The Bitcoin Group, the American Original. For over the last ten seconds, the sharpest Satoshi's, the best Bitcoins, the hardest cryptocurrency talk. We'd like to welcome our panelists, Blake Anderson from Facebook.com slash got Blake. Will Penguin from Topiki? Hi. I'm Thomas Hunt from the World Crypto Network. It's time for the 2014 Bitcoin Group year in Review Spectacular. I wish we had some music or some fireworks or something. Blake, do you have the envelope? Are you ready with the envelope? I have it right here. And it's been hermetically sealed? Hermetically sealed. Hermetically sealed, left in a jar on Funkan Wagnoles porch for over two weeks. Delivered here by Mr. Blake. Okay, Blake, send us the envelope. Amazing technology. Look at that. And here we have hermetically sealed. Arnac, the magnificent. Are you ready for the biggest winner in Bitcoin 2014? The answer is right here inside this envelope. It's tarot open like that. This little thing. I'll do that for the air inside there. What's it going to be? The biggest winner in Bitcoin 2014 is critics of Bitcoin. The price is down and they've done nothing but brag for weeks. Bitcoin is the worst investment of 2014. Bitcoin bubble bursts. Bitcoin is over. Of course, if you extend your forecast to the last 14 months, the price still doubled. But still, critics of Bitcoin, the biggest winner in 2014. Moving on to biggest loser, Blake Anderson. Who's the biggest loser in Bitcoin 2014? Moving right along, the biggest loser is the price. I don't think that a lot of people were ready for the monetary policy of Bitcoin to be cranking out as much as it has. Until that 2016 block having the price at the end of the year took a big hit as people prepare for that. I'm going to have to say price. Well, Pangman, biggest loser. I'm going to have to go with Bitcoin exchanges as a whole. They can't seem their own. The exchanges are fighting back somehow. And the biggest loser? This one's a tie. Mark Carpellis and Charlie Schrem. At the beginning of 2014, both the CEO of Mt. Gox and the CEO of BitInstant, were on top of the world. Members of the Bitcoin Foundation board and proudly documented in the upcoming film The Rise and Rise of Bitcoin. However, their rise was meteoric and soon they were headed back to Earth. Schrem with a two-year jail sentence and Carpellis and Mt. Gox with an ongoing bankruptcy. Best Bitcoin company, Blake Anderson. Well, I'm thinking the best Bitcoin company for right now is AirBits. They are doing a lot of good interaction with the community for a development that's driven by the community to see what the community wants and they've done a really great job of taking the desires of the community and turning them into deliverables and a great wallet. So they're a newer wallet, but let's see how AirBits does. They are pretty exciting. I was especially impressed to hear that they don't store location data for their users. They don't store any data for their users other than a username and a password. They are protecting the data privacy of their users. And that's a bold choice. That user data is valuable. Well, what's your choice for a best Bitcoin company? Well, I think it's hands down. Gotta be bit pay. There's some interesting publications that come out of the Satoshi Nakamoto Institute of Austin, Texas. One of the more interesting pieces I read this past year was about, I guess what they were proposing is a philanthropic entrepreneurship or philanthropic venture capital, basically. So the idea is to give away as much of your company for free as you can. And with the technology that's ripe for network effect, such as Bitcoin, that that will pay off down the road. So bit pays a company that I see kind of following or doing this. And maybe this is maybe where Daniel Krawitz who wrote the article got some of that idea. But they release open source software all the time. They're cross platform everywhere. They're easy to integrate. Their user interfaces this past year, especially, have gone way better. And things like the Bitcoin Bowl, I mean, they've done what only they could do and what no other Bitcoin company could do. And that's get on primetime national television on cable, get three million eyes, and commercials out there that actually aren't that bad. So I gotta say bit pay. Well, it's absolutely right. Bit pay is the best Bitcoin company of 2014. For sponsoring the Bitcoin Bowl and national media success on ESPN and for not putting their name on it, a rare occasion of a corporation acting for the good of Bitcoin. And now the other side of the coin, worst Bitcoin company, Blake Anderson. The worst Bitcoin company this year is a really extra stinky repulsive turd, modest butterfly labs. I don't think that there's very many people that know who they are that would wish anything. But most terrible of the best people. So maybe they may they have rotten luck in the future. And it was just bad enough when people were waiting for their pre-orders for butterfly labs and losing money because the miners were becoming less valuable. Then when we actually learned that they were joking about it on the inside, allowing employees to take home miners and keep the coins, they weren't mining on a test net. It seems they were keeping the coins and they had those foam fingers made that said, BFL, why you know ship, literally making fun of their customers troubles. Butterfly labs, pretty bad. Will Pangman got an answer? Worst Bitcoin company? Oh, man, this is a really hard one for me because I don't like to hang anybody really. But I think Mula, really in all their attendant properties, they really deserve it. They came out with a splash early in the year doing things like the doge car. They gained trust incredibly quickly and easily and a whole lot of it. Only to probably provide the most egregious disappointment in the space thus far, just short of BitStamp, which actually happened in 2015. So yeah, I think it's Mula. I mean, people knew Mt. Gauk's stunk and they took calculated risks to continue to deal with them. But Mula, except for Ben Dordberg and maybe a handful of other people, came out of nowhere and just ruined a lot of lives. Mula even managed to, for a short while, chase the creator of Dogecoin. Jackson Palmer himself out of Dogecoin. He described them as a cult. He was upset at the community, but I think he was really upset with his dealings with Mula. And they had that little thing where they put, they publicly put his name out there and they tried to figure out who that guy was and that whole mystery there. Jackson Palmer was actually right on that. Mula was the bad actor in that situation. But the worst Bitcoin company, Mt. Gauk's, for the second year in a row. We still don't know what happened to the stolen Bitcoin and the bankruptcy trial continues to drag on. Meanwhile, their black box centralized token substrate model continues to be used and celebrated by other Bitcoin companies. Then will people learn, never let anyone hold your private keys. And that's the big story. And that's the big story is that this situation that they have showed how catastrophic it is, everybody's doing it. It's like the lemmings are all headed towards the bridge and everyone's like, wow, looks like if you're at the front of the pack, you get killed going over the bridge and they're all walking towards the edge too and it's, you know, that's the big story. And just like the bit stamp situation, if you're trading on an exchange, you're going to get an exchange. Don't leave your money on the exchange. A lot of people haven't been able to access their coins from bit stamp for the last few days because of their problems. And if they just kept their coins at home, held the private keys themselves, they wouldn't have this problem. But then I know trading is trading. But if you can't think of the job of securing your coins, lease of all an exchange. I mean, cold storage is the only option. And if you're going to have it out of cold storage in a hot exchange or in a hot wallet, an exchange is the least safe option. And probably always will be. So that's right. Go ahead. Well, it's not hard to pull your coins off an exchange at night when you want to go to bed and throw them on there right as you're making your coffee in the morning to get ready for day of day trading. It's easy to do. It takes maximum 30 to 60 minutes on either end. And then you've got 10 hours of trading ahead of you and you can feel secure while you're looking at the screen. There's also percentages. You don't have to keep all your coins that you're trading with. You could back up 10, 20, 30 percent of them just in case something like this happens because it's happened before and sadly it's likely to happen again. Now, most defining moment, the most defining moment in Bitcoin 2014. Let's go to Will first this time. Will, most defining moment. I think this is another hard question. There's a lot of them. There's so many milestones and one year, 12 months feels like many years when you're staring at Bitcoin all the time. So it's really hard, but I'm going to have to say the Bitcoin bowl just because of those 3 million eyeballs that were exposed to Bitcoin in a very favorable context of very appetizing or just easy to digest context. And yeah, I mean, college, all the demographics, college kids, parents, college kids, anyone who watches ESPN all day long, which is a lot of people, a lot of bars, taverns and restaurants, it was amazing to see that come across the TV screen. I was actually at the game so I didn't get to enjoy the feeling of watching it from home. But I can tell you this, I got a bunch of text messages from friends of mine from the Milwaukee meetup or from other places around the country in the world actually like Skype messages and text messages saying people felt like like a proud parent watching the Bitcoin bowl, even if they hated sports. And that said it all. The Twitter reaction was also great. And especially amongst non-bitcoiners, the general reaction was Bitcoin has enough money to sponsor a bowl game, which completely opened their eyes to the fact that Bitcoin is a huge ecosystem with incredible companies operating within a tons of venture capital and a very exciting space for the future. We might even have gained a few programmers, people who want a program Bitcoin because they saw it on the Bitcoin bowl. It was a great moment. Blake Anderson, most defining moment of 2014. Well, I think that by the numbers of Bitcoin, go matrically, Dell accepting that coin was massive, massive news. I mean, one of the biggest companies in the history of recorded anything. So I mean, Michael Dell coming in and being like, we're going to trade computers, which computer people like, for computer currency, and the computery circle of life was strengthened there. I thought that was pretty cool. Dell was also one of the first big startup companies back in the day when you were building PCs out of parts, and they were the one that said, hey, we'll put them all the parts together and we'll send you that PC. You don't have to bill yourself anymore. It's a very big innovation back in the day. But I have down for most defining moment of 2014, Overstock.com accepts Bitcoin. One of the first large companies to accept Bitcoin and more important than that is the ally that Bitcoin gained in Overstock CEO, Patrick Bern. Bern already a radical on Wall Street for calling out naked short selling continues to innovate in the Bitcoin sphere with his plans for Medici and distributed stock market. And now the biggest surprise, biggest surprise in Bitcoin 2014, Blake Anderson. I think that one of the biggest surprises was the bear whale. I don't think that the numbers really made sense for the bear whale to do what the bear whale did at the time that it did. So it was kind of a fun event watching the big digital virtual bear whale wash up. Then everybody run with their knives and forks and eat it on the beach really fast and see how quickly a hungry environment could eat a whale. I think that was pretty cool. I thought it was funny that people were freaking out because of the ass. There was a belief that he would cause the price to go down, but the price actually studied and people bought all the coins, which was really unexpected. Even by the bear whale, I'd imagine that they didn't think they would be able to sell all of their coins at that price. They might have to pull that order off the board, put a lower order in, but they did sell all coins at 300. And like I said, I'm putting a person in a wood chipper, I imagine putting an entire whale in and then like going in really fast, you'd be like, wow, that was a remarkable event. I'm thinking about as far go when you mentioned that Blake, because you're in Minnesota, close enough to. Absolutely. But anyway, I just wanted to chime in about the bear whale. There's an interesting theory that I've heard bandied about, not totally discreditable, discreditable, I guess, that Tim Draper was the bear whale and he did so to keep the price stable, not to depress the price, but to keep it stable and low so that when he won the silk road auction, he could point it for that. That's an interesting theory. I have no, you know, I read it, I'm read it. How about that? I do recall during the bear whale that I was linked to what was believed to be at the time the draper's Bitcoin account that they won from the first silk road auction and those coins were all still there. It is certainly they are billionaires, they could have other stashes of coins, but I do think the silk road auction coins were not sold on the fair. I would just positive, I guess, that if you bought silk road coins, those probably wouldn't be the first coins that you bought. Yeah, definitely not. Meanwhile, let's see, biggest surprise, big, oh, let's say, will, do you have a biggest surprise? Yeah, I definitely cannot leave out this answer. This is something I'm pretty sure won't appear on anyone's list, but it should. It is the most cool thing and I discovered it maybe a month ago and more recently some new features, shakeshift.io. One of the awesomeness services for Bitcoin and altcoins out there. No account, it get whatever altcoin you need, you send Bitcoin to it and you get the altcoins. No accounts, it's an exchange with no accounts, it's awesome. And there's amazing features they're coming out with. I just discovered, shakeshift lends the other day, which allows you to pay any alt currency really out of ten that they support, I guess, for whatever you want to buy that accepts Bitcoin. So if some merchant or service accepts Bitcoin and you only have quarks, you can buy it using this, shakeshift lends. Amazing, awesome, simple and so cool. I can see this thing scaling really well and helping Bitcoin and crypto in general scale really well. No account needed and a lot of people don't like accounts. Very cool. The biggest surprise in 2014, the Bitcoin price collapse. Nobody saw it coming except all the critics but they've always been rooting against Bitcoin. I lost money, you lost money, everybody lost money. Even the drapers and their billionaires. Next, the bummastrap. Will Penguin, what was the bummastrap in 2014? This was a tough one to answer but I think it's got to be Zapo. Zapo started the year with a bunch of news that they were going to have a debit card and they were going to challenge Coinbase and Circle and Wences' Azaris is a really eloquent CEO who's not a further Bitcoin in America and other parts of the world in America too. I think they got a bummastrap because they were a little reckless with their announcement about the debit card and whatever but that was their mistake but they got way too much criticism for it and I don't hear much about them anymore. I don't know how well they're growing and I think that's why they're the bummastrap because a little bit of a PR, Snap-Foo with the announcement of the debit card and then the debit card having fees when it was talked about not having fees and then no debit card happening at all and I think they got a bummastrap. They're trying to innovate and they're constrained because they're a US-based company and they've got a little bit too much heat. They have pivoted a little, they now have a wallet and a tip bot on Twitter. I'm not sure how that's going to go but Zapo is still trying to make it. Blake, Chapson, you say? Obviously, I always be afraid of centralization mixed with the zero fees. It's generally a recipe for something that's not being communicated to you. You're not probably engaged in a mutual assent oriented situation. If you can't figure out what the product is, the product is you. Blake Anderson, your choice for bummastrap. I would say that the bummastrap is Ross Albrecht. He has gotten a bum rap for people say that he has been, he was administering a website of the Dreadpilot Roberts, the Silk Road. They have not produced conducive proof that doesn't violate the Fourth Amendment that he did that. It seems like they're going to just push the case through no matter what. A lot of people are in support of it because there was some kind of episode of New House Wife and something like that where there was a murder and they implied it had been done because of an online drug trade and stuff. They seem that he did it, which is the most egregious libel slander, whatever you want to call it, that I could possibly imagine. I think that that is the bummastrap that I could possibly imagine that he could sacrifice his life for imprisonment and that the populist won't come to his aid as they should because this massively popular vapid TV show made it seem like he was guilty when he wasn't. So it's a pretty bum rap. Additionally, the way they've taken his libertarian beliefs and philosophies out of the court case instead focusing the public's attention on the so-called alleged murders, which again, they first they entraped him, threatening him, then they offered him a fake hitman to take care of the fake threat. So it seems very fake, but we'll have to see how that goes in the trial. We're going to charge him with a crime that required a body and there have been no bodies and that's why there's that one charge that's well, that one alleged charge that hasn't been filed. They certainly had no problem using the murder charge against him in the court of public opinion though, but you're right, well, habeas corpus present the corpse. But the bummastrap is Dorian Satoshi Nakamoto, Newsweek wrongly accused of model train enthusiast and retired engineer Dorian Satoshi Nakamoto of being the Satoshi Nakamoto, the creator of Bitcoin. Newsweek was very wrong. Definitely the bummastrap. We'll pay, let's see, Blake Anderson, what's the fairest rap? I think that the fairest rap is everybody talking about key storage, keep your own keys, manage your keys, don't allow other people to have your coins stored, don't use services that operate on a token substrate. If you have somebody that you give your bitcoins and then there's an integer digit that comes up in some kind of an online wallet that you don't have the keys for, that's not real, that's an IOU of the worst kind. So I think the fairest rap is people saying keep your private keys because when things like bid stamp go down, a lot of people lose their hat, people with their private keys are protected inside of the fairest rap is the keep your private keys protected and I think it always will be. From bid stamp to moolah to mount gocks to mint pal, it would have been better off if you kept your private keys. Will Pangman fairest rap? Well, I had a couple answers written down here and I'm going to go off script actually, I'm going to say the Bitcoin foundation. The community's not been happy with them, they are changing direction this year and they've got Patrick Merck stepping up now from General Counsel to executive director. I think it's a good choice, I appreciate what I've seen from him thus far and I've been admiring of his work as General Counsel for sure. I admire John Matona's too, I think he probably did as well as he could but the big reason that I don't think anyone talks about why they have a fair rap in terms of their public image or appreciation from their community is because they have lots of insider information and I can't think of a better term for that. Happened bad this past year and they could have maybe mitigated these things, they could have emulated some of them before they happened perhaps and I think that's a huge responsibility that they failed, they failed this community in protecting it and promoting it and securing it. I think those are three mission statements that they say they have for Bitcoin and they've largely ignored that from a human standpoint especially when things they know can negatively impact Bitcoin in general and the community and yet they fail to disclose them or fail to work to appease them or put a stop to them so they have a fair rap. Well I think also that in a vacuum of an effort to emulatorate anything that's negative they would have to be the assumption that they may have done things to exacerbate for their own gains, the things that happen because if you're not working for emulation for protecting the community they could be assumed that they would have to possibly furnish evidence that they did not make the situation worse and profit. I don't want to go out and say that that's definitely the case but it's something to see what people should think about it. If there's a group which are pretty sure to have known about something coming down the pipe and you didn't warn anybody why didn't you warn anybody did you profit from this and let's see what was up there. There are also they failed to remove Carpellus and Shrem immediately from the Bitcoin Foundation board as soon as the hint of the crisis began. Also there were rumors that some Bitcoin Foundation members might have gotten their Bitcoins out of Mt. Gox when no one else was able to get their Bitcoins out. That hasn't been profound yet but the idea is still out there. The fairest rap Bitcoin is not dead. Many journalists and media figures have called for the death of Bitcoin but they're all wrong. From Professor Bitcoin who claimed that Bitcoin would go to $10 or coin to many who believe it would not bounce back after the speculative bubble. They have been proven wrong and they will continue to be proven wrong. Best comeback, Blake Anderson. I would say the best comeback of the year would be BTC use adoption and activity in China. In Chinese BTC activity fell off for a while and came surging back. I don't think that there is a ton left over as far as diversification and really really high upside extended returns when you leave Bitcoin. You made some money and gotten it and gotten it out and you sit there with your investments and think about what China invested. Let's go back and invest in Bitcoin. It's the most exciting and has the most potential so it was good to see a China bounce back. Many worried that China like Russia would ban Bitcoin but as we know you can't really ban Bitcoin because it's an idea and you can't ban ideas. Will Penguin best comeback? Hopefully this answer doesn't confuse too many people. I'll try my best to explain it but I think the best comeback in Bitcoin has been Charlie Shrem. It was late 2013 or very early 2014 when he was arrested and he's been on house arrest ever since. If anything can get you down as a young entrepreneur like 24-year-old millionaire who's visionary and building solid companies. Bit instant was a solid company. He had redundancies in place. He's a very smart entrepreneur. The only reason they suspended operations because they were forced to. Not because of anything else. It's a big comeback because this is a guy who's charged with doing business with someone who did business with someone who was sold or slashed laundered Bitcoin on the self-road. There's at least two degrees of separation from him and any crime committed with this money. We all know how much cocaine is on all these $100 bills of US beyond. It's a comeback because the way he handled this whole situation and what he's doing in the wake of this situation. He has a two-year sentence but it'll get reduced based on time served even though he's been on house arrest. That will count half I think as time served. He could be out as soon as eight months. Once he goes in, I think two more months, I think he's got as a quote-unquote free man with some ankle jewelry and then he goes to jail for eight more months or so. Maybe sooner if he's even really, really well behaved. It's a comeback because of the class that he's handled it with. What he continues to do, what he's working on, several projects and the value he brings to this whole ecosystem has been quote us, choked briefly by what happened to him. When he comes out, a free man, look out, Charlie Shrem is going to keep building and he's very young and well, he's got the resources to do it. He's my comeback. That's a good point. Shrem remains a sympathetic figure while Carpellus is completely reviled. I believe you're right. Shrem will be welcomed back into the Bitcoin community and continue to work for Bitcoin companies. Well, I'm not sure what will happen to Carpellus. The situation is still developing. But the best comeback of 2014, bit of a surprise, the US dollar backed by low oil prices due to fracking and shale oil. The US dollar has soared back, beating the price of Bitcoin all the way down to 283 with oil at an unbelievable $50 a barrel, silver down to $16 and gold at $1200. The US dollar, the best comeback. It pains me to say that, but the truth is the truth. Now we've got most original thinker, 2014, Will Pangman, most original thinker. Well, I'm going to go with the person who's written. I could go with the whole group of Satoshi Nakamoto Institute, but there are too much of trolls. I just don't want to give them all that love just yet. Plus they're young. They got time to grow. I think the person who's inspired me the most in terms of their writing and original thinking is fellow traveler, aka Chris Odom of Open Transactions. I can't say enough about the things I read from his pen, let's say, and his project as well is very forward thinking. He takes the serverless transactions to a whole new level. So that's really exciting to see. Open Transaction has fallen off the radar there, but I would like to see it when it's completed. It does sound like a very interesting project. Blake Anderson, most original thinker, 2014. I think it goes to Vitalik. I mean, if the category is most original thinker, I mean, he is way, way macro with game theory and things like that, trying to really transcend various different issues that happen with software and technology, maybe even outside of the systems and networks that they exist in, so it doesn't get a whole lot more creative than that, especially as a young man. So I have no problem giving it to Vitalik. Powerful ideas from Vitalik. But the most original thinker of 2014, Chris Ellis, an early member of the feather coin community, which was created by Jackson Palmer as the source for his ideas for Dogecoin. Feather coin was first, first to tipping, first to community, first to showing that altcoins truly are a laboratory for new ideas for Bitcoin. Mr. Chris Ellis also pioneered the blockchain ID and continues to break barriers every week on the world crypto network. The Bitcoin community is lucky to have Chris Ellis, and he is this year's most original thinker. That's a great answer. You can tell you've got original thoughts, original projects when people flock to copy them, steal them, co-op them, and whatever. Chris with his ID project and a couple others has had to share them. And even when the copies are more successful, it's still worth identifying the originator of the ideas. And a lot of people don't remember feather coin, but it was the first tipping currency. They had the first Twitter tip bot. They had the idea of community from the beginning. And in many ways Dogecoin copied, mirrored, and expanded on those ideas like good ideas should building and expanded. You could really go around the community and chase down a lot of Chris Ellis's intellectual property, which is funny because he would never know it by talking to him. He's not the kind of person that tries to own ideas or patentral people and talk about negativity. So Chris Ellis is a force in nature. I mean, if he was mass produced, the world would be vastly different, hopefully for the better. And now best new offering, Blake Anderson. Best new offering. Well, I mean, I'm stuck on the fact that it's a Bitcoin shop dot US. You can contact them via email, go to Bitcoin shop dot US. There's a lot of stuff that you can buy that's just in their store. But if you have something that you need to buy with Bitcoin, you can't get anywhere else and you want to do the deal, they will bend over backwards to facilitate that deal. So Bitcoin shop dot US and their willingness to facilitate almost any deal to be happening in Bitcoin. If you want to buy a snowblower or like a luxurious children's castle from an expensive magazine, like toy thing, anything, you can go through them. So it's pretty cool. Well, payment, best new offering. I don't know if this answer's off limits, but the best new offering of 2014 has to be multi-sig. You know, multi-sigs older than 2014, but in 2014, people actually begin using it and companies are implementing it in their wallets. There are whole new startups focused just on multi-sig and creative security solutions that only Bitcoin could offer humankind. And one of the amount of problems that will be solved through multi-signature transactions, we haven't even begun to see this is I think going to be the default way to use Bitcoin. Let's say five years from now, everything will be multi-sig because the security holes are just to cumbersome to deal with the standard Bitcoin transactions unless you're, you know, Blake Anderson. Well, yeah, I mean, I like what you said with the security holes because there's not security holes in Bitcoin. That side of the coin is covered, but there's security holes in human action and what you do and how you do it. Multi-sig helps to reach out in the Bitcoin network and secure the way that you do things. So I think that's a good point that you made. And it really is the company's offering multi-sig that's made it available. It's a great, um, Bitcoin, go, co-pay, coin kite, companies like this that are offering multi-sig and bringing it to the consumer, making it easier and easier with each iteration of their software. But the best new offering of 2014, everything, over stock, Dell, Microsoft, Tiger Direct, Expedia, you can now buy everything with Bitcoin. Throw in a late mention for gift accepting Bitcoin and you can even shop at your beloved Amazon dot com all with the fledgling cryptocurrency. There's now truly nothing that you can't buy with Bitcoin. Best technical innovation of 2014, Will Pagman. I'm going to go all the way back to, um, about 30 hours in February of 2014, Toronto, Canada, in the upstairs of Bitcoin, of Bitcoin Decentral, where Amir Taki and a couple other guys took 30 hours and made the prototype for what is now called open bizarre, dark market, best technical innovation. They made a working prototype and in 30 hours, they won the hackathon. It was, you know, it's been heralded quite a bit throughout the year, but I don't think people grasp, uh, just the, the immense force that a decentralized marketplace like they're working on with open bizarre, what that can mean. And it'll just be one of many too. Maybe there'll be one that has monopoly market share or something, but this is, this is by far and away, the biggest technical, technical problem that was solved, um, this past year, if we look at just the year. They were also aided by programmers from the air bits wallet, who've also contributed to the dark wallet project. So props to them. Blake Anderson, best technical innovation. Well, I think like a gift and apple pay drawing attention, apple pay is in bed deep enough with the antiquity legacy systems of old. So I'll say, uh, actually, you know, gift had a lot of development in their app and I used gift a lot, GYFT, uh, to be able to purchase things at stores and places where they don't accept Bitcoin. Um, so GYFT gift is, uh, is some great stuff. And if you don't already use it, you're wrong. And you probably get that based. Many people use GYFT in stores. You could even buy a gift card at target while you're in line at target, then use it at the register and pay essentially in Bitcoin. I have a way to the top. It comes up. Yes, it's awesome. Good. But the best technical innovation also, apple pays cool because they're showing people that it's uncool to pay with credit cards. It's cool to pay with your phones. And that's something that, well, Bitcoin makes us aware of. Apple pay is going to make the larger world aware of the fact that those credit cards are not cool and you need to be moving to something else. And while they think to something else as Apple pay, we all know that there's a broader world of things you can pay with your phone. But the best technical innovation while it wasn't invented last year, it was popularized last year. Multiseg. The ability to secure a Bitcoin wallet with multiple keys, preventing one key from taking all the money without the agreement of the other keys, truly an innovation in a way that we store Bitcoin and secure Bitcoin. And it's not over yet. Worst technical innovation, Blake Anderson. The worst technical innovation is a, again, I mean, the innovation of this was a long time ago and actually, you know, a lot of economics and philosophical beliefs are about it. But the newest version of this hellish nightmare that we've been really against is called like token substrates. You have fraction reserve lending and you have a latitude. Here we have a new system where it's like, we're going to work with Bitcoin and the blockchain. But there's things that we need to do with your money or with whatever that we can't do on the blockchain. So we're going to have this other system of account, a substrate, a different layer below the blockchain where we can have the lab to do what we want. Well, when that happens and people are allowed to fractionally reserve and things like that, that is pretty much every bank failure in history in a nutshell. So the worst invention of this year is the token substrate bringing the nightmare of fractional reserve banking into the technological adaptation of Bitcoin to legacy markets. It's sad to see how many people see Satoshi's beautiful decentralized Bitcoin and say the first thing we should do is attach a centralized project to that. They're not really seeing it. You need to make a decentralized project to work with a decentralized currency. I know it's harder. We're not willing to accept the easy way anymore. People push the limits of not getting it sometimes. Well, Penguin, worst technical innovation. Well, I'm only calling this the worst technical innovation because it's trying to call itself this amazing revolutionary technical innovation. When I read the white paper, I was aghast at how not innovative anything about it was. That has pay coin. I've been trying to be objective about a lot of these things that alarmists are calling scams. It doesn't take long to really take a peek at the evidence and give it five, fifteen minutes of your time. You can tell if the chicken littles are correct or not. In this case, I just assume now that every new altcoin is a scam until proven otherwise. I know that's not fair, but that's what I do too. Being fooled so many times, being goxed, being moolod, being bit stamped, being mipiled, whatever you want to call it, you have to prove yourself. If you're out there and you're legit, that's great, but you've got to prove yourself. Twenty dollar price floor is innovative. The way about which they were going to achieve it is an innovative, in fact, it's like money laundering their Ponzi scheme potentially through this altcoin, which you could blame a thousand reasons that don't trace back to you directly for why it fails. Then poof, you made off with all the Ponzi money from the mining scheme that they allegedly are doing. So, my business model, we removed all the accountability and I want to just give me all your money and I'll make sure you get it. That's pretty much. I mean, yeah, and just the word's off. Let's talk about how wonderfully revolutionary and innovative it is. It is not those things. It's just not so. And they probably had one of the Scroely Scroely websites with a countdown timer. I love how Chris Ellis says that. The Scroely Scroely websites. They are the fast, a big splash image. You can't be expected to click on anything about what you want to know. You just keep scrolling down. Just more images. There's some text that gets in the way. So you scroll faster so you can see the big background image better. It's clear the new web pages are not designed to be read. They're designed to be looked at. That's a general problem if you're trying to communicate information. People need to actually, if you've put gray text on a white background like the Bitcoin Foundation did at one point, you're intentionally making it harder to read your articles. It's really poor. But again, designers don't read. So they don't know. Worst technical innovation of 2014? Cloud mining. The ability for companies to resell shares in their miners with absolutely no proof of their existence. They could be selling 10 times the hashing power they have or there could be no hashing power at all. It's a black box. And they're selling fractional shares. Buy or beware. Enough already. Will Pagman. Enough already with ICOs and ITOs. I know some of these are working okay for some of the places that are doing it. I know companies that like coinify or try and do massage this process and find something that can work. I think there is something here with the crowdfunding, crowdsourcing that's possible with tokens and crypto tokens, Bitcoin, counterparty, whatever. But people got really frothy about how excited they were over the ability to just create your own currency or your own currency on top of another currency. And I think what we have is a bunch of half baked projects that couldn't get funded any other way perhaps, but through issuing equity and vaporware that doesn't exist yet. So not necessarily even equity, but issuing a right to use token essentially or whatever they're doing. But even with the legit ones, I'm just kind of like, man, I kind of like what Gems is doing. But the fact that they were doing an ICO, ICO, whatever really made me not look at it too much. And then when I looked closer at it, I liked what they were doing. So that's something that gets in the way for me because of the altcoin scams, because of all the scams, an ICO ITO just as an automatic question mark for me. Well, I think too that what we're developing is infrastructure. And from outside of the world, what does that mean? Well, it means that you're giving paint brushes and pens and markers. It's like the whole community came up and they found a new six-string electric guitar and a basic guitar and a drum and stuff, all these new instruments that never used before and got together and started playing music. And some of the people are a little bit more delusional than others and we're like, look at this awesome CD I made. You put it on and it's just like, this is not good music. This is not a good song. So I think that that's a little bit of a risk in the space and a little bit of why that happens. We have all these new tools now for decentralized apps and things like that for altcoins and everybody wants to use these tools. They think that, okay, I'm going to figure out how to use these sophisticated tools and I'm going to profit. You need an idea that's worth a shit to have the tools make something that's valuable, which I think is a lot of the thing that people are missing. And a good idea is hard to come by. I mean, it's like, you can have all the best support systems in the world, but that really good idea, you know, it's tough. It takes some thought and that hasn't gone away yet. Enough already, bit license. Reverend Nintendo Loskey wanted his home state of New York to be the first state to regulate Bitcoin, but the incredibly negative reaction to his first draft seems to have slowed him. And now many are wondering, will the bit license ever come out? Who cares anyway? Technology is about the possible, not the permissible. Bit coiner of the year. Drum roll, please. Duh. For the second year in a row, the Bitcoin group has no choice but to name Mad Bitcoins as the Bitcoiner of this year. This year, Mad Bitcoins continued his tireless streak of making daily episodes and helped found the world crypto network that you are watching right now. From hosting live shows during the Mt. Gox collapse, the bit license hearings, and even traveling to Washington, DC, Vegas, and San Francisco for Bitcoin events, Mad Bitcoins is a bright shining example to us all that you should not ask what Bitcoin can do for you, but what you can do for Bitcoin. Mad Bitcoins is the Bitcoiner of the year. Hands down. Honorable mention, Will Pagman. My Honorable mention is Jeremy Gardner, executive director of the College Cryptocurrency Network. This is an organization that was started in February 2014. I actually talked with Jeremy on the phone and we shared this similar idea. This kid is a force of nature. Just amazing how he's been able to grow this organization with his core crew of regional directors and co-founder Daniel. They've grown this organization to over 150 chapters on six continents. They have a presence at all these Bitcoin companies. They've gotten themselves enough resources to be able to bring events to college campuses, to even have high schools and even one middle school as members of this organization, bringing knowledge and resources of Bitcoin and cryptocurrency to the next generation who's really going to take us to that plateau level of the adoption curve. Jeremy Gardner, he's a hustler. He works so dang hard. He's everywhere and he's fun to be around and he's a great guy. He really knows how to motivate and activate people. I just hear nothing but good things about the kids who he's hired to this organization. It's the fastest growing nonprofit in the world. Just think about that. Great point, Will, incredibly impressive the College Crypto Network. I believe I have met him and we were in a bar in Vegas and everyone else was having fun and guess what he was doing? Working on his laptop. Absolutely right, Will. Very hard working the College Crypto Network. Blake Anderson, honorable mention. Honorable mention from Bitcoiner of the year. It's tough, Colin, and some steep competition. You tempted to just go with yourself there? Just go ahead and go for it. Yeah, I mean, I'm going to go with me. I was going to go with me about the most creative person too. I was like, I'm the most creative person on earth. Never mind the fact that I can't think of a person other than myself who's the most creative person. Don't pay attention to that information. I'm the most creative person on earth. Just take my word for it. I'm the most influential person in Bitcoin. I too have the most influential person ever. But no, I think it's a toss up between Ross Albrecht who we already talked about and Chris Ellis, who we already talked about. I think that Chris Ellis has sacrificed his sleep and his health this year to make giant strides in Bitcoin that I don't know if honestly would have been possible. I mean, other people could have put forth as much effort as he did, but he has a natural facility for billions that it's just I'm glad that he's put his intention where he has that he hasn't been, you know, at some big old, like hyper vicious pieces of shit for action or reserve bank, like making them better and working on their stuff. So, you know, Bill Chris, my hat's off to you. And remember the blockchain idea is that idea is a similar invention to Bitcoin or perhaps Linux where all of the tools were there, but Chris Ellis put the tools together into the blockchain ideas. So, very, very esteemed company, Satoshi and Linus. But honorable mention, Tony Gallipi from BitPay. A tireless force for Bitcoin adoption. The CEO of BitPay has been traveling the world all year long promoting Bitcoin. Ellis' company continues to spur merchant adoption and more, sponsoring the before mentioned Bitcoin bull, which as we previously stated, they did not name after themselves, truly a selfless act, although he was awarded the key to the city after the game. And now he has one more award, honorable mention for BitCoiner of the Year from the Bitcoin Group. I guess that's about it for the 2014 BitCoin Group year-and-review awards. I think you guys have to enclosing. It's been an incredible year. It's been, it was really difficult putting this list together. I think we might try to do one of these in about six months. As everyone know, we're operating on Bitcoin time where two months feels like an eternity, let alone 12 months. So to even remember that Mt. Gox was February and the BitLicense hearings followed quick after the China news. We had so much last year, Dogecoin came out. BitCoin went up and went down. BitCoin went up and down. Everything went up and down. It's been great. Well, Bitcoin is like life in his Alpachino said life is a six inches in front of your face. I can't remember what I had for breakfast. That's good for working with Bitcoin, but then when it's like a year has gone by, let's review it. Let's review a year and then you try to remember anything. It's like data overload, not happening, bro. I mean, do you guys feel similar? We usually try to break it down. We report every day on Matt, Bitcoin's report every week on the Bitcoin group. That's one day, that's seven days, but we're trying to do 365 days here and not just the price, but the actual events and the community and what happened. There's almost enough report that a 24 hour news channel, if actually covering technological development, right now they're cutting edge of it. They could do 24 hours of news every single day and not run out of stuff to report. There's more stuff going on with the replacement of these economic systems, and antiquity than there are with all the other human action because these are human action afterburners. They're oxygen on the fire of human action. We have content at WCN every day, but it's not none of its fluff. There's never enough time to talk about everything. I don't think I've seen hardly a video produced on the channel where at the end, it's not what we'd like to talk about this more, but let's punt it down the road. I think it's really, really great the amount of media that's been produced for this period and time because people are going to want to look back at this time and they're going to want to dissect it and figure out what happened and why and how. We can't do with the Cambrian explosion. We can't go back and see what happened there, so it'll be good to document this one. I just want to say that this year with the activity of the WCN and just how far the consistency that's been displayed, the growth, the energy, it's amazing. To think a year ago what it was like, I mean, I've traveled a lot this year, I've met a lot of people. It's really neat to be recognizable to strangers because of this network and the show and then they come up and they share how much they appreciate it and they appreciate what I said and what Tom said and what Blake had said or anyone else, Chris Ellis, so many frequently, so much frequently I've heard how much people appreciate what they've done. He's had to say, we've sung his praises today a lot, he deserves it. But everyone who's contributed to this show, this network over the past year plus and many of them you don't get to hear about but they're helping out a lot. You don't get to see them on shows but they're helping out a lot and you can too. And Tom can explain more about that but I just want to touch them, humbled, I'm so grateful to have met all of you wonderful people through this network to participate in this, to receive the recognition from strangers with you guys about our work together and to keep doing and the consistency that is so important that every single day Tom's done a Mad Bitcoin video every week we've had the Bitcoin group and many other shows. So we just need to keep it up and I'm excited for 2015 and thank you WCN and all the viewers. It's been a great year, the World Crypto Network only started in February of last year, the Bitcoin group in October of the year before Mad Bitcoin is in April of the year before but already shows like R shows like the other shows even let's talk Bitcoin, the other competing shows or whatever you want to call them. We've all contributed to this space and what they're doing is they're trying to spread information. We're asking questions about these companies, we're asking questions about Bitcoin, we're describing information, we've gathered from other sources, we're not always wrong, we're not always right but we're trying to do the best and we're trying to get to the truth and we're trying to bring the information to you and that's what we're going to do in 2015. And competition and journalism is really important too and you don't want everybody to be the exact same network and stuff. I mean we love everybody else that does what we do, it's a field again where you could have 24 hour coverage so I mean we welcome our brothers and sisters in the battle for accurate information. And we're starting to see a lot more Google Hangout shows and I'm happy for that. I watched a little bit of the Decennial Vancouver show last night, it was a very cool Decennial TV is starting to take off in Canada with Anthony DeOrio and I look forward to it. I want to have more shows to watch. Matt Chain has a show that's very much like the shows that have appeared on WCN and I remember doing something when Tom was was rockin' and rolling with Matt Bikwins gave me an idea we were talking about having interviews and our meetup in Milwaukee and now this is a thing. Anthony DeOrio is really taking this to the next level with the central TV where meetups host a visionary, luminary, venture capital investor, entrepreneur, writer in the Bikwins space and just pick their brains and then broadcast that live to the world and get to know a little bit about the meetup and get to know a lot about the guest and that's how we can build community even though we're not all in the same place or all showing up at the same thing once a year or whatever. So I just love seeing these ideas take off that have sort of been seeded and experimented with on this network. And it's exciting to see how interactive these shows are. They all have question and answers on the side. It doesn't matter who you are, you can ask a question, you can usually get an answer from someone as huge as Andreas Antonopoulos or yesterday we were watching a Megan show with Patrick Byrne, the overstock CEO and everyone gets their question in, he respects all the questions, he's interested in the answers and many times you're seeing very much we're having a dialogue together, we're having a conversation, it's not just an interview. We all have similar ideas, we all believe in Bitcoin and we just want to help Bitcoin get where it's going. And I think we're going to get there together. Yeah, and news when you can buy it with bilateral communication because I mean what was the problem before? The problem was that for a long time we had TV which is unilateral communication except this and shut up, there's no keyboard, you can't say anything except for maybe in a letter that you know if maybe going to go in the garbage. But when you have bilateral communication systems like the Bitcoin group or other shows that allow you to call in and to have your opinion heard and to contribute and to be relevant that's going to be really helpful for the future and I hope that the medium continues to develop in ways where people can get more and more and more included. And I was going to try to close out but we should make this show interactive too so we're going to go through questions and answers even though it looks like there's a lot of jokes. So it says, what is the best Bitcoin joke in 2014? Dan Gold responds, the biggest Bitcoin joke, Bitcoin is dead. Good one. Let's see, they say forget, pay coin. Lazy hash is here. That's what one of Theo's jokes. He's doing the exchange jokes. It's very dry. You have to have a very dry sense if you were to get Theo and I's jokes. Theo is trying to get the Theo is a dry and dry shampoo. I think a lot of people still watching. We did a show a couple of days ago with Chris Ellis, we were talking about the bit stamp problem and Theo and I are just riffing back and forth making fun of exchanges and it's so dry. Like if you don't get that it's a joke by the time he's lifted up the laptop and he's saying, all of our cloud mining is done on this laptop. All of your bitcoins will be stored in this laptop and that that is a huge funny joke. You're just not with us at that point. You're not laughing with us. Check out this resonant mining speed right here. All your dollars are worth making this sound. That's the sound of money. Wait, you invest more than that. Hold on. Hold on. That's you. The more you invest, the higher the pitch. Let's say Chad crypto says, I think this is one of the best moments of 2014. All the awesome people teaching and reporting on Bitcoin, the world crypto network being at the top. Thank you Chad. Let's see Theo. Theo's also got some code in here about a black hole and a vacuum and a proof of work hash. It looks like he's actually written his algorithm into the question. So we'll have to check. We'll have to run that later. We're going to compile that one. He wrote a little code in the question. That was a way Homer transaction vacuum ability, hyper difficulty, eat it, Joe's sponsored by coin profit and lazy coin. I love Joe's. They got good food hits the spot. We're talking about Dan Gould says, imagine the Bitcoin space without any exchanges online. That's an interesting idea because when we do have decentralized exchanges, basically, we just need a trading partner. I don't think we really need a trading intermediary. That's what we have a lot of right now is that intermediaries holding our keys and waiting for us to make that trade. If you want to trade, I think you'll be able to find someone in the future. I mean, think about the application and Bitcoin. You have all the people that have various pieces of files and people that meet various pieces and the application goes through and mediates all the various different changes that you need to go on based on people's way to who's sharing what and how old stuff is. I think something like that replacing exchanges, that would be sweet. That would be really awesome. Let's get working on that. We've also got Dan who says, when the Bitcoin foundation or any so-called central group controls Bitcoin, he's out of here. I agree too that Bitcoin Foundation definitely doesn't control Bitcoin. Isn't going to control Bitcoin and I hope they don't control Bitcoin in the future. Yeah, good to know. We'll have Dan around for a long, long, long time. Let's see, Dan also says, and this is an opinion that has been brought up throughout the community that Charlie Schrem might not have had the troubles he had if he hadn't tried to cozy up to government types. There was a lot of time where an instant was kind of explaining Bitcoin to the government, kind of trying to work with them, become a legitimate exchange in the government's eyes. And in many ways, this might have drawn the scrutiny that led to his downfall. No one truly knows. Yeah, I mean, I'm pretty sure that Charlie's the leniency that he may have enjoyed. I don't know if he feels that way, but it certainly appears that way. He could easily have been made an example of and so on, but he's, I don't know if he's enjoyed any leniency based on his cooperation, but certainly there's probably no other way around it. If you're trying to run an above board, Bitcoin business, before anyone's doing what you're doing, which is instant Bitcoin purchases for anyone, involving many, many protocols, including the red backbone for moneygram at CVS, including whatever sort of steps you have to go through, he figured out a way to make it nearly instant one hour. And he was doing that before anybody else. So he was going to invite that invited scrutiny alone, disruption invite scrutiny. So I don't like to hang in on Charlie's neck because he had some law enforcement officers knocking on his company door when they changed locations because they were growing so damn fast that he said, yeah, let me give you a tour. Let me explain to you what we're doing. So you know, I know the law and I'm not violating it, even though this is totally new stuff. Well, let's hang this through a belongs then. Let's hang this on the black on the neck that it belonged on because he did what any normal person would do with it had a large company to defend, which is to try to be as compliant as possible. So you have a giant company that you've made and put all this kind of effort into and you want to be compliant so you go and work with regulators. They use everything that you tell them against you in this country. And then at the end of the day, they're like, well, you worked with us really diligently. So we're not going to let you go with just the house arrest. We're still going to put your ass in prison for eight months or whatever. It's not going to be forever to like just do that. What we do need, but we do need for your ass to be in a cage so that everybody else can see what happens to those that make up new things and that help everybody, even if you try to come and work with the government, that's the takeaway story. Absolutely. And the service you're describing, well, the instant Bitcoin, we still don't really have a service like that. We're still kind of looking for a replacement for instant Bitcoin. Yeah. I mean, if you want Bitcoin's instinct, the easiest way to do that if you're a man off the street is to start up an account on circle or coinbase. But when you start that account, you got to wait two days before you can purchase instantly. And even then, if you don't know to move the coins to a wallet where you control the keys, then maybe you might as well not even be instant. So yes, it's certainly a service that I can't think of anything comparable besides local Bitcoins with cash bank deposit trades, right? So the buyer deposits cash in the seller's bank account and the seller releases Bitcoins. That's damn near instant. That's certainly faster than Bit Instant was in some cases. So that's the only comparable service. And that's kind of a less trustworthy, really. You have more instances of possibilities for fraud or defrauding of yourself. And you really have to be sharp and on your toes to make sure that whoever you're trading with is actually going to follow through, release those Bitcoins and not send you to the Arbitrator in 48 hours. And tie everything up. Plus, the bank is running on, you know, ACH or Swift or whatever else, which is actually transmitting money around in a way that's not as good as Bitcoin. So it's like, if you have a car and there's a pedestrian that's walking in front of you, it's not horrifyingly useful invention at that point. It'd be simply walking in front of you. Yeah. So I'd rather buy Bitcoins from Bit Instant than from local Bitcoins. But local Bitcoins is the next best thing right now. Additionally, several of the banks stop that ability. They stop you from being able to transfer money into an account that's not yours, specifically to stop this kind of transaction as if the bank's worried about the fiat leaving their system. Thomas is correct. And there's one work around and it'll cost you, but you can get a money order and deposit a money order into anyone's bank account. And the banks don't shy away from those. But those will cost you anywhere from like three to five bucks. So and our last question, the last question of the year is of course about the price. Visual Vendetta writes, what is everyone's opinion on the Bitcoin price in the upcoming months? Do you think it's going to go back up over 300? I think so, but I know Blake doesn't. Go ahead, Blake. Bring us down. Tell us about the happening. Right now we have a rate of production and the rate of production gets cut in half every four years. So that there's going to be 21 million Bitcoins made by the year 2140. So right now the Bitcoin is pretty inflationary. There's enough Bitcoin made every day through mining that there's a lot of supply going on. And 2016, the amount of supply going into the system is going to be cut in half and then there's going to be a deflationary spiral during which time the Bitcoin will go up, up, up, up. So if you do a dollar cost averaging kind of strategy, you want to keep buying Bitcoin before 2016 and then cash out on that big upswing thereafter and then wait four years for the next up, up, up, swaying to cash in. And actually there's going to be a breakaway deflationary spiral. You won't have to wait every four years, but I don't know if it's going to be this next one or not. There's a lot that goes into it like does a giant country that's really wealthy. They have a pervasive currency collapse like stuff like that can really mix up a timeline. I don't want to be too specific. Yeah, I wanted to just echo what Blake was saying and point out, we could see a lot of things happen that would cause the price to go back up. I think now because of the user base and the transaction volume, we'll see if we go back up much more steadily. We want more than likely. We won't have bots feeding the rally, so to speak, like we did with Mt. Cox. But yeah, when I'm looking for the havin'ing, I like that name. I hadn't heard that before. I don't want to be a bad guy. But that's going to be the inflection point for a really big... I know Blake, you've called it this in the past. I've heard other people refer to it this way and I have begun to do so as well. It will be the most significant economic event in Bitcoin's history and probably the world's history. In all of history, yeah. Yeah, I really think so. I agree with you. That's where I'm really targeting for the next big 10X jump or whatever. Between now and then, I see no indications that shouldn't continue to have steady growth than the order of five to ten bucks a week on average, let's say, over the course of the year. That's because of some of these projects that are in stealth mode that got all these VC money in 2013 and 2014 hitting the ground and rubber meeting the road. Good news. I mean, there's some of these announcements that some of these big companies are going to come out with that will certainly drive interest and the Bitcoin ETF as well. Both of them, actually, the Bitcoin investment trust from very silver and the ETF that the WEEKEL VOSS twins are putting together. They're filed when they get approved. I'm hearing that they will get approved. I know there's lots of naysayers saying they'll never get approved, but I'm hearing that they will. And when that happens, 401K isn't eyes of people who've been on the sidelines interested about Bitcoin but with no liquid cash or discretionary income, they're willing to risk. They're happy to risk 5, 10, 1% or more of their IRA and 401K and they're just chomping at the bit to dive in. I know Bitcoin true believers who own only a Bitcoin or two and they're waiting for an ETF. So this will be huge if and when it happens and I think it will before the havining and then that'll just make it sing from there. The next havining after that though, 2021-2021, I think it will be less significant because I think we'll start to see the demand appetite just remain the same and the supply decrease from 12.5 to 6.25 isn't as great as 25 to 12.5. So that's why I think the biggest jump will be that 25 to 12.5. And if anyone at home doesn't know what the havining is, what we're talking about is the halfening of the block reward. It used to be 50 coins every time you get a block, it went to 25 and the next one is going from 25 to 12.5. So there'll be less bitcoins produced even if there's tons of miners. They're going to be getting less rewards for miners. So imagine a global gold production is it, whatever level it is. Over night that number is cut in half and it will never increase again. What would that do to the price of gold? When I'm, like, just, this is going to be the most significant economic event in history. Oh, it will. This is a global currency that's used everywhere. It's got its own payment network. It can go, I mean, like, the amount of friction that's involved here is nothing. I mean, take the ramifications of cutting the gold supply in half as far as new gold overnight and then take how much gold would go up. And it's not even anywhere near the orders of magnitude that are the same thing being applied to something with the properties of Bitcoin versus gold. The amount of friction with gold and trying to manipulate it and transact with it versus Bitcoin makes it so that that axiomatic base situation when extrapolated out to how the world is going to react. It's going to be amazing. A little more context or insight under this. With what's going on with oil, the Saudi Arabia doesn't care about what kinds of consequences the US, shale markets experiencing or certainly they don't care what's going on with Iran and Russia with regard to that. That was ostensibly, for most people, that's why they did it. Just flooding the market with more supply of oil. So this is putting a lot of pressure on the USA. You had billions of dollars invested in the shale market. Many of these projects are being dried up right now because there's no end in sight to the loosing of supply. Oil and energy derivatives are really getting like knockouts. This could have a lot of bubbles. There are many, many bubbles right now. The stock market is one. College student loans are another one. Houses are still in a bubble. This could topple a lot of them. We might see Bitcoin as a digital store of value use case, gain mass adoption here. As soon as those other economic conflicts get close. Well, I think that there's going to be a lot of fumbling, a lot of fall downs that are going to happen with big economic players and with the global economy over the next year. I think the 2016 block having may or may not kill off fiat currency forever. It might be a deflationary spiral that's so hardcore that when combined with the events of these economies stumbling that fiat money won't be able to compete with it anymore, there'll be a giant insurgents into real, immutable ledgers, no more non-immutable ledgers for things that matter of material consideration. It just makes sense from an information science perspective. It's like metric system versus like English fractions and shit. You don't build a computer using fractions of an inch. That's insane. Absolutely. That's psychoshit. I think that that will come to fruition as far as being the same thing with the economics. I think that people saw the power of the deflationary spiral that can happen. I know Willie bought, put some oxygen on that fire, but the deflationary spiral is for Bitcoin after the block having this are a fascinating economic event that I think that everyone should study. There's not much else in history that you'd be like, oh, well, this is just like that time Billy did so and so. It's not going to be like that. In the future, all databases will be blockchain databases. I think we're out of time, but until next time, bye, bye.