The Bitcoin Group, the American Original. For over the last ten seconds, the sharpest sitosis, the best bitcoins, the hardest cryptocurrency talk. First, the group can not go further without acknowledging the unfortunate death of comedian, actor, and genius Robin Williams. The group has chosen a happy picture to go with this tribute, because although sometimes Williams movies made us sad, they also made us happy as well. This can be sad about the best of art. He was an artist and his work will be remembered. He will be sorely missed. Robin Williams, dead at 63. We'd like to welcome our panelists, including Andreas Antonopoulos, author of Mastering Bitcoin. Hey everyone. Blake Anderson from facebook.com slash God Blake. Hey everybody how's it going? Will Penguin from Topiki? Hi everyone. I'm Abyssoft Atlas from Anonymous Bitcoin Book. Thanks for having me top off the sausage fest. And I thought it's long-term. That bitcoins, the leader of this sausage fest. Issue one, bitcoin price, suffering, margin, pains, bitcoin prices have been down in the dumps lately, falling from a relatively stable 600 to a dismal 500. Our margin calls the reason for this decline. so many traders buy Bitcoin on a margin only to be forced to sell in huge tranches. And Dreos Antonopoulos. No, no. There was a bunch of people selling. There was a big gaxidus of a whole bunch of money from the Ethereum ethersale. And there's all kinds of cyclical moments in this currency. Remember, even the tiniest of news can throw things up and disarray because there's not enough liquidity in this market yet. It's tiny and it gets pushed around very easily. I always look at these as opportunities to buy that, you know, I may be unbiased, but I believe the long-term future for Bitcoin is brighter than it was six months ago and keeps getting brighter by the day. Last time we had a bit of a drop in prices, I used the opportunity to buy at $3.75 and $3.80 if I'm not mistaken. So yeah, I'm going to use this opportunity to buy a bit more and see if I can gain, I mean, my strategy has always been very simple. I buy on Mondays and that dollar cost averaging strategy will give you a smoothing out of the volatility and a good average price no matter how much the price gets thrown around. If you just keep to a consistent plan, maybe put a small amount of money aside every week, something you can spare, quit about habits, stop smoking, drink one beer less, you know, go out to one less movie, have one less meal eating out every week and you can afford to put $10, 20, maybe $30 into Bitcoin a week and you've got a strategy and you keep doing that for a year or you'd be amazed how far ahead of the curve you're going to get by the end of the year. I think that's always the best approach. Don't be a day trader, don't be a fool, don't start panicking, don't try to times the market, you will get burned. Just put whatever you have, you can spare a bit of investment here and there every week, regulars, clockwork, buy on Monday, buy on Wednesday, pick a day and just keep it consistent. Blake Anderson. I agree a lot with what Andreas said, a dollar cost averaging strategy if you've ever heard of that means basically just buying a regular set amount, you know, a regular interval. The price is really really high at that time, you may be buy a little bit less, the price is really low, you buy a little bit more and if it's an average amount of price versus buy, you just buy a normal amount. If you have a dollar cost averaging approach to getting into Bitcoin, the volatility is a lot less impactful. But I mean, I'm not concerned about this, I think the merchant adoption is strong and that a little bit of a dip in the price means that it's not a bubble that people are spending Bitcoin at the merchant adoption increases in its ability to interface with liquidity of Bitcoin. More and more people are able to spend it, the price goes down, people invest and it goes up and this is regular, healthy market activity for something that's not a bubble. So I see it as a net good signs of long term growth. Well, Penguin. Yeah, I think at least on one exchange, this was the issue, it's a high... And then he was going. And he's gone. And I say it's like, they're not hearing this. That's what move on to Christophe, see if Will comes back as soon as we talk. Oh, he's back. He's back. There he is. Give it another try, Will. All right, sure guys, yeah. So I think at least on one exchange, BitFinex, BitFinex, that's what happened with the margin call thing. There was a cascading margin call there. Price got down, especially low on that exchange. But other than that, I mean, that's a high volume exchange. That's one of the exchanges that has the most liquidity. There might be some long squeezing going on too with that, short squeezing. It's... Who knows? It's anybody's guess. If we're watching price and we have to talk about the price, then I think it's interesting to talk about what might be affecting this, technologically speaking. I know BitFinex did a massive overhaul on their trading engine to prevent these kinds of things if it was to happen again in the time between the winter crash, if you will, and now. So that system was tested and maybe we'll hear some interesting feedback on what they experienced with that and other exchanges can improve. I'm more interested in some of these other projects that are working on bringing liquidity to the Bitcoin marketplace, whether they have to do with Fiat and interfacing with Fiat or backing an altcoin with Fiat, or not at all, no interselection with the legacy system whatsoever. I like those projects a lot and we'll continue to see these exchanges strengthen up. The suspicion that there's not enough adoption to keep up with the 3600 or so Bitcoin produced per day is an interesting one too, but I kind of rejected that. I do think there's been somewhat of a decrease in the acceleration of adoption, but not stagnant. Chris, off at this. Yeah, if you want to have a good trading strategy, I think the buying, whole thing, using dollar cost averaging is quite good. On the other side of the coin, if you're someone that makes a lot of his income through Bitcoin, which I now do, my empirical evidence and advice of recent experience would be that don't try to time the market on that side either. Don't try to wait a little bit longer to sell your Bitcoin so you can pay off your credit card bill or whatever. Every time I do that, I just get end up screwing myself over. Because I can always be like, oh, if I just went a little bit longer, then I'm really going to cash in on these big coins. Then I'll get a little bit more out of them and it just doesn't work out for me. My advice would be just, you sell off as you need to on an averaging basis. That's probably the way to go. The price is always interesting, right? Because for people that love Bitcoin, they can always come up with a way that the price going down or up is fantastic news. And the people that hate Bitcoin, they can always come up with an explanation of why it's terrible news for Bitcoin, right? On the hater end, we'll talk about the lover end first, right? When the price goes down or like, oh, it's a buying opportunity and when the price goes up, we're like to the moon, right? And then on the hater side, it's like the price goes down there like, oh, it just shows the non-viability of Bitcoin or like, but it means that there's people spending their Bitcoin at merchants and they're like, no, it doesn't matter. And then when the price goes up, it's like, it's because it's a deflationary spiral, they're hoarding, they're never going to get let go of the coins. Yeah, it's too expensive and no one's going to spend their bitcoins at these levels because they're just going to keep holding onto it. It's going to go on forever. So I think one of the things that really hurts us in these moments is the degree to which journalists completely do not understand economics. I mean, they're completely retarded and even worse. They think that they do understand economics and they have all these, you know, econimedicians that they consider to be experts that they go to for their expert opinion and they're like, oh, well, I've done my due diligence going to the local finance school for it to Professor Bitcoin for his insight on the crypto economy. So I think the lack of the degree of ignorance in finances and economics and all this kind of stuff really hurts us. You know, a reporting does have a significant impact on pricing and how the market is perceiving the forward value and all this stuff. And I'm sure that there are these exaggerated effects through margin calls and all that kind of stuff. And I look forward to the day when, you know, when things are a bit more stable and the ability to short Bitcoin is going to have more of an evening effect on the price rather than these is a exaggerated effects. Exit question, force prediction, price of Bitcoin next week, and dress. One Bitcoin will be worth one Bitcoin. Blake. Predicting price for next week, I would have to look through the ask bid ratios and stuff like that for various markets to really try to make a prediction, but I don't know if that would be worth the time to do it because I don't think that even if I did it properly would really be able to predict it. So I'm going to go with the raises answer one Bitcoin will be worth one Bitcoin. Will. Five hundred and one. Kristoff. Markets are highly chaotic systems. Therefore, it's impossible to predict the price. But since I'm being forced to do so, I've prepared for this. I pull up a random number generator. I'm going to generate a random integer between 420 and 600. Let's go. Five hundred twenty four dollars in zero cents. Kristoff is closest. Five fifty is correct. I need to borrow your DeLorean. Issue two hacker still 1.6 million in NXT from BTER Exchange. And unlike Veracoin, BTER is not asking the developers to roll back the coin. They claim that they will be able to catch the hacker themselves. Blake Anderson, your thoughts. I hope that they can catch the people that did it and it works as a good giant lesson where people can learn what to do and what not to do and how to try to solve problems without going back and being like, we're going to go redo all the code and start over and reboot and stuff. I guess the more that that happens, I mean, I don't know if we should get super comfortable being like, we're going to get a whole bunch of boondoggles and reviews and then have life be like that. So I don't know if everyone wants to go in that direction. So I think that what happened wasn't the best but the way that they're trying to go about fixing it without a big kind of backtrack is at least commendable. Well, Penguin. Yeah, so from my reading of what happened here, it sounds like BTER is blaming the theft on themselves and that's due to the fact that they did not have two-factor octaves in their service. Even though they had it enabled them several other places of vulnerable import, they did not have it at the actual source of all subsequent vulnerabilities. So I'm not trying to rub salt in their wound. I really just want to highlight Hammer Home so much. The importance of making the big Saturday afternoon leap into resetting your passwords with long, randomly generated passwords, use a key manager and enable two-factor authentication on every Bitcoin anything you've got and the email account that's tied to that, please. Very true. If they get the email, they get everything and this happens over and over again. So don't be a statistic. Yeah, since I'm sort of a privacy wank, I have kind of ambivalent feelings about this. On one hand, it's sad to see some hacker running off of people's funds. On the other hand, every time they're able to successfully catch one of these people, it makes me sad because I want cryptocurrencies to be as private as possible when the people who have control over the funds want them to be private. I do think that perhaps in the next few years what it will start to see is some companies start up around being able to set up sting operations for this type of thing because even if you work very hard to make a cryptocurrency private, when there's that much money involved, millions of dollars and there's relatively small number of parties, the ability to target individuals in any given system as opposed to de-anonymizing the entire system, that's very difficult to defend again. So I think that you could for a couple hundred thousand dollars form a team of people that would be able to hunt down the individual that stole the coins successfully, that I just don't think we really have anything out there right now, but it's a service that could be provided for sure. So I hope that will be one of the solutions that people look towards in the future. I pity the fool. Andreas Antonopoulos. Hey, I love the will's suggestion of using two factor authentication, but we're talking here about $1.7 million in NXT coins held in a hot wallet in an exchange. How many times do we have to learn the lesson that cryptocurrencies stored with somebody else having control over the keys? In this case, the exchange, I'm going to call them bitter. I think that's an apt name for them, pronunciation of their name right now. So bitter kept a hot wallet with $1.7 million worth of a cryptocurrency and they're surprised that it's gone. I mean, that's just monumentally stupid. This is Gawks. This is the same story all over again. If you have coins in your own wallet where you control the keys, if you control the keys, it's a wallet. If you don't control the keys, it's a bank and banks get robbed and banks have the bankers run away with the money and that's the story we should be learning from this. As for the idea that the solution to a theft is to try to roll back the consensus system of the currency and destroy the trust in the accuracy of transactions and the currency itself. Who would do something so monumentally stupid as to take a single bank theft or a single bank disaster and then try to either massively inflate the monetary policy or bail out the bank and undo history and try to essentially wreck the entire economy and the entire currency just to cover up for a mistake. Nobody is that stupid. Nobody makes mistake, except for the Fed. But nobody is that stupid to make that mistake. The lesson we should remember here is don't destroy the entire currency and the economy just because of one theft and focus on the real reason this theft happened. It's not because you didn't secure things adequately. It's because you gave control of the keys to somebody else. Once you do that, there is no security in the world that's going to protect you from a theft. If you put $1.7 million on a hot wallet on a single server, it will get stolen. There's no two factor authentication solution to that. It's stupid you put it there in the first place. There's no rolling back from that mistake. Just let those thieves sell it back to honest owners. At least mess up the proof of stake system of the entire currency. I don't even think about rolling back. Rolling back destroys the confidence in the currency and no one would be that stupid, except for the Fed. Yeah, just the other thing too is next has its own distributed exchange like natively. Why is the centralized exchange the solution for trading this coin? Just to echo Andreas' point about trusting the third party with your private keys. That's a very good question, Will. It's a very good question, Andreas. Exit question. Will BTER find the hacker? Very yes or very no? Blake Anderson. It depends on the amount of money they spend tracking and the strategy by which they try to go about the coins if they have an effective budget strategy and plan then yes and if not no. Will, payment. I don't know if they can or won't, but I hope they don't for the reason Andreas articulated. This is something that I guess I shouldn't say I hope they don't, but I think the lesson to learn is the one Andreas articulated and that's the takeaway not rolling back the coin or trying to reconstitute everybody somehow after the fact. This is like, it's time to stop playing around with these businesses. Kristoff Atlas. Yeah, if I had to guess so it's a probably not and I wanted to add one other little note which is I guess the most recent other large scale exchange that I'm aware of was the Veracoin. It's interesting to me that these last two big thefts have happened with proof of staking coins as opposed to proof of work ones where there is this incentive if you're not, you know, some coins have the capability of keeping the coins online just briefly or in some kind of weird pseudo cold storage solution that I don't fully understand and you can still get your staking dividends, but a lot of them they don't even have that capability and for the ones that do lots of people don't really know how to make that happen. So you have all these people they're leaving their coins online, think that they're going to make it big with their dividends and ultimately what that means is that just the principle of the investment gets taken instead of getting these dividend payouts. So I think that proof of staking coins have something to prove in this arena that they actually can successfully secure their critical ecosystems. And Chris. Doesn't that next they have contracts and multi-sig and next generation, next generation capabilities. Right. And here's the simple reality of practical and pragmatic security. The security doesn't work until you use it. The system will protect you unless you turn it on. And even in Bitcoin now, multi-sig technology is something that is becoming very widely used. In fact, interestingly enough, the recent ether sale Ethereum now constitutes the largest multi-sig holding in the Bitcoin space. Why the hell was that money not in some kind of next generation secured contract or multi-signature address? Because people continue to make the same mistake and they're not going to have technology save them from their own mistakes, they probably won't find who stole the money. And I hope that they focus instead on making sure they protect the rest of the money, which is just as vulnerable as the money that was just stolen. And we have no indication that the security practices have changed. Maybe they turned on two factor of the indication. Still doesn't mean they control the keys. I agree. I think to see some people come out with some standards and practices for this is how you do shit when you have an exchange even for the all-quin ones, even for the ones that are not doing fiat to Bitcoin and start having some auditing agencies, some kind of consumer reports, seal of approval, whatever it is that we need so that these exchanges can come under the guidelines of what's reasonable. Because right now, just customers have no clue about what the hell they're doing to secure funds and it's only exposed when the funds go bye-bye. It would be nice to see the exchanges work together on this document like an association because if one exchange gets hacked, it really is bad for the other exchanges. The industry as a whole looks bad. And if they had an association, we could say at least it wasn't the association they got hacked. Well, yeah, this is what regulation is supposed to be. Policies and practices that businesses agree upon to keep business regular and to keep people safe. We've had this conflation of law and regulation now. So we think that like laws have to come in and try to somehow be something that is not representing a protection of negative rights, but it's going to go actively modify more things. I mean, I think that this would be a prime example of where it would be good to have regulation that all these exchanges are working on together. Instead of law-ski having this big nightmare circus with everyone focused on him with his hands down, really causing a lot of non-progress and messed up effort. Unfortunately, Andreas Antonopoulos has to leave, but we're on to issue three. Issue three, Albertson stores hacked for credit card data. Yet another chain has been hacked for their credit card data. Joining a list that includes target PF Changs, Goodwill, the Chicago yacht club. It's about time we had some yacht club reporting on the show. Demon Marcus, Shaw's, Star Market and Super Value. Some of those might be the same company. Should Albertson's roll back the credit card chain or attempt to catch the hacker? Why do companies keep using insecure credit cards criminally and unnecessarily exposing their customer's data? Will Penguin? Well, you know, they're wedded to these old systems of trust that people seem to think are still working just fine. Leave it alone. It's a little bit of content. Right. Yeah. I have some consternation about some of this ludite mentality, especially in the payments world. You read news articles about Visa talking about how they're coming out with these kinds of innovations and stuff like that. And then you read testimonials of their former employees and executives and mid managers. And they talk about how Visa is a dinosaur and it's just stagnant and not innovating. So this is why this time has come with these new technologies. Now, again, this is the biggest value proposition probably for merchants for all merchants. Because I think the biggest value proposition for a low margin merchant or mom and pop brick and mortar stores is the credit card fees. But the fraud protection is what's the big value for the bigger enterprises and stuff. And this is a huge infrastructure. Disrupting that is going to mean jobs are going to evaporate. And that's a good thing. I want to just highlight. I don't think a lot of the people working on these dinosaur technologies. Even though they're taking home their reliable paycheck that they're comfortable with. This is really what I want to get at. It's about seeing risk in the wrong way. I think a lot of the old guard, if you will, sees Bitcoin as high risk. And the current system is low risk because everything about regulating and torquing the legacy system is about reducing risk. That's the reason they do everything policy wise pretty much. And what is the risk? What is the risk? Like they say they're going to just be like, we're going to manage our risk because we're all doing a shitty thing that's dumbed together. But once we're all in the same boiling pot together, then we'll have the risk management stuff. Well, we're all going to have to get out together and we'll just get on to that bandwagon when that starts too. So it's not true risk management. I've never thought of that before. I'm sorry to jump in, but that was a really good point. It's okay. This is something that's good. That's something I've been thinking a lot about, wanted to talk with you specifically about Blake. But just to carry on the point, it's one thing to consider like stagnation and lack of progress or like, you know, calcification of an institution. It's one thing to call that low risk. It's another thing to call adventure innovation and, you know, outside box thinking progress. It's to call that high risk. If anything, that would be the more manageable risk. Even if it's higher to manage outcomes, then staying still and trying to keep everything still and keep it inside its borders and keep it from, you know, growing and developing. That would be like much higher risk requiring increasing overhead, ever increasing overheads to maintain. So this is why it's interesting to think about these fraud protection schemes that the legacy payments world is is wedded to. And what Bitcoin provides, which is full automation and protection and where baked into the native system, you know, where these other systems just don't have it and they they require tons of manpower to do it poorly. Christ off atlas. Yeah, so this whole story reminds me of a something that I experienced a couple, like maybe a year or two ago, I got an email from my credit card company and they're like, there are some charges on your account that seemed a little as are these yours? Are you sure that these are yours? And I'll take a look at that. And it's like a couple different sex toy stores online and LatinCupid.com and I was going to joke or so they were definitely yours. Well, the sex toy things were but the LatinCupid obviously wasn't because I was dating someone at the time and she's not to let you know. And they were like, oh, well, thanks for letting us know these are not these are not your charges. Forget about it. Don't worry about it. And to me, that's kind of like if you think about that, that's kind of shocking. Like, oh, so someone just ran up like hundreds of dollars on my thing. I just don't have to worry about it. It doesn't it's not going to I don't they don't care whether I gave out my credit card to, you know, a random Latino homeless people or like they didn't do any investigation about how I may have contributed to this to this accident. In fact, I don't know for sure that I didn't charge to LatinCupid.com. I just take my word for it. How is that possible? It's possible because they're charging the vendors that we buy stuff from out the ass on these credit card charges, right? This is something that we're working towards with with Bitcoin is trying to eliminate these middlemen who have a completely retarded system when it comes to security. Oh, I want to buy something. So I'm going to give you the the lock and key for a big pile of money with a $5,000, $10,000, $20,000 credit line and and yeah, that's how I'm going to buy a dozen eggs today is I'm going to hand that over to someone. That is a completely insane way of validating a transaction, but it works for them because they are just making so much money hand over fist on these transaction fees that they can just if when when the few thought, you know, they rely on the fact that it's it's kind of hard. A little bit hard. You have to put some effort into it to steal millions of credit cards at a time and that there's not too many douchebags out there that are, you know, skinning credit cards off of when they're they're working their waitressing job or whatever. And that's it. And then they just make a lot of money and they just they just write it off as an expense every single year and they don't really work that hard to improve their security because they're just making that much money. It would have to the money that they would put invest into to to securing the network or whatever it would just because these design is so completely broken. There's no way that they could spend enough money to to make that up that's comparing to the small relatively small amount of money they lose to these fragile and charges. I think they'll just keep doing that as long as they possibly can until they replace these middlemen with something better. They're going to keep doing it and they're going to keep hiding it from the consumer because we as consumers, we don't, you know, we say, it wasn't my charge. They're like, don't worry about it. They're like, oh, that's nice. What we don't realize is that that makes everything way more expensive for us because that's a possibility for them to just write it off as an expense. So, you know, I look forward to the days when this is no longer a passability when I actually send the value to the merchant or to the person that I'm buying from rather than giving them a lock-in key to a $10,000 credit line. That's a great point. I wanted to just chime in. I'm in. I was just trying to pick up on Chris Tows Point. There's like something important there with being able to control your own information and a system that allows you to do that and relying on these people to just make stuff up. It's proof that it's made up. This maybe could be a talking point where these fraud protection strategies and policies that are in place on the legal level and on the corporate level are really just proof that this whole system's made up. You could never do this with Bitcoin. There'd be no way to do that. In fact, you wouldn't need to for a lot of reasons, but even in some cases where there's maybe, you know, derivative action going on, you wouldn't be able to do this. If you could not replace, you can just say, oh, yeah, that money's just gone. Who cares? Yeah, the credit companies also have these made up compliance things where you have to get compliant in order to process these credit cards and transactions. Basically, I've worked in this space for years. It's a complete crapshoot. What you do as an auditor is you come in, you look around, you're like, oh my God, what are you people doing? Don't worry, just write it down. We'll put it in a report. That's all we really need to do. We have the box that says we had someone look at our systems and be completely horrified. That's about what they have to do in order to remain a processor of these credit card systems. The idea that these people are doing something to secure their systems, if they have some kind of incentive structure in order to do that is completely farcical. It's just they bring in the auditors a lot of time. It's like automatic codes scanning, automatic scanning of your websites, not even weeding out the false positives of information. It's just going through the motions really when it comes to actually securing customer data. Hey, talk about the payment card industry data security standard. Yeah, it's been fun for me too. And Christoph makes a great point because most consumers aren't merchants. So we don't know that these fees are being charged per transactions. We don't know about chargebacks and having to pay for merchandise that was stolen. And without this, they would have a complete monopoly on payment methods. And then the merchant has to partner with them so they have to pay these fees that we don't even know about. So it's all happening in private. And then you can go back to the financial institutions. I think Anderson, your thoughts. Well, I mean, this goes back to like when I first started working with Bitcoin. When I first heard about Bitcoin, I was working for the financial institutions. And when I saw it, I was like, okay, we have all this stuff that I'm doing right now for the financial institution that involves risk management mitigation and all those different things. Because we heard a giant bricky more institution like 400,000 employees, like all of the overhead was trying to take our math-based security and apply in such a way that it really did compartmentalize all this stuff that we did be sensitive. And then people wouldn't go with their laptops and log in from home and then have vectors of attack and all that kind of stuff. And when I got the Bitcoin white paper, I realized that the security was so much better managed and more tight and more kind of serviceable and they're in real. And this giant blah of completely unmanageable risk that was managed pretty well. But like Will was saying, a lot of the risk management strategies that we have today have become really bad. Like group bandwagon risk management strategy or we're going to have a good risk management strategy relative to credit cards because we're going to have really, really, really good punitive action. We're going to come and punish you really hard, cold with like a felony if you come take advantage of this really insecure system in our criminal within. So we have these really, really bad systems of ineffective risk management. We're wearing a people are desperate enough that's not effective system of risk management. But if you're desperate, you can go be to credit card and you know you fraud to get you in your stomach and feed your family. This is not a these are not good systems because people know that they can fall back on that and all kinds of behavior get told a lot of out of proportion and I control. So I think that it's good when these that legacy systems are shown for what they are. I think that we need to stop being so lazy and trying to risk manage using soft sciences like psychology and stuff like that. Exit question CNN reports that more than half of American adults have been hacked this year. What are a few good security tips? Will penguin. I'll just highlight what I said earlier and what I've said in other recent outlets. Enable to factor authentication. It's called different things on different services. So search it search how to turn on to factor authentication with Google or with Facebook or anything that you want to secure. Google it find out what they call it and figure out how to turn it on and especially do that with your email address and especially do that with whatever email address you've associated with any Bitcoin. And then obviously also turn on all those encryption settings to factor spend password all of that stuff for your Bitcoin. Kristoff atlas. I think probably the best advice is to just smash all your computers and go live out in the woods because at that point, you don't have to worry about securing any of your digital equipment. Yeah, I've the grid right. Yeah, I don't know, you know, as far as like the credit card type of stuff goes, you can get these free credit reports and keep an eye on that every once in a while. If you're concerned about identity theft, it's kind of a hassle. We shouldn't have to do that in the future. We won't be bothering to do this stuff because we'll be. We'll have much more mediated access control over our information that will give out to individual parties rather than just putting it out there. I think that's the best way to get the credit card for the world to see and hoping that it's secured by the good guys. But yeah, I think the credit card, the credit report kind of stuff is good for identity theft. And as far as Bitcoin goes, I would really, really urge people really, really, I like, I want to. I just want to like grab people and shake them sometimes when it comes to their big point security. They belong in cold storage, even with two factor authentication, two factor authentication is a way of you securing your hot wallet. You always treat your hot wallet like it's the wallet that you carry around with you. So unless you're like exhibit and you would walk around with $2 million in cash and your wallet or if you're going to go to the strip club and make it rain, you treat it like this, this smaller amount of funds. That's what's appropriate to keep in these online wallets. Otherwise, you put it in cold storage. And I think that combining cold storage with these kind of M of N, multi-sig things are quite good. I think they're becoming more and more accessible to people and people should really look into finding out whether they can accomplish this multi-signature approach so that you can give out, you know, a few crappies to your friends and your lawyer and so far. And then you're safer from any one single point of failure. $2 million in rain. That would be a major flood or a tsunami. Blake Anderson. You always have to like just completely derail my train of thought right before you like you'd like to go, what are we talking about? Where are we? What's my opinion? Security tips. Right? Your password is down. Use a password. Now I remember what we were talking about. I was going to talk about like the emperor and his no clothes. Basically, like we used to be naked and then we had clothes and now like passwords are the new clothes and stuff. Like if you're out there on the internet naked, you might be like raped or you need to like put on some clothes and clothes are not really passwords anymore. Like passwords or you have like maybe like some reggae in an andy cut out like paper mache stuff like staple on your body and you can like move around with passwords aren't good enough. Two factors to my actual clothing. So you can go out and be secure in your prison and not be raped and be comfortable and warm. And like that's how elemental this new stuff is. It sounds like we're being all fancy and trying to tell people, oh, you got to come in with this new two factor authentication and stuff. And we're not trying to be fancy. This is like really like there's not a whole lot of forgiveness. If you come out and have a lot of your value exposed in your naked on the internet, you really need to use two factor authentication. And I hate to harp on the exact same stuff that was already said, but I can try to give you guys like tips on how to best try to manage your privacy and your passwords without two at bay. But I think it would be a waste of time. Just go right for the best solution. It doesn't take that long. And remember that previously you weren't a target because you didn't have anything of value. Your computer had no value. Your email had no value. But when you get into Bitcoin, that changes. Now your computer has value. It accesses your Bitcoin accounts. Your email has value. It controls all of your Bitcoin accounts. They can reset the passwords. You might not even know this. But if someone gets into your email, they can't just send funny messages. They can reset the passwords to most of your other accounts, which could just not result in just embarrassment anymore. It'll result in them taking your money. So even if an anchor account, so think of it as your true anchor account that has access to all kinds of other stuff that are very high level. Your email account is very valuable in this day and age. And that might change. But for right now, that's where we're at. And that your Bitcoin account can also expose how much funds are in your account. So if you go around spending Bitcoin from a large value Bitcoin account, you're telling everyone that you have a large value. And what the hackers are looking for, those large value accounts, they can come back to and hack into because when they take your Bitcoins, they take all of them. They never leave you any. And it's like you left them on a counter somewhere. And suddenly they are on the counter one minute and the next minute they're off the counter and they're gone. So be ready. Moving on to issue four. Choose your own topic. eBay's payment unit, which processes payments for Uber, the car sharing company, and Airbnb, the extra room in your house sharing company, is considering accepting Bitcoin. Meanwhile, Coinapult and the Bitcoin beauties are going to drop Bitcoin SMS wallets and a party on a Caribbean island island. And you could be there if you donate Bitcoin or you could just buy a ticket and go let the bit drop dot com. And finally, the world crypto network had its second live town hall meeting and you can watch it even now because we recorded it. Things are truly getting decentralized as the world crypto network grows up from just a few people sharing a YouTube channel to the future of decentralized user creative media and a force for spreading the blockchain of goodness in the world. But it's your choice. So what would you choose? Christ off at this. I think just accidentally me to myself. I think that the Caribbean island thing sounds pretty interesting. Carice, which island it is. I was particularly curious to see that the coin of help people felt that this particular government was on board with helping to disseminate the coins and educate people about that coin and so forth. I really am curious, you know, are there going to be these little pockets of state around the world that go along with the coin for a while and how long does that last? And what is their relationship look like with the rest of the states? Because for the most part, they're going to be quite uneasy with Bitcoin. They're not going to be embracing it with open arms. It's going to look more like the state of New York looks like right now. So I'm very curious to see how long this little Bitcoin party can last wherever it starts up. Blake Anderson. Well, I wanted to talk a little bit about the town hall bullshit and how you asshole tell it without me. And you know, I'm never coming back. I'm never going to show again. So hope you guys had your fun. Because I'm done. I'm so it's going to be difficult there. Come on, we'll keep it going. What you got? Yeah, guys. All right. I'll talk about. I know Blake was coming back. So I wanted to get in the last word. I thought he'd be back quicker. But I'm Mike. God. No, that was my dramatic funny bit. Okay, sure. I'll take it from here. Yeah, I'm glad you guys left me the eBay payments one. I'm really, really excited for the inevitable announcements that Uber, Lyft, Airbnb, and other sharing or gig economy type sites and companies are accepting Bitcoin. I'm really, really looking at a lot of these giant sharing and gig economy companies to lead the way for so many people who will be disintermediated or lose their jobs because they get automated as Bitcoin absorbs that part of their industry. They can then go and become microntopreneurs seamlessly and easily and have actually flexibility in their life, their own free time, choose when they work, make more than enough. I mean, if you drive for Uber right now, which you can easily get hired at Uber if you have a decent driving record insurance and a decent vehicle that you keep clean. That's it. They'll send you an iPhone and off you go and you can make 20 to $30 an hour doing that. You just have to do it for 40 hours a week. But most of most people are used to working much more than 40 hours a week. So, and it's not flexible. So this is what I'm really looking forward to so that when this is powered by Bitcoin, it can gain ubiquity much quicker and more and more folks will probably abandon their dying industries for microntopreneurship. This is going to happen. I can't wait. I just want to figure out how I can help steamroll toward that future. Excellent. Moving on to question and answers, but there are no question and answers. I think I almost think it's broken, but we'll just move on to predictions or story of the week. It must be broken. I know. I'm just here. There's no questions. I can't understand that. But Blake, do you have a prediction or a story of the week? A prediction or story? My prediction is that long term of course Bitcoin is going to go up the merchant adoption exploding right now is good. The current and the horse problem before people were like, nobody accepts it. Well, that's, you know, that's being overturned right now. It's not a bubble. So that's good. That's good. So that's my prediction. I guess the story that would be fun to tell would be about Robin Williams because it kind of opened up with him. Robin Williams was a friend with Chris Reeve. Was it Christopher Reeve or Chris Reeve who was in the unfortunate accident horse riding and was paralyzed. He was quadriplegic, I believe. And he was friends with Robin Williams. Robin Williams went to visit him in the hospital and Chris was having a pretty hard time obviously. And Robin Williams came in pretending to be a Russian doctor and they really blowed in flamboyant. And he just repeatedly declared that he was going to fix Chris's quadriplegicia with a colonoscopy over and over and over and over. It was so inappropriate that everybody was laughing and Chris thought that everything could possibly be okay after that. I don't think that anybody is going to forget Robin for a long time. Beautiful story. Will Pangman. Yeah, story of the week. I think I was going to talk about the bit drop actually because I think that's really cool, but we kind of covered that. So I'll just opt for a prediction and I'm sorry to cop out guys, but I predict that my earlier price prediction will be wrong. Mine will still be right. Yeah, so my story of the week. I've been tracking the progress on dark wallet and they're doing good work, making regular commits and all that stuff and working steadily towards their final release, which I think is, you know, quite important project, especially with the advent of all this bit license nonsense. I think that in many ways dark wallet is the community response to bit license. And the only thing is that they do need a little bit of help completing their funding for the rest of the projects they need to get fully funded so that they can pay off their programmers and so forth. I didn't have some programmers who have been working on credit for them for a little while now. And if you look at their budget, it's pretty funny if they really break it down into quite a bit of detail. Let's see, it gets prices for fonts, developers, food, $300 euros for herbs per month. I don't know what herbs means to them on a little bit suspicious of that cost, but a little bit fly rice and pasta, tomato tins, pulses and sausages. This must be some kind of crazy European stuff. But yeah, so they like they really broke it down for exactly what they need and what they're going to be spending their money on for the remainder of the project. I think they're looking to put out kind of a final release candidate, you know, ready for go time towards the end of the year. And so if you have any bits kicking around in your wallet, they'd like to send their way. I know that they would be very appreciative of that. And I think this is like a really worthy cause to donate to. I'm not always a big fan of charity. I'd like to give money to causes that can really directly contribute back to me and rich my life. And I consider dark wallet to be one of those types of causes where my life is going to be better as a result of my bitcoins. You're going to be worth more when dark wallet finally comes out in this stable and ready to go. So, you know, do what you can to help those guys out. Very cool. And finally, camp Bitcoin is no more. Now it's called camp dogecoin and camp dogecoin is going to be going off at Burning Man 2014 just a couple of weeks from now at Tom and Gary's decentralized dance party, which is also a very cool project that I read about on Indiegogo. They've been traveling the world setting up dance parties completely funded by the internet. Very cool stuff. But we're out of time until next week. Bye. Bye. Peace. Don't never stop. Don't never stop.