Practice English Speaking&Listening with: This week in Bitcoin- 12-29-2017- BTC in 2018, crypto stories of 2017, Lightning network

Difficulty: 0

Hello everyone this is adam meister the bitcoinmeister the disrupt meister

welcome to this week in bitcoin the last one of the year today is December the

29th 2017 long term thinking don't be impulsive people 2020 having it's it's

getting closer regardless of 2018 all right remember check out the link

section below yet last night's show I just did like 12 hours ago you gotta

watch it it's been good lately it's been wild I've been talking about crypto

dividends check out the links below to get t-shirts like this from cryptography

D treasurer ledger nano we have crypto a telecom let's jump right into this you

guys know Paul capistan e anti Zen you don't know Russell Spears

yet he's here too he's new to the panel and we're here to wrap it up so we got a

tech guy a trading guy McTell awesome philosophy dude

Russell's all over the place so let's start out with the year is coming to the

end an end here Oh tae Zheng what was the story of 2017

for you well the biggest thing what was the biggest thing the biggest thing for

me thanks for having me on the show Adam Meister make sure you guys pound that

like button guys found that like button found that like button okay alright so

the biggest thing for 2018 in my opinion was the the idea of the airdrop you know

coins are air-dropping you know left and right you know they're parachuting out

of the air and people think that you know the you know and this is going to

continue you know we call it baby bitcoins and you guys you call it I want

to give it credit you for coming with the term a crypto dividend so if anybody

use that term it was a bitcoin meister here that came up with that terminology

he was the first in the original wouldn't come up with that and we think

that that trend is going to continue this trend of air dropping because if

you know eliminates the need for securities issues and a bunch of other

legal issues and it's a quick a quick down and dirty way

to steal somebody else's community when you didn't build your own community for

your own coin you know I'm saying so it's a way to just hop into someone

else's community and start a coin so I believe this trend is going to continue

and it was only a matter of time most of the air drops were going outwards

meaning that it would start from Bitcoin and it would branch out into other baby

bitcoins but we'll get into this later on when you bring up about Z classic

there the first coin to airdrop inwards meaning that they're gonna airdrop from

a different chain into the Bitcoin blockchain and we asked our team

actually have the idea to do that but these guys beat us to it

so you know God kudos to a rep and his team you know for being the first ones

to airdrop in words into Bitcoin instead of outwards so I think that's the

biggest I don't you know what you call it Tran idea or philosophy or trend

that's gonna be moving forward right is the area okay Paul what was your 20 what

was your big thing for 2017 what was the big news for you this year yeah so I

have to agree with ty basically at least in my mind one of the big sort of

unanswered questions going in so this year was like what would happen if sort

of one of the worst-case scenarios happen which is Bitcoin forking that was

something that I guess as a tech guy really worried made me wonder if people

would sort of not take this tech seriously because as we now see there

are basically Forks happening almost every day is what it seems like and so

that that always worried me because a lot of this is just based on what people

think not necessarily the strength of the tech

and yeah the be cash fork really had me freaked out and I would say that was

also my big story of the year Wow it all turned out great

hey pound that like button people so let's let's see a Russell here what was

your what was your 2017 thing I think it might be similar to these guys indeed it

is I think the most important thing that actually happened was us getting

over the fear of these forks and and I have to say listening to your show it

really got me to think differently about them especially given the prevailing

kind of attitude at the time but make no mistake about it you know whether or not

we have the tech and the innovation in this space yet it will not matter I

think at the end of the day because it is an open and decentralized system and

when we start implementing a lot of these Forks both I guess an airdrop into

Bitcoin which is actually new to me but these normal air drops as well

you're gonna see a kind of in my opinion I call it the Bitcoin Hydra I know

you've mentioned it earlier but it's a thesis it's a simple one that the most

simple the most powerful the most structurally complete system is going to

be a multi token system where all possible innovations going to start

occurring on a simple chain that's anchored to a value a good store value

and that's Bitcoin and so yeah there's going to be a lot of attempts to Fork

and in fact one of them is a B cache version that's gonna be forked off from

Bitcoin Bitcoin plus am i right with it that that's just the name it actually be

cash plus yeah from bit its forked from Bitcoin it's very confusing and that's

perfect and I think that's the beautiful part of this is that even the innovation

and the points that they think that they have an advantage on Bitcoin is gonna be

a part of this multi token system yeah we're gonna have to start marketing the

idea that Bitcoin Plus is the real Bitcoin cash dude it's where it's

getting confusing out there in crypto dividend land all right well so I I love

that what you've been talking about about this is just calling it a Bitcoin

Hydra and in the whole thesis if people could check out his channel and all

these other guys links below it is all linked to below always check out the

links section below so let's say Russell what do you think

this is gonna continue to 28:18 what do you think the big story of 2018 is gonna

be or is that just totally unpredictable no I think that's gonna continue to be

the biggest story is like you know again what's gonna make this important and

significant is that people who actually have the initial investment in Bitcoin

continue to hold their investment in all of these other areas and I agree with

you you know if you're gonna spend something spend an altcoin not your

Bitcoin because again that will give you buy-in to everything that's happened but

don't just blow them away guys because the next Satoshi could be innovating

right now on a fork of this of this Bitcoin in 2018 yeah

Russell's a little bit he I thought I'd like try to get as much big court as

possible from your crypto dividend Russell's like you know wait a second

some of these might there might be hold on to them but again you don't get rid

of your Bitcoin because you get if you get rid of your Bitcoin you get rid of

the opportunity to get more of these things you cut down on the other hand so

he's absolutely right ties n what do you think the trends are

gonna be in 2018 is there something unexpected all coming a lot whether it

probably is of course there is but can you predict the unexpected right here

today there's one trend that's coming in there's a couple of trends that I expect

one is that on the on the the crypto side I believe there's going to be a

thousand more youtubers like us coming online there's gonna be a thousand of

them a day back when you know I first started there was only a handful of

channels you can just pretty much remember everybody I and whose broadcast

and who's talking about what and now we're getting flooded with people and a

lot of them you know I don't understand how they came to be you know Bitcoin

blockchain experts when they just bought the first Bitcoin and don't even have a

whole Bitcoin yet just last week that's going to be the first trim I know it's

tickling you to death man guys I mean it's like a little kid bought at a point

what bitcoins like I got some good graphics here you got it

people listen to well I think what we have to remember is that this flooding

in of all of these four coins are gonna flood out all these alt coins that are

hostile coin there's gonna be a fork of dogecoin okay I can monitor those going

to the moon it's gonna be one of these 2080

predictions okay go back to my other prediction is this my other prediction

is that institutional money and Wall Street is now pouring in I would say

that 2017 is the year that bitcoin is legitimately legitimate now it was

legitimate among all of us already okay but 2017 is the first time in bitcoins

history where it's been legitimized by the mainstream press by the Wall Street

by everyone right to where mom and pops now you you can be confident in telling

your friend or your mom and pops and say hey when you buy Bitcoin it's not a scam

it's safe it's cool you know it's legit because before to this to 2017 you know

you still have to tell people you know you know just be careful you know and

everything but now you can say with full force right and I think that there's

gonna be a lot more money coming in to to the crypto space and not just Bitcoin

alone but into the altcoin space and everything now you know full disclosure

I'm a trader so I trade every coin I have no bias towards any you know like

you know bitcoinmeister here the fact that his name is Bitcoin Meister you

really know where his bias is so that's what I think other teach wins more

broadcasters talking about blockchain and crypto and more and a ton more

institutional and Wall Street and what I call traditional money from the IRA and

401ks they are going to get drain and they're

not gonna be happy with that I hope you know that that's not a bias

that's long-term thinking long term goal in home and put that like button go him

somebody needs to make and a profile a silhouette of a demise you're doing this

right and put goal and hold on it and I will support it right straw him I've got

some I've got some t-shirts with that now first of all as you can see tie and

I have a lot of energy I mean we are but some of the people are so unhealthy

there there like you guys must be old coke you got ties in I I mean we're

healthy dude I mean he's a drunk man if you body in at Bitcoin four years ago

you'd have the same energy that me and Adam Meister has okay I remember this is

I remember I died laughing there was a video that Adam Meister made I don't

know how many years ago one of his first videos that got me to pay attention to

him right first I respect the fact that he

doesn't give a crap what anybody else say I always respect people that follow

their own way okay the second thing was he neither video about instead of

drinking a can of soda or something like that and getting diabetes you should

take that 50 cents of that dollar and put it into a Bitcoin cuz you'll be

happier and healthier yeah yeah you know in fact you know thinking long-term

about your life financially is absolutely stupid if you're not thinking

long-term about your health or the type of relationships you create especially

for men yes and so tie that video I made like in

2015 so indeed if you if you didn't buy sodas for like a few weeks you spent a

hot $250 on Bitcoin back then it would have bought you a whole Bitcoin and you

didn't have $15,000 $40,000 in a Bitcoin now I mean that's life-changing money

yeah people thought that was funny and stuff but dude so I I got healthier and

I got richer and if people were to listen to me hey but wait let's go to

Paul Paul has been quiet Paul I want to ask you it's a double question again

what do you think the trends of 2018 are gonna be and then tell us about what

you're doing with the Lightning Network and what do you see with Lightning

Network in 2018 and 2019 sure so I think 2018 is going to actually be a year

where the stuff that I'm working on which is Lightning Network stuff will

come into play potentially in a big way for example like weave we all know about

the like Bitcoin stealing debate that last of the past three four years or

whatever which ended up resulting in be cash working off and now all the other

forks I think we're going to see for real now which approach is the

correct approach and lightning Network will play heavily into that because even

though I personally try not to spend my Bitcoin as much as possible since I'm

all-in on Bitcoin I'm forced to and the transaction fees and the slowness and

congestion of the network has actually been a legitimate real if you

and basically the be cash folks and king of the trolls think that making like a

highway adding extra lanes to a highway is the way to sort of solve that traffic

congestion problem but really if you think about lightning network the way it

works is sort of imagine a bunch of people are stuck in a traffic jam on a

big highway but you happen to have like a drone and you can take that drone and

jump anywhere you want so you can basically fly over all the traffic and

that's sort of a overly simplified way of thinking about lightning Network but

that's sort of how I'm trying to approach explaining it to people but

yeah I'd be curious to hear from you guys how much do you know about what's

like what lightning Network entails what because I'm like deep deep in the weeds

as Adam said I'm a tech guy so I'd love to be able to address any concerns I've

heard of people like spreading FUD about lightning being sort of a system of i/o

use which is definitely definitely not I've heard stuff about people thanking

that there's the potential for like printing money out of thin air or having

fractional reserve banking which there definitely isn't everything is a

legitimate real 100% valid Bitcoin transaction

it's just that basically people are creating although all of these is valid

Bitcoin transactions but never

broadcasting them into the main Bitcoin blob training

and that's sort of how you can have this office gain off chain scaling happen so

yeah I pictures to hear any questions you guys might have about it well could

I actually just make a statement all of this emphasis on having a medium

of exchange I think is a little misplaced we need to actually have a

store value and if I have a decent store value and I can use any kind of Fiat it

doesn't matter if I'm using the same Bob way dollar at the worst time in their

history you know as long as I can transact within that second or week or

what have you um we're I think lightning may be

interesting and this is something that you'll consider is actually creating at

all a fork of Bitcoin implementing your lightning rather than looking for

consensus and demonstrating its value to everybody interesting well so you don't

really need to well you definitely don't need to fork a Bitcoin to have lightning

we have lightning working on Bitcoin today already and it's working on

litecoin as well and I think there's work on other all coins for enabling

lipping transactions so yeah we there's no actual need for a fork but speaking

of Forks be cash actually cannot implement lightning because they

specifically decided not to house I quit and Segway is they were like a hard

requirement to be able to have lightning transactions and so that's gonna get

very interesting when they if they ever end up getting spammed on their train

and then they have no real way to scale it out that's going to be interesting

potentially I think everybody's go ahead they would have to hard for this but

they get hard for easier I mean you have a dictatorship over that's the

centralized oh yeah yeah tomorrow yeah so here's my question for you about

lightning Network Paul and it's hard to get a lot of people think that because

I'm a trader and I trade every coin out there that

I have something against Bitcoin and I have nothing against big coin I actually

want Bitcoin to succeed right if Bitcoin does what it's supposed to do I'd be

happy to sell all my old coins and put it all back in the Bitcoin because when

I first started I put all my life savings into bitcoins over four years

ago that's what I started I didn't start off with all coin it's not with Bitcoin

okay here's my question to you so I want Bitcoin succeed a lot of people think

that when I say that bitcoins transactions are slow or things like

that you know they think that I'm not I'm

against Bitcoin so I'm not I'm for because I want Bitcoin succeeds I don't

have to buy all these other all points and use them okay but you know what when

I first started four and a half years ago Bitcoin was free transactions or

near free and it's near instant transactions and now I have to pay

eighty eight dollars to one hundred four dollars for a transaction okay and no

one can tell me that that is a good thing

when I first started my ailing huh that was a function of that blockchain

scaling okay so and I understand that I understand that but here's my question

to you all right I have nothing against lightning Network I hope it works I

wanted to work so that people stopped paying these high fees I don't want to

be paying eighty eight dollars for a transaction okay for a business

transaction that hurts our business okay so here's the thing

right why can't we like between the Bitcoin cash people and the Bitcoin core

people right and I don't favor either one I just want it to work okay

why couldn't we and you're the first person I've talked to that appears to be

neutral and where I can ask a valid question about Bitcoin in the Lightning

Network right it takes time to implement the Lightning Network during this whole

time right what why couldn't we scale up to a bigger block size while we were

working on implementing Lightning Network well why couldn't we do that

just to reduce a congestion and we decrease the fees and everything so we

don't lose people because we're losing people would lose businesses are getting

hurt because I mean like no one wants to pay eighty eight dollars or twenty bucks

or 50 bucks for a transaction fee yeah I I agree just the other day did you guys

see that Bitcoin billionaire rap that was going around it was pretty

awesome but at the end of that video the guy had a QR code where it turned out it

was a real Bitcoin QR code and so I decided to send him some money and it

ended up costing me I think 30 bucks and fees and I sent like 10 bucks as the

donation so I 100% agree that the transaction fees situation is a little

bit crazy but then again we when that happened we were under one of basically

deep ashes my opinion sort of attacks against Bitcoin which was they were

spreading a bunch of thud on the Bitcoin subreddits they were there was also

happened to be at the same time a difficulty adjustment in both Bitcoin

and B cash which may be cash more profitable for

the miners and at the same time there was a bunch of spam being thrown sports

Bitcoin so all these things together oh and that was the day that coinbase and

released the cash on their exchange so all those things together sort of seemed

like yeah maybe they could be a coincidence but they seemed like a

coordinated attack basically and so you have to take that into consideration

when you're thinking about yeah okay there were high fees at certain points

in time but totally agree that that should be the case man three years Paul

four years every time I meet somebody and I and I you know evangelize people

about Bitcoin I would just pull out my coinbase wallet and the first thing I

would have him do is hey just look download coinbase or bread wall and let

me just send you five bucks with the big one real for yourself let's not even

talk about it just open up your why let me just send you firebox and lately for

the last year so I can't do that no more but that's not a problem with Bitcoin

that is a problem in general with blockchain technologies that's why this

Segway is a solution and that's also why we are allowing the scaling debate to

get us all that worse right traitor or you could be a Bitcoin trader you know

what I mean yeah it's like you know you we haven't focused

the most important part of this technology and acid decentralized nature

is the permission lessness it's you know it's being you know yeah I understand

all that stuff but I mean I'm not new to Bitcoin my question of pause since he's

a tech guy right is why couldn't we find a medium like let's say that we bump it

up to two or four make a box of megabyte blocks right

while we are in Finland so that the throughput is increased and there's new

fees that we do why couldn't we do that right and I'm not I'm not being

sarcastic or smart as done I'm just asking like why couldn't you technically

yeah we work on implementing layer 2 solutions like lightning Network on top

okay so the most basic straightforward answer is a hard fork requires everyone

to change their software that they're running it basically forces everyone to

update their software otherwise they are incompatible they like you're not using

Bitcoin anymore if there have been I mean be cash did it right because

literally did this they bumped up the block size and to use be cash you need

totally different software right there are be cash wallets

there are specific I mean be cash is a totally different currency so the issue

at all points in time with just like bumping up the size of the blocks was

that it literally creates a different currency the thing that to me is cool

about Bitcoin is that it sort of forces everyone to agree to the same rules and

if you disagree you're off in your own parallel universe like Roger is right

like if you disagree with basically the reality of the original Bitcoin

consensus rules then you're not using Bitcoin so that's like yeah it seems

like a simple solution to bump up the block size but we saw there was a

real-world experiment of what happened you get a totally different currency and

you know why it's only because we politicize this whole issue of using as

a currency we want we need to use it as a dam as a bar of gold

right consider a bar gold you don't completely disagree with that I

completely if you go back you know I don't know how long you've been in a

crypto Russell you know but if you go back to the early videos from 2009 10 11

12 13 14 15 there's nobody there's nobody online that was talking about

Bitcoin right they would talk about how it had micro payments it have past

transactions new you know fast confirmations you know low fees it's

gonna you know eliminate all these piece of a blockchain that didn't exist it did

exist I don't know how long you've been in crypto but it was existing when I got

it in 2012 and 13 the same problems eggwin I think is the right solution

I've chained many of your people that are on that same basis I am NOT

disagreeing that segment or lightning network is not the good solution but

when somebody is telling me in my face that Bitcoin didn't do all these things

before I refuse to accept that book here was doing all these things in 2012 13 14

and 15 right so I don't know when you guys got

into Bitcoin it was doing all these things before so you can't sit there and

tell me that I didn't do it okay so it's my life savings into Bitcoin because I

saw that what it could do so you guys he didn't do it

ty ty I agree so I got into Bitcoin in 2013 so I've been around for a while as

well and at the time basically one of the big figure heads I guess of Bitcoin

was Gavin Andresen right he was the guy who would go on all the like TV shows he

was like the head developer of Bitcoin and he was basically the guy interviewed

in documentaries and all sorts of the media and what he was doing which to

mean now looking back on it is pretty messed up he was one who was sort of

over-promising saying yeah you don't have to pay anything for these

transactions they're instant blah blah you can buy coffee anywhere whatever he

sort of was over selling in my opinion what the tech could do while like he

knows he theoretically knew of the limitations right there's no way that

Bitcoin was I mean it wasn't incident back then right there was always ten

minute confirmation times right okay you you I am glad that you know what you

just said something that I haven't heard from anyone okay I'm going to share that

with big claim misers audience you just said something that I've just heard for

the first time usually and I'm glad that we have this conversation because you

just you just solved a lot you just answered a lot of questions that was in

my head but before I share with everyone found that like button

Golan Hall right strong hand guys don't be a weekend alright anyway what you

just said that Paul you just said something that I want the audience to

know that was very you just said that they might have oversold what Bitcoin

was capable of doing and no one has ever said that so and no one has ever said

that to me when I watch videos from Mike Hearn from having Andreessen from

Andreas Antonopoulos but everyone now I'm not a tech guy like you are so if

someone that is supposed to be the core developers the main guys Andreas

Antonopoulos all these guys are supposed to be wizards and recognized as the top

engineers in the top guys I understand it technically are saying that this and

I personally transferred tons of bitcoins back and forth and saw that was

new instant you know and new zero fees and everything and what you're telling

me is hey ty at the time that you were using it it was doing all that but they

have they might have oversold you on the fact that when it starts to get more

transactions that there's going to be congestion slope and it slows down and

those micro payments are no longer going to be available without some other

solution yeah I appreciate you saying that because no one has ever said that

scaling bump to munching and scaling you understand right yeah but yeah but the

difference in what you just said versus what Paul just said because I personally

experience a fast Bitcoin network I person I don't know how many people I've

met and transferred five ten bucks to them just so they can see it and we

would sit there and translate back into it that's exactly why Bitcoin the be

cash group is having these marvelous you know times themselves it's because they

haven't scale but by everybody thinks whenever I say some there's an issue

with Bitcoin everybody thinks that I'm supporting be cast and there was once

that I supported me cast I'm just saying right I'm not worried about that that's

cool all right let's say okay Paul's got something saying that will wrap up this

conversation Paul you were about to say something um yeah so I guess I don't

necessarily think it was a malicious thing that sort of Gavin Andresen was

doing so considering sort of the bad ideas like I think that he's had

recently like saying that Craig Wright was Satoshi and just he's done some

pretty questionable things that make me wonder what the hell he was thinking um

but I don't think it it was necessarily a malicious thing because this is pretty

much the hardest technology to explain to anyone you sort of have to understand

cryptography you have to understand economics computer science hell like

psychology you have to understand a bunch of different very different fields

to even begin to sort of wrap your head around what this stuff is and so I don't

necessarily think it was like a malicious or sort of like like car sales

and any kind of thing that Gavin was doing in those early days it's just that

it's like hard to explain the nuances right of like hey actually those

confirmations are never instant right you do have to wait the 10 minutes like

that doesn't fit into a soundbite and I think I think what you're dealing with

those system complexity the human brain isn't good with this stuff yeah look at

the end of the day you know you can be an expert in something and only that

thing or you can be a generalist and try to understand it in a more vague way and

I think that we need both these voices what you're saying

needs to echo with people we need to take that and consider it you know but

you know having yourself obsessing over code all day isn't gonna give you the

time to invest into thinking about it in a lot of different ways so it does take

people from the investment side it does take people from the psychology side and

he'll even make tell when we talk about that soon

all right good so I did we I think we got I mean this is going to be some is

such a huge talking point such a huge issue this we'll be talking about 2018

support and I urge people not to like spend too much time worrying about it

let it let it play out we gotta you know it always does take up

a lot of time yes here's my question for pause so when can we expect Lightning

Network to come online when can we expect to be able to use it so Lightning

Network is already basically it's live on test net so just to clarify for

people who may not know Bitcoin you can do Bitcoin transactions on what's called

the main network so maintenance is one of the Bitcoin networks but there's also

something that we developers use called test net which is what it sounds like

you have test coins that are worth noting and so you can do all sorts of

crazy things on test net and the Lightning Network has been working for

months already on test net and in fact there have been actual lightning

transactions on main net so Bitcoin proper as well but one thing that I

guess non-technical people should take into account is that this is money right

like if you screw anything up like this is irreversible transactions there's no

backsies right like there's no saying whoops I actually want my money back

so the folks working on lightning network are basically some of the most

hardcore people in terms of like technical knowledge and expertise I've

seen and they are making damn sure that everything is thoroughly tested that

there are no ways that things can go wrong and

I mean like I said there have been lightning network transactions on

maintenance already so this is not like vaporware that's a lot of you yeah I

understand but it's it's a main net for the tech guys like you when does a

non-technical person like me able to use it well realistically I don't don't

don't let's not let's not repeat the same

mistake Aven and Andreas and all those guys that you said you know that could

have could have had I'm not saying you make accusations but they could have

over exactly or oversold asan we're gonna have to wait for the institutions

in the wallets and the infrastructure to start adopting yes so so so what when is

a realistic time frame that realistically call us knowing days yeah

let me check my crystal ball over here it's there's it's hard to know and by

the way I would say that Andreas wasn't one of the folks who was we were selling

Bitcoin just for the record he has always been pretty damn good about being

nuanced and it was mostly Gavin in my opinion yeah I mean I used to listen to

andreas on the let's talk Bitcoin network yeah and they used to say to me

and maybe I'm not technical enough to understand it but my perspective is that

they used to say the same things about not Bitcoin back then well how fast it

was how it was able to be accessible by everyone low cost fees you know fast

transactions fast confirmations things like that like you're struggling with

these real actual attributes of blockchain now by look focusing on this

the transaction rate and the fees and everything your again your stole I think

think it within that old blockchain I mean look let's let's make this clear

man I'm trying to understand this lightning Network and Bitcoin and you're

knocking me or not understanding Bitcoin there I Love You Man don't worry no no

no listen man if I buy an airplane I expect it to fly if I'm a motorcycle I

expect it to drive if I buy into electronic cash system I expect it to

work like an electronic cash man we're in the right brother stage

they tell me that Oakland I know you just bought an airplane but hey you

can't fly only rolling I just heard about it in the news and and the Wright

brothers just flew the airplane yeah quickly engine here but let's not insult

my intelligence by with that nonsense man okay give me a chance to ask Paul a

guy that's work on lightening that world so I can understand it better than okay

what is your conservative estimate a man like just conservatively when can the

non-technical population expect to to be able to use lightning Network okay so

that that's an awesome question and I actually would love to hear like

feedback from you guys so basically in order to do a lightning Network

transaction you need to have a wallets that is capable of doing one right and

that's gonna be interesting right because the really major wallets are

sort of like coinbase and like blockchain info apparently has millions

of wallet holders and it turns out that they seem to be more on the B cash side

of things then I would like at least so to me it's not clear that those big

players well actually I think they are actively sort of against the whole

concept of the Lightning Network because it really really potentially

fundamentally changes the way their business models work I think that

Bitcoin kind of pointed that out didn't he I mean he's like look get a couple

competent coders on this and three months later coinbase can have it yeah

but I I have a feeling that they may be incentivized to not ever implement

Segway or Lightning Network because it really can fundamentally change the way

they do business and I think that's sort of a big part of the quote-unquote like

debates like the whole block size thing that maybe non-technical people may have

not wrap their heads around which is that these big players have ways that

they do business and they have technical infrastructure in place

where things work fine now right so why expend any effort into sort of updating

and like basically adapting to change they're gonna respond to threats and and

I think if square ends up adopting this which I think if they want to take the

the position of coinbase in this space they can go ahead and just implement

segwayed on that their application what they're doing and join base out of the

picture I mean basically I think it may require like completely new players to

emerge out of the woodwork basically and somehow they need to it has to be some

company some wallet provider that enables lightning Network transactions

and they have to get like network effect because lightning network transactions

are only instance with other people using a lightning Network wallet right

so we - one of these really easy to download maybe apps that maybe are very

just as popular adopting this segment and just really undercutting so I mean

it seems like we're moving away from coinbase anyhow and just using as an

on-ramp yeah well I mean as item always says it's not good to keep your money on

an exchange or something like coinbase where if they control the keys the

private keys then it's not really your money they could just do whatever the

heck they want with that I'm just curious right lately I've been having to

ask this question with people that I talk to you know like so Paul do you

have a business that accepts Bitcoin as payment well I'm working on a start-up

and yeah it will definitely be accepting Bitcoin as payment it will be all right

now in 2017 do you have a business that actually accepts Bitcoin as payments on

a regular basis maybe not you know every minute or every hour but like you know

consistent enough to say that hey my business accepts Bitcoin as payments no

I do not and you know that's not the litmus test here no no

sound like king of the truck that's the king of the trolls question there that's

no no we're getting to I mean come on guys we let's get to the point real

quick Elizabeth you just it's becoming like a interview with king of the trolls

that's what this is what he said he starts out I'm just I'm just I'm just

because we actually have a business that accepts Bitcoin Bitcoin as payment we

say accept all crypto crimes it's not just Bitcoin

oh we even accept dogecoin or anything is clean right so I'm just curious when

I talk to people you know so that I can understand understanding of where

they're at you know I'm asking questions about

Lightning Network because I'd want to use it I want to test it out so I can be

put back on it and stuff yeah I'm just not getting it clearly let's get let's

just let's conclude with the Lightning Network right now with Paul just giving

an estimate for when there's going to be an easy way to use it and whether it be

an interactive site or whatever it is either all it's sunk when do you think I

mean I don't think it's from what I've heard it's gonna be complex in 2018

still and maybe in 2019 that's what I have surmised and everything I've heard

but Paul tell us what you think yes so if people want to play around with

Lightning Network today as I said it's working on the test net

so there are wallets that you can download and right now like if you

google SAP like wallet that is one of the one of them all upset a lot of

people are starting to play around with there's also one called

Eclair which is on Android if you want a mobile wallet and there are various

other ones in development like iOS and just all sorts of different platforms

but again you can download these and play around with it but it's gonna be on

test net so not on main that yet I am NOT one of the like core protocol

developers those are the folks who are basically they're the ones who are

deciding when they're comfortable with rolling this stuff out on main that in

just just for the record who those people so that for computer

security reasons who are the people developing the Lightning Network wallet

and who should we trust as users when they release our wallet like who like

who we I'm not gonna just trust some random dude that does wheelies is hey I

got my T Network wallet now try it out yeah you definitely yeah you should

enter those who are the respectable people out there that we should trust

when they release their lightning network wallets so the lightning labs

team is basically the the folks that people should think of as sort of the

best people to follow and the most trustworthy they they are the folks who

basically invented the concept of lightning Network as a thing and like if

you go on github search for lightning network or lightning labs you'll find

them and yeah in terms of just getting a pine line maybe it sounds like I'm being

evasive but it's because we don't know right

until everyone is comfortable with things being a hundred percent secure it

could be three weeks it could be three months right it's unknown and then even

once everything is like kosher good to go 100 percent tested and we were really

really confident that there's no way anything can go wrong and I respect that

I don't want somebody to release some BS software that the minute I make a

transfer I lose my bitcoins I completely respect that you know yeah and so

lightning labs is the one that that the community accepts because they're the

ones that invented the technology but I think it's important to note that it's a

shame that we can't rely on coinbase to be the leader in this I want to get away

from I just want to get really I just want to get away from attacking claim

based on any one individual about this site with I just want to understand the

Lightning Network and and how to use it and who to trust music yeah so but going

back that's a great point that Russ brought up

if coinbase if the big players don't end up like incorporating Lightning Network

then I mean it's gonna be even slower than it would normally be right because

then you need these small companies that people may not have heard of most people

may not have heard of today and they will need to get enough traction because

again you in order for these transactions to be incidents it needs to

be with another person also using a lightning Network enabled wallet so you

have the issue of you need a network effect right to take hold if it's just

me using lightning that's sort of useless because then it's not going to

be incident if I'm doing a transaction with any one of you guys and you guys

don't have a lightning wallet then that's useless so it's a matter of okay

once everything is secure and it's on main that then well we need to rule this

software out like people need to start actually using wallets with it's okay

and then so when when they release let's say that lightning lab finally releases

their lightning wallet right is that something that requires a hard fork for

use or is that they just release it I download it and I start using it yeah

the whole point is basically to avoid hard Forks right like the whole point of

all this like crazy civil war that went on for years about the block size and

now lightning network is that yeah we don't want people to be forced into new

rules these this is still Bitcoin transactions under the hood everything

is 100% real Bitcoin valid transactions there's no money being printed out of

thin air there's no hard fort requirements the rules are the same

they've been from day zero right once it so she first created Bitcoin and

so the only requirement though is that you do need a wallet that understands

how to do this new kind of transaction because I guess something that many

non-technical people may not realize is that Bitcoin has a programming language

in it right every transaction is basically a smart contract that says

if like Bob has the private key to this Bitcoin then you are able to spend it

and so every single transaction is a smart contract of that form and a

lightning Network transaction is just a little bit more complicated it has extra

rules about okay if Bob hasn't spent this by this day or it gets really deep

down into the weeds but basically it does some magic which is still a 100%

real Bitcoin but the wallet needs to understand that yeah you know what we

need to actually encourage the people in this space to start adopting this or the

very context for this conversation matters not yeah I mean it's a free

market let's see if they if it's worth their while again I still I still wonder

how how necessary it really is right now how many people really need Bitcoin to

go fast and need to pay cheap transaction fees Thai obviously does but

he and Thai ask the question how many businesses right now it's not that many

it's not the demand no-one's I mean I cut it once it's a

high demand the free market will create a business will come out of it that will

cater to these people there'll be a lightning network mega power out there

and everyone will be demanding I mean that or other governments could fall

back on their their jurisdictional rights right they're gonna just say hey

they're gonna issue a government fee I and it'll act as a currency they'll try

to keep it as stable as possible because they're gonna want to attract people

actually that'll be trading this stuff to even use it and they'll probably

force their merchants to use it for taxation all this stuff to me the whole

currency thing is not the important part it's the fact that it's a store value

already and that all this innovation could be built around it all right okay

now so okay we're we're getting everyone has has stated their stance here on this

we're all pretty firm and everything and I thank Paul for answering all the

questions a lot of questions that have been answered here today people haven't

been answered before I think we did talk about a lot of things that that you

don't hear much about lightning Network and I'm glad that I tried to put it down

onto a simple non tech because there are a lot most everyone

involved in Bitcoin is not a tech person they want to know what the heck does

lightning thing really is and you know what dates they want dates I mean but

it's it's hard to get dates out there so I don't say let's let's get our

conclusion thoughts about the lightning and everything and then move on to other

stories you know what else is important the Polonia x2z classic everything

everybody throw it's okay tie closing stuff with this okay

talk about Z classic no no no no with this topic I guess with this I want you

to get everyone get their final word and lightning Network then we'll move on oh

so so much I like people keep thinking that I have something against Bitcoin I

don't know why I have nothing against me I want to use it but that's why I've

been asking people but about lightning Network where do I use it how do I use

it but no one ever gives me a clear answer that's why I keep you know you're

one of the first people that you know that's being calm and about it you know

and that's why I keep asking you know hey where do I use it when do I use it

if I can use it right now I would yeah just cool my business you know like if

we when every time I go visit my business partner lian-chu calm in Austin

it's always been a tradition for us for years every time I go visit him lives in

this high-rise condo in downtown Austin there's a whole Park full of food trucks

and we get a kick every time I go there and visit him we go down to the food

park with all the food trucks are at you know we buy our burritos with Bitcoin

but and then we buy our burgers with Bitcoin and all those things but you

know this year we're not able to do that anymore that tradition has been broken

so I want to I want to know where the Lightning network or how it's used so I

can go and tell them hey look you guys can start accepting bitcoins again right

here it is yeah so I'm asking you know but every time I feel like every time I

asked you know about the Lightning Network or how to use it or where to use

it or how do I get access to it I get attacked by everyone about you know like

I'm dissing Bitcoin I might do I'm one of the biggest biklen proponents out

there yeah I want to use it I've given more money out to people free bitcoins

to people when I meet them in person than anyone else I know of right so you

can't say that I don't support Bitcoin but I can't do that no more so I want to

know how do I continue doing that where just lightening stuff little buddy keep

talking about so I think the first important point though is not to buy

into all that kind of be cash marketing fun well who said I was well I mean

you're concerned about it before be cash was even born I've been saying this long

before August bitcoins only been around for like four months exactly and I think

even the experts are learning a lot about this technology and that's what I

mean like we're leaning on these experts to tell us what to think and that's the

wrong way to really consider this stuff innovations gonna start happening the

experts that understand the system in this particular way right now will be

irrelevant five ten years from now that's just how technology right so

we're gonna wrap it up with Paul's final comments on this and then we're gonna

move on yeah so uh final comment would be if you want to play around with

Lightning Network just Google Lightning Network wallet zap is one of the

currently more popular ones but understand that it's still very much in

like developer kind of stage right you won't be able to send real Bitcoin

you'll be able to send test net Bitcoin so if you want to play around with it

feel free to but you won't be able to pay for tacos just yet maybe in a few

weeks few months no promises exactly because this is money we don't want to

screw it up right but yeah we don't want to do sort of like what happened with

the segue to X fork where garlic had actually multiple bugs which would have

completely killed the Bitcoin network and we want to avoid things like that by

having peer review sort of like a scientific approach to engineering this

stuff it's not just oh let's get some marketing people together and let's get

a Chinese miner to put some hash rate into this that that is an approach you

can take but even what I think that's the problem

with the be cash guys is that they're actually falling for this rapid

innovation without them actually doing the vetting on their code as well it's a

vulnerability in their on their side yeah don't rush I I think that's what I

always say be patient people we care one of the

reasons these if you rush things you end up with broken things and you can't have

broken things when you're dealing with money you just I agree 100% yeah so

Alexa she do me a favor Paul when you get when you finally see that the

Lightning network is safe for the public to you especially for non-technical

people like myself to use you reach out to me so I can test it I'll be happy to

share it with our audience all right sounds good and probably the biggest

I'll be the biggest Tooting horn you'll ever have the Lightning Network when I

can use it and it works the way that it's supposed to work and it's safe for

our audience to use put them on the show then you'll Paul be on tosh.o next year

hopefully but I think that kind of perspective is more like bandwagoning

like okay once everything's going the party's happening listen to jump on but

I think right now we need to have strong hands we need to be open-minded and we

don't need to buy and tall this be cash marketing fund it tells us that medium

of exchange is somehow important listen by the way I love you ty yeah hey listen

anybody that supports the blockchain community to do it better whether you

have opinion a or you have opinion B I don't care all i care is that the fact

that you're out there helping the block chain space grow okay so I have no hard

feelings or ill-will against anyone about anything about blockchain if

you're there helping the block chain space grow you're doing something that

the other people sitting on their ass ain't doing so I respect that

whether you prefer this opinion over that opinion I'll tell everybody for as

long as I've known bitcoinmeister he and I have had different opinions about

Bitcoin but I respect the fact that he's out there and he's educating the public

about bitcoins and blockchain and crypto and he's not just sitting on his ass on

his couch his hands on his pants in his mom's basement right complaining and

whining okay he's out there making a difference well quite honestly what I

like more about him is that he's been correct on things and I actually listen

to people who are actually proved to be right thank you everyone

be in motion that's what ties that's what we're all

saying yeah use your head and pound that like button 250 live viewers right now

oh we're chugging along so let us say way into other topics real quick there

were so many things going on here we again the the the Z classic forking

entry would be private then we had the Polonius all of Athens is they're gonna

want personal this was talked about yesterday I broke the story about

Polonia axe wanting social security numbers very soon which is just it's

something that we should expect what is privacy going to be in the future in

this basin will people pivot to other exchanges where you don't have to deal

with such things so let's let me rush what do you what do you think about

privacy whoa I mean my position is kind of short and

sweet look we got a value privacy we may not be able to right now since we're

disempowered right now because of our monetary policies because of our use of

the currencies we have because this store of values that we lack because of

the institution's all this stuff has disempowered everybody the vast majority

of people now without privacy you're gonna run into all kinds of problems the

state even news working sources won't work even having the moment to yourself

to contemplate thoughts that may seem a little too radical may not seem prudent

in a society where every day where everything is watched and monitored and

brought back to you and in the form of I don't know lawsuit so we're gonna value

privacy not right now we're gonna value this chain we're gonna value a store

value we're gonna have a medium of exchange we're gonna build a whole new

economy on this mess and then we'll have empowerment enough to start talking

about privacy a little bit more and taking it seriously tie privacy okay so

there's two things going on that I agree with everything that that Russell just

said about the privacy issue like you know we did a whole series on privacy on

our channel it's the most comprehensive series of videos we ever did on our

channel was about privacy so we have a massive amount of respect for privacy

right but there's something that I want your audience that knows

audiences outside of the US you know we have in America we have the strictest

financial laws in the world okay they say that it's there to protect the

consumers and the investors right I'm neutral about that you know I believe in

the free markets I believe that you know people should do their own due diligence

before they invest in something or get put their money into something and and

so it should be up to the individuals not the government to tell you how to

invest or where to invest okay this issue with Polonia wanting more

personal data from you to authenticate who you are before they allow you to

trade on their platform is a it's not up to them guys I'm not I'm not paid by

cologne X to say this or anything okay I use their service and everything for a

long time and they they have to comply with US laws there are certain laws in

America that says that if you're a money transmitter or if you're a currency

exchanger you have to comply with certain laws you have to go through

what's called a kyc AML process I know your customer anti money laundering

right and some of you guys that's from other countries don't that may not have

these laws you may not understand why they have to do this okay but in most

European Union in Western countries and United States Canada Australia places

like that they are going to require this is this

is normal procedures for all financial institutions and they all do this and

polonius has not been doing it for a long time and now they're being forced

to do it okay that's not that's not like we are in the process of registering you

know and getting licensing with FinCEN and the government regulations to open

up a cryptocurrency trade desk and OTC trade does we have to go through the

same process when a customer wants to come on and buy bitcoins or a dealing

with any cryptocurrency through our trade desk or OTC trade desk they have

to go through the same kyc AML process or else we're not allowed to do business

with them that's that's American law that's not something we came up with

right if it's up to us if I know you Russell I would just make the

transactions with you but according to US financial laws I cannot

do that without requiring you to fill out all that information give me your

but let's not be mistaken about what those laws are about you could simply

give me a US dollar and not actually be an anonymous transaction it won't matter

his economy what I think is going on of these laws are actually just supporting

corporate monopolies and then we can't say that we even have a free market we

have a market that caters to these monopolies these core markets so when

you talk about a solution coming from the free market you're not talking about

something that exists especially here in the u.s. yeah but my opinion about that

of having to you know authenticate the identity of the individual that's using

the service I have no opinion one way or another because it's US law it doesn't

matter if I like or don't like it if I want to do this is if I want you know to

do business to you with our ot C trade desk we have to go to that process I

understand you have a practical necessity to follow these rules what I'm

saying is the way that you go about explaining that isn't gonna fit in line

with this idea that we have a free market will people go around that will

exchanges open up in third world countries that don't give a darn about

this is that what we're gonna see develop in the future or people are

gonna want the reliability of the American system they're gonna be more

free that's that's a great question Adam and I want to answer that clearly for

the audience right as a trader in an investor in crypto currencies I highly

recommend that if you want protection and reduce your risk you do it with a

exchange that requires you to give up your address your ID your passport map

because if they are not following the laws of your land right you have

absolutely no recourse so the question is will these unregulated or illegal

exchanges develop that don't comply with the Western countries financial laws

open up in some third-world country somewhere absolutely they will but do

with is that safe to use absolutely not why would you use an exchange that

refuses to follow the laws of their country what does that tell you about

the individuals running that exchange you may not like it that Polonius is is

collecting your social security number and your personal ID

and everything I don't like that I don't like having to ask you Adam my store

Russell or Paul for your social security number so that just let you guys can buy

or sell bitcoins on our ot C trade desk I don't want having to do that I know

you guys I'd rather just look I agree like these are very very reasonable

you know conclusions that can be drawn from people that are captured within a

corporate state yeah no no do I like it no I don't like it but it's the law here

and and I'm not here to break the law I am here I love America so I'm gonna

follow the laws of the country that I live in if I moved to Europe whatever

country I live in you know our channel recommends that

people follow along I've broken the law before when I was young I've been to

jail before I don't like being in there I don't like him with Bubba treasure

goes in my butt you know so I am going to follow the law okay I mean I know

that's out of nowhere but no no that's the truth that's why I recommend the

homophobia here 18 years old and Bubba thinks you're cute he's trying but it's

not a joke as like this whole discussion you know the innovation that bitcoins

gonna bring the disruption that's gonna occur isn't gonna encompass this

conversation later on it's not gonna be about which procedures are gonna follow

I think it's pushing this in a new direction what about this practical

issue rhymey I agree with that too but we gotta address this practical issues

people are going to be screaming up and down about Polonius and it and the

social security Paul oh yeah yeah so it's a try men on the this topic of

exchanges and how they're regulated and that actually probably is a good thing

because you're trusting them with your money basically if they've run off with

your money in every course do you have but what's I think what is going to be

interesting and maybe I'm just a lightning Network fanboy but one of the

things that the Lightning Network will eventually allow for is something that

you may have heard of cross chain atomic swaps which means instantly crustless

Lee converting Bitcoin into litecoin or

whatever coin into whatever coin you want and so what that will actually

allow for is completely trust less exchanges so instead of ever having to

trust someone an exchange like coin base or whoever or Colonia acts with your

money and then they need to follow all the AML kyc laws so they collect all

this information on you instead of doing all that hoopla you'll be able to not

have to rely on any intermediary and you'll be able to instantly do um

exchanges across all coins and that is something that again has already been

demonstrated Charlie was on a YouTube channel a couple weeks ago I think

demonstrating it converting from Bitcoin litecoin on the Bitcoin main network and

so that is doable today already when it will become commonplace right when will

you see exchanges whoo yeah they actually will be able to be in a third

world country and you know you won't have to care because you won't ever have

to trust them with your money right large exchanges gets hacked and all of

our personal data is linked to these wallets and some of these people get

targeted for kidnapping then they may have to you know look at different laws

maybe but what we're really talking about now is okay great it's practical

if you want to have a business right now to follow these certain regulations but

I think he even pointed it one of the reasons why I think it's superfluous you

know we're moving towards these cross-chain atomic swaps and that you

know it's gonna be a you know it's gonna be like changing dollars again where you

have this a bit of a anonymity and privacy there's real important issues

with privacy today but here's the thing though Russell I mean we do have

responsibility to the people that view us and watch us and follow us you know

that we have to insure proper computer security and stuff you know there's no

way that if some you know unregulated or an exchange that doesn't follow there

entries laws financial laws there's no way we can sit here and say that's a

good idea as much as you and I believe in the free markets and everything I

mean I think that it's a responsibility that we we have to let our audience know

that hey make sure you follow the laws of your country and make sure that you

you use an exchange that is regulated that is you know following the the

financial laws of their country I think that would be irresponsible of us just

because we believe in free trade and free markets that we can just tell the

audience just go and use whatever exchange that that doesn't require that

I actually agree with your point not the only credible exchanges are gonna follow

the laws yeah I agree with that but what I'm saying is like you know the privacy

issue goes a little bit beyond that well bring all these cross atonic swaps make

it changes a thing of the past it goes a lot beyond I love this atomic swap and

by the way I want to give credit to the DES credit they were the first

cryptocurrency project to actually do the atomic swap and Charlie Lee you know

has done it afterward and has done it more often so he's got a lot of credit

you know and they associate that Tommy swap with uh Mike point but it's

actually the decrepit project so I don't want to take away credit but actually

you know implemented it first ties ain't dropping D Craig's gonna make

the D credit people in the audience go absolutely wild they've been baby

they've been beggin for admission found that like when somebody out there

doesn't like ties endo Mac gave five Canadian dollars and he said Tizen is

part of the eighty percent but come on Mac I know many places he doesn't again

prove it to me again I don't believe that he dislikes me no he says you're

part of the 80% but halket eyes have been parked 80 percent if he's dropping

D cred no this D crit is like we were gonna use curse words here okay being a

part of the eighty percent is pretty much a big coin curse word nowadays it

is it's nice it is not part of it but Mac I thank you for the five Canadian

dollars and I do you know when people give the these super chats

I'll read their thing out I know I don't agree with them all the time

Tizen is Tizen is misprint word around these but for a long time

he's trying to make sure that 80% the people who are trained out some of these

people in their trainers are part of the 80% he tries to bring him into the 20%

so they don't make selling mistakes so they don't just blindly lose all the

money in the day and stuff so tai tai is he tries to convert people in the 20

percenters so he's no he's no 80 percenter anyway let's get to

everybody's conclusionary remarks here because we're over an hour already uh

Paul what do you want to conclude the show if you could say anything anything

thank you so much for your technical analysis today sure I would say 2018

should be another pretty interesting year for Bitcoin look out for lightning

Network stuff and yeah buying a whole Bitcoin Hey yes short simple and sweet

and so true ties in how about you so we recently my business partners and I we

recently talked to a few bankers and at the bank and they were talking about

people who were like taking money out of their retirement accounts to put it into

Bitcoin and crypto currencies and what's crazy is it's not just like your mom and

pops these are like financial advisors at the bank like these are like licensed

financial advisors that advise people on on and they're doing it with their

personal portfolios but they're taking money out it's like you made them wonder

you wonder sometimes like you know what are these guys thinking they're supposed

to be licensed financial advisors in their cash everything you know and I

just want to caution people that that no matter what people see in the in the one

up you know in in in in bitcoins of any cryptocurrency out there please be

cautious with the decisions that you make regarding your life savings you

know maybe you guys know if you watch than follow me for a while you guys know

that you know I put my entire life savings every almost everything that I

could possibly have my bonus checks everything into Bitcoin over four years

ago and the the the terrain the territory and everything

back then and keep in mind that I came from a training background and had years

of experience in trading stocks you know futures and Forex already before I got

into crypto many of you guys that are out there that are new to crypto right

now just be very careful and I would not put any more money I mean if you lose

that money like like bitcoinmeister says if you lose it and it doesn't hurt you

you know then it's okay I I think it's okay but don't go crazy and do something

that you will regret later on okay that like if you you know get put out your

house or you lose your house or something like that because of the death

the financial decisions that you guys make so just just be very careful about

that thank you for that be careful people long-term thinking don't like you

know mortgage the house and then end up with no house I mean because II didn't

have you or a short-term thinker be there yeah but like bitcoinmeister said

several years ago like that hey and so drinkin a stupid can of soda

and loping your body up with a bunch of bullcrap sugar right go eat an apple or

a pear or a banana and then take that soda money and save it up instead of

smoking that cigarette you know oh it's noisy this I gotta say this

between my sir I a couple of guys that I know for the last four years every day

I've been telling about Bitcoin and every time I tell about Bitcoin they go

smoke a joint maybe some I throw about Bitcoin they go smoke a joint and then

four years later they have a nerve they had the nerve Meister they had the nerve

to come tell me that they didn't have no money to invest in Bitcoin that I was

lucky what you know what I wanted to grab them and just shake them violently

they they're lucky that I was still not you know I still you know I didn't have

that ghetto mentality like I did when I grew up in the projects you know because

I would have grabbed him and just chuck him for saying something stupid like

that and every time I told about bitcoins they were smoking a joint man I

don't know man that sounds like that I can't believe you believe that magic

internet money types man dude me you gotta smoke some of this and wake up man

because you're in la-la land and then for usually they tell me didn't have no

money you know much it costs to smoke a joint yeah smoke like a dime bag is ten

bucks and then it was an eighth 25 bucks or so I mean it was back in the

day from when I know I'm not with Asian guys that's good in math but if you

smoke a joint a day every day your life for 40 years and you tell me you don't

have no money to buy bitcoins right now I'm a punch in the stomach that you say

that in front of me 80 percenters I mean that's a great example right there just

totally and then they're the first to say that you got lucky

yeah everybody still struggles with issues you know addictions and stuff

because that's the kind of stress for culture we got but I think if anything

people could take a lot of what Adams done in terms of his lifestyle and there

is something to be said about that minimalism especially now that it's

gonna cost you much more in the long term yeah minimalism people I've been

training for four years in crypto right even follow my channel we document

everything that we got into them I see all the ways I see Australia shares

everything and you know what it's in four years and guess what I bought

myself a both week Adam I have finally bought myself a small gift to reward me

for all the recite so and you can I ask you out of all of your experience would

have been better just a whole no I'm a trader man this suspense is killing me

what do you get with your one gift oh I bought a a seven piece

Dewalt set of tools some handles but you can use it you can use them to improve

your life you'll save money you wanna hire that was blowing up at the

shipyards right I always wanted some of these tools you know and we never had

enough money to and you know and I need to fix stuff around the house anyway you

know do that sitting there and I always want to set up nice of the drills and

saws and things like that you know so I broke wheat man and I had to go out

there and finally get him on I think was Black Friday good during the Black

Friday sale so he bored myself bro everything's all right it's all right

yet you you had a dream as a little kid and you you met you you came from

nothing man and you have built yourself in that you Tizen is a great example man

he doesn't complain about the past he doesn't say although I was so bad

about my he just did it he I'm Mary get off your ass and go make it

happen stop bitching whining and complaining this is America man they say

some third-world country man you can't make it here man you don't need to be

here get your flat out and give that seat to someone else I'm okay

give up the emotion Wayne gets us a lot of vitriol I think in fact that we have

this corporate monopoly that we're getting deep

I have rust Russ is gonna he is going to Russ is gonna conclude with anything he

wants to say about anything you were the last one Russ and then we got to get out

of here look I do believe everybody's right and

thinking you know long term here both in your lifestyle and both in the bigger

picture here with this whole Bitcoin thing look honestly I think that we're

looking at the strongest conceivable network that's gonna end up emerging out

of this and that's gonna be one that's a multi token and it's gonna be all these

altcoins that are gonna be forking off and creating different innovative paths

some of them were gonna be dead ends but if we hold on all these like

bitcoinmeister advises the best advice I've ever heard

honestly is to hold and maybe maybe not yeah maybe not buy your tools right now

wait until next year but but you know the look people got slaughtered in these

401ks look the stock market is run by these algorithms that take out not the

20% of high risk low return they're taking out the 80% of high return low

risk they're taking it out of the market and then you have traders like you know

tie and then you have all these other people are just set on their Duff's once

a year they look at your 401k plan come on

the worst financial irresponsibility I've ever seen is is just holding these

401ks honestly that you're doing a much better service looking at innovation

you're playing into the matrix the government wants you to be in the 401k

metrics and they'll eventually confiscate it one day maybe or over tax

it when a socialist is president but we shouldn't be getting either I would get

into politics gotta be careful obviously I love Bitcoin a lot more than

401ks how about tax that's a simple way of

yeah I think everybody should also

acknowledge that socialism capitalism and communism they've all Creed the same

thing what I think bitcoins gonna do is it's actually gonna drive innovation in

a way it's gonna actually move social justice in a new way not the the

feminazis I mean I'm saying real innovation supporting real businesses

democratically run worker cooperatives businesses that put workers in a

position to actually own because at the end of the day workers create everything

you see and they have no ownership and that's because of the money we use the

financial system and how we've organized our labor by the way what Russ just said

that is if you're interested in that kind of thing maybe you are maybe all

right check out his channel because his channel those are a lot of his talking

points over there and I know not everyone knows Russell's channel but all

these guys are linked and I don't necessarily agree again with all the

guys today we have different opinions it's great we it was a great combination

today we're all coming from different sides some more tech than others

beautiful stuff check out the lint section below to see who these guys are

all about check out their stuff pound that like button of course we're here

every Friday with this we can be a coin it's been a great 2017 I'm obviously a

lot financially it has altered my whole life I stuck with the buy-and-hold thing

and my lord hashem almighty it has paid off paid off so nicely I wish I could

tell you all the real numbers I got it you know it's good to keep some things

private and thought about all that tax liability avoided well again eventually

when you sell you got to pay the taxes but holding holding is good it's it's

been a life-changing thing on what a year I look forward to 2018 we do a new

show here every day I thank my guests they'll all be back eventually and again

i'm adam meister the biggest rise later man you gotta give paul his last word he

got his last word he got his word he did it very simple so i'm adam meister the

bitcoinmeister this from tell my wife button

Oh remember to subscribe this channel like this video share this video happy

new year 2080 coming in it's gonna be hardcore

thank you everyone bye bye see you later

The Description of This week in Bitcoin- 12-29-2017- BTC in 2018, crypto stories of 2017, Lightning network