#198 — The Bitcoin Group #198 - Suddenly $5000 - Lightning $5M - World’s Payment System - Elon’s Favorite?

📅 2019-04-05📝 3,870 words

All right, one of these. Is that all together? All right, if everyone's ready, we're going to start shortly. All right, we're ready in the back. All right, live on the Internet. Good. Yep, they say yes. I was live right there too. All right, here we go. All right, so here we go. We're going to do the Bitcoin group. The Bitcoin group, the American original, for over the last 10 seconds, the sharpest satosies, the best Bitcoin, the artists, cryptocurrency, talk. We'd like to welcome our panelists. Dear Goodman from Proof of World Media. Good evening everyone. Then from Wales. And I'm Thomas Hunt from the World Crypto Network. Moving on to issue one, Bitcoin 5,000. The price of Bitcoin surged recently, breaking the $5,000 barrier, and perhaps signaling intent to go much higher. CoinDesk provides three reasons for this move, including positive technical analysis, the Bitcoin supply happening in 2020, and market activity. However, there was also a financial magnet's article released on April Fool's Day, claiming that the Bitcoin ETS had been approved, which just might have been translated into Chinese without a disclaimer. That's right, they added it afterwards. So, Theo Goodman, what do you think is responsible for Bitcoin? Sudden price rise. I think I want to have to agree with CoinDesk market activity. Probably was the best answer of the three they had as an exchange for the price going up. There is also the price didn't dump really hard after some of the legacy futures in America were discontinued. That's pretty interesting. Also the SEC gave events on totals. Even though that was not a real big surprise, what the SEC's opinion on that, I think that was generally good news. It just said something that didn't say everything is a scam, dump it, or you know, you had no hope for something like that. And market activity is always a real good headline for an immediate outlet, so that basically means it went up for some reason. It went up because people bought it. Then from Wales. I mean, it went up quite a lot in quite short period of time, which again indicates that there's still very illiquid and the price can be looked at down quite quickly, which is a good thing. But if you trade the fractal, and then if you look at previous pumps, where we are right now is a good place to be to buy. And some people would say that it's going to kind of hit in the last all time by one class of hard work, whatever. I think the amount of sort of foam, what we're doing is we can certainly bend that drop. And then you know, begin our awkward trajectory as we've done, you know, a few times in the past. So, you know, going to trading, do you whatever, look at the fractal, look at previous pumps, look at where we are now, compare it to them where it went, and then try to match where the private coin price is going to go. So, yeah, so I mean, obviously there's, you know, there's always news, there's always reasons why these things can happen. But I think the reality is that, you know, big players are looking at that fractal and thinking, yeah, the price is going to go. Is that investment advice? No, that's not investment advice. Well, I do think the April Fool's Day article is worth mentioning. The real reason the price of Bitcoin is up is because of the mad tour. Whenever mad Bitcoin is on tour, the price of Bitcoin always goes up. So, plan buys a crypto. It's a question. Try to pick this time next week higher or lower. The only correct answer is lower. And it doesn't matter. Like if it drops or if it goes a little bit, just be patient, you know, or do you patient remember that one of the things saying, you know, the market is a way for impatiently, money to lose money to patient people, hold them just wait a few years. If you can't wait five years to get rich, then you're in India. It's going higher. Mad Bitcoin is still on tour for the next three weeks. Moving on to issue two, Lightning five million. The amount of available Lightning on the Lightning network to be used for transactions continues to climb. And now there's more than five million dollars of transactional capacity on the fledgling, reckless network. User interfaces are being simplified, and new technologies are allowing Lightning channels to be reused without additional fees. Ben, are you bullish about the Lightning network? I mean, so if you look at the tutorials, I've done a little bit more content network, they will be using Lightning. So I've got to interact with the technology. And I've got to sort of feel how quick and usable it is. So yeah, very bullish on, on, on Lightning. The technology is fantastic. And I went to a talk in New York with Christian decker. And Christian decked at the beginning of the speech. So this is, you know, this is Lightning Network. It's so minimal viable project. So this is the worst version of Lightning Network. We're going to have, we've got lots of innovation, lots of new things which kind of built into the protocol. And the protocols designing such a way that it's very easy to implement new things. So, yeah, no, Lightning, Lightning, it's absolutely fantastic. It's, it's working. And it's still the worst version of Lightning. We're going to have. So just wait until, you know, all those improvements are going to come in. And then you'll be really well with low people's mind. Somehow, how efficient and how well it works. Be open. I think I'm, I'm definitely bullish on Lightning. But I would say that it's definitely in its current state. It's not vaporware. It's nerdware. It's still really nerdy. It's only for real freaks that kind of get it like this guy. You know, it's like a really for like a small core of Bitcoin people that can understand really how the Lightning Network works at this point. You know, I was really interested in maybe doing like a gambling app on Lightning. But you don't need to do that. Because just using Lightning Network itself is a game. The other is right. The technology is very early, but it's important not to judge the final product by the early product. A lot of people on the other side have said things like Lightning's too hard to use or it's too confusing. But give it time. The recent innovation to add more funds to payment channels is a very good one. We won't have to create a new payment channel every time you want to use Lightning. It's more like a pneumatic tube. You can keep putting $20 in and keep putting $20 in. And it's just the size of the two if you need it larger to you'd have to pay to create one. Exit question is Lightning and all coin. No, it's not. It's a broke wall on top of Bitcoin, which just allows you to use Bitcoin in the unit cast way as opposed to broadcast way, which is a lot of transactions ridiculous. Like why would you want to broadcast for a transaction on top of the other wall? This makes sense. I've sent directly to it. It is the thing which makes it pay cash possible. The year of good. Lightning is as much of an all coin as a multi signature transactions. And those are so hard. If you had a Bitcoin wallet and you had to add multi signature transactions, you should just give up, right? Yes. Yeah, it's Lightning's not an all coin. Moving on to issue three world's main payment system. A new study by data like claims that within 10 years, Bitcoin will surely surpass visa and master card to become the world's main payment system. After a mere 10 years, the report claims already Bitcoin's payments of system is superior to conventional international payments and wire transfers. Keeping in mind that technical improvements on Bitcoin continue, unabated, the report concludes that Bitcoin is almost certain to become the world's main payment system. Theo Goodman, besides a healthy course of, I told you so, is the data like report correct? Is Bitcoin an enlightened network poised to defeat all comers and take the throne from visa and master card? Not one thing so. Bitcoin and Lightning definitely have their place. Bitcoin is good where you're not allowed to use other payment, other payment, for example. It's a very asset. And visa is good where maybe like here in UK or somewhere where it's not such a big issue by coffee with your card, then you might just use a visa. So it's good where you're knowing that censorship resistance. And Lightning just makes it easier to buy small amounts with censorship resistant money. Whereas the visa rails are good in some jurisdictions where it's not really a big issue for you. It could, it could change or it could become an issue for people here. It could become an issue because of privacy, it could become an issue because of fees, it could become an issue because of, probably not because of Brexit, but it could become an issue for a lot of other reasons. Right. You know what's going on with that, right? There's some guy yelling like everyone on this side, something, right? So, but, uh, no, but really, but really, like it's not going to, I don't think that it's going to de-throne visa or those systems without them totally collapsing. I don't think that like a bear asset is going to de-throne something like visa. They're just kind of like apples and oranges. So of course Lightning is made for small payments so that you can use it quickly like that. I think we're a long way out from you to trying to de-throne something like visa and all that stuff. And where is it? I don't know, man. I mean, so I think a decentralized system will always overthrow a centralized system. And you look at sort of non-proprime yourself where, you know, in the 90s, look at Linus. You look at like Linus Torvalds in his little bungalow in California. My man Allen cops back in Swansea and his two up to Dalfish and his cottage. And they were, they were, you know, a threat to Microsoft. I'd be out in Apple and then you look at what Linus became. You look at everyone running Linus on Android phones and 9570 internet being run on Linus. I don't think, I think the proprietary system is always going to be overthrown by a non-propritory decentralized system. Currently, we've obviously still got money which works and it's good. But, you know, I hate to be like, you know, forecasting doom and gloom. But I think we're doing an economic crisis. And if that hits, then people. No, yeah, well, maybe we're, maybe we're still just kicking the candlestick. We're still in one economic crisis here. But, yeah, when that hits, you know, people will be questioning money. And then this time round, there's this alternative money. And Gresham's more, you know, good money drives back to bad money and out and all that sort of stuff. So, so now I think that if everything is tinkered on us, it's tinkering on now. In, you know, in Europe and in the West, whatever. Then Bitcoin will continue to be this underground scene. But I think if there's a shops, the system, the money and people will flood into Bitcoin and realize it's a fast, superior format money. And, yeah, you can't, you can't be an entrepreneur, you can't be a free-dose-sourced system. I think it's important to keep your eye on the prize. Sure, we'll crush Visa and MasterCard. But it won't really matter because they're not the target for Bitcoin. The target for Bitcoin is the central banks and the actual real money. That's who the competition is. So, yes, we'll be Visa and MasterCard along the way. But no one will care because they'll keep looking at the central banks, the international money. And they'll say, Bitcoin's better and they'll be right. Moving on to issue four, Dogecoin, CEO. A Twitter poll looking to find the new CEO of Dogecoin got a little out of hand recently. Competing in the bowl where light-pulled Charlie Lee, Ethereum's Vitalik Booterance, MetalPay's Marshall Hainer, and Tesla's Square CEO, Elon Musk. Musk won the bowl handily despite a challenge from Hainer. But that's where things got really interesting. Musk himself took to Twitter praising the dog-backed cryptocurrency, saying that it might be his favorite crypto. And it's actually pretty cool. He also changed his Twitter profile to CEO of Dogecoin, seemingly accepted the honor. Despite all logic and good sense, the price of Dogecoin later pumped 134%. Ben from Wales, your thoughts on Elon's dubious honor? Does he mean it? Or is he just making with the joke and the funny stuff? Well, I mean, so you've got to remember where Elon came from. He came from Paypal and Paypal originally was supposed to be something like Bitcoin. But then obviously they realized they weren't able to become something like Bitcoin. They saw examples from the Egold and the DigiCash. So he's always been aware of Bitcoin. He doesn't want to admit how involved he's been with Bitcoin. So, you know, and Doge is great for him because he can kind of admit to people that he likes this thing. But no one takes Doge seriously, which means no one needs to take his comments seriously. Doge itself, Dogecoin itself, I like Dogecoin. I think it's called project. So it's called project itself too seriously. Bitcoin, an assistance has a sort of trolly nature, which I think Dogecoin kind of encapsulates as well, which is great. So, yeah, I know I think it's cool. It's kind of a nod to everybody that Elon is paying attention to Bitcoin and I've seen. And the Dogecoin community has always been a good community. So, you know, go on, I'd say. And if it fills our pockets, then obviously. Yeah, we had a great time to show a couple of weeks ago and said much the same thing. In Redsview, Elon was signaling to people that now is the time to buy Bitcoin. Sure he can't just go out there and say, everyone should buy Bitcoin. You're going to feel bad later, but he tweets about it. He tweets about it now. He tweets about Dogecoin, even putting it on his Twitter profile. So if you're not going to listen to Elon Musk, I don't know who you're going to listen to. Feel good. I think Elon Musk is playing the playing thrower. Given that recently he had some substantial fines from SEC regarding some of the other tweets that he made. And how that affected the stock price of his company. Now he's like playing around with crypto currency, saying he's a CEO of Dogecoin. As funny as it might seem to others, SEC might not think it's very funny. You know, because so I don't know what that was. I would definitely say maybe he's got to sell some more flamethrowers, you know. I think it's a way to pump out the supply. The grid of that beyond that, I think that that's interesting. You said it's illogical as it is or etc. I mean, that just goes to show that the real power, not the real power, a lot of the power of a lot of crypto. And just a lot of things that we assess give value to is subjective. And it's not rational. It's not intrinsic. And it's not objective. It's just the me. It's just that it's good. British pound is or mine because people believe it. Of course, it's backed up by the government and everything else. It's something for you, a dollar and even Bitcoin, the coins, the big B course is a lot of fundamentals, hash rate, etc. We've been all over that. But a lot of the values also just subjective. There's just people believe and dogecoin. Well, it has a cool dog. So there's something against that. The only British note that has any value is the five note that has church Hill on the back. It's an interesting note. Different than all the other ones, pictures of the Queen less value. But I do agree. Pumped is been messing with the SEC has been fun to watch. And I'm not completely biased. Even though the boring company is building a tunnel in Las Vegas, it's going to be amazing. I'm going to go point to point underground. Another Elon Musk problem project, the boring company that drill tunnels. So I think this is what it went into sex well. I think this all kind of plays into that rock. When you look at where we were, when we were like $300 or whatever, it was like $204, $250. And you look at the bedrock there and we're all going not so ready if Bitcoin got mentioned. It's a random show. And now you look at the bedrock and you've got these incredibly influential people who are now interested in Bitcoin and interested in cryptocurrency. You've got Jack Dorsey on Twitter and like Twitter's a thing which allowed someone like Donald Trump to get in power. And the power which the bedrock which is now being laid down by some of these big personalities and some of this big exposure which Bitcoin is having is a, you know, I think it's a very safe place for us to kind of sit and then. Fire up. It's certainly better than it was last time everyone saying the Bitcoin was dead and dying and never coming back. Whereas this time you had people such as Barry Silver saying that this was just a phase and everyone calling it crypto winter was I think a great metaphor for it. Because it's a season it's something that passes. Whereas before they were saying more like crypto nuclear meltdown or something. I just want to go back and think you go on the way back machine and then you look at like Reddit. From that time, you know, pretty much you know, same day as well. Like April. Accessing us when we kind of hit like to you and promise us something and you look at those Reddit posts and then compare them today's Reddit posts. I was quite like doing that because you get nice sort of contrast and you realize that the sorts of stories now which we've got so much bigger than they were back then. Yeah, we used to get excited when a restaurant and hungry would take that that be our top story. Now we have massive exchanges taking so on so forth. Moving on to the exit question. What's your favorite all coin? Doves coin, like coin or there you vent from where else? What about man arrows man? You can choose any on point or just like 31 flavors any flavor you want. I like man arrow and I like like point and I think that most of those serve the purpose and serving Bitcoin. And at some point we might need something like like coin. If we can't get some broke or changes. If you remember the segway stuff. When we couldn't get segment to Bitcoin or struggling to get a second to Bitcoin we had in like coin. A lot of people in Bitcoin were sort of signaling that they would be willing to be across the like coin and that could be the currency views. So I think that both important projects which aren't check coins and we should give them. You know, credit and we should we should support them. But most of the shipments obviously a shipments but sorry, excuse my language. But no, but now we're like point that they're okay. You know, I think. The good. Of course, I'm going to give more than one answer. Is not. Is not having chance to show. So I think the probably one of my favorite all coins would be Bitcoin. Because I'm in favor of hyperbictornization. And be corn stop cough and check it out. And also, the others is kind of like EOS but better. Yes, you have to check on Google to see if these things are real or not later on. But now we're going to move on to prediction or story of the week. The or you're ready with the prediction or story of the week. Oh, I guess so. I don't really have one ready. I would say that some time in the future Thomas Hunt is going to be in the Mediterranean seas in the Mediterranean sea with whales. Good prediction, good prediction. Then from whales, a prediction or a story of the week. Once you finish the Mediterranean with whales, it's also going to enjoy this in whales. And explore some castles and some ancient sites which are very history. No, we're looking forward to hosting in whales and got some good meetups lined up. So yeah, that's the story. But we're going to do some projects. So I know you haven't got a lightning node. So we're going to set you up a lightning node. And now we're going to play around with mesh networks. See if we can like blanket my village in Bitcoin transaction data. That should be fun. So no looking forward to looking for us. Thomas coming down, making some projects and then yeah, should be good. What are the dates? The problem is going to be whales. Next week. Yeah, next week. Yeah. And all of the predictions are about my travel plans. It's a clean sweep. The mad tour continues tomorrow at 4 a.m. I'm flying to Malta. So I can do some more interviews in Malta before I pass out in a couple of days. And then I'll be flying back to whales like Ben said to see castles and stonehenge. It's going to be great. I hope to make it back to the British Museum in London. The best place in the world you should all go. It's free or even donate five pounds. It's amazing. But that's about it. We're going to stay on tour. So that means the price of Bitcoin is going to go up. So keep an eye out for that. Thanks to everyone for joining us at home on the pre-recorded one. And even on the one in the back, we've got lots of cameras today. So hopefully it's all going to work out. Thanks to everybody in the audience too. This was the big party. All right. Until next time. Bye. Bye. Bye. Bye. See you all in the buttons. Yeah.

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