Schnorr signatures increase Bitcoin’s value proposition, TSA BTC fan! No Australia customs issues


it’s probably it’s probably catching all
this now why is it doing that Hello everyone did you just hear what we
were saying this is adam meister the bitcoinmeister the disrupt meister we
have a kook yeah I’m in Sydney baby just got off the plane
welcome to the one Bitcoin show today is October the 16th 2019 if you’re in the
United States it’s like 15 our difference here and I
haven’t slept much so it’s the next day here in Sydney pound that like button
strong hand long-term thinking one Bitcoin equals one Bitcoin now you’re
both in Bitcoin affected by selling uncontainable conviction being any Beast
relentless your home for insider information has no cookies here hello by
elite friends oh yeah this is the jet lag show baby we’re gonna make it real
special real memorable for you remember if you have questions type in
bitcoinmeister I can answer your questions and Hass can answer your
questions to maybe play this video at 2x if you’re watching it late hey I won the
state yesterday’s show was taped and but still we got super chats you can do
super chats Colonel Swann junior sent ten bucks
he says centralized authority need not apply pound that like button dude I’ve
set classified also sent us and support yesterday so thanks a lot so has picked
me up from the airport thank you very much mad and we were talking to Houston
or signatures of all all all things and the increased level of multisig it’s
coming so Jetson sister talk about what that means for the financial aspects for
custodial accounts etcetera etcetera yes so so Adam and I were having a chat in
the car on the way back from the airport and I was hashing out an idea with him
about analogizing Bitcoin to a startup company so every company has a
particular valuation and people invest in a company based on expected return
based on something they modeled and valuation so in the very very early days
of Bitcoin the end the end game of Bitcoin was that was a huge endgame but
in 2011 Bitcoin was effectively useless it’s it’s a value proposition in 2011
was was full of promise but the actual utility you could extract out Bitcoin in
2011 wasn’t that much now as infrastructure started to get built
you know hardware wallets ASIC miners exchanges and all that kind of stuff
bitcoins utility increased you know thereby drawing in more yearly
investment so at the current price of about 8,000 bucks you’d need three
million dollars of investment between now and the having to absorb all of the
all of bitcoins supply so on a yearly basis about six billion based on my
valuation of Bitcoin and where it’s at in the current state of infrastructure
with lightning and whatnot you know I can see it being worthy of about ten
billion dollars a year investment which would which would put the coin price at
about 12 grand now and about 24 grand post topping but now what we were saying
with which most images now one of the things Schnoor allows is massively
multiple mmm multi sink setup whereas if you have a 90 of 100 M event setup it’s
the it carries the same load on the network as a as a single as a single
seed key so in terms of value proposition Bitcoin if you’re a big
custodian or traditional bank Goldman Sachs JP Morgan fidelity whatever and
you wanna you want to get in big on Bitcoin and you want to hold you know 10
15 20 billion dollars worth of it unless you have something available to you like
you know an 80 or 90 multi-sig where you can have a hardware wallet in every
major office you have in cities all over the world if if those big custodians
have the to do that the value proposition of
Bitcoin increases 5x overnight so that’s a so that’s one angle of how I see
Bitcoin and its price moving based on the utility function that you know a big
quandary button and the yearly investment that it can start bringing
you so right now custodial accounts these big corporations there they’re not
able to pull that off Dec date you’re saying they’re probably
not likely to be as comfortable as they will be in the future
I’m not gonna say they’re not comfortable now but maybe they’re not
comfortable now holding Bitcoin because they can’t do a super multi-sig like
that so that made me think a lot so when he’s short snorter gonna be ready anyway
anyone it’ll be ready when it’s ready as everything is but like you know my
bitcoins bitcoins got time Bitcoin doesn’t run out of time like we do so in
its when it’s ready it’ll be ready and when it is ready the value proposition
will increase but you’ve also got a flip side of things if you have a foam around
you know whether where the value of Bitcoin skyrockets to around a you know
a hundred grand a coin all of a sudden you’ll just have a lot more developer
interests funds available you know to support developers working on these kind
of things and these things kinda roll along so like lightning you know took
took three years to get to the stage where it’s at now and you know it’ll
keep improving over the next three to four years and it’ll be enough of a
value proposition to to increase you know they’re the eight or nine million
dollars of liquidity we’ve got in the Lightning Network to boost the appetite
of people to to run nodes and other channels now speaking of the Fiat price
you saw that it went down a little bit and you were pumped oh yeah so happy so
I’m I’m you know we should all be praying that the price stays as as low
as possible as long as possible to allow for the little guy to get in and do
their do their daily stacking he doesn’t before who doesn’t he said I’ll get some
right now so uh so yeah the more sacks the little
guy can stack the better I think this dude is really living with
Bitcoin like pound that leg button print and of course check
Hasmik hooks Twitter feed it is linked to below your won all sorts of podcasts
you’re all over the place your rent stuff but yeah I mean seriously you’ve
cut your expenses you the extra money you have you throw in the big point this
is a serious dude he’s limited all right now we’re gonna talk about the TSA what
happened me and uh was everybody loves when I talk about the TSA it was in
Baltimore actually I’m getting on the plane well when I go through the I don’t
go through the naked body scanner I make him frisk me so I the guy is frisking me
and he see I was wearing this shirt because I’m still wearing the same shirt
I was wearing when I left Baltimore and he’s like you’re like a big point Raider
you know about cryptocurrency I was like yeah I definitely know about it and he’s
like yeah that’s awesome and and he’s and I I just know about the pizza thing
you think it’s still good to buy is it still you know my friends are telling me
that it’s it maybe it’s but dude it’s still early it’s like the internet was
early and he was getting excited about as I remember though there’s only one
big point your friends are gonna tell you about all sorts of other
cryptocurrencies there’s only one Bitcoin and the dude was really he’s
supposedly giving me the the TSA guys are supposed to give you a thorough
frisk you know they they flip you on the bottom of it you down here a little bit
and he did it so fast he he loved it so hey man there’s some people say to you
where a Bitcoin shirt when going through TSA it helped today
dude didn’t even give me a real frisky just let me go it was it was great he
seemed excited about it and he was very thankful that I was honest with him
about it you know telling him you know don’t get messed up with these other
coins and everything and that it is still early and you do your own research
so that was a great experience now some of you people at Andreas Antonopoulos
address and let’s kind of put this out there because Australia does have
some rules where I they can check your laptop and you have to give them your if
you have to give them passwords to electronic devices now and so addresses
didn’t come to Australia for that reason you cancelled something in Australia
let me Jason I just went through customs in Australia a few hours ago and it’s
the same as that I’ve come to Australia every year since 2015
ok it’s the same thing as before they don’t want you bringing apples in here
basically an arm jizz and and fruit ok they got dogs sniffing you for food for
food not for treasure wars not for whatever there was no difference at all
there was no difference at all in terms of there were no extra digital questions
they always asked are you carrying over ten thousand dollars worth of money with
you the United States asked the same exact thing speak to a person you would
have scanned all your palm yeah and that’s the other thing it’s so it’s much
better than coming in United States everything’s electronic it’s most now
the United States you can do some self scans too but still you got to talk to
someone sometimes this is very digital everything was a self scan so the only
thing they start talking to you about is about the food and dirt on your shoes
and they were giving a couple so I mean that’s something to know though if you
are trying to be some a person that’s trying to sneak in a bunch though some
Apple holes and dirt on your individual farm maybe then they’ll ask you the
digital file I don’t I don’t know but they really do seem much more they’re
not they’re not looking for your treasures dudes the people they are just
seem to have no clue about the there was no financial threats or digital threats
against this is a be giant island continent they don’t want bugs coming
here there was no so I mean I respect andreas for his opinion but I gotta give
the people of Australia a good word here if you’re a Bitcoin fan yet you can
still come here there’s there’s no extra they’re not biased against Bitcoin don’t
bring your pets though unless you bring them through the official channels so
they are almost gonna put down Johnny Depp’s two dogs pistol
and Boo because he smuggled him in yeah they made him apologize on national TV
and everything it was actually quite dystopian if you guys can check that out
just Google Johnny Depp Amber Heard apology to Australia
now here’s what this uh the great guy Bennett says half has to tell his story
of his start with Bitcoin his strong hand to stay the course kept me going
what an inspiration that’s actually a great segue but it’s tell you story than
I’ll tell a story all right Oh sometimes yeah condense it completely bought the
top in 2013 doubled down at 800 doubled tripled down at 600 quadrupled down at
400 quintupled down at 300 and and and then I stopped because it felt like I
was throwing good money after bad but effectively this was my new passion my
new world view and I was ready to die with the with the Bitcoin ship so all
the money that I put into Bitcoin I gained lost and a donation my only
regret is not buying more during the doldrums but but the lesson is you know
there is there is there can be no reward without without sacrifice and and
suffering and I really think it’s quite important that that people suffer
through at least one one bear cycle to really build conviction so top buying or
not like like I’ll tell you so with so I went in hard at the top I was a I was a
major bag holder so by the time you know I’d I’d average down so so there’s this
charts about you know number of days that Bitcoin has been in the green and
it was like you know 90% of the days but I wasn’t in the green in Bitcoin for
about a thousand days yes Rohan even I came around and as that April this year
I’ve been holding big for six years and I did not outperform a
single thing stock so this hand is strong and now obviously because it’s
gone up from you know three grand whatever it is you know I’ve
outperformed the Fang stocks that Bitcoin is most definitely not a
get-rich-quick scheme and not not something you should go all-in go all-in
too too early so for example we were talking about company valuations before
and you know what bitcoin is worth to people back then I thought Bitcoin is
worthy of the you know twenty to thirty billion of investment a year and that
was just my opinion orbit where I saw bitcoins endgame but you know the world
still doesn’t share my view and the indication is that we’re only probably
pulling in about six billion dollars of investment a year but soon enough we’ll
probably pulling in a hundred billion investment a year who knows so the trick
is hold never sell consider your Bitcoin purchase a donation to the greatest
charity in history where it’s the only ii charity in history where you donate
money to it not only do you realize a better world you also enrich yourself oh
yeah what a guest straight at a sydney pound
at Lakeland and he’s talking about the lessons that he learned there is an
article that I read on the plane because I opened it up I opened the browser
before I got off on the plane I’m trying to maximize my time on plane and I said
it this article is by Michael Hawaii over that city that’s his name on medium
how I discovered Bitcoin and it’s it’s a good lessons he talked about in 2012 we
heard about it and then he tried to argue against it and in 2014 he was
freaked out by the low prices all these typical stories this is smart guy and he
puts it all out there soon read this it was a good article if people like to
hear stories like this but how they got into it now they made some mistakes in
the beginning and they learned they’re less
so that that is that article that I read on the plane by Michael Hawaii is a good
one link to below it is definitely a fast one I want to say the two of us are
gonna be at some events coming up those are linked to below now show this piper
thing to show how old-school you are here with what is this piper alright so
this is a this is a relic of years gone by so basically what what this is this
is a way back in the days possibly even predating trizol
so what this is was this little unit whenever I had like a little kids
birthday or occasion like that used to like you know giving them giving them a
couple of sacks so I used to click this button and and print them out a paper
wallet so you know as as is with everything life for some reason it’s not
oh there it is she lives so this is like basically a little raspberry pie bucks
and it’s still legit man he’s still guess so I’ll hold it up to the camera
once it’s done so this is on it’s all on like hate based special paper that you
know what won’t get destroyed for years and years and years and years so I used
to give these things out so you load up on this one and I give them a couple of
sacks and I tell them once these sacks are worth a amount of money that’s worth
putting on a trestle or something I’ll I’ll show you how to sweep the funds and
store them so so they don’t make this thing anymore it’s a cool they only only
supports legacy addresses but I do believe that it’s a open-source product
so you can if you’re if you feel that way inclined you know paper wallets
aren’t really a thing these days and and and I’m actually quite happy they’re not
pretty much far better ways to secure your coin but this was a good good
little gimmick I just used to have a lot of paper paper all
that I used to use to give out and tell people not to lose them I think you know
since the since the beginning of 2014 I’ve probably given regrettably probably
around about one Bitcoin out out as gifts but if but if you think about it
there were times in in 2014 especially where if you’re giving you know a $50
gift you’re not for for you know a kid being born you know that that would have
got you you know 10 million sacks or whatever it was you know where a $100
gift would have got you an eighth of the Bitcoin so it was very easy to buy
Bitcoin to buy a bitcoins worth of presents for people in there in
2014-2015 someone else why don’t we still have this I mean the company
because they couldn’t make money yeah so I can’t remember how expensive it was
but it was expensive enough it’s a Raspberry Pi HDMI two USBs and a
Ethernet input you know functions you know has a website is people it yes
paper wallet calm so so yeah so is the the 2013 model so the old school this
goes this goes back a long time so the trick is time in the game baby
time in the settle it’s the only way all right so guide Bennett said five dollars
in super check thank you very much brilliant thank you sir two hundred ten
thousand blocks never lie down that like button dude
all right let’s see us what else we have on the agenda here there was something I
remember that we are okay we talked about the lessons the TSA guy and the
custodians and the shirts that you can get to link to below type in you’re
seeing how I have seen all the behind the scenes get on this of this shows is
this a bunch of ideas written down all right no we’re gonna talk about that one
thing that you mentioned in the car on the way over
youth you theorized there are a lot more Bitcoin lost than people think oh yeah
and so states a you know it that the increase in the number of a Bitcoin
heaven the last five years if you still
remember though still remember the sack that’s that’s I tweeted out yesterday so
about a year ago today about eighteen and a half percent of all mined bitcoins
we’re in new TX those five years or older so that was a year ago eighteen
and a half right now twenty one point six percent of all mine bitcoins are
sitting in you TX those five years or greater so I’m you know I think there
are there are more lost coins than people really think there are it would
be great so I’m basing this on the on the huddle
wave data by Unchained capital and I think J Ratcliffe so it’ll be
interesting to see if they add a bracket which shows you TX those older than
seven years so and that would really give us a good guess of you know how
many you lost but at the same time people might be on a five-year hold
simply because they’re dead too scared to touch their old wallet and when
things like snore come out those big whales holding ten fifteen twenty
thousand coins in a in a single key old Idol wallet we’ll be able to use the the
massively multiple M of n tech to secure their big heavy-duty
savings yeah I’m really looking for through these Schnoor signatures and the
massively I came and say it now it’s like MMORPG massively multiple you
know you know in event now another theory you had about the
more lost coins out there you went back to the days when B cash was born in
August to November of 2017 and you thought much more be cash would be
dumped but it wasn’t immediately done so you theorized like they’re just some
people that don’t have access to their Bitcoin and thus couldn’t because
because if you know what those accounts were life first it was would have been
very worth moving your stuff onto her onto a
cigarette wallet and secondly it’s free money so if let’s say a million more
Bitcoin or a million more be cash were docked there’d be no be cash now and
there’d be no b.s because it’s bigger to be worthless yeah but because you know
there wasn’t a lot of like these like I said so out of the 18 million mind coins
3.6 million of them older than five years so completely idle wallets been
sitting idle for five years and it may imagine a million of those getting
dumped like there would be no chance like that even if a hundred thousand of
them were dumped the market would have been able to to you know handle that
amount of sell pressure now know are some people they’re just they are scared
to open their wallets for whatever reason and there’s some just long-term
holders that never want to touch it but it it is an interesting theory and for
the once this new technology is out there with the point you made in the car
also is once the new multi-state technology is out there some people will
be tempted to move it if it guided some old-school address that nothing what’s
safer at a multi-sig thing so that will be a natural anymore custodians and more
big ones nations are getting that’s that’s exactly how I see it so for
example there’s a cool website Bitcoin rich list shows you like the the
heaviest Duty accounts the top ten are pretty much all exchange accounts that
you’re not carrying a hundred thousand or more coins but you see just a lot of
batches of like ten thousand coins ten thousand coins ten thousand coins in
like single key legacy accounts why would you stash ten thousand coins on a
single key legacy account like that’s not safe at all unless you’ve lost the
keys with Sammy it’s not it’s safe but it’s that’s a lot of eggs in one bus
okay that’s like that’s a very open like I couldn’t have even even dream of a
thousand points let alone ten thousand so why would you put ten thousand in in
a single seek legacy like I’m a like I’m I’m a nobody
and I’ve got three or five yeah so so some of those people will will get a
will update well upgrade to these more complex ones brought on by the shippers
not just that like if you want any chance of mixing these coins you’ve got
a you’ve got to upgrade to a to a BEC 32 address this is good employees make on
their ease make it a goodness yeah he knows more about this mix sort of so
these things aren’t moving getting mixed I’m quite happy to say these things are
lost because no one in their right mind should be sitting on ten thousand coins
in a single key legacy account and if you if you visit Bitcoin rich list
you’ll see several several such accounts I will say we’ve got another dude from
Australia the Fundy is over in Perth and he leaves a comment
the scared to open wallet thing comes from people having a super secure set up
when they created completely offline computer and printer for using dice no
point risking on internet connection when you have it in a bomb-proof safe
and that that is uh that completely offline thing is that is super duper if
you know what you’re doing not just that this stuff wasn’t possible in 2011 and
these accounts are older than 2011 so i’d say there’s a lost we eventually
will see if they never have removed because because because that’s the thing
like i don’t think there was ways to introduce died stroll in entropy and air
gapping and all of that kind of stuff like i don’t think that was doable
unless you were like ultra ultra ultra hardcore and there’s just too many
accounts with like a flat 10,000 or a flat 5,000 or a flat you know just the
just a round number but just haven’t moved in seven eight years he agrees
with the mixer point though that the mixer point was a great point if you
want to get into this mixer stuff you’re gonna have to do you can’t just have it
all one address so I can alright agree that there’s some set-and-forget
hablas that have you know have been on a have been on it on a five-year hold and
you can see in the stats which could be a leading indicator for some of you
traders next time when the price bubbles spiked the amount of in only like a four
month period the amount of UTX shows at the amount of Bitcoin held in you check
shows largely in five years dropped from like seventeen and a half percent down
to like sixteen percent so there was a lot of old holders giving down but since
that time the the low point of you know 16 and a half percent its climbed back
up now to twenty one point six percent so we’ll see we’ll see what happens in
there in the next bull but I’m quite confident that there are a lot of
Bitcoin lost simply for the you know the recklessness of storing such an amount
you know in a single key legacy wallet which has now actually attracted a lot
of attention so a lot of these Bitcoin rich list wallets you’ll go to them and
it will say last out yep if any like 2011 or 2012 and you’ll see last in this
morning and then you click on the address and you’ll see like big big
amounts going into the account early on and then millions of like one Satoshi
spam transactions to that account so people are watching this account and
waiting for it to them so yeah they’ve either lost or you’ve already mixed them
and if you’ve already mixed them to youtube so it’s not five years old all
right dudes it’s the jet lag show which means I’m gonna have to get my sleep
very soon but boy back tomorrow with a new show of course does they’ll be a new
show every day and we’ll have this we can pick what you’ll see pass some more
you’ll probably you’ll be on some more of my shows thank you very much for
being on the show the thing that’s gonna pick me up I hope everybody enjoyed this
special the one Bitcoin show remember town that like button bag that bow
button those squares that you see if you’re
watching this tape I’m adam meister the bitcoin oh wait guide anna says fights
that’s five dollars he wants to say something so what do you think the total
big point exists at this point to the closest million 16 million what oh not
fifteen fifteen and a half that excessive because there will be some old
five-year holders i’d say all the Satoshi’s k’s are gone
plus another plus another million and a half or so let’s call it fifteen fifteen
five so it’s not really a teen is fifteen five is what he says there’s
some as say less there’s some people though said less than i’d hurts more
all right dudes i am out of here thanks everybody we got australians in the
house here it is the day it’s weird man i’m getting used to things that that’s
the day when it should be the driving on the wrong side he’s driving on rocks i
right see ya alright that was good

10 thoughts on “Schnorr signatures increase Bitcoin’s value proposition, TSA BTC fan! No Australia customs issues”

  1. @06:35 a black cat passes between exactly when the talk is about stacking sats and letting us little guys in……wouldn't that count as a bad omen or a "sign"?

  2. Schnorr signatures does nothing to increase value of BTC
    Value of BTC can only come from UTILITY which BTC lacks
    You people are clowns and charlatans
    2020 is coming… year of BSV… and you clowns, you will get what you deserve…

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