BitcoinMeister talks Bitcoin and cryptocurrency at the Los Angeles meetup in Century City- Part 3


I’ve benefited from people buying
Ledger’s and digital bitboxes also I’m the trezor for me is what I is
basically what I use all the time yes but though there is none no
insurance by you again you’re controlling you’re controlling your own
private key now that’s and that’s a really good
question that’s a really good question because that’s that’s the name of the
game here in this new realm that we’re used to and maybe one day maybe one day
you know and that’s that’s the entrepreneurial opportunities that are
in this space there will be crypto insurance companies one day how they
will work I don’t know yet like will they in stores will they in short
exchange Holdings I I’m sure someone’s gonna create some amazing things that we
cannot imagine right now just like you know before all of us were born when
there when there was just evil no one could envision net state back
that bitcoins gonna have a net skate moment by the way Bitcoin hasn’t had a
moment had it’s still very hard to use it’s not user friendly yet at all it
hasn’t had that that mega user-friendly moment yet but at the same time there’s
so many innovations that it you know we couldn’t have predicted YouTube in 1999
really would it’s become our social media you could have predicted social
media in 1997 and it’s just it’s it’s a realm all to itself so in the Bitcoin
space they’re gonna be all of these realms onto themselves which we cannot
predict which is very exciting which is why you got to think long term and not
get scared off by all these impulsive things that I was talking about before
but I love how you brought off the insurance and if any of you are into
insurance you know figure out some ways to make money off of it in the
cryptocurrency space there is gonna be opportunity there will be crypto
insurance companies of some sort I’m not able to explain them yet because they
don’t exist yes okay my opinion of paper walls I’m not a
fan some people like to use them because
they’re free and I don’t have to buy a treasurer for $200 but it’s not easy to
extract the Bitcoin off to the paper wallet
what does its owner paper it’s easy to send it to a victim paper wallet but
then a lot of people like how do I get it off this paper lot and also all it is
is a piece of paper with your private key on it you could lose it it could
burn up in a fire that would be bad yeah that would be really bad that it
you could have multiple copies of it but all multiple cop that that’s how you
would back it up but a traceur has the backup is the the recovery seed and so
it’s like it’s apples and oranges they’re your tresor is completely
different than the recovery seed you know how you would lose each one how
each one could be compromised but with the paper while i’d yeah it eats its i
mean it’s a temper if you’re a technical dude then yeah paper while it’s cool if
you’re at angle dudes it’s not in like a fire prone area i guess it’s good but
bad spend the 200 that debts that’s the kind of insurance we have now that’s a
crap the crypto insurance we had now is just putting it on the trace or paper
wallets I’ve seen ask a question and somebody wrote to me there’s a by he’s
metal like a great crypto steel you could buy something called a cripple
the letters numbers yeah this thing called a crypto steel is a way that
people actually save their treads or recovery seed on it and so that way
you’ll never lose your recovery seed if you use this thing look it up it crypto
steel it’s an interesting interesting company outfit I think they’re
associated with Tresor okay the guy behind Anders I was on push
my teardrops and yes I wear this is thanks go I just you know yes let’s see how well this beer Odeon
project is that that’s what I say because you don’t you don’t have to rely
on Tresor which you’re you’re right I don’t know Tresor is gonna do another
that’s not what they’re that’s not what they’re about what let’s take a third
option here – I think there’s gonna be an entrepreneur one day that is gonna
make a device that easily splits these crypto dividends and so maybe the
airdrop direction won’t be the way to go but temporarily I think I think the
airdrop if there was what was the other one big core had an airdrop – that was
pretty successful you get they if someone is thinking of creating an
altcoin that big coin holders get they should learn from all the mistakes that
are currently out there they should learn from this be rhodium thing that
we’re about to see and by the way that you know be rhodium I know that you
either watch my channel or Andy Hawkins Channel it’s hardly any way this else is
talking about it which is it is in general just just signing on our
treasure to give yeah I think that’ll be a new I think that will be a growing
trend assume that and that’s the situation we’re in now with the current
paradigm of the way that the forks are working now that you’re gonna have to go
to the Jimmy signs of the world and trust them but what you’re saying is the
air drops you want if they start doing it your air drop method or the B rhodium
air drop method it’ll be you won’t have to do so I and that’s easier and that’s
easier so I think if these all coins are these Krypton dinners are smart they’re
gonna do it that way in the future remember we’re in a bear market now and
I think they are all the ones that are on the horizon who want to do this no
not to do it now because it you know with the be private thing
it wasn’t it clearly was not the best time to do it during a bear market I
think that lesson was learned also if your law if any of you are launching an
altcoin or a fork of Bitcoin you don’t want to do it during a bear market
you’ve seen that we’ve seen that now Andrews neither question yeah as you
said if traceur stopped as a company you could take your seed and buy another hot
wet wallet and then you could restore your private keys but true so they have
also class races which essentially makes the 24 women fighting for a seat does
that also work with lecher for instance what you know well I don’t mmm
yeah it does when you’re uploading don’t quote me on this one but when when you
get into a stream I know since it is the twenty-fifth word I heard of it
I heard of a person who had a problem where you know he lost his tressaurian
he had the recovery seed and he’s trying to recover it somewhere and he kept
forgetting the twenty-fifth word and it was just as simple as typing in that
twenty-fifth word so I what I think it’ll work with a ledger it’ll work on a
computer that has the proper installation on it again you go to the
treasured io f FAQ section and they show you where you can recover it at and your
twenty-fifth word will work there definitely definitely but he it really
becomes a twenty-fifth word in that kind of situation yes yes I do
let’s take your time with it first of all everybody’s it’s so exciting day
they were dreaming on this they drew and then they’re like why is the price pop
now that it’s live be patient all the magic that it’s gonna be able to do all
the awesome things were just at the tip of the iceberg here now I mean I didn’t
even think it would be this far you know by 2019 so I think the year the
Lightning Network is probably gonna be 2019 and we’re gonna see some really
awesome things there what I can tell you is every place I go to all around the
world I get asked that question so people know about it people are excited
about it people want to use it people are not believe there’s all sorts
of fun out there from from the haters that could say it’s like
a bank takeover or a government I mean the conspiracies that you hear about her
unbelievable that there are more people out there that are excited about it like
you and you I’m very excited about it but let’s do let’s take it one step you
know I’m talking about things that we’re not gonna be able to imagine that’s
that’s a platform where we can’t even imagine some of the things are gonna be
able to develop on it and I mean I know guys that are like developing on it
really smart guy so and I’ve had one Mike Paul who’s been on my show before
is also and it just you get pumped when you hear these guys talking about it and
they start talking about things you don’t even understand you’re like oh
maybe anyone I saw some more hands before yes yes and the ones that are not
as easy like diamonds and all that stuff like I’ve started the process but I just
kind of like this is a great question I have not split my bead diamond yet I am
not comfortable I’m not doing it till I’m a hundred percent comfortable with
with the other ones which basically is until the treasurer
does it or until some other magical thing I mean again someone might make a
device where that just specializes in this stuff it’s not it’s not worth it to
me the the price of the bead diamond right now either to even do it like and
then the pain of moving everything off my treasures
and then entering those private keys into some third party n I’m waiting for
the treads were to do it for me so I’ve only messed around with the crypt of
dividends in terms of my be gold and my B cash because the treasure it was so
simple I mean you see it I mean it was awesome some people have multiple
treasures and they have a white one yes yes that’s what I was to and that’s what
I was saying I can’t do that because it’s just I don’t have it with me it’s a
pain it’s there’s some because I’ve got to spread out and I’m very worried I
don’t like messing with with my recovery seat I don’t like I don’t want to I
don’t I don’t have to I cannot power without
that and do you ever practice restoring your Tresor no no I don’t because I’m so
paranoid about I like touching back touching the recovery seat some people
that wouldn’t hurt if you did it from her
it wouldn’t hurt from doing it from Tresor to trenzalore we’re right but to
recover it on a computer does hurt and some people have tested it out that way
too you know typing that I wouldn’t recommend but you’re right that that
wouldn’t that wouldn’t hurt but no I’ve never done that was I just don’t I don’t
like fiddling around too much I like just putting it away and forgetting
about it that’s how much of a holder is I again I said not you know when I get
new Bitcoin for whatever reason I send it over there but I never take anything
off off of there no reason to take anything off of there where do I buy my
Bitcoin where did I buy lies Bitcoin ISM well I I don’t even a coin basis where I
got it from so I am very well aware that when I signed up for with that I bought
my Bitcoin there so the United States government knows exactly how much
Bitcoin I have purchased so when I do sell my Bitcoin in the far future I will
have to you know I’ll say hey I sold X amount this is my profit you know it
it’ll all be on the up-and-up and everything because there’s a lot of
people are like oh how could coinbase tell the IRS how many how many Bitcoin I
am well that’s what you signed up but that’s what it’s it was easy it
connected to my bank account you know there are other ways you know tone BAE’s
he got his Bitcoin he went to a back alley and he gave some guys some cash
and I mean literally that’s what he did it was I don’t know if it’s a back which
I mean people could do that too if they’ve got a lot but they like carrying
around a lot of cash with them I mean I’m from Baltimore I mean I’m not gonna
walk around so you borrow more than a bunch of cash in my pocket you know
making deals with dudes I can if you do want to do that you do it in a back
lobby in a very wealthy suburb where Debbie I don’t know
the I’ve got telling people again I got there the question was I got it I got a
few point base at the time now we’re in a situation though I encourage people to
start your own businesses and earn Bitcoin you can earn Bitcoin you can
there’s social meet there’s a social media platform record steam attack out
there where if you’re a content creator an artist you can post your stuff you’ll
own your earn this other type of cryptocurrency called steam but you
could turn it in the Bitcoin and I just I just encourage people to get creative
in ways they they get Bitcoin for earn Bitcoin but again if you just wanna buy
Bickman go go to coinbase I’m not you know coinbase has had horrible customer
service in the past they don’t have much competition Gemini is basically their
competition which is an exchange which is a little different and then bit flyer
USA is going to be competition or is competition nobody will there be more
and more beyond which one Robin Hood yeah Robin Hood’s are but is that their
Fiat gateway on that you can see that that’s what the that’s that’s what’s
gonna get more and more people in the cryptocurrency there has to be easy ways
to get turn your Fiat into Bitcoin so those are the what we just mentioned
there’s those companies are the only ones out there right now because in the
United States there’s very high regulation you have to pay all sorts of
laws if you’re gonna be in that in that realm of business but it’ll be it’ll be
easier eventually be patient and again if you get rejected by coinbase thing
then try to go over the Gemini an extra kid flyer because you Corby’s can be
strict and they can be slow I think they’re speeding up again now that again
it’s probably easy to sign up for coinbase now that we’re in a bear market
I have I obviously haven’t tried that yes the next big event for Bitcoin we
need in terms of event where people gather or the big innovations
Thanks I’d say liking that lighting that work basically that that is there’s
other ones other on chain solutions are cut they’re coming up with
what’s the there’ll be some time to see it well let’s say let’s leave it
Lightning Network yeah that’s a question oh look at look at this plug come next
month for vortex he’ll be able to answer that button better than I can remember
right here what’s it dude what dude first four text will be in the house and
if you’re happy to be in Denver on next Wednesday vortex will also be there and
I’ll be there and all these other guys be answered technical questions in in
Denver okay someone had a guess now I do actually I didn’t used to do it till
recently we’re gonna be the bisque is awesome if
more people used it this is the name it’s not easy to you it’s not very it’s
a little complex there but eventually we’re gonna need exchanges this is
getting into the altcoin realm a little bit but you know I would someone you
know about all coins and everything these exchanges have become kingmakers
for all the points okay if you’re an Allpoint you don’t get on
one of these big exchanges you can’t be anything so where how that comes back to
Bitcoin when Bitcoin crypto dividends come out when we get these free by being
holders a Bitcoin and we get these free crypto dividends that we somehow get our
call to them if the exchanges don’t carry on then they’re worthless and this
is what’s just happened well not work they’re not worth that
much this is what just happened with be private you know all the Bitcoin holders
are entitled to this cool privacy version of Bitcoin which is basically a
Z cache version of Bitcoin I’m not gonna get into it but since no major exchange
has it yet they’re issues the price is not maybe what it should be so this is
why we need to centralize exchanges to get rid of the and all these exchanges
could be bought out by big that’s another thing is happening
consolidations in the exchange realm they’re being
bought up by bigger companies who were obviously being more indebted to
governments more likely to follow their rules more likely to reject you more
likely to require more personal information for you that’s why we need
because then again cryptocurrency isn’t about relying on third parties and
giving away your personal information it’s about decentralization so something
like bisque which exists already which is not for a beginner but that’s gonna
be the future and I hope that one of Olives try it out investigated everyone
that it’s be is cute right I think V is Q calm there’s one called that when I
actually I might know that one there’s others but biscuits is them this has
been around for longest it used to have a different name you can only yeah you
can only send all coins in Bitcoin know that the Fiat the problem that happens
with fianza it can always be taken back the bank can always punish you somehow
all right there was a Andreas had a great video about that look Andreas
Antonopoulos everyone he is a respected person who doesn’t go to too crazy
who doesn’t ripple who doesn’t you know try to say bad things about other people
very level-headed very smart if you look at his recent archive of videos he
talked about decentralized exchanges he mentioned this specifically and he went
into why Fiat is never gonna really work on that so look that up if you’re
curious about that alright and someone else had their hand anybody anybody I’m here I’m on fire oh
yes press predictions ah this is what I say to people this is what I say to
people in 2020 yeah you know I I bit like I had the experience leading up to
the 2016 having any really leading up to it reverse the momentum of the time so
like Bitcoin was like hovering finally had gotten up to like 350 at the
beginning of 2016 and when more and more people started hearing about the having
the price double it basically went up to 600 then there was a big Finex hack and
the price went down but one can say that the price doubled going into the having
once people found out about it now I’m not gonna say the price is gonna rise
it’s gonna double going into the 2020 happy but if we’re still in a bad trend
then I think it’ll go from bull to bear or bear to bull once more and it’s just
a shame that more people that are in the space don’t even know what the having is
and that one is going to happen in the summer of 2020 but that’s my prediction
is leading up to the 2020 1/2 and we’re gonna have some good people are gonna be
happy about the price I know that’s not very specific but I got I stick away
from price predictions people like Tim that’s the way I think
you know that’s the way I think well I mean there’s there’s always people need
a at that time still 2020 intern what is what’s it valued in dollars it you know
it’ll matter to people if you won’t be able to buy everything a Bitcoin by then
you won’t be like one Tesla is a Bitcoin now hopefully I you know again with me
my personal this is my thing I tell everyone
do not sell your Bitcoin until at least after the twenty twenty happy and I’ve
been saying that prices before the twenty sixteen having I don’t know the
first time it but it means to come one of my little catch phrases 2020 happy

8 thoughts on “BitcoinMeister talks Bitcoin and cryptocurrency at the Los Angeles meetup in Century City- Part 3”

  1. The typical criticism about Bitcoin is that it may be the pets.com to another altcoins' Amazon. This analogy grossly underestimates the malleability of Bitcoin and the ability to become all things to all people in respects to blockchain technology….

  2. Mainstream media is getting closer to understanding the real value proposition of Bitcoin… when they do they may call for over $1 million to $2 million. I think honestly that will be a fair value for Bitcoin after mass adoption

  3. I think people who have a large portfolio of properties will take 20% of that and put it into Bitcoin… because if you have a million dollars wrapped up in a house or commercial real estate you're only going to see 6% to 8% returns… while Bitcoin will continue to absorb value from everywhere for decades to come.

  4. I actually believe that all the altcoins will prove themselves fatally flawed (because governments will be issuing crypto-fiat tokens as a medium of exchange… jurisdictional advantages abound for government still) and Altcoins will prove to be needlessly risky because their blockchains are flawed in important ways while Bitcoin will add all possible innovation on top of it as second layer technology, that these altcoins prove have real market value.

    At the end of the day the world may only recognize one store of value…Bitcoin. I don't think there will ever be another asset class created because I don't think they'll ever be another need to do so.

  5. Yes! I was just saying that the key to all this will be when financial institutions or governments ensure crypto deposits. The current cat & mouse game with hackers and private keys will never catch on with the masses

  6. Adam, as you say, "value your wealth in Bitcoin." If Bitcoin does one day become the single world currency like some people hope, (or is at least recognized as an equally valid currency alongside the dollar), you won't have to pay ANY capital gains taxes anyway. One Bitcoin will simply be One Bitcoin. You will never "sell" it, just spend it. THAT is the Holy Grail of crypto investing.

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