Bitcoin Focus: Richard Heart- BTC is the best, Ethereum, ICOs, exchange hacks, trading, more!


Hello everyone this is adam meister the
bitcoinmeister the disrupt meister welcome to the bitcoin focus show okay
the previous one Bitcoin show I was talking about a certain crypto dividend
and all of a sudden in the live chat Richard Hart shows up to talk about that
certain crypto dividend he wanted to come on the show I couldn’t get him on
the show because here in Adelaide the internet is horrible and I have it set
up in a way with the horrible YouTube configuration currently that I can’t
just get someone on the show in the middle and someone asked in the chat I
want to see when Richard was on your show beforehand when he was on this week
a Bitcoin well he’s been on twice and once I’m back in Baltimore he wants to
come on in the middle of the show I’ll have it set up correctly but here but
you know requested by the people here you get it
this is highlights from September the 8th 2017 when Richard Hart was only this
week in Bitcoin show you’ll hear him talk about Bitcoin and theory I’m and
all sorts of interesting things and there is a special and the end of the
show rocky Palumbo makes an appearance ok with some words of wisdom but he was
also on that this week in Bitcoin show back on September the 8th of 2017 that
original is link below to below if you want to watch it pal that like button
enjoy Bitcoin focus by you know Wall Street
has the same about people investing and stuff they don’t know about they call it
dumb money and I would have to say there’s a lot of dumb money in the
crypto space continue so I look at I look at problems as binary you can
either deal with them now or you’ll have to deal with them later and they’ll be
worse so the best time to kill a monster is once young and weak and the larger
you let the monster get the lesson the more and more reluctant you are to deal
with it I mean to give you an inflammatory example North Korea had no
nukes and a way to deliver them now they have Knicks now they’re working
out ways to deliver them and if you chart that that out do you want to do
you want to wait until you can’t intervene or do you want to like
intervene now if you watch Noam Chomsky’s position on it he says that
they America derives some benefit from what’s going on and the analysis is so
advanced that I can’t do it justice here but but my point is that the theorem is
going to crash and you can either do it now with less pain for everybody or you
can do it later with more pain so I made a funny image with aetherium as like the
Queen the Queen alien and then pumping out little egg drone I see Oh aliens
that you know grow up and attack and so you can like either if you kill the
Queen it kind of gets rid of some of those other problems now that’s not to
say like I support having an ER c20 analog on Bitcoin through something like
rootstock or equivalent because if we’re gonna have people making stupid mistakes
and doing stupid things it’s better that they do those stupid things and stupid
mistakes on a more secure system so at least they’re not losing 50 million
dollars to poorly implemented multi-sig or enables transact because gaff and
parity disagree on the state of the network because those designs Asians are
not getting fixed so if everyone in the world is going to be stupid then let’s
have them stupid on a more secure system so I think as soon as Bitcoin rolls out
side chains through drive chained out info with Paul stork sports or through
the rootstock with you know basically smart contracts
on Bitcoin either one of those should be truly damaging to aetherium and even
tezo’s if tezo’s works and has verifiable formerly verifiable smart
contracts that are less buggy you’ll still have bugs outside your test cases
but at least for what you can test it’ll be formerly proven great even that kills
etherium so I don’t I think the project’s the worst not the worst but
bad well I’ll just start off with the terrifying figure is that if you chart
all the Bitcoin wallets that you can identify in the blockchain it’s all
publicly available there’s something like 5.1 million that have over a dollar
and that’s it so that means one of two things either
there’s only 5.1 million users which is obviously not true
I think coinbase has Tanny million some number of millions on their own and
that’s just one single American exchange so what is much more likely the case is
that many holders and purchasers of a Bitcoin don’t hold their own keys and
instead have funny money fiat IOU credit tokens on an exchange which is fun and
games until the exchange fails or has regulatory problems or is hacked which I
believe is an inevitability I believe with 100% certainty every
exchange will be hacked always because it’s the most profitable hack anyone can
perform if you assign value to like not having to hide the money if you like do
normal criminal computer stuff you can get a bunch of Bank wires but now you’ve
got to keep the money somehow the coin doesn’t have that problem you get to
keep the money so it’s like a the price increase plus computer security being a
joke in general plus you can keep your winnings without any effort makes
attacking exchanges insanely profitable so right now 5.1 million addresses with
over a dollar and I’m is a gigantic problem it means a lot of people are
exposing themselves to exchange risk they don’t need it also means we have a
lot of room to grow which is pretty cool retail adoptions absolute joke you know
you’re gonna eat more costs in the bid-ask spread and the purchase fees
from an ATM or from a local bitcoins transaction just to get your Bitcoin
that you’ll never recover on the other side selling them so no intelligent
person would purchase Bitcoin to actually use them unless they were
availing themselves of the pseudo anonymity and like light ability to
transact anonymously you still have to do things to be protected if you’re if
you’re using the coin for that then it makes sense to pay a premium right like
if you’re a darknet market guy then it makes sense to pay premium but if you’re
any other normal human being the only use case does it make sense to purchase
Bitcoin for is to buy it and hold it as a replacement for gold and that’s enough
you know if bitcoin is just a settlement layer and it’s just a replacement for
digital gold that is more than enough value that’s 20000 a coin minimum at 5%
of Gold’s value and that’s without all of the extra possible future growth and
alternative use cases such as darknets that would be just 5% of Gold’s you know
hold value so imagine how high the price will go when you can use it as a
currency imagine how high the price will go when the first nation state adopts it
imagine how high the price will go when other little cryptos die from security
problems or lack of circular economic interaction like this is a whole bunch
of amazing you know we’ve got the best team the longest track record the most
secure software a network that’s always up you know the theorem networks down
often you can’t transact the wallets turn their wallets off the exchanges
turn their wallets off death and parity disagree with each other
huge code bloat they’ve got a bigger blockchain but magically now are still
mining smaller blocks than Bitcoin is so you know the Bitcoin is the best crypto
currency that exists and this is likely to be the best crypto currency that will
ever exist however it’s nowhere near its potential currently which in my opinion
makes it a great purchase so it’s bad right it’s getting better and the price
is gonna go up and so that’s great most icos are terrible scams and most of the
teams that are getting funding have never done anything good before and the
more money you give them the more outrageous their claims the more likely
they are to fail so you’ve got people being given too much money who don’t
know how to use it properly that are trying to do the wrong things that the
market won’t reward anyway so it’s bad on a bunch of levels because
when either the people trying to do the thing stop trying to do it or they get
regulated out of existence or they find out that they were incapable of doing it
or the market said no we don’t want it the prices are going to come down and or
when enough I cos dump their aetherium and there’s a race for the exits the
theorem goes to zero a zero theorem was zero not so long ago you know the
etherium foundation was almost out of money and then with enough pumping from
guys like Lubin you eventually end up with a lot of money and an ecosystem
which apparently has produced no successful distributed applications
whatsoever and it’s just a fancy way to – I guess play stupidity lottery so I
mean it’s all fun and games until the music stops and people start searching
for chairs but when when the race for the exits happens you’re gonna be the
last to find out about it because the you know a hundred people that hold the
vast majority of the etherium because all the idiots handed it to them you
know are gonna no last right so for the same reason the Bitcoin price dumped 200
bucks today without you being warned about it is the same reason aetherium
will dump harder without you being warned about it I mean this has already
happened so jitta X flash crashed when some aetherium holder hit sell sold the
whole order book and people stop losses got executed a penny right so you then
you have to learn to do things that don’t use stop market orders you stop
limit orders right and even that isn’t a perfect solution
so aetherium is less retail adoption more tax service surface competing
implementations smart contracts are worth nothing a smart contract is just a
program that’s all it is and programs are only useful for manipulating inputs
and inputs in a contract are data like stock prices like oh we’re going to make
a smart contract that the trade stocks well if you notice earlier this year the
New York Stock Exchange published published publicly incorrect stock
prices for all of their stocks so imagine if your smart contract was
trusting the New York Stock Exchange to tell the truth about their prices
it may have been a stack but I think it was nice your contract will be screwed
your system would be screwed and then some God would have to go back and fix
the chain which breaks the whole thing so the reason that Bitcoin has existed
for nine years or eight years and had only one successful app currency is
because that’s what it’s good at and the reason aetherium has lasted for as long
it is it has and has no successful apps of whatsoever is because it only has one
successful use case which is for a more standardized way to to issue new tokens
now I am working on tagging and I am going to use that ecosystem which I
disparage so very much but I’m gonna do it as little as possible because I see
it as a quite bad thing your own you have a serial entrepreneur inventor
physicist friend who’s one of the smartest people I’ve ever met and he
wrote his own computational fluid dynamics software which is faster and
more accurate than what everyone else uses right now there’s stagnation in the
space everyone’s been used in the same software for 15 years there’s a single
company that’s got a 90% monopoly and you know if you want to overcome an
incumbent in something like that well you’ve got to use every tool you can to
find advantage and the advent of being able to create a a giant supercomputing
computational fluid dynamics network that you can just give a problem and it
gives you the result faster and more accurately then the state of the art
that already exists there’s like one of the few places where you can actually
make the case for a new token you’re like yep it’s a new network it needs to
be fast it needs to be strong and you know this is what supercomputers are
actually made for so mining Bitcoin that’s not actually supercomputing it’s
just doing the very stupidest simplest math possible by design however doing
real computation trying to predict you know air Sol’s two-phase flow heat
movement turbulence you know all of those things you know that’s that’s the
reason everyone still uses Fortran that’s
reason that we have these giant giant giant supercomputers it’s do exactly
that kind of stuff so I love the idea of being able to have a token that that is
useful for something that’s not just you know oh look and you token trade it or
whatever I love the real technical necessity and breakthrough in it so
hopefully you’ll be able to see a whitepaper than a week I hope like I can
at least get you the technical details on the stuff that’s already built
you know the software exists it’s not the vapor where it’s not oh we’re going
to build it it already exists just needs a GUI and a network behind it so I think
on Bitcoin you’re gonna have confidential transactions and anonymity
features built into it and it’s going to come from Bitcoin core and block genes
is gonna help build it and they’re going to support it and they’re they’re real
cypherpunks and at the core of the cyberpunk ethos is user choice user
privacy and empowering the individual and not the state and not the company
and not the collectivists so real cypherpunks they write code and the code
that they’re gonna write is going to be anonymity code and it’s going to go into
Bitcoin furthermore replay attacks if you take my speech on my network of
choice that I choose to participate in and copy it and repeat it and scream it
out into the world and do me harm with it you are my enemy if you perform a
replay attack and repeat my speech to do me harm
you’re an asshole and you should be punished for it so if I were in a
restaurant having a private conversation with somebody and you decided to roll up
and stand next to me and listen to me and start yelling the rest of the
restaurant what I was saying you would be socially ostracized if not worse so I
take replay attacks seriously and I believe that they are attacks and I
think that more people should treat them as someone trying to fuck with your
money and that’s a you know something that you don’t do in most parts of the
world so real supercomputer does cool stuff love it and newbies coming replay
tax pad the fearing bad dump it if gonna buy Bitcoin dips or a nice place
to do it and you know I tell everyone don’t trade but if you are gonna trade
do it one time and go long and that’s it so on my Twitter I’ve got a link it’s
like an ass link to bid max because they give you good margin so you don’t have
to risk much on their system if they ever disappear and just take a small
little bit of your stack and go to X long 5x long and that’s it
don’t ever trade again and don’t panic sell and don’t be dumb or don’t trade at
all so that’s all you know Wall Street has a saying about people investing and
stuff they don’t know about they call it dumb money and I would have to say
there’s a lot of dumb money in the crypto space

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