Bobby Lee interview! The Ballet wallet controversy, Gold Bitcoin flippening, 2020 halving, China

Hello everyone this is adam meister the
bitcoinmeister the disrupt meister welcome to the one bitcoin show today is
November the 11th 2019 strong hand bitcoin is the next bitcoin in motion
value your wealth and bitcoin offended by selling all right this is a very
special show as you can tell hello all my elite friends Bobby Lee is here you
know him he is the founder and the CEO of ballet wallet so we’re gonna talk
about a lot of issues today but we’re gonna start it off by talking about the
ballet wallet because it’s for some reason controversial he’s trying to make
something for beginners to get used to Bitcoin I I think it’s good he’s being
productive and everything but some people they don’t like they don’t like
the whole thing so Bobby welcome to the show thank you thank you Adam thank you
for having me okay so I’m just gonna let you have the first word here what what
are you trying to do here what is the market you’re marketing to and what is
this product and hold it up show to the world yeah yeah so so I’m here obviously
I think we’re gonna talk a little bit about the ballet physical cryptocurrency
wallet here’s what it looks like and so this year 2019 is when we got started in
January this year I got a bunch of good friends together we started this company
to build when we think is a next-generation super easy reliable and
safe in crypto currency wallet for the mass market uh and you know spending
what is it ten months now it’s been the most it’s been a single most fun thing
of them all my life I think it’s been extraordinary journey
so far we’re far from success we’re just getting started
but it’s been it’s been an amazing journey a lot of fun
we worked hard you know the first one of the eight months we revealed our name
brand in August and then we revealed the product in September and then we
launched it and sort of shipping a late October and today we’re in November 11
store we’re shipping it in small bomb right now I’m trying to get all the
logistics worked out the fulfillment self but we’re very excited should I
tell the audience about what this is yes please yeah so essentially what you see
here is I’m gonna take it out of the protective case it’s actually a a it’s a
it’s made of stainless steel it’s kind of like a credit card people very much
liken it to the American Express the American Express Platinum Card in this
case it’s made of stainless steel it’s nice and thick that’s over 1 millimeter
thick nice and heavy and hefty it’s what we call the world’s first non electronic
physical wallet with multi currency support and I’m speaking of multiple
crypto currencies of course we’re in the crypto industry so this one here has a
Bitcoin insignia if you see it flash it on the on the left side of the card the
name of the product is called real bit coin made by ballet and what this is is
it’s a non electronic wallet that is pre-configured and set up for you so
there’s no setup for the users so we have a deposit QR code and the deposit
address is represented both in the QR code and also printed in text there’s
two lines the very legible fixed-width font text this is a demo wallet i show
people have serial numbers on it and all that and and essentially it this is what
actually we probably need to say this in the future but it’s essentially a bit 38
compliant encrypted private key wallet bi p38 is a standard from the early days
of Bitcoin so this is a very well known very well respected very well tested
thoroughly test the standard in the Bitcoin protocols early days this is not
v 39 not the 44 but spit 3/8 and it’s supported by the very early you know the
paper wallet manufacturers and the websites like digest or G so what we
have here is we have an encrypted private key that is beneath
the sticker here we see a reflective sticker and then we have it
the encryption passphrase a wallet passphrase it’s underneath the
scratch-offs on the bottom here so there’s about a 20 digit 20 letter
passphrase here so so let me let me I don’t wanna get bogged on vetoes but
essentially it’s it’s a you know for you experts you guys can understand this is
a fancy metal based paper wallet but but the cool thing is it has multi currency
support so we we some so even though this has Bitcoin insignia supports
Bitcoin deposits here but using our app you can actually activate enable all
sorts of other points we have over 20 points out there so we theorem like coin
dogecoin you RC 28 tokens what else finance coin I’m a whole bunch and they
all get keyed to the same private key pair so it’s really cool in that sense
anyway so I’ll take a break and let you let you chime in okay well let’s talk
about the private key first of all everybody oh yeah all the info is linked
to below found that like button but let’s talk about the private key
controversy part of it because that’s okay or screaming about that’s yeah
private key controversy so you have a question actually I’m gonna read off
something and tell me this guy this is my tech friend rocky said this yeah this
is sure the security on Bobby’s Lee’s new wallet are different than kosis
coins with casillas Kines it was one guy sticking the private key on the back you
had to trust that guy with Bobby Lee’s wallets the private key is created in
China but then a passphrase is added in Las Vegas
people in China can’t know the passphrase and the people must I guess
don’t know the private key but both are needed to spend okay so our Bobby leaves
well it’s a hundred percent trustless note but they are much more trustless
thing to say SH escort’s so I don’t know if I got China in Las Vegas right there
but the did that seem to be right it sure is your audience very technical I’m
very happy to go in details some are so yeah we
I want okay this product I want to stress everyone is for beginners but
it’s for newbies for beginners actually they’re never gonna be worried about
private key public key but they won’t even know they don’t even know but we’re
taking a strong responsibility to make it safe absolutely absolutely
so let’s let’s talk about it so so I’m glad your your audience in that in that
quote mentioned Cretaceous we are a great evolution from the cassation so
for those of you who don’t know causations was the very first maker of
physical bitcoins they showed they were made in coin coin round sizes size of
quarters and half dollars they’re made of brass copper you know even silver and
cold physicians was a very prolific maker the guy’s name is Mike Caldwell
I’ve met him in person back in 2013 I’m myself I’m a collector of several of his
Cassation coins and so we are a great evolution from that and let me talk
about that in three ways number one is our
product the wallet here is not in round form it’s actually a square credit card
size form so the form factor is slightly different
oh the internet seemed okay anyways if it was yeah the form factor is different
we use that tamper evidence sticker concept and we hide the private key
behind the sticker so the three things is different is number one we have a
deposit address right on the device on the wallet itself so casillas points
never had a full deposit address here our code we have right there
the purpose is make it easy for people to load more currencies on there and the
second topic is that we actually ship it empty so we ship it as an empty wallet
whereas Cassation ship theirs as a loaded piece of coin the difference of
course besides the value of the differences in logistics and regulation
we don’t have to be controlled by as a money transmitter we don’t we ship it as
empty wallets much like if you buy a leather wallet leather physical wallet
at Neiman Marcus or at Macy’s at the department store so we should be
physical empty cryptocurrency wallet so there’s no money transmitted no
regulation issues number three by also by not having a loaded we reduce any
fraud or any mistakes in shipping logistics we don’t lose money there’s no
insurance issues and stuff like that we should globally and number three is we
have multi currency support so cap stations never had that so with multi
currency support it means that you could load not just the coin by coin Eastern
onto the same card and that’s an amazing breakthrough that we use and further
facetious actually I think what was one of the first companies to pioneer good
38 using the 38 the ideas that they allow their customers to pick their own
passphrase and then causation is my Caldwell will create the coin that is
tied to that passphrase because the customer transmit over what they call an
intermediate code it’s a new miracle that get transmitted causations will
build up a paper wallet coin with a sticker and private key it’s encrypted
by the passphrase where the original person has set but the passphrase is
never really revealed to my called wall and vice versa
my Caldwell after creating the coin has a confirmation code which can allow the
customer to test and make sure the passphrase
it will unlock the private key that’s on the Casillas coin okay so so the point
is we use that same technology that’s been well tested and ironed out for the
last what is it seven eight years already so so back to your your your
comment there we use that same technology the bid 38 encryption
technology what’s really cool about it is that he made the gentleman who wrote
that paragraph made a small important error is that the encrypted private key
gets created after the passphrase is set so it’s not like we take a private key
and we we lock it up by adding a passphrase on to it that’s not how it
works because if it were like that then the two pieces of digital information
actually comes together okay so that’s where there’s a lot of potential for
disclosure from leakage of information okay I’ve been in this industry for
eight and a half years I’ve run one of the world’s largest economies I myself
have been a coin maker we made a BTCC minted coins from 2016 to
2018 so I have a lot of experience not just in crypto but in managing private
keys for exchanges wallets and also I don’t buy though I built two Rowlett
products while at BTCC so I’ve had experience building exchanges custody
wallets solutions custodial wallet solutions as well as physical bitcoins
and this is my next venture the BAL a physical wallet so back to the point i
i’ve we’ve come up with a process what we call two fkg two-factor key
generation where we utilize the big 38 technology we create the we randomly
generate a passphrase and that’s done in Las Vegas okay so that’s locked up
offline computer in Las Vegas and never goes online and that never sees the
light of day that passed that passphrase we then generate we call the
intermediate code and the in comedic code is what goes over to China to allow
the generation the private key okay so the private key then gets generated in
China it’s already encrypted by the passphrase and then
make it into these very secure tamper-evident stickers and then we
stick them on to these steel cards and then they’re all keyed off of the serial
number so that that’s why the wall itself has multiple serial numbers
printed on it to give the users assurance that it’s all part of the same
wallet process and then the wallets get shipped over to Las Vegas physically
they get and then we laser etched the passphrase onto the same wallet
correspondence your number that’s when we use these the passphrase data file
again and of course all the files on both sides are deleted properly and
zeroed out before we send out the wallets and we have the confirmation
codes and all that stuff so anyways so I’ve put a lot of time and effort
thinking about this so we we think we’ve nailed the process down I challenge
people to point out problems with our process but I agree with you and the
audience that in the end by buying our product you trust us ultimately as a
vendor to make you a Class A awesome product for users choose for the
cryptocurrencies and that’s that’s pretty much true of any wallet provider
out there or any product out there there is no such thing as a trustless product
in the end whatever product you buy whether it’s a physical product or a
virtual or software product you always have a sense of trust in terms of the
vendor the makers of creators the authors or the people who write the
software algorithms so let me take a break here back to you I want to point
out that it is in your best interest of course for this to be perfect the
incentives aligned that it’s supplement if there was one mistake your product is
gone it’s that’s it exit scam he just gave his whole back so I yeah that’s
that’s great point i’m now independently wealthy i’m i came pretty much retire i
could have retired last year after selling my company i made up a bunch of
money off of that i’m also early the coin investors you can imagine how many
times I made make coin portfolio has increased and I’m putting my
out here literally my face might my like this my my name my people media
conferences they know I’m the real Bobby Lee I’m I’m the guy behind this thing so
if so two things one is financial I don’t need to I don’t need a nexus gap I
don’t need you and the other thing is that it’s probably easier for me to just
retire go off to an island and live a good life as opposed to getting myself
involved in in some controversial thing that’s going to get me tied up or go to
jail or whatever right so I so of all the people who this a true statement of
all the people who worried about the private key you know I’m the single most
times and I can say I’m even more worrying than anyone else and the whole
wide world does that make sense yeah like like of all the people I should be
the one who’s worried about the process it’s only it’s really passed my muster
that I’m willing to release this product to the world and it really has passed my
muster because I’ve designed it for many many months it’s been it’s been on the
backbone of mine for several years now finally in last year December and
clicked together I realized I could put together this product and innovate on
this area and over the last 9 months 10 months I’m really proud we have a great
team we really put together an amazing product with softer mobile app and all
that so we have something compelling so so yeah back to you all right so I wanna
one thing because people with experience recognize this as just a it’s it’s a
complicated it’s a better paper wallet it’s a fancy yeah yeah the knowledge of
what it is one of the problems with paper wallets is that people they have
their that their private key written down and then they can’t say okay does
your why is that oh I see I see music because yeah yeah yeah yeah so so yeah
that’s great so so the I love the fact that experts recognized as a paper want
it is a paper wallet we don’t call it a paper wallets for marketing purposes
because because for new people paper wallet may sound a little bit flimsy and
a little bit like what would be wouldn’t mean by it’s paper wouldn’t even call it
a metal wallet because you know it’s stainless steel but but the issue is not
the metal so we call it we call it a physical wallet because we want to
emphasize that this is turning digital currency into a physical
object by making into bearer instrument a bearer instrument so that’s why we
call it a physical wallet okay and it’s we purposely we could have made this
with paperback or plastic cards I’ve seen some people trying to make it with
plastic or paper but we make it with stainless steel card we want to make it
really hefty and solid to get give people impression that this is worth
something solid keep it stable okay keep it safe and the thing about what’s
different about this and other paper wallets is that we bring we build an
ecosystem around it okay we we sell these so people paper wallet usually go
to a site like Big Agnes – Oh ROG you generate the paper wallets usually
entropy and then you printed it out on paper or some people humans laminate it
at best but what we do is we take the complicated process put on the metal
cards for you and then the best part is we have this amazing app called Bally
crypto very proud of our app team Adam you probably have used it already given
your nodding the app is amazing it’s a very key part
of our solution with paper wallet people don’t know how to spend it they peel it
off they see all these all these the private key there’s no QR code they have
to type it in somewhere that they get off on computer it’s really complex what
we do is we take it one step further we give you the app okay the app looks like yeah Robert what we’ll get we’ll get a
version of the app for you essentially it has it has the it’s kind of like an
app yeah let me uh you mind if I show this okay so it it it’s kind of like
this so it if you cook in you cook in and it has multi currency supports you
click Edit and you can just let me try this and you can literally see all the
all the over over close to two dozen of currencies that we support in this app
so you could turn on Bitcoin litecoin aetherium you know USD T Bitcoin gold x
RP buy Nana’s coin – you know human classic dogecoin basic attention token
all these coins you would turn on and enable okay so the app is a key function
it allows you to easily send the funds so
once you have the app loaded then you can in the app you’re managing the
wallet it’s a watch only app so for you experts out there though app is watch
only there is no private key stored in the app okay and the wallet itself this
physical thing itself is the private key it has a private key so this is the
bearer instrument so if you if you if your mobile phone gets hacked if it gets
stolen if someone looks into it downloaded whatever they can never get
access to your funds because it’s all stored on the private key its vision
based on here so further the app allows you to then select which points or send
we can send what amounts you want you have to send a full month this is
partial amounts the remaining change comes back to the same address and then
basically it’s a multifunctional wall it’s a multi currency wallet it’s really
easy to use I urge you to give it a try it’s really awesome I keep one with me
I’ll show you I keep a keep a wall oh oh here this unisys it’s right here you can
already i hide the QR code i keep one with me essentially there’s a passphrase
and then you know there’s a I’m gonna hide the QR code a little bit but but
essentially there’s the there’s the private key and all that I keep them
with me in the wallet I stole my Bitcoin litecoin and stuff like that in here so
so what was that whereas I only haven’t okay because what people complain about
the paper wads they can’t send I’m glad I ain’t exactly easy exactly for people
said that’s it’s a really important part in fact one more one more comment we we
actually have paper wallet import capability in the app so in the app if
you buy a ballet physical wallet in the app there’s paper wallet import you can
then it’s an advanced feature you click on the app on the upper right you click
import then you can import any and all of your paper wallets we’ve currently
only support big point was for Mike on the other coins very soon but the best
part about the bitcoin import we actually recognize all of the four coins
the beak Bitcoin cash the Bitcoin SV Bitcoin gold the con diamond so if you
have a paper wallet from preacher 17 where you have multiple coins for
points in there you can actually import them selectively to visit check mark
import all of them or some of them into ballet and then you can manage you
separately to send out your Bitcoin cash sending it back on as we keep your pecan
diamond or whatever you want with it so it’s really easy
no it’s an awesome feature and I forgot I forgot about that feature and I have
been saying for a while that someone should make a wallet it just splits it
for everyone that just that we have that we that’s exactly it we have it we have
it I was just testing it recently it’s awesome it’s really awesome
I built it by myself basically I’m an advanced I’m the old school you know
what they call OG whatever so I I know my Bitcoin I know my crypto and this
product I love it myself I’m basically if I build something I
love I figured other people might like to and this is where we yeah I really I
love that feature that you can split your you get your fourth get your crypt
of dividends but what what I kind of envision the product as is something
that would get beginners into the system get beginners yes to space and then they
couldn’t move on from it once they figure that’s right that’s right okay so
you you don’t see it as the full like you see people moving on the trailers
and stuff absolutely absolutely here’s my here’s
how I say it it’s okay this is a simple wallet we emphasize on simplicity and
elegance we don’t emphasize on features we don’t
have a multi-state support we don’t have smart contracts we don’t have all these
fancy features okay so there many want and by the way this wallet is actually
not even suitable for daily use our idea is that used for crypto here bitcoins
whatever and you put it Harlow you hold it somewhere as a long-term investment
we’re not saying oh you’re gonna use this and spend to buy coffee by this and
by that you know use the five times a day
if you were just if you are actually spending bitcoins in cryptocurrency
theorem five times a day on a daily basis you probably already have a
solution this is water is not for you does that make sense this is for the new
person that means the no point of the new planner yes this is their first
Bitcoin piggy bank exact is a that’s exactly and then what happens is over
time as our users get more sophisticated they understand Bitcoin more they
understand Oh what takes to do a backup of a key recovery
seed the 24 words they understand all those more advanced concepts then they
can upgrade or move on to more sophisticated solutions more
sophisticated wallets that have different trade-offs but but I think
this is a great first step in stone for most people but even for advanced
usually like me their use cases of this which is really useful which is when I
want to give Bitcoin out as gift to people this is a single best way to give
as gifts so there’s that you don’t foresee it becoming a little bit more
calm you don’t see two or three multi-sig being added or anything like
that just you know people ask me no that’s way quick people ask me oh you
know Bobby you really cool if you could get balle to support two or three
multi-sig I’m like yes but not for now because I don’t want to pivot my company
and really cater to the experts be a built whole company to cater to the
beginners maybe one day five years or three years
or two years from now when we’re super successful we have the resource and and
we’re with all to implement more fancy solutions that’s one we’ll implement
those features from for advanced users but for now we we’re late to focus on
new users bringing new people into our community yeah I like if their first
piggy bank I like that and so let’s focus a little let’s focus on the
present where is the interest coming from I mean you are targeting the the
majority of the world that is not technically sophisticated what countries
have you been shipping to you I mean yeah we yeah we that’s great we’re still
product to the Honest we’re still production constrained okay we we we
have a lot of mature batched up there being the manufacturing process in Las
Vegas my staff is here is actually the team is in China right now we’re on on a
trip here in China to meet everyone I’m based in Shanghai we have a large
development office in Shanghai our headquarters in Las Vegas we have a
manufacturing facility in Las Vegas so once we get the money for the this the
supplies all made will start you know shipping and fulfillment so that’s
already started late last month we’re sending more out we’ve made the gold
edition of the first day issue we have the regular first day issue there
stainless steel we have the light points made the big one ones are being made
right now being shipped right now the etherium and x
our pRb are coming in the next few weeks so I know people bored of them we just
need some more time it took a little bit longer than expected apologize for that
and then what was your question about sorry I lost track I mean have you
received feedback from newbies yes oh yeah well you said where we’re sending
it to you BA yeah exactly so so I genuinely say this everyone who’s seen
this wallet who hear from us who’ve used it they absolutely love it
okay there’s few quirks a few rare instances where they’re haters they take
the wallet they burn and they tried crazy things and they hate it if they’re
haters are haters okay I’m not gonna convince them otherwise we see interest
from all over the world what’s amazing is we have a we have opened up a
reseller program to allow people to resell these wallets in their local
community and the local towns and countries we’ve seen so much interest in
Barlow’s my mind every day I wake up I open my email it’s all emails from
random people all over the world that have not previously met they’re like oh
my gosh I’ve heard about it I’ve used it at the beta program I really want to
resell this you know what does it take to become a reseller and all that stuff
so we have gotten dozens of these emails over the last weekend long it’s been
amazing interest now I don’t know if all that would become we sell it to based on
all the unsolicited people reaching out to us I’m very positive that this is we
struck a chord here is it intersperse Lee coming from the Asian markets or the
Western market all over the world we have people from Africa from South
America Australia Asia the countries in Southeast Asia even North America
several people from the u.s. from Canada from Europe as well literally all over
the world so far no Antarctica and what else
no Russia so far yeah some people even send us emails in like foreign languages
like I don’t know how to respond to use we don’t mean your language well I want
to put it out there again we talked about the kiss Asia scones and then the
people that are hating on your product on social media they aren’t yeah they
aren’t remembering that I mean this is a better way people love the Cretaceous
coins they work well if they wanted like this is a better version of the
Cretaceous yeah excites not loaded yeah yeah exactly exactly and we think it’s a
good thing because it was a load of Cassation obviously it’s easy but with
this you it’s like self loading and said do to yourself we buy this you’d load
whatever amount you want because crustaceans coins always comes in sixty
nominations and plus these days is very expensive you know the one BTC or the
whatever even the half BTC right for this you can load whatever amount you
want know whatever the currencies you want even though the mixture like
recently did to real-life examples recently my uh my cousin came to visit
she just gave birth to a new daughter and I gave her an early birthday present
to to my I guess my cousin’s daughter and I loaded a bitcoin and litecoin I
put it in the wallet I gave it to her in a happy first birthday I signed it on
the back there’s a memo field you know and it was really cool I was able to
give Bitcoin in like pointing to the same person I have another cousin whose
wedding is coming up next summer and and for sure I’m gonna give one of these as
a present right even for even for this Christmas I’m gonna make a bunch of
these give all to my friends as Christmas presents and Chinese New
Year’s coming up when you give these out as red envelope gifts for all my friends
in China you know as read on little gifts so this is really great for
gifting crypto to spread the joy of crypto awesome well let’s let’s let you
conclude about this subject later but let’s move on to the bigger Bitcoin
stuff it matters oh yeah yeah you just were in the news talking about the gold
flipping with Bitcoin and tell us about that and what your logic was and what
your prediction is yeah first I want to start out to tell people I’m actually a
big fan of gold okay I I you know i variant I don’t meet
a lot of gold bugs but I’m certainly one of them I own gold physical gold coins I
buy gold every year I add to my gold stash every single year it’s been going
on for for 15 years now so I have a what I think is a sizeable monocle okay
physical gold I don’t hold it you know I hold it physically okay so so
that said but however I’m a even bigger fan of Bitcoin okay so so compared to my
gold holding my Bitcoin stash is worth even more than my gold stash so having
said that my brother Charlie hehe and I’ve been messing in gold for for 20
years and that’s how we got into Bitcoin we’re under trying to understand what
makes the fun valuable it’s not backed by anything and that’s what we thought
about gold isn’t backed by anything either so we have a strong sense of what
things we now have a strong sense of what how things are valuable anyways so
the point is my comment on the Twitter is about the flipping right the idea is
a gold today there’s 180,000 metric 180,000 tons of gold globally ok metric
tons 170,000 and that comes to valuation or global circulating value of about 8
trillion dollars 8 or 9 trillion dollars depending on the price of gold and what
we’re saying is that one day I truly believe the total value pickle which is
160 billion today will reach and eclipse the value of gold that’s the truth
Whippany ok so it’s not it’s not the price of one big one for the price of
one ounce of gold because you can’t measure the units because they’re not
the same you have ounces and and grams and kilograms of gold versus units of
Bitcoin you know one Bitcoin one mil a Bitcoin one Satoshi the units are not
come for comparable so what I do is I measure the full supply so for the full
supply of gold is a trillion the full supply of bitcoins 160 billion so that’s
a 50x difference you know 50 times bigger than Bitcoin I think one day big
corn or growing value to overcome that of gold and by then you know today’s
prices that means Bitcoin will go 50 times they’ll go up to half a million
dollars close to that and then but given the inflation and the money printing
gold price will go up as well so if gold price close to $3,000 an ounce
then if Bitcoin with the crossbow there’ll be a million dollar Bitcoin
that was my point and you were saying wait for year 2028 I don’t know yeah I
said that because I you know that what people don’t realize is in the last 10
years we saw to block half having’s okay – but the next 10 years just due to the
schedule every four years the next ten years we actually will see three block
having’s that’s 50% more than the two block having’s we saw in the first
ten years so basically our common block having is actually made of 2020 that’s
that’s less than six months away okay and they would have one four years after
that and for use out there so basically in a span of nine years
we’re gonna see three block having’s and I think dude by then it’s gonna be super
scarce by then today there’s 1,800 bitcoins being made
per day of new Bitcoin by then in nine years we’ll see that supplied down to
225 that means each block reward would just be 1.6 BTC something something like
that and so so the stop to full model so how much mining how much people are
spending in electricity from mine Bighorn on a daily basis that’s gonna be
split up to earn 225 there abouts of Bitcoin 20 or 30 bitcoins okay
so you get an idea right meaning meaning if they spend so let’s just rough
numbers if they spend 230 million dollars of mine per day and they’re only
mining 230 bitcoins a day that means each Bitcoin is million dollars to spend
one hundred and sixteen hundred ten million dollars mining and each Bitcoin
will be five hundred thousand dollars so roughly that’s the model for nine
years out okay come on I wanna get people to excited here but this is why
you have a strong hand this is why you hold the pound that let you hold hold it
absolutely absolutely I tell people you know my Honda legs – I’m not going to be
a spend in my lifetime that’s why I created products like this so that my my
my children my grandchildren my great-grandchildren can all benefit from
the early investment I love it that’s a strong hand right there you thinking
yeah yeah his lifetime even now I want to go back to gold because there are a
lot of people that are really happy to hear that Bobby Lee and Charlie me like
gold I mean are you yes are you bullish I mean I mean you’re a technical guy you
think young people are gonna yeah I say transition I see a major transition into
crypto so so I as I told you a very very straight my my in terms of I have more
money in Bitcoin that I do in gold but I have a
non insignificant amount of gold like most people I meet they don’t own any
gold the only cold gold I can an earring or a rain or something like that there’s
some gold on their watch and that’s it but I own real gold in in ounces and you
know however many ounces lots of ounces so my point is this my point is I value
gold for what it is which is it’s an awesome precious metal that has amazing
chemical properties okay it’s a it’s a what they call a I think it’s a noble
know what do you call it they call it um it’s it’s a metal that does not react
first of all okay it has a shiny luster that yellow goldish luster it doesn’t
react it doesn’t tarnish there’s no rusting
it’s very stable it has amazing chemical problem it’s very dense which means it’s
how to how hard to counterfeit so so the gold has Valley because of its chemical
properties this is something people don’t realize okay and silver is similar
as well has chemical properties that are very amazing for industrial use of all
that that’s like gold and silver has been has been very valued over over the
years okay so my point is Bitcoin is digital the issue with Bitcoin is issues
information so on the one hand on the one hand it cannot be confiscated
because it’s not physical but on the other hand it can be forgotten so that’s
a danger with Bitcoin so this is the dichotomy Gold is precious it’s very
physical you know come you know come rain water you know storms fire gold
will never be destroyed right you cannot undo gold it cannot just you throw it
away and still there Bitcoin people can lose it so that’s the
that’s the issue so the pros and cons of each yes yes it makes it bitcoins
yeah that’s I like that aspect that you can lose it speaking with let me let me
share with you another personal story that one of the there are many great
features of this physical cryptocurrency wallet it’s all self-contained so this
is a real story okay recently I had a performer wallet I won’t name the brand
I don’t want to get out people’s I use I myself use a very fancy solution I have
Hardware walls I used custodial services I use
I’ve met big coins and difficult Asians it from different devices and so and so
forth but recently I had a panic because I was trying to use my hardware wallet
trying to key in the key actually this is different a sorry sorry I was using a
softer wallet one of the early software wallets like SPV wallets where I in the
in the abundance of security I set a passphrase for the wallet okay
you know we’re security conscious we added we I actually added pass rates for
the student wallet file and you know this is very recent in the last week one
night I I was like oh shit I almost started to say s word but basically I
forgot the password okay I had and I was panicking I almost forgot the password
it took me about 10 minutes just cycle through different paths I finally
remembered which I use okay and this is real story what I realize is I think
myself as a smart guy but even for people memory is fallible human memory
is fallible okay i’m i you know i’m saying like something that happened you
can you hit by bus or even if you don’t get hit by bus human memory is fallible
so so don’t make the mistake of losing coins because you forgot esoteric
password that you used to set to lock up your coins for the purpose of security
sometimes what you do for security actually harms you in yet there’s so
many stories out there people losing the coins because they forgot the password
and i almost happened to me and i’m knock on wood I remember it but I’m
gonna put my coins put more of my clients on ballet because of this it
even happens to the oh geez they have a absolutely
I’m sorry lapses like that and memories different than intelligence people
memory does over time yeah you keep your intelligence but yeah very interesting
i I do want to go back to the gold uh talk yeah please yeah
because yeah I was over the next up and this is gonna be your I guess get your
opinion over all crypto sector here what would you rather what’s gonna do better
over the next two years gold or the airship Oh gold or etherium over
so to be honest I all I hold a fear my own Cemetery not a lot I own some but
very honestly I am NOT I don’t follow any few very closely so I
barely I cannot even tell you what the prices I don’t I don’t I just don’t know
what the price of aetherium is I think if I recall correctly its underperformed
Bitcoin in the last few years so my if your investments in terms of BTC amount
has gone down and out so I honestly I cannot I don’t have any comments on the
price outlook for the reason I mean I think the reason I do that comparison is
this I’m gonna hear your I mean maybe you’re so focused on your product you
don’t see what is going on out there but there is so much of this defied talk
about a theory oh yeah yeah I mean are you into this in are you just ignoring
it all and focusing for me I think it’s great that there’s industry people
pushing forward you know blockchain decentralized public
blockchain decentralized finance smart contracts I think it’s great people
pushing that forward but for me day today I don’t find it useful for me it
hasn’t brought me value and Plus this year you’re I’ve been focused on this
product to bring mass market into crypto to halt both cryptocurrency so i i’ve
been you know maybe maybe it’s been a mistake maybe that i haven’t followed
the d5 movement i see fear in very closely me you only got a limited amount
of time here and i think a lot of it is hype obviously but now so let’s say that
this final question is a big question that’s yeah please iced chai ‘no really
change its tune toward bitcoin you are in China you’ve had a lot of experience
was regulators error yeah your previous business so has because everyone the
last one two weeks now that people the stories coming out of China their love
blockchain now you could talk about it they love me I mean what is the real
story yeah so China excuse I would characterize it I think we said we saw
chairman Shin King talk about you know the country’s gonna go all-in on
blockchain I think it’s hinting towards a releasing
a digital cryptocurrency that’s backed by the arm be so like a
government-issued stable client for the Chinese roaming be in fact was supposed
to be announced today November 11th but it
didn’t I don’t think I heard news it did not come out so either those are wrong
rumors or maybe this delayed or whatever I’m not gonna hold my breath but at the
same time my point that the point is is China the way the government works is
they they afford hearing government so so it’s it’s it’s a government about
power about who it’s not a democracy it’s not like their sentiment public
sentiment about how things should be basically one or a few people decide
make decisions on things it’s kind of run like a company in fact companies
more like that right so the point is that the leaders you know singular or
plural make decisions on how they want see things happen and then the laws and
the rules you know are adjusted to reflect that to give them the most
flexibility okay so over the last few years we’ve seen Bitcoin be banned
multiple kinds of China’s the reason is that because they hesitate they want to
do things they don’t do that way in one of those stories is that at one point
this is two and a half years ago 2017 they were actually ready to issue
licenses for crypto currency exchanges so we BTC cVTC China who are on the
receiving end of that license we saw the draft copy okay we’re about to get it
literally but it didn’t happen in the last minute the plug got pulled that
summer and then the ban came down and we had a closed on exchange there was a
literally 180 degree flip within six months okay and it’s not unheard of
things like that would happen again okay so that’s why when they make
announcements about digital RMB about blockchain to me it’s whatever it
doesn’t change the daily lives and it’s not done it’s not done until it’s done
so all the rumors I don’t pay much attention it’s just rumors and I know
the price goes up and down because rumors but I myself I’m a hablar
I don’t trade on the news of the rumors so I don’t care much about it so we’ll
see we’ll see time will tell us whether China will be
the first country to issue a digital stable coin for their currency and
issued by the central bank or not right Libre was a great effort by the private
sector I’m falling behind that I think Libre
I would I would vote yes to let launched nothing I’m a friend of
Facebook I’m not a fan of Facebook I would be a fan of a of a consortium
stable point anyways so you so much it kind of doesn’t feel you filled it up
and I agree I like this I like the idea of Facebook doing their own coin because
I think private companies should be able to have their own currency just like a
country exactly I totally let me let me share a story with you this is at my
analysis okay think about I I’m in China right now so look look at this look at
this is a paper money right so this is obviously very recent in the last five
years I think but but how did paper money get invented people money started
as notes as bank notes where there is a depository bear you know people the
banks who pay the bearer on demand either gold or silver right that’s
that’s the invention of paper money in the US it was a these gold certificates
or certificates right so how did the word Bank come about so in the early
days was just Goldsmith these are people these are companies businesses that help
people make gold you know Goldsmith’s what make them into coins making nuggets
or whatever ingots and so on so forth and the issued notes and they would have
depository services then and the notes were the claim on the gold right so
these are private companies issuing paper money that’s backed by gold so
what we’re saying now is I totally think as a libertarian I totally think that
companies should be allowed to issue digital currencies backed by today’s
money which is fiat money so why should that not be allowed I think in a free
country should be allowed I think that’s why the government I think has a weak
case against Facebook from a constitutional perspective I think
Facebook or any furniture should have the right to issue digital versions
that’s backed by a real money I mean has to pass the security laws and all that
stuff but constitutionally I think it’s legitimate
now you say don’t hold your breath about China you know they make all sorts of
things come out all the time but let’s say they actually come up with their
digital stable coin okay did you think that
be huge for cryptocurrency around the world do you think they’ll take us to
the next level I think it will I think a wall for a few
reasons first of all China is up-and-coming there they’re trying to
you know replace the us hegemony the dollar standard and all that stuff
I mean I’m a Chinese American I’m a US citizen so I’m nothing against the
United States but just having lived in China for many years I could see in the
actions and China’s trying to challenge the u.s. in terms of the dollar standard
and all that stuff I think it digital remedy would be great way to do that I
really stick it to the face of or the Federal Reserve right so if they do that
if China tries digital arm beat them we don’t know what what form they will be
we don’t know if the accounts and the private keys will be created by citizens
or whether we assign to people like bank account oh okay
so that’s a very key question the the debate is still out there whether which
way didn’t go by but the point is generally if it is a if it is a true big
you know cryptocurrency where we the users have access to the private keys
where we can make transactions and send money on the blockchain either private
one of a consortium blockchain without controls then then it’ll make digital
currencies the decentralized entrants like Bitcoin and so on much more
pervasive because then you can have exchanges that can change from digital
RMB to Bitcoin and vice versa much much easier than going through the physical
banking sector today so I’m very excited about that
you’ll be like USD T but it’ll be like whatever Chinese aren’t be digital RMB
imagine that right that’ll be a very that would be a hot hot trading pair
whenever in the ticker symbol is for the RMB digital version and the BTC ETH XRP
whatever oh those will be very hot trading pipes high volume high liquidity
very fast you know clear instantly and all that stuff it may still have kyc
stuff but it’ll have strong liquidity there just like the u.s. DT trading
pipes have strong liquidity well we’ve got an interesting decade ahead of us
we’re about to enter I call it the Golden Age or about to enter here and so
I know there’s innovation going on in all different levels we have no idea
what’s going to be next year that’sthat’s the magic that’s what I
love about this industry about this space
you know two five years ago we could have predicted everything that’s going
on today so that’s right that’s right so I’ll leave you with the thank
so much thank you and great question I’m glad people can make their own decisions
if they want to be haters they can be haters but no there’s no X expand your
conspiracies people that’s that’s fine some free world but what do you have to
say what are your conclusion Airy thoughts here about the product of the
space in general anything yes you’re so so Bitcoin I’m very excited I’m the big
Bitcoin fan Maximas Hodler I think the next 10 years will be amazing I think
we’ll take we’ll see Bitcoin going to the trillion dollar value cap trim
dollars actually very easy it’s only a 5x I think 5 6 X will get us a trillion
the question will get 10 trillion and I think with the money printing that’s
happening around the world I think will very easily get us attention literally
there are hundreds of billions being printed every day every month look at
the US debt look at the deficit it’s crazy stuff out there what they’re doing
I mean the reason Bitcoin will do well is because our competition is just such
there’s such terrible at what they’re doing we our competition is fiat money
and you just feel money is not holding its value it’s just doing it’s getting
an F grade for holding its value and when our competition is getting an F it
you know even if we get a C or D I think we leave some bounce better than fiat
money so that’s that’s why I’m very bullish on Bitcoin and Bitcoin by the
way is not a serious it’s an A+ I think and then in terms of in terms of ballet
I’m really excited about this this is the most fun thing and the most exciting
thing about that I’ve done in my whole life running this company building this
product I think we really are trying to make cryptocurrency accessible to
everyone to the everyday person around the world this is definitely not an exit
scam they’re just better ways to scam people I think and I wouldn’t I wouldn’t
do that anyways so try you know for people who are on the fence buy one try
it out I think you’ll love it if you don’t love it tell me why love to
hear your feedback people have given us really great feedback over time and
we’ve made modifications to improve the product the software and all that stuff
so I look forward to people’s feedback and spread the joy of crypto by you know
either with Bali or without Bali but please
help spread the world the joy of Krypton to the rest of the world alright great
times here today on the one Bitcoin show everybody remember it’s a new show every
single day I hope you enjoyed it thanks again Bobby Lee i am adam meister the
bitcoinmeister the disrupt meister remember to subscribe the channel like
the video share this video pound that like button click on those
squares I’ll see you tomorrow thanks a lot see everyone


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