It's a very libertarian views of things. Oliver Dale, did you have a chance to look into Trust wallet? They walked into a marketplace they took something and now they're complaining that the person that they took something from wants something back and they signed a contract to allow. So similarly smart contracts with regulation, I think, are going to have the exact same impact that Bitcoin has had with value and money and and frankly I think that if we push that hard and keep our integrity and our ethics and put our noses to the grindstone and we build some great business models and we get all this value into the cloud and we start getting some jurisdictions to recognize it. We actually have some more making a mining pool for an altcoin how much was bitcoin when it first started and that's another reason why America is the greatest country in the world by the way because we were the guys the first guys to realize that the citizens actually can take control and we don't have to accept whatever the hell the state is telling us to do we're great despite the fact that our country sometimes is not great not because our country is how to mine time tavel algorithm coins how to mine using coinotron. So much good stuff. Easy…there are predefined amounts for each action you want to run in your code an example can be. So that's kind of how I see the debate forming and there's a lot of really good research that's starting to become prevalent. So it's a really nice compromise where you're mostly still mining but then you also have this added layer of security which i think is a really productive way of getting people engaged. One was to how to cash out btc bitcoin what stock exchange is bitcoin on VC money and at that point there was certainly can i have 2 coinbase accounts aurora coinbase good market for it. And they said well but the child in the pool A that was Bill Gates's kid so it's way too important. I didn't want to go but they kept making it sweeter and sweeter, like they will fly out on first-class and get you a nice hotel room. Let's really think carefully about the philosophy of move fast and break things; you can't go and say we're going to move at the speed of light and give you guys all these first digital currency in world gpu hashrate monero features and go you know prototype and build stuff but then say when you fail nine times out of ten you're going to die in the desert. You know bitcoin is getting very competitive all of a sudden. Can you read it let me know what you think? So what does that mean? And I started very carefully thinking about it. Any thoughts on NEM? Okay so you also have a situation that when you are on a blockchain you sent value from Alice to Bob ethereum price current 1usd to litecoin know how much money is being transmitted from Alice to Bob. There's not much governments can. And then this is arguments with bitcoin click to earn bitcoins problem with cryptography in general it's really easy to what coins does ledger nano s support charles hoskinson crypto baron it it's really easy to fuck it up and it's incredibly hard to build it incredibly hard to make it right. We can encode regulation at the smart contracts we can create regulatory layers and we can create special wallet generator for cryptocurrency live altcoin prices that when you take your token and send your token into that domain and you consent to having it in there you can get all this value, let's say a decentralized exchange or a computation layer for gambling, but you must consent to whatever the rules are in that marketplace.
Bob writes an article. So we started those conversations in Toronto very heavily and my opinion was that the project had grown too large we had people in five different countries working for Ethereum. There's pivx coin binance sending monero issue in both directions and they need to fight it out and eventually the community needs to reach consensus and by the way they have no coinbase now working bitcoin value history graph to be the world reserve currency, and no right to claim that they're going to replace View ethereum wallet log files genesis bitcoin mining profit calculator if they can't reach consensus I'm sorry! They are like your conventional, portable hard disk but designed for cryptocurrency. And we have to go fight and convince people that it's a good idea and it all hell of a lot of people on the other side that probably won't think it's a good idea, and that's good for the community because it means it eventually you get down to that crucible of goodness. Oh, I am so sorry Charles. And perhaps better like client support and there's some really good ideas that are starting to brew up there so there needs to be some questions about that and there needs to be some questions about whether should we continue being this very crude directed acyclic lat graph by a ghost should or should be abandoned goes all together or go with a better version of it because there's been now four years of good research post ghost for that scheme. Chuck Schumer. We retain professors and we do peer-reviewed research, actual peer-reviewed research. Oo I've held a long-standing belief that the value of any cryptocurrency has nothing to do with the underlying technology or very little to do with the underlying technology if if it had to do with the tech there's just absolutely no reason for like coin to have any value at all because I mean it's like literally just take something you fork it from Bitcoin you quadruple the supply and you change the consensus algorithm none of the utility is different to be honest with you and most of the code is the same yet it's its own hitbtc vs bittrex pos debit coinbase cheapside and has its own value zgtx 1060 zotac vs asus hashrate how much is unikrn gold coin cost during ico crowdsale own community.
It's a very libertarian views of things. The bad news is that none of these protocols are typically user-friendly or appealing on on mobile devices, and it requires a lot more crypto, and a lot more brilliant ideas that have to be invented. Then the other thing is who do people target so if you're an official and you're looking to crack down on people make an example. So Anthony went ahead and rented a beach house in Miami and this was in January of and he said alright let's just have all the people who are going to come come and let's all meet each other, see if we're assholes or if we like each other and see what we can do together and kind of figure out what this project is going to be all about And at the same time we'll go and present Ethereum at the North American Bitcoin conference that was being held in Miami at the same time and see what the community reception was. One of the features that sets Exodus apart from a lot of its competition is the visual compound Ledger Bitcoin Cash Chrome Why Has Litecoin Spiked you are greeted with when you first open it up. So I think there's a both a good side of the bad side. So that's that's that with that now in particular the block size debate I wrote an article when Mike Hearn left the space. Sometimes you will put your identity card and driving license into your wallet. Do you have the seed? So it's a really nice compromise where you're mostly still mining but then you also have this added layer of security which i think is a really productive way of getting people engaged. Bob gives you chain A. I said sure. So you always have to ask yourself if you're really looking for value, who is the community, how does the community grow, what are the barriers to entry, what are the barriers to exit, what's the virality of this community and is the community historically been growing or is it staying stagnant. It's just they were on the wrong side of regulation. Uh plans to obviously further penetrate the Chinese market a hosting ETC ICO of your own or in in fact you talked a lot about wanting to differentiate the Ethereum classic chain more so what are some more of those plans of differentiation? One email a day for 7 days, short and educational, guaranteed. They can do a lot of things to you but you consented to that. That's not sustainable for things like credit? This is a situation where you have the best minds in the world like seriously brilliant people who spent all day just sitting in a room looking at a whiteboard talking to other brilliant minds still not being able to figure it out.
There's a cave that people love to go in scuba dive in and it's a very dangerous cave it's in South America and every year it kills dozens of scuba divers but it's a beautiful cave and they run out of oxygen they get lost and they you know they die in the cave and they have this little sign and has a skull on it and it says if you go on this cave you're probably going to die. That's fair but we are where we're at today and what's happened is the theory of classic has stabilized, It's built an independently big community that's very passionate and it's looking at the world a little differently and the division is less about let's kill Ethereum and more about we actually have differences of opinion about how smart contracts should be run. So we said fuck it, let's do it. So you know wasn't my interpretation. There's this idea of ownership of property, what does it mean to own something, and transfer that value. Uh before we shift gears just do a quick rapid-fire question round. Of trezor not showing zcash zclassic roadmap it goes to the miners, but Exodus doesn't allow you to reduce it. So there was people who bought ether and they felt like they've been lied to. So Elias is going to help us add some academic rigor from the algorithmic game theory side to our protocols. Which is one of the reasons actually why we founded IOHK. A lot of people said we should sue Barry Silbert. Kind of wish I hung on to my Bitcoin because I would be doing quite well too, ah, you know. Gox software allows hackers to come in and steal all the Bitcoins. People shouldn't be able to go for political inconvenience and change history because we're going to do that a lot. Very powerful okay, but what we are paying right now is enormous cost of energy and what we're paying right now is the ever increasing amount of centralization around competency, subsidy and first access to things. So anyway Vitalik's presentation was incredibly well received and my debate was well received. And it became very clear that we had something tremendously special that the community really wanted this that the the idea of having a programming language on a blockchain and being able to create smart contracts.
The minute someone knows your private key he has control over your coins. Your aid of applications from everything from biology to the Cuban Missile Crisis in fact. Let's actually be researchers. Alice gives you chain B. This was a back door that could xfx radeon rx 470 mining xmr asic mining into the EF potentially and basically for next two or three years, potentially longer, cause a lot of problems for. My point is that there's natural divergence points that are now based upon philosophy and ethereum wallet coinbase cex.io coupon, not about let's kill ETH or let's kill ETC. He does a formal verification work. Well for the first time ever we have a way of making it a lot more fair. Other wallets allow the fees to be set, balancing speed and cost.
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There was an error with Bitcoin way back like or where you could manipulate Bitcoin script in just the right way and create billions of bitcoins obviously you fix that it was fixed quickly that's a problem with the protocol and it violates the social contract. How much time how much time do you. These help keep your keys safe and stored in an "offline" device, rather than on your computer. Three; the free flow of value. Go ahead Crypto you there? You signed an agreement when you join the military. Your aid of applications from everything from biology to the Cuban Missile Crisis in fact. So I was just trying to be useful. We spend hundreds of millions of dollars a year on electricity for Bitcoin, the fact more than the nation of Ireland. Simply visit MyEtherWalletenter top dogecoin faucets serve2serve bitcoin strong password and generate a wallet. Google bitcoin price today how bitcoin could help africa of wish I hung on to my Bitcoin because I would be doing quite well too, ah, you know. You know, we have the best people. There has to be a growth model that's built into it, that says people are just going to want to use this thing. Yeah for sure, blockchain. Thank you for having me. Most honest business in the world. They can now take young long marches they can now change your job at a moment's notice.
That's an enormously powerful idea, so if we're looking to how do we get to three billion or four billion users and then at that point really would be a multi trillion-dollar ecosystem we have to ask ourselves what are the fundamental elements that are required to get these things to work well on cell phones. The value in my view of any cryptocurrency comes from the users and what they do with it the products and services that are participative the movement of value within that system. And there's some great papers on potential schemes to do this for example one is a paper from Cornell on sealed glass proofs where you provide facts to an enclave in trusted hardware and you can verify things about those facts but the facts themselves can't escape the Enclave and get destroyed, kind of like a perfect forward secrecy style scheme. Gene gives you chain C down the line and you run a calculation whatever chain you've gotten that has more work behind it that's your chain no checkpoints. I, so I guess my question here is what the hell man. I obviously don't speak for the entire blockchain community but I personally would love to see both chains working together in a complementary manner, instead of just trying to compete and FUD campaigns trying to Delegitimise each other. Quick Links Sell Cryptocurrency. In Ethereum, fees are a general term that refers to the gas used multiplied by the gas price you were willing to pay. Those days are over. These are essentially USB sticks which generate private keys. It's going to be measured in the many many trillions when all is said and done.
We can encode regulation at the smart contracts we can create regulatory layers and we can create special domains that when you take your token and send your token into that domain and you consent to having it in there you can get all this value, let's say a decentralized exchange or a computation layer for gambling, but you must consent to whatever the rules are in that marketplace. We start from first principles and we integrate ourselves in universities itself. Then the other thing is how much decentralisation? Contract accounts are accounts that have code associated with. Long after I left they were pumping it raising money on it getting hype on it getting developers on it holding meetup groups about it doing YouTube presentations doing Dev Con presentations the founders that remained. They can be used from only one computer where they have been downloaded. So there's a great paper that was written by Ari Jules and a few others called Permacoin back in and Permacoin basically is an attempt to build a proof of work system on a database securing the database. It wasn't intended to be this pound gorilla that was going to go take over the world, rather what happened was that after I left BitShares. That's my own personal opinion. Guides What is the Noah Project? I can't make heads or tails of it. I don't know of any other system that has that kind of property as elegant and concise as Bitcoin does. Don't do it. That said it is easier to smash a lockbox than it is to decrypt a private key assuming you have used a good password. You can't do these things.
I said okay. I want to dive more into some other blockchain innovations and kind of dovetail off something that you were just talking about a seizure of property here one of the things that scares me about Bitcoin about blockchain technology fastest bitcoin mining gpu filecoin mining rig kind of that transparent open mutable ledger where if we get to the point where states can kind of link proof of stake multiple accounts was bitcoin tulip bubble to the wallet addresses or or they can look at a coin and they can say hey at some point along the way this was used to fund terrorist activities or something along those lines with a lot of the overstepping of rights that we've seen with the Patriot Act. Now let's talk about cryptocurrencies and privacy in general okay so it's not just good enough to say that I have made my cryptocurrency private by strengthening the link ability the lack of the delink ability guarantees. The other advantage of running Bitcoin Core Bitcoin. Bitcoin mining rigs reddit bitcoin wallet identifier is also a USB enabled hardware wallet, that allows you to store not only Ethereum but other cryptocurrencies as well as Bitcoins, Litecoins, and other altcoins. I just wanted a quick insert. I have tremendous respect for DASH, don't even care about the technology. In Ethereum, we must keep miners incentivized as well, for their contribution of computing power to the Ethereum supercomputer. We spend hundreds of millions of dollars a year on electricity for Bitcoin, the fact more than the nation of Ireland. I was talking about information access. But with a cryptocurrency now you can vote with your feet.
These are essentially USB sticks which generate private keys. So it's really a novel idea but it, you know, the problem was that we didn't really know how to execute it so I said this is really interesting paper I think we can do something with it but we need to kind of start building a team. Ethereum has been created by Vitalik Buterin, who is one of the renowned personalities in the crypto galaxy. Do you know anything about the…. I know your previous stance was why not just make some BOTS to view ads and and stack money but how do you feel now? Over four billion dollars worth of Bitcoin has been stolen over the history of Bitcoin. Ethereum has exited that world and has now entered some sort of mid-ground and i don't know what that is, but it's not crypto land. I've talked to some people in the NEM community years ago but it's just one of those projects that I don't have the time or desire to really look into and maybe sometime in the future I will but I have no opinion on them. Okay and what did that mean yet be very public about it you know wear the uniform show up at the rallies make sure that everybody knows you're a member so then you can get the good jobs you can go to the good colleges your children can have the good future. Nothing new. It's something different.
And he came in and took over community management as. And you can even protect yourself against nasty hackers and evil-doers by generating a transaction offline and broadcasting it on an online computer. The best part about it is that it can get connected to any device via a portable USB device and supports a wide range of cryptocurrencies like Ethereum, Bitcoin, Litecoin, Ethereum Classic and many more altcoins. A, because bitcoins kind of been a downtrend and you know it'd be better to launch it at the bottom of the market instead of right at the top B, because the legal risk would be tremendously lower C, because everybody would have to do through due diligence. Ethereum wallet comparison Your wallet gatehub vs kraken adding bitcoin to poloniex account only interact with the blockchain, allowing you to easily send and receive digital coins and make transactions. So obviously that's you. And so we kind of partnered together and the Chinese put money into a company we set up in Virginia down in Virginia Tech at the corporate Research Center and I got BitShares up to a point where it was ready to to launch and Dan and I kept fighting and fighting because we both have very strong opinions on things and at some point I just took a buyout, left and went on to go do Ethereum with Vitalik and then Dan went on to build out the BitShares ecosystem and brought in delegated proof of stake and the graphene platform later did steam and now I guess he's doing EOS. Let's let's dig in a little more about ETC specifically you are already alluded to this a little bit earlier. So when analyzing whether a cryptocurrency is going to be worth anything or not the first thing what coins does ledger nano s support charles hoskinson crypto baron do is you say; who's the community and how is that community going to grow, and are they stable, are they sticking around or are they kind of like a video game where you have 10 million people in month 1, month 2 eight million, months 3 two million, month 4 five hundred-thousand, right. Productive communities are not echo chambers so how do you know you're in an echo chamber you walk in with a great idea and because it wasn't invented there or you're not part of a click when you announce the idea you're immediately shot down and burnt down to the ground. That seems to have milk crate mining rig tutorial issues with ios 10 mining rig a lot of animosity. You know, what's what where did we get this 10x from and why is everything else just massively going up? These types of satoshi nakamoto and fork gatehub apk. An exchange getting hacked won't affect you. Now what in particular did I talk to the pivots team about it was more of a courtesy call anytime anybody's involved in privacy and intended anybody's involved in Treasury I want to meet the team because we're in the Treasury business we're also in the privacy business and we may have some open source protocol that we've created that I would love to share and have them implement especially a Treasury because that's a great funding model. People shouldn't be able to go for political inconvenience and change history because we're going to do that a lot. I'm big on this most certainly is not a bubble we are just scratching the surface on the potential of what this market is going to be. Now where do we have consensus? So after peace comes to Syria who the hell is going to come in and decide who owns what. So these are some basic principles that I think should never be infringed or violated in our space.
He's taking ah, he's jumping straight off a bridge. Bitcoin went from a hundred to over twelve hundred dollars in like a month and everything was just crazy, like hype was at maximum level when dogecoin just came out and everybody was making money on it. So after peace comes to Syria who the hell is going to come in and decide who owns what where. Okay that's a very libertarian way of viewing privacy and there's certainly a large spectrum of people that have feelings one way or the other you know we've had this debate many times. So i created a class on big peter sellers fans, i called the class bitcoin or how I learned to stop worrying and love crypto and I ended up getting about 50, students which was just unbelievable. That's how, that's fine, I'll go. So I think there's a both a good side of the bad side. That's fair but we are where we're at today and what's happened is the theory of classic has stabilized, It's built an independently big community that's very passionate and it's looking at the world a little differently and the division is less about let's kill Ethereum and more about we actually have differences of opinion about how smart contracts should be run. Um, NEM. I said sure. I was number five in that group and at the same time.. The most common ones are Geth and Parity. So there's a great paper that was written by Ari Jules and a few others called Permacoin back in and Permacoin basically is an attempt to build a proof of work system on a database securing the database. So one group of people said decentralized exchange is really important because it doesn't matter how decentralized the currency is if the aggregation points where you transaction between fiat and the crypto or digital to digital or regulated exchanges and basically government's can levy control over those entities for example if they don't like Zcash they can say you can't list Zcash or they don't like singular DTV because maybe it's a security in their mind and they'll just say you need a broker-dealer license to trade it they'll say so Poloniex will drop it and so forth.
Can you read it let me know what you think? But this wasn't forced on you nobody could reach into your account and take your money out and just grab it from you and say it's. This is similar to a bad guy having stolen your lockbox. I mean, at least when you have principles you can say I saved no one we all know that then and we all took the risk. And what do I mean by that? So you know wasn't my interpretation. If the phone is lost or upgraded, this Paper Key helps to recover how to change bitcoin to tether bittrex bitcoin mining old hardware other uses wallets and funds. So similarly smart contracts with regulation, I think, are going to have the exact same impact that Bitcoin has had with value and money and and frankly I think that if we push that hard and keep our integrity and our ethics and put our noses to the grindstone and we build some great business models and we get all this value into the cloud and we start getting some jurisdictions to recognize it. Only bitmain antminer s9 14ths watts bitmain antminer setup you found a way to get people who disagree to find a way to agree can you say your system is better.
So why the hell do we even fight anymore and it's just like let it go and then let's make each other better. Probably not a lot of the Gini coefficient was probably pretty bad there. That's great stuff and a lot of that we're actually going to dive into in a lot more detail throughout the interview. And now let's look at everybody who's out of clients and some will be needed example Silk Road is the greatest example in the world of that where you know some politicians say let's make an example out of. One of the well-established and well-reputed option, Coinbase has appeared Bloomberg and Time due to its clear an easy to use interface. Like for example if you were to go into cryptocurrency X Y Z slack and say guys I have this new treasury system that's a lot better than the one you guys currently have. Now what in particular did I talk to the pivots team about it was more of a courtesy call anytime anybody's involved in privacy and intended anybody's involved in Treasury I want to meet the team because we're in the Treasury business we're also in the privacy business and we may have some open source protocol that we've created that I would love to share and have them implement especially a Treasury because that's a great funding model. So we knew the VC money was there and we also knew that we could do a crowd sale and the only question was how would that be done, what entity would it be executed and so forth. But sure you know but we've seen the result of that. I believe was called Eth dev and Gavin and Jeff and Vitalik kind of ruled the roost and built Ethereum and and launched it. Now this was in the 90s, well before BitTorrent dear cryptocurrencies or anything, so in many ways his research kind of inspired the the seed of thought behind you know maybe we should start thinking about tokenizing things or maybe should start thinking about why Bob and Alice are actually going to write a protocol. Then you no longer have centralization. Okay that's a very libertarian way of viewing privacy and there's certainly a large spectrum of people that have feelings one way or the other you know we've had this debate many times.