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    hi everyone this is Roger beer it's
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    Saturday August 19th and I want to show
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    you guys a presentation that originally
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    I made for the Pantera bitcoin group
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    back in March of earlier this year but
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    in light of everything that's going on
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    with Bitcoin cash and Bitcoin legacy
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    today I think that this is very relevant
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    so keep in mind that these slides again
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    are back from Mark shows about about six
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    months ago but I think they're still
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    very relevant here so we'll start off
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    with a what is Bitcoin right of course
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    we all think we know what Bitcoin is but
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    I want to talk about why I think bitcoin
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    is important so right from the from the
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    Satoshi Nakamoto white paper or the
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    title is that it's a peer-to-peer
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    electronic cash system I think that's
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    important to keep in mind that's the
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    original title of the white paper but
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    what makes up a peer-to-peer electronic
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    cash system right we need to have good
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    money cash means good money and here are
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    the characteristics that make something
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    good money and we can start that it's
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    you know easy to store hard to
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    counterfeit of scarce divisible
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    homogeneous that's a little bit lacking
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    a Bitcoin but there's room for
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    improvement there anyhow durable and
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    they're not easy to transport and uh
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    that's the one that I think we need to
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    focus on a bit more and core and their
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    roadmaps are intentionally damaging
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    bitcoins ease of transport by making the
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    blocks full and the fees high and the
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    confirmation times long and the double
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    spins easy that's damaging one of these
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    incredibly important characteristics of
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    Bitcoin that make Bitcoin useful as
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    money and if you damage any of these
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    characteristics here Bitcoin has been
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    less useful as money than it otherwise
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    would have been so it's very very
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    important not to damage any of these and
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    unfortunately course roadmap is
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    intentionally damaging the ease of
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    transport for for Bitcoin and if you've
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    been around Bitcoin for a while you'll
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    know exactly what this chart is and
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    again this is back from March now we've
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    been bumping up against a limit for a
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    while here but you can see for all of
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    bitcoins history the blocks were never
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    ever full there was tons of room for for
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    additional transactions until the
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    beginning of
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    this year around marks the blocks became
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    completely full and that when the blocks
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    became full that caused the average
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    conformation time to skyrocket around
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    the time that I took this screenshot in
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    March earlier this year the average
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    conformation time was about two hours
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    for a Bitcoin transaction that
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    previously would always be confirmed in
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    about ten minutes because there was
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    always plenty of room in the blocks for
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    every transaction to be included and
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    around the same time that the blocks
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    became full everyone had to bid against
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    each other for room in that block and
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    the big the fees that people had to pay
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    to use Bitcoin skyrocketed from being
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    something very reasonable around the
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    penny a transaction to where people were
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    paying a quarter of a million dollars
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    per day in transaction fees just to use
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    the Bitcoin network and the fees are
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    somewhere in that same ballpark today
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    and right around that exact same time
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    that the blocks became full and the fees
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    skyrocketed bitcoins share of the total
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    market cap plummeted and we can see that
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    right here back when I took this
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    screenshot it was still above 60% today
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    Bitcoin is below 50% and that brings us
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    back to the economic code of Bitcoin
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    that I love to say is so incredibly
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    important and a really basic concept in
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    economics it's something called
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    substitute goods and it's important to
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    understand the definition of what a
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    substitute good is and substitute goods
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    are two goods they could be used for the
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    same purpose if the price of one good
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    increases then demand for the substitute
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    is likely to rise so in the
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    cryptocurrency ecosystem there's a bunch
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    of substitute goods right we have
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    Bitcoin litecoin aetherium Manero -
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    those calling take your pick there's a
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    thousand and one altcoins out there with
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    similar characteristics some are
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    certainly better than others some have
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    bigger network effects than others but
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    there's a lot of competition there and
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    things like shape-shift and the jacks
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    Taiyo wallet that make it so incredibly
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    easy to convert from one Bitcoin to
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    another make it really really easy to
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    substitute one of these crypto
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    currencies for another if one's not
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    working for you
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    and we saw that happen exactly at the
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    same time when the blocks became full
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    and the fee skyrocketed and the
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    confirmation delays increased in the
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    huge amount for Bitcoin we saw Bitcoin
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    share of the market cap plummet at the
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    exact same time the alt coins rose like
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    crazy and that's because people are
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    using alt coins as a substitute good for
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    Bitcoin because if bitcoins no longer
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    the easiest fastest and the cheapest and
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    safest way for them to use their their
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    money they're going to start using one
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    of these substitute goods and that's why
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    we've seen the alt coins just skyrocket
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    as far as their total market cap goes
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    and the reason for that is because we
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    have these people at Bitcoin core and
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    block stream and they openly and
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    intentionally advocate for one megabyte
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    blocks and they intentionally and openly
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    advocate that they want to create high
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    fees on the Bitcoin network and they
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    openly state that they want the blocks
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    to be full and uh that causes a horrible
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    user experience for Bitcoin and down
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    full blocks lead to high fees long waits
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    and a horrible user experience anybody
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    that's tried to use Bitcoin recently
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    knows that the fees are crazy the waits
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    for confirmation are crazy and just the
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    overall user experience is horrible
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    before I decided to make this video this
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    morning I sent a Bitcoin transaction and
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    I think it was a like seventy
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    seventy-five dollars in fees I can pull
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    it up here well will we do that but it's
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    just a you know what an incredibly
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    incredibly frustrating thing for someone
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    that's been involved in Bitcoin you
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    realize that for the entire history of
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    Bitcoin up until the time the blocks
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    became full you could send and receive
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    any amount of money with anyone anywhere
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    in the world and it was basically free
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    you can't say that anymore now it's
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    incredibly expensive so it was $59 to
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    send us some bitcoins there earlier this
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    morning there's a lot of substitute
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    goods that are cheaper and easier to and
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    faster than Bitcoin the only thing
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    that's lacking for those other ones are
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    there the giant network effect that
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    Bitcoin has in that first mover
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    advantage but if we have you know this
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    horrible user experience that's going to
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    result in fewer users fewer
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    nodes lower adoption and a lower Bitcoin
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    market cap and I hear so many of these
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    Bitcoin core and block stream supporters
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    saying oh look at Bitcoin it's at an
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    all-time high in price yeah that's true
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    but we have to stop and think for a
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    minute if Bitcoin had continued to have
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    a good user experience what would the
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    price be today maybe instead of it being
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    four thousand dollars per Bitcoin today
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    we would already be at forty thousand
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    dollars per Bitcoin today but instead
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    Bitcoin has this horrible user
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    experience people are starting to use
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    aetherium and dash and alt coins and
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    this and that whereas otherwise if
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    Bitcoin had continued to have a good
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    user experience they would have just
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    continued to use Bitcoin and that brings
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    us back to the economics if you get the
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    economics wrong it doesn't matter how
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    good of a programmer you are the
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    economic code is incredibly important
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    when it comes to Bitcoin and we have
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    some quotes here from Bitcoin : and
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    block stream supporters and here's Greg
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    Maxwell the CTO block stream openly
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    saying that he doesn't think that
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    transaction fees mattering are failing
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    it's a success and we can see right here
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    when the transaction fees skyrocketed
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    bitcoins total share the market cap of
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    crypto coins plummeted and I provided
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    the links to all of these quotes right
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    in the bottom of these slides all of
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    these slides this whole presentation is
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    available over at Roger Viacom if you
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    click on the slideshow link at the
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    bottom you can download all these and
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    this the name of this one is Pantera
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    March 2017 and again we have Greg
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    Maxwell saying that feed pressure is an
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    intentional part of the system design
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    and to the best of the current
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    understanding essential for the system's
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    long term survival
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    so yes it's good and I'd like to point
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    out once again that as soon as the fees
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    skyrocketed on Bitcoin bitcoins total
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    share of market cap plummeted and at the
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    time I took this screenshot back in
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    March it was at 60 something percent now
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    it's below 50% so it's gone down even
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    more so if you get the economics wrong
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    it doesn't matter how good of a computer
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    scientists you are or computer program
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    or any of the other stuff you have to
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    have the economics right or the system's
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    not going to
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    not going to work and again here we have
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    a great Maxwell thing there's nothing
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    wrong with full blocks but we can see
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    incredibly clearly that there's
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    something horribly horribly horribly
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    wrong with full blocks as soon as the
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    blocks became full bitcoins market share
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    plummeted absolutely plummeted because
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    the user experience becomes horrible
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    with full blocks and again we have greg
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    maxwell saying full blocks is the
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    natural state of the system but that's
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    absolutely ridiculous we can see here in
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    the picture here we have the you know
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    eight-year history of Bitcoin the blocks
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    weren't full until very very recently so
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    the full blocks certainly is not the
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    natural state of the system and we
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    should never ever ever have full blocks
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    it creates this horrible user experience
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    for for the users of Bitcoin and forces
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    them to start using things other than
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    Bitcoin
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    again Greg Maxwell I'm not trying to
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    pick on him any more than anybody else
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    just there were plenty of quotes from
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    him because he loves to post all over
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    the internet and he says there's a can
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    there's a consistent feedback log which
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    is the required which is the required
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    criteria for stability and again that's
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    nonsense
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    it wasn't until very recently that the
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    blocks became full and the fee
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    skyrocketed and that happened in sync
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    with the Bitcoin share of the
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    cryptically market space just plummeting
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    so uh I'm sure Greg knows a lot of
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    things about a lot of interesting topics
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    the economic code of Bitcoin is not one
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    of them Peter really he says we as a
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    community should indeed let a fee market
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    develop and rather sooner than later and
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    again I'm sure Peters a really smart guy
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    about a lot of things he has a PhD but
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    the economic code that has made Bitcoin
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    a success is not one of the things that
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    he's knowledgeable about and again we
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    can see in the charts here that as soon
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    as the Bitcoin transaction fees
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    skyrocketed Bitcoin share of the crypto
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    coin market space plummeted we have
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    marked freedom balke I'm again I'm sure
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    he's a smart guy about a lot of things
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    and very well-informed about a lot of
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    things the economic code that has made
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    Bitcoin a success is not one of him and
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    he says slow confirmation high fees will
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    be the norm in any state
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    outcome no if we have slow confirmations
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    and high fees we're going to see Bitcoin
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    be replaced by you know the thousand one
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    substitute goods that are out there
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    waiting to replace Bitcoin and we can
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    see that from the charts here that when
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    the average confirmation time became
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    really long because the full blocks
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    Bitcoin share of the overall crypto coin
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    market space has plummeted and Luke jr.
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    reasonable block sizes currently range
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    from five hundred and fifty kilobytes to
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    one megabyte absolute nonsense I don't
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    think there's too many same people in
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    the world that think that that's a good
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    idea it's going to be the end of Bitcoin
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    if if we've restrict the block size and
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    create this horrible user experience for
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    all the users a Bitcoin and again Luke
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    jr. says it's no longer possible to keep
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    fees low that's just absolute nonsense
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    the reason fees are so high is because
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    Bitcoin had this giant network effect
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    there were already a million apps for
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    smartphones and computers and Bitcoin
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    exchanges and Merchants that accept
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    Bitcoin so there's definitely a lot of
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    stickiness that prevents people to from
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    wanting to switch from something from
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    from Bitcoin to something else but if
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    the fees get too high and the
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    confirmation times get too long and the
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    user experience gets too bad people are
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    going to switch where you've seen that
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    happen in a major way and that's
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    specifically because the blocks were
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    were allowed to become full because
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    these Bitcoin quorum block stream guys
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    in their you know ignorant of the
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    economic code of Bitcoin thought that
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    that would be a good idea and I wouldn't
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    be so passionate about this if I didn't
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    own a bunch of bitcoins I want to see
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    Bitcoin do well and again we have Luke
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    jr. saying just pay a $5 fee and it'll
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    go through every time unless you're
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    doing something stupid well maybe that
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    was approximately true back in March
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    when he said that but just this morning
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    I paid $59 for my fee and I got included
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    in the next block but I'll the the fee
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    for that was 290 satoshis per byte so it
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    wasn't a miscalculation on the fee
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    that's about what the fees are it need
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    to be at the moment so uh and I was
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    sending those bitcoins that I sent this
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    morning I was sending them to an
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    exchange to trade them for something
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    other
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    than Bitcoin so thanks thanks Luke
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    George team and another block stream in
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    Bitcoin core participant in blocks
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    employee he says higher fees may be just
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    what is needed that's absolute nonsense
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    no higher fees are kryptonite to the
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    adoption of Bitcoin into the user base
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    of Bitcoin and we can see that plain as
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    day from these charts here when the fees
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    became really high to use Bitcoin
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    bitcoins percentage of the total market
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    cap I of cryptocurrencies plummeted so
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    no George higher fees is exactly what
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    the system doesn't need Bitcoin is
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    supposed to be frictionless or as close
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    to frictionless as we can make it
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    peer-to-peer electronic cash not some
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    sort of settlement layer with high fees
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    and slow confirmation times and again we
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    have George here saying a confirmation
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    times are fine for those who pay high
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    fees know if the fees become high people
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    are going to switch to using a
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    cryptocurrency that has fast
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    confirmation times and it's worth noting
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    it may be a lot of people that are new
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    to Bitcoin in the early days of Bitcoin
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    the policy was first seen first safe
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    that and that meant that when you
  • 26:02 - 26:05
    broadcasted your transaction to the
  • 26:05 - 26:08
    network once it had been broadcasted to
  • 26:08 - 26:12
    the network you were pretty much good to
  • 26:12 - 26:16
    go and people commonly accepted Bitcoin
  • 26:16 - 26:19
    transactions for you know tens of
  • 26:19 - 26:23
    thousands of dollars without waiting for
  • 26:23 - 26:27
    a confirmation depending on the exact
  • 26:27 - 26:32
    circumstances and you can make Bitcoin
  • 26:32 - 26:37
    zero confirmation transactions very very
  • 26:37 - 26:40
    very safe certainly not as safe as a
  • 26:40 - 26:44
    transaction that's already had a
  • 26:44 - 26:47
    confirmation or more but you can make
  • 26:47 - 26:50
    them where they're safe enough to where
  • 26:50 - 26:53
    most of the time people can accept them
  • 26:53 - 26:57
    for most things in their life and it
  • 26:57 - 27:00
    becomes good enough for for most things
  • 27:00 - 27:03
    and that should be the goal whereas
  • 27:03 - 27:06
    unfortunately Bitcoin core and block
  • 27:06 - 27:10
    streams have intentionally undermined
  • 27:10 - 27:14
    the safety of zero confirmation
  • 27:14 - 27:18
    transactions and that degrades the user
  • 27:18 - 27:21
    experience and that'll make people want
  • 27:21 - 27:24
    to go and seek out coins that provide a
  • 27:24 - 27:27
    better user experience and use those as
  • 27:27 - 27:30
    a substitute for Bitcoin and that's
  • 27:30 - 27:34
    exactly what we've seen happening over
  • 27:34 - 27:39
    the last few months and again we have
  • 27:39 - 27:43
    George saying Bitcoin needs a
  • 27:43 - 27:47
    competitive fee market in the long run
  • 27:47 - 27:52
    to sustain proof-of-work
  • 27:52 - 27:56
    once the subsidies are gone I'm very
  • 27:56 - 28:00
    happy that we have it now
  • 28:00 - 28:05
    and I'm sympathetic to that argument
  • 28:05 - 28:10
    that some day when there's no more block
  • 28:10 - 28:14
    reward whatsoever we need some fees to
  • 28:14 - 28:18
    incentivize the miners to see here the
  • 28:18 - 28:22
    network but the block reward doesn't run
  • 28:22 - 28:26
    out for another hundred years we have
  • 28:26 - 28:30
    more than a hundred years until this
  • 28:30 - 28:34
    becomes a problem and instead of waiting
  • 28:34 - 28:38
    for a hundred years to solve this
  • 28:38 - 28:43
    problem there cause they're causing a
  • 28:43 - 28:47
    problem right now today they're causing
  • 28:47 - 28:51
    a giant problem on the Bitcoin network
  • 28:51 - 28:55
    today that's causing people to use
  • 28:55 - 28:59
    things other than bitcoins so because of
  • 28:59 - 29:02
    some problem that might exist more than
  • 29:02 - 29:05
    a hundred years from now they're
  • 29:05 - 29:10
    intentionally causing a problem today so
  • 29:10 - 29:14
    that's a shows a clear lack of
  • 29:14 - 29:17
    understanding of the economic code
  • 29:17 - 29:21
    that's made Bitcoin a success today the
  • 29:21 - 29:25
    Bitcoin economic code that made Bitcoin
  • 29:25 - 29:28
    is a success is the exact same one that
  • 29:28 - 29:31
    we had for the first eight years which
  • 29:31 - 29:35
    was low fees and fast confirmation times
  • 29:35 - 29:39
    for everybody and they're altering that
  • 29:39 - 29:44
    economic code to disastrous results here
  • 29:44 - 29:49
    and again we say that George in
  • 29:49 - 29:53
    reference to Adam back the CEO block
  • 29:53 - 29:56
    stirring he says I think Adam and I
  • 29:56 - 29:59
    agree that hitting the limit wouldn't be
  • 29:59 - 30:03
    bad but actually good for a young and
  • 30:03 - 30:07
    immature market like Bitcoin fees this
  • 30:07 - 30:12
    is absolute nonsense this is kryptonite
  • 30:12 - 30:16
    to Bitcoin Bitcoin had an amazing growth
  • 30:16 - 30:19
    rate the first eight years a Bitcoin
  • 30:19 - 30:21
    when the fees were essentially you know
  • 30:21 - 30:24
    basically nothing you were talking about
  • 30:24 - 30:28
    a penny to use Bitcoin and Bitcoin went
  • 30:28 - 30:31
    from nobody using it to somewhere around
  • 30:31 - 30:35
    you know ten plus million users around
  • 30:35 - 30:39
    the world huge amounts of venture
  • 30:39 - 30:44
    capital coming in a huge adoption for
  • 30:44 - 30:48
    merchants it was amazing and we have a
  • 30:48 - 30:51
    eight year track record knowing that
  • 30:51 - 30:54
    that economic code worked incredibly
  • 30:54 - 30:57
    well to grow Bitcoin and get the coin
  • 30:57 - 31:01
    used by more and more people around the
  • 31:01 - 31:06
    world if you know something works and
  • 31:06 - 31:11
    works incredibly well don't change it
  • 31:11 - 31:15
    yet here's George claiming that he and
  • 31:15 - 31:19
    Adam want to change this economic code
  • 31:19 - 31:23
    that we already know works to some
  • 31:23 - 31:27
    economic code that we don't know works
  • 31:27 - 31:31
    and in fact we have a whole bunch of the
  • 31:31 - 31:34
    evidence to say that it doesn't work and
  • 31:34 - 31:37
    it drives people to use something other
  • 31:37 - 31:41
    than Bitcoin so if something's not
  • 31:41 - 31:45
    broken don't fix it yet that's exactly
  • 31:45 - 31:50
    what these people are trying to do
  • 31:50 - 31:55
    ah and here's a quote from vladimir van
  • 31:55 - 32:00
    der Laan who would contribute a bitcoin
  • 32:00 - 32:05
    core and he says a mounting fee pressure
  • 32:05 - 32:09
    resulting in a true free market where
  • 32:09 - 32:13
    transactions compete to get into Bloxx
  • 32:13 - 32:18
    results an urgency to develop
  • 32:18 - 32:23
    decentralized off chain solutions and we
  • 32:23 - 32:26
    have these charts here showing that
  • 32:26 - 32:29
    bitcoin when the fees became high and
  • 32:29 - 32:35
    the see pressure was there Bitcoin share
  • 32:35 - 32:41
    of market cap plummeted so yeah it made
  • 32:41 - 32:45
    some people develop off chain solutions
  • 32:45 - 32:50
    for Bitcoin meaning using Bitcoin banks
  • 32:50 - 32:55
    like a you know coin basing Zappo and
  • 32:55 - 32:59
    and and Bitcoin exchanges that hold the
  • 32:59 - 33:02
    bitcoins for the users which is exactly
  • 33:02 - 33:05
    what bitcoin was supposed to avoid we
  • 33:05 - 33:08
    want everyone to hold their bitcoins
  • 33:08 - 33:12
    themselves in a wall in which they
  • 33:12 - 33:16
    control the keys and in addition to
  • 33:16 - 33:20
    doing that it's pushed all sorts of
  • 33:20 - 33:24
    people to start using things other than
  • 33:24 - 33:28
    Bitcoin there's all sorts of companies
  • 33:28 - 33:32
    that used to be Bitcoin only companies
  • 33:32 - 33:36
    that have started adopting Bitcoin so
  • 33:36 - 33:40
    coinbase used to be a Bitcoin only
  • 33:40 - 33:43
    company and now they've integrated
  • 33:43 - 33:46
    litecoin in the theorem and they've
  • 33:46 - 33:49
    announced they're going to integrate
  • 33:49 - 33:54
    Bitcoin cash we just saw earlier this
  • 33:54 - 33:59
    week blockchain that info the number one
  • 33:59 - 34:02
    Bitcoin wallet in the entire world
  • 34:02 - 34:06
    that's responsible for more Bitcoin
  • 34:06 - 34:10
    transactions than any other will than
  • 34:10 - 34:16
    all other wallets combined just
  • 34:16 - 34:21
    integrated aetherium I I'm the very
  • 34:21 - 34:24
    first investor in the entire world and
  • 34:24 - 34:27
    blockchain dot info I'm still the
  • 34:27 - 34:32
    largest shareholder in the entire world
  • 34:32 - 34:38
    in blockchain at that info almost more
  • 34:38 - 34:43
    than all the other shareholders combined
  • 34:43 - 34:47
    blockchain had no desire to integrate
  • 34:47 - 34:51
    any other altcoins other than Bitcoin
  • 34:51 - 34:54
    and the only reason that they integrated
  • 34:54 - 34:56
    something other than Bitcoin at this
  • 34:56 - 34:59
    point is because they were forced to
  • 34:59 - 35:03
    because of the horrible user experience
  • 35:03 - 35:07
    for for Bitcoin users on the Bitcoin
  • 35:07 - 35:11
    network because of the full blocks and
  • 35:11 - 35:15
    the high fees if that wasn't the case we
  • 35:15 - 35:19
    would have been happy just going on with
  • 35:19 - 35:24
    Bitcoin forever so we've seen coin based
  • 35:24 - 35:27
    and grade altcoins bloodshed under info
  • 35:27 - 35:30
    integrate altcoins
  • 35:30 - 35:35
    all sorts of what used to be Bitcoin
  • 35:35 - 35:39
    exchange exchanges have been now become
  • 35:39 - 35:44
    cryptocurrency exchanges and are busy
  • 35:44 - 35:49
    integrating altcoins that's because
  • 35:49 - 35:53
    of the horrible user experience that was
  • 35:53 - 35:56
    brought about on Bitcoin because of the
  • 35:56 - 36:00
    full blocks and high fees and slow
  • 36:00 - 36:04
    confirmation times that they bring its
  • 36:04 - 36:09
    kryptonite to the future growth of
  • 36:09 - 36:14
    Bitcoin and again we have vladimir here
  • 36:14 - 36:18
    saying I'm afraid increasing the block
  • 36:18 - 36:23
    size will kick this can down the road
  • 36:23 - 36:30
    and let people and the large Bitcoin
  • 36:30 - 36:36
    companies relax saying that it's going
  • 36:36 - 36:39
    to let them relax that's exactly what we
  • 36:39 - 36:42
    want people to using Bitcoin to be able
  • 36:42 - 36:45
    to do we want them to be able to relax
  • 36:45 - 36:48
    and have a wonderful user experience and
  • 36:48 - 36:52
    have Bitcoin work beautifully for them
  • 36:52 - 36:56
    that that's the name of the game when it
  • 36:56 - 36:59
    comes to customer service and user
  • 36:59 - 37:02
    adoption you want people to have a good
  • 37:02 - 37:05
    experience and be able to relax and just
  • 37:05 - 37:08
    be able to use Bitcoin and not worry
  • 37:08 - 37:11
    about it and instead they're causing
  • 37:11 - 37:14
    these intentional problems on the
  • 37:14 - 37:17
    network and we see can see in these
  • 37:17 - 37:21
    charts again as soon as we hit the one
  • 37:21 - 37:27
    megabyte limit bitcoins percentage of
  • 37:27 - 37:32
    the total market cap plummeted so what
  • 37:32 - 37:36
    can we do about it
  • 37:36 - 37:40
    so I made these slides six months ago
  • 37:40 - 37:44
    but the answer is still basically the
  • 37:44 - 37:49
    same right Bitcoin unlimited at the time
  • 37:49 - 37:54
    with advocating bigger blocks lower fees
  • 37:54 - 37:58
    and faster confirmations and it also
  • 37:58 - 38:01
    enables layer to scaling so we get all
  • 38:01 - 38:05
    the benefits from the Lightning Network
  • 38:05 - 38:10
    and all these fancy layer to stuff plus
  • 38:10 - 38:13
    lower fees and confirmations faster
  • 38:13 - 38:17
    confirmations that's exactly what we
  • 38:17 - 38:21
    want and Bitcoin cash has the exact same
  • 38:21 - 38:24
    thing today we already have bigger
  • 38:24 - 38:27
    blocks for seeing all the transactions
  • 38:27 - 38:31
    being concluded right in the decks block
  • 38:31 - 38:34
    the fees are some very very small
  • 38:34 - 38:38
    fraction of what it is on the Bitcoin
  • 38:38 - 38:42
    legacy system system and we can build
  • 38:42 - 38:46
    all sorts of layer to stuff on top of
  • 38:46 - 38:52
    this as well and Bitcoin unlimited and
  • 38:52 - 38:58
    Bitcoin caches plan leads to better
  • 38:58 - 39:03
    money right hard it has all these things
  • 39:03 - 39:07
    including the ease to easy to transport
  • 39:07 - 39:11
    part Bitcoin legacy is not easy to
  • 39:11 - 39:15
    transport it's incredibly expensive and
  • 39:15 - 39:21
    super slow to do that and that's not
  • 39:21 - 39:28
    what good money is and again if we have
  • 39:28 - 39:34
    better money better money leads to more
  • 39:34 - 39:40
    users more nodes more adoption and more
  • 39:40 - 39:44
    censorship resistance with a higher band
  • 39:44 - 39:48
    all those things will lead to a higher
  • 39:48 - 39:51
    market cap and a higher price
  • 39:51 - 39:54
    and we're seeing that happen right
  • 39:54 - 39:59
    before our eyes with Bitcoin cash today
  • 39:59 - 40:04
    so many people are son they're slow and
  • 40:04 - 40:09
    not easy to use and expensive to move
  • 40:09 - 40:13
    bitcoins and buying Bitcoin cash and the
  • 40:13 - 40:17
    miners are going to switch and whichever
  • 40:17 - 40:22
    cryptocurrency has these characteristics
  • 40:22 - 40:28
    as money is going to be the one that
  • 40:28 - 40:33
    people use and Bitcoin had this giant
  • 40:33 - 40:36
    giant just you know light your head
  • 40:36 - 40:40
    start on all these other
  • 40:40 - 40:45
    cryptocurrencies but in terms of network
  • 40:45 - 40:49
    effect and user adoption and that's been
  • 40:49 - 40:53
    absolutely squandered and destroyed and
  • 40:53 - 40:58
    smashed by this idiotic full block -
  • 40:58 - 41:02
    policy of block streaming core I don't
  • 41:02 - 41:05
    think that they're bad people I think
  • 41:05 - 41:08
    they just don't understand the economic
  • 41:08 - 41:11
    code that's made Bitcoin a success and
  • 41:11 - 41:14
    they've altered that to the detriment of
  • 41:14 - 41:17
    Bitcoin and that's why you seen Bitcoin
  • 41:17 - 41:20
    and now Bitcoin cash I'm sorry that's
  • 41:20 - 41:24
    why we've seen etherium and now Bitcoin
  • 41:24 - 41:30
    cash just coming up like leaps and
  • 41:30 - 41:36
    bounds and if Bitcoin legacy continues
  • 41:36 - 41:41
    to have this bad user experience 100% of
  • 41:41 - 41:46
    its first mover advantage is going to be
  • 41:46 - 41:52
    destroyed because of block streams full
  • 41:52 - 41:56
    block and high few policy and that
  • 41:56 - 41:59
    brings us to where we are today if
  • 41:59 - 42:03
    you're wondering what crypto coins you
  • 42:03 - 42:07
    should hold look at this chart here all
  • 42:07 - 42:11
    of them are hard to counterfeit right
  • 42:11 - 42:15
    look for the ones that are scarce and
  • 42:15 - 42:20
    have a limited supply all of them are
  • 42:20 - 42:24
    basically divisible on homogeneous is
  • 42:24 - 42:28
    just another name for for privacy so
  • 42:28 - 42:32
    Bitcoin in addition to the scaling issue
  • 42:32 - 42:36
    has a really big problem with the
  • 42:36 - 42:40
    homogeneous Nikoli needs to have more
  • 42:40 - 42:44
    privacy built-in so look at crypto coins
  • 42:44 - 42:48
    that have more privacy built in so you
  • 42:48 - 42:54
    have a some top contenders there rzz
  • 42:54 - 42:59
    cash debt - maybe the privacy is a
  • 42:59 - 43:03
    little bit weaker but still seems to be
  • 43:03 - 43:08
    better than Bitcoin Manero of course
  • 43:08 - 43:12
    decline and I'm sure there's a number of
  • 43:12 - 43:16
    others out there so keep an eye on those
  • 43:16 - 43:21
    and that's another big problem with the
  • 43:21 - 43:26
    full block and high a high feed policy
  • 43:26 - 43:30
    implemented by block streaming core it
  • 43:30 - 43:33
    makes it too expensive for people to use
  • 43:33 - 43:37
    privacy tools like Bitcoin mixers and
  • 43:37 - 43:41
    that damages the homogeneous nosov
  • 43:41 - 43:44
    Bitcoin if you too expensive to use and
  • 43:44 - 43:46
    make sure then people aren't going to
  • 43:46 - 43:49
    use it anymore
  • 43:49 - 43:53
    that damages bitcoins characteristics as
  • 43:53 - 43:57
    money if you have you know big blocks
  • 43:57 - 44:00
    where people can shuffle all their coins
  • 44:00 - 44:03
    around that improves the privacy of
  • 44:03 - 44:07
    Bitcoin and that makes Bitcoin better
  • 44:07 - 44:11
    money again so they damaged this aspect
  • 44:11 - 44:16
    of a Bitcoin as well with their full
  • 44:16 - 44:20
    block and high C policy of course the
  • 44:20 - 44:23
    coins and all these other cryptic lines
  • 44:23 - 44:27
    are durable but easy to transport
  • 44:27 - 44:31
    Bitcoin has had that incredibly damaged
  • 44:31 - 44:35
    with this full block and high feed
  • 44:35 - 44:38
    policy so uh anyhow if you're shopping
  • 44:38 - 44:42
    for other crypto coins here's the
  • 44:42 - 44:46
    characteristics to look for I would like
  • 44:46 - 44:50
    Bitcoin to have all those in spades
  • 44:50 - 44:55
    again Bitcoin cash looks like it has a
  • 44:55 - 45:00
    pretty good chance of doing that again
  • 45:00 - 45:04
    but it has nowhere near the market
  • 45:04 - 45:07
    effect of Bitcoin there's no easy-to-use
  • 45:07 - 45:11
    smartphone apps there's pretty good
  • 45:11 - 45:15
    adoption from exchanges there's minimal
  • 45:15 - 45:19
    adoption from merchant service providers
  • 45:19 - 45:23
    at this point so it's a bit of a chicken
  • 45:23 - 45:28
    and egg problem but every single Bitcoin
  • 45:28 - 45:32
    holder is also a Bitcoin cash holder so
  • 45:32 - 45:36
    a lot of these people are going to be
  • 45:36 - 45:39
    interested especially when when though
  • 45:39 - 45:42
    we're seeing the price go crazy for it
  • 45:42 - 45:45
    we should check this the price again
  • 45:45 - 45:49
    since I didn't check from the time I
  • 45:49 - 45:54
    started this little screencast but it's
  • 45:54 - 45:59
    just been going crazy it was a less than
  • 45:59 - 46:05
    it was about $300 48 hours ago and now
  • 46:05 - 46:11
    it's up around $1000 at the moment and
  • 46:11 - 46:15
    yeah what what an exciting thing so
  • 46:15 - 46:19
    anyhow I don't need this to go too long
  • 46:19 - 46:23
    we're almost up to a half an hour but
  • 46:23 - 46:27
    better money leads to all these things
  • 46:27 - 46:31
    that we want and it's worth pointing out
  • 46:31 - 46:36
    the two that the goal is not
  • 46:36 - 46:41
    decentralization the goal is censorship
  • 46:41 - 46:46
    resistance and we don't need an infinite
  • 46:46 - 46:51
    amount of decentralization but we want
  • 46:51 - 46:54
    as much censorship resistance as we
  • 46:54 - 46:59
    possibly can have and we just use the
  • 46:59 - 47:03
    decentralization as the tool to achieve
  • 47:03 - 47:06
    that censorship resistance so the
  • 47:06 - 47:10
    decentralization in and of itself is not
  • 47:10 - 47:14
    the goal it's simply the tool we use to
  • 47:14 - 47:18
    achieve that censorship resistance and
  • 47:18 - 47:22
    we just need enough decentralization to
  • 47:22 - 47:25
    achieve that censorship resistance so
  • 47:25 - 47:29
    that's me for anybody who is watching
  • 47:29 - 47:32
    this video who doesn't know who I am I'm
  • 47:32 - 47:35
    the very first person in the entire
  • 47:35 - 47:38
    world to start investing in Bitcoin
  • 47:38 - 47:43
    startups I've been involved in Bitcoin
  • 47:43 - 47:46
    since February of 2011 I was the first
  • 47:46 - 47:49
    invest
  • 47:49 - 47:54
    blocking that info I was in the earliest
  • 47:54 - 47:58
    problem for 4-bit pay and ripple and
  • 47:58 - 48:01
    Percy oh and Kraken and shape-shift and
  • 48:01 - 48:04
    a whole bunch of other companies that
  • 48:04 - 48:07
    are no longer around as well and I
  • 48:07 - 48:09
    started investing the decline system
  • 48:09 - 48:12
    years before a traditional venture
  • 48:12 - 48:16
    capital started getting involved I got
  • 48:16 - 48:20
    involved because I want to see Bitcoin
  • 48:20 - 48:23
    and if it's not Bitcoin I'll be a bit
  • 48:23 - 48:26
    sad but I'm just fine if it's another
  • 48:26 - 48:31
    cryptocurrency but I want to see Bitcoin
  • 48:31 - 48:35
    or cryptocurrencies replace every other
  • 48:35 - 48:38
    government issued currency in the world
  • 48:38 - 48:41
    I want to see it replaced a dollar the
  • 48:41 - 48:44
    euro in the end and put every single
  • 48:44 - 48:48
    human being on the planet on the same
  • 48:48 - 48:51
    foothold on the same footing for being
  • 48:51 - 48:53
    able to send and receive money with
  • 48:53 - 48:56
    anyone else anywhere in the world
  • 48:56 - 49:00
    without requiring permission from any
  • 49:00 - 49:04
    politician or government or anybody for
  • 49:04 - 49:08
    that matter because that's what it's all
  • 49:08 - 49:12
    about we're all human beings we all have
  • 49:12 - 49:15
    the same natural rights we should all be
  • 49:15 - 49:17
    able to transact and send and receive
  • 49:17 - 49:20
    money with each other without having to
  • 49:20 - 49:24
    get the permission of strangers living
  • 49:24 - 49:27
    in far-off lands that's why I got
  • 49:27 - 49:31
    involved with Bitcoin that's my goal
  • 49:31 - 49:35
    today I'm the CEO Bitcoin comm if you
  • 49:35 - 49:41
    want to learn more about Bitcoin go to
  • 49:41 - 49:48
    bitcoin calm unlike Bitcoin torger
  • 49:48 - 49:52
    bitcoin org or our Bitcoin will allow
  • 49:52 - 49:55
    you to go and say anything you want on
  • 49:55 - 49:59
    our forums we're not going to delete
  • 49:59 - 50:03
    your posts or since your your your
  • 50:03 - 50:07
    position just because of a you might
  • 50:07 - 50:14
    disagree with somebody on how the clinch
  • 50:14 - 50:21
    should scale but anyhow that's it thank
  • 50:21 - 50:25
    you guys for listening I'll probably do
  • 50:25 - 50:29
    an AMA at some point in the very near
  • 50:29 - 50:34
    future on our BTC because they support
  • 50:34 - 50:39
    free speech there so look for my AMA
  • 50:39 - 50:44
    coming soon - thank you guys all for
  • 50:44 - 50:50
    supporting this fundamentally
  • 50:50 - 50:56
    world-changing technology to learn more
  • 50:56 - 50:59
    Bitcoin comm thank you
Title:
Sandbox
Description:

You can use this Sandbox to try out things with the Amara tool.

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  • BEST WAY TO HAVE GOOD AMOUNT TO START A GOOD BUSINESS OR TO START LIVING A GOOD LIFE..... Hack and take money directly from any ATM Machine vault with the use of ATM programmed Card which runs i automatic mode. Email( blank-atm@outlook.com )or call +2348112295367

    ………. EXPLANATION OF HOW THESE CARD WORKS……….

    You just slot in these card into any ATM Machine and it will automatically bring up a MENU of 1st VAULT $1,000, 2nd VAULT $5,000, RE-PROGRAMMED, EXIT, CANCEL. Just click on either of the VAULTS, and it will take you to another SUB-MENU of ALL, OTHERS, EXIT, CANCEL. Just click on others and type in the amount you wish to withdraw from the ATM and you have it cashed instantly… Done.

    ***NOTE: DON’T EVER MAKE THE MISTAKE OF CLICKING THE “ALL” OPTION. BECAUSE IT WILL TAKE OUT ALL THE AMOUNT WHICH YOU SELECTED. To get the card email ( blank-atm@outlook.com )or call +2348112295367

  • We are a professional carding team with a large ring around the globe. With over 2 million ATM infected with our malware and skimmers, we can grab bank card data which include the track 1 and track 2 with the card pin. We in turn clone this cards using the grabbed data into real ATM cards which can be used to withdraw at the ATM or swipe at stores and POS. We sell this cards to all our customers and interested buyers worldwide, the card has a daily withdrawal limit of $2500 on ATM and up to $100,000 spending Maximum limit on it's stores.
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  • BEST WAY TO HAVE GOOD AMOUNT TO START A GOOD BUSINESS OR TO START LIVING A GOOD LIFE..... Hack and take money directly from any ATM Machine vault with the use of ATM programmed Card which runs i automatic mode. Email( blank-atm@outlook.com )or call +2348112295367

    ………. EXPLANATION OF HOW THESE CARD WORKS……….

    You just slot in these card into any ATM Machine and it will automatically bring up a MENU of 1st VAULT $1,000, 2nd VAULT $5,000, RE-PROGRAMMED, EXIT, CANCEL. Just click on either of the VAULTS, and it will take you to another SUB-MENU of ALL, OTHERS, EXIT, CANCEL. Just click on others and type in the amount you wish to withdraw from the ATM and you have it cashed instantly… Done.

    ***NOTE: DON’T EVER MAKE THE MISTAKE OF CLICKING THE “ALL” OPTION. BECAUSE IT WILL TAKE OUT ALL THE AMOUNT WHICH YOU SELECTED. To get the card email ( blank-atm@outlook.com )or call +2348112295367

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    CONTACT CYBERLINK ATM PROGRAMMER: blank-atm@outlook.com TO GET YOURS NOW.

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