The Bitcoin Group, the American Original. For over the last 10 seconds, the sharpest Satoshi's, the best Bitcoin's, the hardest cryptocurrency talk. We'd like to welcome our panelists, Gabriel D. Vine from Future Rent. Thank you for having me and good day to you Bitcoin in posterity. Jask Skigala from Voltoro. Good afternoon, ladies and gentlemen. Hello, Thomas and Gabriel. And I'm Thomas Hunt from the World Crypto Network, moving on to issue one, issue one, Starbucks and Bitcoin. Intercontinental Exchange, aka Ice, the company that owns the New York Stock Exchange is waiting into the waters of cryptocurrency this week, announcing backed a Bitcoin custodian and exchange, as well as partnerships with Microsoft and Starbucks. But it was the latter that made the news as the idea of buying coffee directly with Bitcoin at Starbucks endlessly fascinates the media, while the reality may still be a long time coming. Gabriel D. Vine is this the beginning of the bank dominoes falling with Goldman Sachs already rumored to be developing their own platform? I'm going to say no. This is merely a way to quickly sell your Bitcoin. Starbucks is not actually accepting Bitcoin as a medium of exchange, which they will then exchange along further in order to meet their costs. Right? They're not going to be paying their staff or being growers in the tropics of our planet or their truck drivers or their managers, they're not going to be playing the electricity company for the lights in their offices and in their branches. So this is just another bit pay as far as I'm concerned. It's a point of sale thing. And I really don't blame them for that. Bitcoin is too volatile to be used as anything that you would want to store for weeks or months, which is what's required for a medium of exchange. You can use it as a medium of exchange and just exchange back and forth on both ends or one end. That's cool. It totally works. It's amazing. But just the exchange volatility against these giant markets like the USD and the Euro pound, whatever, is still really up and down. That's why we don't use, I mean, that's not why. We wouldn't use stocks in that way even if we could, we can't. But regardless, I think it's going to be a huge step when big retailers in droves begin accepting Bitcoin and not bothering to cash it out because it's too expensive, too inconvenient and they can just pay their suppliers with it. And I do believe that that is still at least two years out. I wouldn't be surprised if things really start to landslide in a couple of years. But maybe three, four or five years in order to really start making in-road, serious in-roads into retail. So I don't think this is a very big deal. It's very funny because Starbucks is a classic case of one of the biggest retailers in the world. So it's a classic case for Bitcoin. And it's often brought up as Amazon is the classic online use case for Bitcoin. And Starbucks is the classic brick and mortar use case. So in that sense, it's funny, but I don't think it's actually meaningful until these, and what it's going to be is Starbucks will roll out their own app for their, that's just you know, meets all of their exactly their needs. They'll roll it out on iPads for their entire worldwide stores, all their stores. And they're going to have a lighting app. But until that happens, you know, this stuff will make it easier. And I'm sure that more of this stuff will roll out, but I wonder how much better they're going to do than BitPay, which was obviously five years early. Now that things are starting up a bit more, they maybe could survive, but unless they have a five or ten year out of view for the outcome of their business, I don't think any of these companies are going to do well. There's not going to be enough traffic to, you know, give them the fees that they'll need. And it'll be a waste of time, just like it's been for the last five years, because it's too early. There's way more important network effects. A lot of the other stuff that we're going to talk about today is more important than this. So I think it's just kind of like a cosmetic experiment that's still probably too early, just like BitPay. Oh, I disagree with Gabriel a little bit saying that backed won't survive. We aren't exactly entirely sure what back's purpose is. To me, it looks very claimed that they're trying to get their hands on your Bitcoin. They want you to give them the Bitcoin, which Starbucks within, as Gabriel said, accept dollars. Likely through the existing Starbucks app, just add a buy with Bitcoin button, only take 50 to 100 bucks. You don't have to worry as much on the fees and convert it into gift card credit. You pay at the counter with gift card credit like normal, they have an existing system for that. They're not really re-training, very easy for Starbucks. But I do agree with Gabriel and is another BitPay. The supply chain can't pay. Starbucks cannot buy beans. Overstock.com cannot buy trinkets with Bitcoin. They need to trade it for dollars to keep their businesses going. Still, it's an encouraging sign that the banks are after your Bitcoin and that they've created another custodian to do it with Goldman Sachs looking to create a similar and perhaps a mirror copy of a custodian. Just ask everyone to give us a thumbs up and a share. We have about 50 live viewers right now. If you all gave us a thumbs up, YouTube would share this video with more people and more people could enjoy the show. Josh Kigala, your thoughts on Starbucks and Bitcoin? Yeah, I mean, I think people like CoinCut were really ahead of the game in this and BitPay as well. But CoinCut had a really great point of sales, terminal way back in the day. Unfortunately way too early. I don't think it's anything new. In fact, I really think it's a great marketing. It's a great headline. It's a great marketing tool. But at the end of the day, if we cannot make Bitcoin work in Venezuela where your Bitcoin is going even in this bear market, is doubling in value every week, then we can't make Bitcoin work anywhere as a currency. So it's not doubling in value. It's doubling in price against Bitcoin. Great point. But really, there's the use case. Whether I buy my coffee with Bitcoin or not in a Western world that's doing well at the moment is really beside the point. I think the real point is helping people escape the banking system that needs to and pay for things and hold their value in a collapsing currency. For people to be able to purchase crypto now for maybe a collapse in the future or to hedge that. But yeah, Starbucks, great on. It's good. Microsoft, great. These big names are also very good. But I'm actually more excited when I hear that a programmer is accepting crypto for his services because really that's where the fun lies. Because the programmer isn't going to convert straight to Fiat. Maybe they'll convert some of it when they need the Fiat. But at that moment, they take the crypto and they hold it. And we're paying more and more perpetual travel, there's more programmers and these are the real use cases, I think, these big huge conglomerates. I don't know. You know, whatever. Moving on to the exit question. The question that everyone wants the answer to when will Starbucks accept Bitcoin for coffee six weeks, six months, or never, Gabriel, divine? I'm going to say Starbucks will be a little, they'll be able to roll it out as Mustafa pointed out on the chat in their own app. They won't even need the iPads. So it'll be super simple. So they could do it very easily. I don't think they'll bother for let's say, but I'm going to say three years, 2021, late 2021. Three years, Josh, go ahead. I'm going to say eight months. I'm going to say, well, I'll say the next, the next boom market. The answer is sooner than you think Starbucks is right there with their gift cards and their app. They could accept Bitcoin, change it into dollars using the back exchange and then put the dollars into your gift card account. If that counts, very soon. If you want the Lightning Network implementation, the Gabriel was talking about at least two years. Moving on to issue two, issue two, the SEC and the ETF. The SEC pushed back on their decision on the solid X Van, ETF proposal this week delaying until September 30th, with the option still remaining to punt again until February. The market reacted violently to this news with the price of Bitcoin falling from recent highs of $8,500 all the way to lows of $6,300 as short-term traders exited the market. The SEC is currently deciding on as many as 10 Bitcoin ETFs with deadlines scattered through September and beyond. The real question is, Joshua Skigala, will we see a Bitcoin ETF before 2019? Yeah, I mean, the ETFs are really interesting and at the same time, I just find them also uninteresting. I mean, they're interesting in the fact that anybody that has stocks and shares can jump into crypto. Most of it will be settled in cash. So again, there's no real Bitcoin behind it. It'll just, I feel. I don't know. I mean, maybe there's a threat. If there's a threat of settling in Bitcoin, just like there is with the gold or oil futures, I mean, no, but like futures, especially nobody settles in oil, but the threats there somehow, so it sort of ties that. I mean, ETFs are generally meant to have full backing of the crypto. I will see if that's the case. I'd like to, I'm really interested in their transparency protocol. What sort of transparency they have behind that because it's really important. I think I give a lot of talks around the world about transparency in exchanges, especially because of the whole amount of stocks and the rest of them that have collapsed along the way. And now that we're seeing enterprise step into the picture, I'd really like to see some beautiful rollouts of the transparency that blockchain really allow everyone to have. I wasn't very impressed by the one SEC chairwoman who said that the exact same things that they rejected the Winkelvij ETF for would be solved by approving an ETF. She really saw the cat and mouse kind of the chicken and the egg situation that we're in and understood that by applying regulations and allowing people to invest their money, the wild, wild, west nature of Bitcoin may slightly go away, but we'll still have to see on their decision. Gabriel, divine, your thoughts about the SEC and the ETF. You know, ETFs are only 25 years old. They've only existed a little short time. And I would go out on a limb. Now, I'm not a financial expert. Definitely not. It's not my background. But I would go out on a limb and say that ETFs were created in order to allow digital trading of certain assets, you know, physical assets, which would normally require very expensive transportation. It allows a vehicle that can be traded easily on digital exchanges, which is what the NASDAQ is in every single other stock market in the world for the last 20 years. Or maybe not in the third world until the last five or 10 years. So, Prokrogol says I found a drink that makes hair grow. It's called tequila. Anyways, so yeah, ETFs aren't that old. They were created to facilitate digital trade. Now, what else was created recently in the last 10 years that facilitates digital trade? Yes, that's right. It's a little invention called peer-to-peer cryptocurrency or Bitcoin. So Bitcoin is a worldwide internet protocol that allows value, storage, and transfer. So ETFs are a bridge to the world that Bitcoin brings us. So they don't have a long future. Essentially ETFs are manual tokenization. And they're a lot more controlled by regulation. What that means is that they can also be controlled by powerful individuals, centralized institutions, you know, also it's a shenanigans like fractional reserve, even though they're not supposed to. They're supposed to be full reserve, but there's no way to prove that cryptographically with ETFs. You have to trust. They're all based on trust. All these trust-based systems are going to go away. None of them will survive, in my opinion, longer than 10 years. I mean, they could show you the cold wallet addresses. Oh, of the Bitcoin, yes. I'm just saying the traditional ETFs which are trading gold or oil, you have to trust that there are guards standing in front of a bunker with things being stored there that are equal in value to the tokens for which people are trading digital dollars back and forth, which most certainly are fractional reserve, fraudulent debt tokens. So what we have here is this sort of bridge where Bitcoin is actually meant to bring a new paradigm and obviate these ridiculous old structures, but it just takes a lot of time. Because for creating tokens for physical things, it still would require trust. Now we have a money now that they want to trade using this janky old system. We have a real sound digital money, the first real digital asset. And it's very ironic to see that happening. And I think what's going to happen, this is my prediction. A huge amounts of fiat will flow into the Bitcoin ETFs over the coming years. But several things will happen. Number one, the Bitcoin ecosystem will grow leaps and bounds faster than the traditional system, which actually will begin to give ground directly to Bitcoin. So the ratio of funds in these derivatives will get smaller and smaller compared to the market cap of Bitcoin. In other words, the value of Bitcoin according to all the people holding it. And in addition to that, you're going to have hacks and thefts among the ETFs. And I predict no Bitcoin ETF because Bitcoin is so much easier to steal and move away and keep totally anonymous and so much more difficult to secure on an institutional basis. It's my contention that no ETF will survive longer than four years before being depleted of its reserves through crime. And that is going to basically bankrupt anybody who tried to leverage Bitcoin's growth without actually buying any. And they will be wrecked. Like so many other people who will be the next Mt. Talk. But instead of causing a collapse in Bitcoin's price, they'll cause the collapse in Fiat's price because everyone will be running to Bitcoin because that's the only thing you can actually trust. So this is all just temporary BS. I do think that they conceivably can temporarily increase the flow of Fiat into Bitcoin. But over the long term, I don't actually believe that they'll make much of a difference at all. They're just kind of going to speed things up a bit. A bold prediction from Gabriel D. Vine that all of the ETFs will be bankrupt within four years because of theft from the inside. Four years from launch. Four years from launch. Four years from launch. Fair enough. And it's a good point. I thought for sure when you started to talk about Bitcoin and the gold ETFs, the reason the ETFs were created, I thought you were going to say so they could sell more gold tickets than they had gold bars and they could do the same old scam over again. And that's practically what you went right to next when you talk about the Bitcoin ETF. And if they're actually going to hold the Bitcoin, they're selling. Now, certainly there's a big threat there. If they sell more Bitcoin than they have, they have to go buy it on the open market. They might have to pay a higher price than that they sold it for. The same way if they have Bitcoin, people sell it and they have less, they could be in trouble holding too much of something that's worth too much. The expression that we're looking for, a hat on a hat. It's a hat on a hat. It's my favorite expression. Moving on to the exit question. It also was in the Mike Tyson cartoon show. You got to check that out. That is great. A hat on the hat. Is that what you saw? That's a hat on a hat. So exit question. How many Bitcoin ETFs will the SEC approve in 2019? Joshua Skigala. That's a really hard question. I think it'll, you know, typical, in typical SEC fashion, I think you will see a nice duopoly pop out of the picture. But the thing is actually it's not just what the SEC approves. As soon as the SEC approves one, and we saw this with future markets, it'll send a ripple around the world and we'll see ETFs pop up all over the place. I actually don't, the price is going to go absolutely bonkers because there just isn't enough. I mean, there's 21 million Bitcoin. It's hardly anything. And for all these institutionals to want a piece, you know, they'll say, well, maybe we should have 1% of our portfolio. It's going to be insane. But yeah, that ripple effect, I think we'll see, you know, especially in the mainstays Germany, Hong Kong, Singapore, Canada as well, ripple out. Yeah. Josh sounds like he's predicting many, but has given us no number. Gabriel, Devine, give us a number. Two, I think that one will be approved later this year. And then we'll get two more next year from the SEC. That's my random prediction. And I just like to correct Josh on his statement that there are 21 million Bitcoin. Actually, there are only 17 million. Oh, the site didn't come up fast enough. It's 17,900,000 just over. 17 million. And the answer is more than one. The SEC will approve one or more Bitcoin ETFs in 2019. Everybody's correct. It was an easy question. Did you know the World Crypto Network has its own audio podcast where you can listen to audio only, audio only versions of your favorite shows. Check it out on iTunes today and subscribe to the World Crypto Network podcast. Moving on to issue three, existential crisis, a new paper by Dr. John Truby, director at the Center of Law Center for Law and Development at Cutter University claims that Bitcoin was designed with no considerations made for its environmental impact and that the demand placed by Bitcoin mining upon our electrical grid will use more and more power until there's nothing left. And all of the power on earth is used to mine Bitcoin. He claims governmental intervention may be the only thing that could turn the tide and stop Bitcoin from destroying the entire world. Gabriel D. Vaan, is he right? I find that this professor is doing a classic projection. Well, not a projection, more of a misdirection or basically his gut tells him Bitcoin is a threat. And so he looked for any excuse he could find in order to write a paper that claims that it's a big threat to everyone when the end of the article has this little sentence. Besides government intervention Truby also notes in his paper that if a loud or free hand the market possesses the capacity to rectify the situation by letting electricity process shape the behavior of the Bitcoin mining sector. So but really what we have here is a classic case of what a sublimation, right? Professor Truby is rightly worried that Bitcoin is a direct threat to his livelihood and just like it is a threat to nearly all academics livelihood. It does directly threaten the world that he depends on. It directly threatens his job and the institution, Qatar University that you know that hires him. So I think what we're going to see is a major collapse in academia as governments lose the ability to print money out of thin air. And I predict that professor Truby will be out of a job at least a hundred times faster than Bitcoin will actually know. Let's say ten times faster. Because we might not really need Bitcoin much in fifty years but he'll be out of a job within let's say seven. Prediction after prediction from Gabriel today and of course professor Truby takes no attempt to measure how much energy is being used by the current system of central banks, armored cars, bankers, printing presses, all the rest of this nonsense. Josh Gagalla your thoughts on the existential crisis of Bitcoin. No I just find it so laughable. I could literally it's these ridiculous predictions. I mean first of all I think it's a good thing for electricity. All I've seen from Bitcoin miners is to try to find cheaper and cheaper and more renewable energies. So the cheapest renewable energies isn't something that you dig out of the ground and then burn. The cheapest is falling water that's down you know that's pretty much the cheapest thing you can get because it's already falling and they've built these dams but no actually the cheapest is is a geothermal power and a lot of these mining rigs are setting up near these sort of setups. So it's ridiculous to think well you know we're going to have some existential crisis where we just use all the power in the world. It's ludicrous and it's really I think Bitcoin is one of these things that really drives technology forward on how to make better technology, how to make better electricity and this is a typical it's a typical thing that comes up all the time especially from the greens and the left that we have to use less power. We have to use less power you have things like earth day, earth hour or whatever. Oh we must all turn off our lights for an hour and it's ludicrous we shouldn't use less power we should be using more power we should just be finding better ways of making better power. We're surrounded by energy our entire universe is just pure energy and it's ludicrous for us to go we're going to use all the energy with Bitcoin mining come on get over it mate. Josh is absolutely right we used to need to use more power it's like that old show home improvement or and maybe even Bitcoin gives us the ability to do that if you think about hydro thermal power as Josh was saying you have to put the batteries near the dam right you have to build more batteries and it costs money to make batteries you could instead just mine Bitcoin near the dam use Bitcoin as sort of a battery for that energy and there it is you can then trade it on the market now it's much more feasible to build hydro thermal dams than it used to be. That's right and then Bitcoin is causing all of this wonderful effect on the market without any intervention without you know basically it often in spite of and against government regulations and you know despite all the attempts to try to control it it's still helping the world and you know it's just really typical status bullshit here in this article it says they want to regulate the hardware but like the market wow hey Max you might want to mute yourself you know the market is already providing the most intensive efficiency brutally efficient you know standards on these miners and he wants to like regulate the stuff that the markets are you doing which is just going to cause second and third order effects that are anti what he's talking poor kid 15 year old kid in Gambia you know his guy somebody bribed his government to take you know professor professor Truby's advice and they outlaw some relatively inefficient miner but he's got ultra cheap power and he's he didn't pay anything for this miner I mean it's just and or like somebody's got extra stock and somebody can make it profitable to say that they're just going to make it illegal it's just totally retarded and typical you know academic thinking where they don't understand probabilities they don't understand higher order effects and so what you have is the situation where academics and politicians never get weeded out because there's no skin in the game and they have no performance metrics which allow the best ideas to come forward so this whole bezel which is the term back formation from embezzlement which is basically all of the fake you know money that gets created all this all this hot air that gets blown into the economy and blows up these huge bubbles in order to draw off wealth from real things and real work all this bezel is going to collapse idiots like Truby are going to collapse with him I mean just the notion that the government has to step in he obviously doesn't understand Bitcoin I mean it's a totally created decentralized money because it couldn't be shut down it couldn't be controlled I mean that so what because the mining is causing you know some sort of environmental disaster in his mind he thinks the government can step in and change it can't I mean it can't he really shows a lack of understanding I just like the simple multiplication they take how much is currently being used to mind Bitcoin and they multiply times a hundred and they say well it's going to be like that in a hundred years oh my and again you're just thinking about it too simply better chips will come along better ways with mining Bitcoin things will even out but I just loved his existential all or nothing the entire planet is going to be destroyed Bitcoin mining is some kind of infinite gest that we can't get out of that we would just stick ourselves into and destroy the whole world I'm not arguing against it I've seen idioticity I think these things are possible those Carl's Jr's tubes I mean these kind of things like we could go there we're not very smart as a species we've done dumber things so let's move on to the exit question which I sure you was very good it says exit question when all of earth's power is used up mining Bitcoin humanity will learn its lesson and shut the machines off destroy itself fighting over the Bitcoin or figure out solar Bitcoin mining and continue the conflict for energy and Bitcoin in space space space space Gabriel divine I disagree with the premise and refuse to answer the question that will never ever happen Joshua Skigala absolutely the third one we will just find you better ways of mining in space mining and cut max are you with us I am and yes mining in space would be nice but just imagine something like Tesla scalar energy devices where you can just start mining because you pluck your miner into the dirt that will be fantastic correct answer is indeed mining in space as Peter Todd predicted in his presentation last year at Paris space miners solar mining Bitcoin what kind of space pirates there will be Bitcoin mining in space humanity will just keep going moving on to issue four Bitcoin Venezuela excuse me the Venezuelan the Venezuelan inflation crisis continues to spiral out of control with the price of a cup of coffee jumping from a mere 2,300 Bolivars this time last year to more than two million Bolivars today I did mute myself meanwhile Bitcoin trading volumes have doubled and the price of the fledgling cryptocurrency seems to be multiplying by a factor of ever by a factor of two every three weeks Gabriel divine is this a perfect storm are the people of Venezuela adopting Bitcoin you know I've been blabbing a lot I'm gonna seed my my place I'll talk later we want to why then what isn't the newcomer answer this one max you ready for it well yes the Venezuelans they do like Bitcoin but you know what they do like more they're freedom and their property so they do not use Bitcoin as a speculative investment and no they use Bitcoin to defend themselves against the financial warfare that is going on in Venezuela for the last couple years so yes absolutely Bitcoin adoption is growing in Venezuela it's sad that we needed it's sad that their economy is at a state of complete collapse and at the springs of course in men's hardship and this is nothing to be happy about but on the other hand that's used to having internet troubles let's go to Joshua Skagala yeah so I mean absolutely Bitcoin is taking off in Venezuela even though you know it is a big country there's a lot of people so when we say taking off it is still only a very very very small and it and what's happening there isn't something to laugh about it is actually our CMO here of Altoro is is from Venezuela originally and he sends money home to his mom for his for his mom's cleaner and she gets paid 50 cents for the month of work and she works every two weeks for two hours or something four hours or something like that I mean it's the minimum wage has gone down people have dropped weight by an average of 14 kilos on average and and it's really quite sick that they're they're they're sort of control freak nature of politics where they just refuse to let go of an absolutely a trotious a policy a financial policy and I think like I said before if if we can't make crypto work in Venezuela then it's not going to work for a very long time and it is working the people that are adopting it and this is unfortunately only the very technocratic class which is unfortunate because the user experience just isn't there yet sadly I mean there there are you know there but there is a lot of work being put in by certain blockchains I don't want to you know go around shilling things but I know that dashes has put a lot of their master notes of sending a lot of money into Venezuela to market their blockchain and and people in Bitcoin old school Bitcoin is also very very heavy and in Central America there's there's a lot of work being put into getting people to use this stuff and teaching people how to use this stuff so I think I think it's it's only a matter of time where slowly one person will tell the next I mean credit cards ATMs were extremely weird when they first came out these new machines these robots stuck in stuck in a wall people would always still go inside and it took maybe 10 12 years for no one to go inside anymore and so I think by the time people feel confident enough with a QR code with that big string of numbers I think I think then it's sort of a it's a snowball effect it really is as one person teaches the next teaches the next and to not be afraid of this this new technology but yeah Bitcoin is definitely taking I mean if you can in a bear market in a god damn bear market your Bitcoin is still doubling in price every 18 days I mean that's what other excuse do you have it might not be so much that the Bitcoin's doubling in price it might be that their currency is losing half its value Gabriel divine your thoughts on Venezuela and Bitcoin yeah that is definitely the case you know Bitcoin has there's definitely a premium down there but it's not like you know that much great I think it's relatively consistent over the dollar price but of course in pesos it's going to be going up very fast it's a terrible shame you know you try to look for silver linings in these terrible awful situations where so many are suffering and dying because of the evils of corrupt governments and you know so I look at I try to look at the bright side as much as I can I you know it's such a it's so easy to get overwhelmed by just the sheer amount of human suffering going on down there and the the extremity of the crime committed against the people of Venezuela but you know luckily there there are hopefully some you know positive higher order effects like the awareness of the untenability of socialism as like a poster child you know and the just as a poster child for monetary fraud and to show the dangers and it's like well you know as long as there's countries in millions upon millions of people that have to suffer this type of privation strictly do to the crimes of the government the country it has not had you know severe natural disasters or anything like that there's no there's no you know whatever famine or anything like that it's purely created by human action and corruption so it's a great poster child for us to point to and say listen you know you think this can't happen in your country but just look at its Venezuela today Argentina yesterday Turkey last night in this morning so you know it's luckily there is you know something to be said for the fact that well this can maybe motivate some people obviously I think it would be way better if we all had you know like a just an equally weak fiat instead of you know moderately you know less weak fiat like the dollar in the euro and more weak fiat like this useless paper so yeah it's a really sad situation I get really sad for these these poor people that are suffering under these regimes and I'm so glad that Bitcoin exists so that we can bring we can help bring up the the disadvantaged by the bootstraps very good moving on to the exit question after Venezuela which country will be the next to catch Bitcoin fever Joshua Skagala I think there'll be African countries that will catch we're seeing here some of the statistics coming out of Altaro we're seeing definitely Nigeria finally enough making moves Myanmar making moves which is also strange so I think it's some of these countries where you wouldn't really expect yeah max max hillbrand well I do think it's going to be those countries that are going to collapse we're having audio difficulties with max we're going to go on to Gabriel Devon gosh I don't know I mean turkeys having a huge problem right now but they're part of the EU which is just hilarious there's just so much chaos going on you know really part of the EU they're not okay sorry I I stand corrected nevertheless the EU has a lot of skin in the game with turkey because they want to create NATO I think it's a NATO EU yeah okay yeah they're a NATO I mean the economic zone definitely right yeah so the euro has an interest in keeping turkey a float in order to keep this to stem the tide of refugees from the Middle East and for various other reasons and it's really funny I mean it's Trump is definitely toying with them I saw him tweeting out that they were gonna like with turkey the lira is on the ropes and Trump tweets out that they're gonna double the double some tariffs for for Turkish imports and you know it's pretty natural consequence of a you know a huge seizure of power like this so I'm gonna randomly say turkey I'm sure Josh's comments are way more informed than mine but I'm kind of just going out there I'm sticking with the chat and the chat says turkey so it must be turkey moving on to predictions or a story of the week Joshua Skigala are you ready with a prediction or a story of the week yeah I'll have to think about that one all right we're going down to Gabriel Devine are you ready with a prediction or a story of the week yeah my story of the week has to do with social media right so we we had a very busy week with many happenings the popular what you might call alt-right commentator Alex Jones was summarily kicked off of numerous social platforms at exactly the same time a clear sign of collusion between these freely operating private corporations which they totally have the right to college order up and decide to try out a ban and see how you know float it with the public and see how well people react to it I think it's it was a great test case for them to get gathered some data on on the general tenor of the zeitgeist right now and see how people react and it's a great you know test case for all of us to be aware that you know these are centralized platforms and it motivates us to work on our decentralized alternatives and you know a lot of crypto Twitter is trying out mastodon I've used mastodon before I think it's fine it's a little bit more confusing as far as signing up and requires an email as an exobo was complaining about on Twitter pretty tough call to try to disrupt the network effect of you know the top micro blogging platform Twitter so I'm just keeping my eye on it I'd like to try mastodon I tried to do it and ran into an issue with my email address that I used and wasn't able to sign up similar thing happened to me with key base in case key base users are out there wondering why I was on there before or not back I couldn't recover my account so it's kind of interesting to see things like that happen where I wasn't that careful you know I'm not as careful with that stuff as I am with Bitcoin and to see when you know the ownership of private keys and stuff I had private keys but apparently they have some sort of aging process on key base or something I don't know what is going on with that so it's like halfway between centralized and decentralized so I never know whether I can email the company to get my account back or not it's just very confusing so it'll be interesting to see that's my story yes Gabriel it was either collusion or one of them banned them and the rest of them all followed suit like I heard of Lemmings because they didn't want to look bad for PR reasons which seems simpler to me but we talked about this all week on Bitcoin talk show I've been there people have called in they've disagreed with me I've let them talk we've gone back and forth on this so we've discussed it a lot but we can discuss it more next week if you want Max Hillbrand I put a second earbud in can I hear you now are you a left-right channel issue well let's see you I still got nothing I mean the audience is all like oh yeah we can hear them and I don't know they're probably trolling us so good on you audience thanks Max for trying to join us everyone can check out Max's recent interviews he did one this week with Jimmy Song right here on the world crypto network also let's just go to Josh Gagalla for a prediction or a story of the week go ahead Josh yeah I'm just gonna follow suit with the Alex Jones story I think it's kind of interesting I don't know you've talked about it already but just to just my two cents really this is again another case for decentralization so so grand and so in your face although you know it also we we see things like Reddit which are centralized and they don't ban stuff that often from a from a from a company point of view maybe they do but we see a lot of censorship from people downloading other people when they don't agree so whether that censorship or not I don't know I mean I guess censorship is more in a government level refusing people or torturing people when they say something but yeah in terms of a company I also think well if if they if Mike you know Twitter or whoever it was YouTube want a ban they're a private company they can do what they want but yeah this is a time where we go well you know what I'm gonna stop doing it using that you know this is a big problem with network effects especially things like YouTube and social networks it's really really hard to dethrone them when they do something you don't like it's all your friends are there all your best shows are there you're still gonna keep going back so let's hope that we can get a decentralized version working but I think it'll be a long time coming it's also worth noting people knew about the problem with these platforms for a long time people tried to speak out they tried to warn you certainly someone like Alex Jones should have a backup wedge website he should pull a switch and be broadcasting on his own thing he has lots of money there should be no problem with that and he's got his app and stuff he's doing it well he's got his app because Apple didn't ban him just FY Apple and Twitter for whatever reason they say he hasn't violated their rules yet or he hasn't and they aren't banning him so not still not so sure on that top down conspiracy thing because why not ban him in all of them I mean presumably they have the same dirt on Apple executives they have on Twitter executives but they didn't fall in line but just want to thank everyone for giving us a thumbs up and a share we had a big day today on the world crypto network we had four live shows today kind of by accident a lot of them lined up against each other so you probably have to go back and watch the other show while you're watching this show but at least you have a lot more content to watch and if you're listening later on on the podcast it's just like having four podcasts together so it's very good and let's move on and as always if you want to support the world crypto network you can donate now to the bitcoin address on your screen or we take all these crazy altcoins that are accepted by trezor thanks so much for watching we'll be back tomorrow with another episode of bitcoin talk show at 9 a.m. west coast time until next time bye bye