The 1 Bitcoin Show- Vlad Costea talks Lightning Network, BTC media, Romania, Mircea Popescu, more!

Hello everyone this is adam meister the
bitcoinmeister the disrupt meister welcome to the one bitcoin show today is
August the 14th 2018 a strong hand one big point equals one Bitcoin value your
wealth and bitcoin offended by selling bitcoin is the next bitcoin be a unique
beast holder of last resort world reserve cryptocurrency don’t FOMO on
altcoins alright we’re doing it a little different today on the one Bitcoin show
we got a special guest coming in from Romania Vlad Costa is here and hey man
Vlad you’ve written you guys have probably read about him in Bitcoin
magazine he break for Bitcoin magazine he’s got his podcast with a really cool
name with your Chabad guys caught again it’s got an awesome name yeah the
Bitcoin takeover the Bitcoin takeover I love it pound that like button alright
so I like I like your writings man you write bitcoin magazine best publication
out there they’re hardcore in the Bitcoin there are a lot of ridiculous
stories on other publications covering all sorts of drama but you guys do cover
that the hardcore technical stuff how did you become and I don’t want to be
presumptuous here but are you a Bitcoin maximalist oh that depends on how you
find the term in the sense that I would only invest in Bitcoin that yes in the
sense that I disagree that experimentation with other protocols is
damaging for Bitcoin I don’t think so you can experiment with lots of
protocols and lots of projects to be sure what would happen if you were to
implement that specific line of code into Bitcoin so I guess out coins can
useful for research purposes but I wouldn’t recommend anything as a
financial asset and nothing of what I say is fine
actual advice because personally I’m not very good at reading and I know you had
some bass in the show so watch that episode would tell and just forget about
everything that I say about money well I like your perspective on a Bitcoin
definitely I have to agree it if that’s what a Bigfoot maximalist is I think I
like I like that definition I think some are much more hardcore they will what
they don’t even think altcoins are experiments they think they’re just
scans but again my thing and I don’t give financial advice but I only buy bit
of course this is the bitcoinmeister pound the freaking like button people
now with all with all that said in terms of your writing
it is about Bitcoin related stuff you covered the big Piggy’s thing and I
meant to mention this off the air to you but I met Jim before actually the guy
behind big TVs and I got I give you guys credit I mean it’s a simple concept but
you uh you brought it to the attention of many more people so do you have any
thoughts on that concept but the big Piggy’s having a a piggy bank getting
kids into it early I actually had the idea presented by Christy who is the
editor-in-chief at Bitcoin magazine and bit piggies was one of the items which
was sold during the Bitcoin 2019 conference in San Francisco and they
wanted to have this type of interview but prior to mean joining Bitcoin
magazine I interviewed Jim for my podcast and I knew of him and I saw that
the topic was being pitched but nobody picked it up and I said you know I can
actually take this and turn it around and give it some kind of interesting
twist because at the time I was also researching in Siskiyou morphisms which
is a concept that basically means that you take something physical and put it
into something virtual and for example think of the first versions of the
iPhone or you had app icons which resemble very specifically the
applications that they were having that correspond in real life we had the
library application which would appear like a
shelf on which you choose your media and I was thinking that bit piggies does the
exact opposite take something which is natively digital but puts it in the
physical world and makes it makes sense for young children yeah that is a that
is a great way of looking it looking at it taking something is digital and
putting it into the physical world and it’s a basic cotton for people so try
something like that I think it’s a I think it could really catch on and that
is a very what was the original term that then is the reverse off to a
morphism sk-ii w mor ph is M all right where we’re learning new stuff here on
the show I like this I like this ok now something else that you’re covering
which is I get asked these kind of questions all the time decentralized
changes and your your I have playground a bisque I don’t know if you have it all
but you have you have played around on huddle Hobbit though so uh is there what
do you have to say about how to huddle and is there a big difference between
the tube and your take on decentralized exchanges I’m actually lucky enough to
have interviewed both the people from huddle huddle and representative from
disk and I know that in pure terms if we were to define decentralized it’s only
best that is truly decentralized as it doesn’t have a central authority which
governs it they just have some developers which write code and from
that point on you just connect root or two and network where you get on the
marketplace and from there you just make a peer-to-peer exchange whereas in the
case of huddle huddle they take advantage of jurisdiction which allows
them to keep the business running without any kind of issues I guess they
are based in the Cayman Islands or something and they have the central
point of failure in the sense that is run by two or three people but at the
same time its users who post offers and the transactions are peer to peer and
their zone a point three percent fee which they
have to pay to huddle huddle for this convenience it basically takes away the
power that centralized exchanges have and allows people to transact in a way
that doesn’t require any kind of trust and they use a multi-sig a two out of
three where huddle huddle holds one of the
keys one of those shards of the private key for the transaction and it’s only
settled when but both of the parties involved are happy about all right so do
you see do you see these decentralize that well you say only one is truly
decentralize do you see decentralized exchanges getting more popular in the
near future or people gonna have to learn the hard way
and are they gonna become easier to use any time I hope so
that I’m not entitled to make any kind of predictions I don’t have any kind of
data to reveal right now but I spoke to max Kaden of huddle huddle actually it
was for writing and I got some comments for from him for the article which I
posted yesterday and he said that the number of users is increasing and huddle
Hollow which means that there is an incoming
number of new users who require this type of peer-to-peer transactions which
are much more cyberpunk than the idea of holding your coins in a centralized Bank
like going bass yeah I hope so that it becomes more popular otherwise
we’ll just have centralized exchanges and if you want to go peer-to-peer
you’re just going to get on some type some type of IRC channel or forum where
you trust that people are ok and will not try to kill you or torture you until
you give them your private keys and you meet in person and you’re going to do
this kind of swap for cash I guess that’s the only other alternative which
is much more confidential than anything involving bank accounts now you did say
that one key word in there and it’s not showing it’s not a
trustless system that you know when you have to meet the person in may have to
meet the person in person you gotta trust they’re not going to stab you I
mean that’s that’s that’s an ass big ass there so we do hope that that the online
these decentralized can become as trustless as as possible one can hope
now you you cover a lot some tech issues and you’ve got a tech head on you there
definitely what what’s your take on a lot of people are very excited about the
financialization of Bitcoin does that interest you at all all the the big
financial institutions that are supposedly coming into the space and
that’s usually nice sand it’s pleasant to have this warm and fuzzy feeling of
not being alone and crazy and all of this big space but at the same time it’s
not mandatory for them to get in in order for to be popular what is into the
game but other than that I don’t really see the purpose
okay so Bitcoin doesn’t need they need money that cannot be confiscated and
cannot be centralized and cannot be inflated otherwise they can just use the
dollar and be completely happy and most people get into Bitcoin at first because
of speculation and it was also my case and I got correct because I had no idea
what I was doing but in my case it turned out to be just fine because I
ended up reading books and studying the phenomenon and actually getting a job to
write about it which is incredible yes it is when did you get into it by the
way well I first heard about it in 2014 when I was in Paris studying at
university and yeah I had to make a class presentation about blockchain at
the time and the only eloquent and clear example
blocking was Bitcoin and I basically had to explain to my class what bitcoin is
but I didn’t buy any at the time and I wasn’t very sure about what I have just
learned because it seems so complicated and I only had a few days to learn
information and basically make my presentation and know what to say and I
read an article in Wall Street Journal at the time and it just presented the
whole Silk Road situation and predicted that bitcoin was going to die and I was
going to this kind of University which was very tight in close ties with the
banks in the sense that we have always learned that the banks are honest and
the banks are nice and it’s them who we should trust basically and when I read
that in The Wall Street Journal there was no way for me at the time to think
otherwise and to actually contest that but I got
into Bitcoin in early 2017 I guess but I got into et reom first and I got wrecked
with that one and it was exactly what I needed to hear around the time that you
decentralized the internet you build the world computer which is able to run any
application in a decentralized way when I heard that I was blown away it was
everything that I ever dreamed of wrapped in a nice package in which I
could invest like okay take my money please well yeah I got disillusioned
pretty fast you’re out of it but it led you to Bitcoin it led you through the
right spot do you think there is a future for Syria in a speaking to ten
days you said was just on the show last week I he doesn’t think there’s a future
what about you Uriel it’s hard for me to think there is any
future given the fact that there’s nothing special about it Billy you it
can be inflated I mean it has an unlimited supply okay but they used to
have this plan for a certain percentage of new coins getting in and they just
kept on delaying the a time bomb to the extent that I think
right now they have more than 100 million Eve which was my in which
Vitalik said that wouldn’t happen back in 2016 but now it happened and they are
over 7 million above the 100 million fresh odd so in this regard it’s not
predictable it’s just like a central bank and the fact that it can run smart
contracts and it has that Turing completeness I mean that can be done
with any other product oh you just have the first mover advantage because they
were the first of the kind to be released but right now with taproot and
snore and all the improvements that they’re bringing into Bitcoin for smart
contracts I guess part of the companies which invested in it cerium and we have
already seen it with Microsoft are going to move back to Bitcoin because they see
it as more robust and more sustainable on the long term it makes much more
sense for them to invest into something that will be around in the next ten
years as opposed to something like which gets trashed by crypto kitties and then
goes through a whole existential phase where they’re trying to figure out what
they should release first and when they should transition to prefer stake and
when they should have plasma is charming and Raiden and defy and whatever man you
saying all the catchphrases there defy God hey people people buy into it it’s a
free market this is where the big boys play we shall see what happens but I do
like your take on that everybody remember vlad’s link is below you can
follow him please follow him there he’s tweeted out some stories recently and
his thoughts what are some big stories out there that people are talking about
and maybe some stuff that you’re covering that you’re about to debut and
floor is yours right now I’m working on an article about different types of
lightening routing because it might seem obvious right now that the Lightning
Network has been deployed done the main that that we have a type of routing
which works and is scalable but furs already think about more scalable
ways which can create greater advantages for the parties which are transacting
and one of the approaches is ant routing and they basically took the idea from
ants which when they look for food they dispersed they go in their separate ways
and they leave pheromones behind and basically that’s their way of knowing
where each one of them has been and whichever of them finds most food they
know how to get there because they have the smell of
pheromones and the idea is similar I mean there’s a French team which works
on this and I have been watching their presentations and I’m supposed to
research on it and I guess I have to contact them and ask some questions
because it it exceeds my technical understanding of what’s going on okay
but the idea is that when Alice and Bob are transacting they set a certain fee
because in the future it’s it’s not expected that lightning will be as cheap
as it is now because it’s getting more centralized and it’s likely that
channels will basically say if you want to route true me then you’re going to
pay this kind of fee and basically Alice and Bob will be able to establish what
kind of fee they want to pay and this type of ant routing will search through
the entire network and find the fastest and the cheapest of the routing methods
to be sure that they use the node which gets the money they’re the fastest and
the cheapest according to whatever inputs they set excellent excellent but
their people love on my show to hear this lightning Network inside info so
I’m not privy to this kind of stuff so I’m glad you’re doing the research I
know Erin covers this stuff a lot too than weird oh yeah I actually got the
topic from him because he didn’t have time to cover it so I basically
inherited it well that is awesome that you can take
over and Aaron’s story because he is he is great also and he’s a hardcore
Bitcoin guy which you also definitely appear to be I want to ask and wanna
remind everybody found that like button if you like it when we get a guest on
the show like this this is awesome your first time on the show I love it no
brain I’m bringing you the best freaking guest in the space people you never know
who’s going to show up here now there is again I love with the news
that you guys cover over there but there’s a lot of clickbait stuff it’s so
many other publications and I mean if you just have a story that says like
Bitcoin to a million dollars or some technical analysis chart I mean it’s
gonna do just amazing in terms of in terms of attracting people what’s your
take on the state of crypto media today and is there it do have a favorite fudge
story that’s out there or a favorite Ludacris puppet story that’s out there
well before getting to Bitcoin magazine I have worked for crypto globe which was
my first gig and and there I guess it wasn’t as rigorous in terms of reviewing
the content and if you had something which was I don’t know sometimes we used
to joke that we were turning into BuzzFeed because we were trying to keep
the standard high and write something good but at the same time we noticed
that if the content was I don’t know more click bTW and more accessible to
the masses were just looking for pumps and reasons to feel bullish about
certain coins then they were getting like 10 times more views and at the end
of the day they figured out that their business and they should be operating
through this compromise which they haven’t taken to an extreme like CCM for
example which i think is the lowest denominator and they’re not the only
ones but I like to think that CCN is like an assembly of shit corners I hope
they have changed but the last time I checked their website they had a
politics section just for the sake the fact that they sound kind of like
CNN sometimes and they did politics just to I don’t know broaden the audience or
something which makes no sense to me at least they they’re going to see
something oh but politics is important for regulation and the cryptocurrency
space which I disagree they don’t cover specifically the topics which are about
regulation they just right-click baby stuff about Donald Trump it’s just it’s
just pure clickbait its clickbait when they write about ripple it about Donald
Trump and and this just seems to be the with so many people out there a base
they’re they’re they’re supposing news around it’s unfortunate and that’s why I
like that people like you on who you know you’re not trying to get the clicks
you’re trying to get the information out there so that’s uh they’re very very
respectable what you’re doing so everybody there is the wild wild west
out there in terms of news in terms of rumors I can’t keep it simple people
stick with the Bitcoin stuff stick with the big coin you start you know you
start hoping and praying your altcoins gonna do so great you’re you’re gonna go
to these sources that just reaffirm your false belief which is uh it’s gonna send
you down a path of unhappiness in the long run now you’re in Romania what’s
the scene the Bitcoin scene like over there well you’d be surprised because
there was this guy I’m not sure if you’ve heard of him but you have all the
reasons to research him his name is Mitch a popescu and he was like the
Roger Vere of 2010 or something he mined a lot of bitcoins he set on about
600,000 of them which is insane he’s like one of the biggest whale whales
after Satoshi and he built an exchange and tried to do stuff around here but I
hear that he’s an Argentine or something he he was forced to move for tax reasons
and we also have lots of Bitcoin ATMs which is
surprising there are lots of places from where you can buy Bitcoin and aetherium
because a company which is called Bitcoin Romania and they have basically
partnered with all these electronic devices where you can go and pay for
your bills and there you can pay your bills with Bitcoin or you can actually
purchase Bitcoin the places where you can withdraw cash by selling them your
Bitcoin are much more selective and there’s only a few of them now you can
still find them and the fact that you find all these ATMs only makes you
wonder okay how many people are actually into this in our country it’s mostly
because we have lots of software engineers and we have a very good
technical schools and I guess lots of geeks get into Bitcoin for various
reasons and it also might be the fact that we have an unpredictable kind of
economy and then place an empty sella policy which is just crazy so people get
into Bitcoin as a safety net they think that this might be the only option that
they have so that they don’t convert their money into dollars or euro or some
kind of currency which they consider to be more stable but Bitcoin also
appreciates in price much more in relation to the US dollars so maybe that
it makes sense for them to huddle some and keep on buying yeah how do you spell
that guy’s name again the guy who had six hundred thousand Bitcoin at one
point M I RC e8 okay the ope s see you I’m gonna I’m gonna look that one up
people look that guy he probably does not if he was like who you said he was
like he probably gave a lot of his Bitcoin away I would I would think I’m
not sure it was kind of crazy about it he understood what Bitcoin was all about
before a lot of people did it was 2010 I actually looked him up there’s a lot of
talk about him on Bitcoin talk and he had a feud with
Gavin Andresen at some point which is funny he has a blog which is called
trilemma okay trilemma I’m gonna look this guy I had not a single L okay
trilemma with this okay and Wednesday what do you think he still has six
hundred thousand be quick maybe one hundred thousand of them but
he bought a castle at some points and then he saved an operating system which
is helpful for Bitcoin mining basically the developers ran out of funding and
were about to close down the project and it was thanks to his donation that they
were able to continue because apparently it was like distribution of Linux that
is very secure and that’s why they were able to keep working and their operating
system basically found its purpose in Bitcoin mining I very this is quite
maybe I had heard of him in the past I have liked it I haven’t heard about this
guy for a while I could tell you that but this is a quite a character that he
might have his you might have as many Bitcoin as the freaking the Winklevoss
brothers that’s amazing now I wanna I would I want to end this pretty soon
because we’re getting close to the end with a quote of yours from a recent
tweet and I want your take on your own tweet something the Bitcoin community
has taught me is that reputation is essential in free markets if you want to
stay around you have to be honest and do your job right definitely not something
you find in the normy world where people can act in bad faith with law on their
side I do think reputation is important for
people with good memories reputation if someone ruins a reputation they’re not
gonna want to associate with them but in this space in the cryptocurrency space I
think people have some short-term memory problems I think people forget like
almost the next day after they hear something bad about someone I think
there’s some players out there that are very questionable individuals and have
like cult followings and stuff so I in Fury your your your take is correct and
I would say among the 20% are producers out there yeah they’re they’re not going
to want to associate with people with bad reputations and if you if you mess
up your reputation you’re doomed among the productive people I guess which is
the most important thing but overall in the space I think a lot of people have
gone a lot of different directions and a lot of people have just forgotten about
so I I don’t know what is a duty any thoughts on that that there are some
people that are getting away with really bad reputations out there oh it all
comes back to financial incentives I guess or to the fact that some people
are just foolish enough to follow the money and that’s pretty much it they
don’t care about character or morals or any kind of moral compass or values or
whatever I’m tired but you get what I’m saying they just followed the money like
right now I think of Richard Hart according to this trip the description
that you made that guy is just this camera and I can read his mask I can see
what he’s doing to the audience by constantly trying to solve them and
trying to act like he’s one of them but at the same time he’s smarter and I was
on his show I was set up by my former boss to be part of this show and promote
crypto insider for which I was working at a time and I just couldn’t believe
that he basically used me and my face my image my voice and everything we had
reasonable conversations and after that he started shilling his shit token which
is called hex or something yeah it hasn’t come out yet yeah it’s rumored to
be coming soon yeah and I just didn’t want to be rude because I was basically
pushed on the show by my boss and I was supposed to be polite and
have a decent conversation with him but after I finish the interview I felt like
it was my duty to clarify that I don’t agree with his project so I wrote an
article which was called why Bitcoin Hexter scam and I started okay so I
started from the way he was treating deuterium about a couple of years ago
when he was saying that it’s basically a dumpster fire that cannot be saved
because by design it has many flaws but right now he praises vitalik on every
show that he does and says that he’s some kind of genius and prodigy who will
bring salvation to us all and him busts in anti-aging technology or something so
they become immortal at some point which I find so big and childish but whatever
Richard Hart seems to be a big believer in this kind of stuff and after that he
just gradually moved away from the hard Bitcoin er stance that he had and just
became this shit corner who is trying to at first he wanted to do a nice co and
then he basically got to the hex idea from other failures that he has had in
the past and I have no idea how about 20,000 people regularly watch whatever
shit he produces and he dresses like a scammer he talks like one she pretends
to be a billionaire which he is obviously not because otherwise why
wouldn’t he bother you know III will say this it was interesting you brought him
up because you’re like yeah some people do not really Stanford at one point he
was on my show because he was at this great big coin believer you know going
to 20-day and everything like that and it was and then when it when it hit me
he would Bitcoin went down he totally had a panic attack or something like
that he gave up with and I’m like oh that’s
I’m done with this too I have done with it but then was shocking to me and how
this is tied into the original quarter is how many people still like ask me
questions about them and are like and taken seriously I can’t believe anyone
takes him seriously I’m really is he just sweet look just like you said he
went from saying etherium was a joke to the complete up I
mean what do you see what do you stand for is that is the question out there
but there again people the 80% are zoomin they don’t care they just want
the hottest the latest thing I guess follow the money with it whatever where
you want to state it but they have very short memories in or maybe they don’t
they don’t consider that up you know when someone was ripping on a theorem
before and then praising it laters doesn’t matter to them everybody can
with what’s ever convenient what’s it I mean I guess some people just like
convenience over you know actually standing for something interesting that
you bring him up I I’m I had no idea you were gonna do that so so it’s a very
very good very good timing actually never had the chance to explain this I
spoke to somebody else during their podcast but I at the time I was refusing
to talk about it because I was feeling like Richard Hart could sue me for this
and I honestly don’t want to get in this kind of situation it’s not in my
interest I have nothing to make out of it I’m just going to lose much more time
but I I don’t understand why people still follow him given the fact that he
has a bad record and any presenters don’t care about reputation I mean it
would be a great world if reputation was essential to everyone but it is it’s not
essential to everyone unfortunately alright let’s end it with a good note
here anything uh anything else you want to bring up just the floor is yours I
don’t think I have anything specific that I wanted to bring job except for
the fact that I also want to post this on my podcast and maybe make it a
crossover episode because I feel like we had a productive conversation which
didn’t quite stay specifically on the path of you know Bitcoin stuff and we
talked about some scammers but other than that I feel like it was
pretty good and I’m happy that he invited me yeah you never know what’s
gonna happen here it has been an adventure having you on the show
I love the unpredictability and you never know it’s gonna come up here what
everyone pound that like button check out flags link before below you’re gonna
hear this on his podcast also which is great I love that we’re doing a cross
promotional thing here i’m adam meister the bitcoinmeister the disrupt meister
subscribe to the channel like the video bang that bell button clicking those
squares uh you show every day follow me on twitter at tech both te CH BLT
thanks a lot glad thanks a lot everyone see you guys on Thursday bye bye

15 thoughts on “The 1 Bitcoin Show- Vlad Costea talks Lightning Network, BTC media, Romania, Mircea Popescu, more!”

  1. Don't forget to also check out my podcast. You'll find the episodes on this YouTube account, but also on iTunes and Spotify. For more information, check

  2. Hi Adam. If you had a private key with 1 Bitcoin from July 2017, how much would you be able to extract in value from that private key, except for Btc, Btg, Bch, Bsv. How much more in dollar value would you manage to get out from it? Cirka estimat…

  3. Hey all

    Play ** 9033*** this week box & Straight online @ 5 dimes . C o m

    Bonus Thursday – 456 box

    0441 = 1014 Box

  4. So what is the evidence that Richard Heart is a scammer? That he praised Vitalik's charitable contribution to SENS foundation working on slowing human ageing.

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