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, Theo Goodman from Hasse Online. Good evening everyone, thanks for watching. Ton Vaze from Liberty Life Trail. Hi everyone. Todd Thomas-Hunt from the World Crypto Network. Moving on to issue one. Issue one, the great steam at debate continues. Despite continued skepticism, the steam at website continues to make large payments to content creators. The site seems to have spread like a virus through the Liberty community, as one well-known libertarian after another joins the site, and attempts to make it rain with another introduce yourself, post. The big winners of this week seem to be Jeff Burwick, the dollar vigilante, who started out posting exclusively about steemit, but now has begun posting his usual work while being greatly rewarded. With former BitInstit CEO Charlie Shren following close behind, posting his thoughts and booklist from his prison experience. Additionally, several articles questioning the work of Ton Vaze have been able to pull in a few thousand dollars, simply by being skeptical of the skeptics. Is this just early adopters who got lucky or does steam have legs? Theo Goodman. Like I said on many of the episodes before on World Crypto Network, which you'll have to check out the Bitcoin group, the past episodes, what it, what steam it does is more or less it creates generations of bad holders. There's an incentive for people to power up and hold steam it. Because you can't cash out really quick, then the whole time you're holding, then you have an incentive to promote the whole platform, and that works. That's what we're seeing right now. For that, it's great. As far as the content from what I've just casually browsed so far, I've liked Charlie's, the most Charlie Shrens, what he's posted about prison. That's been really good stuff. I really like that. Anyone that looks at a chart can see that the price is going down because the more people that you get that earn a lot, the more people are going to want to cash out as well. That's what we're seeing right now. That's the question. What's going to happen with this experiment? Is it going to be that people just cash out and it fizzles out when the next cool thing comes? Or does this thing have legs? Is it going to stand on its own to legs for a while? Is there going to be some kind of mainstream support right now? Like you said, the so-called Liberty Community is really into it. That's all I got to say about it right now as far as if it has legs. I think time will tell. Yeah, I hope that there's more. If it's going to survive, there's going to need to be more content not about steemit. That's the only way that I see it going anywhere. Because really the only stuff that's not about, hey, I found someone with a steemit post or near my house or, hey, I put steemit in my hair or I don't know. I made a song about steemit or did you know steemit's a revolution? Hey, have you heard about bit shares? That's before steemit or anything like that. That's going to get a lot of upfotes right now because that continues the feedback cycle which is in some ways normal at the beginning, I guess you could say. But if there's nothing new that comes in there, then it's going to go away. Now I will link this to something that happened. Maybe you've seen another show here on World Crypto Network. It's called What Is It? Vortex is the Bitcoin news show. I believe it's called. He did it on a platform called BLAB. Okay, so BLAB did not have a token. And I was on BLAB from pretty early on because I thought it was interesting. Now, of course, it wasn't sharing text, but it was just sharing what we're doing now. Video chat with each other live with other people. So you just come in, people did shows and everything. What's the relationship? There are one big reason BLAB fizzled out is because what it became is, hey, I do a video marketing. Oh, hey, I'm going to make a show about video marketing. Hey, I do video marketing too. I'm going to make a show about how you can do better video marketing. And that's what happened. It just became like this thing only talking about how to BLAB and then it just kind of fizzled out. So that's what could happen with steemit. So let's see what happens with the content in the future. I think you've saved the best point for last, you know, it certainly seems like much of steam is currently about steam. I saw an article on steam that, of course, was about steam where the guy had a pie graph and he said 45% of the posts were in the steemit or steam category. So they've definitely created an economic engine that seems to reward you for writing posts about steam. I know some of Burwerks early posts were how I got $15,000 on steam, blogging for two hours and how to become a steam millionaire and how you can 15 ways to make more money on steam. And he had a lot of steam related posts and he did really well if you look at how much money he raised. But what's impressive about Burwerks' account is he brought his followers over. Yeah, a significant following is 1700 followers on steam now. Maybe more. I haven't looked recently. What I've seen from him is he's starting to do his normal content. He's doing the gold standard, ran out in the 70s, it's been 30 years. I'm upset about it. Nothing about steam. Just his standard, you know, libertarian gold type content and he's still getting $2,000 a post. So if more people can do that by entering the platform, getting all into steam but then going back to your normal work and if your normal work can be rewarded, maybe it can be a serious platform. Guy just say one thing really quick. It was, he did get 2000 in like value but I'm sure that everyone watching realizes this but unless you're holding it in your hand, you don't have it. That's money on the table and who knows what's going to happen. I definitely think it's a good role of thumb to cut your steam posts in half. Assume that you're getting the money they actually give you and the money you get in the long term steam power. I'm not sure how that's going to turn out but we'll see what Tom Vays has to say. Go ahead Tom. All right. Just one comment on something you said, Thomas, when you said someone did a pie chart that like 45% of the articles are in the steam it and steam category. I don't think that's a good statistic because just because you categorize something as steam it, that doesn't necessarily mean that the content is about steam. I've seen so many articles just categorize it that way so that it shows up under steam it. But the article has nothing to do with promoting. People carving steam in their hair making a poster about steam. There's a lot of like attempts to forget. No, that is true but it's not the other way around. Just because you categorized your post as under the category of steam it, that doesn't mean that it's about steam. It could be like completely, it could be about art. It's just that a lot of people aren't categorizing it because you can categorize it five different ways and it's always just the first one you put in your category. That's how it shows up as but there are additional tags. They just want people to see their content so they assume steam and steam it. Popular groups. Exactly. This video which is on steam it right now is categorized as steam and steam it, Bitcoin and I forget the other one, maybe video or something like that. Once again, anytime we talk about steam it, I have to wear my pay coin shirt. As we talked about in our quick pre session, I'm not going to, this is specifically content on steam it. It's not criticism of the steam it platform itself. I have plenty of content on that and I'm sure we'll do more of it in the very near future. I want to share my screen. I've actually spent a lot of time, not a lot but I've actually spent some time on steam it because I guess people want me to spend time on steam it. I still don't have an account. I don't plan on having an account but that doesn't stop me from looking at what there is. I'm assuming my stuff is for people to see. This is the main page right now and as usual, Jeff Berwick is number one. Charlie Shrem is almost always in the top five as well. Charlie has now started a series about his life in prison. I read some of that. It's very interesting but we'll get to that in a second. Obviously they have a following but the reason why their content is worth so much is because people with a lot of steam power are the ones that are voting for it. Here is the debate that I had with Jeff Berwick about a week ago, posted one week ago. It did really, really well. I think it's one of Berwick's better paid posts. It got him over $8,000 and I would like to be three before I go further on that. I just want to a lot of comments too. This was probably my favorite comment out of the 500 or so comments on there and I glanced at most of them. I thought this was great. I took the picture. I was using it as my Twitter profile picture for about a week. I would have kept going but the reason I stopped is because people were taking screenshots of my Twitter for my content on Twitter and posting that at other places and that's when I kind of said, you know what? I kind of like the picture at school but I don't want it to be there forever as my Twitter profile picture. So I went back to the original. I do have a complaint about the comment, above the picture. He probably could afford a better hair piece. If I was wearing a hair piece, it would have a way more hair. That's just my comment. If I was to actually get a hair piece, I wouldn't be looking like I'm using my hair at the time. How much steam do I have to pay you to just get a haircut like me? Oh man, you know what? Some of my friends are making fun of me trying to do that but one day I'm not going to take it in steam unfortunately. Anyway, I don't want to take too much time. So I want to click on Jeff's profile. Jeff is a man of his word. In our interview, Jeff has said that he has never, he hasn't, he believes in the steam platform and he has not cashed out and the steam platform is transparent to a point where I can go to Jeff Burwick's steam wallet and I can see exactly how much money he has made from steam and also you see the history is blank which means he hasn't actually withdrawn anything out. Jeff has the ability right now to withdraw about $8500 worth of steam dollars and he has a lot of steam power relatively speaking with $34,000. Of course there are accounts with millions of steam power I believe and his estimated value is now $52,000 and that's because steam has been dropping in price to the tune of like 10% per day. We'll have a whole other show and I'll explain why that is. This is not the time for it. My next link is like you said Thomas in the opening, people have been just taking what I say and commenting on what I say. I like the picture, it's great, very creative. Somebody did a two minute video of my conversation with Burwick, they cherry picked some of the things that I said and this made $1100 but you can look, it was up for $1300 and if you click on it you see that I believe, I don't know if they're sorted in order of whaleness if that's a word, if it's not, I'm going to pull a Vitalec and create a word. If they are sorted in terms of whaleness, Ned the CEO upvoted this post which immediately gave it about $600 worth of steam because Ned is a super whal as the CEO. By the way, going back to Burwick and you can see how much money people have made in steam, that's good and bad because some accounts are public and some accounts are private. Jeff is a Canadian living in Mexico so he couldn't care less about taxes, he doesn't owe any taxes to Canada but if you are a US citizen and you want to be a public figure on steam and bring your followers, I'm not going to name any names, there is a full blown record that anybody can look at of how much you cashed out to keep the IRS off your back, you might want to keep a note of this going into April filing. However, there is a lot of whales that are anonymous and they don't have this dilemma which is again kind of unfair in my opinion but again different show to discuss that. Next article that I really found interesting on steam and a lot of these is because other people are sending these to me, some anonymously, some in group chats. So this guy who made a haircut of steam and is now walking around the planet trying to convince random people to join steam and why it's important and he even says he's having difficulty explaining it because he has to like, it's easier to explain it to people that understand Bitcoin but not everybody does and the reason why this really may be chuckle is because it reminded me of myself and my friends in 2013 mostly trying to get all the local businesses to accept Bitcoin which was very unsuccessful and now you have people doing the same thing three years later, working around trying to convince people that they should start blogging on steam, it just reminds me of myself doing this with Bitcoin. Yeah, but we should have carved that into our hair, we missed a trick there. I know. So this is also something I found very interesting. This was, I guess a clickbait headline, how to successfully, how to be successful on steam and pro tips, read before downloading new users must read and this was basically, as you can see, by the first image, this was someone that is very upset at steam and the reason why this person is upset is because everyone has an idea of what their worth. So he felt that his content on steam was making pennies while other content was making thousands of dollars that this person felt was significantly worse than his content and I think this is the problem that some content users are running into on steam and I'm going to talk about this a little further on my last click is that people have an idea of how much their articles should make because they see how much other articles are making and when that reality falls short for them, they get very, very upset and if the price of steam does keep falling, we might see more articles like this. I mean, I found it to be an interesting read. He does seem to like Jeff Burwick and some of the other people, he doesn't blame them, but this person is basically wrote an article complaining about steam it. It's not that I support what you wrote, complain about steam it but I understand that some people have a different view of their worth. So this one here, this is just the current steam it, category steam it and a lot of this stuff isn't always about steam it and that's what I was mentioning to you Thomas and this is just a new post from today. So here are some posts from like three or four hours ago. This was interesting steam it under $1. So this person is just asking the question I clicked on it. I see a question why it's under $1. I would love to talk about this in our future episodes and one of the reason and something interesting popped up here, I'm going to click and open this, good news and then bad news open in a new tab and this is someone that does a weekly analysis of steam it and he has some very interesting graphs. The green line you can see that there are more people opening new accounts on steam it. But the other two lines is that the content creation is actually still trending down over the last few weeks and the most interesting parts of this are these two charts. I hope they come up good on the big screen. Posts per day are down 50% in the last 30 days and replies per day which is people commenting on posts are also down about 50% in the last 30 days. Now this looks exactly like the price of Bitcoin 2013 and then 2014. This is just very, very accelerated. So this may not mean anything but I just found it to be pretty interesting. So check out this guy's posts every week. He's giving you statistics. It's me Tarzan. And finally, right next to it, I saw something that caught my attention. I will click on it. This is not for not say for work post but when I click on it, I'm just not going to scroll down so that it is safe for our show. No, I'm not sure if our show is a work friendly or not. It was a very clever post about Internet privacy and we might talk about this later topics and it's digital security and how privacy fails you and it highlights the point of what happens when you save your naked pictures on your phone and your phone isn't as secure as you thought and those pictures end up on the Internet. I just found this to be interesting because the post actually posted some of those unedited pictures which I thought were well, like I said, it was an interesting idea. So there's a lot of content on Steamit and it's up to the reader to find it. I'm actually understanding how Reddit works now because I was never that big on Reddit. So there you go. So that's what I found interesting as I've been looking at what's going on and what type of content is going up on Steamit and what's popular. Interesting stuff, Tony. It's worth analyzing the Brazilian police officers naked photos. Maybe a similar situation to what happened to Leslie Jones, the actress from the new Ghost Busters remake. Recently, hackers took down her webpage, put up pictures of her driver's license, passport and naked photos that they found in her eye cloud account. So once again, you cannot share your naked photos on the Internet. They're probably going to be shared more than you want them to be shared. It's an unfortunate yet slightly humorous situation from the outside. I'm sure from the inside it's not funny at all. But let's move on to the exit question. The value of Steam continues to fall along with the bonus you received for joining. First it was $10.7 now five. Will the reward fall to $1? Will Steam the currency rise, stabilize or keep falling? The Ogoon. I don't think the reward for joining will drop that much farther because then nobody will join or less people will join. However, it's kind of a bait and switch if anyone knows deposit books at sports books or casinos or works about the same. Because if you open an account at Steam it says, hey, you get ten free bucks. You can't withdraw the ten free bucks until you get a hundred bucks worth of upvotes. So it's kind of a trick or it is a trick. I don't know about that but I think they're going to need to keep that at a reasonable level to get people to join it as far as speculation. I think in the short or midterm it will probably continue to drip down. And I don't know about the long term no idea. Toned base. All right. So this is the part where I could be a little critical. So I have to disagree with Theo. I don't think the sign-up reward matters at all. I don't think anyone is joining Steam it for the $10. Well, it started off as $10 and then I saw it become seven and then I saw it become five and then I saw it become 350, I think, as of today. And I don't think anyone is joining for that. However, I've been dissecting the white paper as everybody knows and I got to the part where they have to give you a Steam it to join. So it will drop to $1 but it will not drop much lower than that I believe. And the reason it won't is because an account needs some Steam power in order to have any kind of posts on it. It's the way they, unless they go into the code and change their block chain. It depends on some kind of value in order to avoid transaction fees. So it's just the way it works. So they will always be giving everyone a new, if you can't change a block chain, come around. And what do you call it? But I do believe the price is now under a dollar and it will continue to drift down. And the TLDR and while continuing to drift down is I think the creators of Steam it got incredibly greedy and with their proof of stake allocation. And for every $1 in Steam that gets created, for every one Steam token, I guess the proper way to say it, that gets created due to content, nine Steam tokens get created on the back of that and hand it out to current holders of Steam proportionally based on the amount of their Steam. And I think that ratio is just way, way too steep. And that ratio is significantly higher than the amount of new interest in Steam that is needed to buy into the system. And that is why I think the selling of Steam is accelerating faster than new users are coming in that are buying Steam power, hence the price is dropping. And I think it will continue to drop for a while. And as a trader and a speculator, you never want to catch a falling knife. You need technical analysis to have some kind of a turn. And if Steam hits all time low in price, which it just did, there is no technical level to suggest a speculative bounce. Some traders wait for a visual bounce, some speculate on a visual bounce from a technical perspective, anticipating a bounce. But you can't anticipate a bounce on all time lows. And Steam is now at all time lows. So even for traders and speculators, it creates a big dilemma of where to catch a falling knife. And so I don't think it's going to turn around anytime soon. The price of Steam will continue to drop. But due to incredibly low supplies of Steam created by their rules, it may last longer than you think. Moving on to issue two. Issue two. Monero rising. The value of the privacy-focused altcoin, Monero, took off this week after news spread that it was being added to several dark net markets. Monero claims to use a process similar to coin mixing to anonymize your transactions. Is Monero a challenger to Bitcoin? Or just another test net developing code whose uniqueness could be assimilated and added to our collective tone vase? So I'm going to go with the latter. It's definitely a test net whose code could be implemented in Bitcoin. Now just because the dark net markets are adding Monero, that doesn't mean that people are using Monero. Those two completely separate issues. I still would think that users of the dark net market might prefer to use Bitcoin because of the stability of the Bitcoin price. These people are not speculators. They're not traders. They want something as stable as possible. They want something as close to the US dollar to get in and as something as close to the US dollar to get out. Now if Monero starts to go on the rise, then maybe they'll see that they have an advantage to holding Monero. The price spike is of course trader speculation on this news. This is no different than traditional financial markets. Now as for it being a test net and that technology being implemented in Bitcoin, as much as I love privacy, as much as I love security, I'm not all that eager to implement complete anonymity into Bitcoin at the core code level. I would still love to see anonymity as a layer on top of Bitcoin. The reason is because my dream one day before I die is to have a government accept the idea of Bitcoin blockchain and to actually put their finances of the government through the Bitcoin blockchain for the opposite reasons that Bitcoin is used today but for the reasons of transparency. If Bitcoin has an anonymity built in, then the idea of having some politician that wants to revolutionize their country, like what Estonia did by going very, very digital with everything. If some politician, maybe some small Caribbean nation wants to really eliminate corruption and let's face it, most corruption is government corruption. That politician and currency manipulation of course, that politician could attempt to do something like Bitcoin or maybe run their finances through Bitcoin in order to show transparency and in which case that politician would say that all government departments move their money through Bitcoin and they're not allowed to use any mixing wallets. This way that people see where their tax money is going, how their tax money is being spent, how these politicians get paid. But then users of private users of Bitcoin can then go ahead and use these applications on top of Bitcoin that give you anonymity and you can use it anyway you like. That is the future I would like to see but that can only happen if there's no anonymity built into the core code. Now if Bitcoin is being so scrutinized by the current government and the core team has no choice but to add anonymity into the core code, then it is what it is. So for now, good for Monero, I like Fluffy Pony who's the lead developer in Monero, straight off guy on this guy trying to do real science. So I don't have much bad to say about Monero at the moment, things can change. I don't own an Imanero, I don't plan to buy an Imanero, I'm a Bitcoin guy as people know but good for them they're doing some science. So let's see what happens. I'll leave it at that. I definitely like to congratulate Monero and welcome them to this, their moment in the spotlight. So I worry it may be a little dubious, this could be just another big sign, now's your chance to hack Monero, now you have a reason to hack Monero, there's certainly under the spotlight now if there's any flaws they're going to come out soon. We'll see how that goes. I agree, I've already seen some articles on Monero 7 of problems scaling, I don't know how true they are but I just saw some headlines, I didn't read into it. But hey when you go from barely any transactions a day to a bunch of transactions a day, again assuming people are actually using it and it's not just hype, I mean look they're going to have the same scaling problem everybody else does. Any old coin that says they solved the scaling problem, they only solved it in their developer environment with no one actually using it. They're definitely going to have to keep their code up today and get ready for DOS attacks and whatever else people can throw at them, it's all coming now. Theo Goodman. Yeah definitely I agree that just because they added Monero doesn't mean anyone's one is using Monero and probably a lot of the users at the dark net markets are like what the hell is this thing? Monero, why is there another option right now? It's just some other weird shit and what is this? Why do I need it? Who cares? I just want to get my drugs and I don't care. But it just shows that at least the people that run the markets are willing to look at other coins and whatever they sell Monero as far as the privacy they're willing to go with it and invest the time to integrate it. So that is a pretty big deal in my opinion. And let's see, as long as it stays for a certain amount of time and a certain amount of people use it, they'll probably keep it as an alternative. Now as far as some other topics, other points that you guys were talking about are as far as related to Bitcoin. As far as I know from my conversations, theoretically, ring signatures could be added to a side chain. Now I don't know, that's technically a layer on top as well. And then you'd go in and out of that and then there you'd have your privacy and you'd use the technology of Monero which now correct me if I'm wrong, which technically is not coin mixing, it's ring signature. So it's a different technology as mixing just to be super technical. But anyway, that's why it's private. Do I mess that up? I don't know. I think it's locked. No, no, it's common. No, no, it's okay, it's a common thing. It's a common thing. I knew that. I knew that. I thought I was curious if I said it wrong. But I think it's a common thing. It's an article, it's an all kinds of things right now. I think people kind of get it mixed up, get it mixed up with coin mixing. And that's the whole thing with ring signature. So it's a whole other way to do it. And the whole Monero code is not a fork of Bitcoin. So that's pretty interesting. And I think that's technically where the value is as far as Monero is concerned. With that, the whole testnet argument, yeah, it is. It could be done and it could be done in a sidechain whenever that happens. Until then, it's its own chain. And I think that there is still not against all coins. I think that people like choice. And there will be other chains around. And maybe a privacy-based chain, and that's the main feature. And does that really good? Maybe that's the one. Let's see. There's others out there too. But let's see what happens. Let's see if people like it. And as far as Monero, yeah, Fluffy Pony has probably the best wine rack I've ever seen in my life behind him. So shout out to that. Can I make one last point on it? It just came to me. Again, I don't know. I haven't looked into it, but I don't know if it's even possible to look into it. You've got to dig into it. You said several dark markets, except there. Do you know how many? One, two, three. No, no. Actually, I have another point, too. I have another point. We're going to keep discussing. Hold on. I have another point. Because we're saying about a time. Let me say it. I'm sure you'll have an opinion. Because Monero, I don't know the name of their algorithm. I should have looked it up. I forgot it. I did look into it, but I forgot it. But the thing is, it's pretty much mined by CPUs right now. So it's not ASIC and it's not even... I don't think that you can even do it with a graphic card. It's got some weird stuff going on. So all right. On the one hand, of course, the anti-ASIC people will say, okay, then you avoid mining centralization. But as soon as you have that, then you have a lack with prime coin or some other coins. Then you have the potential for botnets to mine it. So as soon as it shoots up in value, then you have... I don't know if you would call it an attack necessarily. But then you have the potential that botnets or people that run botnets will say, hey, I'm going to mine this. Let's see if I can put this into your laptop or your DVD player or whatever the hell kind of thing for botnets that use it. So there you have that potential and that. And that could be for about any altcoin regardless of the algorithm. If it doesn't have ASICs, if it's worth a whole lot, then theoretically, that is another thing that you have to consider. Now, I don't know how detrimental that is for the coin in general, but it's definitely something to consider. All right. I can't really comment on that because I know absolutely nothing about botnets. I've never mind that's nowhere near my area of expertise. So I'll leave other people to think about that one. What I was going to say was, again, I don't know how many darknet markets are accepting it or started to, but a lot of them follow each other. I mean, if one of them started, the other one is like, oh, well, mine as well do it also. It doesn't really hurt me. All I got to do is, you know, fuel lines of code, implement the wallet. It's up to the users if they want to accept it or not. Maybe they can convert it straight to Bitcoin through some of the other tools. I'm also interested on the conversion options. If you could maybe take payments in Bitcoin, convert them to Monero. Now the darknet markets are darknet exchanges too. So I don't know about the details on that. Be curious. But they can also run it through shapeshift. But here's the thing, right? We don't know if it's like the same admin running three different darknet markets or they aren't touched with each other. I mean, not what we don't know. We don't know it's huge. Now, not all competitors hate each other. A lot of competitors are actually, you know, fairly civil with each other in reality. So you don't know the motivation behind accepting Monero. It could be that the users on those sites asked the admins to add it or it could be that the admins decided to do it on their own. And you don't know what their motivations were. They could have easily bought a bunch of Monero and there had the insider. I mean, there's no insider trading, wall or anything. It could be the next Microsoft Azure where you just ask them and they add it and then everyone pumps your coin. Right. It could be, but it could also be, you know, the admins of these darknet websites were smart. They would have loaded up on Monero knowing that the moment they make an announcement that they're adding it in, the speculators will drive it. We'll wait right over. Right. So overnight. I mean, that's what I would have thought right in the market. Remember what Bruce Wanker said in his famous video when he opened a short on okay coin before he hacked Biff and actually said that's called making money while you're making money. Right. So you don't know. I'm not saying they did it. I'm just saying there's nothing stopping them from doing it. All right. Let's move on to the exit question. Is Monero done rising or does Monero keep rising? Theokun. Well, of course, that depends on the time frame. I think in the short to middle term, it's, you know, kind of sideways or a little bit correction. And it seems that it's here to stay for a while. You know, there seems to be some kind of interest or perceived interest in it. So, you know, I guess in the middle to long term, you know, positive and short term. I don't know. That was a pretty big pump. So let's see where this corrects. Tom Vays. It's going to correct. Just rewind. Whoever was watching this, rewind the video to where I showed the chart of the amount of posts and the amount of comments going up on steam it. The chart of Monero is going to look exactly like that. It'll also look exactly like the chart of Bitcoin. Between 2013 and 2014 and or like Litecoin when I went to 50 and now at three or the chart of silver when I went to 50 and then down to about $10 recently. It'll look exactly like that. So whatever the pump did, it will end up losing close to 70% off of the high and the pump. And then we'll see when is the pump going to end? I don't know. I try to I don't predict anything when it's at an old time high or at an old time low after the IPO, IPO price. So once it turns, expect a 70% loss over a period of time. I'm a big fan of the idea behind these privacy centric coins like Dashcoin, Monero. I'm not going to say anything about the value, but I think they all face a serious challenger from Zcash, even though they're doing a pre-mind and an initial coin option and all those kind of things, it still could be very strong under the hood, but we'll have to wait till it comes out to really analyze it. I'll talk about the Zuko thing. Yup, Zuko thing, Zcash. It's finally coming out. Honestly, the more I see him and the more I hear him speak, every time I hear him speak, I have less faith in that project. So I'm not very optimistic. Let's put it that way, but no one should be surprised by that. We'll see how it goes. It's been a long time coming, so we'll see if they live up to their hype. Moving on, Purse is awesome. Shop at purse.io and get 15% off Amazon just for spending Bitcoin. We just gave out a bunch of money to college students this week. Know any college students in your life? Have them order their textbooks on purse.io at a discount. Even off of Amazon's prices. It's ridiculous. Moving on to issue three. Bitfinex, BFX, conversion. A few weeks ago when Bitfinex was hacked, they controversially released an altcoin that they created to pay back their debt. BFX coin pegged at a dollar, quickly fell to around 67 cents, allowing many investors to sell at a loss. Let's still get something. The debt instrument has now been reinvented again as a stock, as Bitfinex is now raising funds with bank to the future. Has the whole world gone crazy? Does anyone give it about the rules? This is not now. It's bowling. Theo Goodman, your thoughts on it. Yeah. Calm down, Thomas. Can you scroll down? I want to see the bottom of the chart. Like my biggest pet peeves are candlesticks without an X-axis. I guess so. This is not active. It's just some kind of like. It's just some random image from CoinDesk. I don't know what that is. I think this is more of just an artistic chart than an actual one. If anyone likes, if there's going to be someone that talks about tea leaves, then there you go. What was your question, Thomas? It was a really good one. BFX coin. Does anyone care about the rules? Does the whole world go crazy? Yes, the whole world has gone crazy and nobody cares about the rules. This is basically it. That sums up. At least we're getting it out. At least we're getting it out of now. That sums it all about. This is the funniest and the craziest, not the craziest, but it just kind of continues on. I'm kind of tired of hearing, I am tired of hearing about the whole bit Phinex and the whole bit Phinex coin thing and all this stuff. I'm not bothered on bank to the future, but it doesn't mean anything for anyone that's not an accredited investor. If you're not an accredited investor, then you can't do anything with bank to the future and that does not apply to you. That doesn't apply to most of the people that had an account at Bit Phinex. The whole tradeable coin. That's not true. That's not true. It's not true? No. Okay. How does it work then? Okay. So here's how Bank to the Future works, a quick TLDR. In order for you to be listed on Bank to the Future, you need at least one accredited investor like a VC to do diligence on your project and invest money into it. You can then go to Bank to the Future with a proof that a VC has looked at your company and decided to invest. Then they can put you on the Bank to the Future platform where non-accredited investors can contribute money with a minimum of $1,000 and it's just held by Bank to the Future in one pool on the behalf of the uncredited investor in a pool of Bank to the Future. So you need a minimum of that. I'm still under the name of that initial person if she hit the fan. Well, yeah, if she has the fan, but again, Bank to the Future is taking the fan. And they did go to regulation that allows them to do this. When a bank to the Future has gone through all the regulation, I totally agree with that's their whole point. Their whole, the Bank to the Future. Now, I don't, I mean, they can decide what they want to list. I don't, that's not my thing. But you and I are uncredited investors, but with $1,000, we can go and invest in this. So that's just a correction. At least it's not the $10,000 minimum that one coin has. True. In any case, all right, are you people that lost something on BitFinex? You can deal with Bank to the Future if you want and go through all those steps. I don't know. I don't know what's going on. Yeah, the world is totally correct. The world is totally crazy. Not really sure what else I have to say about it except that there are even our CFDs on BFX coin. And that's like a whole other level of speculation. I just want to remind everyone of the time that Cripsies sold fee shares and the time that I think it was called crypto stocks sold fee shares. And how we kind of have this feeling when you start selling fee shares, maybe something bad has happened inside of your website like now, Gauks got hacked, like BitFinex got hacked. We know about it in BitFinex's case. But there's still essentially selling fee shares now. So this is your chance to buy stock in a company that was heavily hacked that just managed to print their own debt instrument out of nothing, give it away to people and say it's worth money. It's just the level of what seems from the outside to be pretty bold and naked fraud continues to grow in this industry completely unchecked. Someday maybe the regulators come in and they come in like a SWAT team and there's ARMYs of them because the amount of seemingly obvious, not legal things, maybe they based it in Switzerland, maybe they have some kind of a legal strategy. I'm not sure I haven't looked at it in that much detail. But just from the outside, you've created your own debt instrument, then you've converted your debt instrument into stock. You've probably bought back a bunch of it at lower values. It seems very fishy at the least. I mean, I'm not against them buying back their own debt and all that. That happens all the time. It's just, I don't know how to explain it. I mean, it's just the cream on the top of the whole bit. Phinex cake is just, there's whole new levels, ladies and gentlemen, hold onto your seats. It's not over yet. I'm sure there's some more interesting stuff to come out. It's not over. All right, Tony, tell us how it's all legal and everything's going to be all right and these guys are smart businessmen and we are stupid. Oh God. Yeah, sorry, I kept interrupting you a bunch of times. You probably lost your train of thought. I don't know. Not that it. This is just stupid. Honestly, I don't know what to say. I mean, we all said it was stupid when they decided to do it. Now, there's that other buying it back, which I kind of said that they would. They were hoping that it would fall in value enough so that either themselves or some big investor that they had a deal with would buy up all this debt on the cheap and then they would have one big whale to deal with. I mean, we talked about this. I talked about this. That was my prediction. I'm not surprised by any of it. I don't know what they're doing. I can promise you they do not know what they're doing. And I'm not a complete loss. I don't know what to say. I know it's rare. But if they don't know what they're doing and I don't know what they're doing, it's really difficult for me to comment. I'm just glad that we can now create debt instruments and stock instruments and all of these things totally out of thin air with no regulation or accountability. And I know everyone hates regulation, but a lot of the scams, tones, talked about it, really basic scams, having someone else buy into your stock who also gets paid every time they buy into your stock. These kind of loops are generally illegal in the normal financial markets because we've gone through things like the Great Depression, the savings and loan scandals of the 80s, all these different things that required regulation to fix obvious scams. We're now in the wild, wild scam environment. You can make anything you want. You can buy it internally, sell it internally, dump it as a group. I don't know. All kinds of things are happening now. It seems no one can stop it. And look, Bitcoin opened up this Pandora's box, but Bitcoin was just a currency. They didn't open this Pandora's box. People are calling everything Bitcoin, but they didn't. What opened up Pandora's box was Ethereum. They were the ones that pre-sold the token before it existed. They're the ones that went to Switzerland and said, this is legal, this is not a security. And this is again, it goes back to me saying, every single founder of Ethereum will be in handcuffs at one point or another, whether they like it or not. That is my prediction for the future. I'm sorry. That's going to be the end result. They wanted to be superstars. They wanted to be stars. They did the opposite of what Satoshi did and disappear. They're the ones that opened this Pandora's box so that now everyone thinks that they can replace the financial markets that took a thousand years to develop into what they are today. They think they have all the solutions and they can fix it in a few years. And we'll see. We're all learning. I have something to say here. That's an interesting bridge from Bitfinex to the Ethereum IPO. I don't know if Ethereum was the first crypto IPO that got traction, but it could be. It could be the one that started that trend. You had several altcoin trends. You had the feather coin wave. You had the doge coin wave. There were a kind of like several waves. It could be. But I think what's more interesting is there is more interdrama as far as Bitfinex is concerned. Because we're talking about Bitfinex because it was hacked. And everyone knew that there were some issues with Bitfinex. It had bugs and things like that. But it wasn't just, I don't, it's a conspiracy theory. We're not on Alex Jones. But maybe the Bitfinex hacker was a pro Ethereum person. I wanted to punish Bitfinex for listing Ethereum classic. And they just said, I don't even care if I can ever spend these coins. I just want to destroy Bitcoin and destroy Bitfinex. And that's about it. That's just a little theory that's been going around and could be. Before we go to the exit question, I know you have one Thomas, but I have a solution. I know how everyone can, how Bitfinex can make everyone liquid again. Bitfinex, what you've got to do is you've got to make a post on steam it. You've got to make a post on steam it about the hack, about how you're sorry for everything. And explaining about the revolution of Bitcoin and all your backgrounds. And you put that on steam it and everyone upvotes it. And then with the whole, it's going in the category, introduce yourself. Introduce yourself. Introduce yourself as an exchange. The first exchange to ever introduce themselves on steam it. Do that and get everyone to upvote you or whatever you call it. And then power up and then power you up. And then you make everyone liquid again from all the steam it. And then we've shown the true revolution of the steam it platform. I thought you were just going to offer them Theo coin, but that was much better. Let's move on to the exit question. Exit question. Despite the hack, the BFX coin crowd sale will be a huge success or a massive failure. Theo good. I think it's going to pump. I think that there's going to be some investors that buy it. It's probably going to be at a pretty decent price considering. And I don't know what the future of the exchanges, but these tokens and the shares and all that I think that there's going to be buyers. Tom Vays. There's always buyers. So I mean shoot, even pay coin still trading, right? I mean, I love pay coin. You know by the shirt. There's always buyers, there's always traders. The one thing that you can't do is you can't create a currency faster than the demand to buy it. And I don't believe that they're doing that, right? I mean, they're going to have a stable supply, right? So what BFX is doing might be kind of stupid and unregulated, but at least it's fair. They're going to create X amount of shares like a real IPO. Yes, I'm talking to you, steam it. A real IPO creates X amount of shares. And those X amount of shares are there forever. And then they occasionally split for very specific reasons. So what BFX did, if they created an X amount of shares, and they're not perpetually creating these shares at a 100% a year inflation rate, then the demand to trade these shares will always exist. And it's not going to, the creation of these tokens is not going to outpace incoming demand. So there will definitely be someone up and down trading. It'll be a huge success. It doesn't matter if it's illegal or not. These ICOs, initial current coin offerings have been doing very well lately, auger, factome, game crystals, a tradable card game. I think maybe even voxels went up. It really seems like investors have no end in their interest for something new to trade. And BFX coin is something new to trade. So we'll see how it goes. Let's move on to predictions or story of the week. Tone Vays, are you ready with a prediction or story of the week? I was unmuting. Oh, man. So prediction or story of the week, the section I'm never ever ready for. I'm going to say that a steemit is going to adjust their core code because they are creating the steemit tokens at a much faster rate than they should have. I've been dissecting that white paper and what I found is that their rate of inflation and their rate of token creation is unreasonably high. It's way outpacing the demand and new bloggers to their site, which is what one of the big reasons why the price of steam is going down. So I think they're going to realize that they got unreasonably greedy with their 9x ratio and their n-squared token creation based on content popularity, which is using Metcalf's law, which is again insane beyond imagination because that law was never designed for finances in general, a lot of loan money creation. And they got way too greedy with how faster creating that token. They did not follow Bitcoin's footsteps of scarcity and they're seeing what happens to the price of steam because of it. And I think they will make an announcement where they will adjust that ratio so that the steemit creation slows down. This might upset some users. However, it only hurts the whales. And since there are so few whales that benefited unjustly, I believe in the beginning, they're all going to have consensus that they need to slow down the creation of these tokens. So that's kind of my prediction or the story of the week. I'm going to go over with the prediction. I don't know when this will happen, but I think they will change the core code in their block chain and we'll talk more about the future topics when they do. All right, very good. Theo Goodman, do you have a prediction or a story of the week? I have a story of the week hot off the presses and I just read about it about 10 minutes before the show. So I'm going to do my best, but this random altcoin crypton is being 51% attacked. And funny enough, it happens to be a clone or a fork of Ethereum. And it's interesting to read about it. Why is it interesting? Because these kind of things, 51% attacks are kind of like folklore. Like, yeah, there could be a 51% attack, but would anyone really do it? It's not really worth that much. Crypton, what the hell is that? It's not even worth anything. I don't even know if it's traded anywhere. So don't think that just because it takes a lot of energy or the coin isn't worth much that someone's not going to do it, of course they can do it. And if it's worth more, then they have more motivation to do it. So just that gets an interesting story. I'm going to read more about it. I think that now I don't know. I haven't had time to look through the document enough to say if it's related necessarily to Ethereum's code, probably not necessarily, but it is interesting enough that it is a clone of Ethereum and there is a sustained 51% attack against this coin. So let's see what's going on and welcome to CryptoWorld. I'm sure if they just cloned Ethereum Classic, this never would have happened. But yeah, I'm going to go with a story of the week because I didn't have time to write a prediction, always running out of time these days. I'm going to be releasing some more videos that I've edited in the next few days. I've got some for Monday, Tuesday, and Wednesday, basically Star Wars ships only. I've done some videos like that in the past with Star Trek. I enjoyed making them. I enjoyed watching them and it's probably about the same I had. Maybe two and a half of them done and they were just sitting there on my computer and I hadn't worked on them on three or four months and I was starting to feel like those car guys where they have the broken down cars and their garage and they're like, I'm going to fix up that Mustang and I'm going to fix up that one and you just keep buying more cars and I was like, no, no, no, I have to finish these projects, get them out, get them done and I feel good about that and I look forward to launching them and hopefully guys will check them out. I'll probably be putting them on Steam as well. We're on Steam right now. If you're watching us on Steam, that's very cool. Follow Mad Bitt coins upvote us if you want to subscribe to the YouTube channel. The more money you give, the less money we give to tone, although we have promised them drinks at dinner if you ever come to San Francisco. Power up. Don't power down. Power up. Yeah, here is speaking your language even. So we've got it all and we're going to read your comments too. Put some comments on the YouTube video. I got the chat loaded now. It's not really a question based but I'm going to try to read through the chat because I enjoy the chat as well. Even though Google doesn't archive the chat from me which is a real tragedy. Yeah, that's not funny. That's not funny. Yeah, see if there's any questions. If anyone wants to ask a question now is the time. Let's go in a minute. I'm looking through. I mean, I've seen a lot of comments. They love your pay coin shirt. They hate the Federal Reserve. There are a couple minutes behind too. But yeah, good stuff. But I think we're out of time. Until next time. Bye.