The Bitcoin Group, the American Original. For over the last 10 seconds, the sharpest sitoshis, the best Bitcoin, the hardest cryptocurrency talk. We'd like to welcome our panelists, Chris Ellis from Pro Tip. Hi, I'm Chris from SexyGno. Jimmy Song, Bitcoin Developer. Hey everyone, it's great to be here again. I'm Tom Vase and Joseph from cryptohwallet.com and Liberty Life Trail. Hey guys, hello. And I'm Thomas Hunt from the World Crypto Network. Everyone makes sure to give us a thumbs up and a share with God around 124 viewers, so thank you so much for your support. Moving on to issue one. Issue one, BIP 91, locked in. Things started early on Wednesday, reaching a fever pitch on Thursday when BIP 91 broke through the 80% barrier and it became clear that it would lock in. Meaning that if things stay as they are, segregated witness the long, awaited series of bug fixes and potential solution to scaling Bitcoin. That for which we have waited impatiently for these last few years will finally be activated on the network. The price of Bitcoin recovered from a recent low of 1800 all the way to 2900. Chris Ellis is the long journey into Bitcoin scaling solutions. Finally, over. We have to hope so, but not necessarily because so far it's just been signaling, not enforcing, not actually validating. That doesn't happen for another 30 hours or so for that to begin. But I do want to give a little bit of background to this if I may. This is very quickly. We had a steep price decline leading up to this because I think a lot of people were not aware that the Segwit 2x code of which there was a narrative of it being rushed and probably not being fit for purpose was really just BIP 91, aka Seagsignor, written by James Hillyard with a two megabyte hard fork and a whole bunch of other feature creep that nobody really wanted. What that meant was that this capitulation is to hear this tweet by James and Lop. He tweeted this, the time stamp on this, you'll have to take my word for it. I don't have time to make a chart for you. He tweeted right at the bottom, like at 1850. He says, blood on the streets, capitulation is coming when everyone screaming that crypto assets are dead, it's the signal to buy. He was right because not very long later, of course, sounds like I say, sounds like miners are going to start running BIP 91. That is not a Segwit 2x. A lot of people were caught on a wears and if you've been following me on the well-formed various telegram groups, I did have been telling people, humble Brad, I don't want to brag about it, it's not bragging if it's the truth, I guess. But I was sort of saying to people, look, if you get any wind of this signal in starting early, that will be a bullish signal because the market right now, nobody wants to hold Bitcoin in the event of a chain split, nobody wants to be holding this liability leading up to it. That's why everyone was selling. As soon as you get a signal like, oh, they're going to start singing early, of course, that will be an incredibly bullish signal. Because BIP 91 code was already written, because it was very simple for the miners to install it, I guess, over the weekend I'm supposing, speculating that the miners got together and they decided, well, look, the price is going down, we really can't afford for the Bitcoin to keep getting cheaper and cheaper like this because they're losing out too. So they just decided to run plain old BIP 91 and I had that confirmed by a couple of people, so Charlie Schrem as well, in the telegram chat. So thankfully, we didn't get the six weeks of sell off and it was all averted, but we're not out of the woods just yet because Peter Todd posted up yesterday, did want to miss this opportunity and reminded us all that, of course, the miners do actually have to enforce and if they have been fake signaling, then that means that they could easily just, you know, when it comes to it start, you know, not actually doing what they said that we're going to do, not actually mining the the secret blocks. And then a lot of the exchanges are going to start receiving orphan blocks and that means that exchanges are going to be forced to increase their confirmation times, maybe put while it's into maintenance mode, that's certainly the plan of BIP for next. So if that does happen to increase their confirmation times on deposits, possibly maybe put while it's into maintenance mode, which means freezing deposits and withdrawals for until the storm has blown over. And right now, I think a lot of people are asking should exchanges and businesses run BIP 91 nodes so that they actually starts to offer off any non-sequit compliance blocks, but maybe that's a conversation we can have in a breakout discussion. All right, let's go to Jimmy Song. Do you think the miners will stay true to their word and adopt segwit? Well, so I wrote an article about this last night that I released all the sort of pathological BIP 91 scenarios, including the one Chris just mentioned about them not running anything that has seg signal and just sort of being super cautious and only running core and just flipping those bits. My gut instinct, and this is something I said on Tone Show last night, is that they are going to really run at least some form of seg signal. This would be BIP 91 plus core, which is what James Hillier released in his GitHub repository. I think it's github.com seg signal if you want to go look at it. Or they could run seg with two eggs. Either way, you will enforce BIP 91. And the thing is, you don't need to run that forever. You only really need to run it until segwit locks in, which is about August 10th. So I mean, max, you're running it for maybe 20 days. So once those 20 days are over, you can go back to core, do whatever the hell you want, and you'll be okay. So my guess is that that's probably going to be the case with a lot of people. And once segwit locks in, we'll have segwit on the network around August 23rd or so. And you know, that's, it looks good to go to me. One thing I do want to say that I didn't mention in the article is that you should be careful in the next week or two about accepting anything with one confirmation. Two confirmation should be fine. But one confirmation, if that block isn't signaling for segwit, may be orphaned off. And it may take like an hour up to an hour for it to get overtaken. So be just a little more careful than usual, not like, you know, like, and most, most services and merchants take it after two or three confirmations anyway. But it would be just good to not rely on one confirmation for the next week or two. All right, let's go to tone phase and Joseph. Go ahead. All right, and so, yeah, thanks for that conversation yesterday, Jimmy, that we had on our channel. So the price did take off on the confidence that we finally have segwit. But now that, you know, all the numbers are in and we're in this mandatory upgrade period over today and then tomorrow, it's possible that segwit got to us a little bit too early. Because after the next 24 hours, there is this weird period between orphaning off, non-segregated witness nodes. But August 1st, bit 148 compliance hasn't started yet. So you get this weird period where their miners are running nodes that are different than the majority of the non-mining nodes because all of those are remaining as bit 148, but the miners are now going to be running like 5991. So I haven't had time to fully brush up on the situation, but I already heard that Gregory Maxwell has posted to Reddit and they're trying to do something with the core client to get everything on the same page to avoid that orphaning problem that Jimmy just talked about. So I would say definitely for the next few weeks, don't trust one or two confirmations. Wait for a good three, four, maybe even six confirmations to make sure blocks aren't orphaned off. And I don't think this is going to be like a malicious kind of thing. I think it's more of things aren't perfectly in sync as they should be. If there's anybody to blame for this mess, it's the fact that the miners, the late activating bit 141 and that's why we're in this scenario. But what's done is done. Not going to talk about the price much. I mean, I also saw that rebound from around 950 like I tweeted about and I was happy to see it hit 2900 or just under it or just over it yesterday. But now it's pulling back a little bit. It's not anything to worry about as long as we stay above 25 hundred, the rest of this week and next week, I don't think we're going to go sub 2000 again. And I think we're really good to go. This is actually a perfect segue into Joseph right next to me from crypto HW wallet because he's been, he couldn't even keep up with the demand on hardware wallets with August 1st. So it's definitely been good for business. I want you to throw us a little bit about that. Yes, thank you. Hey, Thomas, everybody. Thank you for the opportunity. Just quickly jumping in, updating the price of Bitcoin close to 3000. You definitely want to secure that with the hardware wallet. We do have a tremendous amount of demand across the board, all different brands. We are the super store of crypto hard, I mean, the hardware wallet located in the United States. Currently updating the inventory situation right now, we have two Bitcoin wallets that are still in stock. One is called digital bitbox from Switzerland. Another one is called ledger HW1, both those two are Bitcoin wallet only. They're not good for altcoins. So obviously this channel we're talking about only Bitcoin. So if you're still looking for hardware wallet, you don't want to pay 200, 300 dollars. I've seen Bitcoin prices on Amazon, but these two wallets will do the trick, storing your Bitcoin securely. And we do have treasurers coming in very soon in about two weeks, thousands are coming in. A few feet of pre-order on our website. We love to serve all of you and then ledger and other brands are coming in. So what do you think of the situation with, I mean, I know with obviously like you have huge demand, but what do you think in general, your opinion of the scaling debates and how it resolved? Yes, as far as I'm concerned on the demand and also how people are panicking trying to, we have a lot of phone calls or emails questions in regards to wanting to get their tokens or big coin off exchanges because they're worried about what's coming up, you know, on this first. But I've heard feedbacks from wallet makers that they will be supporting if the should the fork happens if there are two chains. The wallet will speak loyal or staying behind, standing behind providing both chains so they will not lose their big coins. I think right now everything is positive. Now the chance of the chain split is lower and that's why we see a very positive indicator on the pricing going upward. And that is a great news for, I think for the entire community. And we would love to be part of that in the servicing community by providing power wallets. Hi, cool. Back to you, Thomas. All right. I got my internet working again. Just for the record, yeah, my roommate would let me run a cable across the floor of his room. So I'm plugged into the Wi-Fi extender and yeah, it is dying and it does cut out every 10 to 15 minutes. So yeah, it's not the same thing as being directly plugged in for those of you keeping home, it's scored home. It's not the same thing. So yeah, we know who to think for this outage. And it was easily avoidable. 50 feet of network cable right here. I'm ready to go. I shouldn't have this problem. But yeah, we're having this problem. Try power line. Try power line. You could do it through your outlets or something. Power line would be good, but I wouldn't want to mess with outlets in this house. It's over 100 years. We still have holes in the wall from where they used to be gas lamps. But let's try to get back on track. Exit question. No funny stuff. Segregated witness will activate as planned. Yes or no, Chris Ellis. Yeah, I like what we're suggesting now about implementing the 910s. Cool. I think it will happen. All right, Jimmy song. Yes, and it will be right around August 22nd. Tone and Joseph. Wait, what was the question again? Segregate will activate. Yes or no? Oh, yeah, no, absolutely. I think so too. All right, the answer is yes. Let's move on to issue two. Issue two. Alpha Bay prefers Porsche. More information is starting to leak about the late Alexander Causus, the alleged administrator of Alpha Bay. What was once the world's largest illegal drug market ten times the size of the Silk Road? He was a big fan of Porsches and had several mansions. He even bragged about the purchase of a Porsche Pan America. Even posting a video of himself driving the car to an online forum. Allegedly, Causus was caught because he included his personal email address in the headers sent by Alpha Bay. First Ross Ulbrek was allegedly caught because of an early forum post. And now the administrator of Alpha Bay is naB for acting rich in public and sharing his personal email with every member of the website. Jimmy song. I ask you, in order to run a dark market drugs web, drug website, do you have any idea you have to be galactically stupid or are things more complex than they seem? Well, if I had to choose between one of those, it is very difficult. Opset in general is just extremely, extremely difficult. We leak so much information in all sorts of ways. And in a way, this shows just how good Satoshi was at his op-set. Nobody still knows who he is. This whole story strikes me as a little bit typical. I mean, this sort of thing happened to Ross Ulbrek as well. They're dealing in sort of a dark market and doing all this stuff that's considered like sort of vice-like things. And you need a lot of virtue, right, in order to hide yourself really well. And if you have this kind of money and you're in this kind of business, you're going to want to show off a little bit. I think narcissism is to some degree inherent in a person that would be running something like this. And you kind of want to show up. And this is not to knock on dark markets or something. This is true of most CEOs, I've known, right? They want to show off the fact that they're rich or something like that when they're successful. So I think it's a much more complicated question that's related to human psychology and sort of wanting to do something with the wealth that you've earned. And it's, OpSek is extremely, extremely difficult. And I think we should give even more props to Sotoshi Nakamoto for not showing off his wealth. His big coins are worth billions at this point. And it's amazing that he's sort of had the discipline to hide himself the entire time. Real hackers don't talk. Tones. Yeah, I pretty much agree with Jimmy. I mean, what Sotoshi Nakamoto did was very admirable and he still hasn't spent any of that money and he never revealed himself. But this is basically kind of how life goes. You have to have a certain personality to get into these illicit markets. And why are you getting into these markets if you're not going to enjoy all of the money and the spoils that come with it? Like so it's really difficult. Like I can see it from their perspective. Now their OpSek can clearly be better. But on the other hand, if they were so good at their OpSek, they would also know what they're trying to hide themselves from. And then they would think twice about going into that lifestyle and that business. So it's always like a sliding scale. And this is the way it always works. And in a way, maybe it's better that OpAV went down now than in two years from now, when it's even bigger and it's even a bigger hit to the Bitcoin economy with one website going down. So I don't really have much of a opinion of one way or another. I kind of expected from the people that run those sites. I mean, for someone like Russellberg that didn't really splurge with all the money, it's unfortunate that he went down. But you have to be smart about it to stay in the game longer. I know when I heard the interview with Tren Don Schavers, who's currently currently in a federal prison, he was making tens of millions of dollars and he was just so busy running the operation that he didn't even spend any of the money. And then he got busted for it and he didn't even live like a million there. And he said at one point, he had over 84,000 Bitcoin and he was too busy to spend it. So you just got a, there's a happy medium there somewhere, but it's almost impossible to get it right. So it's, it's the best how you look at it. I don't know, you want to comment on this, Joseph, about making a bunch of money and how you have to live with it and with the businesses that you do? Well, certainly, you know, if you have made quite a bit of money, you know, you are taking this money from the society, you owe back to the society. And one of my dreams is, you know, going forward, if I make a lot of money through cryptocurrency we wallet, I'm thinking about forming an organization that's funded by my company to teach people in the thorough countries, getting to crypto. I feel that everybody has a fair chance of making wealth, changing their life better themselves. That is something that I have a dream that I wanted to do and I'm moving forward with that dream and hopefully teach with obviously the help from all of you guys in the crypto community. And it doesn't seem like Old Breck or Causes had similar dreams or any desire to give their millions over to charity or what I'd like to focus on is really the lack of end game. The fact that Ross Old Breck was in the United States of America, Causes may have hanged himself. That's certainly an end game, but we don't see either of them giving millions of dollars to attorneys as a retainer, something that would be a preventative measure, give them some kind of legal defense or even being in a non-extraditioned country, Thailand would have extra-dited Causes if he had survived his jail cell. Let's go to Chris Ellis for your thoughts on this. Yeah, I hope they wasn't the only one that was taken down. And the hands of one was actually deep, compromised like the Dutch authorities own that site. So I just wanted to draw people's attention to a foreign post on Reddit that came up recently. My advice needs to relax. Basically, somebody was quoting another page about people that were concerned who'd bought things on the dark web because one of the admins had had terrible op-sac. And I should just point out, Alex was just one of the admins. And Thomas was right to say that he may have hanged himself because of course, you know, if you've got one of your colleagues banged up in jail about to be exudited to the US to the feds and you're one of his co-conspirators, one of the first things you're going to want to do is have him waxed, right? And one of the easiest places to get that done is in a country like Thailand, right? So I'm not saying saying, I'm not saying it's aliens, but I'm just saying. So some people are concerned like if you were using one of these dark markets and you were putting your postal address, well, in the clear text, are you going to be in trouble? I'm basically this person in saying that the worst that's going to happen is maybe, maybe if you're a big buyer, the police are going to come around kick your door down and you might want to like, you know, team your house and wipe for laptop. But then he says, this is what really gets me. Like, take some sun-acts and like chill out. I don't really know like, then he says like, get over to the dream mark. I don't really know where he expects us to get the sun-acts from now. Like that's what I want to know. Because dream market's been compromised. I guess he means from our other dealer, the doctor. So I guess the advice really is that if you were a buyer on one of these dark markets and you are freaking out because of all the chain analysis that can be done now with the blockchain by certain developers in this community that have been working on some recent gig repositories, it is possible that you may have sent some bitcoins to one of these exchange and the one of these dark markets that may have tainted you somehow. Let's say you got a coin-based account, you've doxed yourself, they've got your IP address, you sent it to Alphabet and now Alphabet has all been season-song. We haven't seen any of the funds from the Alphabet while it's moved yet. So that's reassuring. That tells us that Alex didn't have or maybe there was a multi-sign configuration on those while it certainly doesn't look like the feds yet have seized the actual bitcoins of Alphabet. That's the best of my knowledge from what I understand. But you are advised to take some Xanax and just chill out because apparently it's perfectly fine. I will also pass comment on the fact that I'm wearing my free Rossi shirt that I got many years ago with Utahist down there when we met Rossi's mom, as she's affectionately known, and he didn't buy Lambos. I will also say that the whole Porsche thing in that article kind of threw me because the guy got four Lambos and yeah, there he was bragging about the Porsche and I always thought that the Lambos were higher status than the Porsche's. But who might say? But it certainly looks like, yeah, Winters was coming to the Dart market so they'd like Donald Trump has like said no to this, like we're not having Dart markets anymore and they're all going. It's also worth noting that Ross Ulberg was tried as a drug cartel which usually those Lars are used against the people that have the boats and they have the mansions and they have so forth. And he was found in an apartment in San Francisco, he had roommates, he had a laptop and he used the Wi-Fi at the coffee shop in the library. It was hardly living like a millionaire, a surprise to everyone and that he was in the United States was a major surprise. Let's move on to the exit question. Will the next dread pirate Roberts be in the United States using his real name on online forums bragging about driving his Porsche? I think you cut out for a second. Yes or no Jimmy saw. I'm going to say probably because narcissists tend to be attracted to sort of starting these sort of dark market things and this is why Opsack is incredibly difficult. Tone and Joseph. Yeah, I'm also going to say yes, most likely there'll be another guy bragging about how much money they're making. That never changes. It's always the same. I agree. Chris Ellis for the win. Alex was Canadian, he wasn't American so I think you're wrong about that fact actually. Yes, it was fucking security's hard man and only a god or CIA can stay anonymous like Satoshi Ken. You're the CIA or you're god, one or the other pick one. It was the CIA with help from God. Moving on to issue three issue three, 40 million Ethereum stolen two more major heist this week in Ethereum as it continues to top the leaderboards for both crowd funding and stolen crowd funding. Let's see where that form goes. First, a hacker altered the homepage of coin dash during its ICO changing their public address and stealing eight million dollars worth of Ethereum that was to fund the company but instead will fund the hackers later in the week of vulnerability in the parity multi-sick wallet led to 150,000 Ethereum more than 32 million dollars being stolen from up and coming crowd funds like Swarm City, Edgeless Casino and Eternity. Wow, 377,000 Ethereum more than 160 million dollars was allegedly saved. Well, the coin dash story is simply bad security. The failure of the parity multi-sick wallet is both serious in its financial damage and its implications. Tone Vays, I ask you, are Ethereum smart contracts safe? Well, to me they never were safe. I was the one that on this pure show was screening that you put your money in the Dow. You're just asking for your Ethereum to be stolen. Now, for some crazy reason unknown to me, Ethereum balanced back from that disaster and the price went all the way to $400 creating more and more craziness even worse than the Dow being built on top of it. So I'm not surprised by this. I'm not bothered by this. I don't really have much to comment on this at all because I just don't care. I couldn't care less that some scam got all of its scam tokens stolen. It's completely irrelevant to be. Ethereum was never safe technologically and the token never made sense to me from the beginning. So all of these stories about Ethereum being stolen, they're just, I just don't care enough. I just don't care. I don't know, you care to try to find a solution. Go ahead. Well, when I saw Ethereum took off two years ago around that, I thought, wow, I didn't get in and then I missed a blow. But then I never got it even up to today. I might all have any Ethereum history has proven that has many hacks already. And I think there will be more to come just because this technology has to many services for attack. Whereas Bitcoin is, it's on the opposite. So I think things like this will continue to happen simply because of the way this technology is. I agree with Joseph. There are a lot of surfaces for attack. And with Ethereum, there are more contracts and projects every day and they have to try to secure them all against any possible mistakes. Thanks again to everyone for giving us a thumbs up and a share. We're up to 593 viewers. Thank you for watching. And here's Chris Ellis with your thoughts on 40 million in Ethereum stolen. Can I also choose not to care? You can, but I'll give you 40 million reasons and three or four startups that would prefer that you care. Well, I don't know. I mean, my account is currently restricted on Twitter. I haven't really done much to change it because I've really been enjoying not being on there. But just before it got restricted, I was kind of giving Ethereum a bit of a hard time. I'm not saying it was aliens. I'm just saying maybe it was aliens. I do agree with Charlie Lee that if the creator of Solidity Gavin Wood cannot write a secure multi-signature wallet in Solidity, it pretty much confirms that Ethereum is a hackers paradise. Like, you know, I've been saying this since the beginning of Ethereum, like even in the early days when they were getting up on stage in London and they were saying shit like name coin in five lines of code, drop box in seven lines of code. It was this for that marketing. You know what this for that mile you do? You're in San Francisco, but you at home may not do, right? It was like, oh, we're going to do Tinder on the blockchain. We're going to do this for that. And it's going to be four square for this. And it's just this kind of wrote marketing where you just come up with a bunch of lines. And then you give people all this like gobbledygook, like techno jargon, but it's just overly complex. This is too much complexity. It's the enemy of security. And if the person that founded it, one of the founding developers that Gavin was actually the lead developer originally of the sea implementation of the Ethereum client didn't end up becoming the reference implementation. I don't think he ended up leaving and there was like some tension there and he kind of ended up going and going off and doing parity. But I just feel like Ethereum is just, I called it a Ponzi vagina, right? Because it's just got all these scam points. So you basically had, I don't care. I said that or whatever. And yeah, you're all like, yeah, you're all at home. You're all just said that. But like, come on, like we used to have, like at least with the old chip coins, there was like a barrier to entry, like you had to know how to code. You had to at least be at a copy pace, the code. You had to know which variables and parameters change. And you had to get the miners as well. That wasn't easy. And then you had to write an ad thread. And of course, okay, that's a little bit easier. You're getting easier and easier. Now you just have to know how to do the announcement. That's all you have to know how to do. You know, even though I have to code really, this is JavaScript. And that's just, this is like why we shouldn't be storing billions of dollars economy based on some fucking JavaScript code. It just strikes me. And why is a multi-sig while it ever vulnerable? Why is that not outside of the scope of a fucking smart contract? When these people that raise these ICOs, and let's say nothing about the ICOs themselves that will compromise here, let's assume they were all really good actors, right? Let's just talk about Ethereum right now and the groundwork. Because people kept accusing me of spreading fud, saying shit like I was a concern troll. I wasn't pretending to be concerned. I'm not concerned at all. I started this monologue with like, I don't even fuck about this. But the problem was is that everything is connected here. And if one of your founding fathers is like written this dodgy code, how was it that these ICOs had major financial disruption with a multi-signature wallet? Like surely that's the most secure thing. And who's going to ever going to trust this system again? This ICO system that you built around Ethereum? I don't know. I've stopped caring. Move on. It does seem terrifying, although we don't know the details that perhaps these funds were all kept in the same wallet, the single wallet with millions of dollars. That seems suspect the fact that once it was cracked, you could lose them all. But let's go to Jimmy Song for maybe a little more technical details on this. As my understanding once the exploit was discovered, some White Hat hackers use the same exploit to drain the funds to keep them safe. Is this similar to the Dow attack? Where a sub-dow was created and the funds were drained into there? Yeah, sure. Yeah, that's what it seems like it has happened. There were a bunch of White Hat hackers that went and drained everything so that the Black Hat people can't get it. Just to give a little more detail, according to Charlie Lee, what happened was that these multi-sign wallets had a bug which made it 0-6. So you needed 0 instead of M of N. And that's essentially the bug. It accepted 0 signatures. So yeah, I've said this from way before, Ethereum, when it was announced and they were doing the crowdfunding, this was back in 2014 or something like that. This was my criticism of Ethereum. And it's similar to what Joseph was saying. It is an order of magnitude more complicated than Bitcoin. And Bitcoin took many years to solidify and get out all the bugs and make sure that it's super secure. And Ethereum was attempting to do the same thing with a much larger attack surface very, very quickly with a lot of money in there already. Bitcoin had the privilege of going slowly at the beginning. It didn't reach like $100 until four years after a subscription. Ethereum just went up way too quickly for anyone to have any real sense of how vulnerable it was because you're seeing hacks like this for that reason. And I want to just point out here that software development is like secure software development is really, really hard. We're all used to developing websites and stuff like that where you could go from idea to having an MVP out in three weeks. Cryptocurrency is nothing like that. It's more akin to something like an operating system. Like Microsoft and Apple and Google, they have hundreds and thousands of employees that are working on these systems. And they only release maybe once a year at the most. And that's with the resources that these guys have. And you have to think on that level of security. It takes a year for Apple, Microsoft, and Google, and you're going to go do this in six weeks. I mean, give me a break. That's well near impossible unless you're compromising something on a security level. And a bug on a website or even a bug on an OLS, that's not that big a deal. You just have a bad user experience. A bug in some sort of a cryptocurrency, you lose money. Other than maybe health care software, I can't think of anything that's more critical to a person's life is just making sure that the finances are correct. So you have to have an extra level of security around it that makes it bulletproof essentially. And we need sort of like NASA level like code checks and reviews and things like that. And all these all coins and stuff, they're not doing that level of security and development. And that's something that I think everyone should recognize. We're going to see more bugs like this, and not just an Ethereum, but probably in a lot of all coins that have tried things from scratch. I mean, we saw that like Monero slash crypto node slash Bitcoin bug a while ago that basically let you spend any coins that you wanted and think an attacker created like a million by coins or something like that. So this is something that the community needs to realize. Software development, especially in the crypto space, is extremely difficult. And you have to know that before you can say, oh, we'll just go and make a blockchain and this and this. You can't. It's going to take like a year or two of software development to really do it right. I also think it's worth noting for these new ICOs that when they get these funds, they need to split them up. They need to put some of them into USD, some into maybe Bitcoin, some into Ethereum, some into whatever. But you can't hold them all in one place. And they are probably holding since Ethereum was 300 and went to 200. And they needed to get back up to 300. There's a lost. But if you hold all your funds like this, it's an obvious target for attackers. And if you look at a project like maybe Brave or Civic and you're saying they have so much money, it's such a great investment because how could they fail to produce a product? How could they fail to succeed? Money for advertising everything. And so we're stolen. That's one way they could fail to succeed. It's worth remembering and worth noting with these crypto companies that if you give an untested company, millions of dollars, they might just email it to someone because they asked. We had some serious companies doing that. But let's move on to the exit question. Software, unlike hardware, by its very nature, it can be broken and fixed. As the Ethereum code bases matures, a new release at long last is said to have error codes. I ask you, tone veys, yes or no, can Ethereum be fixed? I don't think so. I've always taken the position that Ethereum should have never been created. And I don't think Ethereum will ever be fixed. I think it's just going to have massive problems. They're going to get bigger and bigger and bigger from security of the tokens to scaling, to mining, to is it a proof of stake, is it a proof of work? How important is Vitalik to the organization? Like in the number of fraud regulatory, I have a whole podcast about them is showing a security to even kick off their project. Like the amount of headwinds and the amount of different things that can bring them down, I just don't see how any one of them is fixed, so let alone all of them. Same question. Sorry. Oh, am I gone again? Yeah, you went away for a sec. Great. OK, Chris Ellis, can Ethereum be fixed? I think I'm still here. No, I just don't think it should exist. I think it's a meme. If it can like fake it, so it makes it, and maybe carve out an existence and form off an issue that splints for often, maybe it can justify its existence somehow long term. But no, I don't think it can be fixed in its current state. Bennett. You cut out again, Thomas, but I'm assuming that you're asking me the same question. It can be fixed. I mean, it's definitely possible. I don't know if it will. And if it does get fixed, it will take many, many years, I think. I mean, this isn't something that you fixed in like, with a hot fix or a couple of patches or something like that. It's systemic. And the analogy I gave before of it being something like an OS, I mean, you guys all remember Windows XP, right? It took many, many patches before it was at all stable. So I mean, I'm not going to preclude that possibility of it being fixable. It's just going to take a really, really long time. And it has to, they have to follow, strict their software development practices. Part of what caused this bug was that this patch probably wasn't reviewed well enough in order to be accepted. And this is where somebody found the bug. And oh, it's zero out of them. So yeah, it can be, but I'm like the other guys. I think it's unlikely. And let's say they should add that to the testing. Does the wallet work with zero signatures? That's a good test. Like it seems pretty simple, right? Chris, it's one thing, but there's a lot more tax surface that you need to be tested. All right, Chris, have we lost you? Are you still with us? It seems like we've lost your audio. Mercury must be in retrograde or whatever they say when all the technology stops working. But hopefully we'll get that fixed. And we'll go back to Chris soon. Not sure what to do today. Let's just try to keep going. Issue four, why does Bitcoin matter? So we've got segregated witness. So what? Beyond the price of Bitcoin and the price of altcoins that people bought with Bitcoin and all the value and the money that it makes, what's the point? Why is Bitcoin important? We were going to go to Chris Ellis on this, but he's disconnected. So we'll go to Jimmy Song. Why is Bitcoin important? Well, Bitcoin is decentralized governmentless money. And sound money is extremely important for a lot of reasons. Right now we have a lot of fiat money. Basically central banks can print as much as they want. And if you have sound money up until 1900 or so, every war ended largely because governments ran out of money. But if they can just print it, then it just gets endless. And World War I was an excellent example of the first war that was extended because of fiat money. Every government just decided to keep printing. And that's why it's a small war in the Balkans expanded into a World War that continued essentially until the end of World War II and even passed that. Changes time preferences. It does all sorts of good things to have sound money. And sound money is important for a whole variety of reasons. My friend, Safetyin is coming out with a book that will talk about Bitcoin and sound money. And I want to plug his book because I've reviewed it already. And it is really, really good. And he's a world-class economist. And he knows what he's talking about. So if you want to know more on this topic, go read the book once it comes up. All right, let's go to tone Vaze. More sound money, no more printing money for wars. These are good reasons so far. They are good reasons. And Jimmy brought up good points. But I'm going to go in a different direction. The sound money property of Bitcoin isn't what I find most interesting. What I find most interesting is the permissionless nature of the value transfer that Bitcoin is offering. And I find that property way more important than sound money. So even if Bitcoin had 2% inflation forever, I would still really, really like it because it's money that it could be used as money that is permissionless. And no one can stop you, no one can censor you using it. And more importantly, if you properly store your Bitcoin, it's uncomfuscatable. It's actually the first thing potentially in human history that is like tangible outside of your thoughts that is actually uncomfuscatable if you're properly secure in it. And I find those properties to be more important. And that's why I really, really love it. I don't know, you want to comment on that one, Joseph? Well, besides everything, Jimmy and tone have said, I agree 100%. But besides that, I just see the value of Bitcoin is going to continue to rise for a few reasons. It's got a proven history with all the businesses supporting it. We're going to continue to having people losing big coins if they're not getting hardware wallet. Well, that's a joke. But you know, they do get hardware wallet. People will continue to lose more tokens. You're going to see this inflationary, a deflationary pattern will continue to go forward. So that makes all the available or non-still and Bitcoin will be more valuable. And of course, the decentralized nature, it's better than gold because people can put tungsten inside a layer of gold and can still trick people that is gold. But then Bitcoin, how are you going to, unless you have 51% attack and trying to make a new chain or make a new coin? Otherwise, you can't figure out one's a tochi. So that make it really robust and solid. We have a proven history, a good track record, and more and more features are added on. Now we have this blockchain scaling issue solved. It's gotten a great future. And all these altcoins are going to lose their shine very soon, you're going to see. So I have 100% faith in Bitcoin. And this is really absolutely something that's good for the humanity. I think Joseph makes an excellent point that you can't counterfeit Bitcoin. There are no fake Bitcoins. And tone says that you can't take Bitcoin from someone else without their key, without their permission. Unlike other types of money where the FBI calls someone up and they say you should freeze that account. And it's not any kind of technical thing. It doesn't have to do with ice. They just freeze your account and they stop it. Let's go to Chris Ellis. What other reasons do we need Bitcoin, other than sound money, unseasable money, un-counterfeitable money, all these good reasons? First question, any project should ask itself for in box is why it exists. And that's what I was kind of segwaying from my last comment before I got rudely interrupted by my hardware failure, which is a theorem didn't really ask themselves. Well, they probably did. It was for the lambo, right? But they wanted to make the money. But like really, like, existentially and intrinsically, what are your motives? What is in your heart? What do you want to do? What's at the end of this rainbow? And for me, Bitcoin has always been about personal responsibility. People need to take personal responsibility for that shit. And yes, all the points you've mentioned, by the way, are fantastic, everything that Tony said I agree with them. And I've got a treasure wallet, and I love it. And I've got a couple of ledger wallets, and I love those as well. And they both do things that I like. And one, I like the treasure wallets. It's got the 25th word. And the ledger wallet kind of does a few things that I like as well. All of these things, and what I really love is that nobody else in my, in my social sphere cares. Like they don't get it. And even if they do get into Bitcoin, they store them on Coinbase, or they store them in some other custodianship. And that is the failure, right? If, if, if, my current will be right, the Bitcoin has a failed experiment if that continues. My current will be right, the Bitcoin has failed. The people continue to outsource their wealth management to other people. And they just continue to store everything. I understand traders storing their Bitcoins on an exchange because they want the opportunity to buy and sell. I understand that. And that's being worked on by various exchanges to wanted to mitigate that risk. Well, I don't understand, is like every day people having been through now, what we've been through to financial crises in my lifetime in 2001, 2008. First one, I've luckily wasn't too bad, because it was picked up again by the property boom. But then in 2008, we saw a rush to liquidity, because people weren't taking care of that shit. They were just outsourcing, and they were just giving it to other people to look after. And like Bernie made off, for example, right? And now we're seeing it again with all these pyramidal like ICOs, where you just like outsource it, you just give it to somebody else. Like do you really think any of these ICOs are going to be remembered in a year's time? You just gave your money to some random people. They've got no fiduciary DC. You just gave it away. And it's the same thing. And so that's why, you know, when I did the full note thing, it wasn't just a gimmick. Like a lot of people reached out to me over the last few weeks. There was no money in that either. It was a fundraiser. We just did it for $3 an hour. It wasn't even a commercial venture. And a lot of people reached out to me over the last few weeks going, how do I upgrade my node for UASF? And I helped each person out like on an individual basis, as well as so good. And those were the people that I was doing it for. It was the people that actually said, no, I'm not going to double click on a binary and install a bubble gum UI that I have no fucking clue how this works. I'm actually going to spend this weekend getting dirty in with the code. Like in the command line, I'm going to fucking troubleshoot this shit. I'm going to like science the hell out of this. I'm going to work this out for myself because they want to have that experience. What was that philosopher, American guy, put the rock at the bottom of the lake so he wanted to know how deep it was, went into the woods. You know the guy? Thoreau. Thoreau, thank you. Like you want to add deep-the-down lakers for yourself, that's why you drop the rock down there. You want to like feel how deep that lake is. You don't want to listen to something. He gets into nature and he does nothing but measure the lake and wonder how long it is and starts like just getting sciencey on everything because he's so bored. He can't connect to nature. He connects to science and he doesn't know where. OK, that breaks my argument. Oh, I got to keep going. That's great. My argument is you need to feel it for yourself. And why there will be certain scenarios like with Lightning Network where there will be some degree of custodianship. But that's OK if you understand the benefit of that bargain. If you understand, OK, there is a time cost to a lower fee to a smaller transaction, you're willing to pay that cost. And for a large transaction, yes, you want global settlement finality. You're willing to wait 10 minutes on average for that thing to settle. But in this instance, when I pay for this small latte, I'm willing to full go that. And it's really about educating people in that way. And I just don't feel like we're breaking any ground here. And I really actually enjoyed listening to a colleague here who talks about the third world and stuff like that. And that's what I kind of want to do with Alakanani as well and try to get people more educated and more parts of the world so that they can actually own their own wealth. And actually, more importantly, it's not about ownership, of course, it's about control. It's about you controlling your own wealth and being and having a confident understanding of how that technology works. And I do think Throw fits well into this. You could say that with his book on Walden Pond, that he was just asking people to reconnect with nature. But what people actually did is they reconnected with Walden Pond. A bunch of tourists show up at Walden Pond every year and see if they can get fulfilled and satisfied in about a 30-minute visit. And they look at the lake and they go home in their car. But we're kind of asking people to do the same thing is that you have to look for your own personal fulfiliveness and you kind of have to get a hardware wallet or a treasure wallet or even just a wallet on your phone, a wallet on your computer and a second wallet on your computer. And let's say you had $15 in Bitcoin, put $5 in each one. Even just the ability to split up your funds to send them around will make you stronger in the case of an attack or in the case of a bad actor, like a bad exchange, like something like Mt. Gox happens again. All your funds are gone. At least all your funds aren't in one place. At least move to different places. Have the confidence to move your Bitcoin around. Try it out. Doesn't have to be a lot of money. It could be like $10. If you lose it, it's not the end of the world. So interesting thoughts, I think, on Bitcoin and being responsible for your own money. And certainly, we're going to have more shows here on the World Crypto Network teaching you how to use a hardware wallet, what the difference is between holding your private keys and having exchange holds your private keys, how different things benefit different people. And we've got 744 live viewers. Thanks to everyone for giving us a thumbs up and a share. I think we're above the records for this show. I'm not sure above the all-time records, but we're doing well. And I think this is a good time while we're talking about philosophy. It was just to recover the idea of advertisements on the World Crypto Network. And I've been talking to Chris Ellis about this. And I talked to Tone and Jimmy and Fortex all separately. And basically, the idea that we were looking at before when we moved the today in Bitcoin show from the Mad Bitcoin channel to the World Crypto Network, well, we were getting about 1,000 views a day, and we thought it would double. So we thought we'd develop maybe $300 or so in advertising revenue a month. And that would be acceptable. And we kind of worked out at Deal, where Chris and Fortex and some of the other members of the World Crypto Network were going to chip in to cover this $300 so that we wouldn't have to have ads. But fortunately or unfortunately, we ended up getting four times as many viewers instead of doubling. So now we're generating potentially more ad revenue. So as a test, we are going to turn the ads back on on the Bitcoin group, today in Bitcoin, my personal interviews in an attempt to raise funds, to help me survive, and to help me continue making shows. Kind of like a World Crypto Network manager, if you will. My goal is to improve the network, to make daily shows, to add more commentators, to add more people to the Slack, to get more people on the Twitter. I think we're achieving those goals. I think we can achieve them. And I do think that some advertising would help me pay my bills and would help me make more shows, which is my goal. And with advertising, one of the things I've always been against is any kind of influence from the advertising, any kind of not attacking the sponsors or attacking the sponsors. And with YouTube ads, they are directed at you and targeted. So we don't even know what the ads are. So we can't be influenced by them. So I'm not concerned by an influence question on this. We're going to go to tone first. It sounds like the chat is directing me. Tony, want to comment on the ads or just on Flop? Oh, no, I was just going to mention the story of the week because I am running out of juice. So that's why I was instead of abruptly ending the stream. I was just going to go with my prediction would be on the price. I think over the next couple of weeks, we're still going to have a little bit of uncertainty making sure that, you know, segment does get in without any problems whatsoever. And I can see us going down to as low as 2,500. I don't really see us going down below that. And then the price will quickly recover after August 1st. One segment does go in smoothly. So that's kind of my prediction. I don't know, Joe, if you want to quickly comment on that, as well. I want to quote back one of Tim Dipper's prediction, $18,000, $10,000. I have very much confidence that he was right about many things. He's going to be right about the price also. And looking at all the indicators, it's very positive. It's very promising. Hi, guys. I'm running out of battery here. So I am going to cut out. Otherwise, I'm going to abruptly end the stream. So hey, thanks for having us on. And I'll hopefully join you on the next day and Bitcoin in the mornings. Thank you, Chris. Timmy, Thomas, thank you. Thank you, everybody. Thanks, Tony and Joseph. Thanks for being on the show. And good stuff on the $10,000 Bitcoin there. We're going to hold on and wait for that one. Looking good. By the end of next year, we have another year and four months, I guess. Another year and four months. And the one that should really be worried should be John McAfee. He's claimed that he will eat one of his own body parts on television. That's successful. Well, Mr. Dipper had a bed with Fox Business News, right? It was public that he was saying it was going to be $10,000 in the end of 2018. So we're having another year and four months. Better hurry. I'm sure Draper can help the market too. Make it happen. That's good. Absolutely. Let's go to Chris Dallas. Chris, did you have some thoughts on the ads and what we've been talking about just now? Go ahead. OK, so the US, as Tom said, so the original plan, I want to talk about this as well. The original plan was that a couple of us at the World Crypto Network were going to ship in to help Tom out. But that's back when we were dealing with $150, like not enough to write home about a month. But then it kind of jumped up to projected, well, Tom was telling me like $1,500 a month projected, possibly potentially, if we got some magic number of views. And judging by the trollbox right now, people are saying, I don't care if you turn on the ads. And maybe that is the general view. Like if people don't want to see the ads, they can just run an ad blocker. OK, and maybe... Or they can buy YouTube red. It's like called box-to-mouth. I subscribe. Then when you do YouTube red, your views count differently to the person that you're watching. So it does actually contribute directly to the people that you watch. And it's $12 a month. Yeah. Yeah. This is if you go to socialplay.com, you could put your username in here. And this is kind of what we're getting at the moment, yearly projection based on current views. It really obviously helps on what country the viewers are in. So if you're in a rich country, obviously, you're going to get a slightly higher CPM. If you got a lot of viewers from countries like Venezuela, dude, guys, we love you. But we can't do much about the market economics of the way. Give glad words for it. So please do not do that. Run your VPN before you watch this. Yeah. Run your VPN. Whatever the trade might, we don't even know anything about this. Right. And we're not advocating click fraud or anything. The only thing I want to stay away from is this little graphic here. Like pay for ads to comment on other people's content, just so we can be paid by ads. I just want to avoid this incestuous, nepotistic, advertising, or cheers, I call it. Where you're just trying to get the eyeballs. Right. And the eyeballs, like trying to get the CPM, you're trying to get the click through. So it's all about growth. And it's all about eyeballs. And you're not seeing the humans anymore. You're just seeing the numbers. And you're not making the connections. And because remember, we are basically, and we should be very proud of this, I think, on this network. We are pretty much the only independent media outlet out there. We have individual jobs. I mean, I work for BitConnects and Tom, you've worked with this or that startup. We're not influenced by our employers. And most of us have negotiated, me included, memorandums of understanding or clauses in our contracts, where we are free to speak our minds, like I am personally. I'm free to speak my mind. That doesn't make me fully independent. You should still be a little bit skeptical when I talk about anything to do with exchange and certainly to do with BitConnect. But when it comes with other matters, you can feel free to trust what I say, because nobody's paying me. But you should be mindful of the fact that anything that you read on Reddit has, even if it's on Reddit, it's there for editorial reasons, or I would add, I add editorial reasons. It's there because, actually, CoinDesk is running articles, these articles that you're seeing as opposed to other articles. And it's favouring these articles on these topics about these companies because of who owns that organisation and that media outlet, right? And then when we report them, and Tom often does rely on these media outlets for his broadcasting, then, of course, that intern is influenced subconsciously. And the same one, or BitCon, the same one, or BTC, doesn't matter where you go. Right, and this is called framing the narrative in media, right? And so as much as possible, you can never fully get out of it. And you get time for some things, and enough time for other things that you choose to cover, shapes you cover it. I'll tell you. Yeah, yeah, yeah. Consition, right? Consition. You've only got a certain number of hours, or the attention span on YouTube is very, very narrow. I went through over the last few days I researched the hell out of this. I was watching Fun for Louis. I was watching the honest trailers, YouTube channel, very, very popular YouTube channels. And of course, there were travel vloggers and their entertainment base. Of course, the most successful YouTube channels are either hot chicks, travel vloggers or entertainment base channels. Of course, that's what I get. So there is an interesting grounds as well of family channels coming on. I see people with kids and it's a blog about their life. It's fascinating. But here's the thing, right? Like the long form content is like sprinkled in here and there amongst five minute videos, 10 minutes videos because of this ADHD culture people have. Like people don't want to watch long form content, but the broadcasters love doing that. The broadcasters for themselves, their own indulgence, love making it, and there are still a core number of people out there that will watch that two hour long session where you talk about the latest Star Wars movie and you really want to go into all the gritty details on it, right? So it's, I just don't want us to lose our soul and where we came from. I don't want us to get caught in this sort of growth hacking mindset of chasing those hits, chasing those hits. And like Ethereum, never stopping to ask ourselves why, like why are we doing this? What are we doing it for? Because I don't want to have to think to myself, do I want to make a video today? Well, what am I contributing towards? What is this going towards? This is towards some media empires potentially in the future that I don't, some monster that I don't want to create some Frankenstein, or is this going to be the community that was around like two years ago? And that's a hard thing for any community-based thing. When it gets big, it's hard to keep that spirit and that soul that it had when it was young and small. So I hope that we can maintain that. But judging by the responses and the sentiment in the trollbox, I don't know that too many people give a fuck about the as to be honest. So I think just activate them, given the order of magnitude of dollars that you're talking about. Just turn them on as a trial for now and then see how much you get. Let's see if that check that you get in the mail is the same as what your projection was. And if it is, Philly Bootsman, I mean, you deserve it. You've put in a lot of work. Certainly, and this is not to downplay the Trion. We've had a great amount of support. We always get some Bitcoin donations that come in. But with this attempt to be kind of an independent journalist here, it's a lot to go back to Tim Ferriss' book, The Four Hour Workweek. And what Tim Ferriss talks about is if you're going to be independent, you have to have many different little buckets. And each bucket brings in a couple hundred bucks a month. I'm just trying to spread out those buckets and transpare to put my videos on YouTube. I got the Bitcoin donations. I got the Patreon donations. $200 in each bucket. Maybe somehow I could survive on that. And that's basically what we're looking here. As far as growth hacking, mainly I've been watching the numbers up and doing the same show every week. I like doing the Bitcoin group. I like putting our spin on it, letting our people talk, see how it goes. And the same thing with today in Bitcoin, it's similar to the Mad Bitcoin show where I covered news articles that I found interesting and put my spin on them. And I'm just going to keep doing that. And if people like it, they'll come along with us. And if they don't like it, maybe they'll tell us why or maybe they'll move on and find some media they do like. But let's go to Jimmy Song for a prediction or a story of the week. Or if you want to comment on the ads and everything, but we already have questions. Let me comment on the ads real quick. Because I want to point out here that this isn't like some profit enterprise. We're not doing this for the money. It's really just to cover our costs so that we can do this. And if we wanted to do something to make a profit, like Chris said, we'd be making videos about Star Wars or something. And that's much, much easier to get a lot of views. We want to do a lot of content that's related towards Bitcoin to help the community. This is just covering our costs. And I think the chat pretty much agrees. Ads are fine. We can use an ad blocker if we don't want to watch it. And that's where if they're so inclined to go with YouTube red or whatever. Just it's not a profit enterprise. And if it becomes one, we can totally reassess. And that's why a trial is good. As far as my comment or a story of the week, I want to point out this guy that's traveling the world on $25 million of Bitcoin, isn't that? Doesn't that sound wonderful? I don't know about you guys. But part of having financial freedom is the ability to do something like that. And that's sort of, I think, the goal for a lot of people that are in Bitcoin is that we have this dream of being financially independent, not being beholden to any government or having our funds seized by somebody or anything like that. And I think we all want to get there. And I want to remind everybody that it's all possible. We just stick with it, stay together as a community and continue on this path of making Bitcoin great. And that's my story of the week. All right, let's go to Chris Ellis for a prediction or a story of the week. Wait, well, the ads was my story of the week. That's all I got. That's fun. Just recap the ads then. One more time. Give us a rundown. You want me to do that again? People love hearing about ads. I'm not going to talk about it to an ad. These are great. 1995, we can get you this here. Several A pick up. It's got a great junk in the trunk. And it's got fantastic lights in the front. Russ Proofing is included. Do you ever get thirsty and find that your throat gets polished? I know I do. That's why I drink orange drink. There you go. That's a good note. I think that's a good note to end on. You got to come strong. You going to tell them? Orange drink. Do you know where that gag comes from? Spill Hicks, man. Spill Hicks. Classic. I am completely lost on this reference. Completely lost. Oh, hey, come on, man. You should really check out the comedian Bill Hicks. Come on. Now you know I don't watch TV. Bill Hicks was from the 80s or the 90s. I'm too young. And he did a lot of great bits. One of his most famous is probably about the good news story about LSD. The guy took LSD and he jumped off a building and that's not funny. But no, it's really supposed to be a guy took LSD and thought about his place in the world and then was happy. And that kind of thing. I don't know. He's Bill Hicks. You got to check him out. But yeah, let's, and then of course the marketing bit. That's the one Chris wanted. The marketing, the anti-marked. Yeah. That's the ball that we got to go rock. I've got my research tom. And I found the anti-marked $1. That's a huge dollar. Yeah, a lot of money in that. Okay. We'll do the whole bit because Jimmy hasn't heard it. But yeah, I know Bill gets up there on stage and he's like, if you're an average advertising or marketing, kill yourself. Everybody laughs. He's like, no, no, there's no punchline. There's no joke. That's it. Just kill yourself. I don't care how you do it. You know, borrow a gun from a yank friend. I don't care. And they're like, oh, I can hear you in the audience. You marketing people are like, oh, Bill's so smart. He's going for the anti-marketing dollar. That's a good dollar. That's really smart. Righteous indignation is in these days. No, I'm not. No, I'm not. Kill yourself. You're monsters. You put dollar signs on everything. I see you doing it right now. Oh, Bill's going for the anger dollar. Anger's a big dollar. Very popular this year. A lot of people have that anger. No, I'm not. It's really serious marketing people. But that's where we're going to end the show. No more Bill Hicks. Next time we'll do George Carlin with the fences. That's my favorite. But we're out of time. Until next time. Bye. Bye.