This week in Bitcoin- 9-27-2019- Caitlin Long returns! Wyoming, custody, private keys, Repo, law


Hello everyone this is adam meister the
bitcoinmeister the disrupt meister
welcome to this week in bitcoin today
it’s September the 27th 2019 strong hand
be a unique beast long term thinking one
Bitcoin equals one Bitcoin offended by
selling Wyoming is America’s emerging
market you don’t get to hear me say that
line very often do you in fact the last
time I said it was when Kaitlin long was
on the show as she made off that line
and now look she’s back she’s here she’s
gonna tell us what and you know what you
all you guys all those people who are
fans of doom and gloom this show
definitely is not for you this is the
high-energy who knows what happiness and
just golden age looking forward to the
future stuff is going to be talked about
so what happened this weekend in Miami
walk welcome back thank you Adam it’s
awesome and yeah I am in Wyoming I’m in
a hotel room we just finished the
Wyoming blockchain Stampede which kicked
off last week with governor Gordon
signing a proclamation to make Wyoming
the cryptocurrency Haven of the United
States I didn’t think I’d live to see
the day or probably a lot of us didn’t
think we’d live to see today when a
governor of a state would say that but
he did last week and then we had the the
task force the last meeting of the task
force before we start doing all the
legislative machinations we recommended
passage of seven bills some of them are
disk cleanup technical bills one really
important one is it allows the new
special-purpose depository institutions
to serve retail clients watch because
some the exchanges in this space may
come in to Wyoming as a result of that
one change and we’re also going to allow
insurance companies to invest in crypto
in Wyoming and two really important ones
that I think your audience will love one
says that in the state of Wyoming the
state cannot ever compel you to disclose
your private key now again this is at
law yet it has to go through the process
but this was something that’s you know
the commune
he asked for could we could we have an
absolute prohibition on ever you know a
judge or in criminal or civil or
administrative proceedings you will
never have to disclose your private key
if this bill becomes law and we also had
one we were going to actually Allah
allowed aus to have legal recognition in
Wyoming but instead we basically said
why don’t we just basically take the
criminal liability away from developers
so the state can’t criminally prosecute
developers for writing code and you know
you can still be criminally prosecuted
if your code steals something all right
if you’ve got a backdoor that the frauds
people etc those those theories of
criminal liability absolutely still hold
but just simply for writing code there
that that cannot be you cannot be solely
prosecuted simply for writing code then
after that if that weren’t enough we
went to y/o hackathon we had both a
developer conference and a business
conference charles Hopkinson released
the new release of Plutus which is to
smart contract programming language and
and jesse pal brought a whole huge team
of people from Kraken and shape-shift
came up and started teaching Bitcoin 101
to you know regular folks from the
public and I would say from the
hackathon a couple of big takeaways
number one all of the hardware wallets
flew off the shelves in on day one
nobody began to bring enough inventory
of kikis and then we had a interesting
company I’d never heard of until I
connected with them a couple months ago
about this it’s called decent wallets
and they have a biometric Hardware
wallet they’re out of Korea and they too
ran out of wallets on the first day I
was just yeah it was so interesting pop
was here and he said you know sometimes
I go to these conferences and I kind of
think it’s just a run-of-the-mill but he
said this one I’m coming away so pumped
on Bitcoin it is such a developer
focused conference and and then you know
we and this and this is what happened
everybody is just scrambling to get
Hardware while it’s right and left the
other big takeaway I had you’ll love
which is that
kids ruled the world we had a 13-year
old CEO of a company who was foul ting
off the the limitations of his SEC no
action letter like a you know a 30 year
old CEO he was so amazing and then we
also had a team of eighth graders from a
tiny town in the middle of Wyoming who
and he brought he brought this team of
eighth graders and and between his team
of eighth graders and then the other
teachers team of high schoolers they won
three prizes in the hackathon so it’s
amazing it’s it’s kids rule the world
well there’s a lotta brought a lot there
and I’ve got questions first of all
everyone found that like button if you
like this energy and Kaitlyn Sherman you
desert you don’t want to can see the
shirt you’re so you’re sort to this long
big point you guys get it do you guys
all right yeah you said some end well
first of all you’re not only talking to
talk you’re walking the walk but you
moved back to Miami get you I moved back
yeah move back bought a house in June
and and you know it’s because this is
the place to be there’s so many reasons
for this too for folks to be here this
community is building and it was really
fun during the task force meeting every
time a company got up and testified
representative Tyler Lynch well would
ask them are you Ohio me company yes sir
have you moved to Wyoming it almost all
of them it’s really the region Hopkinson
was so prominent here is that he I which
came up to Wyoming as well he’s been
doing a lot with the University of
Wyoming computer science department so
folks it’s happening we’re coming here
and I was told by the developers at the
conference that that proposed law that
says you won’t have to reveal a private
key that’s gonna make people want to put
you know Cloud Servers here and you know
there’s there’s a there’s going to be we
don’t want concentration risk in Wyoming
I’m not arguing for any sort of
centralization and you know in Wyoming
but I think what you’re gonna start to
see is that people will start to to try
to take advantage of the of the
protections here by Thomas styling there
there are foundations for their open
source projects here in Wyoming for
example or you know developers actually
VPN into Wyoming for example or that or
you know all the cold storage happening
in abandoned missile silos in Wyoming
right there just it’s I think there
there’s gonna be so much creativity not
necessarily move here but are gonna do
everything they can to take advantage of
the laws and I it’s interesting that you
said that company came up from Denver
the key key people came up that’s uh
yeah shape shift baby ship that’s what I
meant to say so I mean maybe that that’s
very convenient that’s again take
advantage of Denver’s proximity I like
that a lot now you said something that
was shocking to me you said the harbor
ballots were going off flat they ran out
of hardware Lots now yeah they’ve being
sold at a discount where they’re being
sold with the begin given away what was
because I from what I’ve heard harbor
wallets generally are not selling right
now so this is a positive development
well at least I owe hackathon these two
companies that brought a whole bunch of
them ran out I don’t know how many well
it’s the decent folks abroad they
actually we’re just taking a sign-up
list for people who wanted to have them
mailed from to them from Korea and again
it’s it’s it’s a two-factor
authentication using biometrics so it’s
it’s a different approach than the
Ledger’s at wrestlers and keep keys and
I until I ran into Monet or Simpson
who’s a Jamaican living in Korea that is
that guy with a Wharton degree I just
love him is just so global it’s just a
perfect example of this industry how
noble we are and he shows up and and
just blew people away with the with the
device that he had but but then the the
shape-shift people brought 500 of them
up and they offered to keep selling as I
think you may know they just had their
fifth anniversary and so they were
selling them for $5 and so they offered
to sell them for $5 up here in Wyoming
so so yeah they were discounted but they
weren’t free they weren’t giving them
away and and yet
you know people from the general public
actually the reason shape-shift came up
is I asked them to because there are
still a lot of people as we know who
don’t know how to acquire and store
Bitcoin and you know here we have this
huge events on campus and it’s brand new
engineering building that was almost
purpose-built and and so we had a lot of
people from the general public coming in
and going up for some free tutoring from
the shapeshift team on how to buy and
store Bitcoin Wow well okay so that you
gave a good explanation why they’re
flying off the shelf that’s five dollars
is a I be buying a heck of a lot of them
that’s really awesome though that they
support the community like that
these decent wallet you’re gonna have to
send me the link for this Korean company
that’s very bare very intrigued us not
there that’ll be linked to below
including Caitlin Long’s Twitter is also
linked to below
all right let’s one thing that was very
exciting also that the state of Wyoming
isn’t gonna be able to take an air force
anyone to reveal their private key that
is cool as anything you’re absolutely
right
that should be you should be shouting
that to the rooftops who knows how many
people want to move there or domicile
that whatever put their companies there
now uh one thing trace Murtagh rat-race
mayor I think with trace mayor there
this weekend yes oh absolutely he was
sure ya know now he is a wise man and
last time he was on my show
he always freaks people out about one
thing and think you freak people out
about was how you can establish a home
for your Bitcoin in your cryptocurrency
in Wyoming and thus it’s safe oh yeah
you sorry yeah yeah sure you know it’s
it’s the locating Wyoming how do you
locate a digital asset right and I know
that that sounds really strange to every
but the question is you know how does
the legal system interact with digital
assets this is not just about blockchain
this is about
digital asset you know air rights for
real estate or a trainee intangible app
it’s probably a better word it rides for
real estate or intellectual property and
and the legal system was written when it
back in the 50s in the US when
everything was tangible well we got a
bunch of intangible stuff now so how do
we handle it and the answer is you still
actually have to figure out how to have
jurisdiction of the law that now some of
the purists who are listening to your
show are thinking wait a minute code is
law why do we care the problem is what
you don’t want is multiple jurisdictions
claiming that they have jurisdiction
over you at the save time so you end up
in a worse situation where if there’s a
dispute because you bought Bitcoin but
somebody else claimed ownership of and
then a judge even up in court and a
judge is saying you know you’ve got
multiple jurisdictions go after you
saying you know that you got to give up
your Bitcoin how do you defend yourself
so this is actually an attack vector on
on high Bueller’s it is and and it
hasn’t happened yet
although believe it or not there’s been
litigation in Wyoming already we’re
starting to get court cases in Wyoming
relating to digital assets which is
which is great because that’s lawyers
love that right it gives legal opinions
that make it really clear exactly what
the legal status is so so so part where
trade is going he’s the lawyer by
background as well is he’s trying to
figure out how do we minimize this legal
attack vector on this on this industry
and one way is to create a means by
which you you locate the asset and in
Wyoming and and it’s just a legal
construct it has nothing to do with the
code it has nothing to do with with you
know whether the servers are in Wyoming
or whether you’re you’re cold wall cold
storages in Wyoming you you can do that
of course and it makes it easy if those
things are true but if you’re not in
Wyoming and you are you know you’re
living in Zimbabwe or something like
that
you still there are still ways that you
can get the protections of the legal
structure of Wyoming by setting up a
Wyoming limited liability company and
the like all of these are creatures of
the law
they are not it’s anything that changes
the Bitcoin core code at all but our
belt-and-suspenders it’s it’s waste to
shut down the attack vectors on you well
I’m one of traces ideas is and I’m sure
this is what made people go a little
nuts as well is a lean cleansing
provision I’m and you may be thinking
what the hell why do I care about this
well you know right now with Bitcoin at
ten thousand it’s you know look let’s be
honest we’re still in industry if it
coins out a million okay everything
we’re we are all hot us that our targets
not just not just for theft of our
private keys but also for these legal
attack vectors where somebody’s gonna
claim that they own that Bitcoin let me
give you an example of where this is
very realistic it’s it mark people are
lending their bitcoins ready left right
now and you don’t know whether when you
put your coins on you know on a block by
or assault lending or any number of
those Coast platforms I’m not singling
any of them out but you all know what
I’m talking about people you’ll deposit
your Bitcoin there and then they will
lend it out and what you don’t know is
whether or not claim that somebody else
had against your big comeback to
enforced against you by a court at some
point down the road and and you know
that’s something you have no visibility
into because they’re not showing you the
legal documents of you know who they
lent your Bitcoin to their whether that
lien was released to use a legal term a
lien is like a mortgage when you when
you borrow money against your house
there is a something called a mortgage
it’s a lien that says that the lender
has the first claim on that oh your
house snappy is it East you’re gonna end
up in court well that’s exactly what
we’re talking about here if if one of
those platforms sells your Bitcoin
without that mean somebody Mike after
you you would have been a completely
innocent party
but you may end up having to give up
your Bitcoin now in Wyoming he won’t be
forced to reveal your private keys but
they to be clear and it by the way
that’s not law yet there one of the
questions your listeners are probably
thinking is well wait a minute does that
mean I can just steal a Bitcoin you know
hide it from my spouse that I’m
divorcing from or you know never have to
use it to satisfy a judgment no
absolutely the judge the court can still
can compel you to deliver the assets or
publicy but they cannot you know the
private key of this if this becomes law
so we are we are definitely talking
about edge case esoteric stuff here I
get it and that’s probably making some
of your listeners minds explode but it’s
less relevant now then it will when
Bitcoin is at a million or ten million
right and all of a sudden everybody’s
going to be coming after all the hollers
hmm this is a pretty long term thinking
here I get it but have people you there
are ways you can kind of avoid some of
this trouble you know with the block by
example not picking on them don’t load
out your freaking up Bitcoin where you
you get into situations where someone
can question the title who question who
really owns it that I mean that’s what I
preach here just get that hardware
wallet for five dollars and store it
never loan it out you go back to proof
of keys right that’s what proof Keys is
all about you know and it’s not just
it’s not just the coin landings right
visit says it it’s backed and ledger
acts and it’s even all of the custodial
exchanges if you don’t have custody of
your keys you don’t own your Bitcoin and
so I don’t mean to test Angola quo in
lending platforms I shouldn’t even be
naming any of them but what I’m
intending to do here is to lay out that
all of them the moment you turn those
bitcoins over to them you don’t know
what the what what the true title
history of those coins is except for
what’s recorded on the blockchain but
all these legal constructs like liens
and things are off chain and there’s no
way for you
to keep track of you know if you’ve got
margin lending claims against the coins
that you bought and you are a totally
innocent purchaser it’s the it’s
theoretically possible and I think it
will happen increasingly that that
somebody’s going to get sued for having
bought bitcoins that somebody else
claims to have owned okay yes you really
flushed it out nicely so the people I
think it’ll calm people down and I I
understand it a lot more than I
previously did also a real life example
this is good stuff all right people
count out like but now we’re gonna move
into the broader financial world the
repo the repo was lat
explain what that was and what’s it got
to do with Bitcoin because you’ve got
some you’ve got some thoughts yeah I’m
actually writing this up as we speak the
the repo market as you know I came from
Wall Street I spent a lot of time in and
around that market and it’s how the big
banks fund themselves they fund
themselves overnight by pledging
securities on their balance sheet as
collateral for loans back to this whole
lien concept we were just talking about
rights it’s what’s called secured
financing well there were there were a
couple of banks last week that were so
desperate for financing that they were
willing to pay 10% overnight on clean
collateral like a US Treasury okay so
what does that mean it means the
financial system run out of cash so I’ve
been thinking about that a financial
system ran out of cash last week and the
Fed had to pump more in by basically
diluting all of US dollar holders to the
tune of I think was 58 billion the first
day and it was 75 billion on Friday and
and and so basically it’s propping up
zombie banks now a little esoteric here
if you think about a US Treasury that’s
supposed to be a so-called risk-free
asset we all know it’s not but but but
but that’s what the financial system
thinks so why is it that somebody was
willing to pay ten percent to be able to
finance on a risk-free asset that has a
very very low interest rate
there’s something really upside-down on
that and the answer is that of course we
know that those assets are not risk-free
they are the most fractionally reserved
assets in the financial markets US
Treasuries are the IMF did a an analysis
of government bonds and estimated that
there are three people who think
every government bond outstanding and so
the truth of the matter is that those
things are fractional-reserve just the
same way traditional banks are
fractionally reserved which means that
they are all technically insolvent and
the Fed props them up by keeping them
liquid but they are insolvent so this is
all super great you know teaching
moments for us in the crypto world to
explain to people it is pretty scary
what happened last week now the Fed can
always pump you know can bail out the
financial system by pumping in cash
which is what it did but we came that
close you know the fact that we came
that close to a real problem should be
making everyone pause and I think it is
by the way a lot of people are talking
about this it’s a great teaching moment
but but I will I will also say I’m
moving back and look how fast Lehman
Brothers collapse Lehman stock was about
$18 the week before it went to zero
that’s unusual right if you think about
like the retail companies like I was
looking at JCPenney the other day a
great old company and its stock is
trading it like 75 cents right but it
has been for a long time so the market
is saying look you know the chance this
company survives is not very high when
the stock price goes down that way that
goes down that far but it took years to
get there in Lehman’s case it took a
week to get from 18 to zero and so what
does that tell you that tells you things
can online very fast in the financial
system and so a company that appears
solvent one day can be out of business
than X and and the reason is because
they lose access to the repo market it
is ground zero for financial services
instability and so that’s why the folks
in the know are looking at this going
you know we saw this coming a long time
ago it was not a surprise this has been
building in this most recent episode for
months it just happened to break into
the headlines this past week but it
should make everybody really nervous
about keeping assets in the mainstream
financial system but the thing is now
the the fake can just print the money
and fix the problem that’s what just
happened I mean they didn’t do it for
Lehman for some reason but they they did
it this week or last week impaired
we so I mean don’t we know the solution
already I mean we already have a
solution I mean and then it dilutes the
dollar but I don’t know I I’m of the of
the school of thought that it’s things
aren’t going to fall apart they’ll just
keep doing that over and over again well
if I can do that I’ll put it over again
and as long as there’s unencumbered
balance sheet to support the continued
issuance of debt which is really what’s
happening every time the Fed pumps in
reserves they have fancy words for it
right but what it really is is it’s
diluting all of US dollar holders by
issuing more dollars and as we all know
a dollar is a debt based instrument so
we’re just issuing more debt that’s all
that’s all that’s happening at some
point we won’t be able to continue to do
that but I will say one other thing
don’t don’t don’t assume that just
because this is happening that the
dollars gonna collapse tomorrow there’s
gonna be one hell of a head-fake dollar
rally and the reason is that all these
dollars that have been issued in the
repo market primarily a lot of them have
been issued overseas so there’s at least
five trillion dollars that no one really
knows how much was issued overseas
outside of the direct regulation by the
Fed and so what the if you think about
what that is if $1 issued overseas it’s
actually two US dollar and part of
what’s happening now because there’s not
very very good funding available in the
market is that people are scrambling to
buy dollars so you’re seeing what I call
a head-fake rally where people are I
ain’t poplars because they they
desperately need them and they’re
willing to pay as much as ten percent
overnight funding to buy dollars that’s
that that’s that’s how desperate they
are for dollars so you’re gonna see a
hell of a dollar rally but that does not
mean that people who dollar collapsing
are wrong it’s just the temporary
short-term reaction to what’s really
going on which is that there’s a
gigantic US dollar short position out
there that when this all comes home to
roost the dollars gonna spike and it’s
dollar hike that potentially brings
brings about the end of the dollar so I
know that’s a weird thing that
that’s exactly what I think is how it’s
going to play out okay that’s an
interesting story $1 flight can bring
about the end of the dollar and you I
mean you got a little staticky there
that one second I want to clarify one
thing you said outside the US the doctor
the dollar is worth more you’re saying
you said I got a little punchy yes our
staff Excel Wi-Fi we Adam and I tried
this tried to fix this beforehand and we
just decided to tape anyway sorry about
that but the yeah so it’s not that it’s
outside the US that it’s worth more per
say it it’s a it dollars outside of the
US you know over the last 30 years and
they lost control of how many of those
dollar claims are outstanding overseas
and they don’t even have a good feel for
how many there are there have been
people who’ve tried to defy this the the
Bank for International Settlements
quantifying it in 2009 so a year after
the financial crisis and just the
European banks alone they estimated the
at the high end of the range of their
estimates was six and a half trillion
and that’s the European banks alone and
so China obviously we know through
global trade that China has accumulated
an enormous dollar short position as
well in its fend ya house measure it all
right
no no no I just stopped my video you
might want to stop the video on your
side that might help with the bandwidth
there’s that little option down there it
says stop video maybe that’ll uh yeah
okay yeah sorry it’s crappy let’s see
I’ll stop video oh there we go
don’t worry us you know that that’ll
help that that that is great that is
great
okay well we’ll keep on moving on here
sorry I wish there something better we
could do no no it’s fine people have
definitely gotten all the information
has definitely come through now the next
thing I want to talk about is uh that
the the situation with that how it
started this week yeah
well I just saw back to announce that
the first Bitcoin futures contract
traded on Sunday night so it is it is
officially operational it’s going to be
interesting to see where this goes and
obviously as I’ve said publicly before
there are it’s just it’s just like I
talked about Facebook Libre there are
definitely pros and definitely cons to
back being in this market but by the way
you bring up Facebook Libre just
reminded me of something that I meant to
ask you about the all the laws in uh in
Wyoming
then you’re it someone asked this last
time therefore all crypto currencies
it’s not just Bitcoin specific it’s it’s
all primes definitely yes therefore
everybody you know a state can’t pick
winners and losers and obviously when
you’re trying to greenlight things which
is really what we’re doing we’re not
trying to restrict things right if we
tried to define things too narrowly we’d
be restricting them what we’re trying to
do is broaden out and take away the
obstacles to this industry developing
and and it’s not appropriate for
lawmakers to pick and choose winners so
what we’ve tried to do is greenlight all
of this new technology to the best
extent possible and so far I think we’ve
done it some folks you know the Bitcoin
maximalist would be saying why would you
bother but you know it’s it’s let’s let
the market play a let’s not have any
regulation determine what who’s the
winner I like that I like that calm not
picking winners and losers what a sting
what a state that Wyoming is men live
free all right now we’re talking about
hearings this week well now this is
we’re taping this on Monday I just want
to point that out to everyone so but
they’re supposed to be hi hearings this
week the US Senate is just to have some
more hearings have you heard about that
cryptocurrency related hearings from
laia yeah yeah yeah they’re there are
more here’s and you know everybody it’s
it’s like with Facebook they woke
everybody up to the reality that there’s
now competition in money which is a
wonderful thing and I know we can have a
lot of
other money should be corporate
obviously the government’s think money
should be government and the rest of us
think money should be free but there is
Facebook’s taking a lot of the the shade
that I think was inevitably coming all
of our way and you know they’re they’re
they’re out front and taken a lot of
hits but we would eventually have taken
those hits anyway so I’m just as happy
to have them be the ones that take the
hits but sudden now to your point there
are hearings happening right and left on
Congress about this and and also in
Europe as well yeah it’s it’s they’re
trying to have their say these these
bureaucrats but in the law in the end of
the day they won’t be able to stop it so
uh now oh yeah uh that’s uh I was gonna
ask you more about the Wyoming uh
situation uh well yeah it’s so people
are wondering what what’s the what is
the next step what where you’re gonna go
from here you can have an event next
year again
I mean you’ve obviously you’ve relocated
there so are you good to try to yeah you
talking about the computer science
department at the University I mean this
improving that I mean that alone could
attract the youth you were talking about
the youth before too so I mean that’s
where it’s that’s where it definitely
starts that I mean when we’re talking
about the future I see it because
there’s some people that aren’t useful
they care about Wyoming they don’t want
to touch it or whatever but the world is
a change the world is the youthful think
differently I think oh yeah that it was
amazing we had high school students also
from other parts of Wyoming and and you
know we had with somebody who was
clearly a retiree so we had the age
range of people participating and
competing at the hackathon was very wide
it was really amazing I think the
youngest person was twelve so so yeah I
think for Wyoming you know more come
more and more companies are coming here
the University of Wyoming now this is
they’ve been teaching blockchain in
their distributed systems class for
three and a half years so you know while
he’s not an Ivy League university
it’s not MIT or Caltech but it’s right
up there in terms of in terms of the
quality of education right and I went to
my undergraduate from from there my dad
was a professor of Electrical
Engineering for 40 years it that’s what
it punches well above its weight class
so to speak in in this and it’s and it’s
you know they’re they’re gonna be a lot
of people hanging around here I think I
watched the head of a computer science
department spend time with both Jesse
Powell and Charles Hoskinson and you
know there’s gonna be some serious
research here that that will be coming
out of it and it’s all distributed
systems based it’s it’s the hard core
distributed systems niche within
computer science that is frankly where
all the blockchain activity is taking
place yeah it would be great if they if
a pipeline could be created from the
universe because there are companies out
there all over the world that are
looking for a blockchain people pick one
kid whatever you want to call it but if
I mean University anywhere it could step
up and say we’re the ones we’re the ones
that gonna get you know create this
pipeline of people and we’re going to be
the best of the best and why not do it
in in Wyoming since they are really
taking the lead in in terms of state
publicity being tied around Bitcoin and
blockchain so well you know it’s
interesting because one of the students
who came yeah yeah what ever since he
came from shoshone last year was a
senior and so he’s now in Community
College
he’s starting at Community College and I
kind of question you know a guy like
that who was being deterred by engineers
from Slovakia after that a hackathon was
over a key you know does it need a
college degree
it’s it’s interesting because I feel
very torn I think it’s great that the
university is doing all these things and
I also look at what’s happening and
think you know if the university is
making some of these things available to
students that are that are you know just
high school aged or junior high age some
of them won’t end up spending time going
to college some of them will just go
straight into this industry
I think that’s a wonderful thing you
don’t I I I’m very well educated myself
spent a fortune on college and grand to
graduate degrees but I really am
wondering whether this next generation
especially given the cost of college is
worth it now I will say Wyoming is very
it’s the best funded land-grant
University in the country it’s a public
school so if you come out here and you
get Wyoming residency there is the
tuition cost is almost zero so they’re
there because the scholarship programs
are so great so I you know this is I’m
partisan I admit because I grew up here
and my dad was a professor here but
there’s something really special here I
love that real Carthon Oh who’s a be
cash developer yes I know it might be
heresy for me to be talking about be
cash on your show but he’s an amazing
person he’s a he’s such a great
developer he doesn’t get into the scrum
between the two you know no Bitcoin it’d
be cash we had both him and trace mayor
at the Y a hackathon but he said
something real interesting he said that
there is something really special
happening at the University of Wyoming
precisely this is the fact that it’s
attracting all the developers to come in
once a year and and it’s not now just
once a year with the hackathon it’s also
now probably some ongoing relationships
with some of the hardcore academically
focused projects out there very good I’m
glad to hear there’s actually a be a
real life in the flesh be cash developer
there some people didn’t think they
actually existed so that that is a
positive but I am I I am glad that
things are we’re gonna look back on this
show one day I hope in the next Golden
Age decade in the 2020s and we’ll be
like Oh remember when people weren’t
moving to Wyoming yet in before the big
influx of newbies and before they built
those blockchain cities and big clean
cities who knows I mean I’m just glad
what I’m glad one of the 50 states is
definitely stepping it up and then I’ve
got a guest you can explain it to
everyone and put it in interns and I can
understand alright so it is Friday we
are getting toward the
the show here I want to give you the
floor to just say anything that was left
out any new stories that you want to
share anything anything out there a
couple things I didn’t mention a
sandcastle challenge we ended the whole
Stampede week with the sandcastle
challenge which is a startup competition
and there were eight teams two of which
were the top y/o hackathon teams and the
other six came in and the open index
protocol which is if some of your your
listeners know has been working with
medici ventures which is part of
overstock they’re doing the land title
records on the open index protocol that
team won so shout out to that team it
was really fun to watch that startup
competition and they are now being
funneled into a group that will compete
to go to Dubai 2020 which is the world’s
fair and they chose to come to Wyoming
because of the support just to support
what we’ve been doing here so shout out
to that sandcastle event they’re going
to come back again next year as well so
everybody get you know put it on your
calendar it’ll probably be the second or
third week of September make a mental
earmark come on out to Wyoming and
experience this lastly I’ll say October
1st is when the special-purpose
depository institution applications open
I don’t know how many companies will
announce that they are applying for
these licenses but these licenses I
think are game-changers for this
industry as well because it gives us an
on and off ramp in this industry where
we control our own destiny now it’s it’s
Fiat so it still has to go through the
Fed so we you know controlling just
means that some bank isn’t going to shut
us off unless it’s the Fed itself that
shuts us off right but we have control
because we this industry goes directly
to the Fed now with these with these
that are applying I’m not gonna out
anybody who’s applying but I think
you’re gonna be amazed at what comes out
in the next you know few months I don’t
know that everybody will announce
first but that’s right around the corner
I know there are five in the first group
but intend to apply they’ve already
already been doing work with the Wyoming
banking division and there’s a second
group behind them and it’s a who’s who
of this industry so you know let’s let’s
let’s hope that the Fed doesn’t block us
everything we’ve been all the
indications so far are that they’re
gonna work with these applications
they’re basically letting Wyoming having
a rope to hang ourselves so to speak and
be the proving ground and if things go
well in Wyoming then then this will
extend to other FDIC insured banks at
some point in the next few years but
Wyoming’s gonna be the place to be this
is where the Fiat on and off ramps are
going to come from and I think even the
purists in this industry are going to be
happy that we did this insider
information right there I like that
you’re gonna be on the Mount Rushmore of
Bitcoin in Wyoming we may make that I
mean you are like the founding father
mother yes you come over there you are
doing great great stuff I did want to at
your event did any government uh
obviously there were local government
officials there did anyone come from the
federal level any or can you say nope
okay no no no yeah sure I can say yeah
we we always invite the federal
officials the sec defend the FDIC the
CFTC they’re always invited to these
meetings they’re all by the way they’re
open for meetings it’s government so
anybody can show up and and occasionally
they actually have had people come out
but nobody came this time they’re all
they’re all in contact though it’s it’s
not like Wyoming is going rogue the
wimey banking division has done an
amazing job of working with the feds and
that’s how we know that the feds are
gonna allow this you know that it’s a
it’s almost the beta test for the u.s.
is let’s see what happens in Wyoming and
if this goes well which you know let’s
make sure everybody in the industry
knows this has to go well let’s let’s
help these institutions so that we can
keep this this this
this this faucet opened to the
traditional Fiat plumbing system whether
we like it or not that’s how I think
adoption gets accelerated and if we lose
access to the Fiat system you know
that’s one of the attack vectors that
would slow down acceleration of the of
adoption in this industry so we want
this to go well and it lets everybody
you know help these companies out as
much as we can all right they’re laying
the groundwork that was a very positive
way to end the show let’s root root root
for Wyoming and yes I we all hope it
goes swimmingly and great and perfect
all right everybody that was Catelyn
long I hope you’ve learned a lot because
she brings the real info here the
insider information that you get only
here after this weekend Vic which are at
the bitcoinmeister channel remember
every Friday that we do this week in
Bitcoin and then I do a new show every
single day Saturday is beyond Bitcoin
show so everybody thanks a lot Thank You
Caitlin long for being on i’m adam
meister the bitcoinmeister the disrupt
meister remember to subscribe this
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shabbat shalom i will see a guy soon
thank you bye bye

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