Podcasts about kyc

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  • 400PODCASTS
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  • 47mAVG DURATION
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  • Aug 5, 2022LATEST

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Best podcasts about kyc

Show all podcasts related to kyc

Latest podcast episodes about kyc

Not Boring
Not Boring Founders: Eli Wachs & Alex Grinman, Footprint

Not Boring

Play Episode Listen Later Aug 5, 2022 47:08


Eli Wachs & Alex Grinman are the co-founders of Footprint. Footprint's mission is to bring back trust on the internet. The company wants to put people in control of their identity while solving KYC, IDV, and PII storage problems for enterprises. Footprint just announced a $6M Seed Round led by Index Ventures. --- Send in a voice message: https://anchor.fm/notboring/message

Bitcoin Italia Podcast
Posta del cuore: episodio 1

Bitcoin Italia Podcast

Play Episode Listen Later Aug 4, 2022 39:41


La Summer Edition 2022 del Bitcoin Italia Podcast è dedicata alla "Posta del ❤️".Ci avete sommersi di email con le vostre domande, ne abbiamo selezionate alcune, le più interessanti, le più divertenti o le più educative.Sarete tra gli ascoltatori che hanno vinto la lotteria estiva del BIP SHOW?Non vi resta che premere subito play per scoprirlo!Buona vacanze BIPERS!It's showtime!

Bitcoin Italia Podcast
S04E29 - Nel nome di Bitcoin

Bitcoin Italia Podcast

Play Episode Listen Later Jul 28, 2022 75:43


Le shitcoin investono enormi capitali per foraggiare uffici stampa, social media manager, influencer, communities di shiller, gruppi telegram... e chi più ne ha più ne metta. È la loro tecnica di vendita. Poca tecnologia e tanta pubblicità. Bitcoin è diverso. Non è un'azienda e non ha una strategia promozionale né un budget a disposizione per sedersi nei salotti stile Barbara D'Urso.Ma potremmo immaginare di costruire un ufficio marketing distribuito e trasparente che raccolga donazioni dai bitcoiner di tutto il mondo?Inoltre, nel nuovo episodio, vi spieghiamo cosa fanno nel dettaglio i maintainer del codice Bitcoin, vi portiamo alla scoperta di Liberland e parliamo di come anche i banchieri centrali inizino ad ammettere che Bitcoin è denaro.It's showtime!

Lunaticoin
L159 - Si volviera a empezar en Bitcoin, ¿qué aprendería primero?

Lunaticoin

Play Episode Listen Later Jul 26, 2022 40:00


El capítulo de hoy viene a contestar esta única pregunta. Con todo lo aprendido en los 5 años que llevo cayendo por la madriguera, si tuviera que volver a empezar en Bitcoin ¿qué habilidades y conocimientos estudiaría y aprendería primero? En 12 puntos ordenados cronológicamente trato las actitudes, lecturas, conocimientos y habilidades que creo son más importantes para empezar a la máxima velocidad. Una síntesis y repaso personal a todo lo que para mi acaba desenvocando en un bitcoiner soberano que exprime el verdadero potencial de la invención de Satoshi. Todos los recursos mencionados, más abajo

Vietnam Innovators
S3#16 Bryan Carroll, CEO & Co-Founder TNEX: Crucial factors for new-age digital banking

Vietnam Innovators

Play Episode Listen Later Jul 25, 2022 37:52


In this Vietnam Innovators episode, we will meet up with Bryan Carroll – CEO & Co-Founder at TNEX - the first digital-only banking platform  in Vietnam.Before TNEX, Bryan was an experienced specialist in the fields of Digital Banking, Data Science, Digital Marketing, Information Security and Technology Architecture.Supported by Vietnam Maritime Commercial Joint Stock Bank (MSB), TNEX 4.0 is a banking model with neither branches nor transaction offices. It is also one of the first banks to allow customers to open an account entirely online through the TNEX smartphone app with e-KYC technology. Being built on a digital business and operating model enables TNEX to create and provide products and services at nearly 97% lower costs than traditional banks.Let's listen to this Vietnam Innovators episode to learn more about this business model, how it makes a profit, and the values this model can offer to its users! Listen to this episode on YouTube.And explore many amazing articles at the website vietcetera.com. A big thanks to our sponsor TNEX  for making this episode of Vietnam Innovators possible. Being the best digital-only bank in Vietnam 2022 recognized by The Asian Banker, TNEX offers free banking services and different experiences for Vietnamese people. At the same time, TNEX is the only bank to provide a feature to help customers manage their comprehensive health including financial, physical and emotional health, with a belief that a healthy community is a prosperous community. 

Bitcoin Italia Podcast
S04E28 - La servitù del riquadro RW

Bitcoin Italia Podcast

Play Episode Listen Later Jul 21, 2022 73:55


Il Portogallo è una nazione Bitcoin friendly e il paragone tra la scena locale e quella italiana è impietoso. Come se non bastasse non avere leggi che consentano di fare impresa nel settore, il nostro Stato vorrebbe anche farci compilare il riquadro RW. Forse è arrivato il momento di alzare la testa.Inoltre vi raccontiamo la storia di Antbleed, una backdoor scoperta nel 2017 negli ASIC Bitmain e ragioniamo su come a scalare in futuro non sarà soltanto Bitcoin, ma anche il nostro utilizzo del sistema stesso.It's showtime!

Bitcoin Italia Podcast
S04E27 - Siamo come la Cina

Bitcoin Italia Podcast

Play Episode Listen Later Jul 14, 2022 75:24


Alcune banche cinesi chiudono gli sportelli e congelano i conti dei cittadini, scatenando rivolte che vengono sedate con l'utilizzo delle tecnologie di tracing e di social scoring. Distopia asiatica, verrebbe da dire. Ma siamo sicuri che l'Italia sia poi così diversa?Inoltre festeggiamo Gloria Zhao, che diventa maintainer del repository di Bitcoin Core, vi raccontiamo come in Texas il mining di Bitcoin abbia stabilizzato la griglia elettrica nei periodi di picco delle ultime settimane e descriviamo gli algoritmi crittografici che renderanno Bitcoin quantum-resistant.It's showtime!

The Scoop
Inside the Avalanche ecosystem with Ava Labs' COO Kevin Sekniqi

The Scoop

Play Episode Listen Later Jul 13, 2022 37:46


 No matter the blockchain, individual blocks are limited in the amount of information they can hold; so when blockspace becomes limited, transaction fees increase. As Ava Labs COO Kevin Sekniqi puts it: “Chains are only cheap as long as the blockspace has not been filled up completely — once blockspace gets filled up completely, it becomes expensive.” In this episode of the Scoop, Sekniqi explains how Avalanche — the proof-of-stake blockchain Ava Labs launched back in September 2020 — utilizes ‘subnets' to tackle the problem of blockchain scalability, and how subnets compare to other scaling solutions. As Sekniqi explains, existing validators of the Avalanche blockchain are able to deploy new subnets, and choose the rules of how they operate: “The simplest way to describe subnets… is a subset of the Avalanche validators coming together and agreeing to do something.” For example, the validators of a new subnet could choose to optimize the specifications of the new chain for a specific application, or validators could choose to require users to undergo KYC before interacting with the new subnet. Whereas an Avalanche subnet could theoretically be run with just a single validator, popular scaling solutions on Ethereum rely on the entire validator set of the base chain to process transactions. Sekniqi argues that this approach is likely unnecessary, and creates “extreme overhead that you don't really want.” Instead, Sekniqi believes the number of validators securing a chain should scale organically alongside its value: “​​If there's a lot of activity and it truly is a very valuable chain, more and more people will start validating that chain because there are incentives… and so [security] scales up as the value is built upon it.” Episode 63 of Season 4 of The Scoop was recorded live at The Block headquarters in New York with The Block's Frank Chaparro and Kevin Seqniki, COO of Ava Labs. Listen below, and subscribe to The Scoop on Apple, Spotify, Google Podcasts, Stitcher or wherever you listen to podcasts. Email feedback and revision requests to podcast@theblockcrypto.com. This episode is brought to you by our sponsors Chainalysis & IWC Schauffhausen About Chainalysis Chainalysis is the leading blockchain data platform. We provide data, software, services, and research to government agencies, exchanges, financial institutions, and insurance and cybersecurity companies in over 60 countries. Backed by Accel, Addition, Benchmark, Coatue, Paradigm, Ribbit, and other leading firms in venture capital, Chainalysis builds trust in blockchains to promote more financial freedom with less risk. For more information, visit www.chainalysis.com. About IWC Schaffhausen IWC Schaffhausen is a Swiss luxury watch manufacturer based in Schaffhausen, Switzerland. Known for its unique engineering approach to watchmaking, IWC combines the best of human craftsmanship and creativity with cutting-edge technology and processes. With collections like the Portugieser and the Pilot's Watches, the brand covers the whole spectrum from elegant timepieces to sports watches. For more information, visit IWC.com

Crypto And Things
The Centralization Of NFTs - KYC & Withdrawals #528

Crypto And Things

Play Episode Listen Later Jul 9, 2022 14:48


I've noticed a growing trend that more NFT marketplaces are centralized, require KYC, and don't allow withdrawals in multiple cases. Let's talk about a few examples of this growing problem for the NFT space.

Breaking Banks Fintech
Episode 449: Down but not out: the future of DeFi and TradFi

Breaking Banks Fintech

Play Episode Listen Later Jul 7, 2022 54:08


This week we have a particularly spicy guest... Simon Taylor, writer of Fintech Brainfood, one of the best weekend reads on all things fintech, formerly head of ventures at 11FS and now Head of Strategy and Content for Sardine. Despite the time difference, Simon and Jason Henrichs dig into some real brainfood with some Hot Wings and Hot Takes on the future of fintech, why Web3 matters and why the intersection with KYC and risk management practices could completely upturn traditional finance. In the second half, Chrissy Oelke who spearheads UX at Horicon Bank and Jason talk about Horicon's journey towards personalization. The genesis of this conversation was a panel Chrissy and Jason did for Total Expert. Here Jason takes the opportunity to understand Horicon Bank's why behind the decision to embark on a user experience overhaul, the challenges they've faced and the road ahead. https://youtu.be/dw6jBkyZNpQ

bitcoinheiros
Live - O melhor da semana - 06/7/2022

bitcoinheiros

Play Episode Listen Later Jul 7, 2022 59:38


AO VIVO para responder perguntas e conversar sobre os temas da semana no Bitcoin. 00:00 Sala de espera 01:04 Introdução 08:40 Peter Schiff tem banco fechado pelo governo de Porto Rico, e agora? 13:36 É possível manipular o preço do BTC com robôs traders? 17:36 Todas as exchanges nacionais e internacionais serão obrigadas a fazer KYC para depósitos em BRL 24:41 O chip novo da Samsung mudará a mineração de Bitcoin para sempre? 27:40 Nassim Taleb xinga presidente de El Salvador por comprar bitcoin 29:09 Nic Carter é shitcoinheiro? 32:35 O estoque de ouro irá realmente aumentar? 34:08 Como funciona a economia de empréstimos no BTC? 42:10 O Bull Market no mercado de bitcoin é culpa da alavancagem? 48:28 Existe exchange p2p com KYC? 54:19 Lobo de Wall Street fala bem do Bitcoin, isso é bom? ________________ APOIE O CANAL https://bitcoinheiros.com/apoie/ ⚡ln@pay.bitcoinheiros.com Loja dos Bitcoinheiros https://loja.bitcoinheiros.com/ SIGA OS BITCOINHEIROS: Site: https://www.bitcoinheiros.com Youtube: https://www.youtube.com/bitcoinheiros Twitter: https://www.twitter.com/bitcoinheiros Allan - https://www.twitter.com/allanraicher Dov - https://twitter.com/bitdov Becas - https://twitter.com/bksbk6 Ivan - https://twitter.com/bitofsilence Instagram: https://www.instagram.com/bitcoinheiros Facebook: https://www.fb.com/bitcoinheiros Podcast: https://anchor.fm/bitcoinheiros APOIE O CANAL: - Dê uma gorjeta em Bitcoin: https://bitcoinheiros.com/apoie/ - Inscreva-se no canal - Deixe seu comentário no vídeo - Dê um like no vídeo - Compartilhe o vídeo e o canal com amigos e familiares na sua rede social - Envie um email com seu comentário e sugestões: bitcoinheiros@protonmail.com COMO GUARDAR SEUS BITCOINS? Bitcoinheiros recomendam o uso de carteiras Multisig com Hardware Wallets de diferentes fabricantes. Busque por "canivete bitcoinheiro" em nosso canal para saber mais. - COLDCARD - https://store.coinkite.com/promo/bitcoinheiros (use o código bitcoinheiros para ganhar 5% de desconto) - TREZOR E BITBOX02 PARA RESIDENTES NO BRASIL E AMÉRICA DO SUL Revendedor oficial: https://www.kriptobr.com/?afiliado=1288 Acesse com nosso link acima para ajudar o canal! ;) - TREZOR PARA RESIDENTES EM OUTROS PAÍSES https://shop.trezor.io/product/trezor-model-t?offer_id=15&aff_id=3722 ISENÇÃO DE RESPONSABILIDADE: Este conteúdo foi preparado para fins meramente informativos. NÃO é uma recomendação financeira nem de investimento. As opiniões apresentadas são apenas opiniões. Faça sua própria pesquisa. Não nos responsabilizamos por qualquer decisão de investimen --- Send in a voice message: https://anchor.fm/bitcoinheiros/message

Bitcoin Italia Podcast
S04E26 - Cibo per topi

Bitcoin Italia Podcast

Play Episode Listen Later Jul 7, 2022 75:33


La Repubblica Centroafricana fa marcia indietro e presenta al mondo una shitcoin di Stato come non se ne erano mai viste. Una autentica idiozia. Come se non bastasse arrivano notizie poco rassicuranti anche da El Salvador. A questo punto non possiamo fare altro che domandarci: Bitcoin è davvero fatto per essere adottato da politici e governi?Inoltre: Intel consegna i primi chip ASIC, l'Uganda trova un immenso giacimento d'oro e vi raccontiamo come il mining di Bitcoin potrebbe consentirci di sfruttare l'energia termica degli oceani.It's show time!

Lunaticoin
L158 - Entendiendo los Futuros y las Opciones financieras con Carlos Santiso

Lunaticoin

Play Episode Listen Later Jul 5, 2022 96:23


Los Futuros y Opciones financieras parecen ser un producto para otro tipo de persona. Quizá para alguien que se dedique a la especulación y que está muy alejado del mundo productivo real. Esto que acabo de decir es una falsa creencia y en el podcast de hoy con Carlos Santiso, viajamos en el tiempo para ver cómo aparecieron estos productos y qué necesidad venían a cubrir. Desmenuzaremos temas como: Derivados Futuros Contango y Backwardation Forwards OTC Matchear Roll Over Opciones Puts y Calls (Covered/Naked) Opciones Europeas/Americanas Irse Out of the money Una clase de 10 que me imparte Carlos sobre un tema que apunta a madriguera profunda. En imagen CBOT: Chicago Board of Trade, el primer mercado en ofrecer Futuros en el SXIX LINKS: Twitter de Carlos: https://twitter.com/IcariaCap Conferencia Jack Mallers: https://youtu.be/rBCG0btUlTw Aplicaciones de Valor por Valor: https://podcastindex.org/apps Escúchame en Fountain aquí https://bit.ly/Fountain_Lunaticoin Más información en https://lunaticoin.com Twitter: https://twitter.com/lunaticoin Apoya el podcast en Patreon https://bit.ly/Patreon_Luna Mención especial a los sponsors de este podcast: Compra bitcoin sin KYC en HodlHodl: https://bit.ly/hodlhodl-luna Infórmate sobre Minería en Braiins: https://bit.ly/Braiins_Luna Vive con cripto en Bitrefill: https://bit.ly/Bitrefill_Luna Toma prestado con bitcoin en http://bit.ly/Lend_Lunaticoin

Insightful Principles
IP #107 Bitcoin Privacy For Beginner's

Insightful Principles

Play Episode Listen Later Jul 1, 2022 10:58


Sponsors:Buzzsprout, the best way to start a podcast!https://www.buzzsprout.com/?referrer_id=1305358Safely secure your crypto with Ledger, the largest crypto hardware wallet! https://shop.ledger.com/?r=aa519baed9caInvest in crypto through a tax advantage retirement account with ITrust Capital!https://itrustcapital.com/referral100?utm_source=partner&utm_medium=youtube&utm_campaign=partner850&oid=10&affid=850Resources:Hodl Hodl Security GuideTrading security guide. We are extremely concerned about your… | by Hodl Hodl | Hodl Hodl | MediumNon-KYC Bitcoin: Hodl Hodl - a multisig P2P Bitcoin trading platformSparrow Wallet: Sparrow Bitcoin Wallet - Sparrow WalletThroughout this podcast, Kevin discussed the different aspects when protecting the privacy and security of your Bitcoin. Those are buying Bitcoin privately, securing it properly, & coin management with labeling transactions. When it comes to the privacy of your Bitcoin. You have the option of purchasing it using a Non-KYC or KYC platform. The difference is when you use a centralized platform, they will have a KYC procedure. Where they ask for a lot of your personal information to open up an account.Whereas with a Non-KYC procedure, you don't have to provide any of that, and it allows you to protect your identity and privacy. Kevin talked on the pros and cons between the two methods and the risks involved when considering either option.He also explained the different cold storage methods on securing Bitcoin offline. Whether that's through a hardware or software wallet. Both options provide the flexibility of securing your assets and utilizing a multi-sig wallet. Where 2-3 people can sign a signature before any funds are released. The freedom of using a software wallet is the ability to run your own node. Whenever you're not running your own node, typically you are using someone else's. When that happens, you are giving up your privacy to a certain extent. Running a node allows you to validate and label your transactions. Which allows you to take your security and privacy to another level. Learning about Bitcoin privacy is key to understanding the benefits of a network that's truly censorship resistant and self-sovereign.Show email & contact info:Email: insightfulprinciples@gmail.comLinkTree: https://linktr.ee/insightfulprinciplesSocial Media:Instagram & TikTok: @insightfulprinciplesTwitter: @insightprinplesLinkedIn: Kevin Jenkins Clubhouse: @kevnjenkins#bitcoin #privacy #guide #insightful #principlesSupport the show

Lunaticoin
L157 - Préstamos Pseudónimos: e02 - Tropykus Finance

Lunaticoin

Play Episode Listen Later Jun 30, 2022 81:47


Los préstamos forman parte de nuestras interacciones económicas desde el inicio de los tiempos. Bitcoin habilita un nuevo tipo de créditos: los préstamos pseudónimos. En el podcast de hoy salto a tratar Tropykus Finance, una plataforma construida en RSK, la cadena lateral de Bitcoin, y que permite ahorrar y tomar prestado utilizando $RBTC (smart bitcoin) como garantía. Con sus dos co-fundadores, Mauricio Tovar y Diego Mazo, tratamos: qué es Tropykus, cómo funciona, qué stablecoins puedes pedir, qué riesgos tiene, margin calls, plazos y liquidaciones y cómo es el ciclo de vida de un contrato. Más información en el minutaje de más abajo. LINKS: Twitter Dany Alos: https://twitter.com/DanyAlos Twitter de HodlHodl: https://twitter.com/hodlhodl Comunidad de Telegram de HodlHodl en español: https://t.me/HodlHodlEspanol RECURSOS: Podcast sobre finanzas federadas: https://bit.ly/L117_Federada Podcast suposiciones de confianza RSK con S. Lerner: https://bit.ly/L116_SergioLerner Podcast Money on Chain: https://bit.ly/L40_MoC CONSEGUIR RBTC Guía técnica de 2020 de Nico Bourbon para pasar BTC a RBTC con PoWPeg (Mínima confianza): https://bit.ly/Nico_RSKPEG Video-tutorial de Tropykus utilizando un servicio custodio de swap (FastBTC de Sovryn): https://bit.ly/Tropykus_RBTC Escúchame en Fountain en https://bit.ly/Fountain_Lunaticoin Más información en https://lunaticoin.com Twitter: https://twitter.com/lunaticoin Apoya el podcast en Patreon https://bit.ly/Patreon_Luna Mención especial a los sponsors de este podcast: Compra bitcoin sin KYC en HodlHodl: https://bit.ly/hodlhodl-luna Infórmate sobre Minería en Braiins: https://bit.ly/Braiins_Luna Vive con cripto en Bitrefill: https://bit.ly/Bitrefill_Luna Toma prestado con bitcoin en http://bit.ly/Lend_Lunaticoin MINUTAJE: 00:06:28 ¿Qué es Tropykus? 00:09:03 ¿Cómo es posible hacer esto de forma descentralizada en Bitcoin? 00:10:55 ¿Cómo son los préstamos de Tropykus? 00:16:41 ¿Para qué está utilizando la gente los préstamos? 00:20:51 ¿Cómo le das utilidad a un préstamo en stablecoin y no fiat? 00:25:54 ¿Qué riesgos hay al utilizar Tropykus? 00:27:30 · Puentes 00:28:18 · RSK 00:28:48 · Smart Contracts 00:30:00 · Oráculos 00:30:25 · DePeg de las Stables 00:31:03 · Liquidaciones 00:31:33 · Wallets 00:34:28 ¿Qué necesitamos para pedir un préstamo en Tropykus? 00:36:03 · Liquality, Metamask, Defiant 00:36:16 · Ojo con Nifty 00:47:52 EL CICLO DE VIDA DE UN PRÉSTAMO 00:48:40 ¿Qué pasa si tu colateral sube de valor? 00:51:46 ¿Puedes retirar colateral? 00:53:49 ¿Qué pasa si el colateral baja?¿cómo funcionan las liquidaciones? 00:58:27 ¿Quién puede ser liquidador? 01:01:46 ¿Qu

Bitcoin Italia Podcast
S04E25 - Non ci indurre in tentazione

Bitcoin Italia Podcast

Play Episode Listen Later Jun 30, 2022 75:12


La DARPA pubblica una ricerca che dimostrerebbe quanto Bitcoin sia centralizzato. Nel nuovo episodio smontiamo punto per punto l'ennesimo paper pseudo-scientifico commissionato da chi teme Bitcoin.Inoltre, l'ex bitcoiner Nic Carter scatena polemiche nel momento in cui antepone il sui interesse personale al bene della communità, e analizziamo il protocollo BOLT12, la nuova frontiera del Lightning Network.Lift off!

Lunaticoin
L157 - Préstamos Pseudónimos: e01 - Lend de HodlHodl

Lunaticoin

Play Episode Listen Later Jun 28, 2022 98:38


Los préstamos forman parte de nuestras interacciones económicas desde el inicio de los tiempos. Bitcoin habilita un nuevo tipo de créditos: los préstamos pseudónimos. En el podcast de hoy empiezo una serie de capítulos en los que trataré las principales opciones para tomar un préstamo sin ceder datos por el camino. En este primer episodio hablo con Dany Alos de Lend de HodlHodl. Con él repaso todo lo que debes saber sobre esta plataforma en la que puedes tomar préstamos P2P y con bitcoin nativo: qué stablecoins puedes pedir, qué riesgos tiene, cómo funcionan sus liquidaciones y cómo es el ciclo de vida de un contrato. Más información en el minutaje de más abajo. LINKS: Twitter Dany Alos: https://twitter.com/DanyAlos Twitter de HodlHodl: https://twitter.com/hodlhodl Comunidad de Telegram de HodlHodl en español: https://t.me/HodlHodlEspanol Escúchame en Fountain aquí https://bit.ly/Fountain_Lunaticoin Más información en https://lunaticoin.com Twitter: https://twitter.com/lunaticoin Apoya el podcast en Patreon https://bit.ly/Patreon_Luna Mención especial a los sponsors de este podcast: Compra bitcoin sin KYC en HodlHodl: https://bit.ly/hodlhodl-luna Infórmate sobre Minería en Braiins: https://bit.ly/Braiins_Luna Vive con cripto en Bitrefill: https://bit.ly/Bitrefill_Luna Toma prestado con bitcoin en http://bit.ly/Lend_Lunaticoin MINUTAJE: 00:05:40 ¿Qué es Lend? 00:11:57 ¿Quién tiene la custodia de los fondos de lending? 00:18:49 ¿Qué hace la gente con los préstamos? 00:27:34 ¿Qué riesgo asumes pidiendo un crédito en Lend? 00:37:10 ¿Qué Stablecoins podemos pedir en Lend? 00:43:37 ¿Qué necesito para pedir un préstamo en Lend? 00:47:47 Ciclo de via de un contrato de préstamo 00:48:26 ¿Qué es el LTV? 00:54:27 Interest Rate vs APR 00:57:26 ¿Para tomar un contrato qué hemos de rellenar? 01:05:39 ¿Cómo podemos retirar colateral? 01:07:21 ¿Cuánto se paga al cancelar un préstamo? 01:09:28 ¿Qué pasa si el colateral pierde valor con respecto al préstamo? 01:11:15 Margin Calls y liquidaciones 01:19:02 ¿Qué se puede hacer para que no te liquiden? 01:22:00 ¿Conoce el prestatario su precio de liquidación? 01:23:17 ¿Qué pasa si no devuelves el préstamo a tiempo? 01:24:43 ¿Qué pasa si sobra colateral en una liquidación? 01:30:25 ¿Qué volumen ha movido Lend hasta ahora?

Citadel Dispatch
CD68: a sunday afternoon chat with @clarkmoody

Citadel Dispatch

Play Episode Listen Later Jun 26, 2022 56:19 Very Popular


EPISODE: 68 BLOCK: 742458 PRICE: 4704 sats per dollar TOPICS: the clark moody dashboard, interstellar bitcoin, block propagation, KYC, fedimints, hard forks, fungibility https://citadeldispatch.com/cd68 @clarkmoody: https://twitter.com/clarkmoody support the show: https://citadeldispatch.com/contribute twitch: https://twitch.tv/citadeldispatch bitcointv: https://bitcointv.com/video-channels/citadeldispatch/videos podcast: https://www.podpage.com/citadeldispatch telegram: https://t.me/citadeldispatch stream sats to the show: https://www.fountain.fm/ join the chat: https://matrix.to/#/#citadel:bitcoin.kyoto

BIT-BUY-BIT's podcast
Mining Bitcoin and swimming in sats with @techengineer21

BIT-BUY-BIT's podcast

Play Episode Listen Later Jun 26, 2022 61:06


  Mining Bitcoin and swimming in sats I had the pleasure of speaking to Tech Engineer a bitcoin mining pleb who has built a fully functional swimming pool heating system using bitcoin miners, immersion tanks and automation to thermostatically control everything. Tech engineers focus is on privacy, security and the ability to double spend energy to heat while mining Bitcoin. In this episode we discus Tech's rabbit hole journey and why mining was so interesting for him, we also discussed the need for decentralising the network and helping smaller miners compete by using the heat produced by mining for something productive. I really enjoyed speaking to Tech and I hope you enjoy listening. I have decided to also add transcripts at the bottom of the show notes as some people have told me this would be useful. Transcripts might not be perfect but they should be pretty good.    If you aren't already following @techengineer21 I suggest you do it now.    twitter - @techengineer21 twitter - link to pinned video https://twitter.com/techengineer21/status/1523023198287130624?s=20&t=Ct2G5BawqRw4Nc6LcRUaBQ As always please feel free to reach out and ask me any questions. twitter - @MaxBitbuybit twitter - @bitbuybitpod Website - https://ungovernablemisfits.com   Today you can exchange $1 for 4760 Sats (Sale ends soon.)  Thank you Foundation Devices for sponsoring the show. Use code BITBUYBIT at check out for $10 off your purchase   00:01.28 maxbuybit1 So hey there mate can you hear me I can hear you loud and clear welcome to the show.   00:03.55 TechEngineer I am max I can hear you can you hear me.   00:17.49 TechEngineer Thank you for having me I'd be here.   00:25.00 maxbuybit1 Yeah, well, it's an absolute pleasure to have you On. Um I try and find always people who are doing interesting things and not just the usual podcast circuit and I came across your profile and saw your video you'd done um on this immersion tank and. Pool heating and is something I discussed ages ago with a mate of mine a mate like me with no technical ability and it was just like a thing we talked about but we're too dumb to actually do it. We're like fuck. Someone's got to do this. This is something that's got to happen just makes so much sense and when I saw yours I was like fuck I just need to speak to you and.   01:25.59 TechEngineer And.   01:44.12 maxbuybit1 You know, find a little bit more out because this is the future. It's fucking cool.   01:51.23 TechEngineer So right on man. Yeah, let's let's talk about it.   01:59.56 maxbuybit1 So Yeah I mean um, less so we can do rabbit hole stuff later On. Let's just dive straight in with with what you've been doing Obviously I've seen the video but. For anyone who hasn't can you sort of describe the project and and and what made you decide to do it.   02:33.79 TechEngineer Yeah, absolutely so let me start with a little background. Um back in 2017 was when I kind of went down the bitcoin rabbit hole. It was November of None I heard on the radio bitcoin cross $10000 and I was like. What is going on with this. Um and I was I was instantly intrigued and wanted to look into it more and immediately was drawn to the technology aspect of it and the mining aspect of it. Um. So I started looking into mining and at that time. Ah the miners went up in cost dramatically kind of similar to what happened in 20202021 and I tried to put to order a miner and it. It got delayed and that eventually just never shipped. Um, but there it so it was ah an it was an expensive endeavor for me to get into but I was still very interested. But at the time I knew like I was living in Colorado and I wanted to somehow use the heat that was. Being put off of these devices because I knew they put just put out a ton of heat. So that time I was thinking well maybe I'll just put in my basement and ducked something up to my upstairs long story short. It never ended up up working out just because the miner never showed up and then um. Price kind of dumped and then we went into a bear market and the profitability equation changed and I just decided that I just couldn't I didn't get into it at that time but that kind of built in the back of my mind like.   05:54.36 maxbuybit1 Here.   06:16.35 TechEngineer Want to mine. It's important for the bitcoin ecosystem for mining to be very decentralized but we need some sort of other factor that helps it be more productive to like a home miner so hard using the heat was in my mind. So fast forward to 2021? Um I finally decided you know what I need to just take the plunge here and start building a heater out of a minor so I don't know if you saw my original video but it was a a minor that I put inside of a box. And then aducted into my hvac system my heater my the heater in my house and then I put in some dampers and thermostatically controlled the airflow from the heater from the from the miner into my heater. So I basically he did my entire house all winter using using this system. So I'm I'm guessing you haven't seen that one I think you saw my ah.   08:08.54 maxbuybit1 Amazing. I haven't no um I haven't seen that one I have seen it done before but I haven't seen that specific one and I'm right in thinking it's fucking cold in Colorado. Been been there skiing before and fraze my boocks off. So I assume you need a lot of heat when you're living in there.   08:55.51 TechEngineer So yeah, and actually I don't live in Colorado anymore I mean I'm in Nevada now. So it's a much warmer climate but um, still need some heat in the winter. So I mean that was that was my None big.   09:04.50 maxbuybit1 Okay.   09:30.39 TechEngineer Step into this whole arena here was when I built that that system and that was kind of before I had joined bitcoin Twitter even and realized everything that was going on. So um, so once I had ah finished that system.   09:40.60 maxbuybit1 Here here.   10:07.57 TechEngineer And I had proved out that I can actually heat my house all winter with this system. Um the the next level for me was immersion. So the original system was just taking the air and redirecting it.   10:30.76 maxbuybit1 Here.   10:43.77 TechEngineer Um, but you can only do so much with redirecting air. You can't move it very far. You can't do anything other than really heating air with air. But I knew in the back of my head that ah like liquid cooling like I have I build um my own computers. And the cpu are liquid cooled so that was already in my mind like that's a thing I just didn't know that an immersion existed yet. So once I so once I kind of got on to bitcoin Twitter saw some other people do an immersion once I realized that was a thing I was like.   11:24.72 maxbuybit1 Here. Okay.   11:51.81 TechEngineer Oh my God I gotta try this out because I.   11:58.56 maxbuybit1 What what was what was that like finding bitcoin Twitter for the None time because I know for me, it was an absolute lifesaver like it just changed the game.   12:20.30 TechEngineer And it was ah it was ah a game changer for me as well. I mean I have always kind of been doing these projects and I mean my name is my name is tech engineer because I love technology I Love engineering I'm mean the home automation I'm always doing Diy engineering projects but I'm just kind of doing it.   13:02.78 maxbuybit1 A.   13:00.51 TechEngineer Solo on my own That's how I've always done it and I've always wanted to kind of like branch out and like start documenting these things like because I know that what I'm doing has interest to other people and so finally I was like you know I just got to do this and I made a video about it posted on Youtube and then then it just kind of. Ble up on Twitter and went around in in through bitcoin Twitter and I realized all these people have a big interest in this and I was like oh my god these are these are my fucking people right here like so it was ah it was a game changer for me then I I mean I I love it like it's.   13:51.94 maxbuybit1 Are.   14:16.22 maxbuybit1 Yeah, that's so fucking cool and and like you said is it is so useful for so many people because you know there are people like me who like us a really great idea like it's It's a logical thing that you use this heat. But then we're too dumb to actually do it and then so you have this this stuff documented and.   14:14.17 TechEngineer Awesome.   14:50.77 TechEngineer So.   14:55.34 maxbuybit1 It's so important to help decentralize this thing because otherwise what's going to happen if you don't have people like you and acono alchemists and people out there who are pushing and documenting you just have everyone putting their minors in huge warehouses with shit shows like compass or things like that. And then it's really so much easier to attack and um, yeah, that's why I'm just I'm so excited when I see this kind of innovation and and people tinkering and and building and um, this is this is the stuff that like really moves this space. Forward. This is what it's all about.   15:58.53 TechEngineer So yeah, absolutely and that is one of my biggest drivers behind what I'm doing is to further decentralize mining because I see the trend happening of centralization of mining whether it be into. Big mining companies or like you were saying like hosted solutions and that just that just introduces a whole host of of problems. Um, when you have centralization and I actually have an article coming out in the next few days that I talk a bit more about it. Um.   16:41.14 maxbuybit1 Here.   17:12.20 TechEngineer And why I think that's kind of bad I don't I don't I don't one hundred percent think that like big bitcoin minds are bad but we need both. We need we need. We need to decentralize as much as we can um, but whereas but what worries me is what happened to me in 27   17:28.14 maxbuybit1 A.   17:48.93 TechEngineer Eighteen where I was interested in mining. But then I realized that the profitability equation just wasn't there once we went into a bear market. So but I realized that if we can use reuse the heat and if somebody's like heating their pool or their house.   18:04.92 maxbuybit1 Here.   18:25.21 TechEngineer And they're also making bitcoin Now we have a different equation altogether.   18:32.44 maxbuybit1 And the other the other interesting thing for me when it comes to this stuff like this like even if even if it's breakeven or only very very slightly profitable for people the fat that they're actually mining and getting no K I see sats. Rather than just going on to an exchange and buying on there and giving all their information I think that's incredibly important to push this space forward in the right Direction. So the more this gets normalized. Um the better for the whole space. The better for the individual like But. Ah, whole thing about this for me anyway is like this is freedom money and fuck you money? not you know KYC cut money and and go and give all your details away and everyone's tracked and and traced that's that's not the future I Want to see here. So What you're doing here allows people to actually have access to this and. Allows people to this to be a reality for people where it makes financial sense as well.   20:31.45 TechEngineer Yeah, absolutely and I mean I see you know more of the hardcore bitcoiners. They're willing to mine at an even or even a little bit of a loss just because of the no KYC option but to get into.   20:47.54 maxbuybit1 I.   20:58.34 maxbuybit1 Um.   21:10.15 TechEngineer The next layer of people that you know aren't that into it. It needs to be either more profitable or simpler or say they're just buying a water heater that happens to make bitcoin on the side. That's right, That's where I want to see it going and.   21:40.26 maxbuybit1 Here.   21:48.53 TechEngineer And 10 years is like these are just appliances that are that the average person is buying whether or whether or not they even know that bitcoin is being mined I mean that's all I think we need to get to eventually is that it's just.   22:09.86 maxbuybit1 A.   22:24.57 TechEngineer Integrated into every part of our system because I mean if if this is going to be the base layer of of the future monetary system. It's got to be secure.   22:48.56 maxbuybit1 Yeah, absolutely and so obviously you, you're a very like technically minded guy. Um, what was it like for you coming into this from the tech side and being like this is interesting. This is cool. Um, and then. Looking into the money like what was that experience like or were you already interested in Austrian economics and and that side of things or was it ah quite a mind blowing thing to be like oh shit like this is this is the money we've been using and this this is the problems.   23:38.37 TechEngineer And.   23:56.95 TechEngineer So I was I was at None very interested in money go up I saw 10000 I was kind of an investor in the stock market and I was like what is going on here now I I had actually heard about bitcoin mining in I think around None   24:30.52 maxbuybit1 A.   24:32.15 TechEngineer And I looked into it for None nutes and was like um yeah I don't know what this is like never got into it obviously kicking myself for it. But anyway, um, in 172018 it was like the technology was mind blowing to me. Um I have always. So I'm ah I'm a network engineer by trade I've been building computers and networks for over 20 years so the technology side was really really intriguing to me cryptography has always interested me. Um I'm a. Been a certified ethical hacker in the past. So I kind of um, have a deeper understanding of cryptography and security and all these things are just beautifully enveloped in in bitcoin. So it was technology kind of money. Go up. 172018 for me. Um, none 2021 it was really looking at bitcoin from the aspect of the world needs a new financial system because our current one is completely broken. And I mean it even it got just got worse in 202021 in my opinion and and now so it was in the last two years that I was like the world really needs. Bitcoin now it's not just a cool technology. It's it's a socioeconomic revolution that the world needs.   27:27.22 maxbuybit1 A.   27:37.92 maxbuybit1 Yeah I couldn't agree more I think we're fucked without it.   27:45.35 TechEngineer Um, yeah.   27:53.58 maxbuybit1 So yeah, it's interesting to see somebody come in from the textile I mean almost everyone that I know or spoken to is always number go up almost always number go up I mean a few people say like oh yeah I mean I'm in it for the tech, especially in the bear markets.   28:14.43 TechEngineer So ah.   28:26.92 maxbuybit1 Ah, you know if truth be told it's It's always for the money and um, yeah, it's um, it is nice to know that we've got this thing on our side and um, it's It's nice to know that there's like a possibility for a future where.   28:26.21 TechEngineer Yeah, so.   29:00.16 maxbuybit1 We aren't tied to these psychopaths who are doing the crazy shit they're doing at the moment and um, it's you know for for the less technical people. Um, it takes a long time to like have some trust in this thing. Um, but I imagine for you.   29:29.33 TechEngineer Yeah, absolutely I.   29:35.46 maxbuybit1 Especially with the background. You've just told me it's like um, you're almost made for this. You know you're made to understand this with the background that you have so when you were None learning were there any like red flags or anything where you thought ah you know this is a problem or that's a problem like were there were there concerns.   30:11.35 TechEngineer Amen you're cutting out a little bit and.   30:14.64 maxbuybit1 Or or are there any concerns that you have with the system now.   30:21.35 TechEngineer Hey sorry max you you cut out a little bit like I missed a bit of that question. Can you hear me.   30:29.68 maxbuybit1 Fucking Hell have I lost you? ah.   30:44.83 TechEngineer M.   31:02.93 TechEngineer Can you hear me.   31:17.81 TechEngineer Can you hear me relax.   31:49.70 TechEngineer Okay, can you hear me max.   31:54.98 maxbuybit1 Okay, mate what I'm gonna do then if you can't hear me I am going to close this out and then I'll send you another link and we'll start to with start again. You haven't got well you haven't got yours muted just try speaking. Let me see if I can see your sound waves.   32:42.17 TechEngineer Can you hear me can you hear me at all. Yeah oh they're moving for me.   32:46.76 maxbuybit1 If you're speaking now I can't hear you can you? You maybe can see the sound waves like minor moving and then there's nothing under yours. So if it's not muted then I don't know I'll ah I'll send you a new link now mate.   00:00.30 maxbuybit1 So hey mate. Yeah I heard that can you hear me? Yeah, excellent and we're recording fucking every time I have some stupid issue with this so apologies. Um, yeah, that's all say.   00:02.70 TechEngineer You Yes I can hear you can hear me. Okay.   00:26.46 TechEngineer But the worst.   00:34.85 maxbuybit1 So so I'm not sure where we exactly cut off there I was probably waffling about something. Ah but I can't remember where we'd got to it doesn't matter doesn't matter. Um, so yeah I.   00:47.16 TechEngineer I Can't remember either to be honest, um.   01:13.77 maxbuybit1 Tell me a little bit more about because obviously you'd said you'd started with without immersion and and moving air and now obviously you're working with immersion. Um I know from previous conversations with. John who you know and a few others who were saying that it also makes it a little bit more performant and potentially because it's more stable can be good for um for the miners as well is that right? and and if so do you sort of see most of the space eventually going. This route with immersion.   02:22.20 TechEngineer Yeah, so once I had completed my original heater and then I realized that immersion existed I was like this this is definitely the way because once you have the heat in liquid form. You can do a lot more with it. You can heat water heaters you can heat pools you can still heat air. You can use a water to air heat exchanger and just switch it back into air so you can have None power plant of a minor heater creating heat into an oil and then. Use that heat for many different applications. So I knew it was more modular to reuse the heat in that way. So I want it I wanted to try it out and and build it and in terms of.   03:45.77 maxbuybit1 A.   03:55.56 TechEngineer The longevity of the miners being in oil I have heard that as well and it makes sense to me that um, an oil would be healthier for the chips to be in um, the oil itself is like a none times more. Ah. Are less conducive to less electricity than air. So that helps and then it just keeps it. You know, encapsulated away from oxygen so I I think in general it. It makes sense that it would be better for it. I haven't done any long-term testing myself yet. Obviously I built that tank only I guess about five months ago now four or five months ago now so but yeah, that's kind of the the reasoning for transitioning into.   05:13.59 maxbuybit1 He.   05:27.71 maxbuybit1 A.   05:43.38 TechEngineer Immersion is the capability of where you can move that heat to you can go longer distance. There's many more things you can do at once once it's in a liquid form.   06:09.69 maxbuybit1 And so you know the other thing that you were talking about was like this being in ah this sort of being if I lost you again. Are you there.   06:39.22 TechEngineer Hey you just cut out again. Can you hear me? Okay, okay.   06:45.87 maxbuybit1 Yeah I just saw that it cut out. Um, yeah I can hear I can hear you sorry I'm almost certain this is going to be my ah my issue on my end. So I do apologize. But hopefully we can work with it. Um.   07:04.96 TechEngineer Okay, yeah.   07:19.30 maxbuybit1 Yeah, So ah, you were saying about you know this potentially being used um in boilers and and other products where people don't even necessarily have to know that they're mining bitcoin. Do You think that? um. There's any drawbacks or any reason like in terms of efficiency or anything like that. Why someone would use like a traditional kombie Boiler or something over one of these because obviously a lot of those are gas rather than you know running with electric.   08:19.56 TechEngineer So yeah, so in terms of efficiency. Um, all electricity turns into a to heat 100% of the time. No matter what what you're using the electricity for it always transitions a hundred percent into heat.   08:54.55 maxbuybit1 E.   08:56.18 TechEngineer So if you're comparing directly to say an electric pool heater that is just using resistive like a resistive coil. You're just pushing electricity through a coil and it heats up comparing that to running an Asic and then. Pulling the heat off of that you're we're gonna you're going to be near near a hundred percent efficiency um other than some losses of like the tank or the the piping but all that can be minimized with insulation and whatnot so comparing an Asic.   09:57.35 maxbuybit1 A a.   10:11.64 TechEngineer Heater to an electric heater. It's near near None efficiency theoretically and and for the most part in practice once it's once it's well designed and once you have a system that's is completed and set up the efficiency is going to be very high. Comparing to that to gas is um is another story because then you're you're running into like the cost of gas heating versus electric heating and often in a lot of jurisdictions. Gas is cheaper than electricity.   11:10.31 maxbuybit1 A.   11:26.60 TechEngineer So from a pure ah pure cost perspective gas could theoretically still be cheaper. But if you're just dropped replacing say an electric water heater for an asic electric water or pool Heater. It's going to be. Going to cost the same amount to run it. You're just going to be making bitcoin on top of that. So it might end up paying for itself. But so I mean in my case I have a ah gas heater in my house I switch to electric. Technically I'm spending more fiat dollars on.   12:10.30 maxbuybit1 A.   12:40.38 TechEngineer The electric cost relative to gas but I also made up enough bitcoin to cover to cover that. So.   12:57.99 maxbuybit1 Yeah, yeah, yeah, yeah, that makes sense and I guess the other thing is like getting people's minds to shift I mean it's hard for now like you're saying oh you know you come in in 2017 and you're looking at like mining profitability and you're thinking oh well. You know how many dollars am I going to get and and you're looking at it ah through that lens whereas you know once someone's been in bitcoin for long enough and understands this at the end of the day all they care about is how many sats can I get I don't care what the dollar value is today tomorrow a year two years you know it it matters to me long term how many sats I'm getting and so um, maybe that affects the way that people think about this in the future.   14:24.28 TechEngineer So yeah, absolutely and I mean that goes back to um you know more of a hardcore bitcoin versus a random person doesn't care I mean somebody that is just wanting to stack sats and that's important to them and that's I mean that's important to me for sure.   14:58.79 maxbuybit1 Hey.   15:02.36 TechEngineer Um, but to get this into a broader Market. It's got to be more more um profitable just in general and I mean even even for the the bitcoin miners that are very into to just stacking sats. Right Now. It's it's it's hard I mean the the profitability equation is has changed. You know you get you got the difficulty of the hash rates at all time Highs Meanwhile bitcoin's price is is down. So.   15:41.83 maxbuybit1 A.   16:11.20 TechEngineer So when you're looking at that equation. It's hard to be like yes I'm going to I want to get into mining because it looks unprofitable If you're if you're looking at the equation but mining for heat can change that equation.   16:26.91 maxbuybit1 Here.   16:45.15 maxbuybit1 Yeah, dramatically um and so what are people who you're working with and friends and family and and people around you are who aren't on bitcoin Twitter like what are they saying if they're coming round yours and they're seeing this thing and they're like what the fuck are you doing here like what are you.   17:02.26 TechEngineer So.   17:24.35 maxbuybit1 What is this crazy invention that you've got or are you starting to orange pill people around you.   17:35.92 TechEngineer Yeah, when when my friends and family see it I mean it depends on who it is you know I mean some of my friends that are more technical kind of already understand bitcoin a little bit. They're they're like Wow that's incredible that you can take a computer and harvest the heat and. Like most people had no idea that that's even possible I mean I didn't even know that was possible really a year ago either. So It's like it is like jaw-dropping even even for myself to look at it and look at this tank and be like wait. There's a computer putting off heat I'm heating my pool with a computer.. It's just like. I'm like swimming in bitcoin At this point literally. So yeah, exactly and it's so it's mind blowing to me I mean it's mind blowing to my friends and family that I tell about it and I mean yeah to some extent. It's helping to orange pill people because at at least.   19:00.75 maxbuybit1 Swimming in sets. Ah.   19:29.82 TechEngineer Opens up the conversation and they're like Wow This is so Interesting. What is this thing and I mean people are telling me like oh I should patent and it because it just looks like this crazy contraption and so it's ah it's a mix of like. Awe and interest and and and maybe a little crazy I don't know.   20:18.25 maxbuybit1 Ah, yeah, well, it's ah it certainly looks cool like um it it's just I don't know when you see something working when you see something like this.. It's so much more interesting than just like sitting down with someone and saying. Yes, There's a single bitcoin and it's really good money because of X Y and Zd and like you know the the normal sort of orange pilling that people do um I've always found like showing someone either just like sending them some bitcoin on a wallet or like showing a node running and telling them how it works and and that kind of stuff like. Tends to pique more interest but then this is that on steroids because it's like what what the fuck you're you're hitting your pool that's mental like no one. No one reads anything like that in you know in the newspapers or hears anything about. This kind of stuff in normally worlds. So. It's a real slap in the face and I think it opens the door really nicely to explain. Well yeah, it's not just some stock or something you buy and the price goes up or down like this is a system. And it's incredible for for a None reasons we could list and um, it just opens the door and and I think like whatever type of person it is if they take the time they'll find a little area that they're interested In. You know, be it privacy the economic side or.   22:30.72 TechEngineer This is.   23:00.55 maxbuybit1 You know the engineering side or whatever it is. There's always something for someone and um, yeah, it's ah it's that you know that's the great thing about bitcoin Twitter everyone can help each other and and um, they always have someone to speak to about and and go further and further. Down the rubber hole with these things and.   23:34.98 TechEngineer Yeah, absolutely and I mean and I mean speaking of the normie and their reaction to it I mean it's It's a pretty easy cell potentially eventually if these heaters are more integrated be like hey do you like? do you like free heat. Do you like free energy.   24:02.67 maxbuybit1 I.   24:12.30 TechEngineer I Mean do you like free water heaters. Do you like free pool heaters. Do you like? do you like a pool heater that pays for itself I mean nobody can say no to that right? So it's it's potentially it's a potential easy in for.   24:19.97 maxbuybit1 A.   24:32.29 maxbuybit1 Um.   24:48.58 TechEngineer Not only understanding bitcoin but also integrating mining and further decentralizing mining even to people that don't care about bitcoin.   25:10.70 maxbuybit1 And so is that something that you're trying to push now I mean I know that you ah yeah, think you're on this mining panel with John very soon. He'd mentioned is this something where you're kind of like trying to spread the word and and. You know make this a reality.   25:50.22 TechEngineer I Guess you could say it's kind of the angle that I'm working within the bitcoin ecosystem. It's an angle that I don't see pursued a lot and I and it's an angle that I think is important. Um for how I see.   26:14.70 maxbuybit1 And.   26:30.38 TechEngineer Long-term trend of of bitcoin mining and the importance of decentralizing it. So I don't don't I don't know if I'd say I'm like pushing it. But I mean like it's it's important to me and it's interesting to me and. Love what I'm building and I love the the projects I work on I Love engineering. So It's just it's fun to me and then and I'm I'm helping to I'm helping out the greater bitcoin ecosystem and it's fun to be a part of this.   27:38.47 maxbuybit1 Yeah, definitely and and getting to find other people who are iterating on this as well. Um, you know people who are taking ideas and then running with them and um, there's so many different things that you can do with heat So many useful things and so. Um, it's amazing. Like once you start looking at what people are doing and the the crazy ideas they've got like I've seen people um, using them in greenhouses I've heard people talking about um all sorts of heating not just for homes but also for like yeah hot tubs and. Yeah, obviously you're doing the pool and all sorts of things and like um I don't know where it ends like I'm sure this could be used for types of farming and other stuff. So um, you know everyone needs heat or almost everyone needs. Heat.   29:18.42 TechEngineer So yeah, there's there's a ton of applications. Um, yeah I've seen greenhouses and yeah bouncing ideas off of other people is amazing I mean bitcoin Twitter is almost kind of like a giant collective brain. Where.   29:51.57 maxbuybit1 A.   29:54.32 TechEngineer Like I can I can I can work on a ah micro part of the problem build something somebody takes what I've done and iterate upon that and solve another piece of the problem. Um, and I mean for example I built my my tank which other people had already done I Kind of. I Kind of saw what other people did and I kind of designed something around what I needed and and and customized it for myself. But I kind of iterated on what other people had done um the next step that I haven't released or talked about too much yet or I'm still in progress is The. More of the automation side of like so with a pool heater you want to increase the heat based on the temperature of the pool right? So I mean eventually you want to be able to set a set temperature.   31:32.95 maxbuybit1 Here.   31:45.86 TechEngineer Like and just make it simple and then the system just handles the background of heating or not heating So I I've talked to other people about this and somebody else. Ran with that idea and he he's ah he's a very talented developer and he was able to build an integration between the firmware and um, a microcontroller essentially and now I've been able to implement that into my system. So I have a thermostatically controlled. Environment Now. So I can set a temperature and then the the miners can actually scale up and scale down based on heat demand.   33:14.55 maxbuybit1 That's really fucking cool. So so what are they doing you you dropping the power of these machines to then drop the heat. Basically you're like under clocking or overclocking depending on the demand is that is that right.   33:37.40 TechEngineer Exactly That's exactly right.   33:45.31 maxbuybit1 And is that brains that's doing that or is that a separate bit of software or or firmware or whatever that you're using.   33:59.38 TechEngineer Yeah, so I'm using Brains Os Plus as the firmware and they have an api. Um, and that's what the integration was is reaching out to so the the integration between it's actually home assistant. Which is a home automation platform an open source home automation platform that talks to the api of Brains Os and now we can get. We can get the temperature of the chips and we can get the the hash rate and we can get a bunch of information from the minor to. Home assistant and we can also tell brains Os to tell the miner to scale up or scale down and we can do that based on any event Now. So I then set up a microcontroller with sensors that. Sense The input from the Pool. So and I now know the temperature of the pool and based on that I can have an automation that then says scale up the the miner if we need more heat which increases the wattage.   36:18.90 maxbuybit1 Here.   36:19.28 TechEngineer And therefore increases the the output of the heat and and heats faster Ideally where I see it ideally where I see it going is you would size the number of miners appropriately to the the heat.   36:35.81 maxbuybit1 That's.   36:54.82 TechEngineer Ah, destination. So say you have a fifty Thousand Gallon pool it's going to be different than a one Thousand Gallon pool you're going to need more miners. You're going to need more heat in a bigger pool obviously or in a a bigger house so you size it to the right size. Ideally, you want the miner running at an efficient wattage.   37:08.81 maxbuybit1 Um.   37:35.63 maxbuybit1 Um.   37:33.38 TechEngineer Pretty much all the time. But if say it was cold One day you could over clock quite a bit and and get more heat or you could under clock on say a hotter day so it it gives the ability to scale more so you can scale up or scale down more.   37:56.89 maxbuybit1 Here.   38:12.90 TechEngineer Using these automated integrations.   38:21.55 maxbuybit1 Are there any concerns with overclocking and under clocking and and adjusting these miners on a consistent basis in terms of the longevity. Um with these machines like gion I mean like is it. Is it possible that that could be detrimental to the lifespan of them and rather than just having them running at a consistent ah speed or you know whatever you would call that.   39:19.74 TechEngineer Yeah,, that's a good question and I mean I think in general overclocking of any chip is going to tend to decrease its lifespan. But. I Mean immersion helps a lot with that because you're you're keeping the temperatures down and I mean that's the biggest problem with overclocking is the temperature. The temperatures go higher and that's that's the killer of chips is temp is temperature. So but that being the case that's that's kind of why I said like.   40:04.71 maxbuybit1 A.   40:30.40 TechEngineer Ideally, you'd you'd keep it running at actually an efficient level or a standard level as kind of your base load and then just occasionally kind of overclock um as needed and I'd so I don't.   40:59.10 maxbuybit1 Here.   41:03.64 TechEngineer In that kind of use case I don't think it's It's bad and from what I've seen working with brainsos and the dynamic power scaling. It doesn't seem like it has any negative effect to be scaling up and scaling down on a somewhat regular basis.   41:40.69 maxbuybit1 Um.   41:42.20 TechEngineer Um, but that is a good question to actually look at the long-term impacts of that which which I haven't quite done at this point I mean that I've been running it for you know five months so it's a few months but not not years right.   42:10.63 maxbuybit1 Yeah, definitely um, but that I mean that's that's so key like having this thermostatically controlled and all you know automated is it just knows a whole new level isn't it because.   42:38.20 TechEngineer Yes.   42:44.17 maxbuybit1 You're not going to have people say like oh yeah, I'll put one of these in and then they're tweaking and fucking around with it all the time like you know people want want to put this in their pool to be at the right temperature the things to run nothing to break. They just wanted to to work. You know when the. Sort of non tinkerers start wanting these in their homes because it makes financial sense. Um, this is the kind of stuff which just completely changes the game.   43:27.62 TechEngineer Right? And and the other issue is it's got to be maintainable I mean you don't want to you don't want to have situations where it overheats and you know now we have other problems to deal with with overheating it can be a. Security arm mean. Ah it can be kind of dangerous if it overheats too much. You can have fires and lots of different things. So there there needs to be control mechanisms in place that I mean even just an emergency shutdown when overheating that requires some sort of brain.   44:13.50 maxbuybit1 A.   44:41.42 TechEngineer To to kind of control things and I mean the miners firmware usually have that kind of built in to some extent but I just don't it doesn't make me comfortable to just release like just a system without some sort of finish to it to any person that isn't.   44:44.79 maxbuybit1 A.   45:13.63 maxbuybit1 E.   45:17.26 TechEngineer Building it themselves you know So I've I've had people already like hey I want to do this on my pool I Want to do this on my hot tub and I'm just not quite there yet. But that's kind of the goal to be able to refine this system to make it more accessible to more people that are. Interested in doing this and.   45:57.87 maxbuybit1 Yeah I think there'll be a lot of people who do want to and the other thing I've wondered about for ages I don't know whether it's possible or not. But um, could you do it with a sauna. Do you think like I know that's a dry heat but would it be possible to. Do a hot tub and a sauna if someone like wanted both.   46:39.90 TechEngineer I Don't see why not I don't know a ton about Saunas but I think that would just essentially be um, changing the heat from the oil-based heat into air via a water to air heat exchanger and. Blowing it into a room to heat it up a lot and then I think Saunas are usually I mean they usually have some humidity put in or something but I think it's certainly doable. Yeah.   47:21.39 maxbuybit1 Here here.   47:33.87 maxbuybit1 Yeah.   47:45.17 maxbuybit1 So interesting. It's like once once your brain starts ticking with like these sort of ideas you cut I can't help like thinking into the future and just thinking Oh I lost you again either. Ah, you come.   48:11.64 TechEngineer So hey you just cut out for a None are you can hear me again. Okay.   48:23.59 maxbuybit1 Yeah, yeah, yeah, it seems to just cut out for a none or 2 but I was just saying I can't help my mind from running wild and like thinking where the fuck are we going to be in like 5 years with this stuff like there's so many applications for heat. It just? um. Yeah I can't help thinking that it's just going to be. You know, five years ten years from now everywhere.   49:08.98 TechEngineer I know there's there's so many applications it's it's unreal I mean I had a guy in Canada contact me. He's like yeah this this place way up here. How it's like ° all year long and they have almost free power like what can we do with this.   49:41.50 maxbuybit1 Ah, really.   49:45.40 TechEngineer I Mean it's like the the amount of the amount of areas that are cold and neat heat I mean that's that's a huge market. Yeah yeah.   50:07.77 maxbuybit1 Yeah, absolutely massive. Why is their power So so low is that like a ah dam or like Hydro or something like that.   50:22.40 TechEngineer Um, yeah, it was some ah like small mining town like old school mining town that had some old ah contract with like a hydro power plant or something like that. Um, so it was like.   50:55.51 maxbuybit1 Here here.   51:00.90 TechEngineer None cost power and they were all they're already using like electric heat. So I mean they probably just use thousands of Kilowatt hours of just electric heat already. So that's just an easy easy drop replace.   51:23.30 maxbuybit1 Here. Yeah.   51:34.78 TechEngineer I Mean it's not. It's not E It's not easy. It's but it's a it makes sense financially. It's like that's an easy equation.   51:49.81 maxbuybit1 Yeah, definitely and and for people who have cheap power. The other thing I was thinking before this call is especially now when you have like a drop drop in price and like the s nine s and some of the older hardware and those prices drop to like practically 0 Um.   52:19.90 TechEngineer Is this.   52:30.19 maxbuybit1 Presumably for you know someone who has 0 None near 0 power. It's actually going to be better than going and buying electric heaters because you can get these things for practically free and if you're heating a big space. Um, you know you can you can get a bunch of these things you know. Plug them in have them running and um, you know I'm sure if you get get enough of these people just want to get rid once they become unprofitable.   53:20.34 TechEngineer Yeah, exactly and that's kind of always been in the back of my mind too is that we could. We can definitely use older generation miners. We can keep them in service longer essentially by using them as heat sources now. Maybe you'd get you'd want to get. You know one or 2 generations old if you're installing a new ah new heater system. Just so that you wouldn't have to upgrade them for several years um obviously the the bitcoin bitcoin miners the the generations they they go quickly. Although.   54:08.95 maxbuybit1 Here.   54:37.14 TechEngineer I See that trending towards slowing down. Um the the quickness of how fast the older generation becomes obsolete I think we're reaching kind of the top of a exponential curve or a logrod and a curve of of improvements.   54:44.45 maxbuybit1 A.   55:15.56 TechEngineer In terms of hash rate and efficiency if that makes sense.   55:25.49 maxbuybit1 Yeah, yeah, yeah, um, and and do you think? Also you're going to have more players stepping in I know there's been talk of it. Um, you know I sort of believe it when I see it. But do you think that? um. People making this hardware There'll be some decentralization there and um and more optionality for sort of um yeah for for people coming in that there's not just like None big players.   56:19.64 TechEngineer Yeah, so I know there's so I know Intel is getting into the space as well as Jack Dorsey and I don't know a ton about them. But from what I understand they're attempting to make a more like modular approach.   56:35.83 maxbuybit1 Here.   56:57.58 TechEngineer To the the Asics. So instead of buying like an ant miner. You could just buy a thousand chips that you put directly into say a heater. So now we can just we don't need to like build the tank around the form factor.   57:03.51 maxbuybit1 Yeah.   57:39.39 maxbuybit1 A.   57:37.12 TechEngineer Ah, an s nineteen it can just it can just be more integrated directly into like an actual heater. They're just built right in and so.   57:58.70 maxbuybit1 Yeah, that makes a lot of sense and and like space wise that would make that would be much better presumably.   58:08.84 TechEngineer So yeah, so I mean that's kind of where I see it going longer term is it. It'll be very integrated.   58:27.13 maxbuybit1 Yeah, because the the other thing is like if you're getting these ah the hardware as it's built now when you're then putting it into Immersion. You're presumably like taking these fans off or bypassing them somehow because they're not needed and so there's there's a load of stuff that's. Built around it. That's actually not necessary so it seems quite wasteful. Um, yeah, like or not as efficient as it could be so that that would make sense if they did it that way.   59:25.64 TechEngineer Yeah, absolutely we're we're kind of repurposing a product for something. It wasn't really intended for. But if we can redesign it from the ground up as a heater then then it's a different equation altogether. But I mean.   59:47.57 maxbuybit1 A.   59:58.44 TechEngineer That's a whole other scale. That's you know, probably 5 10 years out I would think so in in in the shorter term. Um, it's interesting to see where we can go with repurposing these things for heat applications.   01:00:27.75 maxbuybit1 So you obviously spend loads of time thinking about bitcoin and mining and everything in the space like do you have any thoughts on where we're going like if you're looking out into the future. You've said obviously you know the money's fucked. You think that this system is. Very beautifully designed and it obviously has grabbed your attention hard because most people wouldn't be building what you're building unless they really cared. But do you sort of you know if you if you let your mind wander Where do you think we're going to be in None ears What? What? do you think is going to be happening in this space.   01:01:40.10 TechEngineer Yeah, it's a good question. Um I I hope for a bitcoin standard eventually I think it that it needs to happen I believe that I mean obviously I don't know how or when it's going to happen or. If. There's going to be some other intervention that slows it down or I don't know but it needs to happen. So I mean and that's why I want to get kind of the mining infrastructure prepared. Because when it happens it's just going to happen and nobody's going to be ready for it. So I mean coming from as a network engineer a network security engineer like you want to build a system that's secure ready to go. So when the load comes. It's just ready to go and it's safe and secure So for bitcoin the way I see it overall is like it needs to be highly decent. The mining needs to be highly decentralized so that there there are not attack vectors of like. Like say a political organization getting a bunch of big mining operations to like work together or shut down or do a 51% attack. There's a lot of things that can happen. But if it's more integrated into like so heaters all around the world.   01:04:34.85 maxbuybit1 Here.   01:04:43.46 TechEngineer And nobody has control or now it's now it's more secure from my mind.   01:05:03.35 maxbuybit1 Definitely so. That's a concern for you as like this centralization of the mining. Um I think that's reasonable I mean you you only have to look through history to see that like these people will do pretty much anything to protect their interests. And it's not that hard when you you know these these big these big miners are sitting ducks basically and if they're threatened or co-opted or blackmailed or whatever happens to them. They will fold. Um, you know a lot of these. Guys are going to be very fee outminded. Not everyone is here to say right? fuck we need to do this to to literally like just to save the world pretty much is like a lot of people will be in it just to say well I want my profits and you know I'm I'm going to be too scared if I'm threatened and and I will comply and. And that's my fear with it with a lot of these bigger miners. So I'm totally with you. There is that um the more we can decentralize things the better and um, also like you know I don't like this move where there's this so much power going to a specific country. It would be nice. Um. Yeah, be nice to see it spread out a little bit because it was like you know everyone was worried about China having all the hash power and or majority of it then it's gone a lot of it's gone over to America and it's like well if if they're ah losing reserve currency status and. They're concerned about bitcoin you don't really know what they could potentially do.   01:08:17.18 TechEngineer Yeah, and I mean I can see in the future I mean if if bitcoin becomes a standard like there could be ah, a war on bitcoin mining control like you control the blockchain you control kind of the world If that's the monetary standard like think of how.   01:08:52.97 maxbuybit1 Yeah.   01:08:57.22 TechEngineer Impactful that is I mean and yeah I pose the question of um decentralization actually in a mining panel at um at a bitcoin conference recently. To 1 of the the big miners and I just kind of threw it out there that like this is my concern of um that I see that I want to see mining more decentralized and I did I did like his answer. He kind of said you know we need we need both we need small operations we need large operations I mean the large operations can scale can scale with the growth of the of the asset. Um, and he also said that it it is important to him to to decentralize and.   01:10:08.53 maxbuybit1 A.   01:10:39.38 TechEngineer And they are decentralized from the perspective of having mines in multiple different countries in different continents in different power. Ah utility jurisdictions and that's that's a good thing I mean having having 1 big miner that has mines in 4 different continents. That's.   01:11:04.75 maxbuybit1 A.   01:11:20.75 maxbuybit1 Yeah, definitely.   01:11:18.44 TechEngineer Somewhat decentralized um us but still if if you know in 10 years when you know if if a whole if the most powerful government in the world at the time says you know what minor I want you to you're gonna shut down or we're gonna nuke you like that. That's.   01:11:50.49 maxbuybit1 Here.   01:11:56.64 TechEngineer That's the potential threat in the future. But if we have ah None heaters all over the world. It's it's a different threat.   01:12:17.77 maxbuybit1 Yeah, definitely. Um, yeah, it's definitely um, a potential issue. The other thing that I've been saying to people um is you know with with all the crazy stuff that's going on in the world and and so many people who are struggling to pay bills and so many small businesses that have. Being forced to close with all the Covid nonsense and everything else that's gone on in the world and there's a lot of people who are pretty desperate and can but barely afford to keep the lights on and I've been saying wouldn't it make sense for some of these smaller businesses like you know like a small garage or someone who's who's barely surviving.   01:13:11.54 TechEngineer And.   01:13:36.50 maxbuybit1 You can write off the cost of your energy and so effectively you can do like sort of pirate mining where you might need heat in your garage or your your business small business. And so if people are getting these old s Nine s or stuff the hardware. That's basically cost nothing um and they can write off the cost of their power Anyway, then suddenly these people actually become competitive because these huge mining operations get access to. Very very cheap money. They they have access to capital they they have lots of um options on like power contracts and generally they can drive their costs much lower because of economies of scale. But when you have these ah these smaller guys who are saying well I'm getting fucked from every angle. Can write off the cost of the power Anyway. So It's zero and I can get this old hardware for practically zero like it suddenly starts to become an absolute no-brainer and there are None of businesses like that around the world who could benefit from it. Um, so Like. You have any thoughts on that kind of stuff and um, how we could maybe make it a bit more accessible for more normal people. You know so they don't have the headache of worrying about setting it up and and understanding that this is actually potentially yeah. Could save them some money.   01:16:30.40 TechEngineer So yeah, absolutely I do and I don't I don't know if you saw a recent post I did about my Tesla solar grid plus powerwall and how I'm using that to my advantage. Um, but basically the concept is. Um, dynamic dynamic power scaling ah to work around time of service agreements with power companies. So here in Nevada um, the highest. Power consumption usages between 1 pm and 7 pm when everybody is running their air conditioning. So the the power grid is at its at its peak need at that point. So what they do is incentivize. There's an optional payment plan that you can opt into as a homeowner to basically.   01:17:45.15 maxbuybit1 A.   01:18:11.86 TechEngineer During that one to 7 pm period the price like quadruples. But then the rest of the entire year of the price is half price. So I opted into this this power plan and I get half price energy all the time except for this one time.   01:18:21.49 maxbuybit1 Here here.   01:18:46.31 maxbuybit1 A.   01:18:46.46 TechEngineer And now all we got to do is use some automation and I actually use my Tesla power walls which are the batteries and I can actually I can actually sell power back to the grid at a much higher rate and reduce my consumption during the the peak time.   01:19:00.59 maxbuybit1 A.   01:19:24.20 TechEngineer And what you're doing is essentially filling in the valleys of power demand for the energy jurisdiction and so for example, I'm I'm actually selling power back.   01:19:35.71 maxbuybit1 That makes a lot of sense.   01:19:56.34 TechEngineer Between None and 7 pm for like ¢22 a kilowatt or Twenty Eight cents kilowatt hour and then the rest of the time I'm using power at like None a kilowatt hour so in my that's my jurisdiction but in general. Power jurisdictions have a problem of the peak demand is only a short period of time but they have to build their energy grid to meet the peak demand. So the rest of the time they just have empty space of of unused demand. So I want to try to integrate.   01:21:04.19 maxbuybit1 A.   01:21:11.86 TechEngineer Further into that and basically miners can turn off and and on quickly and I mean riots riot released a video recently about how they're doing it in in their big minds. They're essentially powering down when when the Texas power grid needs.   01:21:53.71 maxbuybit1 Here.   01:21:51.64 TechEngineer More power so integrating with with the the power companies will be good in general for the overall robustness of the power grid but also have the benefit of decreasing costs for the bitcoin mining.   01:22:15.95 maxbuybit1 Yeah.   01:22:29.26 TechEngineer Because they can incentivize it in different ways.   01:22:41.37 maxbuybit1 Yeah, um, because yeah, yeah, exactly because you can overproduce and there's always going to be demand. Um, which which presumably then might incentivize them to create more power as well because they know that there's always someone who's going to be that buyer of last resort. Which is going to make everything run a bit smoother.   01:23:22.76 TechEngineer Right? ah.   01:23:36.27 maxbuybit1 It's mind-blowing stuff some.. It's absolutely mindlowing. So Um I mean obviously mining is your thing but outside of the mining stuff is there anything else that your. Particularly looking at within bitcoin at the moment are you playing around with lightning. Do you mess around with them thing like that you into your privacy stuff or you just solely focused on mining at the moment.   01:24:23.84 TechEngineer I am into everything I Just don't have time for everything so I would say so I've been focusing on these mining for heat projects. But I do run my own full bitcoin Node. I'm playing around with lightning privacy is very important to me Security is very important to me I have a lot to add into the space in terms of like network security. So like as a network engineer I'm able to build my home network in a way that is more like an enterprise. Network with security in mind different V lands. Um, there's a lot you can do to really secure secure things and then you can do things like use vpns and make your bitcoin node anonymous um and run an over tour. So I'm I'm.   01:26:07.99 maxbuybit1 Here.   01:26:15.92 TechEngineer Doing all those things. Um I don't have enough time in the day to explore as much as I would like but those are that's that's the other aspect that I I want to explore more is kind of the the security side of of ah of bitcoin and bitcoin mining.   01:26:54.21 maxbuybit1 Yeah, well I Really look forward to seeing what you come up with there. That's gonna be more and more important for people who are mining at home and are putting more of their net worth into this and um privacy is something that we really really focus on with this show because. You know if shit hits the fan and people know what you're doing and ah, there's a load of have nots and people who can't feed themselves. You do not want everyone to know where you are and what you've got.   01:27:49.22 TechEngineer And yeah, absolutely ah privacy is is a big concern to me and especially with how how the world has gone in the last year to 2 years and privacy is is so important now even more even more than before.   01:28:24.79 maxbuybit1 Absolutely well. Um, that's probably a good place to wrap things up I don't want to take too much of your Time. Youve got some awesome Stuff. You're building but I've really enjoyed chatting you and um so pleased to see that you're pushing this space forward and. Making some incredible stuff I'm sure loads of people will find it useful and um, as and when you you know start working on this privacy stuff and the home security stuff I'd love to him or I think that loads of people will benefit from that. So. Yeah, just want to say thanks for coming on and everything you're doing really? yeah, really do appreciate it.   01:29:40.00 TechEngineer Thanks sounds good. It's been. It's been a pleasure and good to talk to you. Thanks Max All right have a good one.   01:29:50.93 maxbuybit1 Awesome or I may I'll speak soon.    

What Bitcoin Did
Bitcoin Privacy with Matt Odell

What Bitcoin Did

Play Episode Listen Later Jun 24, 2022 97:19 Very Popular


“I've already come to the conclusion that with or without me, with or without you, with or without anyone in this room, Bitcoin will be the money of the world. So it's up to us to make sure that it's actually freedom money and not cuck money.”— Matt OdellMatt Odell is host of the Citadel Dispatch and venture partner at Ten31. In this interview, we discuss why each additional positive act of privacy protection improves Bitcoin's resilience and value. Perfecting privacy is not the goal; making a start is, as we don't know what the future holds. - - - - Our privacy is continuously being eroded. Current best estimates are that 2.5 million terabytes of data are produced every day. A material amount of that information has extremely lax privacy protection: 98% of Internet of Things data is unencrypted; 83% of companies encrypt less than half the data they store on the cloud; 25% of websites are visited without encryption. Vast amounts of the data we freely shed are stored, analysed and triangulated for commercial reasons. These tactics are so sophisticated that it's not uncommon for people to think companies are listening to their conversations.We are being squeezed for our data in almost all aspects of our lives while cash, traditionally the only semi-private way of transacting, is being removed from society, and CBDCs inch closer to reality. Imagine if companies or governments could access and track your income, store of wealth and all those with whom you transacted. What is currently unnerving behaviour by those who track our data could rapidly become something much more maligned and coercive. Bitcoin is freedom money. But using bitcoin privately isn't an easy task. The vast majority of Bitcoin is bought using exchanges that have stringent KYC/AML requirements. When you pair these onramps with surveillance firms like Chainalysis, using bitcoin goes from being pseudonymous to almost entirely transparent. But there are things you can do to gain good privacy with bitcoin. Tools like coinjoin and non-KYC exchanges like Bisq are getting better all of the time, and more and more people are using the Lightning Network for cash like transactions, which offers improved privacy.Perfect privacy, whether with bitcoin or not, is a pipedream. The goal is to continually improve in protecting a fundamental human right, privacy. This episode's sponsors:Gemini - Buy Bitcoin instantlyBlockFi - The future of Bitcoin financial servicesBitcasino - The Future of Gaming is hereCasa - The leading provider of Bitcoin multisig key security.Ledger - State of the art Bitcoin hardware walletCompass Mining - Bitcoin mining & hostingCake Wallet - Open-source privacy focused Bitcoin walletBCB Group - Global digital financial Services-----WBD518 - Show Notes-----If you enjoy The What Bitcoin Did Podcast you can help support the show by doing the following:Become a Patron and get access to shows early or help contributeMake a tip:Bitcoin: 3FiC6w7eb3dkcaNHMAnj39ANTAkv8Ufi2SQR Codes: BitcoinIf you do send a tip then please email me so that I can say thank youSubscribe on iTunes | Spotify | Stitcher | SoundCloud | YouTube | Deezer | TuneIn | RSS FeedLeave a review on iTunesShare the show and episodes with your friends and familySubscribe to the newsletter on my websiteFollow me on Twitter Personal | Twitter Podcast | Instagram | Medium | YouTubeIf you are interested in sponsoring the show, you can read more about that here or please feel free to drop me an email to discuss options.

Outliers with Daniel Scrivner
#115 Milind Mehere of Yieldstreet: My Favorite Books, Tools, Habits and More | 20 Minute Playbook

Outliers with Daniel Scrivner

Play Episode Listen Later Jun 24, 2022 18:54


In Episode #115, we deconstruct Milind Mehere's peak performance playbook—from their favorite book to the tiny habit that's had the biggest impact on their life. Milind Mehere is the Founder and CEO of Yieldstreet. We cover the ABCDE of building a company, the importance of gratitude, and the impact of blockchain on private markets. “Be bright, be brief, be gone.” – Milind Mehere EPISODE GUIDE (LINKS, QUOTES, NOTES, AND BOOKS MENTIONED) https://www.danielscrivner.com/notes/milind-mehere-playbook  FULL TEXT TRANSCRIPT https://www.danielscrivner.com/notes/milind-mehere-playbook-transcript/ CHAPTERS In this episode, we deconstruct Milind Mehere's peak performance playbook—from their favorite book to the tiny habit that's had the biggest impact on their life. In it we cover: 00:00:00 – Introduction 00:02:09 – The impact of blockchain on private markets 00:03:16 – Adaptability as a superpower 00:04:59 – Learning from mentors, both personal and public 00:07:09 – Be bright, be brief, be gone. 00:09:14 – The ABCDE of building a company 00:12:19 – Leadership and Self-Deception, plus American Aristocracy 00:13:49 – The importance of gratitude ABOUT MILIND MEHERE Milind Mehere is co-founder and CEO of Yieldstreet. Milind's background is fascinating. Before founding Yieldstreet in 2014, Milind founded and scaled several other companies, including Yodle, which he scaled to $220 million in annual revenue before being acquired by web.com. Over the last eight years, Yieldstreet has built one of the largest private investment platforms in the world. To date, they brought on over 377,000 members that have invested more than $1.5 billion, and Yieldstreet has paid out over $196 million in interest alone. In this episode, Milind shares why he's been fascinated with blockchain and the problems it can solve, including KYC for platforms like Yieldstreet as well as why his superpower is adaptability, and how that's helped him as a serial entrepreneur. He shares some of his favorite books, including, Leadership and Self Deception and The Richest Man in Babylon, as well as why he loves the phrase, "Be bright, be brief, be gone," and why, if he could go back in time, he'd tell his younger self to take even more risks.

Bitcoin Italia Podcast
S04E24 - Ci sei o CeFi?

Bitcoin Italia Podcast

Play Episode Listen Later Jun 23, 2022 75:57


Tra wallet bloccati, prelievi sospesi, votazioni su protocolli di consenso Proof of Stake manipolate, il mondo della DeFi si copre di ridicolo, mentre le aziende crollano come castelli di carta e i risparmi di milioni di persone vanno in cenere. Facciamo ordine, impariamo perché Bitcoin è differente e vediamo perché la finanza si può decentralizzare solo su Bitcoin, come proposto dall'azienda di Jack Dorsey nel progetto Web5.Inoltre torniamo in Repubblica Centroafricana, scopriamo il piano portare la rivoluzione Bitcoin nel paese e ci domandiamo perché, nonostante il crollo sui mercati finanziari, esso continui ad essere l'unica speranza per i Paesi in via di sviluppo.Lift off

Leaders In Payments
Ronan Burke, CEO and Co-Founder of Inscribe | Episode 170

Leaders In Payments

Play Episode Listen Later Jun 23, 2022 24:10


My guest this week has a genuine passion for building things that create a significant impact and then using it as a mechanism for change. But according to Inscribe CEO and Co-Founder Ronan Burke, the true fulfillment in this comes with creating the opportunity on your own and not waiting for someone else to give it to you.For those of you who may not know, Inscribe is a fraud detection automation company that helps fintechs approve more customers by automating their account opening and underwriting workflows. This includes automatically overseeing some of the most fundamental checkpoints when it comes to ensuring safe, secure transactions, such as:·       Identity verification and KYC·       Corporate control·       Platform integrityFrom a long-term perspective, Inscribe's mission is to create a fair and efficient payments ecosystem by protecting platform integrity through automation and fraud detection. And their product adds value to any company that transacts large payments and facilitates high-trust interactions. And as for what makes them stand out against their competitors, one of their main advantages is they offer a fully automated solution with absolutely zero human engagement in the detection approval loop.Tune in this week to hear Ronan talk about his journey to CEO and what the next 2-3 years look like as it relates to fraud. One thing he knows for certain is that fraud will increase substantially as the payments industry moves towards faster, cheaper, and more real-time transactions. As for what he foresees in the next decade, it looks like we can expect an ecosystem that offers less risky and even safer options when it comes to facilitating large transactions in an online environment versus a traditional retail scenario. 

Lunaticoin
L156 - Mineras al límite de la viabilidad con Elías de Minerset

Lunaticoin

Play Episode Listen Later Jun 21, 2022 91:43


Lo que empezó como una crísis de una stablecoin (UST$ de Terra-Luna) ha contagiado a todo el sector financiero de criptoactivos. La empresa Celsius Network ha tenido que congelar los retiros y parece que el fondo Three Arrow Capital está a las puertas de la quiebra. Estos eventos han tenido un efecto directo con el precio de bitcoin que ha caido desde los 40k de inicios de mayo a los 17,6k de hace apenas unos días. Este inicio acelerado del bear market no solo afecta al sector financiero y otros actores como las nuevas y relucientes mineras públicas americanas empiezan a ver sus números en rojo, apenas 1 año después de empezar a invertir a lo grande. En el pod de hoy me siento a charlar de urgencia con Elías de Minerset que me cuenta el estado de las mineras americanas y qué tipo de operaciones al descuento se están viviendo para sobrellevar la situación. Twitter de Minerset https://twitter.com/MinersetCrypto Practica el valor por valor en: Breez https://bit.ly/BreezWalletLuna Fountain https://bit.ly/FountainLuna Más información en https://lunaticoin.com Twitter: https://twitter.com/lunaticoin Apoya el podcast en Patreon https://bit.ly/Patreon_Luna Mención especial a los sponsors de este podcast: Compra bitcoin sin KYC en HodlHodl: https://bit.ly/hodlhodl-luna Infórmate sobre Minería en Braiins: https://bit.ly/Braiins_Luna Vive con cripto en Bitrefill: https://bit.ly/Bitrefill_Luna Toma prestado con bitcoin en http://bit.ly/Lend_Lunaticoin

AGORACOM Small Cap CEO Interviews
Liquid Avatar $LQID Propels Biometric Digital ID Leadership Position For The Web3 Economy

AGORACOM Small Cap CEO Interviews

Play Episode Listen Later Jun 21, 2022 30:21


As the digital universe has continued to expand, there is an ever-increasing need to verify online identity. Liquid Avatar Technologies (LQID: CSE) (LQAVF: OTCQB) is a blockchain & personal identity solutions leader specializing in empowering individuals to manage, control and generate value from their biometrically-verified Self Sovereign digital Identity ("SSI") from the unstoppable, paradigm-shifting Web3 economy, including the Metaverse which many now agree will be a $10 Trillion market by 2030. If you have any doubt it is coming, consider the fact the Ontario Government has already released its Digital ID Strategy …. the key themes of which are as follows: ● launch of a digital ID credential ● digitizing government services, and ● protecting individual privacy, and data rights. To which $LQID stated: “Ontario is one of the first jurisdictions in North America to announce that it will issue and enable digital credentials – and it has been a great experience working with the government on this both directly and through our role in membership organizations like the Trust Over IP Foundation …” The Liquid Avatar Verifiable Credentials Ecosystem (LAVCE) has become a leading solution to support the digital credential ecosystem. More than just lip service Liquid Avatar has already Partnered With The Ontario Convenience Stores Association (OCSA) To Provide Digital Age-Verification Solutions To Over 8,000 Stores. Today, the company announced the launch of Updated Digital Identity Mobile App for Age Verification, Government, Industry and Metaverse Credentials together, with the following critical features and upgrades originated by many of its partners, prospects and customers: New Features: ● Encrypted Messaging ● Machine Readable Governance ● LQID Card - available in the US shortly, with a wait list currently available ● Smart Age ● Bank-grade reusable identity credentials for over 200 countries ● Phone & email Verifiable Credentials ● Secondary authentication via SMS, PIN, and Voice Recognition ● Integration to the Liquid Avatar Marketplace. Updated Features: ● New interface providing a better customer experience ● Updated Avatar Lockers - including your purchased avatars ● Verifiable Credentials - available for the Metaverse, restaurant reservations, KYC validation, and gaming. Now sit back, relax and watch this powerful interview.

Lunaticoin
L155.A - Central African Republic adopts Bitcoin

Lunaticoin

Play Episode Listen Later Jun 16, 2022 49:51


El 24 de abril de esta año, la República Centroafricana aprobó por unanimidad una ley que regulaba a Bitcoin como moneda de curso legal. El 10 de mayo, su presidente, el profesor Faustan Archange Touadera, emitió una carta de invitación para un reducido grupo de bitcoiners. Catorce días después, el 24 de mayor, esta delegación de bitcoiners despegó con destino a Bangui, la capítal del país africano. Nicolas Burtey, CEO de Galoy Money, empresa responsable de la wallet Bitcoin Beach y de la organización de Adopting Bitcoin en El Salvador, formó parte de esa delegación y en este podcast me cuenta sus primeras impresiones así como el papel que ha de tener bitcoin en el segundo país que lo adopta como moneda de curso legal. Versión doblada el español aquí: https://bit.ly/L155B_R_Centroafricana Imagen de portada de DFID - UK Department for International Development - CC BY-SA 2.0 Canción inicial de Idylle Mamba " Sango & Vous " LINKS: Twitter de Nicolas: https://twitter.com/nicolasburtey Twitter Pdte. Touadéra: https://twitter.com/FA_Touadera Sango Whitepaper: https://sango.org Más información en https://lunaticoin.com Twitter: https://twitter.com/lunaticoin Apoya el podcast en Patreon https://bit.ly/Patreon_Luna Mención especial a los sponsors de este podcast: Compra bitcoin sin KYC en HodlHodl: https://bit.ly/hodlhodl-luna Infórmate sobre Minería en Braiins: https://bit.ly/Braiins_Luna Vive con cripto en Bitrefill: https://bit.ly/Bitrefill_Luna Toma prestado con bitcoin en http://bit.ly/Lend_Lunaticoin

Bitcoin Italia Podcast
S04E23 - Rivelazioni

Bitcoin Italia Podcast

Play Episode Listen Later Jun 16, 2022 74:42


Un clamoroso nuovo episodio del BIP SHOW!Il primo paper scientifico al mondo che calcola il consumo energetico e l'impronta ecologica dell'intero sistema finanziario tradizionale ci consente di paragonare l'impatto di una transazione Bitcoin con un pagamento con carta di credito o con bonifico. Quale sarà il sistema più efficiente e meno energivoro?Inoltre: un'indagine rivela la collusione tra il mondo accademico economico e le élite finanziarie internazionali, e analizziamo le novità principali dell'ultimo aggiornamento di Bitcoin Core.Anche questa settimana il Bitcoin come in Italia non ve lo racconta nessuno!Lift off!

Lunaticoin
L155.B - La República Centroafricana adopta a bitcoin

Lunaticoin

Play Episode Listen Later Jun 16, 2022 42:51


El 24 de abril de esta año, la República Centroafricana aprobó por unanimidad una ley que regulaba a Bitcoin como moneda de curso legal. El 10 de mayo, su presidente, el profesor Faustan Archange Touadera, emitió una carta de invitación para un reducido grupo de bitcoiners. Catorce días después, el 24 de mayor, esta delegación de bitcoiners despegó con destino a Bangui, la capítal del país africano. Nicolas Burtey, CEO de Galoy Money, empresa responsable de la wallet Bitcoin Beach y de la organización de Adopting Bitcoin en El Salvador, formó parte de esa delegación y en este podcast me cuenta sus primeras impresiones así como el papel que ha de tener bitcoin en el segundo país que lo adopta como moneda de curso legal. Versión con respuestas originales en inglés aquí: https://bit.ly/L155A_CAR Imagen de portada de DFID - UK Department for International Development - CC BY-SA 2.0 Canción inicial de Idylle Mamba " Sango & Vous " LINKS: Twitter de Nicolas: https://twitter.com/nicolasburtey Twitter Pdte. Touadéra: https://twitter.com/FA_Touadera Sango Whitepaper: https://sango.org Más información en https://lunaticoin.com Twitter: https://twitter.com/lunaticoin Apoya el podcast en Patreon https://bit.ly/Patreon_Luna Mención especial a los sponsors de este podcast: Compra bitcoin sin KYC en HodlHodl: https://bit.ly/hodlhodl-luna Infórmate sobre Minería en Braiins: https://bit.ly/Braiins_Luna Vive con cripto en Bitrefill: https://bit.ly/Bitrefill_Luna Toma prestado con bitcoin en http://bit.ly/Lend_Lunaticoin

Three Cartoon Avatars
EP 20: Interview with Ramp's Eric Glyman (+ explaining Cartoon Avatars' origins) and a Crypto Debate with Mike Dudas and Zach Weinberg

Three Cartoon Avatars

Play Episode Listen Later Jun 11, 2022 149:38 Very Popular


(01:14) Introducing Zach Weinberg and Mike Dudas(06:06) Mike's background(19:02) Exciting about crypto(24:18) Zach vs crypto(32:04) Inflation hedge(38:25) Does Zach own Crypto(41:00) Banking in foreign countries(53:59) Stablecoin vs wire transfer(59:00) KYC(1:03:57) Crypto insurance(1:09:24) Eric Glyman: Welcome(1:11:32) Eric Glyman: Background(1:16:57) Eric Glyman: Mandarin Debate video(1:20:28) Eric Glyman: Starting Paribus(1:24:51) Eric Glyman: Selling to Capital One(1:28:57) Eric Glyman: Fintech's success(1:33:49) Eric Glyman: What is Ramp?(1:43:10) Eric Glyman: Learnings as a 2-time founder(1:48:13) Eric Glyman: Being purposeful(1:52:55) Eric Glyman: Delegating as a CEO(1:58:53) Eric Glyman: Building the inevitability of success(2:02:43) Eric Glyman: Thinking through your investor base(2:08:29) Eric Glyman: How do you determine your valuation? (2:13:15) Eric Glyman: Advice for executives(2:18:03) Eric Glyman: Craziest investor stories(2:20:40) Eric Glyman: The origin of Cartoon Avatars(2:21:54) Eric Glyman: Relationship between companies and media(2:28:58) Outro Links:Eric Glyman debate video - https://www.youtube.com/watch?v=CxB5bb8xEDg Mixed and edited: Justin Hrabovsky Produced: Andrew Nadeau and Rashad Assir Executive Producer: Josh Machiz Music: Griff Lawson  

How to Scale Commercial Real Estate
Real Estate on the Blockchain

How to Scale Commercial Real Estate

Play Episode Listen Later Jun 10, 2022 23:24


Get ready for a crash course in blockchain technology and how it is transforming the real estate industry.   Joining us today is Michael Tabone. He is an economist at Cointelegraph Research. A Ph.D. candidate, engineer, economist, and business strategist, he also provides strategic consulting to firms concentrating in the DeFi and blockchain space. Michael has co-authored several reports for Cointelegraph Research and writes a quarterly venture capitalist report published on the Cointelegraph Research Terminal. His Ph.D. dissertation is on DAOs and their practical applications in the world of business.   Listen in and learn why real estate investors should be paying attention to the crypto space!   [00:01 - 09:-30] Revolutionizing Real Estate Michael talks about his background There's an unbelievable amount of money in crypto The applications of blockchain technology to real estate and other industries Tokenization of real estate assets 89% of security tokens are real estate The impact of blockchain on real estate transactions   [09:31 - 21:46] Getting Started in Crypto Learn about dollar cost averaging and the cold storage wallet Know about Bitcoin, Ethereum, and other cryptocurrencies Michael shares how he invests in crypto Talk to the experts Blockchain provides speed, liquidity, and transparency in real estate processes How to structure deals with blockchain Start accumulating a bit of crypto and get comfortable owning it   [21:47 - 23:23] Closing Segment Reach out to Michael!  Links Below Final Words Tweetable Quotes “You can adopt this technology or not adopt it, but it's going to come like a tidal wave. It's going to be over you. You're not going to do it? Then your competitor is going to come out and he's going to do it.” - Michael Tabone   “This is only going to help people. You know, this isn't for the big, big, big boys. This is going to help the everyday person.” - Michael Tabone   “There are so many financial functions that you can do with it that are outside of what you would normally do as a firm with real estate.” - Michael Tabone   -----------------------------------------------------------------------------   Connect with Michael! Email him at michael.tabone@cointelegraph.com and follow him on LinkedIn. Want to know more about blockchain and digital assets? Visit Cointelegraph Research or check them out on Twitter!   Resources Mentioned Security Token Market Ledn Milo Strike Andreessen Horowitz MicroStrategy Hope.com   Connect with me:   I love helping others place money outside of traditional investments that both diversify a strategy and provide solid predictable returns.     Facebook   LinkedIn   Like, subscribe, and leave us a review on Apple Podcasts, Spotify, Google Podcasts, or whatever platform you listen on.  Thank you for tuning in!   Email me → sam@brickeninvestmentgroup.com Want to read the full show notes of the episode? Check it out below: [00:00:00] Michael Tabone: Small amounts over a large amount of time, regular. Don't worry about it. Learn what a cold storage wallet is, throw that money in there and just let it sit. And you know, it doesn't matter what it fluctuates over time. There's like I said, in the beginning of this podcast, these VCs about throwing money into these projects, not because they want to lose money because they believe that there's actual utility behind these things. [00:00:24] Michael Tabone: So the whole entire space, isn't a just digital dogs and all these kinds of things and, you know, illicit activities and stuff and, or crypto punks running around.  [00:00:47] Sam Wilson: Michael Tabone is an economist at Cointelegraph Research. He's a PhD candidate, engineer, economist and business strategist. He also provides strategic consulting to firms concentrating in the DeFi and blockchain space. Michael, welcome to the show.  [00:01:01] Michael Tabone: Thanks, Sam. Thanks for having me. Appreciate it.  [00:01:03] Sam Wilson: Pleasure is mine. Three questions I ask every guest who comes on the show: in 90 seconds or less, where did you start? Where are you now? And how did you get there?  [00:01:10] Michael Tabone: I started as an actor, trying to get my acting degree. I became an aerospace engineer. And then I got my degree in economics and a series of different jobs since then, reliability engineer, you know, almost every, janitor to the president of every company, like I think, and now I am also an economist for Cointelegraph Research. [00:01:33] Michael Tabone: And hopefully, you know, the, sky's the limit for other projects where I'm a director of finance and also other kind of stuff. And this, this crypto space is crazy ever-changing, and we'll never know exactly where we ended up.  [00:01:45] Sam Wilson: No, no, we won't. And that's, that's one of the things we're going to look for today is find out how well your crystal ball is working. [00:01:52] Sam Wilson: I'm kidding. This is, this is lots and lots of fun. We've had a lot of guests, or I should say a handful of guests come on the show and really talk about crypto, where they think crypto, where they think of blockchain is coming. Break this down for us. What do you see as the state of the industry right now? And then where do you see it going?  [00:02:11] Michael Tabone: So I'm lucky to be able to produce a venture capital report for Cointelegraph Research. And so I see the amount of investment that's happening in the space just every day. I'm in the weeds, in the details last year, there was 30 and a half, $30.5 billion worth of investment. [00:02:31] Michael Tabone: But in the last three months, it was $14.6 billion of investment into the crypto space. So it's an unbelievable amount of money and the unbelievable amount of things that are happening in a whole bunch of different sectors, including the NFT sector, non-fungible tokens, and non-fungible tokens are on the blockchain, but they can't be broken up. [00:02:53] Michael Tabone: They can't be segmented. So this fits right in with real estate. And there are some projects that are doing this kind of stuff, but there fits right in with real estate where your title is no longer going to be held on a piece of paper by the bank while you're paying off your mortgage. And then they send it to you on that final payment. [00:03:09] Michael Tabone: They finally send it to you and you get to try to put that on you're in your safe. And hopefully it doesn't burn down, right? When the house burns down, now it's going to be on the blockchain. And it's going to revolutionize many, many, many things as an example, title insurance. So title insurance is, as you know, is a huge amount of money per year. [00:03:30] Michael Tabone: Somebody has to go down to the town hall, pick to the records, all that stuff. But now I can just send you an address. You know exactly who owned it, where it went, you know exactly the trail and it's verifiable in seconds immediately, you can do it in a matter of minutes. [00:03:45] Michael Tabone: It doesn't take any time then therefore title insurance, the industry, not only the search, but the insurance on it is tons of money. No longer necessarily needed because it's all on the blockchain. And then again, you don't have to worry about it burning down in your safe because it's on the blockchain. [00:03:59] Michael Tabone: So all you need is that wallet, that address. And then there, if you're afraid of losing that, there's ways to secure that, too. So there's all these solutions that are, that are happening in the world. And it's, it's really fascinating.  [00:04:10] Sam Wilson: So one of the things that we're seeing in this space is that it's almost a dizzying pace just because the applications are just innumerable. It seems. So, at least for me, looking from the outside looking in, is that a fair analysis?  [00:04:22] Michael Tabone: It's fair for us experts, too. I mean, I do this all day long and I'm talking to somebody else, you know, I'll talk to I'll interview or talk to somebody else in this space who's, you know, ahead of an organization or something. [00:04:33] Michael Tabone: And then I'll mention something and I go, I didn't hear about that. And then they'll mention something, I didn't hear about that. And, you know, it's so unbelievable. And there are so many projects across so many different things that, even if you were to keep your head glued 24 hours a day, so fast and moving. [00:04:48] Michael Tabone: And it's really interesting. And like you said, it can be applied to many other things. Your medical information eventually will be on a blockchain where there's something called the zero-knowledge proof and all of these technological advances that allow you to only give out the information that you want. [00:05:02] Michael Tabone: So if you apply for a job. You know, your resume would be on a blockchain. And you can just say to the employer, Hey, I only want you to know where I live and I only want you to know my social security number. And I don't want you to know, you know, X, Y, and Z about me, and you can hold those keys. Private. [00:05:16] Michael Tabone: There's an unbelievable amount of very interesting applications for this. Now, a lot of people like to describe things that blockchain will not do, right? It's not going to cure cancer. It's not going to do anything, but there are some great applications for this. And like I said, the title insurance, not only for your car, you know, your, your house, your car will eventually also be a title that will be on the thing. [00:05:38] Michael Tabone: And then when it comes down to giving it to your relatives and people in your will, probate has way less to do, way less work to do because it's on the blockchain, right? There's nobody really to hunt it down. It really is amazing. So what's really interesting is about a month ago, two months ago, this organization called Security Token Market, they produced a n amazing, it blew my mind, all about security, tokens, and security tokens are regulated and they go through an entire process with different regulators across the entire government and agencies in America and across the world. [00:06:13] Michael Tabone: So when people talk about, you know, crypto is illegal assets and all that stuff, when we're talking about real estate, especially now it's extremely regulated and they go through an extreme process because it is a security, right? So it's really interesting that out of all the security tokens that exist, 89% of them are real estate and 87% are retail and 2% are commercial. [00:06:38] Michael Tabone: The only 2% of that is commercial and 87% of that is retail. And there are tons of examples of houses being put up for sale. I think the first one was in Detroit, was put on Ethereum and it was an NFT, non-fungible token and was sold and so forth as a house because you know, the deed was there. So very interesting. [00:06:57] Michael Tabone: So this is already happening. It's very, I mean, we're in the early stages and we're still learning all about it, but Security Token Market has done an amazing job of producing some information for us and producing information. So anybody who wants to get involved with that, I recommend you reach out to them, check out some of our materials on Cointelegraph Research, where they have reports with us. [00:07:15] Michael Tabone: It's just really amazing stuff. If you're in the space, but you gotta be on top of it now because you know, the thing is, like you said, there's an ever-changing environment. And I talked to people in all different types of industries. And a lot of them say stuff about like, I want to keep control of this, or I want to do that. [00:07:31] Michael Tabone: And I want to, and I'm like, you can do whatever you want. You can adopt this technology or not adopt it, but it's going to come and it's going to take it, it's going to, it's going to be like a tidal wave. It's going to be over you. You're not going to do it? Then your competitor is going to come out and he's going to do it. [00:07:44] Michael Tabone: And all of a sudden, as an example, there's a very, there's a very famous story of this guy who wanted to buy like a bunch of Lamborghini's and Ferrari's and he wanted to buy like, 6 really high-end cars. And it was a Saturday morning. Well, their bank doesn't exist on Saturday morning, right? The bank is closed. [00:08:00] Michael Tabone: There's no wire transfers, especially for the kind of, any kind of money we're talking about. So he calls up the dealership, says, are you on Coinbase? And they said, yeah, he goes, all right, I'm sending over the ETH. Sends over the ETH. Picks up delivery of the cars, right, with, you know, the temporary plates and he has possession of the cars in the weekend. [00:08:16] Michael Tabone: So instead of waiting on, so with your clients, instead of waiting on a Friday night at eight o'clock, some guy goes, all right, I want to buy the house. I have to wait until Monday to have, all this stuff can be avoided. You can, because crypto is 24 hours a day, seven days a week can be traded all the time. [00:08:30] Michael Tabone: You don't have to worry about saying these things, right. It's amazing. That's just the purchasing. We're not even talking about the mortgage of things yet because they're already, I'm sorry, I'm just going here. This is just amazing stuff. There are companies like Ledn, L-E-D-N, BNB Capital, Hoseki, Milo. Milo credit you can call up and you can get a mortgage that's backed by your crypto. So if you have, you know, if you had 10 Bitcoin, right, now, , you'd have like $400,000. If you wanted to take that 400,000 and put it up against collateral against the house, they will give you that mortgage. And that it's in a contract and boom, right? [00:09:04] Michael Tabone: The same thing with LEDN, same thing, right? So you can use it for down payments on a house. So you don't have 10 Bitcoin. You only have half a Bitcoin. Well, half a Bitcoin is $20,000. So if you were having a starter home and you wanted to put 10% down with Bitcoin, you can do that and you want that way. [00:09:17] Michael Tabone: You don't have to sell your Bitcoin either, right? You can use it as a lending platform to continue, so you can still continue to the bank Bitcoin and or other crypto, but you know, Bitcoin's the big one. And then you can use that as collateral. It's it really is amazing.  [00:09:30] Sam Wilson: Again, going back to this, the number of applications are innumerable. What are things, talk maybe directly to use me as an example, right? I'm an everyday, I'm a real estate investor. We're buying RV resorts. I'm raising money from, you know, from outside investors. What are some things I should be doing right now to not be the one caught in that tidal wave? As it, you know, you said the next thing you know, it'll be over you. [00:09:55] Michael Tabone: Well, nothing I say is really financial advice. I'm not a financial advisor, right? So this is not financial advice. Do your own research, right? Famous lines for everybody, I always recommend to people that you want to look for, the things that are the most pristine assets. And that's why real estate was always been an asset that people want to buy because they are not making any more land, right? So that's why, that's why you want to buy something because they're not going to make any more. Well, as an example, Bitcoin is one of those things they're not going to make anymore. Once they get 21 million, once the miners have done their job, it ends in 2140 so way after we are long gone, right? [00:10:31] Michael Tabone: And maybe unless crypto can solve that, too, but we'll be here for a long time. So Bitcoin will be here for a long time. And I recommend at least putting some money in to buying a little bit of that on a regular basis, do not run in and you buy, you know, $35,000 a night. I bought, almost bought a whole Bitcoin look at me. [00:10:51] Michael Tabone: And then tomorrow, you know, COVID 21 strikes or COVID 22 strikes and the price of Bitcoin drops down and you go, oh, I wish I could have bought three. Instead, you should do something called dollar cost averaging. And you should do this with any kind of small assets. Unfortunately, you can't do this with houses, right? [00:11:06] Michael Tabone: You can't dollar cost average in houses, but you can dollar cost average into Bitcoin or other cryptos over small amounts over a large amount of time, regular. Don't worry about it. Learn what a cold storage wallet is, throw that money in there, and just let it sit. And you know, it doesn't matter what it fluctuates over time. [00:11:24] Michael Tabone: There's like I said, in the beginning of this podcast, these VCs about throwing money into these projects, not because they want to lose money. Because they believe that there's actual utility behind these things. So the whole entire space isn't you know, digital dogs and all these kinds of things and, illicit activities and, and stuff, and, or crypto punks running around. It's actual use cases and utility, not just of the NFT space, but, you know, there's Ethereum is the king of DeFi, still. We'll see if that continues in the future. We actually Cointelegraph Research did a whole report on Ethereum as potential dethroners so you may want to check that out too, but you know, they're the Blue Chips, Blue Chip cryptos are great to throw into and I'm a guy who's not against gold, so I just don't think it's as good. [00:12:12] Michael Tabone: But they're actually, as crypto is like PAXG, which is a certified and audited cryptocurrency, which is backed by gold. Once you get a certain amount of that, you can actually trade it in and get physical gold delivered to you. So there's tons and tons of these kinds of things. [00:12:29] Michael Tabone: And again, if you didn't, if you were afraid of fluctuations of price and oh, well, put it against PAXG, if you want to just let it sit there and just kind of write out and then use that as collateral against your house. So there's all of these types of functions that exist and there's way more than that, but that's like the beginner's guide is get a, I like the Strike app because the fees are almost nothing. And I set up an hour, I set up an hourly by for myself. This is what I personally do. And I buy a certain amount every hour. It automatically ticks. And when it gets to a certain amount, I send it to my cold storage wallet because not your keys on your crypto. [00:13:03] Michael Tabone: And then it just sits there and I just let it accumulate. And I don't really look at the price of Bitcoin 'cause I worked in the industry. So I have no fear that it's good. I'm not like afraid it's going to be gone because I, and because I see it, it's just unbelievable. You know, Andreessen Horowitz is a perfect example. There is, a16z is what they go by and you know, they just set up a fund for $2.2 billion for stuff, right? It's just, you know, to, to go into the crypto space, it's really amazing. And somebody left a16z and created our own fund. That was $1.5 billion. So, you know what I mean? [00:13:39] Michael Tabone: Like there's so much stuff going on to help Web 3.0 or the next iteration of, of the worldwide web. Really we're in amazing times. And it's really, who's everybody in the real estate space to learn about it, get somebody in your office that understands this, you know, I would recommend, you know, contacting us or contacting Security Token Market. [00:13:59] Michael Tabone: You know, talk to these guys. They're extremely busy. I tried getting them to have like a webinar kind of thing. Like, oh, we're too busy. We're so busy right now. But you know, bug these guys to get them some information, bug us, you know, we'll help you. You can go to research.cointelegraph.com or find us on Twitter, all that stuff. [00:14:16] Michael Tabone: We're more than happy to help 'cause we'd love to see, we will have adoption. Adoption means that this is going to get bigger and this is only going to help people. You know, this isn't for the big, big, big boys. This is going to help the everyday person, the everyday person who doesn't have to spend the extra $20,000 in closing costs, reduce those closing costs down. That helps them out tremendously, right? The person who's got a billion dollars of closing costs was a write-off. The person who only has a $200,000 house and $18,000 of that is just shot because of the transaction costs that happened. We want to get that down, so we want to help out everybody. And that's what crypto does is it helps out the entire space.  [00:14:52] Sam Wilson: Agreed. Couldn't agree with you more. Are there things that we should be doing as we raise capital? That will allow, you know, 'cause one of the, one of the challenges that we run into is the illiquidity of our investments. You put 50 grand with me, Michael. And the only option you have is to take that and it gives you whatever that is. [00:15:13] Sam Wilson: Maybe, maybe my shares are sold in this deal. A thousand bucks, you have 50 shares in the LLC. The only option you have is to go sell all 50 shares to one other investor and they take your place. And I traded a bunch of paperwork, both of you. And it's a total hassle.  [00:15:27] Michael Tabone: That's a fantastic question. And you're, and that's the exact thought that, that, that has gone into some of these deals. So you might have like a three-family home. So your family home takes in three, three rents. That house is broken into 1000, let's say the separate NFTs 'cause NFTs can be traded amongst all the, all of these investors. [00:15:44] Michael Tabone: And of course, these investors would have to go through a KYC or a know your customer or AML process. So that way we know it's anti-money laundering process. So we know it's not just a random person, but once they jumped through those hoops and they got onto those lists and they got wait-listed, the illiquidity factor almost goes away. [00:16:01] Michael Tabone: It becomes a liquid thing. I have 10 shares of the house. Every single month I get automatically in my wallet, I see 10 shares of those three rents. It's fantastic, right? It becomes immediate. If I need to sell five and I want to hold on to five of those shares of the, of the house. I just go home. I go at two o'clock in the morning and my PJ's and I put it on my phone and someone buys it and I no longer get those rewards in my wallet. [00:16:27] Michael Tabone: But I also get the payment, right to myself, that minute automatically. It, there's, no, the paperwork is the signature I have. The way the blockchain works. It's basically like an accounting system. There's a debit, there's a credit, but there's a signature. So it's a three ledger accounting system. [00:16:42] Michael Tabone: There's, the signature is the only thing that you have the control over. No one else can do that signature for you. And that's the power that gives it. That's amazing, right? The ledger is so immutable that I have to be the only person that can give it the authority. I can make the mistake of putting my signatures in my, the way I get my students, or I can put it on an iPhone cloud. [00:17:01] Michael Tabone: I know I can put it on, like I can put it out in the world where Google, especially where it can get taken and stolen. Everything I do is written down in a little book. You know, I know high-tech we are right. Everything I have is written down a little book or it's in some kind of metal, these metal cases, which I will not open because these are my seed phrases or they're in these little, these little titanium, never going to burn down tabs that I may or may not have throughout the, have all my seed phrases on them. So I know we're talking about high-tech, but this is the, this is the technology that's going to save you. If I need to go back and get those keys, they're here, right? Not physically, they're there to get my keys back. This is a very, that's very long way past the time that we have here for the thing. [00:17:39] Michael Tabone: And I hope that answered the question. I'm sorry.  [00:17:40] Sam Wilson: It does. Yeah, no, no, you're good. I mean, and again, there's, there's so much here to understand, especially from this side of it, which is, you know, the questions that my listeners will have is how does this affect me? What should I be doing to prepare? And how do we get in front of this, especially as deal sponsors, like, how do we get in front of this in such a way that either sets us up for success or, you know, or at least doesn't let us get completely crushed when, you know, whatever it is, comes on the line. [00:18:10] Sam Wilson: And we're like, Hey, wait. So we're uploaded into the blockchain and then there's this and that and the other now. And suddenly we're still typing on typewriters while or rest of the world. You know, sending text messages.  [00:18:19] Michael Tabone: So absolutely. And there's tons of ways that you can structure this, but to kind of break it out past what maybe firms and small places have been doing over this time, if you can take a house and I can sell 95 and I can break it up into a hundred shares and I can keep five shares as the firm, you know, so someone comes in and goes, I really want to buy this house, but I, you know, I can't, it's a $500,000 house, but I don't really have anything to put down. [00:18:44] Michael Tabone: Listen, we'll own a certain percentage of it. We'll put down that we'll keep that part of the house. You can keep 90% of it. We'll keep 10% of it will keep it in these NFTs. And then once you buy that off, you can buy off the rest of that 10%. Now the advantages that as you know, real estate has a tendency to increase over time. [00:19:01] Michael Tabone: So by the time that person can buy off those 10 shares, it's probably appreciated in value, right? It gives me an opportunity to come in and go, all right. You know, we like your, we like your deal. It's not a loan. We own the house, but you know, when we give you and we give you a right to purchase it first, you know, of course, you can sell those things on secondary markets, too, as well. [00:19:20] Michael Tabone: You know, that kind of thing. But I would recommend getting a hold of somebody who understands crypto, who understands this kind of stuff. You're not going to give them, I'm okay with people receiving fees, but you're not, you know, you're not trying to find somebody who's just going to sit in your office and be the crypto guy, and he's going to be on the phone because it's going to be a long time for this to get massive adoption, but you need to become aware of this stuff. [00:19:41] Michael Tabone: So, one thing that I really like is MicroStrategy is one of the public firms that first started buying Bitcoin and they have the most amount of their balance sheets in the billions and billions of dollars. Hope.com is a big website that'll kind of bring you through the basics of Bitcoin. [00:19:55] Michael Tabone: I think you really need to start learning about Bitcoin first as a basis to understand really the culture and how everything kind of works. Everything else has kind of built on that, on that bedrock. And, you know, we have, like I said before, we have some, some great reports at research.cointelegraph.com that go into detail on these things, like we have a DeFi one. DeFi is decentralized finance, which goes through the history of Bitcoin, Ethereum, Solana, Polkadot, Algorand, all of these up-and-coming blockchains. And Ethereum is the one chain that is used mostly there are others in the real estate space. [00:20:33] Michael Tabone: And like I said, you make an NFT, it gets put on, gets made into a security token, and there's ways of doing that. But I would get somebody in just to give you the basics, understand, start reading by yourself. Unfortunately, there's no way to download this information to your brain with like a, like a club or something. [00:20:48] Michael Tabone: It takes hours and hours, hundreds and hundreds of hours, but there are ways to do it. I recommend us and I recommend like hope.com as a, as a way to get introduced to it. But I would, you know, I would start slowly accumulating a little bit of crypto just to get comfortable owning because for people that are, you know, I hate to date myself. [00:21:06] Michael Tabone: I was born in 82, so I, I have a period of time where I was, I didn't have technology. And then I had technology. There was, you know, I was both and the people came after me. Totally into technology, they get it. They're just like, oh yeah, yeah. I own an asset on a phone. [00:21:20] Michael Tabone: People that are older than me are like, eh, I gotta, I want that deed in my hand, right? I get that. So I get both sides. The only thing I can tell you is you got to get used to that. It's not tangible here, but it's tangible on the blockchain. Once you understand that, then it kind of helps you to realize, all right, there are so many financial functions that you can do with it that are outside of what you would normally do as a firm with real estate. It's just crazy. [00:21:47] Sam Wilson: Man. That's awesome. Michael, thank you for taking the time today to kind of give us the broad-scale picture of what's going on in the industry. I mean, where we are now and then really just get this ready for what may be coming down the line. [00:21:59] Sam Wilson: I mean, that's a lot of moving parts there, but I think you, you really summed it up and you said, Hey, this is something you have to research. It's been a lot of time doing and researching just to understand it. And maybe the action items today aren't necessarily like, Hey, here's how we're going to implement this right away. [00:22:13] Sam Wilson: But it's really just keeping our ear to the ground, I think, is what I heard more than anything and paying attention to it. So I think yeah, I appreciate you taking the time to come on and share with us today. Again, if our listeners want to get in touch with you. I know you mentioned this a few times already, but what is the best way to do that? [00:22:28] Michael Tabone: To get in touch with me, you can go on, you can email me at michael.tabone@cointelegraph.com. My last name T-A-B-O-N-E. Michael Tabone. michael.tabone@cointelegraph.com. and, you know, find us on research, research.cointelegraph.com. That's our website, and, you know, feel free to contact me to have any questions and we'll help point you in the right direction if I can. [00:22:54] Sam Wilson: Awesome. Michael, thank you for your time today. I do appreciate it.  [00:22:57] Michael Tabone: Awesome. Thanks, Sam. Appreciate it.

The Rational Reminder Podcast
Understanding Crypto 2: Igor Makarov: Economics of the Crypto Ecosystem

The Rational Reminder Podcast

Play Episode Listen Later Jun 10, 2022 86:42


Understanding the complexity surrounding cryptocurrencies is essential in making the correct decisions regarding investing in DeFi technology. To help us understand the basics, we talked to Dr. Igor Makarov who is an expert on cryptocurrency and Bitcoin, particularly Bitcoin and the associated mining processes. He is based at the London School of Economics, where he serves as an Associate Professor of Finance. Dr. Makarov is also the author of several papers focusing on DeFi and crypto markets in general and has provided new insights surrounding governance and mining processes. In today's show, we learn about the basics of cryptocurrencies, mining and the future of DeFi. In particular, we talk about the role of intermediaries, what drives the prices of Bitcoin, how concentrated mining processes are, the role DeFi in increasing governance, the upsides and downsides of cryptocurrencies, and much more. Tune in to make sure you don't miss out on advice from a respected figure in the industry, Dr. Igor Makarov!   Key Points From This Episode:   A brief outline of Dr. Makarov's professional background and experience. [0:00:39] What role do intermediaries play in the traditional financial system. [0:02:36] Find out if economic rents that intermediaries collect are unwarranted. [0:03:36] Makarov explains the complexities of cryptocurrencies and the elimination of fees. [0:06:06] How rents are different on cryptocurrency exchanges. [0:09:44] Systemic risks associated with the traditional banking system. [0:11:24] Whether Bitcoin and DeFi can improve banking by reducing systemic risk. [0:13:22] Learn if blockchain or DeFi ecosystems can exist without human intervention. [0:15:06] Why it is unlikely decentralized autonomous organizations will improve governance. [0:17:06] Breakdown of the potential problems that concentration of ownership could have on governance. [0:19:53] Opportunities where cryptocurrencies and DeFi can improve the traditional financial system. [0:21:44] Some of the potential benefits of a permissioned distributed ledger system. [0:24:39] Why is it important to understand the Bitcoin ecosystem. [0:26:22] What are the limitations of understanding the Bitcoin ecosystem. [0:27:12] How Bitcoin addresses are associated with with real-world entities. [0:29:36] Ways to differentiate between addresses belonging to individual investors and those belonging to intermediaries. [0:31:42] What happens when you send Bitcoins to an exchange. [0:32:49] Details on how Dr. Makarov calculated the concentration of Bitcoins. [0:33:25] How did Dr. Makarov gain an understanding of what Bitcoin is used for. [0:37:14] The role exchanges play in influencing the total volume of Bitcoin transactions. [0:39:00] Why exchanges are essential to the overall network. [0:41:06] The challenges in enforcing KYC and AML rules for the crypto ecosystem. [0:41:56] How fungibility could effect the use of cryptocurrencies in the marketplace. [0:45:19] Whether most important cryptocurrency exchanges are generally decentralized. [0:46:36] What portion of Bitcoin transactions does Dr. Makarov consider to be economically meaningful. [0:47:06] Why most Bitcoin transactions comprise of irrelevant transactions. [0:48:08] What the meaningful Bitcoin transactions are being used for. [0:50:06] Why the estimates of illegal activities by Dr. Makarov differs from other studies. [0:52:56] A more in-depth explanation of what is driving the price of Bitcoin. [0:55:54] How Dr. Makarov was able to identify individual Bitcoin miners for his paper. [01:01:57] Makarov explains why the original vision of DeFi has not been realized. [01:05:52] Reasons for the concentration of miners in the Bitcoin space. [01:06:42] What are the risks are for the Bitcoin ecosystem when mining concentration is high. [01:08:24] How Dr. Makarov determined the geographic locations of mining operations. [01:10:52] What the function of a mining pool is. [01:13:36] How the concentration in mining power affects the security of smaller proof of work blockchains [01:16:20] How concentrated the ownership of Bitcoin in the hands of individual investors is. [01:22:40] We find out if cryptocurrencies are democratizing financial services. [01:25:03]