Bitcoin as super-collateral! DeFi risks, Security over privacy, Shotgun KYC, Sats per dollar, Q&A!


Hello everyone this is adam meister the
bitcoinmeister the disrupt meister welcome to the one bitcoin show today is
February the 6th 2020 strong hand golden age of the 2020s baby having height
bitcoin is the next bitcoin in motion value your wealth in bitcoin apex
predator one bitcoin equals one Bitcoin I’m offended by selling I’m confiscate
of all alright we’re gonna talk about Bitcoin we’re gonna talk about a lot of
stuff today hello my elite friends check out all the links below follow me on
Twitter Tech vault-tec HB alt if you’ve got questions I got answers
type in bitcoinmeister or do a super chat so I can see your questions
otherwise I didn’t see your questions that’s just the way the logistics work
around here dude alright I want to say you get the best guest in the space
every frickin Friday on this weekend Bitcoin this Friday we’re gonna do an
Asian based show we got Luis and Leo and maybe Thai Zen oh it could be messy I
don’t know if Thais gonna be on but it will be early Baltimore time New York
timing will be 10:00 a.m. that’s 3 p.m. in London tomorrow Friday
that’s pretty soon maybe Thai won’t be the 3rd yes maybe there’ll be another
one there’s some technical issues going on but Luis in the Philippines and Leo
in freaking Hong Kong will be on they’re gonna tell us about the disease they’re
gonna tell us about China they’re gonna tell us about Bitcoin it’s gonna be a
fun time tomorrow Friday 10:00 a.m. in the morning Baltimore time and that’s 3
p.m. in London so that’ll be an interesting sure I try to bring a
different type of stuff here and it will go a little beyond before the people are
interested in this type of and how how this virus is affecting
Bitcoin who knows but we’ll get by it all together I always tie it all
together don’t I speaking of tie tell Matt like but
alright so here let’s start out with the the topic that I just found that about
Bitcoin as super collateral this is from a guy Fiat minimalist good good day
there dude I’m gonna read your you gotta check out this thread it should get you
pumped about the future of Bitcoin but it shouldn’t get you lending out your
Bitcoin okay you control your own Bitcoin but these big institutions they
will happily take your Bitcoin in the future and lend you some fiat okay and
here are the reasons why I’m gonna zoom through this as quick as possible
bear with me check it out yourselves it’s linked to below Bitcoin is quickly
evolving into an asset that will become the ultimate form of collateral have
been hearing more traditional fun slash groups willing to accept Bitcoin as
collateral in return for fiat loans at six to twelve percent per annum the
latest I know of is a traditional global multifamily office that specializes in
share back loans and now have just branched out to Bitcoin back loans those
family offices news typical collateralized assets in today’s markets
are one real estate two shares three bonds with the exception of volatility
Bitcoin scores or worse over us better or will sim score better than all assets
in all what makes a good collateral dimensions such as liquidity
marketability 24/7 availability speed and ease of settlement global acceptance
fungibility etc I mean these are great qualities of why bitcoin is better than
real estate shares and bonds just that alone from this post is guess you should
get you excited because I always say I have real estate why I have shares why
it bonds you get the Bitcoin and the banks and these lending
institutions though they’re gonna agree they’re gonna say yeah Bitcoin is better
than those things I would rather I want the best collateral for a loan they’re
gonna say they want the best cloud they know bitcoin is and it’s on its way of
becoming this Bitcoin is super collateral but anyway going back going
back unlike most assets bitcoin is a bearer
asset so it’s clearly unencumbered once lender is holding on to the actual
Bitcoin they can be sure it hasn’t been pledged to ten other parties
simultaneously also the cheaper and more efficient than paying for title deed
searches lien enforcement yeah you better believe that cuz I’ve dealt with
real estate before and you gotta get into all this third party nonsense go
down to the courthouse pay some dues for the title deed search lien enforcement
Bitcoin you just own the darn Bitcoin and you get the private key okay you
don’t have to worry about who owned the darn house in 1812 if they still have a
claim on it okay big was their big coin is Bitcoin you can tell I’ve dealt with
this real estate stuff before Bitcoin can be liquidated 24/7 and
almost immediately almost immediately unlike real estate which can sometimes
take one year for resolution yeah I know that or shares less bonds which only
trades certain times during the day for which liquidity tends to dry up during
periods of stress yeah great great point about the shares and bonds those people
you use that are in those worlds Oh can’t trade them on Sunday can’t trade
it up on Christmas Eve you can’t trade it after 9:00 p.m.
Bitcoin all the time baby best collateral out there people are waking
up to it super collateral love this thread
there’s more to a check it out pal that like button that’s forget you
excited all you finance freaks out there hey by the way something that’s getting
me excited I just found out today I am I definitely am going to be in Tel Aviv
until July 27th so I will be in Tel Aviv from April the 30th until July 27th for
basically for three months I’m gonna spend in Tel Aviv so I’ve got my
schedule set until July 27th so if your to be in tel-aviv I we’re gonna you’re
gonna see me there if you’re gonna be the big coin embassy but I just want to
make that announcement so where should I go after July 27th people I have to be
back in Baltimore for Rosh Hashanah on September 16th so I don’t know where I’m
gonna be between July 27th and September 16th I’m thinking about Eastern Europe
some developing well not developing but something like Romania or Serbia or
wherever maybe maybe something Greece is southern Europe but who knows
some place that’s cheap and the second city in Greece not Athens but III want
to go to Serbia and what’s it the country that’s just like Romania but
isn’t Romania that’s connected to Romania that I can’t think of it’s darn
named now it’s a it’s a it’s the poorest country in Eastern Europe anyway enough
of that so we’re gonna talk about Chris black in a second all right
but $10 from CSU Thank You Man he says bitcoin does not need permission yet you
better believe it it doesn’t it’s permissionless brother cs2 thank you so
much why can’t I think of that darn country’s name it starts with an it’s
between Russia and Romania what’s that country move now there you go a cute
Moldova for Moldovans and I’m sure there’s some pretty hot ladies in
Moldova because I knew some Romanian ladies that were pretty hot in Baltimore
and I tried to pick anyway let’s get back to the value your wealth in biklen
value your wealth in Bitcoin I did not Moldovan know women all right now Chris
black he has been on the show before and over time he’s changed his ways a bit he
was very Bitcoin he at first and then many of you’re like well what happened
to him he’s talking about defy right now and he theories in the etherium I mean I
respect Chris a lot Chris is a smart guy actress is good at marketing and he has
got a video out there right now that is about defy you might why you tell me
about defy Adam first of all expand your mind a little bit because this thing is
gonna be big event she’s gonna bring a lot of people into this space but this
defy video of his he is not about fitting in he
gives weaknesses of defy he it’s centralized okay you have to trust the
individuals behind all these different defy projects watch the video it’s a
it’s a good video and you could see he’s a good man first of all but but but
second of all you’re gonna here we go you have to trust the protocol and the
team the name of it is the risk of unknown defy and admin key OPSEC okay so
there when it boils when it boils down to is that there’s a private key that’s
going to control these these defy the ethereal addresses behind the defy okay
I’m trying to be as simple as possible and that obviously if it’s a group of
people that came up with the and there’s a management team of the defy project
some of them are gonna have access to the key who I mean do you trust them
they could they can modify everything if they wanted you they could change
everything they could run around with the runaway the key so you have to trust
the protocol gets a source a team their admin key can be stolen changed by
malicious actor you need to trust the smart contract is not getting hacked he
talks about specific projects by planing critiques specific ones and house safety
thinks each one are there’s a lots of centralization in this deep I think you
don’t hear people talking about this and maybe sometimes you hear people like
obnoxiously ripping on on defy I mean they could do that if they want him but
he is giving it a legitimate critique here he’s a fan of it but he’s uh
there’s some of the keys there’s there’s no multi Sega involved and multi seed
can help protect and there’s time locks on some and there’s not time locks on
others okay so Chris cares about the long-term stability and getting rid of
the chances of bad stuff happening in the defy space and it could hurt the
etherium price short term you know exposing the stuff that he does and he
implies that some people are worried about the short term aetherium price in
this defy world and they don’t even bring this stuff up but they’re not
long-term thinkers he doesn’t care about fitting in he is a true radical and he
cares about the long-term safety of this defy stuff so say what you will about
defy I think this is a very honest video about it and learn
learn from it of course I am a Bitcoin guy I am not telling people to get into
a to defy but and what Chris is saying here too is that if people don’t wake up
to this that what if there’s gonna be a defy project one day where an insider
will run away with the private key and steal everything and it’s going to be
big news and know it’ll hurt the whole cryptocurrency space it’ll bleed into
Bitcoin they’ll try to blame it on Bitcoin too so everything is
interconnected people in the D I know plenty of dudes in the defies things
that are good dudes that are trying to innovate let them innovate over there
and I’m glad Chris wants them to cleanly innovate and it’s a good video it’s a
good video crystal he’ll return to the show up to
one of these days all right and yet defy is the flavor of the month
and he’s trying to make it put some stuff some real substance behind it not
just oh let’s all get into this because it’s everyone’s talking about it
he wants the people behind it to be actually responsible and it’s
centralized there’s if he doesn’t wanted to be decentralized so check it out
check good critique of it so we got a there’s another guy found out like one
two always someone said okay again well dad spoke to guys said Moldova yes I
appreciate people or I couldn’t remember the name of Moldova I got to get that
extra two hours sleep I didn’t get last night so here is a dude a smart guy out
there hot always let’s just call them hold wave because I don’t say huddle
oh just said it even if the owners and this is about privacy people freaking
out about privacy even if the ownership identity of every you TXO was public
information that doesn’t prohibit perfect privacy from being recaptured at
some point in the future all right so just because it’s not pride you made
some mistakes now you can make your Bitcoin private in the future you there
in the present there are options there are some complicated things but you can
go down a privacy private hole and make your Bitcoin private alright so there’s
a lot of people like Oh what was the big point has to be private right now they
have to put it in the protocol they got to change everything up it’s it’s and
people saying oh it’s horrible Mineiro people say no bitcoins terrible because
it’s not private no you person responsibility you can
make it private but then he goes on he goes on however in my opinion there’s a
strong strong view stronger argument that we can only lose security / digital
scarcity assurance one time and I think he needs zero times by that so think of
it this way guys there’s a lot of people freaking about him freaking out about
privacy out there but some of these guys are getting into coins that are
unlimited amounts that aren’t that secure for various reasons but what
Bitcoin people need to worry about is you know if Bitcoin all of a sudden
changed was that a scarce if there were 42 million if all of a sudden Bitcoin
was not as secure if the main protocol level if it was changed if something
people bought in the Bitcoin Bitcoin is Bitcoin because of what it is at the
base at the base level bit because it’s gonna be 21 million of it because it
cannot be happy it’s totally secure it son confiscate able Bitcoin does not
need privacy to exist none of the current value comes from
trend privacy okay it loses most of its credibility if it
becomes our unreliable and inflated okay people didn’t sign up for privacy they
didn’t they they did sign up for 21 million and so if you think otherwise
you’re free to fork it off and try something else and someone is gonna try
someone else someone they’re gonna come with the FUD that it’s all we need more
Bitcoin it should be inflated Bob and people are gonna buy into that if people
it did point with at the base level was actually changed if they said hey we’re
changing it’s a 42 million now it would be worthless it would be worth it you
will lose it all so that there you go the basics the reliability that the
security did limit survive that is the base of Bitcoin that’s what
people signed up for and if that that’s much more important to product than
privacy okay because you can make it private once once you’ve got forbid it
was them and it’s not but if it was changed at 42 million you can’t go back
that’s it you lost it the whole reason people signed up the whole reliably gold
is gold okay gold isn’t all of a sudden becoming sort of gold one day okay so
big point is big but it can’t become sort of eight point one day it’s got to
stay as big point that is much more important than privacy check out that
link and I think that’s it only takes one time to mess up Bitcoin okay
in terms of in terms of in terms of the base layer so you don’t make you don’t
mess around with what it truly is all right all right privacy and censorship
resistance is is different yes they are they are good different I agree with
that Ben Benjamin Imhoff they they they are totally different and so privacy you
cannot you you can change the privacy aspects it’s not built in the big it’s
not private bitcoin is not private three colonies not private but there is
censorship resistance is there all right so now now let us let us move on and
again and if you don’t like Bitcoin fork it off make your own version of it just
like they did would be cash and all this other stuff out there and we get it for
free that’s great I encourage people if they don’t like the the 21 million make
a 42 million Bitcoin you will get it for free and they’re gonna be freaks out
there because most people are not rational most of the time the people
will buy something get for free we’re seeing that with all sorts of crypto
dividends diff different subject matter there so a commenter brought this up
when we had Alex on the show last week from lolly and you do have to understand
that I mean lolly is a centralized business and they have to follow certain
rules here so met people are a little angry that there’s
been some shotgun kyc related to volley that people thought they could withdraw
their their big point from lolly they earned their Bitcoin and then also lolly
ask well who are you we need your some some information and a guy from lolly
straight up says here Matt ster Center they’re not hiding anything our policy
is transparent lolis terms and conditions state that users may need to
occasionally provide additional information to verify their identity
doing our best to distribute Bitcoin to people and operate legally within the
current system there you go I mean there are a company that uh that operates in
the United States of America and they got a UH they got to follow certain
rules so they don’t be surprised if you get uh
kyc there for whatever is still getting people to into Bitcoin yeah it still is
there’s there’s all sorts of things that involve kyc that get people in the
Bitcoin hey he’s creating Alex and the crew that they’re creating their emotion
they’re gonna do what they’re a lot of people screaming like oh I didn’t know
this was this was going on they’re a horrible company they shotgunned kyc me
and yeah i know if you weren’t expecting it it i can understand i know where
you’re coming from if you didn’t think you were going you’re gonna be able to
get your big point off and then all of a sudden they’re saying no you gotta tell
us a little bit about yourself and then you get your Bitcoin off yeah it’s it’s
not a good feeling but it is they’re not trying to hide it though they’re not
trying to but I mean whenever you’re dealing with a third party
shotgun kyc is it is something that can can happen to you let’s see one two
three noscope says do you think if you have as much as a block reward after the
having is that good wait what do you mean by that exactly do
you think if you have as much as a block as much as he oh if a person holds 6.25
okay yeah that’s good I mean you ain’t the first thing is
called the one Bitcoin chase or get one then get two then get 6.25
yeah baby people keep keep on going for that that’s that’s uh that’s legitimate
right there that’s that’s a legitimate thing thing to shoot for yeah I think
it’s great of course it’s good that 6.25 big big koi to me there’s great to have
$60,000 worth of Bitcoin for your Fiat freaks I think it’s pretty darn good and
for those of you Fiat freaks watch from the future you probably say more so it’s
a good starting point it’s it it makes sense I mean it’s a number everyone will
be very familiar with after after May ok I’m glad I interpreted what you meant
there good question though good cause thank you so hey by the way prism I
don’t know prism is the altcoin spammer of the month by the way congratulations
you guys from prism who leaves like hundreds of comments on my comments
section I don’t know what it is I don’t care what it is but it must work there
must be some altcoin freaks out there some 80 percenters just see prison
prison prism and buy it so yeah guys I keep on spamming me I’m gonna keep on
racing you just wanted to point out that you’re a spam coin and that God these
things these things happen these coins come about so much if people think it’s
legitimate well it’s a legitimate marketing technique if I just keep on
spam expanding the comment section of all these people it just to me it’s so
illegitimate and so scammy looking that i immediately think this must be a
complete scam maybe it’s not I don’t know you got me to mention your freaking
word on there didn’t you you but so yeah I’m just saying it’s a spam coin that
I’m concluding with that hey but this is where the big boys play if you want to
spam me I’ll erase you so we can go back and forth just just in case anyone
thought it was legitimate coin of some sort all I do is spam so how is that
legitimate now here is a new Twitter feed that I just found its new well it’s
new so I mean I known about it in the past sex per
dollar or sex underscore for underscore dollar it’s linked to below post sex per
dollar every four hours so it it’s just a Twitter feed that says how many
satoshis are add up to a dollar and it’s it’s a fun little thing if you if you
want to be distracted during the day and you’re you’re a Fiat freak but uh but
are slowly transitioning into valuing your wealth and satoshis satoshi
nakamoto remember whoever that dude was okay let me see what else keep on asking
those questions dudes and we’re getting there
there is a chart out there and I think you print a lot you’ve probably seen
that before it’s the adoption rate of technology in
the USA of certain technologies over time and it shows how fast you know
radios and TVs and VCRs and the Internet and cars and microwaves
how soon maybe it was a hundred for close to 100 percent adoption United
States some of them took longer than others alright and then it compares
Bitcoin and Bitcoin adoption is like little and it just shows you how the
potential of Bitcoin it can pick and that it could go skyrocket its adoption
rate just like all these other ones adoption rates skyrocketed now do I
think that bitcoin will ever be adopted by a hundred percent of Americans well I
will say this Americans are very good at adopting is the top-of-the-line
technology I out their smart phones etc etc I don’t have a smartphone so yeah of
all the countries of the world big I think United States will have the
highest Bitcoin adoption rate will it ever get to 100% I don’t know I I have
said so many times so many times that for the world
Bitcoin doesn’t have to be a hundred percent adoption rate for the whole
world it doesn’t have to become hypo Bitcoin is Asian for the whole world
and just just 20% of the whole world uh using Bitcoin would be an incredible
incredible and so when we get to 20 percent of
Americans adopting Bigpoint I think that’s going to be great
well it will it stick there for Americans now I think I’ll get high I’m
up higher for Americans and this also this chart reminded me of a video that I
bought up a while ago and Andy Kaufman actually wrote about an article a while
ago then it seems like every 20 years we have is like magnificent revolutions in
terms of technology that you can jump in on and just do so well 20 years ago it
was the broccoli ever 20 years it was the internet revolution and a lot of
people regretted they couldn’t get in on it and and and the revolutions keep on
getting bigger and bigger and so it’s amazing you know 20 years later you’ve
got that chance again if you were around then and you regret not getting on the
internet one now you can get on this one and so other revolutions over time I
said you know radio or newspaper radio that involve communication newspaper
radio TV VCR the the computer personal computer I can’t find the video I didn’t
look for the video but it’s just triggered my memory there a little bit
all right so that that chart did so look at that short who said let us know when
there’s another dividend like MWC says of course I will of course I will I’ve
alluded to a friend of mine who was was trying to work on one and unfortunately
he can’t get the depths to do it you can’t developers are so rare out there
he can’t find a developers to work on his his crypto dividend idea so I mean
if you’re if you’re a developer out there okay you you’ve got the world at
your fingertips I mean if I was a young person I would tell them beginning that
if you’ve got a technic if you’ve got a technical type of mind all right
get into a Fiat Fiat developer man in the cryptocurrency space all right if
you’ve got that type of mind now if you’re a finance guy you can just buy an
old Bitcoin and do other everyone’s mind is why it was a little bit differently
but of course if I know about another crypto dividend I I will I will tell you
about it but I don’t know of anything right now
that’s legitimate that that’s a that’s a that’s a fork or a or an airdrop a
bitcoin it’s just some some nonsense I heard about I mentioned some nonsense a
couple of weeks ago I’m not going to even look back what that was and J Mack
says let me read this beforehand but you’re bringing up someone that I don’t
like to talk about did you see that faked oh she is now calling blockchain
his database he might be right as bsv is so centralized it is a database nothing
I&C any of this and you know what it’s it’s such noise but his cult members
follow what you know they they buy the coin when he says things like no I
didn’t see it it’s noise and he he’s gonna keep on saying all sorts of things
and his people will believe him and all was suggesting nor it okay so because he
it’s there as I’ve said this is what a big boys place so there are just a lot
of guys that all they do is lie all they do is lie and that’s as a rational human
being you just have to say okay there’s Liars in this space I just ignore Liars
and I don’t get scared by liars and let people like we’re gonna fall for the
lies I’ll call out the lies and just let them do what they’re gonna do over there
good run away from that stuff it’s noise it’s it’s noise okay
there is a yeah a lot of you have heard of a digital bit box before they’re a
company they’re Swiss company and they’re also obviously if you’re if
you’re into was something that’s like a treasure or a storage device is a
competitor root reservoir I’ve got a digital pit box and if you’re into that
secure you’re very much into security they’ve made another product it’s a
tamper evident package okay so if someone messes with the package you can
tell any you know you could put your your bitcoin storage device in it but
it’s for much more than that so I link to it below because I respect
if they’re a company that’s in too big you know controlling your own private
and they’re branching off into other security aspects which can be
intertwined with protecting your private key then I’m gonna talk about it and I
link to their where they describe his product it’s called big-box tech and
they said despite offering a bounty for successful attacks
none of the alpha testers have managed to break in and reseal the big-box tech
with the fingerprint intact so that developed something that seems up and
they go into depth about how they went you know people that try to to make it
seem like they’re tamper proof packaging was not tampered with but they couldn’t
do it so hey good it’s there there are people out there they’re like how do I
know my Tresor wasn’t tampered with on the way here well here this is maybe
something that they’ll put them in these these things in the future
I don’t know so it’s in motion good you digital big box people you Swiss people
are good UK big chrome master said you look really tired like is my beard but I
do need a UH I know I don’t feel that I should I need to take a nap I need to
get two extra hours I mean I missed two hours but I’m getting up early tomorrow
too all right so let me see in mozi so
here’s a dude that’s in motion an artist guy that’s in we’ve reached the end of
the show here by the way but I do I want to give a shout out to this in this in
motion artist dude his name is Kripke crooks and it shows you how big this
space is he needs awareness for this well he needs money also but I’m giving
him awareness for a I started this Twitter just to pitch an adult animated
series based off cryptocurrency relations relationship with AI and the
the thread explains exactly what he’s trying to do he’s a good artist
good-good cryptocurrency artist he’s trying to make an animated series about
cryptocurrency in a yawn I mean that just shows you how many
opportunities are in the Bitcoin space because that’s related to the Bitcoin
space if he’s an artist and he’s got a story to tell so it check him out I give
him some awareness net there all right finally we got one last question let me
make sure I didn’t skip anything okay the one last question is one two three
new scope said do you think satoshis female or male I’m just a male
you’re saying it’s 99% chance to Toshi’s male yeah it’s it’s a male or a group of
males I mean men are more addictive more technically inclined sounding sounds
like a male you know the kind he was very dismissive in one of them there’s a
few uh quotes of him in very just dismissive and harsh not like something
that a woman would say so hey women there are plenty of technical women out
there and there’s plenty of ways women can get you get into the space this is
where the big boys and big girls play with theirs but that’s the thing there’s
no there’s no like special outreach from the Bitcoin centralized committee was
there’s an open to get more women in the Bitcoin people can try to do that but
they couldn’t attracts the best of the best of every sex so but no I the way
just the technical sophistication there and the way he warded some stuff it just
I mean I default the thinking needs men or a group of men and but but again
there are plenty of women out there who are articulate but but it’s it just it
tends to her men just like they’re more nursing tends toward of if there was
like the ultimate mystery nurse out there I would say it’s a female it’s no
it’s not it’s not a man it’s probably a female and if the communication style
sounded like a female but yeah so there’s your answer there but there’s a
lot of people that you know want to be politically correct me see he / she /
them when they’re turning that’s such nonsense to me it’s such noise just say
he it sounds like a man’s name just say he it’s not I don’t be offended by that
ladies you know I’m but just that’s just the way it is it’s mostly
a guy but there’s all these political hey but politically correct people you
could come here but this is where the big boys play so get ready to hear a lot
of politically incorrect stuff from dudes like me who know that Finnegan is
overrated and we don’t have to fit in because
we’re in the Bitcoin overlay and we can’t get fired because we don’t work
for anybody we work for ourselves all right I’m Adam kind of like putting bang
upon how madam I should pick one we should just drop my sister remember to
subscribe this channel like this video share this video check out the links
below get some shirts below see you tomorrow at 10:00 a.m. Baltimore time
that’s 8:00 a.m. here in El Paso and 3 p.m. in London we’re gonna have agent
guest on so it Luis and Leo and maybe ties then maybe some other people found
it see you later thanks a lot I’ll talk to
you in the chat

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