This week in Bitcoin- 3-9-2018- Return of the FUD influenced weak hands, Bprivate, and more!


Hello everyone this is adam meister the
bitcoinmeister the disrupt meister welcome to this week in bitcoin what a
week it was today is March the 9th 2018 strong hand long-term thinking
uncomfortable remember all three of those things those just aren’t sayings
people those are things to apply to what has just happened this week in Bitcoin
with all the fun all the people trying to scare you at your Bitcoin anyway this
week in Bitcoin I am in I am in South Africa you don’t see me because there
were technical difficulties of scares gonna kick me off but we have three very
special guests and you guys know these Jews for various reasons giuseppe stood
oh he’s back he’s been on the show before chris black that’s basically his
name hello anyone said Chris is on the show he’s got his also Twitter he’s back
on and Andrew from crypto says he’s coming in from England he’s got an
awesome channel I mentioned him before on the show he hasn’t been on the show
before so I’m we’re gonna start it off with Chris actually it he’s got New York
City is right behind his Manhattan’s right behind his shoulder when he starts
talking yeah yeah I think you guys can see it I’d say like this little time this week ended basically with wild news
stories that crash the Bitcoin market and the cryptocurrency market and as all
you know I tell you they ignore the price but you know once like the buy
Nance suppose it hat came out and then the sec story and the japanese story
came out and the mount doc story cannot everyone’s for screaming about all four
of them and that the price is going to go down to 6,000 they don’t have
long-term thinking and you know i have said this on my previous shows we’ve
been through this a thousand times how many more times do we have to be through
this scenario where there’s a lot of stories all at
once everybody panics Chris what’s your opinion where any of these four stories
legit I mean they were real stories at times but what’s what’s your it’s all
real information right the question is is is it is it enough that should
warrant the drop that we’re seeing and crashes like kind of a bit of a strong
word right it’s a price dip we’ve seen these price dips over and over but
what’s become really apparent to me is when you hear about what’s going on
the the stories the the mount gots dude all these things they’re just kind of
sparking they’re dropping a spark into the the pile of hay right and then the
flames that shoot up which is the price dropping is all the panic selling that
comes after so you know they they kind of spark it and then we have the panic
selling which shows that there’s still a huge number of people not sure huge
number of people that are in this space that don’t really understand what’s
going on everybody’s shown there you know so but look for me it’s now much
less important how high we go it’s much more important to me where our bottom is
and every time we have these these alleged crashes they’re at a higher and
higher level right so last time it was six thousand this time I’m hoping it’s
right around where we are right now which is I think is the high eights you
know if the next crash we go down to as low as 9500 you know a year from now our
basement could be you know we could be talking about a basement of $20,000 so
you know that’s the way I’m looking at it every time we have a crash we come
out at a higher spot and it just keeps on laddering up so I’m feeling good
about it all right Andrew you got a lot to say here hey everyone this is what I
look like this is the only time you’re gonna see me the show well maybe Andrew
what’s going on with you with this you’re not in your head no I completely
agree I mean for me what what people seem to be forgetting is that we’re
we’re much higher levels than we were just a couple of months ago
you know people seem to think that exponential growth is normal across
markets but you won’t find any other markets which move like Bitcoin and to
be making a lot of these comparisons is silly in my opinion I just I think that
these kind these kinds of events show the fal ability of technical analysis I
think there is weight in technical analysis is a useful tool when the
markets are behaving naturally without any of these cataclysmic events which
we’ve been seeing over the this week to be honest you know finance and the mount
cooks trustees doing what they’re doing so yeah this is what is showing to me as
you as Chris said like the floor is you know moving up and it just shows that
the stronger hands are staying exactly where they should be do you think any of
these stories is more important than the other that of the fun stories you use
the word did you use them or catastrophic I mean and you make you
make a great point about technical analysis I mean I don’t know why anyone
would want to even be a drinker these things happen these type of stories are
always gonna happen and they always caused tremendous drops and again if
you’re a long-term thinker then it doesn’t even matter but if you’re one of
these trader dude you’re gonna get hit hard if you’re just doing this petal in
houses but do any of the stories stick out in your head we’re gonna wear any
more important than the other I for me personally I think the the mountain ox
trusty selling off their Bitcoin in their you know their their all coins
that they’ve got their be cash it that was quite a big thing for me because you
know I’ve seen I’ve seen pictures of wallet addresses when they were selling
and you see big drops on the day that these alleged I don’t know if it’s
alleged or has been proved or what but you see big drops on the days that these
wallets made their transactions I don’t think you know for me that stands out
the finance story stands out but I think it’s all compounding I don’t think
there’s any one particular story which will cause something you know so major
it all compounds Guiseppe what do you think about this
and specifically what do you think about the the Mount God’s trusty just why did
he decide to sell it on the exchanges instead of it to go over the counter is
this guy a fool I mean what’s going no I’m there
I thought you might have an opinion on that but tell us your opinion on
everything sure well to answer that question
directly I really don’t have an opinion because that’s just pure speculation I
think we can think of a million reasons why or why not he or she would have
wanted to do that but with regard to the stories how they’re impactful and what
matters I think these this is a lot of positivity I think that with Japan for
example that proves that regulators are now confident that people are trusting
these virtual assets and I think it’s the job of regulators to make sure now
that they set frameworks up both short term and long term to ensure a healthy
environment for their people their citizens and their residents to be able
to entrust these digital assets for long-term storage or whatever else I
mean there’s just I don’t see the negativity I really don’t I can see why
people think it’s negative but genuinely speaking it did not even cross my mind
that was a checkbox great another big worldwide economy now thinks that this
is a real long-term asset beautiful with regards to the USP same thing same a
fermented thoughts I think that it’s actually just not surprising at all it’s
that that’s what it’s going to continue to happen and I think it’s also a
healthy positive signals on the finance piece in particular I think that
showcases how strong and what technical team they are I mean I think that that’s
another positive – these things are going to happen and they handled it as
professionally as any other exchange outside of cryptocurrency would have if
probably if not better because they’re all technologists and then with you know
the mount gothic stuff I think once again that’s just it’s unfortunate that
it happened at this point but I think it was going to happen sooner or later
right but those are my thoughts now see all
four of these stories I mean they came out within 24 hours of each other did
you think there are certain people out there whether they’re traitors or just
people with no lives that just love to compound this stock and exaggerate it
and scare people and create fun situations I just want to make a point
actually which kind of times it would just Happy’s than that he’s absolutely
right there are so many good things going on right now within the Bitcoin
space but it’s only these bad stories which are brought out and brought to the
front and are kind of held at the front and shoved down your throat you know
which is fine because it does shake out the weak hands is good for people like
us who are accumulating so you know come back to just sappy there what do you
think that it is that there are entities that are twisting the good news and the
bad news or just taking all of the bad news and trying to scare people I mean
because we’ve been through it seems like this happens all the time where we’re
it’s exaggerated with a story where people take it to the next level and it
doesn’t just to me it seems like of course the media is gonna look bad it’s
gonna try their best to make things look bad and scare people but now it seems
like there are just people that are that want to get big coin for cheap I mean it
almost seems like just a sure I mean I yeah I think with any market in crypto
the cryptocurrency market is no different there’s going to be good
actors and bad actors and each side of the coin and each side of these actors
are gonna have their own and agendas and ulterior motives and this is no
different I think it’s one of those things where it’s expected and I think
that people that truthfully actually understand the market itself with
specific regard to cryptocurrency in this scenario know that you know you
have to fill throughout these ulterior motives and hidden agendas but sure
there definitely are actors both of good intention and bad intention that are
going to be using these motives for self-serving purposes before we get to
Chris here I just wanted to thank Craig in the super chat the great Craig ship
who is at a location in near Camp David he sent $2
he says have a strong hand thank you for that super chat and everybody use that
strong hand right now to pound that like button remember to subscribe this
channel check out the notes section below because you can see read all about
these dudes you check out their Twitter you check out their sizes there’s three
smart dudes Chris I didn’t ask you if you thought any of the four stories was
more important than the others and you have any replies to what the guys have
been saying ya know it’s been all great comments I do think that the mail cock
story is is the most important story out of the four because for me it’s a
there’s a there’s a silver lining to the cloud right because there are whales
like this out there there’s not just mount guts but there’s individuals still
that have a whole lot of Bitcoin and the more that we can get them to reduce
their stack and disseminate it on the exchanges the less volatility we’re
going to see one person shouldn’t be able to influence the market the way
that he has and that’s just a sort of leftover remnant from the early days of
Bitcoin when when prices were low and they could accumulate that much so that
we are still in the early days where this is gonna happen for a little while
longer and there’s still a lot of situations where people have a ton of
Bitcoin they might need to you know buy their billion-dollar jet sometime in the
next year or two so they’re gonna liquidate and we’re
gonna see movements but this is gonna be you know ten years from now this is not
gonna be an issue ever again right because you know all of the Bitcoin is
going to be spread out among the world so it’s gonna be a completely different
story yeah their movement there won’t be silly big entities like that that are
just dumping every month or whatever this dude is doing but I do want to
point out with again I’m a guy who doesn’t really care that much about
price because I’m just trying to get more Bitcoin I still have the same
amount of Bitcoin that I had yesterday but one thing that you have to take note
of is not only did the Bitcoin price drop and that’s what the big news is but
everything cryptocurrency price dropped in terms of
dollars every single one and it’s because of Bitcoin stories so on in that
positive note per Bitcoin still is the king being motive yeah absentee analysis
kind of you know show and he was going oh look bitcoins dropped ten percent Oh
likewise drop ten percent oh you know everything’s dropped 10% and
but he’s looking at it in the dollar value obviously because these people
don’t realize that it is literally tied to the Bitcoin prize it’s not not kind
of or like it looks like it’s tight it literally is tied you know a lot of
people just don’t get this and I’ve got friends and you know whatever they they
say oh I’ve made this much this many pounds over here and you look at them
say how much Bitcoin have you made and that just doesn’t cross their mind at
that’s but you know it’s more stuff how much how much Bitcoin have they lost by
holding big coin I mean these people that ask me about light going off all
the time every times when they’ve it’s like one’s gone up in dollar price but
in terms of Bitcoin it having I mean you just you gotta bow your wealth in
Bitcoin with that little any you guys made comments on that before we move on
here just one more thing you know I I have seen over the past few days with
this drop we have seen a lot of drops not just in dollars but in Satoshi’s you
know and that from a theory amount down we are seeing Satoshi level drops as
well so Bitcoin is clearly driving the sentiment of the market but it’s it’s
the lack of knowledge you know within the within the entire market that’s
causing people to also flip out of altcoins and back into Bitcoin at the
same time you know what I that’s my opinion apart what’s probably happening
when we see this Satoshi well big boy Thomas has gone up a little bit during
all of this I think it’s you right right and you call them you saved lack of
knowledge for those people it’s a very nice way of putting it very very kind
under-informed yeah that’s the least I am still running into people who are
into these all coins and ice who they they keep all their coins on
exchanges they don’t really even know how to send her some of these I mean you
hear the wackiest stories you won’t even believe some of the I sent my etherium
to an aetherium classic address why didn’t that work why can’t I get and you
just and there’s nothing wrong with that in a sense that they they just didn’t
learn it you guys are skipping important steps out there I’ve said this many
times just take your time when learning about cryptocurrency people and you know
a little bit of more of a complex manner that deals with cryptocurrency and
crypto dividends let’s talk about the be private Fork and this this was a big
story at the beginning of the week there was drama around big tracks and there
was a lot of worry but it seems like now the sentiment is back on the be private
side just set me woody what do you have for us from the land of be private what
do you have to say what’s going on I think that we are one week into the main
net launch the blockchain launched successfully it was put together in a
very short period of time and considering the circumstances it was
a technical success I think that if you talk to technologists and and tell them
the everything that we pulled off from a main net standpoint I think they would
agree that it was not a simple / easy feat I think that our challenges and
obstacles are pretty clear obvious let’s take a step back the mission of Bitcoin
private is to bring the best privacy technology so zero knowledge proof to a
mainstream audience I think if you look at the data of traction of privacy coins
in general there’s no oh God transactions has been brought to a
mainstream audience so that’s where we think we can differentiate and that’s
what we plan on doing and I think we have our work cut out we you know we
need to make it more accessible via exchanges and we need to get our
executing our product strategy and get our vendor product out there and then
also continue to innovate on the block’ level – well I gotta tell you privacy is
is people are saying that’s gonna be the next big thing
so you the be private people are definitely
onto something here it’s it’s giving big coin holders their own version of uh Z
cash is a nice a good way of putting like yes any any other developments that
people should know about that’s that’s you know or ways to contact her just to
get up-to-date information anything you want to say so many people are curious
they do have so many questions we are rolling out frequent community updates
so I wrote the first one that we published this past Tuesday and we want
to do is get into a frequent predictable cadence with updating our community so
stay tuned on our Twitter account we’ll be shooting out any medium articles that
we publish on our strategy now that we’re kind of have a longer term
strategy we’re gonna be updating everyone on our exchange progress you
know one thing that’s been happening it’s pretty exciting this week we’ve had
vendors mainly from the US but throughout the world have come to us
unsolicited inbound asking how they can take Bitcoin private for their business
transactions and that’s really cool that shows us that at least you know in just
a short period of time there’s the appeal is there and stay
tuned for you know our product updates on the vendor side we have you know
we’re gonna be putting together a really nice user experience we’re rolling out a
new ambassador program next week and I think we’re going to be innovating a ton
both on the technical technical side and also in the community side yeah I would
just say anyone who’s in the crypt of dividends the big point be patient be
patient be a long-term thing or these we’re all in the middle of a big
experiment here we can’t rush things too much if you rush things are gonna make a
tremendous mistake and it just hold on to your coins people Andrew I think
you’ve been covering the be private situation you have any comments any
thoughts on what’s been going on or any questions for Giuseppe or anything I
mean you know I think the be private it’s well time there’s obviously a lot
of interest in privacy coins I think it is good for the I think it’s good for
the you know the holders of Bitcoin in that yeah we are getting our privacy
coin I mean in terms of a kind of the implementation of
becoming the main their testing and everything I’m I’m not I’m not too
knowledgeable about that and to be honest I mean maybe that’s kind of
reflecting the general public’s you know I’ve been trying to keep her obviously
heard about what happened on bit tracks and everything but yeah I mean I’d say
to you guys to keep the positive news coming out you know keep us informed I
wanted to make this Giuseppe real quick though it seems like you guys are
getting any incredible amount of fun I mean there seems to be some haters out
there so that is a great question I think about this a lot obviously and I
think there’s there’s a few factors I think a I think that across the board
there’s a fundamental misunderstanding of how technology ventures are built
period I think that people fail to realize that you said it yourself this
is still a big experiment I think with the exception of Bitcoin everything is
an experiment and to an extent even Bitcoin is still an experiment although
it’s it’s it’s by far ahead of everything else from a traction adoption
etc standpoint but I think that there’s a there’s a fundamental understanding it
goes into how these ventures are built and you know how it’s still really early
in the game if you and I think there’s also a lack of understanding of looking
at the data from a traction standpoint you know people automatically assume
just because there’s other privacy coins that are over the you know in the top 10
market cap that’s it it’s game over no other privacy coin can actually innovate
and that’s just false I think if you look at the history of technology
companies outside of cryptocurrency there’s incumbents that come and go left
and right and I think you know up until you know what two years ago there really
wasn’t much innovation across the board when it comes to cryptocurrency so it’s
really early in the space I think a lot of the fun is just due to misinformation
and a lot of confirmation bias I think there’s a lot of people that like to be
right I think it’s human nature I like to be right too but I think that you
know there’s that that’s currently taking the the front on fun and then
also to people see that we’re project with a real team and I think it
should concern some people I would say one other thing that I well I’ve thought
about this I think some people were confused by the Z classic I think they
thought that the they weren’t expecting Z classic to go basically down to almost
nothing that that because be private I understood was a total replacement for Z
classic so if you bought Z classic you were really just buying be private and I
think a lot of people started screaming scab because Z classic went down to
almost nothing they didn’t it was confusing for people but for me it was
really simple I’m like if you’re if you’re gonna get to Z classic you’re
getting to be private it’s just it’s just a quick way to get be a different
way to get be private I think I don’t know a lot of people were unnecessarily
annoyed by the price drop of Z classic but it was it should have been totally
expected so I think I think that might have to do with it a little bit and I
think people were frustrated with bid treks and they started taking it out on
huh we lose him back he’s back lost a princess I lost you there for a second
oh you did what do you last I see Kristin did you
have any thoughts on the UH on the be private situation yeah you know I’m a
marketing guy and I look at everything from a marketing through marketing prism
and you know just set but you can feel free to correct me if I’m wrong but you
know as we know this is not a Bitcoin fork this is a classic fork the Bitcoin
moniker was placed upon it so it’s it’s sort of the as far as I know you know
the first kind of fork that’s gotten a lot of attention that’s that’s got a
name that’s not directly associated with where the fork came from Bitcoin was was
this is called Bitcoin private to generate attention to generate awareness
publicity for marketing purposes I get it I’m a marketing guy I do think that
as a community we need to start you know thinking thinking through the
ramifications of the things now because we have countless
numbers of bitcoins out there floating around people are very confused and you
know I just watched a CNBC video on Twitter where they’re going through like
trying to explain like this is like not Bitcoin but it is and it is this is so
you know and feel free giuseppe likes it to counter but my take on this just
might my takeaway is i want to ask the community to start having more respect
for the marketing side of this because if you look back at linux it’s not like
we had linux and then linux with two x’s and linux two x and linux you know so
it’s like we had unique individual and that bitcoin is not a trademark name
it’s not copyrighted anybody can grab it but you know and what’s your point of
view on Guiseppe sure first of all was I respect that opinion a lot I think you
bring up a lot of fair points that I think deserve to be addressed so my
thinking is the following so it’s a heart it’s a fork of Z classic merged
with the UT X no set of Bitcoin right so that’s the relationship with Bitcoin and
the reason why we think it’s important and why we want we brought into Bitcoin
community and that’s the intent behind Bitcoin private is because if we want so
Bitcoin has established itself as the leader when it comes to peer-to-peer
electronic cash transactions both for individuals and enterprises period no
other cryptocurrency has demonstrated this now we believe in the mission of
making all of these transactions 100% mathematically proven right private
privacy excuse me which today that does not happen with Bitcoin so what we
wanted to do is take this privacy technology and if we want to implement
it at mainstream we’re gonna have to work with the community that currently
is mainstream and that’s the way we see it and why we associated ourselves and
why we want to bring this to both the Bitcoin community and the the
affirmations e-class and community etc so that’s our take on it I think that
it’s I think there’s fair points against and for what I just said I think that we
do have a relationship with the Bitcoin community I think that there’s
unfortunately a lot of misinformation they’re on what our intentions are and I
think that creates a lot of I think that kills the productivity to a lot of
discussions there I think that it needs to be done responsibly you’re right
because I think ultimately if people try to abuse the Bitcoin name right and some
people call it a brand but it’s a protocol essentially there’s no really
owner one owner to it but a lot of people if you abuse it I think that it
is going to hurt the industry and that’s not our intention at all we’re very open
about what our intentions are and we think that it’s just the truth if we
want privacy if you believe that privacy transactions should be mainstream and at
critical mass scale then you should believe that you need the big coin
community to be a part of that mission or else it’s just probably not going to
happen so I hope that answered a little bit or hopefully a lot of your question
it does it does and you know just one one more thought on that is is you know
absolutely the community is an important part of of what you’re trying to do and
you say it’s not a brand but we’re in a weird world right now right where we’re
dealing with open-source protocols we’re dealing with this massive community
that’s that’s decentralized but we’re still dealing with brand confusion among
cryptocurrencies and you know look I’m the last guy that would ever like want
any sort of regulation of any sort from any government right but I do think we
need to start thinking about how would how we it’s our job to protect the
consumer the average person who’s just trying to figure out what the hell is
going on here you know to which should I buy bitch Bitcoin or Bitcoin private a
book Bitcoin cash or a theorem or like coin you know and we’re heading in the
wrong direction because we’re sort of we’re confusing them even more you know
so that’s why I just wanted to call it out and get your thoughts on it and it
makes sense what you’re saying but at the same time I do think we should start
thinking about how we prevent in the future if we stay on the path we’re
heading on we’ll easily have a hundred bitcoins in a year or two and we might
even know I don’t even know I know if you guys know that’s yeah that’s a fair
it’s a fair point and I think that I think about that a lot I really do and I
think the analogy that I try to draw is you know the the
Internet right and a lot of companies that came with the internet if you look
at a lot of companies that tried to do this is a far-fetched analogy so bear
with me here but for example you know a lot of the early Internet service
providers and you know people just being able to recreate that back in the night
I the argument could be made that this is going to hurt how the internet is
perceived and adopted and rolled out at a mainstream scale and I think that
ultimately it there’s going to be a moral compass involved with that and
there’s going to be a responsibility in a developer side like we believe that
where we need to be responsible to to make sure that we protect the end
followers and users as much as possible but yeah I think there already are a
hundred of big points out there to Tybee that that’s the thing there there are
teas are so many out there that it’s kind of lost its effect and only the
cream of the crypto dividends are gonna rise to the top the one zet that do have
the big marketing teams the ones that do get on the exchanges and to be honest
with you so far only be gold and be cash how they been able to break through on
the Tresor and on the ledger and and on all the exchanges all these other ones
out there are on minor exchanges said they all have caches and I think I mean
from what I see be private is first of all based in the United States with
english-speaking people I think it gives them a huge advantage and I see them as
the ones that have the one chance to get like the other ones to let get like be
more than be cache and rise to the top because there are a lot of well there
are a lot of Chinese knockoff so out there already and people ask me about am
I like how do I get my super BTC I mean I have no idea that is this like it’s
become a joke some of them so I can see both sides of the you know that it’s
getting out of control but all these big points but I think they kind of cancel
each other’s out and a few that are actually legitimate are gonna rise to
the top so again it’s it’s an interesting experiment
Andrew any thoughts you haven’t spoken for a large
day yeah no I mean I was out you know just thinking about all these you
mentioned super BTC I forgot all about that one they were and I was trying to
think of some other ones I’m sure I could recall a couple but you know it’s
I was just thinking would it have made how do you think it would have made a
difference in terms of the release of Bitcoin private if all right fair enough
you’ve done the airdrop to the Bitcoin holders but under a different name so
you know I don’t think it would have worked if they had to call it that yes
it’s a semi I mean you can give your opinion but I mean dad yeah that’s one
of the reasons I think there’s so many haters out there I think it is a
beautiful name and a very creative idea to like double fork or whatever you want
to say yeah they couldn’t call it Z classic if they call it Z classic – no
one would have paid attention at all wouldn’t be a story at all I’d be that
what do you think you said sure I just want to try understand the question
correctly so are you asking if we believe we could have rolled out in a
different way without calling it Bitcoin private and associating ourselves with
the Bitcoin community I’m not saying you should have done that I’m just saying
what do you think would have happened you know how how do you think I would
have gone down well hey I don’t think we’d have the team we have today I think
that a lot of people including myself are big believers in Bitcoin you know in
Bitcoin only world type of thing right however I think that there’s a lot of
evidence that suggests over the past few months that there will never at least I
don’t think there’s any there’s nothing that I’ve seen production right there’ll
be 100 percent anonymous transactions on the Bitcoin chain and I think we’ll ever
get to that there’s just too much legacy I think that right now scale is the more
important solution and not 100 percent anonymity so this is really the only in
my opinion innovation outside of Bitcoin that’s necessary and needed so I think
just that alone is big enough that this project wouldn’t be where it is because
it would not involve the individuals such as myself to have been a part of it
and I just want to pin on that and just say that’s pretty telling to me because
it shows that a lot of these are are you know they’re driven by the
Bitcoin brand but they’re not they’re not associated with the Bitcoin brand so
you know to me you know it’s like if you have McDonald’s selling hamburgers and
then down the street you have McDonald’s Express and they’re two completely
different things going on right and you know McDonald’s Express is one
restaurant McDonald’s has has ten thousand you know it implies that
there’s it implies association with the original project so and that’s that’s
why you were interested in it right because there is that implied
association with Bitcoin which has a global community of developers which has
a global community users in Bitcoin private has you know a fraction of that
right now so I do think that we need to think
about it in those terms even though it’s not companies we’re talking about it’s
the same thing going on in people’s heads where the average person is new to
crypto is see how many times were you guys asked when Bitcoin cash came out
like oh is this like a new version of Bitcoin oh is this like the the advanced
version like what is this like obviously they’re both Bitcoin like why is one
different from the other there’s just that Association and the average Joe
doesn’t get it well part of the problem be cash was they use the same addresses
and they were trying to pretend to be Bitcoin like these guys aren’t trying to
be they’re not going that extra step right I agree with that they’re trying
to confuse they’re using a different address system I assume they are at
least I appreciated I mean Bitcoin cash was actually marketed as the Bitcoin
right you guys are not doing any you know Bitcoin cash is not doing anything
even remotely like that it’s a complimentary coin you know right and
that’s why yes and that’s why if you so today from a data technical standpoint
Bitcoin private has more of a throughput and is arguably well not arguably it is
faster than Bitcoin but the solutions in place that’s going to be solved you know
transaction speeds costs etc that’s not gonna hold Bitcoin back and I think any
developer that understands that this stuff can’t be solved overnight
knows that that’s just not a material issue right that’s why so I I don’t I
only like to talk about the things like the privacy aspect which I just as
the software professional and also just present a general crypto enthusiasts
know that that’s just probably not going to be 100% implemented on the Bitcoin
chain it just isn’t there’s no evidence to
support that and that’s I just wanted to throw that in there just to show how we
from a mindset standpoint we we don’t we’re not trying to you know argue
things that really aren’t that just the record I’m a huge fan of what you’re
doing and I think it’s much needed so it’s you know just commenting on the
branding I have more concern about that but I think the project’s awesome and
everybody out there we got a hundred seventy live viewers found that like
button seriously we’re having a blast over here
well since we’re talking about these crypto dividends these friendly Forks
and let’s talk about something that’s been brought up to me again here and um
I found myself here in South Africa all of a sudden a cash versus Bitcoin debate
erupted around me on a show I was on and I was just thinking to myself this
is just totally jumped the shark now I mean and then on my Twitter I got a guy
a psychopath basically copying me on all his thoughts and seven copying like 17
other people it’s literally something other people about his conspiracy
theories about be cash and this and and you know about Bitcoin core and how much
more can we take of this can’t people just go their separate ways and because
in the real world here I don’t see people too concerned about block size I
see people trying to sell I cos at these events
I see people talk about ripple and banks and just be cash versus Bitcoin isn’t on
the radar but if there still seems to be people who love to just yell at each
other and debate and live through other live I carry through other people
through these fights that and they seem to just be extending I don’t I don’t I
don’t see a point of so much to like I don’t know why this discussion is even
still going on to tell your truth what do you guys think it has a jump to shark
Andrew idea have you been hearing about this again yeah I mean you get it all
the time don’t you so you know I I’ve had about this month about six people
asking me about buying Ripple you know it or Bitcoin you’ll be cash or you know
you get but my response to them is always the same it’s always there’s only
one chain which is run continuously for nearly ten years never bend down not for
a second there’s only one you know there’s only
one coin which is which has all this infrastructure infrastructure based
around it okay the infrastructure around it is centralized and it’s being noticed
by the banks etc and they’re trying to get in on the game but Bitcoin itself is
the only decentralized you know truly decentralized crypto there is no central
point of attack so that’s my response whether they listen to me or not I’m not
that bothered yeah well I just I think that what I try to say is if you let me
cash go I mean nice people who like be cash and they’re not trying to start
fights so I I respect those people I I just I just think the people who want to
continue the battle on both sides there there’s people in the Bitcoin side also
who are guilty of just extending this thing and I mean I think don’t people
better things to worry about than getting into just continuing this
argument what do you guys have anything to say about this has a debate jump the
shark yeah I think that the the whole case of tribalism look it’s only gonna
get worse I hate to tell you Adam it’s not going away you know you look it I
get the coin market cap Twitter feed and every day I see the tweet with like
we’ve listed 15 new coins today and every day look at I say god dammit you
know it’s like it just it’s gonna keep on getting worse you know between the
forks and the new coin launches everybody’s got their tribe that they
want to be a part of right and in my point of view is the the discussions are
very important it’s very important to discuss the differences between Bitcoin
and Bitcoin cash and with Bitcoin cash fort
I thought and I still think it’s a worthy experiment to have big blocks
over here and small blocks with second layer solutions over here and let’s see
which one wins let’s see what happens and that that’s that that’s great
same with be private same with all these other things that are going on the
problems come when when people reach their breaking point
they reach the limit of have where they’re able to have an intelligent
argument right and we’re dealing with the crowd on Twitter on reddit on
Bitcoin talk on all these different places and at the conferences to where
we have such a wide range of people you know we have people coming in it’s this
is much different from the early days of Linux you know where you had a geek
contingent 90% geek contingent for a very long time
we immediately encrypt of attracted the mainstream audience and we welcome them
with open arms but at the same time they’re gonna bring with them their own
drama and their own way of handling these situations so I don’t think this
is going to go away anytime soon but we can still like those of us who are a
little bit more advanced with this stuff and I’m not a developer but I try to
stay up with stuff I think it’s up to us to sort of be the role models and try to
hold intelligent conversations around around these things I’ll say this
there’s been a lot of not so intelligent conversations I think that’s what’s
gonna be frustrated and it’s the same not so intelligent conversation over and
over again with this now and it’s it’s that’s what’s jumped the shark for me
just set me you you had something to say I think ya know I so I agree with with a
lot of what Chris was saying and just an extension of that is I to answer your
question directly I just respond with let’s just see what the market says what
the market responds with and I’m not saying from a market capitalisation
standpoint I’m saying from a traction standpoint if the developers of Bitcoin
cash believe that you know transaction speeds need to be solved today right now
and that’s super important well let’s see if that actually is if that
importance is reflected in the amount of traction that’d receive in
of cum that’s really about it I mean I think there’s no there’s no other reason
to argue I think and it was pretty clear right now that bitcoins still way
further ahead from Attraction standpoint but I think that it’s an experiment
I think Bitcoin has I mean it’s what andrew is saying I don’t need to go on
this unparalleled infrastructure I’m a cryptocurrency in projects standpoint
I’m you know in Bitcoin caches valley proposition seems to be the transaction
speeds etc and we’ll see if it’s really that important of an issue that it needs
to be solved over the next several months and can’t wait for the second
layer solutions Bitcoin as which is likely network etc so again let’s see
how it plays on I agree let it play out first as a point yeah just one more
thing I do think that that it is important to keep because I hear this a
lot I hear people saying you know giving that argument like let the market kind
of decide that the merits of the technology but going back to marketing
we are seeing and Bitcoin private is a really good example of this the the
marketing is important you know and the marketing has the potential to drive a
product I’m not saying this is Bitcoin private but I’m saying the marketing has
the potential to drive a product that is not the best technological product ahead
right because it’s cool that we associate it with people like the brand
because people like the the spokesperson you know and you see this over and over
and over and arguably that’s what’s going on with Bitcoin still Bitcoin is
still number one because of the network effect because of the brand because of
the associations with it so I do think that that’s part of why people feel the
need to shout the loudest people want to be the loudest advocate for their coin
but we are sort of creating that through the marketing aspect as well so it’s
it’s a double-edged sword it’s gonna be crazy to see how this all plays out
because we can’t go on forever with you know having having 10,000 coins
competing with one another in the same marketplace and you know with all these
different brands I agree if I could just add one more point so I agree with that
and ultimately though the way I see it and if
mean even if you just kind of look at just technology organizations in general
the marketing aspect is a band-aid ultimately right I think that it’s going
like all use Bitcoin private as an example the marketing can get us so far
as X but if we do not deliver on the product strategy front on the adoption
and traction front no marketing in the world is going to fix those issues for
us so I think that from a short-term perspective yes the marketing is
impactful but from a long-term perspective I think it cancels out just
because of everything else that’s going to start happening let’s say there’s an
apocalypse with regard to the cryptocurrency market that we’ve never
seen before you know the ones with traction really be the only ones to
survive no marketing in the world is gonna save them at that point so I think
a thing a lot of a lot of people are like buying all these kind of old coins
you know for basically they’re looking for the next Bitcoin right so they’re
looking for the next thing to shoot up or like they’re holding on to their be
cash or whatever because they’re expecting to go to ten twenty thousand
but I think in the long term when they realize that there is only one Bitcoin
then eventually they’ll just have to get on board you know so I don’t really
think there’s much point in wasting energy arguing I mean it’s just let
people see what happened don’t see what happens in terms of you know these where
a coin has a function and it’s it’s fulfilling its function then that will
that will keep that will keep the coin alive nothing else will I think you hit
me on the head with all the new ones that get created all want to be the next
Bitcoin eraser so people who missed out on Bitcoin and missed out on the theory
era they they really want to be the next aetherium at this point because
aetherium went through a quite a rise also that’s very similar to Bitcoin so
and since they saw that happen since they saw a coin already become the next
Bitcoin sort of they think well we could be the next aetherium that and so it
hope is in the air so I don’t know how quickly they’re going to give up on
their dreams and say oh bitcoin is the one you made say it’s easy to say but I
don’t think it’s easy to of tribalism exactly what
exactly what the other guys were saying if these people gonna stick with their
tribe for as long as possible but but again that right now the with the story
that that hit me was just like the nonsense arguments between some of you
know these top-tier altcoins and their relentless non-stop same arguments
against bitcoins despit specifically just to beat the be cash Bitcoin thing
it just seems like it has it’s the same that the argument is overplayed now than
maybe we could have a more intelligent discussion on another level or something
and again a lot of people have moved on so I’m just repeating myself at this
point anyone else have anything oh yeah
anything else to add on this anyone yes she said yeah I wanted to add one more
thing and I’m really a may sound like a broken record but as a technology
entrepreneur you know and outside of my clique the crypto world and the role I
play it’s just I really hope we get to a point sooner than later wear these all
cryptocurrency are judged more by their actual traction because if you stop and
you actually look at some of these top coins and look at the traction they have
it’s the equivalent of a technology company that is at the series a stage
worth it’s worth 20 million dollars and it’s very disappointing I think to see
that that hasn’t settled in yet I think that it’s good for speculators but I
think it is bad for the goal people can say oh this is ranked X on coin market
cap well that doesn’t mean it deserves merit right but unfortunately that’s
what fuels I think a lot of these arguments in conversations 100 percent
yeah I think I think there’s a key to moving there’s certain gimmicks that
move you up real quick on coin market cap like saying you are the China
version of aetherium or you know and it’s the same thing that fuels fun on
the other side it’s like if you can just sound exotic like oh there’s news out of
Japan there’s news out of China that tank
the market he’d say everybody falls for these exotic simplistic exotic gimmicks
and they it’s like if you can somehow convince the 80% that your exotic just
because you use an asian term or something you’ve got it maybe if you’re
trying to scare people or if you’re trying to pump people seems like that’s
a good recipe in the cryptocurrency world i do wish that we could judge
bitcoin private on its own merit so for the technology but we’ll never have that
chance now right because it’s got the bit quite baggage in the bitcoin
brilliant so just throwing that out there sorry
hold on what case though I mean I think that that assumes that we’re not going
to be innovating on the product experience and the products that we
bring to the market and assumes that we’re not going to have differentiating
traction from a vendor and payment gateway adoption standpoint I think all
that is going to happen but I think helped along by the Bitcoin Association
I mean to a degree if anything is going to be testing it slightly more because
it’s giving it more attention so people will be aware of its existence in the
same way that well as soon as I saw a super big super Bitcoin I was on it I
wanted to know what it was etc but it’s disappeared you know so I’d
say just because it has the name that alone isn’t enough to keep it going
agreed yeah all right well let’s let’s get on ten we’re at we’re in the last
ten minutes of the show here so let’s any Andrew what’s putting any
conclusionary thoughts anything that was left out anything you wanted to add is a
story or anything like that no I really enjoyed the chat thanks guys one thing I
did want to add I saw a tweet of someone I can’t remember who it was I saw it
earlier today and it was something along the lines of you know if the markets
keep dropping as they are and all of these ERC 20 token owners you know like
the kind of ICO people see that or Neisseria people sorry but like the the
ERC 20 tokens rely on aetherium right so if they all suddenly decide to cash in
because hold on a minute we don’t want to hold onto these ether while the
markets are tanking so hard will that not really push the price of
ether like into the ground beyond you know beyond anything you know what I
don’t know how much the ico people even pay attention to the prices they just
care about issuing their ICO so like people might start signs certain ERC 20
tokens but there’s all these other people lined up to start all these icy
OS just to take their place so I don’t know I think there’ll be a balance of
newbies coming in to take their place let me know it would have to be like
cryptocurrency is almost dead for these ICO people to stop creating new ERC
tokens so much excitement yeah III don’t know it’s interesting it’s interesting
phone experiment there I didn’t I never really thought about that I’d like to
see them tweet actually Wow who’s uh Giuseppe what are your closing thoughts
here are things we left out anything no I think from a higher level I think that
people need to see all of this impending regulation and it’s you know in some
countries shutting down exchanges with the end goal of wanting to make sure
that they established longer-term frameworks as positive signals those are
positive signs I think that you know two years ago when it didn’t have the when
cryptocurrency Bitcoin in particular because that’s really the the only one
with critical mass adoption didn’t have the spotlight on it it didn’t have the
interest from a residential residents of a country standpoint
well then regulators really didn’t have to care but now you know for them to be
taking these steps it means that this is going to become a part of our daily
lives whether we like it or not and that is a super positive sign so bitcoins not
going anywhere dude that’s a nice way of putting it
that is a nice way of you know when when people look down I mean I’m not a fan of
regulation but you put it in a nice way it’s gonna be part of our lives whether
you like it or not now once they got their hands around it so that is that is
a positive on a somewhat of a what some people consider a negative before we go
on I want to go back to Andrew real quick because Andrews got his own
channel crypto sense it’s linked to below and he does post lots of videos so
I want to tell everyday people didn’t know about it check him out
and of course when you go to his channel like my channel pound that like button
everyone take a moment to do that right now this channel subscribe to his
channel and please check up in those section to learn all about these guys so
now Chris is gonna totally rap it off from New York City he’s gonna show you
New York City behind it Manhattan again alright take it away looking beautiful
yeah right it’s nice nice day here yeah I just wanted to call that one thing
I’ve been seeing a lot of and that’s that’s fans of or holders of open source
coins and these are not-for-profit ERC 20 token type coins but you know coins
like nano and like you know even monaro and some of the larger ones people are
demanding from the developers this this level of marketing and partnerships and
why aren’t you guys approaching like Apple and Facebook and all of this this
stuff and it shows that a lot of the community still doesn’t understand that
these are developers who are behind these coins especially with the smaller
ones like like Nano and some of these other ones that are bubbling up and I
implore you do not ask a small group of 10 open-source developers to go out and
try to also do all of these business deals their job is to code you don’t
want to trust a business deal that’s being done by by one of those guys trust
me I know a lot of developers no offense to you guys but you know look there’s
business people and there’s developers right look the community it’s the
community’s job to do the marketing your job as a holder of a coin is to do the
marketing and to figure out how to get the attention that it needs to get these
deals done so whether it’s it’s nano or any of these other um brain freezing on
some of the other examples but you know don’t rely on the devs to do that stuff
get out there and do it yourself find a way and if a yeah but you know just
figure it out because it’s not up to the core team to do that Chris that was
freaking awesome man it’s I’m a marketing guy to thank and you know what
the community the communities do need to step step up if they just complain and
complain nothing’s gonna get done to you you do
not want develop you want the developers developing that’s that’s why you’ve got
an awesome according they’re smart dudes they are
not marketers you guys have this is a free market the free world is the social
media go out there and just do it be in motion people you can pump your coin if
you want to and there are people they are people that do that all around the
these different cryptocurrencies so you guys can do it to you there’s nothing
illegal about marketing and and speaking your voice and you but you don’t want
your de yeah you don’t want your developing team to be distracted but
they aren’t they aren’t your servants to to be did you don’t walk that marketing
they’re not you know what they’re doing it let them keep their eye on the ball
let them do what they do write code and keep on improving the coin you don’t
want them being distracted and being pulled in a hundred different directions
that is a great that as a great conclusion that is a that’s not for just
this week in Bitcoin but this year in cryptography keep that in mind be your
own marketer well on that note everyone I am this is this week in Bitcoin it
comes on every Friday at some time it’s pretty random when I’m traveling along
next week will be coming to you from Uruguay so who knows who will be on what
time it will be on but just remember we are here every Friday in here the
bitcoinmeister channel I post a new show every single day sometimes two a day so
keep on coming back I’m atomize thank you guest by the way
they rot check out their links below i’m adam meister bitcoinmeister the disrupt
meister remember to subscribe this child like this video share this video check
out the new section below bye bye everyone I’ll see ya thanks everyone
good thank you

10 thoughts on “This week in Bitcoin- 3-9-2018- Return of the FUD influenced weak hands, Bprivate, and more!”

  1. The Tokyo bearwhale has been located so operation "seek and destroy” has been implemented ! last expedition … https://qzprod.files.wordpress.com/2017/01/steininger_bearwhale_frame_med-e1483725113296.jpg?quality=80&strip=all&w=3200

  2. If you want to read the web bot for march, then go to my youtube and watch/read it. I have added other things too. Share the free love ❤

  3. BTCP might have some pumps. But thats what all these Altcoins have. No matter if they are forked or not. I'd sell it. The biggest fork was BCash. Matter goes back to the center – Bitcoin. But illusions and rebell attitudes are human. No need for rebellion inside of a much bigger rebellion.

  4. Thank god the despicable Japanese legal system sanctioned 200kBTC-thief/MtGox 167kBTC-Super-Whale problem affects BTrash and other Forks , else you would never hear the end of it. Wish core team could block that wallet and insist the thief's trustee return the BTC pro-rata to the 2014 orchestrated collapse victims

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