of these nations could easily incorporate cryptocurrency. I like how you mixed and together the nation of Islam and Packer nation. That was eloquent. Very nice. Moving on. Issue 3 or issue 2. Almost got this list of possible Silk Road bidders leaked by US marshals. The US marshals service apparently doesn't know the difference between CC and BCC. Therefore we have a list of everyone who contacted them inquiring about the bidding of professor, a musician, second market, coin base, and no sign of the Winklevi twins. What do you think of this list? I was wondering. I was wondering what they would do with this list of women's coin. You know, it's a lot better. I figured they would come mess up in some way and this is just kind of hilarious. I wanted some really good networking for these people who are looking to bid on the coins. I mean, I expect more things like this to happen. I really don't trust them to competently sell off even these small amounts of Bitcoin. Yeah, I mean, I just... I look forward to the weird little mistakes that are going to keep happening because of just general government incompetence. Wouldn't it be our business country that has all the Bitcoin coin in our life? I'm not talking about that. Yeah. I hope we send them to the wrong interest. Can you send them back to them? We have a hard time sending them back to the question. Just to say something for you. Yeah. So I have to wonder whether or not we're not looking at a list of people who are potentially accomplices in a crime. Because everything the government has was stolen. And these are people who are obviously interested in stealing or purchasing stolen property. So I would kind of like to look through the list and see if there are any friends of mine there or businesses that I might not want to do business with anyone. Chris, I have an experience with this. So as Dabi mentioned, these are stolen funds. I don't think that we could ever really get them back to their rightful owners because they're on this kind of anonymity network. And this is a set size been shut down since then. Like that would be quite an engineering feat to get the funds back to the original owners. On the other hand, John Montana's recently pointed out that this is in a sense quite a victory for the fungibility of Bitcoin because what the US government is saying implicitly is we respect Bitcoin as a legitimate currency with a something that has value that we can sell off. And not only that, but funds that were taken directly from the Silk Road were saying are valuable to other people. And this kind of flies in the face of kind of the coin validation schemes and so forth. The idea that if coins ever touch the Silk Road, then they're going to be haunted and no one's going to want to accept them. And the US Marshalls are saying, no, these are good, perfect, good, good, good, good coins. We're going to sell them for market value. And in that sense, it is kind of a victory for a fungibility. And that's a silver lining in the story. Lake Anderson. Yeah, it's interesting to me to see a government say we're going to tax Bitcoin. And then it's like, well, you're aware that there can be a new ledger entry for every single transaction. A giant circle of growth growing in every single directions. I mean, Coinbase alone is hard coded or coded so that a new address is generated for every single transaction. Meaning to me that Coinbase in and of itself is making enough convoluted activity that makes auditing a nightmare. So when the government says that they're going to audit Bitcoin, which is what they're implying when they say they're going to tax it, and then they can't handle ubiquitous email technology correctly with the US Marshalls office, which is in charge of witness protection that just, you know, blue the cover of like what 40 or 50 people. So it's just the entire thing to me seems to be like, we're the masters of the universe. We can't spell our own name, but ignore that. We're going to figure it all out. Just makes you really excited to go into the protection program, right? Yeah, no kidding. We're incredibly fortunate. The list of bidders, not a list of spies that went out, but we'll hang out for the spy list next time. Will Pagman. Yeah, I'd be in sense if I was a person who had inquired and this list came out. It's just more proof you can't trust, you can't trust these guys, you know, to even like tie their own shoes or cross all their tees and dot all their eyes. You know, you're going to be outed whether it's witness protection or, you know, a secret bidding list for suitors for some Bitcoins, you know, auctioned by the FBI. It is a victory for Bitcoin. The the Silk Road bust in many ways was a victory for Bitcoin and that they acknowledge through the seizure of these assets. You know, that it was valuable was a victory for Bitcoin and we live in a parasitic system. So there will be some victims. Unfortunately, there will be some martyrs. Unfortunately. And hopefully we can reduce that number dramatically and avoid a lot of that, you know, the quicker we get to full acceptance of this technology, the fewer martyrs that will have to be and so on. The less resistance that is faced toward the adoption, the let the fewer martyrs, which is all good. So we're all working towards that. Right now it's unfortunate that there's someone, you know, held in solitary, who's, you know, property was stolen by these. This gang, you know, so it's a good thing. It's all a good thing. It's sad that this has to hurt people along the way, but the closer we get to adoption of technologies like Bitcoin, the closer we'll get to more peaceful interactions, more decentralized authority. And that's all good and that will lead to less violence and fewer martyrs eventually. So we just have to shepherd as best we can. These situations, everything that set our fingertips, you know, those of you watching all of us here sitting around everyone here in DC at this conference, we have a huge responsibility. Well, I remember the worst thing they got cut off on those reviews to sell the tickets. They could have these trinkets and they have no value and we're just going to store them or burn them or burn them. Exit question, if you had the money, would you buy the Silk Road bitcoins? What would you do with them if you did? Chris Ellis. Oh, I didn't answer the first one. Well, actually, I remember you give it points, but all I really wanted to add was that you asked stop information from traveling anymore like this possible. And a lot of these institutions would set up physical reality where you help them specifically to people and other people in the digital realm. You wouldn't have been able to make that the same. You're sending out that information like this is called post. So I don't think it would have a way to do it. I think it's actually big for the pricing of the sentiment for now. It's good that everyone knows what's coming and what I really like is whether I actually get to the point that she does not live in that sense of fun on the public. What was the answer question? That's a good answer to it. Megan Lorde, what would you do with the money? That's an interesting question. I don't really like how it was a really believe in buying stolen property. If I had that kind of money, I would just buy Bitcoin from other people that I wanted to support. I actually needed the help. There are a lot of people who only get paid in Bitcoin that need to cash out of it. I'd rather help a friend load off some Bitcoin then help the government do it. For the same reason, so there's an oil spill in the Gulf of Mexico a few years ago. A bunch of people in the panhandle got these payouts by BP. And like ridiculous payouts. I knew servers getting $30,000 checks and stuff. But I didn't want any of it because it's blood money to me as far as I'm concerned. So, not the Barker. No blood money for oil. Freedom is free, but justice isn't. And justice in this case has a price and it is the spot value of Bitcoin. If I had the money to purchase this Bitcoin, my first thought was also to give it to Russell Brick, or free Ross.org, or the Russell Brick Defense Fund, who is the alleged red pirate robberds. But then it occurred to me that I don't know for sure that it is his Bitcoin. And that is something that hasn't really been verified or proven yet. And so I think that I would take the Bitcoin and get together with somebody who understood blockchain forensics better than me, and put it up for somebody who could somehow using the blockchain verified that they were the red pirate robberds. And then through some sort of dark net encrypted channel returning to him. I think they belong to the customers on the sides. These were the coins that were on the service at the time. So they wouldn't have been his anything. Well, then the same thing. I would try to like actually rather than using the justice system quote unquote, I would try to use the blockchain forensics to return it to who could claim it rightfully. So that's all that was. Sorry, I don't need my small. Yeah, I don't know. It's hard to say. So I guess if they're selling stolen the coins for a discount that kind of makes them like the guy selling, you know, boot like DVDs out of the back of the car. And then they're going to go forward to the day when the FBI is doing that on a full time basis where they simply try to steal the coins from other people and sell them out of a back of a car. I think that will be a very productive use of their time relatives. What they're doing now. And there's no natural time involved. I agree with you said, but I agree with that too as far as it's funny that it's so much worse that what the government is doing because they have taken away the original instead of making a copy. And I mean, I guess if I had the opportunity to buy coins on sale that I knew we're stolen. If I did that, I think it would illustrate that I don't really understand Bitcoin what's going on and why we're doing all this. Will, I think there are lots of worthy reasons to put up a bid on some of these, you know, packages of coins. And you know, whether it's to perform an incredibly intense experiment like Davi described to try and reconstitute these customers of the silk road through blockchain forensics. What a daunting task. But that would be, you know, I think a fan fascinating undertaking or a crisis plan to set up a fund for DPR's defense or maybe just a nonprofit organization as a whole that helps victims of non, you know, really nonviolent criminals who are victims of the drug war. Just exactly. Yeah, that that would be, you know, there's a lot of people who are really innocent too that could be free with a fund like that too. So there's lots of interesting projects that could happen. I mean, there's good reason to determine for oneself that they would not purchase stolen goods or purchased anything from the government. There's definitely good reason for that. I think there's also many reasonable strategies for putting up a bid and doing some good with it. So I'm interested to see what happens. I know that this list being released definitely stimulated a lot more interest now that other potential buyers know who the early interested buyers are. So there's probably, you know, that could have been again part of the plan too, you know, we tend to think government is this big accident problem, you know, tripping over themselves all the time and not getting anything done. Occasionally, they're very, very efficient at what they do, you know, think education. They're very, very efficient in that. And this could be just an interesting marketing approach to stimulate more interest in this package. So it's going to be a great sale. Moving on issue three Bitcoin security firm bit go raises 12 million dollars bit go creators of the first available multi signature wallet just scored 12 million dollars in venture capital, including investments from celebrity super investor, action, coo, what are you more excited about the multi signature wallet or the seemingly unending flow of venture capital in the world? venture capital into Bitcoin, dovey Barker. Why are you going to go to me first? Okay. So the question is, what am I more excited about? I guess I don't know enough about this project in particular. I do like the idea that there is a lot of venture capital in the Bitcoin space because that means we're going to see other kinds of innovation happening. But I mean, a multi signature wallet is a big deal. So I'll take the wild one on the electric. Chris, stop. It is hugely important that we continue to build tools that can help us protect our funds. We are moving to a completely new paradigm for money. A lot of that revolves around people being their own bankers, but leaving all that responsibility and the intricacies and the technical know how up to the average person is just not. It's not a reasonable expectation. So we need tools for everyone to get their coins secured. And I really do think that's a hugely important project. I don't want people to get into the Bitcoin space simply to have their coins taken away through some malware infection or whatever. That's hugely disappointing to see. And there's something I care about a lot. So I hope they do a good job of the product. I don't know about anything about the details of it. I'd love to find more out about it. Like Anderson. I'm just really excited to talk about action culture. So that's what I want to talk about because he is dreaming. And a half. I'm really excited that he's investing in Bitcoin because of the way that he looks and the way that it sounds when he talks. Somebody trying to get a job. Will. Yeah, Bitcoin goes awesome. I'm a customer. I like it. It's I'm excited for more feature rollouts and things like that. And maybe even stashing greater amounts in there. Yeah, multi signatures. A huge step in the right direction for the average user of computers, not just the average Bitcoin user. And it's it still gives you full control over over your private keys. You can get really creative with how you secure them now. And yeah, it's awesome. We need to see tools like this. They need some more competitors so that more innovation can go faster. And it's great. You know, they're coming to market at a right time. You know, I was hearing a few months back that Bitcoin related apps that people were thinking of that would make Bitcoin and cryptocurrency more user friendly. We're too ahead of their time, you know, I would talk about them with people or in tech circles, you know. And I disagreed. And I'm really glad to feel somewhat vindicated in that disagreement because these things are a little over everyone's head. But they are actually going to make things a lot easier for the average user. And that's great. So, you know, go Bitcoin, go keep going. Go Bitcoin, go. And all they can tell me that's everything. Chris Ellis. I really like the technology. There are lots of other companies that are also doing this. And this became necessary after the empty box fiasco. What they did was it actually provided people in the sense of to get their heads down and actually do some real work. And what I really like about it is that you can have three keys in all different spaces. You can have one key on the cloud with the provider. You can have one key locally and you can have another key somewhere else, help someone else. You need two of those three in order to spend a transaction. I think it's really exciting. I want to see more of this. Something interesting in the art school is that they said they had some kind of pattern or some kind of secret source of theirs. So I'll be really, really keen to see what they're going to do. But there are some other companies also one called multi-seq plus I think that's coming out. And actually, if you look at that share price, it's the ones that are floating since this has happened. All the share prices are gone up because everyone's expecting that to be some big investment on the way. So I'm really excited about it. What do you guys think about this? I think I like to like rank something and that kind of way of being a crypto core. And since you guys heard of that, and if you took all times for the same thing. Okay. I don't know. I'm excited about that. I'm excited about that. One other interesting thing about Bitco is looking at a lot of these early movers in these markets. I see lots of these companies that started kind of with a consumer facing approach and they're going more enterprise. And I can see that as a track for Bitco as well. Institutional money is concerned about thumb drives and paper and these kinds of other offline security measures for Bitcoin. They have good reason to have concerns about those methods. And Bitco and services like it can ameliorate a lot of those concerns. So 8, 9, 10 figures in Bitcoin may not be too far off. Megan Lord. Sorry, like I was a cooler character on that Saturday show. I'll give you that. But I think security, that's one of the biggest barriers between mainstream adoption of Bitcoin right now. People, I think people are very interested in it. They really want to get involved more, but they don't have the knowledge to secure their wallets or they're not able to for certain reasons. So it's going to be that our time finding the information or understanding it. And so we need these solutions that are going to make it easy for just your average people. And that's what I'm more excited about. That's great that venture capitalists are putting a lot of money into these projects. But I'm really more excited about the innovation that's coming. And I need to look more into this specific company. But I'm also excited about the competition that we're going to see too to make these products easy to use for everyone. Thank you. Thank you. Thank you. The Bitcoin Group is being broadcast live on World Crypto Network. And did you know I might have been muted Chris Ellis and mad Bitcoins are touring America. And you can help donate and they'll travel further, eat more Twinkies and drink more VA. So far we've raised more than 3.35 Bitcoins. And the screen is going all in infinitely. And the more you raise, the more world travel. So the more videos of Chris Ellis in America you'll see eating Twinkies thanks to your donations and Bitcoin. And the more professional the videos will get. The more big points we get. So it's worth the name. I know about that. There's Chris Ellis going to end up next time. It's a lot of promising, the more professional videos will get. I'm still worried about that one. Issue for Bitcoin to be the new title sponsor on St. Petersburg Bowl. The Bitcoin Bowl. Bitcoin and football together at last. Bit pay is just announced a sponsorship deal with the St. Petersburg Bowl. This is the same exact words. The Bitcoin Bowl. Will it be just as exciting as the Doze Car or more exciting? Let's go to Christoph Atlas. The Doze Car race. The Doze Car race. It gives you a little football fan you're converting. Maybe I'll watch one thing because it's Bitcoin sponsored. It gives me some perspective. I was all excited. They sponsored this driver. Got a lot of attention. And then just one company in Bitcoin is able to duplicate their efforts. It gives you a sense of perspective of just how far above Bitcoin is with these other all coins. I've been following the all coin space for a while now on my show. You have Bitcoin way up there in the stratosphere. We get all concerned. The price is low right now. It's the first cryptocurrency problem. You have Bitcoin way, way below that, still hugely above the rest of the pack. I think that will probably be like this for a long time to come. That will have this one cryptocurrency that is just so massive that even just one company in the space can accomplish what a single altcoin can. I think that's interesting to think about. Blake Anderson. I'm excited about the coin coin coin. I'm not a huge fan. And the bread in circuit. I think that ubiquity is good. So I'm all for it. Let the lions eat the Christians. That's what they used to say. Well, penguin. Yeah, this is great. You know, ESPN and BitPay got together to make this happen. They outbid beef obradi's, which used to have this. Going down, beef obradi's. You're going down. Next to don't know what that is. It's a chain of restaurants in Florida, kind of like your chicken wings and brew pub mediocre. I would have to agree with Megan on that. But they don't. And that's. No, this is the most popular sport in America by a large margin. It's the most popular college sport in America as well. This is huge visibility. This is really great. It'll be echoed constantly at Nazium on all the sports commentating shows throughout the fall. And around the holiday time, which is when this bowl bowl game takes place. So as Blake said, ubiquity is good. And this is good for bringing people to bringing Bitcoin to a lot more people who would be interested in it. Or we'll start having a sense of normalize normalization around it. If they previously were averse to it because of its association with say the Silk Road or who knows. Or fraud or you know, Mt. Gox, whatever it might be. Um, you know, they'll see this bowl game and be like, Oh, Bitcoin must still be kicking butt. And it's at least still around. I'll take a second look or a third look. So yeah. And again, Bitcoin doesn't care. It will stick around. It will be here when you want to take your fifth look and finally come around. So yeah, the bowl game is awesome. Bitcoin and sports is a no brainer. You saw that earlier this year with the college kid who raised 24 grand by holding up a QR code on NFL. Or rather, ESPN game day for college athletics. So it's, um, it's a logical progression. It's really exciting. I don't think I can get my. I asked, but wills right. All of the announcers of all of the sports shows will be making fun of Bitcoin when this comes around. Even Keith Overnon, who wears a jacket much like this. Chris Ellis. I think that it's very, very difficult to stay relevant as an altcoin. And I said that's on his experience and setting one up. One of the objectives we had at further quaint was to see if we could lay down a template of how to bootstrapper a local cryptocurrency when all the vulnerabilities were known. Right. So now that we've already got this. The technology established. We didn't want to invent anything new, but we thought like what would happen if once all the hackers knew what to do with a young coin with low hash rate. How would they respond to it? And of course, we found out. We had loads of notes of attacks, but the reputation still stays strong because everyone kept on turning up to work. And I think what's happening now, particularly with like coin and dot coin is that these. It's not just the prices are tanking it. So there's no volume on the exchanges whatsoever. People have just suffered from on we now. That is board of it. And so you have all these kind of PR campaigns and my concern is that we're doing too much publicity. And we're out of step with the development. What people really needs to be doing is they need to be actually like even if you don't want to code. At least be intelligent about how the technology works underneath so you can make other people smart about it too. Rather than just kind of doing all these kind of publicity stance because I think the way this comes across to regular members of the public. When they see something like this that like it doesn't really register in their minds. I don't think they look at that and go wow this is such a great thing. I think they look at that and go it's PR stuff. You know, I think you're kind of undermines in the long run. Stephanie and Brian are talking about this on the sex and the science hour a few about three episodes ago. Well they said like this whole thing with the startup the problem is startup culture that's pervasive now around Bitcoin. Is that's now the new China right? So this is what everyone's trying to say now is like oh this is why you should buy because a whole bunch of rich people are going to buy after you. But the problem is if you know how startup culture works the way it works is you set up a company so that you can sell to a bigger company. And then it all becomes about database wrapping right. You get you get a database. You get people to populate it. You make it look pretty on the outside so they log in and they start populating that database. And then the data becomes the oil that you then sell on somebody else further and down the line. I thought the whole point of Bitcoin was that everyone owned that data now that you didn't have a single database store on a private server that you would then sell out to the highest bidder later on. And you've made people sign these contracts of adhesion that nobody ever reads when they first log into a service. And then you can change it will anytime you like. And I thought the point was that you had digital scarcity a distributed database of information that nobody can force fine. I think we're kind of losing our slightly. There. Yeah, so I'll support all kind of sounds and looks the same to me. But I think this is great because it's bringing Bitcoin to a larger audience. But we really need to focus on the security aspects of it before. And that's, you know, assuming that people are going to be seeing Bitcoin hearing these commentators talking about it a lot. And, you know, actually look into it in the first place, which is not always the case. You know, the more they hear this word out there, you know, it's plants these little seeds in their mind. You know, hopefully they're going to go check that out, but they need to be prepared. And there needs to be things out there that makes it an easy transition and something that, you know, they can understand very clearly and have a foundational understanding of and protect themselves. If they do make that choice to get into it. Christ off at this. Yeah, I thought I started with you. Moving on to anyone else, dovey. All right. So it's a little hard for me to comment on this because I go out of my way not to retain information about sports. I, you know, I use that memory for other things. Um, ways. Maybe you guys have heard of our balance bracelets. Have you ever heard of these things? Maybe you've seen late nights here. Info, commercial, the King's state. There you go. Sam Glad, I stored that information in someone else's brain. So. So they're these bracelets that like there's these late like commercials and they put them on like they push someone over that they put it on. Oh, yeah, I feel like it's not. I feel sturdier. Total scam, right? It's like ionized on Obtainium or something. They, they, they, they, uh, they sponsored. What was it? I didn't even retain it that long. Says Sacramento. Okay. They, they, they sponsored a stadium. And so it was called power balance stadium. And sports were played there. And I don't think anybody went out and bought a power balance bracelet because this stadium was named after it. So there was recently a stadium built in my hometown. I'm in Santa Clara, California. And it's destroyed traffic. And it's going to destroy the budget. Destroy the economy of the area. And it's going to be noisy. And it's going to disrupt all of our like local public transit. And I as a person who doesn't interested in sports. If the first thing that I knew was that that stadium was sponsored by Bitcoin, it put a bad taste in my mouth. So, um, I don't care. Like, I'm not interested in sports. And, um, you know, it's like, I want, I want more people to adopt Bitcoin. I want people to use it. I want people to learn about it. I don't want them to do it because an athlete told them to. Right? Like, that's not the constituency that I want. And they're not going to be using it for intelligent reasons. And it's not going to benefit them if they don't know why it's valuable. And I wonder if we're reaching like a peak where people are sick of just, you know, all of this advertising that's inundating us too. But it's not even advertising. It's appletorial. So these, these are applets masquerading instead of tutorials. Oh, totally. Yeah. The one in response I want to do. Some to Chris's point. Let me have me. Is I guess starting with with Davies point, there are some really tragic branding attempts, you know, that companies do. You know, if you're a company with a crap product that's relying on gimmicks and swindling, then, you know, any kind of. Naming licensing or whatever is going to make a consumer who's knowledgeable feel exactly like you articulated. But then there are other campaigns like Op Mill comes to mind that, you know, aren't are relatively inert and they haven't really gotten in people's way. In terms of like naming a stadium that was funded through taxpayers through coercion through, you know, taxing the local public and then also disrupt it, you know, eminent domain or traffic issues or any of those things. So I do think that there are clever naming opportunities for brands and Bitcoin as a brand can do that. Bit pay or other companies should be doing that. It's definitely a good idea for visibility. And Bit pay is the probably the leading merchant processor, even though it's got some big competitors in the world. And it's it's gaining steam all the time. They're growing constantly and they're very well run company. I think we all would probably agree any of us who've used the services and yeah, their growth is something to cheerlead for all of us. So that's the reason I was behind it. The thing about not, you know, to Chris's point, you know, having having like Bitcoin has had a PR problem and, you know, Dogecoin has set many good examples with the car and many other things. The bigger problem, I think Chris is right, you know, supporting development of the core technology has been a, you know, And it's been a hotly discussed lately in past months and certainly needs more attention. And there's a lot of creative talk right now on forums and in certain mailing lists, I'm a part of about what to do to pay developers better and encourage that and incentivize, create better incentives, which is really exciting stuff that people are thinking about that. It may not be popping up as clearly as like press releases and, you know, these big, you know, branding opportunities or, you know, But these things, these things build steam around everything. It's kind of like chicken and the egg thing. I don't know how we can get what we need bootstrapping Bitcoin as a whole thinking of it like that. We're still in the baby days. We're still in the early stages. So, yeah, it's a chicken and the egg thing. We need the PR, which has been, which has suffered in the past. And we also need to nurture the development of the core technology, which is suffering now. So, yeah, it's a, it's a tightrope walk. All right. Moving on to questions and answers. Wow, this looks great, you guys. Bitcoin history here. And James M says, who needs the foundation? We have the group right here. We also have a lot of comments on the views. We're trying to stay muted. We're trying to get the sound right for this live show. It might not be working that well. James M has a question. So, I guess if you deposited into the Silk Road, you didn't have the keys. I'd like to know more how it worked. I think the Silk Road work like Mt. Gox, where they had an internal system that was handling the Bitcoin. So, you would deposit your Bitcoin essentially lose your keys. Then you would gain Silk Road Bitcoins, which you would trade like tokens. And then you would take those out the other side, at the same way the Mt. Gox were a non off block chain type system. Yeah, so Gox with a bank failure, Silk Road, a bank shutdown. Yep. Let's see what else we got. Other questions. I think we got a good question for Will here. What's the best way to approach a local business in regards to getting them to start accepting Bitcoin from an implementer's point of view? Formal introduction, business cards, casual conversation, follow up times, certain types of businesses. Will tell us about local businesses. So, I think first it starts with you got to have some presentation skills. So, if you have a little bit of a sales background, even if you had a small business or was a paperboy or anything entrepreneurial that helps a lot, you need to have a little bit of presentation skills. So, you know how to handle objections and you know how to maintain, you know, gain trust and maintain attention. That's the basic stuff because those things are important because Bitcoin is so fringe, still seeming, I guess, and also complicated to understand. So, that stuff is really important. What works for me is, you know, just being spontaneous. If you're walking down the street, the door is open, you know it's off hours, like sometimes, I don't know, a couple of weeks ago I was walking down the street, it was like 2pm. There is this nightclub that I know is not open at 2pm on a weekday. They open at 5 or 6 or whatever. But the door was open. I walked in and figured that manager was in there or someone was in there, some authority for the establishment. And I just mentioned that I know of a local meetup in town. We'd like to host an event here. Do you accept Bitcoin? What do you know about it? What can I tell you about it? And that went really well. So, we ended up holding an event there and they accept Bitcoin now. So, be spontaneous. Make sure you're knowledgeable. The person asking the question said something about integration. If you are an affiliate partner with some of these merchant processing companies, Coinbase, Gocoin, BitPay, then make sure you know your stuff so that when it's prime time and the owner or proprietor, the business is ready to get signed up and get integrated that you know how to do it. You can do this with friends or like one way I did earlier on, about a little over a year ago with BitPay was I wanted to sell something in the farmers market. So, I created a company and you have some time to actually register with the state, you know, register your company with the state. If it's not profitable, you don't have to and you don't have to go through the trouble. So, just create a company and make that an merchant account and practice selling one good to yourself using BitPay. Figure out how it works. You know, in that way, those are good strategies. Most importantly, have a group of people who will go with you. We talked on the show before about setting up little bit mobs where you take your meetup or your local Bitcoin group and just five of you, 20 of you walk it up and down, you know, the strip. Yeah, it's exactly it. It's a flash mob or a human DDoS. I love that. It's, and you walk in and you politely say, hey, if you accept Bitcoin today, like right now I'll help you do it. All of us will patronize your business. And if you know they can't okay that or they don't want to, then human PDoS. Yeah, then you then you just walk next door to the next one, which is nice because usually you don't have to go too many doors down to get one of these companies to agree with you. And then all the other employees that you were just in are going and looking through the window and stuff. I mean, this is this happens. So, which is that I was really interested recently to see an article by a chap called a Martin Armstrong, which saw an Armstrong economics.com. Let me just see if I can get that up on the screen. I think one of the ways you can get this integrated into local businesses is by understanding their needs first, first and foremost. And so for what I'm really excited about is headline is again just link bait Google the new bank roll over Bitcoin and banks its time for the internet revolution. And his basic point is that Facebook and Google apply for banking licenses. And so the idea here being that they're going to use certain Bitcoin because that is going to get in there with Fiat. So you'll be able to use your regular currency, your Fiat currency with all the convenience that you get with Bitcoin digitally with your phone. You'll be able to go in there and sap that without any of the volatility or any of the other particular problems that Bitcoin allegedly has. I think what's more exciting and perhaps in this article, he doesn't spend enough time on is the idea that this will give people currency choice. So now I think people are very good at recognizing authenticity in other people. And that's why I think that a lot of these PR things don't work because I think a lot of people see through the adversarial. I think they know when they're being sold to that's what went wrong with Google remember in the early days when they didn't signal to people what was advertising what was organic search results. They got into a lot of trouble for that. And I think they were sued. I think by idea lab, I don't want to get into any trouble, but I think there was some tension there because then they started making all the commercial links green. And that was really really important. And so I think once you start to get something like Google wallet that everyone has and is ubiquitous, then the public in the market can decide which currency is the best currency. To go with and you won't have this problem anymore of like, well, how do I sell this? Can you really selling somebody anything like you're trying to say like this is an experiment. We believe this and we'd like you to believe it to but why don't we try and this is these are the problems I think it will address. My main source of concern for something like that is we continue to adopt these digital storage of value kind of systems and we decrease the amount of lag time that there is a human action and the instantiation of our ideas happens faster and faster. I don't trust companies like Google to be able to centrally plan that level of complexity. So I think that you're right that there will be this kind of period wherein they do help you, big with you by having people understand what's going on. But if people were concerned about long term damage to the network, I don't know if that Google no matter how much money they have is going to be physically capable of managing all the complexity that's being engendered as a result of human action being so much faster as a result of these new technologies. I mean Bitcoin is 432 times faster at least with the worst case scenario than legacy banking. So it makes no use of volume of transactions. No, it's like a 72 hour bank hold versus instant or 10 minute transactions. We take the 10 minute transaction versus the 72 hour bank period and that's a 432 time. Can I point out the gorilla in the room here? The NSA. The NSA can subpoena records from Google or Facebook and if that's your financial records, then I mean that's pretty much everything when it comes to like Bitcoin, you have this opportunity to sort of plan your level of anonymity and sort of you know what I mean. So I mean when the NSA is like like their motto is capture everything right or collect everything they actually have a lot of like that. I think that's poking on. No, but literally if you look at some of the recently leaked NSA documents, the slogan of some of the programs is collect everything. Yeah. Right. And so that's the tendous. Well, you know, they're not subject to those sorts of rules. They're exempt from intellectual property because all intellectual property is there intellectual property. So I think it's still minorly worth your answer out there. There is a growing skepticism of things like Google and Facebook when it comes to online privacy, when it comes to internet regulations and things like that. And if it looks like Facebook and Google are going to be compliant with these things or even if it's going to be a risk, I mean there are people that boycott these big firms and find alternatives. So I mean there is there's always something big point you can do that is centralized firm can't do. And hopefully you always come out to people will realize like no, I really don't want to have any access to my financial information because we should leak the blockchain to you. Well then someone should distribute the wallet that provides an incentive to someone to engineer distributed version of the Google wallet. Sure. I want to try and make a couple things that I think tie it back together and to the question, you know, I thought of a couple things, whether it's, you know, concerns about the NSA and data collection or whether it's concerns for the needs of a merchant or the person you're trying to reach to accept Bitcoin. It's the best way I think to start off is to get in a conversation that's friendly so that you can find out what their pet issue is or what really buzzes them, what really like makes them passionate or makes them angry. And as a friend, connect Bitcoin to that for them and you can do this like in almost any situation, it's why there's funny videos about people prostituting Bitcoin out there. You know, because you can make all of these issues, you can add Bitcoin to the discussion of all of these social issues, right? And small business owners everywhere have lots and lots of concerns no matter what their party affiliation or background or anything is. And if you can learn a little bit about that and tie Bitcoin to it as a solution for them, you need to show them that Bitcoin is a solution. That's really what you need to do. And if you explain that well enough, you'll get them to say yes and you'll get them to meet with you one or two times whatever it takes to get their business up and running. You may even need to learn a little bit about their business so you can help them figure out how to train their staff because anything you can do to reduce the amount of time burden on these managers of these hospitality establishments most of the time is what they are. That will make them say yes to you and allow you in back of the house to help them do this. So that's very important too. And then first things first, if there's no local business that accepts Bitcoin, get one and make a big deal out of it and make them happy. Make them feel good that they accept a Bitcoin. Once you get that first one and you make a big stink about it and keep coming back, keep watering your business, your Bitcoin business, like we talked about last week, that's the key. Get one and tell a story, get them, get them talking to you so you can show that Bitcoin is a solution. Back into that really quick. I agree with what you said and I think that a big part of selling to people is to act like a friend. If you don't know how to act like a friend, I can just really tell you the way that you act like a friend of somebody is you listen to what they say and you reiterate what they've said without straw manning it and then you steer the conversation based on what they want to talk about. But if you're having a really hard time with this payment card, the payment card industry charges people through the nose. That's a good place to attack to say you're paying a lot to have V-Send Maffed Card in here. And then if it's a bigger corporation, if you're really going after big fish, PCI DSS or the payment card industry data security standard is extremely expensive and cost prohibitive. So if people can avoid having to do that and still be able to have an e-commerce business and presence, that's big news for certain. I think we want to tell it to the proprietor then somebody that's just working out front, but if you can get that connection, I think it's a good one. We should talk about Tendory Nights. In the case of Tendory Nights, it's an Indian Pakistani food restaurant and sort of Sacramento area. The owner was not on board with Bitcoin, but the owner gave the cashier permission to take Bitcoin. So the cashier is there, he puts out his sign when he's on shift, he's like, I'll take Bitcoin, I'll give you $5 off. And so if you show up when that cashier is on shift, you can pay the cashier, the cashier will put the cash in the till. And then suddenly it's a bit of an accepting business because that cashier is willing to take the risk that the owner is not willing to take. And so that's an option when it's mom in pop shops, when it's cash businesses, when there are options like that, like farmers markets, that would be easy to do. So if you can find an employee who's enthusiastic, even if the owner is not, sometimes you can open that up as a place for people to go and spend their Bitcoin. That's right, I never heard this. It's still a good thing. Don't give up. Like try, keep trying broker deals like Dovey just described and find someone, whether it's someone in your group who can accept payments from Bitcoin from the rest of the group and then show the business owner. Here's the tab of all these people. They just paid me bitcoins. You could benefit from this and I would be happy to step out as middleman. Broker deals stay on it, stay optimistic and relentless. And you can get businesses to test this stuff, especially now that they see Dish Network and more and more Expedia, I mean more and more all the time. Moving on to predictions or story of the week. Chris Ellis, are you ready with the prediction or a story of the week? Well, it was going to be the one that I just mentioned, but I will actually just highlight the fact that couple of weeks ago I predicted that the Bitcoin difficulty would be remain at below 15 cents for the second time in a row because I've noticed that the mining hash rate dropped very, very suddenly. Before each difficulty adjustment, and I think what's happened here is that there's some new hardware has come online. The miners, particularly maybe mining on gigahash.io, I've wanted to get their best bank book on their equipment. And so they have been my speculation is I'm not saying I have any evidence for this is that they have been coordinating the switching off their miners at certain times. So the hash rate goes below 15% increase the next time around and then they will switch on at the right time. And as predicted, it was less than 15% and now we're just going parabolic because a lot of the new hardware is coming out. So I have been I know this gigahash things been going on and on. I'm not addressing the other points that have been raised already like in the forms and stuff. I just wanted to point out that I do think that the centralization of hash rate is a serious problem. So no predictions from this week, just a really a clarification of the one I made last time. Megan Lord. I predict that we're going to see the government is brewing this deal up some more in the coming weeks as they are selling off these small fragments of it points. I think that they're going to be making mistakes and doing kind of ridiculous things and it's going to be funny and kind of sad. I predict that in the 2016 presidential election, they're going to run one of these debates where they invite YouTube questions and one of those YouTube questions is going to be about Bitcoin. And we're going to get a blundering answer from Hillary Clinton that is so excellent that it's worth auto tuning. Yeah. She's going to win. So, bit pay is going to sponsor this football team and silk road 2.0 is going to provide all the performance enhancing drugs. It's a great hard work. Blake Anderson. I have a prediction actually I had a prediction that was wrong. So let me just curtail off of that. I think that the market cap for Bitcoin should be shrinking, approaching the liquidation of all these coins and the fact that it's not is a real. It's a real illustration of how strong Bitcoin is that it doesn't continue to shrink its market cap as we approach this giant hurdle of trepidation. Once that's behind us, I don't think it's unreasonable to assume that we're going to see a price run or even a deflationary spiral again. Will. Thank you. So my prediction is kind of a little fun one, I guess. Last year I attended the Porcupine Freedom Festival in Northern New Hampshire and it's starting two days from now and a lot of us who are here in DC are going to head up there and spend the week there camping. Last year, well, I guess I should start two years ago. The most used currencies in the vendor area called the Gore Valley was number one silver, number two Bitcoin and number three US dollars last year. It was number one Bitcoin then silver then US dollars. This year, the vendor area is three times bigger than it was last year and all of them will be accepting Bitcoin even if they show up and they don't. We'll make sure of it by the time that everybody gets set up on Monday and it'll be a lot of fun. So my prediction is Portfest going to be a lot of fun. The biggest Bitcoin marketplace for the longest stretch of time that we've seen yet and it'll be more widely attended. I think it was the largest gathering of Bitcoiners last year on record. I think 1300 people I think attended last year. So really looking forward to that. I think it's going to it's going to puncture all of those ceilings. So that's my prediction. Very cool. Prediction Bitcoin in the beltway Bitcoin in the beltway Bitcoin in the beltway will be the greatest event in Bitcoin history. The best speakers the best events and all within sight of the Washington Monument. We're going to have a great time. I guarantee it. But we're out of time. Until next time. Bye bye. Bye.