The Bitcoin Group, the American original. For over the last 10 seconds, the sharpest satosies, the best Bitcoin, the hardest crypto currency talk. We'd like to welcome our panelists, tone vase from Liberty Life Trail. Hi everyone, glad to be back in New York. Jeffrey Jones from the Bitcoin News Show. Hello and welcome Internet Land. And I'm Thomas Hunt from the World Crypto Network. If everyone could give us a thumbs up and a like, and I'll figure out what happened to my camera soon. Until then, moving on to issue one. Issue one Bitcoin price recovery. The price of Bitcoin rebounded this week from a Theo Goodman predicted low of eight eight eight. All the way to a temporary high of 1081 scaling drama seemed to fade into the background with neither group making significant node progress and calls for unity and civility echoing throughout the community. Tone vase was this much a do about nothing was the market simply reacting to the ETF news or was it reacting to the fork drama and already made a speedy recovery. Well, there's a lot there. I think it was mostly reacting to the fork drama. I think that the ETF news that got settled within a day or two after the non passing of the ETF. But ever since then, we've been dealing with the fork drama and I've been tweeting out my views on the price almost every day. So I mean, good time to go ahead and pull up my latest chart here. Since we're talking about price first and I recently this morning actually I happen to take the snapshot at the high. Like I know Thomas, you just said that the high was 1081, but I was looking at Bitfinex and you can see right there that the high was 108930. So I was literally 10 cents off the seven day high to me. This was significant because the last time we were at this level. We hear the last time we were at this level will like really right there. This is when we fell out and broke down. And then we went into the slow good call by deal by the way, calling the 888. My low was always 915. That was my perfect by target. And a total of about seven hours maximum below my perfect by point. So I think I called it reasonably well. And I bounce right here. I was also looking for this bounce here as well. I mean, there's tweets and everything on that. And my target of 1100 was almost reached the day by 10 bucks. So I opt my target all the way to 1174. I honestly think the worst with Bitcoin unlimited is over. Said everything they needed to say. And there's just so much stupid there that people are finally starting to recognize it. So I mean, it's good. I think when it's all said and done. What will. What's going to. And the truth of the moment was people. Very few people were on the school. This is of what is Bitcoin presentation by Roger Vier. And he was doing this presentation on a call with Pantera capital explaining what Bitcoin is and how it works to the lights of Adam back and Charlie Lee and. And David Port of Bicco who's been in Bitcoin as long as Roger. And the deck is public. It would Charlie Lee tweeted it out. The phone call is not yet public. So hopefully Pantera will make it public. And it's anyway having some problems to load here. And. So I think that I think it's pretty much the end of it. It's hard to say like that it's the end end because like I don't want to give a more firepower. But the way. The way trading works is it's all speculation. And the earlier you can speculate on something, the bigger of an advantage you have. So we just saw this with light coin two days ago. I immediately tweeted out that this is segment related and everyone replied, ha ha tone, your idea. It is not segment related. And today I was recently notified that F2 pool. Has signaled for segment on light coin Charlie Lee tweeted that out like a few hours ago, right. And my argument to them was the same argument I had with Monero where well Monero just got accepted by the drug market and. Oh, sorry, no, not done with the screen share yet forgot my channel. I'll get there in a minute. And Monero was a guy accepted by the drug market, but. Everyone that knew about it ahead of time bought a bunch of Monero before the announcement came. So the same thing with light coin, right. So when light coin jumped. I was almost certain it had to do with with serigated with this on light coin. So the serigated witness gets passed on light coin or doesn't is completely irrelevant, right. Because with speculation, it's who gets to jump on the news. And then they'll get to sell and profit, whether the news materializes or doesn't. Profit if the news materializes it will crash even lower. If the news doesn't materialize, right. So this was the having situation. And this was the ETF situation, right. So the in the having situation you the price move took place right here. In the way early days, but then the having actually took place successfully no bugs. And there was some selling, but it never went below where the buying began on the ETF. Find the other hand the buying to place there, but because the news was bad, the news drove the price down to almost lower to where the pump started. So that's what you have to keep in mind. So in the case of light coin, if serigated witness does get passed on light coin, the pullback would be less than the pump. And if serigated witness never materializes, the pullback is probably going to be bigger than the pump. It's just it's just a way speculative trading works. So my last comment on the price of Bitcoin, we are clearly back in the channel. This is the daily channel somebody did an extension of this channel all the way to 2023 and published it on trading view, which was really, really cool. It's showing the price of 23,000 dollars for a Bitcoin in that channel. I don't have that tweet handy, but what I can pull up is the channel is a nice linear line. When in reality, the price of Bitcoin is going to do something like this, like the red line. And it's not really going to stay in the channel all the way. So that's pretty much it is always were in the channel on bullish Bitcoin. I'm still expecting us to. Bonds around this red line, by the way, right now the price is at like 1075. And this red arrow in this green arrow meat right there at a price of 1080 1085. On March 31st, so it's I got these arrows wrong a little bit, but we're right where we should be. I have no problem with this. All right, on that note, I'll hand it over to you guys. It was a very disappointing slideshow. Mainly it was full of quotes from the core developers and a repetition of the same charts over and over again showing the transactions were up. Showing that the blocks were full transactions are up blocks are full. There wasn't really any kind of technical meat to it. Tony, did you find just equally disappointing the slideshow? I've seen the slideshow before. This was almost everything in that slideshow. I think he was using his presentation from an archipocal. So I've seen this presentation about a month ago. And I just found that the last two minutes of the presentation was a minus the blockchain quotes. And I just found it like cringe worthy that this is the presentation used at an event where people are trying to learn Bitcoin. And it's the same presentation used to show Adam back. Whose name is all over the white paper. So I think it's really good to work, value, many other contributions to Bitcoin. Let's go to Jeffrey Jones, your thoughts on this issue. Well, first of all, yeah, that presentation that slideshow was seriously, seriously ridiculous. It was really bad. Not only was it lacking technical meat, but it was absolutely repetitive. It mentioned the word block stream 8 million times, but never mentioned segregated witness once, not once did it mention it. And that right there to me is completely disingenuous, completely trying to paint his one sided story and his one sided picture. But that's pretty much where we're at now. He's continuing to repeat the same story over and over again. So besides that, with the price, when it comes to the price, yeah, I mean, the Bitcoin price has been kind of crazy. It's been a crazy month with the ETF and with the hard forking. It's been a bit of a crazy month. So yeah, the price has been up and it's been down. We got record highs around that ETF area, but of course, it was not to be the ETF got taken down and so down the price. But as you, as everybody can see, the price is holding steady. I put it on a tweet the other day that says that I've just never been more bullish on Bitcoin, you know, because of how we're handling this fork situation, how we're coming together. The technology behind it, like segwit, the sustained price value. It's been over a thousand dollars now for so long, I mean, a month's now. And this is, this is amazing because the last time it was this high, you know, it was only over a thousand for a couple of days. And so to be over a thousand for this long is absolutely super bullish to me. I mean, even in the 900s, it's still this is, this is awesome. I mean, in the thousands. So that right there is is absolutely amazing. And as far as where we're going, yeah, I mean, I think all the greats kind of have already tweeted out there. And I think you know, like Vinnie and all the other price, even to I think tweeted out something similar where basically, if segwit, witness does get past, we're definitely looking at a $3,000 Bitcoin by the end of the year. If segwit, witness doesn't pass, it's going to slow things down. You know, we're going to definitely, we're going to definitely go probably into the 1000s for sideways for a little bit longer. But nevertheless, segwit, witness as an amazing technology as it is, though it is an amazing technology, there are all sorts of things that we can do even without even if it doesn't get past. There's still going to be insane amounts of new technology like snorkel signatures and payment channels and all these things. It's going to come, you know, whether it comes to segregate a winnest or not, but segwit can definitely help us get us there faster. And that's that is the fast track. Someone in the chat says keep pumping Bitcoin. Yes, I will continue to pump Bitcoin. Bitcoin is the only blockchain. So yes, I will continue to pump the only blockchain. But no, really we're at right now is absolutely in a good place. You know, with all the back and forth, there's the drama back and forth, but yet still, more transactions keep coming. More technology keeps coming. Of course, got their head down with roadmaps and new technologies and you can check their notes every time. That's still going. The price is still above 1000. So really, I'm very bullish Bitcoin still and I just been an exciting right. So everybody who's in Bitcoin, I hope you will hold on to the roller coaster. I also saw some interesting tweets today saying that Twitter had adopted their own version of segregated witness the way that they move the app replies out of the 140 characters giving you more room to tweet. And interesting comparison. Let's move on to the exit question. The price of Bitcoin this time next week higher or lower tone phase. Higher. I think I've been going with higher for a while now and I'm going to stick with higher. Jeffrey Jones. I'll real quick. I also forgot to mention tumble bit. That's another amazing technology that's coming that doesn't actually require segue. So price is going to be higher, I think. And we're in agreement because I always say higher moving on to issue to Indian Bitcoin drama. The people of India this week are petitioning their government requesting that they provide clarity to Bitcoin's legality in India. This comes on the heels of last week when a member of the Indian parliament compared Bitcoin to a Ponzi scheme and called for regulation of the yet unregulated and perhaps unregulatable industry. Indian news media also incorrectly reported that Bitcoin was deemed illegal by referencing the statements of a union minister. So I think we kind of all are, you know, have our guesses and but I think I'm in agreement with most when I say that Bitcoin is still a long ways off from governments accepting it as legal tender. This could still be many years away. The governments are going to go down fighting. They're not going to like it. But as you can see, the demand is there. And it's not only there, it is increasing. If you look at all the charts and local Bitcoins in India, it's just a straight up. It's a hockey stick straight up, not just in India, but many other countries where they're having problems like Venezuela. It's going to be just straight hockey stick. It's beautiful. And so I think that with this increasing demand, the demand is, I think the demand is not going to stop increasing. I think it's going to go exponential continuing to go insane. And the governments are going to have a hard time dealing with it. They're going to definitely continue to try to clamp down for the foreseeable future. For the next couple of years, they're going to do everything they have in their power from making it illegal to all of their propaganda on television and then of course in the US even in the first world countries. They're still have all this sorts of propaganda on the mainstream media news about Bitcoin. So no, unfortunately, it's going to take some more time. But as you can see from articles like this, the demand is there. And I have high hopes because the people are going to, they're not going to listen. The government's going to tell them no, but all their customers and all their businesses are going to tell them yes. So they're going to have to make make a decision for themselves and for their families because this is how you're going to save your wealth for the foreseeable future. Bitcoin is unstoppable like the internet, although there is one country without internet, North Korea, tone, vase. So I see this is tough for me because I really like what Uno coin is doing. I like what some of the companies out in India are doing and they have a big battle to fight because they don't want to break the law. They want to be compliant with the law. It's similar to the coin base situation. Right. So obviously, they're trying to convince the government that Bitcoin isn't bad and Bitcoin isn't evil. But these companies, you know, they want to run a profitable legit company. So they want to comply with the government's laws on money. And this does create a bit of a dilemma here. Like, well, is that how Bitcoin was meant to be used? Right. And I don't know, and nobody knows right now from the viewpoint of the government. And we might get to that in our next story also where like, what does the government do here? Is like, I put yourself in the shoes of the government, not in the shoes of a libertarian. And even the libertarian will usually end up as the government and he'll usually end up like a worse dictator than the current system, right, which checks and balances because they always think they know best also. So, like, so what do you do? They don't want scams. They don't want others to be in scams, but here's the worst part about it, right. How is the government to be put in a position where the government now needs to decide what isn't, isn't a scam in the world of crypto? Right. Like, why is one coin a scam, but Bitcoin isn't right. I know those are more obvious, right, but then you can bring it down a notch, right. Why is Bitcoin a scam, but Ethereum isn't. And then you get closer, right. Like, why is, I don't know, something else, right. Something a little less scammy than Paycoin and something a little more scammy than Ethereum, even though I think Ethereum is pretty scammy. But, right. So, so where do you draw the line? So, if you are a government, like, what do you say? Like, well, Bitcoin is allowed, but dash isn't. And not the dash people are going to complain, right. So, again, where is the line? Right. I know everyone wants their, but their scam to be accepted as legit because then they have to pump it somewhere. Right. And this is difficult to do. So, the old one is, it is worth noting that, well, Bitcoin is not a Ponzi scheme. The new money is not being directly used to pay the old money. The early adopters did get rich. So, from one perspective, you can see what there's staying on Ponzi scheme, right. Well, right. And also, it's how you use Bitcoin, right. Like, for example, if you listen to the interviews with Trondon Shabers from Bitcoin Savings and Trust, he ended up breaking the law. He ended up running a Ponzi scheme on a technicality. I mean, granted he did run out of money. He ran out of money because like people, he was running loans. But he was in breach of law of a Ponzi scheme because new investors were coming in and sending him Bitcoin into his hot wallet. Instead of moving that money into a segregated cold wallet, he just decided to use those funds to pay out people that were leaving from the same hot wallet, thinking that the Bitcoin blockchain will do all the accounting that he needed. Now, if he would have like segregated everybody's funds, he technically would not have been running a Ponzi, but simply because the Bitcoin moved through the same hot wallet, he ended up running a Ponzi scheme. So, for example, if Thomas, if you owe me money, but I owe Jeffrey money, you send me some Bitcoin into my hot wallet, I immediately shoot it off to Jeffrey. It's possible that I may be running a Ponzi scheme because I literally just paid Jeffrey with your money, right. Just because it moved through the same wallet, right. So these are very minor technicalities, right. So, and Bitcoin itself is probably not a Ponzi scheme. It's probably as legit as all these cryptos will ever get. But where do you draw the line? And if you're a government, you don't know much about it. I guess in a way, educating the government is useful, but trying to drive government policy is probably not useful because you're going to drive it in a way that favors yourself or what your understanding of a blockchain is. Now, if anyone is going to be driving policy on Bitcoin and blockchains, I would much rather it be sunny ray. Oh, there's a Vuno coin, then say someone like Perry and boring, right. So, like, if someone is going to try to drive policy on blockchain, I would rather it be, you know, at them back. And then again, then someone like Brian Armstrong or something, right. So it gets very, very tricky, very, very fast. You just got to watch it and see what happens. Like I hope when a coin continues to do well. Jeffrey Jones, then we start with you. We started with me. That was just some good points to him. Like what I really liked about is like when the hell did the government's getting charge of deciding what is and what is not a policy. I mean, you know, this is where we draw the line here. Like do we ask them to also like, you know, pick out our toilet paper. Like this is people do have to do their due diligence. And because Bitcoin is so, so, so far removed from what they've known traditionally. You know, this is the governments are going to be fighting Bitcoin for years to come. There's some history of governments declaring what is or what is not a Ponzi, but usually it's not a technical issue. Usually it's more of a structure issue. Right. And I want more note, right. I mean, Mr. government's job. I mean, you you can agree or disagree how well they do this job. But it's the government job to protect the consumers, right. So this is why they will never ever recommend anything risky. Like the government doesn't even want you investing in the stock market. They want you investing in the bond market. And historically the stock market has always done better than the bond market. Now, in a way you can say the government is actually being responsible by. I'm mentioning you from investing in the most stable asset possible gold because then you'll earn no return, right. At least the government is giving you some return by pushing you into government bonds, which I know allow the government to create wars. So that's, you know, selfish proposition. But the government is has never been on the side of risk. They've always been on the side of safety. Now, whether they get it right or not is definitely a debate. But they will never I mean, I think it's insane for from the position of the government to recommend Bitcoin. I don't even like recommending Bitcoin to friends and family because it's risky. You want the government to recommend Bitcoin to the population. And I know Bitcoin way better than the government kind of does, right. And like what its potential is and what it or maybe the government knows better than me. What its potential. Well, and you haven't even brought up your favorite argument. Your favorite argument that we're all tax criminals in the eyes of the government. So there's naturally a reason why they're against Bitcoin just by default. Yeah, I really think it's going to take, you know, and a lot of people will agree with this. It's going to take a generation, a generational change in order for like the government to actually start saying, hey, these are some amazing cryptocurrency programs. We recommend them. You know, this is this is going to take many, many years. And hopefully by that time we'll be seeing more reasonable gains like 5% a month rather than 5% a day. You got to understand the Bitcoin market is totally crazy right now. People in stocks wait years for a 5%. No, no, no, it will definitely mature and that's that's exactly the point Thomas. That's exactly when you'll know when Bitcoin is starting to get less, less crazy and more stable when you see 5% gains over the course of many months instead of a day. Can you repeat your stock percent statement? I think I'm just saying for a stock you get more gains like 5% in 6 months. That kind of thing like market news happens. It goes up 5% you're really excited Bitcoin goes up 30% in a day. It goes down 50% in a day. Just the swings are much more wild. Right. It's a high risk high reward and the government cannot recommend anything like remotely close to it. It's just you know if you go into the government for clarity on this it's not going to end all that well. I mean just focus on just explaining it to them and just make sure you're not like criminally liable but if you're going to run a company and you're going to stay public about it. Like the best companies in Bitcoin you don't know who runs them and there's a reason for that. Yes and this builds well into our exit question. The democratically elected government of India will legalize Bitcoin and the blockchain. Yes or no Jeffrey Jones. Not anytime of this decade probably not till the end of next decade. Toned vase. They're probably not going to legalize it but if we're lucky they're not going to criminalize it. That's the important part. The answer is yes. India takes the risk because why not. What else have they got moving on? Oh, one one one. Japanese Bitcoin law. Japan. A country best known in Bitcoin for its failed exchange. Mount Gox launches its first Bitcoin law today. The law places capital requirements on its exchanges as well as requiring cyber security and operational stipulations and a yearly audit. In return for these reasonable provisions the exchanges will be allowed to continue their operations. Additional regulation may follow. Toned vase. What is your view of the Japanese Bitcoin law? Is it good for Japan and more importantly is it good for Bitcoin? Oh wait, Thomas, everything you just said was that actually in that article because I thought I read this article and I didn't read any of that. That was in the article and it's been in the previous articles where we discussed this previously. I mean, it's a it's a regulation law. It controls the exchanges. Basically, I have to say now is that positive regulation is good. It's opening up the markets more money is going to come in or is that negative or regulations always bad regulations to owner is it will lead to more regulation. The regulation issue. I honestly don't know. Regulation usually leads to more regulation. But in the case of Bitcoin, like it's anyone that's running these companies, I mean they're they're complying with the stuff anyway if they want to stay in business. I would have liked to see a lot more clarity from coin desk. I mean, everything is just lately. Every one of their articles is just press release. There's like no investigative reporting. They no longer call like any of these governments for comments. I mean, like the reporting there is really going down the drain. It's absolutely terrible. I would like to hear more on what's going on over there. But it makes perfect sense for the Japanese to over regulate Bitcoin because of the mom got situation. And I'm sure there didn't want to they don't want to deal with this mom got's nonsense. They don't want to be the headline across the world. So they're going to over regulate a little bit. And that's what happens right same thing with like us right that's in the US like the housing market is now way over regulated because of the crash right. So it's things like that. So it's I mean, it is what it is. A lot of these things are somewhat irrelevant to me because that's not how I use Bitcoin. And that's not how I think Bitcoin should be used. And I don't think that's going to be the future of Bitcoin. I think the future of Bitcoin is going to be I think the legacy that Bitcoin will bring if Bitcoin succeeds is governments realizing that they can't fight it anymore and they just have to give up. You know all of that regulation on money just like governments can't fight marijuana anymore and they're legalizing marijuana. And I think that's the future now how long did it take for marijuana to go from illegal to legal while we got about 1970. And where are we now what 30 45 years almost right maybe it'll be legal by end of decade. So now we're talking 50 years. So the world is things move faster now we have technology we have internet. Bitcoin is moving faster. And so you figure instead of 50 years it might take about 10 to 15 years. So maybe in 10 to 15 years the government will no longer be able to afford the police state on money and AML and KYC laws. So I think the legacy of Bitcoin will be the you know removal of a lot of the money laundering laws and that's what I hope. But the only way that's going to happen is if people start using Bitcoin for censorship resistant transactions and not screw up the Satoshi's vision at least my view of Satoshi's vision by turning it into a PayPal. I think these regulations are a good step forward for Japan like tone said they suffered the Mount Gawks cracks crash so we could really see some draconian crack down break the market regulations here and I don't think we're seeing that yet. I'm not sure where we're going in the future for these regulations but right now I think it's a good thing for a country to notice the bitcoins there to start regulating and to begin this conversation about regulation. Jeffrey Jones your thoughts. So this is you know Thomas this is the world beginning to have a conversation about Bitcoin like I you kind of took my words. But no the has what I wanted to say like this really is the this is the world of beginning to have a conversation about Bitcoin so we see it now across Japan with talking about legalizing it we see it with storage of India talking about legalizing it. We know that it's going to be years and years and years away before any government really starts making it legal tender if Japan actually did make it legal tender make no mistake they would definitely do some type of draconian type regulation right they're going to definitely put that way up there with. With probably a more regulation than fiat than they regulate their fiat so it's it's it's it's it's you know like Bitcoin is like tone says it is not for the regular in traditional markets this is not so that you can make your stock market transactions faster this is not so that you can buy your coffee faster this is for censorship resistant transactions and this is where Bitcoin is going to shine now it's going to be is that all the Bitcoin is going to be used for no but that is the the the the huge. Selling point for it now that is what people are going to be using it for now and as that economy builds people will find more useful more uses for Bitcoin more things to do with Bitcoin and that's what we're seeing we're seeing people come up with new ideas new new ways to use Bitcoin like with the tumble bit you know and and and mamba wimble and all these different these different technologies that are just they just they just spring up organically and this is what Bitcoin is going to be used for for many years and it just kind of strange like to. And it's just kind of strange like tone said like it's just I really wish the world would not fall in love with the concept of government accepting Bitcoin or Bitcoin being integrated in traditional markets because that's not what's going to happen that's not that make no mistake that's not what's going to happen OK Bitcoin will continue to grow Bitcoin will continue to do what it does best and that is again provide censorship resistant transactions and this is great news that Japan is you know having the beginning of the conversation with us but make no mistake. This conversation is going to play out over many decades and there's many more countries that want to that before they get into this want to see how it plays out in other in other countries first so. Ways off now for me it doesn't matter how we get the Trojans to bring the horse inside their walls maybe they admire its wheels maybe the statue has artistic qualities but once the Trojan horses inside the wall is the same things going to happen that night. Let's move on to the exit question Japan's law puts them in a strong position to be a leader of Bitcoin moving forward yes or no tone phase. No probably not I think the I think the leader is going to be the country that just says we don't give a shit. Just you know figure figure yourselves out and a lot of the laws will come in right like I'm again I really like laws on consumer protections without knowing the consumer or you know you need a country that says. You know that's going to create really strict laws saying how are you protecting your customers from you being a scammer prove it to us and I don't see that coming anytime soon like the government is more interested in identifying the consumers than they are protecting the consumers so whichever country takes the lead in protecting the consumers without identifying them will. You know what would Jeffrey Jones. I have to stop agreeing with tone but man it's so he makes such good points it's true the country that's going to win is a country that's going to abolish their AMC and KM while you know anti-mundering laws and know your customer laws first that is the country that's going to win because that's the country that's going to have the most protected consumers and therefore the biggest most profitable businesses. I'm going to agree with the panel here Japan will not be the leader moving on to issue for a blockchain for voting could Bitcoin civil war be solved with democracy a new startup with you guessed it a blockchain and an ICO is attempting to solve the problems of voting by putting it on a blockchain with a 50 simple 51% majority needed to make all political decisions. Jeffrey Jones is this kind of outside expertise and other industries of welcome intrusion will blockchain soon be solving all of mankind's problems including setting kitchen timers and ordering groceries. I feel I feel triggered Thomas I feel triggered a little bit whenever I hear the word blockchain oh my god okay no so blockchain is no it's not going to solve all of your problems people it's definitely not going to cook your toast for you. I think that the we're finally this will be the year you know I called it in the beginning of around January that this is going to be the year that it's going to the narrative is going to turn around to be Bitcoin not blockchain and we're starting to slowly see that we see a copy companies come forward like our three companies come forward like PayPal all these companies are coming these big huge companies coming forward saying I don't need a blockchain why do I need a blockchain I can just do it much faster with the database this is how money gets transferred in a centralized system is with a database. And so you know with with all that said I don't think that bringing democracy into a blockchain type environment is going to be good either. Remember like if you guys if you guys want something done fast centralized right if you guys want something efficient fast and just just ready to go you know presidents and executives that you can buy off no problem centralized the shit out of that you will have a beautiful corporation it will be amazing and you will have plenty of lack used to your bidding to get things done when you want to do it. But look this is not how it works in decentralized systems decentralized systems like Bitcoin this is how we hash things out and I have to say it again like I love how the debate is going yeah it's long yeah it's hard yeah we're slogging through it but this is how it gets done when there's no leader when there's no dictator when we have a true consensus this is how things get done and and to be honest like I said I think Bitcoin is moving super fast I think we have tons of technology that's coming out you know I hate the word stagnation. Another trigger word a lot of people use the word stagnation we're not even near there as in Dresden to not this says all the time there is more stuff coming out then he has time to deal with and he's got a full time job in the space just dealing with this stuff so no where I this is not I really don't think bringing democracy into any type of block decentralized environment is going to work and I think that this is yet another company that's trying to simply capitalize off of the current problems with Bitcoin there's so many blockchains out there. Any given point in time in Bitcoin when there was a problem. The specific problem there's a there's a new blockchain coin for it or got a new problem there's a specific blockchain that can solve it and early time all the time every time these altcoins come out trying to capitalize on a few of Bitcoin's inefficiencies it's thinking that hey this is Bitcoin. Without the inefficiencies no people know there there is only one Bitcoin it's Bitcoin for a reason it's Bitcoin because of its properties it's Bitcoin because of its rules it's big. It's big one because of its rules, it's big one because it's proof of net, proof of work network. And I don't think that any government focused, a governance, focused chain that claims to have a democracy type model is going to do anything different or better than Bitcoin good. Agreed. And it's certain new worth reminding the millennials out there that a fast government is a tyrannical one. The king can make instant spot decisions and do exactly what he wants because he's the king. The whole point of our government, which is a republic, by the way, is a system of checks and balances to stop the king from doing what he wants. As we're seeing right now with the current king, it's very frustrated by the system of checks and balances, but again, it's there for a reason. Our government moves slowly on purpose. This is a feature, not a book, tone veys. No sound from tone, but there's a graphic. Yeah, that's because there's no sound needed. This is basically what it is. When I was reading that article, basically, all I kept thinking was, is it possible that Wired published it one day too early because tomorrow is April Fool's Day? It's basically like a new old coin, try to fix all the problems as if, you know, as if the other 700 coins on this list haven't already attempted to do that. I mean, I don't know what else I can say. Wired itself just freaking got here. It's like John McAfee just coming here and knowing everything about Bitcoin. I keep telling this to people now. If you've been in Bitcoin for like two to three years, a more about Bitcoin, anybody coming in, like, you know more about Bitcoin than like Blifemasters does, right? In fact, there's no anything about Bitcoin and I was going to get to that in my, I'll get to that in our next segment. But there's nothing else to say when you read like a mainstream article, you know, this husband and wife team are going to build some tezen coin. Like, this is insane. Like, I don't have time for this. It's like a Andreas says, I don't have time to keep up with it. I don't have time to keep up with, you know, important stuff. I certainly don't have time to keep up with nonsense. And lately, all I see is nonsense. So like, there's nothing else to say other than pretend it was an April Fool's Day article and go back to that graphic, you know, I just heard about Bitcoin and all your problems. And like, I'm going to fix it, right? Because it's your problem is that Bitcoin is too decentralized. So let's fix that. It's also in the hands of technical people. Let's take it away. I know you've probably seen this tweet from Nick Scabba. Nick says, so many times you hear the passengers threatening to take over the airplane and do a better job flying it. That's why they have those alien controls in the first class sections. You get to be a part of the action. It's not that way. We let the pilots fly the planes. We let the engineers build the planes. That's just what we do as a society. I don't know what else to say. That's a good point, Thomas, you know, because people like Bruce Fenton, you know, and there's a lot of other people on Twitter that keep trying to say that everybody needs to be involved. Companies and corporations and the CEOs and the CEOs that built this space, the CEOs built this space and got the price to what it was they need to say. And it's like, no, no, no, no, no, no, no. The developers develop the CEOs do whatever they do, the hell they do, the think they do. And then, you know, the users use the exchanges exchange. This is the wallets provide places to put your Bitcoin. Like this is what it is, people. The developers are the ones that are making the protocol decisions because the developers are the only people on this planet that are capable of doing that. And I hate, of course, the phrase that Roger keeps throwing around appeal to authority, right? Don't appeal to authority, right? Don't listen to your plumber about what's going on with your toilet. Don't listen to your mechanic about doing what's growing with your car. This is your appealing to authority, people. Remember this. Do not let your lawyer help you in court. I mean, this is just absolutely ridiculous to me. And so people need to realize that this is the best people for the job. And like, I just love that Thomas that Nick said, you know, like, let the pilots fly the plane. Certainly, there's nothing wrong with listening to experts. That's why they're called experts. And probably put a nickname about Roger. Roger's a fantastic investor. He invested early, invested well, he should be listened to on investment decisions because he obviously has a handle for this. I'm not quite so sure on his technical chops. Say it nicely. Tony, you know what I agree with that. And I like, again, like I agree with you, Jeffrey, on the authority stuff. Like, yeah, you listen to the experts, but I need to raise up my analogies. It's not like the plumber and the mechanic. It's more like the nuclear engineers running the nuclear power plant or, you know, something a little more important, right? Then then you are mechanic. I mean, we're talking your mechanic doesn't really work on, you know, maybe the mechanic over, you know, a Tesla is kind of important because those cars need to drive themselves. So, like some, some experts are way more important than others. And if you think you're going to come in to program Bitcoin out of like some other industry at this point, you're like three to four years behind the ball. It's almost impossible for you to catch up. It's literally very difficult, which is why there's a huge barrier to entry here. And I think another part of this coin is something the developers say all the time that this is like fixing an aircraft while it's flying and that they can't screw up. If they screw up, people lose thousands, hundreds of thousands of dollars. It's a very stressful project. And I think maybe they were focused on their own projects or they're too stressed or they don't even see the potential for a political problem like the essentially political problem that we've been having. And that's why they don't seem to care. They're focused on fixing the airplane. They don't really have time for what they see is unnecessary political problems, even though they grew out of proportion this time. And if you go back and listen to those debates, I don't know, a polka between me and Roger and Johnny and Roger. And I think one of them, I think maybe it was Jake Smith. We were asking him like, well, your lead developer Bitcoin unlimited, like Andrew Stone, where the hell did he come from? And the answer was, well, he's got plenty of experience. He's scaled phone networks. OK, great. Like put him in charge of the flying airplane. OK, that would be, he might actually be better at that than trying to rewrite the Bitcoin code because they're over a year behind. But look, look, look, look, look, Tony. The mechanic, the horse, the horse person who fixes the horses, he can totally be a mechanic, right? It totally makes sense. Let the people, let the people think the horse start working on the cars. Makes sense to me. Yeah, it really makes a lot of sense. All right. Don't, don't, don't, don't, don't, don't, don't, don't, don't listen to Peter Todd, who's been, you know, contributing to Bitcoin core code since like he was in college or maybe even high school because there's actually a conversation between like Peter Todd and Adam back, back when Peter was like 13, 14 years old. This was even before Bitcoin. And don't listen to people like Matt Carello, who was like programming a lot of the stuff. I think he was still in high school because a lot of these guys are young. No, no, they're not the experts, right? It's the guy coming in that used to scale phone networks that showed up six months ago. He's the expert, right? Not not the high school kid that was doing this. And who's now in his like 20s, who was respected back then for his contributions. This insane. It's worth noting real quick too that a lot of the core developers started this stuff in high school. Like Bitcoin is eight years old. It's not a long time to be obviously a global reserve currency, but it is kind of a long time in human years. Like these people started in high school and other in their 20s and almost 30s, like just continuing to work on this thing, continuing to make new amazing technologies. I mean, this is just just the brilliance is just amazing. Personally, I trust all of my Bitcoin to that guy who used to run antivirus. Moving on to the exit question, please name a buzzword as stupid as a blockchain for blank. And if you can't, you must declare a blockchain for blank to be the greatest Bitcoin blockchain distributed ledger tech buzzwords of all time. Ton Vaze, a block shop. I'm still prepared. I did it. Blockchain for a blockchain for grocery stores. I got one blockchain for television networks. A block chain for broken surface. I was I was going to do a blockchain for pizza delivery service. Oh, you guys are bad. Oh, you guys. I want to listen to 20 dollars in that. All right, Ton, you want the blockchain for pizza delivery? No. Shoot. I don't even know what I like. I'm thinking all of your pizza orders will be stored on multiple servers and available for all time. You'll be able to compare toppings of what you ate on pizza last year with now, thanks to the blockchain. I want to block chain for my alcohol intake. If someone can, if someone can like mathematically like make my life easier to estimate my alcohol intake with a blockchain, that'd be awesome. They have ones that weigh the bottles. They have ones where you take a picture of the bottle and it goes by the little line, but they're not on a blockchain. So they're obviously inferior and open to tampering. Jeffrey Jones, a blockchain for a bank. I'd like a blockchain to where I could like purchase maybe questionably legal goods from a website where I could get an awesome rating and everybody could join together and like keep drugs off the street that way. Oh, wait, that's we got one of those. My bad, that's Bitcoin. No, let's see. You know, blockchain for delivery, pizza delivery service was mine. And I think I like that one. I think I'm just going to stick with that one, Ton. All right. I'm going to get a blockchain for tying my shoes. But we're going to move on to predictions or a story of the week. Ton, Vays, are you ready with a prediction or a story of the week? I'm actually ready with several. So let me, I'll make them quick. Start with my story of the week is the realization how blockchain and distributed ledger technologies are completely stupid for the financial services industry. Blightmasters of digital asset holdings has apparently realized this. So she decided to move this technology into the potentially more stupid category of healthcare. So let's see how that one turns out. So that's one story at the week. My second story of the week is, of course, none other than our favorite scammer, Daniel Larimer, who has, as we all know, has famously left steam it because he is ready to pump another pre-mind proof of stake coin because the prior three wasn't enough for him. So he will now be pumping a soon to be determined coin. In the coming weeks and months, I will be providing more details on these next steps and opportunities for community involvement. This will be, oh, that's up there, a new smart contract platform that I believe will offer fundamentally transformative capabilities within the blockchain industry, probably because, you know, Ethereum did so well with the TICO. So he's going to try and do something better than Ethereum. So my advice is, I know there are numerous people have reached out to me already. They love Daniel Larimer. They love jumping on his projects as early as possible because they know exactly how they end. So you want to be part of this pump early, okay? So that's my second story at the week. And one other comment since, you know, this, we did get the show done within an hour. So I have to apologize a little bit to my fans. My fans, it's so bad to actually not said that that was wrong. I want to retract that one also. I want to apologize to people that follow the show, follow me, and like to listen to my advice, which probably is not a good idea. Let me, let me kill the. Nobody listened to me. Right. So you should listen to me, but people do come, you know, because they like to hear my opinion. And I might have provided, really incorrect opinion on the show a couple of weeks ago. And I would like to, you know, issue a bit of a retraction. So when we talked about the blockchain capital, ICO token for their fund, I spoke somewhat highly of it. But there was a very critical piece of information that I wasn't aware of, because it wasn't mentioned in either of the two articles that about the blockchain capital, ICO. And when I spoke to a person from over there, I also wasn't aware of this piece of information. I recently found out about this piece of information. And when I inquired and that piece of information was that the ICO token is underpinned by the Ethereum blockchain. So when that hit me by surprise a few days ago, and I'm like, what? It's it's it's on the Ethereum blockchain. And I was met with initial laughter and ridicule when people say, Ha, ha, tone your native, which is true. Ha, ha, tone your native. How do you not know that the token is on the Ethereum blockchain? Every token is on the Ethereum blockchain. That's the point of the Ethereum blockchain. So clearly, I misunderstand the purpose of the Ethereum blockchain. I had thought that the Ethereum blockchain was simply, you know, a token that people speculate on for value. And people want to use it for value transfer, because it's a much faster confirmation time and much cheaper transaction than Bitcoin is. But apparently, the future of Ethereum is being the platform for running your ICOs, kind of like the Dow. But of course, there are two things here, right? So I just want to mention the, so I'm all for the idea peers and blockchain capital are doing. I think it's a great idea to disrupt the venture capital market to open it up to non-US. I mean, everyone wants the ability to lose money like all the other VCs. And our broad peers is giving you that opportunity, even though he's probably a better investor into these companies than many others. So I think that's great. The problem that I have is and build on top of Ethereum. And for that matter, anything being built on top of Bitcoin, other than something like Lightning, which is just a payment channel for the Bitcoin itself. So I am generally against any kind of assets on a blockchain, because I think this technology is way too young. Now this could also be me being too risk-averse. But Bitcoin almost forked. Ethereum already did fork and we all know that Ethereum is going to fork again, at least I know that. So I think it's crazy to build anything on top of Ethereum. So that's kind of my view on it. So I didn't comment on this when I was talking about that token. So I just wanted to let our viewers know that even though I like the idea of what Brock is doing, I don't agree with building it on the Ethereum blockchain, because I don't think it's going to end well technologically for anyone that's building anything on top of the Ethereum blockchain. I'm no big booster of Ethereum, but it does seem to be the standard these days. And if there was a problem, they could back up the transactions and move them to some other blockchain. It is preferable to them launching their own blockchain and doing proof-of-work mining or something. I mean, well, that's the thing. I'm not sure it needs that. That's the thing. So all this token is, is a share in his fund that a US investor would be able to sell after one year, and a foreign investor would be able to sell after four months. I don't understand why this even needs to be decentralized. They want it to go wild on Polynex. The tokens get out there, and there's just a few of them, and the price goes wild. That's what they want. And this is about the ending where the prices will not sell. That's what it's about. I don't understand how wild it can get, because the underlying token has a value that's linked to the performance of the company. It's my understanding that Slocket is a smart lock company, and yet the Dow is worth $150 million. And the other day, Slocket just raised $2 million, which seems more like a smart lock company to me. $150 million, it better be the internet of every damn thing there is. So, but you know what, so many more new people have entered the space that Slocket can probably start the new Dow, and no one's really going to remember. It'll be like, you know, old timers like Hussein, didn't you already try this one? Didn't work out too well. They were talking about the charity Dow in the article, as if the concept was still on the table, and no one got too old. That's not even a phrase. Well, we've got a Jeffrey Jones for a prediction or a story of the week. Are you ready? I guess, you know, it's just crazy how these all so many new people came into the space since the actual Dow. I mean, the space goes grow so fast, year over year over year, and people are like worried about like Bitcoin price going below 700. It's like, are you serious? There's just no. There's so many people who need to get their hands on Bitcoin right now. And again, it's just early days. It's just the internal, no regular person on the street even knows about Bitcoin, but yet, you know, all the big, all the many, many, many investors are aware of it now. And so that's not going away. That's just going to increase. And so we're, you know, whether Segway gets activated or not, even the price will still continue to go up for, by the 2020 having, I mean, the 2020 having is going to be a huge, huge deal. It has to double from whatever price it is, right? So I mean, it's, it's, it's a huge deal. So as far as story of the week, I guess it would be, we kind of mentioned it already briefly, but I guess it would be, you know, that Segway is the first block, the first Segway block on Litecoin got mined today or yesterday, just recently. I guess it would be a mess story over the week, but it's just, it's just insane. People, how many more ICOs are going to come out this year? How many more coins are going to come out this year? Just like public service announcement, like you guys, you've got to be freaking careful out there. I know your kids. I know your teenager right now who's, who's, who's watching me. Please, man, please do just be careful and tell your friends to not invest in these, in these freaking things, like Dan Latimer that will, that will, that will create. So that's, that's it for me. It's not, hey, I'm going to get in early and I'm going to get out before everyone else. I am so smart. Hey, Jeffrey. I, so I'm about to display a lot of ignorance here. What does it mean? The first segment block was mined on Litecoin. I don't know what that means. Yeah, it's like, say it or there's there a technical definition. Yeah, no, I have to pull mine, that's first block. That was the mine pool that you mentioned. That mine, the first segment block. So that means that an actual block was the Segway block. So you can look at it and it doesn't mean that, um, that segway is activated or anything. It just means that one single pool is now mining for segway. Mine, that's first block, that's the whole segway. We can't, I don't know what that means. Are they signaling for segway or did they actually like, like, wagwits are soft forks. So segway is compatible with the old block. So the block could come in. It could be an old block or the block could come in. It could be a new block and what happened is a new block got mined. Wait, but, but in order for them to mine a segway block, does that mean that segway is already in that system? Like, for example, nobody on Bitcoin can mine a segway block at the moment. Correct. It's backwards compatible. I don't know. It's backwards, it's backwards compatible. So I mean, I, I, for the most part, I guess it just means, um, signaling for the most part. Um, so it's actually mine. So there's no, like, there's no segway transaction in that block. It's the old block signaling for segway, right? Correct. So they actually mine a segway block. They've signaled for the one. Yeah, the first block of the signaling segway. Sorry, that's, that's true. I probably was confusing. Right, right. Because that's not only to clear up because that would mean that the code is actually activated, which is something that Bitcoin wants to do. But the, um, okay, so there you go. So I wanted to clear that out. And we would like to see like coin activated as a test net. So we could see what happens. Yet another level of testing for Bitcoin. So. But I think we're about out of time. I don't have a story or a week or prediction today. So I was going to read some of your comments. A blockchain for gold, a blockchain for religion, a blockchain for bullshit, a blockchain for religion, I like that one limited, a blockchain for porn, a blockchain for, how we have blocks blockchain for Medicare, a blockchain to write tones blog, a blog, a central banking system, a blockchain for sex slaves. And finally, Oh, that, that, that, that, that, I think we already have a blockchain for sex slaves. We'll work on it. They might call it Congress. But we're out of time. Until next time. Bye. Bye.