Episode 06: Satoshi’s ASIC Vision

So Samson, I still [haven’t] received my paycheck from block streams So I’m thinking that I’m gonna open it up to advertisers like on my right side, it can be like “DASH pay” and Riccardo is a big fan of them Then on my left side, I can have like Roger Ver with like his bare chest and then “Bitch please” on it I mean, that seems what the Bcash seems to be all about now lately – Okay
– I’d also like to complain Because, I was told that my payment was coming in via Lightning and I still don’t know how to set up a Lightning Node It’s too confusing, it’s too complicated Well, that’s your problem, we paid you over Lightning already [Chuckles] – I think we should just do an ICO
– Right – Magical Crypto Coin
– Yeah Or we could just take advertisers on the show Is that why you’re wearing that Samurai Tshirt? What? This one? This lovely samurai wallet t-shirt? Yes So you’re advertising for samurai wallet, I get it – How much did they pay you?
– You can’t because the privacy’s so good – One t-shirt
– [Chuckles] – I’m fairly cheap
– Yes The best thing to do is simply to HODL
Okay, let’s get started with the show [Theme song begins]
Magical crypto What’s a young pony to do in a sea of shady ICOs? A lion’s courage can light up even the darkest of shadows Unlike the corporate suits, the WhalePanda is wise A Chicken dreams about the moon, while soaring in the skies As Bitcoin sees new all-time highs
(Magical crypto) All around ya see big block heads bubble Magical Crypto The best thing to do is simply to HODL We’ll always buy the dip And we’ll always be the best of friends Samson, you were late again and you’re going to try to arrange everything at Consensus Am I? So, I hope that will be fine then, that we’ll have a nice stage there and that you will not end up 30 minutes late again Yeah, I was late because I was doing that, arranging everything at Consensus on the phone, you know, talking Of course, of course and we also have Charlie again Charlie, who now appears to be out of the closet Was actually one of the main closets from last night and that appears to be inside the closet Well he’s out and proud now, so there you have it – Yeah I came out of the closet
– Welcome my brother Welcome, welcome back and yeah, ok let’s start in with Riccardo Riccardo, last time we talked a lot about the privacy, two forks and one near hardfork potential ASIC miners being used but like a few days after that, after Pitman already announced that they started selling their kryptonite miners and first it was like it at $12,000 dollars per piece and then a few hours later, Howling mining came out with miners at $4,000 and then they dropped to $4,000 But the thing about those miners was that they would be useless in two weeks, before they would be delivered, they’re useless in in two weeks and just for the record, we’re recording it now on the 28th, so it’s today that it’s the hard fork for Monero – No, April the 5th
– Ok, they changed then The centralized planning committee changed it, so, you know because Monero’s just a centralized scam So, the central committee of three people just voted So what do you expect now what will happen now it’s out That the ASIC miners are out, is it gonna be a Monero classic or a Monero cash? I mean, look, if you are heavily invested in ASIC miners and despite all the warnings from the community leading up to this point You thought that you get away with it, you are going to have to do something with that and that means either Mining Electroneum or Monero V or something like that Some scam or you have to mine the old chain and hope that exchanges will pick that up I suspect that that we’re gonna have like a Monero classic situation and it’s got zero dev support, so like it’s dead on arrival You know, exchanges are going to… I mean, if they add it, that’s fine, that’s their prerogative But users aren’t going to go and sell their fork coins because by doing so they jeopardize their privacy So there will be a limited amount of coins that will be sold, which means limited liquidity for miners to dump into anyway There’s no dev support so what’s the point? Is there a team that is trying to keep Monero classic coin? There hasn’t been any talk about it in the community, the community is massively supportive of the proof-of-work tweak So, you know, I mean, if we’d seen rumblings in the community and there was there was a sufficiently vocal group that were against the proof-of-work change Then, obviously it would be contentious and we wouldn’t be making a change But there’s been maybe like three people that have said anything and they’ve all been like I mean they’re newcomers, you know, it’s not like established people in the community voicing serious concerns It’s noobs who are more new accounts to have set up as like sock puppets They’re easy to spot and we just disregard them I guess it’s time for me to start Monero Lite [Chuckles] Monero LiteCash Monero ABC Lite? – Sounds good
– I read about this war That you’re starting against the Bitmean, are you gonna tell us more? Yeah, apparently according to the Coinbase article, I am single-handedly fighting Jihad – Yeah
– I’m catching up with like It was like, I’ve got my fists up like, and Jean’s like “ah, fuck your mother, if you want a fork” and I’m like [Air-boxing] – That’s me, right?
– Wait, wait, wait! Is there like a decentralized platform where we can bet on this fight? – Yes, of course, on Ethereum
– Okay It’s called ‘Crypto Ponies’ Well, actually talking about Ethereum, now they’re also talking that the bitman also developed or is developing Ethereum ASIC Yeah I saw that too I tend to think that like with Ethereum it’s gonna be a bit harder for the community to become anti ASIC Because of the proof-of-stake thing, so it’s almost like “okay, miners, you were supposed to be expecting the right pull out for you anyway” So, what difference does it make whether it’s proof of stake or ASICS? Yeah, well I think ETC might benefit a lot if there is an ASIC Miner and Ethereum actually does do proof stake, but I don’t think that’s ever happening What? You don’t think it will ever switch to proof of stake? – Nope
– I don’t think so – Okay
– Cause proof of stake doesn’t work Second, if they actually do change the proof of stake, then, what will they talk about? That was funny They could change it like a hybrid thing in order to continue to have some change in security that isn’t based on fictional nonsense Well that’s a plan anyways, right? But going to hybrid stake and then go to proof of stake eventually I’ve stopped following that, I don’t even know anymore Yeah, I think I’ve stopped following it two conferences ago [Chuckles] That’s how I measure my life, in conferences Well if you want you can go to a conference every day now, you can just travel the world, go to conferences And that’s all, that’s all you have to do – Yes, the life of a crypto trader
– Yeah So, what are exactly are you changing on the crypto night? I’ll go So there are a couple of small tweaks I don’t actually know the technical details, I mean, at this point in time The technical community is so large and there were so many people that worked on that pull request That I have a fair degree of confidence in it, but we don’t really have like in the Monero Research Lab There aren’t cryptographers who are experts on the ASICS But, you know, they sort of like we had the Luminary Research Lab guys look over it and then like people from Randos from the outside that pitched up To say like, you know, “this tweak is good this tweak is bad” But it’s basically just small tweak, so the aim is to keep the CPU/GPU ratio the same So even if your hash-rate has a minor physically drops, it runs everyone else’s hash rate physically drops linearly or if it goes up, it goes up linearly, so you end up with that balance being kept Which, of course, I think in this particular instance is important You don’t want to end up with the hashing algorithm that unfairly favors some cod or whatever that wasn’t unfairly favored previously – Right
– Yeah, that makes sense So, moving on to the next topic Something that also has been in the news the last couple of days is: LitePay, Charlie? What’s going on with Litepay? Can you elaborate on that? – Yeah, so Litepay
– Let me try it It’s a payment processor that scams Charlie I didn’t say that they scammed me, I don’t think Payza is a scam per se I think it’s a failed business from what I can tell, so I mean, we all had high hopes that Litepay would come out with their merchant processor People were expecting a Visa debit card, that didn’t come through so and then they kind of ran out of funds and couldn’t find more funding and had to shut down So it’s very unfortunate, we were kind of hoping for the best but didn’t end up But how come Litecoin foundation didn’t top them up? Um, because we didn’t want to throw good money at bad money No, they actually came and asked for more funding from us, but we decided that it wasn’t really a good way to spend their money I mean, there are quite a few payment processors out there already that support Litecoin But, like Globee, you know, just to mention one payment processor of the top of my head The one you own? Do you happen to be the CEO o Globee? [Chuckles] Charlie, you didn’t mention how much money did they blow through So from what I know, Litecoin foundation invested $50,000 dollars into LitePay So it’s a considerable amount but it’s not like a lot And another investor, Xiang Qi invested about the same amount of money into it And then also they were self-funded so the CEO put a bit of his own money into it So I don’t know exactly how much they blew through But we’re trying to figure it out, like what’s left and what do you do with it What they have built and so on I mean, in fairness from like start to finish, to get Globee to the point where we processed our first payment And things were relatively stable, we probably spent half a million dollars And two and a half years of dev, so it’s not a not exactly an overnight process Yeah, I think the team just bit off more than they could chew They were too optimistic about getting it called, making money from it and I think they were depending on the Visa deal that didn’t go through Well, is there anything else on the horizon for Litecoin? That’s it, we’re screwed, everybody start selling your Litecoins [Laughs] Litecoin was doing fine before Litepay even existed and it’s doing fine right now It’s just, Litepay is just one of many companies that support Litecoin and Bitcoin I mean, there’s a company called Litepal, it’s supposed to be launched fairly soon, that supports Litecoin and there’s Litecoinbase and otheres like Globee, whatever Riccardo’s company is called [Chuckles] So I’m not worried, I mean, I think the credit card like a crypto debit card, is an interesting solution But I think it’s just a stepping stone in terms of crypto adoption, so I was never that excited about a credit card Because you’re still using like the traditional credit card infrastructure, you’re still paying the fee to either Visa And you still have their fraud problems, so you’re not really, crypto is not really helping that much You’re using Crypto backed by a credit card or a credit card back by crypto So I’m more excited about the merchant processing part and we are doing well I mean, Bitcoin is doing well so, just a small setback in my opinion But I think the bigger problem is just the PR aspect of it Cause everyone was so excited about Litepay, it was supposed to be like the thing that saves Litecoin It was all kinda hyped out of proportion in my mind Well maybe you should have waited until they had some beta or something before he started hyping them To be honest, we didn’t really actually hype them quite a bit– that much I mean, we talked about it a little bit, I think the media and just people I think because the price was down everyone wanted something to hype and this was just an easy thing for people to kind of grasp onto And say “this is gonna save Litecoin, this is the best thing ever” and I think what we could have done was to kind of tone down the hype a bit but we didn’t We kinda got caught like part of it, we were too excited about it, also Yeah, go make some physical Litecoins Yeah I’m still expecting BTCC to make physical Litecoins [Chuckles] Wait, wait [does that] company still exist? I thought it went bankrupt after Samson left No, they are still there, they got bought – But they’re still operating, right?
– Kind of, I guess? I don’t see anything new And it’s actually going back to the Visa card, actually I use that quite a lot – I had a couple of them
– Which one? The Litepay Visa card? Yeah, I used it, the next one it was quite easy cause you keep your balance in Bitcoin So it only deducts from your Bitcoin Wallet everytime you make payments Every time you make payments so we don’t have to like convert it first so So it’s quite disappointing after all those debit cards, Visa debit cards stopped working Yeah, I used to ship CoinBase’s chip card That worked quite well, I mean, it’s nice to keep your funds in Bitcoin and when you swipe, it exchanges it But the problem is my card actually got got stolen and I got fraudulent charges on it Just like any other visa card in I lost Bitcoins, because of that The nice thing was Shift pay me back my Bitcoins, so they took the hit, I’m not sure how much money they lost from it But it made you realize that this is just the same old thing, it’s just the same crappy experience I wonder if the fiat that gets spent is insured? and then they’re able to recover that? I mean, I think visa has some ways of getting back the money from the merchants I think if merchants allow Visa to have fraudulent Visas, the charges fees just screws them Yeah, merchants are the ones who end up getting screwed but what can you do? – Yeah
– So on to a more newbie topic But one that doesn’t get explained quite often So block time, it might be one of the least understood things in the crypto space Alright, at least for the new people so Bitcoin has an average blocktime of around 10 minutes and Litecoin is 2.5 Monero is 2 minutes, – Ethereum 15 seconds,
– What is Monero’s Block time? I don’t even know – 2 minutes
– 2 minutes, yea Used to be one minute and then we were like “that’s a dumb decision” that is an idiot thing and then we changed it to 2 So on a lot of exchanges like you need three at least three confirms before you can access your funds So that for Bitcoin that’s like 30 minutes but for Ethereum is like 3 confirms, that’s like 45 seconds So why won’t you reduce the block time from Bitcoin, from 10 minutes to one minute and then just Cut the block reward, also divide by ten Well you’re describing Litecoin, right? We can cut down the block time to 2.5 minutes It’s to everyone that 3.5 minutes is the perfect amount of time for blocks to be done So the reason for the block time is so the network can synchronize Bitcoins flood networks, so every transaction, every block has to be broadcast, every transaction has be broadcast So it takes time for everyone to get the state of network and synchronize and for Bitcoin I guess it’s 10 minutes back when Satoshi set the time and it’s been working so far and actually with the increased block size of SegWit’s, it’s probably safer to keep it at 10 minutes and to play with that But it is a consensus rule so it cannot be changed easily Yeah, so to add to that, I think that the 10 minutes that Bitcoin uses previously, we might have considered as extremely conservative, but with SegWit and with the size of the mining network and with the number of nodes which is massive, I mean, with like it’s tens and tens and tens of thousands of nodes You just simply can’t have something that’s significantly smaller than that I think that Monero’s 2 minutes is pushing it and if Monero’s block started to really get to the point where we were Where Monero’s network size cut to the point of Bitcoin’s, we’d have to seriously consider increasing the block time In order to compensate for that massive size of the network and like Samson said that flat full effect Where every node needs to see everything – Okay, that’s clear
– I think the exchanges only Exchanges accept 3 confirmations, I think they’re doing it wrong So their 3 confirmations is less secure than 3 Bitcoin confirmation So, in terms of like what’s like the same amount of security, it’s complicated to calculate but you have to at least Wait the same amount of time, right? Even if you wait the same amount of time Bitcoin is still more secure because there’s more money, it’s costs more money to attack Bitcoin For 30 minutes than it costs to attack Litecoin or any other coin fo 30 minutes – Yea
– So They should actually reduce the confirmation for Bitcoin to one confirmation if they want They should really be doing it on a sliding scale, that way like if you’re depositing five dollars Like you can almost-like you can almost zeroconf that and if you’re depositing a five million dollars well sorry buddy you gotta wait four or five confirmations Actually, now you brought up another interesting topic: serial confirmation That’s like the holy grail for Bcash I saw someone like tweeted in the Bcash Camp, saying “We need everyone to accept zeroconfs and we need chains of zeroconfs” [Chuckles] – What?
– Zeroconfs to be We want Zeroconfs to be confirmed by Craig Wright and Roger Ver – Exactly
– Right? And then you can trust it So you send the zeroconfs transactions to Roger and Roger finds it and you’re good Why is there so much confusion of how these stuff works? Is not that difficult! Seems like Bcash community is four years behind They are trying things that Bitcoin has already tried four years ago – No, they are like 10 years behind Yeah well, I see the same thing with, they like reviving all the failed businesses, like the sending coins through a text message and stuff like that – All those things…
– No, it’s worst than that I’ve seen like some of their propaganda, it was like: “we are bad people because we don’t trust other people” And they had this like cartoon where some lady bought something And someone paid with a zeroconf transaction and the lady’s like” thank you for your business” and they’re saying, you know, you should be able to trust everybody because everyone’s a nice person and because we don’t like zeroconf we’re bad people But dude most of the scammers I know are extremely nice people Yeah, you’re nice from time to time Riccardo – Yeah
– Only on Tuesdays So, okay yeah but it’s the whole narrative, I mean, they started doing–what was it now? There was something else that they like…The minute relief fee and stuff like that They want to change everything back to how it was before and they think like “Oh, I don’t know why this is implemented here, so I’ll just remove it and see what happens” Well, here’s the trick: they can’t go forwards and develop new text, so they can only go backwards But well, I think that the zero confirmation has to do with [the fact that they want to] compete with Lightning, obviously So that’s the whole reason, because Lightning is instant and they also need something that’s instant or it’s like [theirs become an] inferior technology It’s obviously inferior technology but they need something like to make ourselves feel better about it Well, I for one think they totally should do all zeroconfs, everybody in the network And the exchanges that support Bcash, because that is the true vision So, let’s talk about something else like Mt. Gox, that’s also been a pretty big topic lately So most of you heard about probably that Mt. Gox’s trustee, I don’t know if you can call someone like that a trustee Sold $400 MM dollar’s worth of Bitcoin and Bcash since September 2017 and now it appears that he stopped selling until the next hearing, which is in September 2018 Because basically they cover now all the debt in fiat money, so if you had money on Mt. Gox before It’s not calculated in Bitcoins, it’s calculated in yen I believe and that’s now completely covered So there are like an insane amount of Bitcoin left But first of all the trustee said that he didn’t dump it on the on the market and you shouldn’t look at the charts, but don’t look at charts, I didn’t dump it on the market Because of course when you go check the charts, you see every time when he dumps But he told you not to check the chart and don’t check the charts but the day’s line up like perfectly So, did you guys lose money on Mt. Gox? And what do you think it will happen with the rest of Bitcoin Does it go back to Karpeles now or that’s left? I didn’t lose anything on Gox, fortunately But I don’t think Karpeles will ever see the money If he ever got any benefit from all this,I’m pretty sure someone will go after him Well, legally speaking, doesn’t the money he stole belong to the entity and what happens when an entity that was previously bankrupt Has some re-acquisition of assets or whatever and they’re no longer bankrupt, then they’re out of that bankruptcy state and their growing concern? That’s probably never happened before so I’m not sure if there’s prior case work on that – It is true
– Why someone who went bankrupt can suddenly have money again? No, no, it’s happened, I mean in the States you can file for whatever and then you can actually work your way out of that And you can become unbankrupt, Okay, but you wouldn’t ever see the case where you’d get back all the money to pay everyone back and still have change left over But that literally the definition of becoming unbankrupt [Chuckles] But this is pretty excessive, how much they have left still? Yeah it’s totally excessive Well it’s like 700 million dollars Well I don’t thin it’s 700 million dollars anymore now that the price has come down Okay, $700 MM dollars, oh yeah Yeah I don’t think he would ever get the money though It just wouldn’t work, I mean they would just go after him, if he ever touched it But he’s the primary shareholder, I mean, I don’t look, I don’t know what the cap table looks like But they could take the money and continue operating and in fact they could pivot, They wouldn’t need to operate it as an exchange, I don’t think that Mark could personally take like a big paycheck but They could definitely continue operating and he can earn a salary–a fat salary are you trying to partner with Mark Karpeles? No, no, I’m just–ethically I have a problem with it but I think legally he has the scope to do that – Maybe
– Well, I’m still waiting for Mt Gox to release its trading engine [Chuckles] Litecoin My next question When it’s Litecoin going to be on Mt. Gox? [Chuckles] – Soon, hopefully two weeks
– But, Karpeles himself said That he was thinking about bringing back the exchange, so there’s that – I don’t know
– It’s a scary thought Yeah, it’s a scary thought and at the same time you know that people, the newer people they don’t know the history So they will just say: “It’s a new exchange, why not?” But listen, if he actually resurrects Mr. Gox, and plants some venture money into building decent software That isn’t PHP and MySQL, then I wouldn’t be surprised if that’s what happens And they’ve got these fat cash reserves, it would just be another day in crypto – Yeah, it’s crazy So you’re saying, FluffyPony, you would trade on Mt. Gox if they came back? As you guys know, I lost all of my private keys in it, terrible birding accident [Laughs] Unfortunately, you know, I can’t trade anyway, you know, not even on the new Mr. Gox – Maybe we can call it “Valley Gox”
– Creator Gox So a question that came from Mitch, is: if we watch the Satoshi vision conference , the live streams I don’t know if you guys did, I’m sure you you all three did watch the entire stream from all three days I mainly watched the funny recaps, – I watched the recaps, too
– I watched the intro, you know, – Yes that was crazy So I tried to sit through Roger and Craig’s talk, but I really couldn’t, I think then dark pills slides made up for most of it – Yeah those are great slides
– Yeah that was amazing The three things that stood out fo rme was, first of all the Peter Rizen, the BU Chief Scientist [He] was asking Craig like generally good questions about double spent and Craig’s reply was: “I don’t give a [bleep]” so that was interesting, maybe there’s some drama brewing there Then the second day, some of the attendees were interviewed and from all the interviews It seemed like most of them were just there to find funding for their own projects Like they were not interested in in Bcash or at all, they’re just wanted to realize their own projects Sounds a bit like consensus or something like that And of course, you had the third thing, obvious thing was that there again, [were] naked women or almost naked women With “Bitch please” everywhere, painted on their bodies That’s my three recaps I don’t know, that stuff is so classless and I’m not singing this conference out But it’s like “Let’s dress a buncho of women in bikinis” It’s not even fun, you know I remember when Bitcoin did that like four years ago and it was immediately like called out and people attending that And I think your summary is pretty accurate Okay, didn’t you say earlier that they were four years behind? So that makes sense [Laughs] – Yeah, exactly
– Like a four year old Bitcoin conference but with more swearing Now, serious question, did any of you guys actually watch any of the talksfrom Satoshi vision? A little bit of Roger Ver’s block I watched the summary of day one that was a pretty good one There was a lot of “Um, um, um” yeah And I watched the slow-clap Craig Wright summary video, that was good too It was actually funny that they were mentioning us in the troll box It was like a LiveChat, someone pointed out to us that, they were actually talking about magical crypto crap or something like that That’s unfortunate because I don’t think, it at least from my perspective, I try not to choose any particular sides But yeah, you know, bad projects are bad – At least they’re thinking about us
– We’re always on their minds That’s because we’re a cult and we are encouraging children to join our cult And the [*] is out now version 0.4 and the lightning network is really growing like crazy and block stream is doing a week of lapse or something like that? Maybe Samson can tell us? – Yeah, so we’re launching
– Lapses is a bad name – Yeah I can barely remember that
– Guys c’mon – Change the name
– What would you do, Charlie? Um call it like all-in apps – Right
– Lap Allen apps, I don’t know It’s kinda to show Well I think like Allen lapse, even daps is just a bad acronym , it’s just pretty stupid People start using Lapse because of Dabs I think, so we just decided to Yeah
To use the standard Is this something built on Monero in that? [Laughs] – It is
– The reason why it’s bad is because you’re stealing Litecoin apps [Chuckles] Ohhhh Oh ok them now it makes sense Yeah but those won’t come out for about 10 years right? – Yeah, sadly
– So it’s lightning… Is Litecoinin the first Tap? yeah cause it’s built on Bitcoin and then lapse is build on Litecoin What was it again? What is built on what? It’s built on Bitcoin, so it’s the first dab Create your bap today! Yeah but, Lightning starts with L , so So Lap is a Dap and it’s a bap Yes, and also if blockchain create apps, they are so called baps, which is very confusing Yeah that’s why we were just going ot call them dabs So if Blockchain released a way for like strippers to pay with Lightning Then it would be a lap lap I’m not gonna comment [Chuckles] I think you should go to your Bcash conference What about the blockstream true vision conference? I’ve been waiting for that guys Awm that’s it, isn’t that consensus? [Laughs] Okay, blockstream, we’re doing a week of laps lightning apps They are little applications, web apps that can show people what they can do with lightning So we started with File Bazaar, it’s a lab that let’s you sell digital items Like photos or documents and then we had Lightning Publisher Which allows you to publish and click payments So it’s kind of replacement for a lot of Altcoin based publishing platforms out there Then we had NanoTip, that was the third lab And it’s basically a tipping system like change tip for something like that but based on lightning Then we had Paypercall, so you can pay someone to do an API call Then we had NanoPos, someone said we should call it AntonNAnoPos That was a good one, we also had a point of sale terminal, after that we had IFPAYTT So that’s basically Lightning payments on IFTTT, if this then that And the seventh lab is a Lightning Jukebox, which is pretty fun and that rounds off the week of LApps So this that App LApp hasn’t been announced yet but it will be announced by the time this airs – Yeah!
– So that I know I’m gonna go tweet about it and change the future Yeah, and why don’t you go and short Lightning Samson, I’m also doing a week of LApps, Keep going, that’s only… That’s not even a day! Hey look you guys are needed seven, I did one, okay that’s good enough, that’s all my exercise for the week So Samson, did you create any LApps yourself, because it will be SApps then Yes, I think it’s getting all of them Yeah? Okay, If you did it, then it would be a WApp There we go It would be a WApp and PApp [Laughs] Okay so, going to the comments of our viewers There was actually one really good Since it takes so long to get the new episodes, I’m going to start making episodes to fill in the time in between It’s really easy, all you do is have to wear loud Tshirts like Riccardo Make fun of Bcash and blame everything on Charlie selling his Litecoin That’s actually our entire show
– Sounds right Spot on
– Yeah Welcome to the Magical Crypto Friends Cult Yes! So another interesting questions, actually Because I’m in kind of the same situation, so I have crypto that I’m going to give to my grandkids to travel when they turn 18 Of course for me, so grandkids from raised kids in at least in at least 10 years My job is to protect it, I have it in keep key and ledger, do you have any suggestion for a long time holders – Love you guys!
– Love you too So do you have any special suggestions for people who don’t want to touch their crypto for like 10 years or longer? Should I keep it in the hardware wallet or should they keep it stored in the paper wallet or another way or? Well we don’t know how long hardware wallets will last, yeah, at least you have the seed It’s okay right? And it’s convenient too So, I would go with hardware wallet and then maybe make two copies of the seed and put them in different places or cut them up and put them in even more places And also like store the seed and seal in a crypto seal so that at least it’s done for longevity Ten years it’s kind of of a long time and there is probably gonna be entropy in the hardware and then it’s not gonna work and the browser plugin no longer exists but I think we can say with a fair degree of confidence that there will be tools to take that seed and convert it into Bitcoin private keys or whatever engineers time 10 years time Ten years is not that long, thought , so it’s not that bad You have to be a bit careful about things changing, something like quantum computing could make your private key as well So you have to like upgrade so you can’t just like put somehting away for 10 years and forget about it So you have to follow what’s going on, but there’s stuff like cryptosteel where you can put a seed and into like a steel thing Put it in a deadvault, and then make sure it’s password protected, make sure you have password on it and save that password in few different places Something also that may not be a bad idea is using something like BitCo system Cause Bitco is not really custodial, they’re MultiSic provider and so they are in one of the keys, you are in one of the keys And you have a backup key, at least if Bitco goes out of business or goes rogue orwhatever You can still recover your funds but then you have the added advantage of Bitco being able to handle things like System upgrades Without you typically needing to worry about it But if he’s waiting 10 years, you don’t need to upgrade anything, just keep your seed Yeah but like Charlie was saying, if Quantum computers come out, then there’s a whole new key format That we would switch to Although if you’re using BTCC coins, so it doesn’t degrade over time So that’s like a cheap cryptosteel Do you trust it? It should be okay, it’s tested, at least paper’s test it The question is the ink, like what kind of ink are you using, what is it But I would just use like a sharpie It should last ten years The worst is like you put it away and ten years later it’s worth so much money and you open it and it’s blank I’m pretty sure that you’d be able to still recover that, there’s always a residue, as long as you don’t handle it Have to get some specialized service with some dude with a black light Now the real answer is that the coins would get lost We are launching Magical Crypto Vault Yes, it’s the first map [Laughs] When will Charlie Lee host a first Satoshi Lite Vision conference? That’s a good, I was actually thinking about doing a Litecoin conference Later on this year, so, pretty soon I don’t think we’re gonna be calling it Satoshi Lite’s vision Satoshi Lite’s Vision conference? But I think we will just it Litecoin conference, but we’ll see – Any idea where?
– Probably in his closet Yeah in my closet, I have a huge closet that I pay with the Litecoins i sold At All Time High I told people it’s, it’s actually $100 dollars above the all time high Cause I’m awesome There’s another question, what are your thoughts on the current market manipulation by Whales? And that’s actually, that question doesn’t make much sense because every market has manipulation Yeah, crypto markets are a lot easier to manipulate, because A) They’re filled with Noobs and B) They’re largely liquid Yeah, exactly so, But it’s a question that comes up a lot And it doesn’t make much sense, it’s quite obvious Every market is being manipulated When will FluffyPony release it’s birth certificates and prove he’s not a donkey? [Chuckles] It’s our fans, man, so yeah I don’t even know what to say to that, I mean, like, you know, no one’s ever accused me of being a donkey before I mean they’ve accused me of being an ass, sure. But, a donkey? Isn’t it the same thing? No, they’re distinct animals That’s like a zebra saying is a horse Is it a Zebra? I’ve heard of a Zebra Yeah you guys pronounce it weirdly What’s a Z? It’s called Zed Get it right, guys Well you know he has Zebras in his own backyard So wait, what do you call Zcash? So that’s a good question, Samson, I actually do call it ZedCash But when I say ZedCash to americans, they go “What’s that? Is that a new ICO?” “How do I buy in?” So now I just say Zcash [Chuckles] Okay What are the best conferences to attend, if you’re interested in tech and implementation out there Yeah, ‘Breaking Bitcoin’s Game’ All the Bitcoin ladalada CCC, has a really good crypto bitcoiner, DEFcon, not so much but we’re trying to work on something Satoshi’s Vision Conference Those are the best It’s about Tech not like, How did Peter Rizen say it again? “Illogical techno-babble” The Bitconnect conferences, I’ve heard they are very good if you’re into fiber [Chuckles] Unfortunately they don’t happen anymore, sadly BitConneeeect [Chuckles] But actually also the Blockchain conference in Prague is great Always has a quite decent crypto crowd, Bitcoin, Litecoin crowd That is also always interesting Of course, not really that much folks on tech at that conference There was a talk about making a new conference this year too I think at coinbase, Francis Pouliot, and a few other people were chatting about it, maybe in the summer Do we need more conferences? Why not? Well I’ll take conferences as long as they aren’t filled with ICO’s But that’s also a problem with stealing Bitcoin last year Apparently they quality of it, went down quite a lot compared to the previous years And there were some ICOs scaling and stuff like that So then I think ‘Breaking Bitcoin’ was Yes, a lot of people organizing scaling went to organize “Breaking” Yeah it was like a bit of split And one I forgot about is BPASE The Bitcoin and protocol and security engineering conference That happens in Stanford in January See? All the good technical conferences don’t get much publicity – They don’t
– They are just doing their own thing Yeah, BPASE it’s truly excellent, and it’s not just bitcoin stuff, even though the name seems to imply that There’s also Ethereum and Monero, and other Altcoins in research being dabbled there so it’s pretty good It’s very research heavy, I think Russell O’Connor went there to talk about simplicity – Yeah
– Next question Hi Crypto Friends, Satoshi design the P2P decentralized Cashing without banks Is it time to design P2P decentralized internet with Blockchain technique? What are your thoughts on Blockstack? In connection with Bitcoin Blockchain Why would you need a blockchain for decentralized internet? That makes no sense, does TOR need a blockchain? Only if they’re doing an ICO
– Yeah, apparently This obsession with blockchain-everything is even worse than the obsession of decentralize everything So you’re not a fan of decentralized internet? They’re the same thing, right I don’t think we need decentralized internet, what we need is an internet with encryption built-in At the base level, I think that’s what we need Also I think that if you have like a physical mesh network, And interesting ways of going cross border and you use something like speedy mermers* Instead of focusing [..] you could end up with a reasonably fast internet Also one thing that’s really interesting is that nowadays, specially Bandwidth is still pretty pricey, and Meshnetwork doubly so But storage is cheap, so we could distribute and duplicate data across the world, no problem Over this Mesh network And then just have more localized retrieval instead of having to go to the origin as we do right now It will still be tricky to get that to some high performance level, I think Blockstack What they are doing, they are building a layer on top of it, right? And I think the stuff Elon Musk wants to do, like put the Micro cubes for internet, that’s interesting But it’s not really a new internet, so I don’t think anyone’s tackling that, cause it’s a pretty big problem To get that level of performance and keep it decentralized Okay, will Monero use Anet Lightning network? So, as you may or may not know, Monero has serious capability problems, because our transactions are physically larger than Bitcoin’s And we can’t throw away old transactions outputs, because they’re used in route’s signatures There’s obviously various approaches to take to address scalability on chain But we’re also needing to take a look at off-chain mechanisms Like Lightning, so yeah, absolutely, I mean we’re already going down the road of building out a lightning router And that’s, someday it has to happen, and if there are other things that come along, other scaling mechanisms Then we’ll adopt those too, I think that the community as a whole is happy to embrace whatever scaling mechanism That is available and people will have a choice to use whatever they want Okay, well those were most of the questions But Samson you want to the talk about poll you did on twitter? About Altcoins Did I retweet it? Because if I retweeted it, It’s obviously Litecoin But it was Litecoin It was Litecoin, Litecoin won with 56% Then Ethereum with 33% and Dogecoin 7% And Bcash with 4% There’s 30,000 votes, so it’s pretty big poll But of course, you blocked all the Bcash guys So they couldn’t vote [Laughs] That’s kind of a form of evasion And all those votes we void
– Besides a lot of Bcash people Said: “We can’t vote in this because, calling it Bcash is too disrespectful” Yeah, I did retweet it because I didn’t want to affect the outcome It’s pretty indicative, I think Litecoin sounds about right But if you would have Litecoin and Monero, that would be more interesting Yeah, why didn’t you include Monero? He doesn’t like Monero There were only four options You can only put four options on a poll Yeah you picked Doge over Monero Oh it sounds better, like people would rather buy Doge coin than Bcash But also I didn’t want to de-anonimize the Monero People Okay you just wanted it to fit your narrative, that doge is better than Bcash This is clear manipulation and it’s entirely in line with what we’re trying to do as the cult Hey it works Oh, I got something to share with you guys and In consensus, in May, so I got this from a guy in Japan, Eric and he said he wants to share it with you for Magical Crypt, it’s Tokyo Banana Kitkat It’s gonna survive the trip all the way to consensus unmelted? Yes, What’s so good about this specific KitKat that we should all dig in? It’s Tokyo Banana flavor, it’s like a popular dessert If you ever been in Tokyo, there’s like a thousand different flavors of Kitkat there – Sure
– Okay and on that bombshell We’ll end the show, so i see you guys next time at consensus We’re going to try to do a livestream there This show will be like one or two weeks probably, somewhere, on youtube Samson will find us a conference room, maybe on the mainstage, who knows We’ll broadcast it live We’ll try
– Should be fun Okay, see you guys Okay, bye bye -Bye So if Craig Wright releases an app for Bitcoin Cash, is that a CRApp? [Snickers] Okay, it’s–we’re done Bye!

68 thoughts on “Episode 06: Satoshi’s ASIC Vision”

  1. Why hasn't litecoin hit $4900 yet ?!! What the fuck man I took out 3 mortgages on 5 houses and I'm eating bugs trying to live !!!!!!!!

  2. Long time hodlers? Just use whatever wallet, but most importantly…. Use OP_CHECKLOCKTIMEVERIFY or OP_CHECKSEQUENCEVERIFY, otherwise you won't manage to withstand the temptation to sell in maybe 2 years.

  3. This is one of the best and most entertaining crypto youtube channels/shows! Please keep making these, they're very interesting. And you have the single best themesong too!

  4. major crypto heavy weights here. Love it. Its crazy to see the players behind these major cryptos. They really are just normal people like us.

  5. Guys, for real. Come to Hackers Congress Paralelní Polis 2018. No ICOs, no fake Satoshis, no fake blockchain-whatever companies, no cooperation with governments. It's a conference for tech people with ideology focus. Consider it.

    Thanks for your videos.

  6. The elephant in the room here is how Roger Ver crushed Samson in the debate. To painful to talk about?

  7. a series of military dog tags are a great way to store seed, 12 or 24 word.Will survive a house fire – they are designed to be, by definition, war grade! Should cover most eventualities – aside from drowning!

  8. Could it be that the trustee sold the MtGox bitcoin OTC then it was the buyer who immediately dumped on the market? Or do the addresses track back to a MtGox wallet?

  9. 43:35 – Substratum – Decentralized encrypted internet on a blockchain – about to be delivered. Mini documentary will be braocast during April, hosted by Rob Lowe – There you go!

  10. Great show, guys, thanks a lot! A question to Riccardo: any updates/thoughts on zk-starks for Monero and in general?

  11. Lapps? Bapps? Sapps? Wapps? You guys should start a comedy club. Where can I get the t-shirt. Love this show. Keep making apps.

  12. bap/lap dap…strippers to pay with lightning is that called lap lap….holy shit i couldn't stop laughing

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