The Bitcoin Group, the American original. For over the last 10 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 God Blake. Hi everybody, thanks for having me. Tom Vays from Brave New Coin. Hi everyone, come into you from Amsterdam after speaking about Bitcoin in Morocco and Ukraine. Currently at a jobs house from Black Trail. Thanks for putting me up. Here's a shout out. I am in all seven of the Scats that I'm allergic to. So we'll see how that turns out. Only seven cats and I'm Thomas Hunt from the World Crypto Network. Moving on to issue one. Issue one, Bitcoin rally. Bitcoin's price shot forward this week, jumping more than 20% in the last five days, landing briefly in the five forties and five twenties while pushing higher today, with who buy an okay coin continuing to lead the pack. Well rumors of massive Chinese buying caused by capital controls and have a high for the most likely explanations for the rise. Blake Anderson, your thoughts on Bitcoin's recent moonshot? The moonshot. Well, I think a lot of people were predicting this that have been talking about Bitcoin investment on longer horizons, not kind of the more ephemeral pump and jump action. So it's an expected increase. I believe we are now definitely closer than 5,000 blocks to the happening. So some people think that it's quote priced in, that a lot of big whales already know this is going to happen and they're going to mitigate it completely and the price won't move. I don't think that that is the case at all. I think that you can be really, really good at predicting things. But then as far as what other people are going to do in reaction to, you know, thinking that they know what's going on, it's going to be a lot of interesting trade activity going on, leading up to the 50% inflation decrease in the monetary supply of Bitcoin. So I think that that's the big story. Capital controls in China or capital controls anywhere are definitely going to not only have a little bit of a bump in the Bitcoin price, but they're also going to expose a large group of people kind of in a rude awakening or a sudden jolt as far as, you know, capital controls are now here. What do we do? What are the options relative to when capital controls come after you in your situation and then people become aware of Bitcoin and start researching it and they kind of understand the value proposition a little bit better. So I think that it's good for the price when capital controls happen, even though it's an unfortunate thing for other people that they're happening to. Tones. All right. Well, I'm going to, I mean, I'm sure capital flight has something to do with it. Though I don't think that's the leading cause and I mean, everyone wants to give credit to China for everything. So I'm not willing to do that just yet. And I'm also spoken to some people in China and they all say now there's easier ways to get money out of the country than dealing with Bitcoin. Everyone seems to most people seem to think that way. I'm going to stick with the same reasoning I've had for about at least six months now even I remember in San Diego in December talking about this. So I expected minors to ration their coins. It also makes perfect sense with the difficulty going up over the last few months. I've mentioned several times that minors are rationing because they know the reward is going to get cut in half. So over the last six months, they've been trying to put every piece of investment and yet those last 25 block rewards. And I don't think the minors are selling those coins at the moment. Also the selling pressure is a bit constrained. They're holding out of their bitcoins. If they're running a profitable business in their Bitcoin mining operation, just from a business perspective on a own a business, you want the most consistency you can. So if you know for a fact, you're going to get half as much reward, you still want to be able to run your operation. So I think they've been saving their Bitcoin to then sell them after the halving to kind of ease their transition. So I did expect the Bitcoin price to bump up a little bit also based on speculation. Everyone thinking that the Bitcoin will go up when the supply goes down. And people are preemptively buying into Bitcoin. After that, my speculation that minors are rationing their Bitcoin and hoarding them more than usual. And then I expect minors to sell more than 12 and a half bitcoins after the halving. So if people are pricing in the fact that after the halving, there will be X amount of Bitcoin being sold by minors. I think it will be bigger than that. And the rationed bitcoins that they're not selling today will be sold after the halving. So I am expecting a slight price dip after the halving to get everyone by surprise. And then we will go up after that. So I've been talking about this reasoning for six to nine months now. I will stick to it going into the halving. Do you think that there's going to be a trend of people that have been spending lots of money on A6 and mining equipment there after the halving, then just buying Rob Bitcoin? Yes. I also see them taking a break from equipment buying and putting new hardware online because they would need to have a little testing environment to see how profitable their mining operation is in the new environment. And I actually do expect some mining operations to shut down. It's not surprising that we'll can't see. Oh no, we lost you for a second, but I'm going to fill in for just a moment and say that, yeah, after the halving, I'm not sure how many different manufacturers are going to really have a robust business model. But with the low voltage mode available with the new kind of liquid cooled liquid nitrogen bitfury units, I believe that a bitfury may have a very, very, very specific advantage in their low voltage mining research. So I think that anybody that doesn't have that's going to have a real hard time here's telling back. So you guys like a few of these pressure will leave you a low deal. But yeah, so I mean, I'm a little surprised that the KMC miner is the one that filed for bankruptcy. I mean, I didn't know I've never really researched them much. I thought they were one of the more solid miners. I guess they weren't. But I'm not surprised that miners are jumping ship right around the havinning. So I can't expect this to happen after but it happened a month before they probably knew it. They probably tried to keep the jig going and into the havining and then they would have a more legitimate excuse to shut the operation down. Blaming that's a new block reward was not going to cut it. But clearly they were in big trouble then people expected and they're shutting down early, which is a little surprising. All they had to do was wait another month and then they have, you know, they could have flown right under the radar. They could have just said due to the lower block reward, we are no longer proud. They could have basically, they could have had a reason to blame things on and it would have been totally bought by the market. But now that they went bankrupt a little bit early, they're clearly going to do lawsuits and I believe the already are. So that was just bad timing. We did see a 30% rise in the difficulty of Bitcoin. Also, what do you guys think of the sale of Avlon for $466 million? One of the very first ASIC manufacturers now being sold. It's a competitive business. I mean, Dr. Timo Hanky worked with Cointera who went out of business and he's probably one of the smartest people that I've ever talked to in my life. It's a good luck to anybody involved and if people are selling and trying to get exits, hopefully they've been paid for all their hard work and building out the ground layers of all this new ASIC technology. This is one of the few times I don't have an opinion because I don't know much about Avlon. I was never into mining. I got into Bitcoin and I guess a little bit late for mining. It was early 2013 and I already knew that there was no point for me to mine. I think GPU mining was still happening back then, I think, or the late stages of that. Even I knew about Bitcoin since 2011 and I knew about mining. I just never really did anything. By that point I knew that if I was going to get into mining I would only get those money or get scammed. So I never really did. So I don't know much about Avlon. Do we know who's buying them or no, they're just up to sales? I think it wasn't said. I think it's a Chinese from exit question. The Bitcoin price one week from now, up or down, Blake Anderson. It should almost certainly be up as we continue to chew through the remaining blocks to the supply decrease. I also believe it's going to be up, but if everyone in this panel says up, then clearly it's going to go down. The answer is up, up, up, up, moving on to issue two, issue two, PayPal leaves Turkey. PayPal, the vulnerable payment institution, apologies I meant venerable, was forced to leave Turkey this week because they were denied a license, offered an electronic money transmitter inside the country as they do not maintain their entire IT infrastructure inside Turkey. PayPal's loss is Bitcoin's gain as the electronic currency is not recognized by the Bank of Turkey and thus free to be traded. Meanwhile, the story presents a clear parable about Bitcoin adoption. Is Bitcoin truly like water, meaning that it cannot be stopped as it flows from country to country, ignoring all borders, eventually engulfing the entire world like an ocean? I ask you Gabriel D. Vaughn. Welcome to the show. Thank you very much, fellas. Great to be on PayPal in Turkey. Turkey is an interesting case. It's similar to Saudi Arabia and that it's a completely authoritarian corrupt regime that is in cooots with Western countries. So Europe is sort of being fucked up the ass by Turkey because of the authoritarian policies of the Erdogan regime. And the G is not pronounced because it has the daily on top of it by the way. So the PayPal situation is totally expected. Any type of interaction online that cannot be controlled is going to be fought to whatever capacity possible. And of course PayPal being a centralized service is easy to block. So this just shows the vulnerability of centralized services. It's very typical. And I think we're going to see some more action of this type as Western countries begin to adopt a more authoritarian model as their power basis is threatened by decentralized technologies coming down the pike. And Bitcoin is there to fill the void. I mean a little more topic. I'm surprised Turkey as a country still exists on a map because after they shut down that Russian plane. I really thought they'd be able to know what was this by now. So I'm a little surprised of that part. But I don't think this really matters. Again, I haven't been to Turkey, but I've recently. Turkey lives matter, dude. I can't believe you said that. We're going to I'm going to go on a social justice tirade for about the next 15 minutes about our Turkey lives matter. I'm going to jump in really quick because a tone froze. When I was working with the fortune 25 banks, there were certain countries that wanted certain stipulations about how you would service them, which would make the bank do all kinds of really goofy stuff like have servers in all the countries surrounding. Then I have Chris crossing like network connections so they could try to both service and then also get around the laws that the country has. I'm going to toss it back to tone because I jumped in where he was talking. I think you could have finished Blake and I can pick it after. But I don't know why my box keeps crashing. I mean, it's the same computer I always use. So I don't know if it's my end or it's hanging out. But I don't think this really matters. I mean, again, I haven't been to Turkey, but I just came from that region. I was in Morocco. I know it's not as developed as Turkey, but I don't know. I'm not I'm not feeling Bitcoin in in Muslim countries, especially when I was in Morocco, their internet was the worst I have ever experienced in all my travels of this point. I have an additional cell phone and my Verizon cell phone that I pay for a global data and neither of those phones work. So what you've heard the internet is where religion goes to die, right? Yeah. So I again, I'm not I'm not dealing with it. I don't think I don't think Bitcoin is really going to take off in that region. So I don't think a lot of those users are using using PayPal that much. So I mean, it could help. I mean, everything helps the more laws against Bitcoin, the more helps Bitcoin. But yeah, I don't know Turkey specifically, but it will be a minor bomb, a minor assistance. But no, I just don't I just don't see Turkey as that kind of an international player. Turkey is an absolute hotbed of Bitcoin activity. Blake Anderson, anything more to add? I was distracted by the World Crypto Network Slack Group, which everybody that wants to contribute to this show should contact us about getting access to. If you want to talk about Bitcoin, if you want to be a part of the community that discusses these kinds of things, the World Crypto Network does have a Slack group. And it's so great that I was just distracted and, you know, not ready to answer for my turn. No, yet I don't think Turkey is a hotbed of a Bitcoin activity. It's just sad to see capital controls or any kind of, you know, disabling of people's ability to do anything. I mean, like my shirt probably is going to imply that you don't want to limit what people can do. And Turkey doing that is just it's just not great. So best technology ever for, you know, helping to circumvent that or support that Bitcoin. But, you know, not not going to have a huge impact. I'm going to have to agree to telling a little bit on that. Well, let me just in there jump in there for one quick comment. Like that region, I mean, they have bigger problems that I mean, I know Bitcoin is supposed to help us get out of government. But that's the thing. Bitcoin is there to help you get rid of your overbearing government. Bitcoin is not really that much of a health against an overbearing religion. So Bitcoin is really there to fight the state. Bitcoin is not there to fight religion. So that's why I don't see Bitcoin really revolution playing a big role in getting people away from, you know, overbearing religious regimes. They have bigger problems like these countries where the majority of the people are very, very religious. That needs to change first. And then they're going to have, you know, the overbearing government problem that Bitcoin can resolve. Of course, if Bitcoin is popular and there's no capital controls, then when these countries break away from their overbearing religion, they can like skip over the socialist, you know, overbearing government phase and go directly to free market. But perhaps I mean, I think that you're correct. But I think you're striking at the heart of a bigger issue in the West are religions more or less arguably have at least on the surface been like, you know, church and state probably best separated. Now when our morality starts to evolve, we can maybe change things a little bit easier. Whereas when there's religions that are really, really, really all about getting into the state and state and religion and laws and stuff that have specific religious names, when you have those in bed together, that really, really, really makes for the kind of big problem that Tony is talking about that make other people look at that and say, wow, you guys kind of have way, way bigger problems than some of the more, you know, immutable monetary policy stuff that we're trying to fix other places. Exactly. And I mean, hopefully Bitcoin will be there for them kind of like we're always talking about Africa, right? Like Africa bypassed land lines and went directly to cell phones, right? So Africa can like bypass the banking system and go directly to Bitcoin. Same thing with these very religious states when they eventually break away from the religious stronghold, they might be able to bypass the state and the communist state. And go directly to pre-market so it'll help them there, but it won't be Bitcoin that helps them break away from the religion. I don't agree at all that Bitcoin has anything to do with releasing that you need to release religion, the Islamic religion specifically. And before you have to enter a phase where you can adopt Bitcoin, in fact quite the opposite. In fact, Bitcoin is one of the few monies that is completely compatible with Sharia banking. It's a sound money, it has a lot of similarities with precious metals. So I actually think that quite the opposite. In fact, I could see Bitcoin being the chosen money for a Sharia government, a new caliphate, in fact. Don't say that. I could see, I could very much see Bitcoin being taken on by a large digital caliphate that doesn't shy away from technology by reflex or knee jerk reaction to, and I don't mean, you know, Wahabist authoritarian regimes like Insadi Arabia or Insane authoritarian governments like Erdogan, which are totally enabled by 20th century socialist technologies, excuse me, tendencies in Turkey since the 1930s. I think that in fact, if we were to see a real grassroots, you know, Shiite or, you know, probably Shiite, maybe out of Iran, some sort of new caliphate movement, they could easily take up, you know, or even a Sufi side where it's a more tolerant form of Islam. However unlikely that is, it's possible that they could just as they're being enabled by technologies that have no conflict with Islam like Twitter or Facebook, Bitcoin in the same way is completely compatible with traditional Sharia banking and financial religious rules and laws. So I think that in it would without having to renounce their religion, it could exactly achieve what you're saying, which is leapfrogging the communist slash socialist slash, you know, crony capitalist central banking paradigm and leapfrog it from, you know, an all cash paradigm straight to a digital paradigm. But nope, I'm not with you on that one. I can throw in a few points in there if Allah's time was supposed to move on. So what you say might be true in theory, in practice, religion is all about control. And as long as the population believes in religious leaders, they are usually the smarter ones and they will not allow it even though you may think it's theoretically compatible with the religion, the religious leaders will not see it that way because it's all about control for them. So that's why I have to disagree with you gave on that. I actually agree with your point there, which is that on a practical level, on a political and practical level, religious leaders are very unlikely to go in that direction. I'm just pointing out the abstract almost, you know, by the letter situation where there is a slim possibility of doing that without having to, you know, to announce the religion, you know, just that on a letter, on a level of the letter of the laws of Islam, it's not incompatible. But I actually completely agree with you that it's very unlikely that those utilizing religion for power, which is, you know, the great majority of religion, especially in the Middle East, will be very unlikely to relinquish that power and adopt something like Bitcoin, which empowers the people and disempowers them. So I think in that sense, we do agree. Exit question, will Turkey's leadership blame Bitcoin for terrorism in the new future? Gabriel D. Vaughn? Yes. Yes, tone veys. Yeah, I mean, everybody will, I mean, it's going to be, it's going to be this case. That is, that, that in child porn, I'm waiting for them to blame child porn. I'm going to blame Bitcoin for all those things right now. I planted my flag first. Life's too short. I got a busy schedule. The answer is yes, Bitcoin will be blamed for everything. And you can use Bitcoin to shop at purse, save 15% off Amazon and spend Bitcoin, save money. We've got new merchant products, guaranteed pre-orders and much, much more. Sell your stuff for Bitcoin and earn your first bitcoins at purse.io. Issue three, issue three Bitcoin only sports book launches in Europe just in time for the Euro 2016 football. That is to say soccer tournament coin gaming launches sports bet dot I owe, which will allow better to place their bet using the new digital currency Bitcoin. The company also runs bit casino dot I owe a similar site for Bitcoin gambling, Bitcoin and gambling and unstoppable juggernaut that could threaten the entire global gambling industry or attempt in a teapot easily, ignorable. Pay it no mind. Tone phase. So I am on of mixed opinions on this. I mean, a sports book is all about its reputation. And when you have like a new sports book that only accepts Bitcoin, I'm really curious about their escrow system. Because there's absolutely nothing stopping them from like once they get critical mass or a bunch of Bitcoin components, they're just like walking away with it. Because it's Bitcoin, you can just take it and leave and there's nothing. It's actually much harder to do in the current via financial system. So I'm not sure how this industry is regulated, even in Europe, I know online gambling in Europe is legal. And if any of these gambling sites get serious traction with Bitcoin, I mean once both of starts accepting Bitcoin, that's it. Once the traditional gambling sites with historical reputation begin accepting Bitcoin, then like these new ones are going to be really, really struggling, even if it's only Bitcoin. Yes, they have a lot less overhead on compliance, dealing with cash. But I would be very hesitant in trusting a new gambling site that only accepts Bitcoin, unless they have some kind of multi-sig and some kind of an escrow. When I first got into Bitcoin, one of the driving forces in 2013 was the ability to make a few bets on college football. And one gambling site that I really, really like that no longer exists, I think it was called bet 365. And the reason why I liked it is because it is also the same reason why it eventually failed a year later. But this was a perfect site in my opinion, in that each bet you make has a, you never have to create an account. There was no login and password. What it was is you picked up a game you want to bet on, they create you a QR code for you to send in your money. You send in your money and that is you place in the bet. If you win the bet, they send you the winnings back to the address that you sent from within 24 hours. If you don't win the bet, you get nothing back. But then your money is only at risk, but a duration of the event plus 24 hours. So you never have to create a login and password. So they never accumulate a pile of people's 50 points because people get lazy. It's kind of what happens with my own got everyone knew they have to pull their money out there, everybody waited. And it also makes sense why this company went down because it was ran by one guy. But one point has, you know, he couldn't handle the volume. I mean, got the bit you get sick and you, you know, you can't get this fast enough. You can use this magical texedo. Right. Or got the bit you have a bad day and you don't have the liquidity to cover everyone within 24 hours. But this is an ideal system to me where your player login and password you're not a member of their system. They don't have your email. You just need, you know, a big enough credit or a letter of credit or enough liquidity to, you know, handle a few bad days. But I mean, that's to me, that's a perfect gambling site that are some kind of a third party to two of three multi-sig where the owner of the site can just walk away with the Bitcoin. So unless they're doing something like that, I wouldn't be too excited over it. There is a non-trivial probability that you can lose everything you have in there. Blake Anderson. Yeah, I mean, tone brings it up extremely important infrastructureal points about how it's set up and stuff like that. Because it was just a big, co-mingled pool of Bitcoin sending funds to a big, co-mingled pool of Bitcoin is probably not the best idea. Even if it's just money that you're gambling with, you can afford to lose no reason to set it on fire. So I mean, due diligence is big here. If they have some good systems, it's interesting. I always love things like, you know, drugs and tobacco and alcohol and gambling. That's the essence of freedom. Maybe they're not good for an individual to do constantly all the time, but to try to make them illegal. It's terrible and to have technologies that support laws against them is just fantastic. So I'm excited in that regard. Gabriel, D5. I think this is a classic step in the process of decentralization that we're all experiencing. After Bretton Woods in 45, the centralization of the world increased and reached peak in the mid-70s with the most dictators the world's ever seen. And since then, we've been seeing a steady trend of decentralization of power, especially since the mid-90s with the Internet and now, of course, with Bitcoin. And the same thing will be happening with gambling sites and many services. They're all going to be decentralized. Services will grow big, Facebook, whatever. And then they'll eventually crumble and be replaced by these decentralized alternatives that are right now in white papers and betas, alphas. They're even doing big crowd sales, but it's very abstract still, things like the DAO. They may completely collapse as it could be total BS. But eventually, we're going to end up with prediction markets. Betting is just another type of prediction market. It's going to need to have an external oracle of some type. This is non-digital gambling. Obviously, if you have Satoshi Dice, you don't need an external oracle. But as soon as we have reliable methods of decentralized alternatives where your money is not being held by a third party, but instead is being held by an algorithm and nobody can break it with any known computer, then all of these companies will go completely out of business. So this is an interesting step. This step is small companies trying to get an edge at accepting it. Eventually, the larger players will be forced into accepting it because they'll need to compete in the marketplace as Tom points out. Eventually, they will be disintermediated by decentralized prediction markets. That will be the final step in the gambling process where we'll have completely open, free gambling that any six-year-old can do. That's where things will end up. This is a nice step. We're going to see more and more of those steps over the coming decades. My son loves to gamble. Does it count up for in the morning? Yes, it's like a logger. Exit question. I was going to have a slight discussion with Gabriel. So in your... I am... The decentralized gambling aspect is actually not that simple. Because when you talked about your Oracle, do you want to decentralize the money in a gambling site or do you want to decentralize the Oracle? Because again, I am very critical of Orgar. Because Orgar is looking to decentralize the Oracle. And I think that's kind of... that's not silly. I don't think that makes any sense at all. I mean, Orgar had to decentralize the Oracle otherwise. They can't push their reputation tokens. I don't see any need to decentralize the Oracle. Now we do need to decentralize the payment method. Because the Bitcoin itself is decentralized. But you don't want a honey pot of Bitcoin like I described earlier. But decentralizing the Oracle, I don't think makes any sense at all. Because ESPN will always be your best Oracle sporting event. It's not going to be a bunch of Reddit users using the reputation tokens. I think that's just silly to a smart contract. So in your view of a decentralized prediction market, are you considering decentralizing the Oracle? And if you can maybe elaborate on that on what you think can in that regard. Because I think that's silly. I think it's much too early to judge decentralized Oracle's as silly. Certainly they're not practicable yet. But to say that in eight years we wouldn't have some sort of solution after a lot of work. And there's a lot of money to be made by centralizing it. And certainly you could have a situation where every given betting contract could have its own Oracle. But there's always going to need to be someone or something in putting that ESPN result, for example, into your blockchain or into your crypto system in order to determine the winner of the bet. There's always going to need to be some party. And now whether that's a decentralized system that is gameable and could be cracked or can be, you know, by game by the market. And those things are all challenges that are going to need to be faced. And just like the Byzantine general's problem needed to be faced in order to create a decentralized currency. The Oracle problem, the trusted third party for information sources for gambling and betting is a typical agency problem that's going to need to be overcome with technology. That's going to be a multi, in my opinion, easily multi-year process. Possibly a couple decades. I don't think it'll take longer than 20 years to figure that out. In fact, I think it's going to be less than 10. Okay. No, no. Okay. I see a point, but also keep in mind it doesn't have to be just ESPN. You could have an automated system and it uses, let's say, five of seven, right? So five. So ESPN is a sports. Sure. And then there are all 60. Right. And that are going to be, you know, basically, they'll be gained. They'll be cracked. The bets will go off because it's automated. We're talking about smart contracts. So there will be problems. There will be, you know, the systems will be gained. The wrong team will have been paid out and the team didn't win, but yet they gained the Oracle. That's all going to happen. People are going to lose their money, you know, even though they made the right bet. And then gradually those systems will be, I will say, perfected, but made super robust. You know, nobody would argue that Bitcoin is perfect, but it's so robust that it can't be cracked right now. So that's the same thing will happen over the following, say, six, seven, eight years for Oracle systems. Well, Bitcoin is so extremely simple and elegant and robust. And what we're talking about is something that's so much more difficult. And what we can, we can look at the problems that Bitcoin has had to look at some of the problems that decentralized Oracle they're going to have to deal with. Like if you flood out all the nodes that a Bitcoin wallet is talking to with different nodes that have been compromised and it can't tell what the truth is, that's a big problem. So if you have a decentralized Oracle, you can actually attack nodes, you can attack the entire network. There are so many from information security standpoint risks there. There's also risks with centralized Oracle's. So to find the perfect Oracle within centralized or decentralized, I think that that's going to take maybe, I don't know, like 10 years, it's so long. And if someone's happening right now, but that is a definite, extremely hard problem to solve. And I think that it would be heuristic for people to be like, oh, I mean, there's a solution that's going to be rolling down the street next week. Obviously, auger has the solution and the problem has been solved. Exit question, what sport is most related to Bitcoin? Football, basketball, baseball, soccer, eSports, or magic, the gathering, tone vays? You muted it. I thought it's going to be a cross between soccer and football. I mean, they're the most popular betting sport. So I'm just going to go with those probably football or American football over soccer because the majority of soccer is out of Europe. And Europe doesn't have the kind of censorship problem I am gambling that the United States does. And the United States is the one that you all have a gambling, well, censorship and football is the most popular sport for Americans. So I'm going to go with the American football. Blake Anderson. I'm going to say it's a tie between women's tennis and lacrosse. Gabriel, divine. It's very bowling, just like it's possible to solve every block in a day if you have the most powerful mining setup. It's possible to bowl a perfect game every time if you have the best bowling technique. The correct answer is magic, the gathering cards always will be related to Bitcoin for some reason. We got to talk about the difference between game and sport there, but okay, fine. You're out of your element, Donnie. I'm going to turn them it now. They have a tournament, so it must be a sport. And now questions and answers or what's going on in the chat room. Dave says, I hope to all Holy Hell Blake and Gabe are on today for fuck's sake. And that turned out to be true. Gabe and Blake are both on the show. Everyone is counting down as we waited in the green room for Gabe to arrive. We waited till 330. We had to screw it. YouTube is asking, Hey Tom, going to the burn this year. Not planning on it right now, but if someone gave me a ticket at a full normal price, I would think about it. Hard to get a ticket though. I'll go on a songway. Yeah, Gabe Blake will take a free ticket. So we have a free ticket and a full price ticket if anyone's available. He says, I was debating with Theo on Twitter this week, not on crypto topics though. Why does YouTube keep saying this event will be again in a few moments, tap to retry. And like a sucker, I keep tapping to retry. Me too. This is very frustrating. And then people are talking now, let's see. What's up? Great to be joined in. The crew is on this time. Decentralize power. You're living in fantasy land. Let's see. After this. I like decentralized texts, of course. You have to contact like 15 people to get any help. That's my favorite. Are there any any any questions of the day? No questions so far. We've got a mix tape after the show. And here's a minimalist music. Trader Penn cost as tone. Great talk in Netherlands. Like when you talk about auger. Sex is the main sport of Bitcoin because the price goes up and down. It's complaining that we're not reading any of this. Hey, I could email him to get a ticket. Hey, should everyone should join the world crypto net slack. Yeah, I'm in Vietnam starting tomorrow. So maybe we'll the next show will be remote from. I'm not interested in a minimalist mix. I'm a Bitcoin max list and I'm a music max. I love music too. I mean, maybe that's something that's a game and I haven't common because I've loved music for a lot longer than I've loved technology. And I love technology. I'm pretty fucking nerdy. I went ahead and put my email in there. So hit me up and we'll have to hang out at district this year at Bernie Man. We'll see. That'd be cool. It's a cool club. I've been to district before. Very cool spot. Is there going to be a camp faderade? Not this year. No camp faderade this year. We're taking the year off. But we'll see if the commenter gets in touch with me. And if I can pull a ticket, Bernie Man has this thing that you only pay the price of the ticket. It's not cool to pay more just on principle. So we'll see how that goes. But anyways, move on to predictions or a story of the week. Blake Anderson, are you ready with a prediction or a story of the week? Sure. I had my monthly advisory call with ubiquity this week. They have a pretty good advisory board and a pretty good crew forming up. They were actually talking with a Sotheby's about putting different real estate tritle transactions into their systems so that they can have an immutable database of transactions for real estate on the Kulu system. And then a form of key management, which will allow different people to basically have a lot more control over what's going on than having to deal with the title company all the time. Then real estate companies can focus on what they care about, which is getting market share instead of stuff like that. So I advise for a few different companies. But for right now, ubiquity is definitely getting the most press and working the hardest. So I'm pretty proud of not only their accomplishments, but the way that they're doing it, they're not acting in a way that some companies do that is very, very, very reckless and spend happy. So I'm proud of that. Excellent. Good job, Nathan Wozniak. Gabriel, do you mind? Yeah, I have a story of the week, but my story is basically the Bitcoin development charges on. It's just amazing to me to see all these incredible developments coming out of the teams, especially you know, Blockstream Core. Those guys have really upped the ante and as well as I believe it was Cornell. I mean, Vured came out with and a couple of his colleagues came out with an incredible paper about increasing the speed of node communication so that they can trade messages faster with each other because that is actually one of the bottlenecks currently in the Bitcoin scaling process is speed of node proliferation of the call it. It's called Falcon. So they have this new white paper that came out, a new technique for node proliferation, amazing. And then of course, Compact Blocks, which is reducing the size of transactions, Bit 151, which is an encrypting the communication between nodes, which increases privacy and fund, fundability along with several other features that are coming out. And then of course, SegWit, segregated witness voting process among the miners is near very close to the 95% level that's going to be needed for rolling out lightning network. So Bitcoin core development and the basic features of the network continue to be worked on, absolutely incredible, the type of things that are going to be enabled by this in the coming months. So it's great news. They're going to Falcon it up. We should go back to classic and XT and my current should come in cry about everything that'll be really helpful. I used to play Falcon. It's a great flight simulator. Tone Vays. That was great. Thanks for that update, Gabe. I've been in Morocco and you're crane and I've been busy the whole time over there. And the internet is really great. I actually forgot to mention one thing that you might be interested in, which is counterparty just came out with their Ethereum smart contracts language. Counterparty, which the tokens were created by burning Bitcoin, they came out with their own implementation of the same scripting languages that Ethereum uses on the Bitcoin blockchain in order to do smart contracts. That's going to happen more and more. Yeah, no, I'm not surprised. I have not been critical of counterparty. They're one of the few authorities that I have not been critical, only because I see counterparty as a fair system and was not designed in a scammy way, like pretty much almost everything else. I mean, life point wasn't either. I just don't think life points were that useful. But again, I'm not. I don't know that much about counterparty. I think there if they're going to be useful, it won't be way down the road. If they are useful, assuming all of that can't be done on Bitcoin in the future eventually as a layer on top, which they kind of are a layer on top already. They might have been a little ahead of their time. They are definitely a layer on top because the way that the tokens are new is color coins. Right, but it's possible that they jumped. I mean, they were just ahead of their time. So I'm not sure what kind of traction they'll have as opposed to something that's going to come out at the right time. It's like somebody said, you don't have to be first to a market. You want to be last. So it would look like Facebook. You know, they weren't the first that they were the last. If you ain't first your last. And so for my prediction, so what I'm going to do is I know we avoided the story. But since I somebody did tweeted at me earlier today and I have to take a look. It was perfect timing. I am going to double down on everything I said about the Dow in the last episode of the Bitcoin group and Blake. I hope you watched it. If now go back and watch it. Same thing for you Gabriel. I wish you guys were on that episode. I loved your chart. I haven't gotten a chance to take any episode yet, but I definitely will. So I am doubling down. So from what I saw this morning, I there are so many bugs in the Dow that I believe they are going to freeze withdrawals because there's a huge vulnerability in that there are. If you withdraw your Ethereum images lose all that Ethereum. So what I said last week was all the Ethereum that went into the Dow will never be seen again by the Ethereum holders. So I am going to double down on that. And because I just I actually wow. I said it. I said it two weeks ago. I said two weeks ago. The Dow is basically designed to separate Ethereum holders from their private keys. And I said this in last week's episode. And I am going to double down on this. It's going to be very interesting. I will probably be wrong. But some of them might be able to get their Ethereum back. But there is no way. No way. Everyone is getting 100% back. I think that's already established. So I am doubling down on that. That's my prediction that it was just off. I will leave it there. Tony hacked the system. A true self-fulfilling prophecy. Yeah. I think that was like the easiest prediction one could have possibly made. And finally, my story of the week. See if I can change the camera. Is the San Francisco Bitcoin Meetup? Join us tonight at the L Rio in the mission for proof of drink at 6.30 p.m. A casual Bitcoin social event in San Francisco. Check it out on meetup.com. The San Francisco Bitcoin Meetup. Up, we're out of time. Until next time. Bye bye. Bye bye. Bye bye.