Bitcoin Uncertainly Blockchain Explained In Simple Terms Hangout

Bitcoin Uncertainly Blockchain Explained In Simple Terms Hangout


hello everybody it looks like
lies and let’s get going hello everybody thank you for being here
and thank you for your time I do have my able colleague the robot with me is just
going to drop a friend off and you’ll be back bill will engage with you on the
chat group based on significant questions that come up and then we’ll be
able to ask those questions on your behalf towards the end of this you know
I’ll be honest with you there’s such a lot of content to share that I’ve had to
scale back everything I was going to cover and now I could cut out a lot of
the stuff and get straight to the point but if I then start sounding technical
then that may defeat the purpose the idea of this hangout for you is that
you’re able to share this with just about anybody so when people are asking
questions like what is all this going on it just doesn’t make sense to me
hopefully my method will be a little bit in my opinion watered down so that
you’re able to convey the message to whoever is interested in understanding
about what’s going on with Bitcoin but you know first and foremost we are here
in this space because we want to make money from Bitcoin and the activities
surrounded surrounding Bitcoin that’s that’s the key element I’m quite
confident the vast majority of viewers and even otherwise generally in the
public people are not interested in Bitcoin because of its technical aspect
so when people joined Bitcoin or Bitcoin related opportunities it’s very nice and
lucrative and it seemed like you’re making money and it’s almost like a
real-life computer game that somehow giving you churning money on a little
handheld mobile device or something you know but then come because segregated
witness and for COD folk soft folk related discussions and everybody
recorders this I signed up to make money and all of a sudden things are not
working out so I do believe a little bit of explanation might take this further
without wasting more more of your time on that let me just go straight into the
presentation mr. Wilmot is back so well if you don’t mind
unmuting and confirming when you see the screen you must adjust I can’t thank you
yeah awesome thank you so if you’ll excuse me
Bitcoin uncertainty this is especially prominent in this region now between the
end of June and all of July so far and leading into the early part of August so
it clear there’s a lot of uncertainty and we’re going to try and tackle this
as Destin’s we can before we go there a lot of people are saying or buy on the
grid right so this is a little graphic that borrowed from one of my facebook
contacts traded clevis and there you go you know have you found the bottom do
you know where the dip is did you know when it was going to turn around do you
know if it can go back down because there’s no amount of charting anyone can
do if there are other factors that impact the price of Bitcoin so anyone
that says don’t bother mining or don’t bother with it unless you are able to
buy it a tip they need to be able to tell you when a dip is and unless they
take responsibility for calling you and saying this is the tip by now and it’s
not worth paying attention to them otherwise you will end up thinking and
becoming a trader which I know for a fact the vast majority of people I know
are not ideally trading minded it is an acquired taste and once you get this
taste it takes over your life and it’s not necessarily always profitable most
traders actually lose money they just don’t admit it and this is why
I find all these chart experts slightly occasionally exactly hypocritical
but going forward this is the problem it’s all been about fear and if I’m very
honest with you you know the fear is what I picked up from all the various
social media discussions the price of Bitcoin was down the market kept us
significantly down mining returns are lower than also down and every single
visible number that should be good it’s now suddenly a bad number
so the mining difficulty very close relative you know it suddenly jumped up
so that’s a bad number cause necessarily down that it’s profitability was down so
there’s a lot of this coming from other people’s comments on social media that
make it worse if it confuses you right it confused me because I’m like is he is
he saying this because he actually knows what he’s talking about
or is he just he or she are they’re just expressing their innermost concerns and
fears without any restraint now my lovely people you know this very well
I’m a visible and transparent on Facebook anyway look at any of my post
over the last few weeks did you ever hear even a little peep of panic or fear
mongering about the Bitcoin price or but Bitcoin mining specifically yes about
the state of finance and banking yes that is a reality that people need to be
woken up to and you need to shout it from the rooftops but on the other hand
did you did you say it sense at all any panic in me and I doubt it very much
because I never panicked about this why because you know if you understand the
fundamentals which we’re going to cover in this hangout excuse me
oh I need I need more a fever medication really you know if we got to cover all
this how so many experts are born overnight and then they start posting
things and that drives fear and do other people they read it and they absorb the
fear and when they report it on your timeline so but
put that in the other and then you start thinking well yeah actually you know
what this isn’t looking very good is it all of a sudden yeah this guy like
falling what-have-you and you know and the critics who’ve been saying look we
told you it’s nonsense you know the critics become more vocal so the
response to all of this is very simple let us study and investigate but I
appreciate that many of you may not have the time to do that so this is why I
have decided to do a systematic study of this in order to help you get along
better but out of your own concerns and in your own way of preparing many of you
have already taken action which is great but we’re going to sort of wrap this up
in a way that you are able to convey it to others without having to necessarily
repeat it every single time this video is all yours
especially if you are the member with us downloaded kripak do whatever you want
with it it’s all yours you have myself permission right here okay now I mean
the days of Windows I now use Apple thankfully I’m never going back to
Windows but when you had Windows 95 when the next one came out everybody want to
go upgrade around you know the millennium bug I think we were saying
we’ve got a better version you need to buy another software package it’s faster
better whatever and then after that you have to buy another one and then after
that you have to buy another one you know something you’ve been forking your
own devices or your life especially if their software concerned a software
upgrade from one version to another version is a fork you never called it
that you just called it an upgrade right why would you call it a fork because
you’re not a techie you’re not a computer person you know you’re not the
person we call in the IT desk to help you out you are you and you call it
simple software upgrade so what’s the difference then between a hard fucking a
software pretty simple hard fork is where you have to uninstall one version
to install the next version and the uninstall and install the next version
basically you lose the previous version right so
when you’ve installed the upgraded version you lose the previous one
whereas like if you have an Android phone or an Apple Store and some of the
operating system gets an automatic update every few months and then you
click to accept and then read the terms and accept and then let it plugged in
and it just updates overnight on its own that’s a soft focus as simple as that
ok the wording is absolutely nothing ever to be nervous or people are
confused about it’s a very straightforward differentiation between
the two now a soft fork is usually where you just agree install and it’s done it
just sits as another layer on top of your previous platform it’s an
improvement to the previous platform no doubt but it is still integrally
connected to the previous platform whereas in the hard fork the next
upgrade that you install maybe have some fundamental differences which will
reject the previous version if it rejects the previous version completely
the previous version sitting around using test disk space on your computer
is of no use at all when of hard folk occurs all the computers connected to
that network that wishes to be part of that network you have to mandatorily
therefore upgrade because you don’t have a choice there may be parts of your
computer that just will not talk to the network so if you wanted to talk to the
network you have to remove what you have and install the new thing that’s the
hard work the soft folk is voluntary so you could do it and it is done on the
fly booth adjusting and I’m installing is done on the fly itself installment is
basically you know a small group of people do it on day one a few others
next week if you are there’s a week later as and when time permits so you
know it’s a gradual process eventually everybody has an upgraded version
because otherwise they’ll lose out on the benefits and functionality in case
of the heart walk if you don’t use this installation
don’t use this version you don’t have access to it so you lose it basically
you lose connectivity to the new network that you’ve established well as the
software is there any bug fixes or anything else you know you can still
adjust it on the fly as in if something is realized a little bit later say oh
the version upgrade or successfully but there’s still the problems or another
little patch or software can be added to it it’s said to you and you just have to
click and accept and it’s done but hard thought you can’t go back to the old
version and software can go back to the old version you can reject the software
can go back and stay basically I lose a few functions but you can still prefer
to use the old version now Windows users will tell you that some of these older
versions are better than some of the lack of variants with the latter
versions of factly buggy they never really fix the bottom-line problems of
Windows so you know anyway hardrock is permanently fixed whereas a soft work is
basically when everybody is gradually brought up to speed to the network it
essentially becomes as good as a hug hug eventually right because eventually so
many upgrades later you’re miles ahead of the old version you had in 95 and you
have everybody has a disk around this does talk to each other
so basically a hard folk is what ends up looking like when we do a series of soft
rocks whereas the hard rock itself is just a permanent installation if you
wanted to then upgrade it even the hard floor can be soft folk later the gradual
upgrades but a hard focus usually replaced by yet another hard folk so
it’s a significant bifurcation away from the original I hope all that makes sense
it’s not you know I that let me know and we can try and do another hangout to
cover some of this it’s necessary but I’ll be very honest with you
interested in where the coin is going and how it’s looking health-wise
we don’t really need to you know check its pulse and more the inner workings of
the Bitcoin itself to be honest with you and but we like to deal with this
because this is what some people’s minds and they need to know I think had a
grasp of what’s going on so to explain the blockchain and you know I thought
I’ll use a slushy meter so if you had mr. a poo from quicky Mart in
Springfield you know he would love to have a lot of people come to his
kwik-e-mart and buy slushies but wouldn’t it be nice if he could
literally connect a pipe line to all the individual homes all across Springfield
and without him having to even pay attention to it if they could just pump
the slushy respectively towards them then what you essentially have is the
version of the blockchain the more people you have connection to the
greater will be the capitalization so more and more the network grows more and
more people that come in the more and more you will see the value and the
money coming into the coin and that’s why it is necessary to have a lot of
people involved Bitcoin has reached its price recently only because there are
significantly more people involved than ever ever before okay but at the same
time each of these the blocked it also has another function it acts as a
pressure meter reading in this case which is signified here by this little
clock fist so what does that do well basically a
blockchain is an open ledger accounting system what does that mean it sounds
really complicated but what it all it is is if mr. burns or somebody else in the
Springfield was to order few solutions you know everybody on the network gets
to see it all at the same time right so everybody knows who’s consumed
how many and everybody knows who sent back how many yeah so that’s the idea of
the block trick that is what this open ledger accounting that’s why practically
each of these connections has its own set of meters and everybody knows now if
everybody knows what is going on and the whole world is able to verify let’s say
in this case all of Springfield is able to verify you know that the transaction
did actually take place and it is all clearly visible on the
blockchain then what is better one eyewitness or two eyewitnesses if an
incident takes place that the police asks how many witnesses are there if
five people consult they’re also exactly the same thing five people’s testimony
is stronger than the testimony of just one person if it applies in court it
also applies in accounting and therefore the more the connections the more the
connectivity into the blockchain the greater is the security of Bitcoin the
greater is your assurance that you’d know that the transaction is sent or
received is indeed authentic that’s the simple logic by which blockchain has had
all the bank’s scratching their heads because banks don’t offer any of this if
you put money into your bank and from there you transfer it to your brother
and from their brother you said that yourself you sell it to somebody else
only the banks and the banking system no matter the rest of the world doesn’t
even have a clue with the blockchain anybody from anywhere in the world it’s
provided you know the date the time and the account number the long the quranic
number we can look it up on the blockchain yourself was this payment
actually made yes of course okay so what’s the note excuse me well basically
before we get to the note a number of these solutions that would represent a
block now this is obviously not exactly the number of Bitcoin in each block but
the number of Bitcoin come together is one block so when you do the Bitcoin
mining calculator it usually says next difficulty D target
occurs block number whatever this is the block prior to this is currently being
mined the next block is round you in eight or something days I put this
together maybe three years two days ago so now eight days remaining could this
block number such-and-such to be coming into the block check okay so first of
all that is a block and a whole block of but not just one solution at the time
but whole block of slushees going through the blockchain mining results
which is the bit credited as a mining operation coming into the pipeline it
goes in there the nodes are the ones that confirm the transaction now not
everybody has a node you can have a node you can download a node in a master node
so basically some of these will be nodes and some of these will not be nodes
yours is most definitely not going to be a node which it is a node then you are
probably wasting your time listening to a novice like me probably already know
way more than me so I you know you can probably pick holes in my explanation
but if you have a node that simply means it’s a node isn’t a different machine or
some kind of a monster sitting somewhere it’s the same laptop same computer that
you and I use on a daily basis except you have to download something extra and
that extra is a thesis software which performs a few additional functions one
of them is to verify and the verification is what makes each Bitcoin
authentic just like when you take a bank note to a bank teller they match it
against ultraviolet light and they hold it up and lick or look at the light
through it I’m going to try check the paper quality of the print quality
they might look for a thin metallic strip then they look for a number of
things to verify and then they might say okay this is genuine it’s not
necessarily can’t take this this is all you know report you or whatever I should
say so that’s the same logic here if you had
somebody instead of a bank teller doing the job but what if you could have
hundreds and hundreds of people doing the verification of each block of
doctrine of the kind in mind what if you could have hundreds of people doing that
job they are basically verified the authenticity of the Bitcoin itself
well it’s verified it remains on the blockchain but basically mining product
goes in it gets verified by a computer and just like now that mind which is
connected to the Internet which is then where the blockchain actually resides so
it is nothing that digital connectivity just like your regular could be the
MacBook and a verified Bitcoin comes out and the verified Bitcoin thing is
basically when it’s verified the miners get a reward and a piece of that reward
is the return upon which our business model is built
so when verified what comes out of the other end this basically contains a
small e few droplets of that each smooshy that we get to then call our
returns on our mining power that we purchased okay but all of this takes
place on the book chain now once it gets verified through here it has a few
destinations that can be stored in online wallet you can put in your hard
wallet many of you already have this or you can put it on an exchange there’s
really not much else you can do with Bitcoin at this point you wouldn’t want
to do anything else you want to keep safe with one of the types of wallets or
on an exchange – maybe speculate a little bit and the
idea of a node is that this is the more critical function of the distributed
open ledger which gives a bit credit advantage Bitcoin has so many superior
advantages to regular fiat printed paper currency that this is the reason why
governments and banks and large institutions are taking an interest in
it it has proven to them that their fraud
is is running out of excuses which is basically you know big banks got to do
whatever they wanted to do here it is a people power driven system created by
somebody who doesn’t even want to reveal his real name and he could have easily
set up a company to search associates at Sochi Limited and he could have created
an empire of the quaint but he doesn’t even want you to know who he is because
he’s done it so that people can take it forward you like I can take it forward
even in our limited knowledge you and I can take this currency solid and it
doesn’t have to rely on an organization that is me and named for selling your
taxis and bombing other people at cloud of countries so part two of the note
we’ve just figured out what the block does so from the sushi machine comes the
series of bitcoins and number of them put together is a block what do you do
with this well to begin with mining new blocks is the greatest activity you can
do why to kill that so the rewards eyes you see it’s you know it that says if
you make a bit of money you know somebody else is buying the sushi and
you’re still getting a few droplets here and there and if you collect enough
drops it but the whole solution for yourself you know what we do and then
because obviously the next thing that follows is because there are other coins
now available more and more people want to do trailing so the primary traffic in
the blockchain comes through the mining for sake of confirmation of each new
block so that is great but then comes trading rolling because people want to
buy and sell and buy and sell and buy and so each time you’re moving money in
and out in and out in and out a blockchain transaction takes place and
in that blockchain progression not within we exchange but external to be
exchanged when a block to transaction takes place something happens there is
an increased traffic inside the block chain and then comes retail acceptance
now imagine it’s having a store it every part of the world will structure a
Bitcoin every payment that would be hundreds of hundreds of millions of
transactions every second and could the block should handle it
no because there is a limited width to this pipeline and that’s where block
Jim’s main Achilles heel is this is the Blodgett killas he’ll not bitcoins
problem the solution machine will produce whatever solution however many
units you add on to them right but it’s the blockchain that is not able to cope
with the increased traffic so that there is a concession over load and then
transaction stop being slower hence they become limited in the speed and the
efficiency you know before you could say within nanoseconds I can transfer money
from this part of the world to that part of the world
now I tipped a prize six seven hours to confirm some people even before 24 hours
to confirm the money’s actually being transacted and obviously confirmation
costs fill up why because it becomes more and more expensive to even confirm
this right it will touch on this in a moment anyway so this is the small
example I wanted to give you our friendly neighbors the French they have
a habit of going on strike a development so on a Monday they decide find an
excuse to go and strike in the rest of the week to go on strike and that causes
a big headache for the trucker’s leaving England towards the port cities of Dover
in the UK so Kent Police where Dover is located Kent Police has come up with a
way of dealing with this the French strikes so often that the can
police a proper name for this operations whole operation stack and what they do
is they organize these trucks in a certain way for a stretch of the
motorway cars and other traffic is allowed to pass but the trucker’s have
to just park and literally overnight to stay in
cabbage they usually only cook to be back anyway but operation stack means no
going further and and get the traffic slows now this other picture if it is my
hometown of Pune in India and this is a good day putting on a bad day it’s much
worse than this traffic situation now this is what I wanted to discuss both
sides are individuals they’re not robots they they each can think on their own
and independently and they don’t have to be close what to do and yet there are
two different behavior patterns that come up as this both use the exact same
infrastructure to say blockchain which in this case is the road network we use
the same type of internal combustion engines and the same type of field
petrol diesel whatever both get tired with this kind of a traffic situation
and both the grossly convinced both sides lose money time and opportunity we
could be doing something much better at the time we could be making a
record-breaking painting the luxury of your studio at home instead of you know
stacking your vehicle in traffic and it is a loss of time and money as well you
know it’s a gota precious but why is it that it is like this and you know I
don’t want to go too deep into the philosophical part of it I just want to
explain the blockchain so you know one side has a law mindset I was always
taught in India that a lot of things that are wrong with our country because
of the British the British had played for absolutely everything then I came to
Britain and I found none of that to be true and you know we are told that we
are you know there’s so much corruption because the British made us pour over
the leads to corruption nonsense you know I know exactly how the mindset of
my own people works and they’re intrinsically corrupt it’s got nothing
to do with the British they were corrupt thousands of years before the British
even came so you know this is why I put down the law mindset
is you know there is chaos in the world let’s bring some order to it let’s in
action laws that restrict people and there are severe penalties for breaking
those laws whereas here it’s a karma mindset you know well as long as I get
forward who cares about you if you let’s get left behind that’s your bad karma if
I am able to take advantage of the situation and go ahead of you that’s my
good karma I had opportunity I took full advantage of it what do I care about you
and this is the mindset that comes out of karma which is why you know karma you
take a person from my home city and put them in English traffic there will be a
liability on the road and a danger to other road users on the other hand you
take a reasonably law-abiding person and put them into a chaotic traffic
situation and their life will be at risk because they would not know how to
exactly negotiate unless they’re really really quick learner and they will find
it impossible to drive or even survive in this environment so anyway the reason
I wanted to explain this is to get it to a point called congestion and this is
what happens congestion costs either nerves patients but most importantly
money you can wait a little longer if consummation takes you six hours instead
of six seconds you will probably be willing to it but you will not find it
tolerable if it’s also going to cost you money so here’s a transaction for about
$50 worth of money it can be moved only recently $5 the fee before it was next
to zero it was 0.02 dollars to cents just last
year two cents to make a $50 payment now $5 to make a $50 payment or $4 ninety
six in this case excuse me so it is not acceptable and this is the
reason why we need to find the solution to get fix this condition now we know
that the blockchain and as represented in the pipeline has
it’s limitation something has to be done so there are some people that came up
with solutions and that’s where the holy debate and argument really is about how
to adopt the solution remember all of bloodshed is dependent on the currencies
that float on it the main currency being the trend and
bitcoin in turn is a people driven thing there is no one central authority that
is able to dictate saying I command you to do such-and-such upgrade you know
this is a mandatory order coming from the CEO to say everybody do this now
have it completed by Friday 9:00 a.m. or else you will face the consequences
there’s no such authority so we have to operate on a voluntary basis and this is
where the real discussion and the nervousness and the visibility comes
because human nature comes into play now the solutions are very simple you know
if you leave it as it is carry on north great you’re going to have to face
ever-increasing costs to make a simple single transfer I imagine you know I
know you would appreciate 50 dollars worth of Bitcoin just nicely sitting
there and hopefully being what thousands of dollars in the years to come that
would be very nice 50 dollars became back but then in your mind you also know
that for every five dollars you’ve had to pay a fee for nothing even those five
dollars would be worth at least a few hundred in the coming years so why would
you want to peel that out you wanted you know the reason bitcoin is was marketed
earlier on especially last year was to say that it’s practically zero
transaction fee so this is no way around now the Bitcoin core team the real
Bitcoin people the people who were in it before you and I took the plunge they
are known as segregated witness or segments and they want to simply upgrade
to improve the blockchain and they want you to vote on it to keep the original
Bitcoin so proves the pipeline get rid of some of
the gunk you know losing some of the pipes a little bit and let it slow you
know and and you know but keep basically everything else the opposition is a guy
called Roger there he basically is the leader of what this hard-fought
discussion really whether when it comes from you can actually pin it down to one
person but he’s also got a few people behind them as well but he is the public
face of this rebellion that wants to have a different Bitcoin called Bitcoin
unlimited and that’s why I’ve represented it by the rig slooshy color
that’s what a blue and red slushies in the beginning but you know let’s just go
back there really quickly remember these two colors red then blue as far as the
miner is concerned they can produce either or okay so the mining side is not
even an issue you are going okay show just on the red top
we don’t care we are miners so therefore you and I shouldn’t care we are miners
you know but our concern really is that we’ve already connected a few of these
blue ones what happens to them what happens to their value that’s where our
real concern really is that’s where the that’s or the money stuck so that’s why
we need to tackle this you know with with a little bit of clarity and I hope
I’m coming across to you in a reasonable way forgive me if this is all
gobbledygook still but I’m hoping to be able to simplify it as much as I can now
the hard folk is necessarily for the credit limited which means this software
of the blue side will not even work you need completely new software which means
all those tabs and connections that choose to switch over to this side I’m
going to lose their access to the blue side and they’re going to remain on the
down on the right side but they have to vote to actually come to the red side in
order to come to the red side what’s the difference anyway
between the dealer the light well the red guy was saying we want to have
a pipeline twice as wide a diameter not twice for maybe eight times wider in
diameter so we can shove a whole lot of smoochy traffic through there and it
won’t be a problem at all but that’s all valid fine but it will have a negative
impact on the blue slushies that you are holding and upholding okay it will
because if this thing comes into play and it seems to be more attractive
people will start dumping the blue ones and buying the red one so the red one
coming into existence is bad news for all those people who hold small amounts
of Bitcoin which means a lot to them if you hold so much it code that it doesn’t
mean anything to you you’ve already made all the body would ever be that could
make in all your lifetime and it couldn’t care less with the little
people suffered as long as you got to make more money using this red system
you wouldn’t really care so the block trade would have to be changed it could
be a different blockchain and agree you would have to dump me to see and get B
key no doubt you could keep both of them you could have one here and one here as
well you can have two separate wallets or the same wallet provider might
provide you a wallet for one each no problem
sometime in the future but that is only if this red version even became viable
now Bitcoin really is a perfect currency it is still not my money in my humble
opinion I know there are people who have very strong views on this and I don’t
really want to argue but the reason it’s not really money is because the internet
was to vanish because of some electromagnetic pulse coming from the
Sun or whatever if any of that was to happen or if something happened to the
internet Dickon will be lost not just for you and me but for the whole world
and how would you operate right gold would still be available the only true
money in my humble opinion in gold and silver but bitcoin is a perfect currency
with its far superior to everything that we have been used to when we handle
paper notes and fashion other coins now it has a number of advantages I’ve only
listed some of them here it works on a blockchain which is
decentralized so therefore there’s no one CEO a bank manager or governor
that’s going to dictate terms and condition them make us do things because
it is people oriented it’s distributed which means is not located in any one
place nobody can come and shut it down if somebody try to switch off all the
Bitcoin terminals and computers in let’s say England well the French don’t really
care this will have this different cherries on and you know remotely I
could still have an account in France good night if they shut my account down
in the UK for example so it’s distributed and that the
importance is not just the geographical distribution of it the fact that it is
distributed is a hint towards its essential socialist almost
nature it is not imperialist in nature like the banks usually are
it’s accounted for you know I mean I don’t want to go through all of these
points and detail but basically it’s also a political for example a very very
simple example Bitcoin is perfectly legal and acceptable in a neutral
country like Switzerland it is legal and accepted as a commodity in a country
like the United States and it is illegal and accepted as a commodity in Iran so
Iran accepts it China accepts it Korea accepts it South Korea
anyway and United States except you wouldn’t normally expect the equations
to accept something in common and the other person it is neutrally available
dollars it’s a and it does actually come back good why
because we just saw there’s thousands and thousands of nodes verifying each
Bitcoin there’s no way you can slip in a fake Bitcoin it’s plenty of fake dollar
ground on the other hand for the currency side of Bitcoin it does have
scarcity value they’ll only it will be 21 billion but then because they are
hugely divisible a part of that divisibility is also called referred to
as fungibility or reverse tangibility being slight difference between the two
but I won’t go into too much detail we don’t want this to be a two-hour hangout
because you would like to get both more than me I can talk forever
now it’s also a store of value why because you know the difficulty rate
that has been climbing constantly means that more power is needed to produce it
which means more money going in to even bring it out of its solution machine so
if that is the situation then it must have a number of capital inputs that
have gone in for Bitcoin to come out and that means it is it’s got a trinsic
value and it is a store value simply because you know even after all these
scary discussions it barely dropped below eighteen hundred dollars and it’s
come back up now the last time I checked today across more than 2,200 2,300
dollars which is not not bad you know so it does have a store a value it’s cat
which is again back to scarcity value and the two are related
nobody can arbitrarily suddenly increase the supply from 21 to 22 million of
whether it will be like the US debt ceiling you know no one from seven
trillion to ten trillion to fifteen trillion descends infinite continually
them each time on ceiling arise they just remove the ceiling and increase it
basically the debt of the United States is uncapped
there’s the kind of cap just by its algorithm a good crash otherwise and
it’s practical it’s highly highly highly protocol it actually can be transacted
from your portable mobile phone so it’s much more convenient than cash
because regular cash even if you hadn’t stored somehow on your mobile phone it’s
going to go to an agent and if you have to let the bank transfer it’s still the
same old boring long-winded process so retailer bill you can accept it for no
matter what products and services you have if you agree to accept it whether
you’re a hairdresser or dumb mobile dog grooming service or whatever doesn’t
seem a hat it is actually readily available for anybody to use in the
retail space usually spend about the visible it’s cross border basically you
can you know without physically crossing the Mexico California border you can you
can send Bitcoin across and nobody nobody can stop you
and it’s extremely fast except for the condition problem right I highly
recommend this website coin dot dance it’s not coin dot instead of calm it’s
got dance and and they’re a fantastic resource to check out various
statistical numbers look at Atlanta look at this website the revolution will not
be centralized I’ve picked it up from them because they are so hardcore
Bitcoin core that you know they’d Ellis reporting all this progress happening in
real time and then one of the best websites of comprehensive graphs or
charts etcetera so having a coin dot dance it’s really quickly title a
lifecycle this is a Scottish historian to put this lifecycle together I just
want to touch on this a little bit it may not be totally relevant but it
hopefully gives an idea of where we are at so basically you know you could apply
this to history as much as you can apply to religion and you can apply it also
true various civilizations this is a cycle that is proven more or less over
and over by the way there is no fixed cutoff between two sides so letter from
bondage going to faith there is no fixed cutoff so it could be any span of time
but the result is the same so you know from the bondage of the Dark Ages of
Europe emerged early Puritans that needed to escape and seek religious
freedom in a new world and they moved to a new world which then was the United
States in James’s town was formed Pennsylvania came along and anything
else happened and now in the beginning of the United States of America but they
had to escape Europe the bondage of Europe of Rome the Vatican and set up
camp but they didn’t have to bow to the Pope and that was basically a Protestant
thing and along with them were the Jews were driven out of Spain in 1492 by
Isabella and Ferdinand of Spain given critical hours to leave and just that
day there happen to be some ship sailing towards the west and a few Jews got on
board this history doesn’t get discussed in mainstream media unfortunately but I
have several books that make a lot of references to the original passengers
and the original Pilgrim Fathers anyway but if you say now that a point of no
return in the banking system is what actually led during the credit crisis to
the birth of Bitcoin the logic is the same if you need to stifle frustrated if
you if you can’t you just cannot be yourself without the bank’s taking you
for a ride you know billions and bailouts and all
the nonsense that happen in the credit crisis out of that frustration came
Satoshi Motors idea cristatus isn’t the idea of
the treads a bit code Osborne which you know it’s more or less like the
Reformation that took place in Europe what happens the next stages there is a
greater growth in it more college so when in history terms of the European
settlers first moved to the new world they were actually benign people they
didn’t go there killing natives straight away but they have to have
courage to do this and the courage to form a nation and hence one of the
greatest documents ever written is the United States original Constitution
because it reflects the mindset of the people that put the nation together
which is not an easy task for many cultures put together now in terms of
Bitcoin this is where the large investment comes in it’s born it becomes
accepted and a lot of investment goes into hundreds and hundreds of millions
already we’re desperate in it even before major governments began to accept
it now a major government’s begin to accept Bitcoin
you have a sense of Liberty about it don’t you write your news like Australia
is putting tax laws around it and Korean government is doing something a Bitcoin
and Japan has put it on the basket of tradable currencies and Switzerland
loves it when you hear all this you have a sense of Liberty around it that kind
of historically equates to be enlightened that period you know this
greater sense of euphoria about oh this is going really well and then comes the
abundance part that the productivity the Industrial Revolution that follows from
the thinkers and philosophers and the writers who creatively inspire the
nation and the nation then goes ahead and those greater things that they’ve
never seen before and you’ve got the birds – steam engine and everything else
that would be beyond the segregated witness discussion now because something
has to happen for Bitcoin to become after all the acceptances and after all
the money or name it still needs to get really really big time and that’s where
you and I hope to become millionaires literally it’s just a little bit of the
code with only hundreds of thousands just a few of them and that could be a
lot of money when this abundance comes now when there is abundance something
happens some people get really selfish they want even more there is no break on
the agreed that some selfishness said said and that’s why the Industrial
Revolution led to corporate greed that copper Creed basically was willing to
employ child labor right here in England there was zero holidays until the first
company ever was Cadbury’s chocolate born villain but near Birmingham
tabloids are the first company the world Priven introduced the idea of a paid day
off of a holiday before that everybody was set up in week and there’s
absolutely no rest life was miserable children and you had sick people who are
employed that was the corporate greed but a few companies came along and they
had to improve things but not enough but still gradually things improved then
came the complacency see when most of the hundred and fifty two hundred year
old companies that you see you know when you see a company that says established
1857 or established 1908 or whatever when they existed there was something
missing yeah what was missing is something very basic and simple called
income tax income taxes just over a hundred years old did you know that it
is not something everybody’s paid all the time the taxes that were collected
before that by the sort of monarchy and the sort of Kings etc we’re all
basically the set pieces of produce rather than you know income as such so
anyway I hope this is making sense but this guy Roger ver is already here he’s
well beyond abundance and that was the point I really wanted to make so I went
about in a long-winded less likely but basically you know I’m too busy when
people say look I don’t really care that we take text as long as I’ve got a job
that’s complacency then comes you know the distraction of Disneyland and
Hollywood and entertainment and right under your nose the fractional reserve
system is introduced most people don’t even realize I understand look at this
then it comes a sense of apathy and dependence where you’ve got the gold
standard remove money’s really worthless banks bail out over-regulation kills
industry and greed again which is still survived makes the jobs outsourced to a
cheaper location instead of bringing slaves from somewhere else and making
them grow crops on your soil why not just outsource it let the slaves remain
where they are which is basically what the poor locate weight low-wage workers
really represent a slave somewhere else just to feed a system somewhere else so
I hope this kind of makes sense but this is why Roger is way ahead he’s the
traitor of Bitcoin he was an early investor right some rumor that he had
three hundred thousand Bitcoin which are today is $2,500 price makes him worth
seven hundred fifty million dollars and I don’t know if it’s true or not it’s a
rumor you can look it up even if he has half that you know four or five hundred
million dollars is not bad of it because he got it really early but you know if
it crying forget million per Bitcoin if it just reached 100 thousand dollars and
if he truly has three hundred thousand that makes him worth a hundred billion
dollars a hundred billion dollars is basically Bill Gates and Warren Buffett
combined more or less the top two which is people combined and will be richer
than them so he’s going to greed here or not why does he he’s already got
shedload a Bitcoin why does you already want to have greater slow happening and
when that flow happens something’s going to happen this is one of the reasons why
this company here crane downs it says the revolution will not be
centralized but about me well if Bitcoin unlimited comes along
that’s the red nasty one then these guys him and his friends will have greater
control on it and it will be more centralized towards them than the
colored bit kind of just totally and completely decentralized there are
groups of people that operate you know like like a mob even in Bitcoin core but
as far as Bitcoin unlimited is consent it would be confirmed who the mob really
is right and that would be this day now I’ve just picked up a few random words
here from websites these used to be called Bitcoin Jesus people are now
calling in Bitcoin Judas because you already tried too hard folk once by
aligning with another type of bit called Bitcoin XT that didn’t work you fell
slack on his face he’s so shamelessly doesn’t get embarrassed he’s been to
jail and everything the SolidFire wants on eBay so he got really exactly a role
model that’s not the type of person you want necessarily to be a role model to
anybody yes lots of money but look what he’s doing to everybody including you
and me yeah so that’s why you evaluate the quality and caliber of a person not
at the numbers for tiananmen wallet slimy lizard not to be trusted
right somebody said here still i don’t understand why he didn’t advocate
cigarette with the same server as increasing the block size because he’s a
vain selfish whatever so there are lots of you know opinions about him out there
these are not my opinions but i wanted to show you why this discussion is even
getting to this point because if there was no threat
– a Bitcoin from unlimited side or any version of it they may rename themselves
and quadrants or something else doesn’t really matter then they try and do a
stealth attack in a different way doesn’t really matter but the point is
that why are they so hell-bent on having hard fuck them software will do nicely
for a while and then the problem will persist and we’ll leave in yet another
soft clock at some point in the future the series of soft rocks are fine
scalability is an issue there’s an issue but there are ways to fix it over a
period of time if you don’t have the solution right now why do you want can
damage the journey that Bitcoin has had already why would you want to completely
damage it right so it’s not as dire as they make it out to be if the resolution
is available and that’s right segregated witness even exists right
Bitcoin Soler’s decentralization not private organization because a community
oriented we really think you’re smarter than Satoshi Nakamoto because you did
not set up Satoshi M son because success is due to its universal universality and
open-mindedness you’re really not working on the right
coin mr. Baer another comment here he told
the crowd I’m willing to bet any amount that segregated witness will not
activate guess what it was great that debate we’ve already very nearly reached
the percentage needed for it to be kind of sealed so he’s wrong would you like
to take me up on that thousand ten thousand a gentleman’s bet get lost
another person who would be crazy enough to give governance to him to a buggy
unsecured code because unlimited is unsecured unrealistic unwanted users and
exchanges I wish the community would make the right choice ninety-three
percent of the nodes a pro segregated witness listened to the users so as far
as your concern what what we happened in the last few days only
last few weeks a couple of excitingly there’s an upsurge in private messages
can mean as well you know what do you think is happening another person excuse
me just wet my whistle a little bit um you know I never said there you know
what’s going on and can you tell me this can you show me that there’s a lot of
messages I do apologize I hadn’t applied to you but the nervousness in the market
the concerns about what’s been going on have caused an unnecessary volume
increase in communication that really needn’t be there to be honest with you
and Alex trying to explain that now when VidCon reached about $3,000 that’s
unreal end of June or thereabouts it went down 30% Oh about the 11th of July
right welcome 3,000 to this level here but critics said drop so that itself is
not really good news for those who are mining because they would have seen some
kind of a drop in their daily returns and rewards and especially when it took
a sharp nose dive like here and I care there would have been a sharp decrease 3
or 3 days later because a lagging effect to mining it isn’t 24 hours 24 hours is
when you start getting a first pain at the moment to start but there is a
progressive rationale this is like sub payments they’re usually delayed more
than 24 hours so what happens here may reflect on your daily payments two or
three days later it’s not the next day okay so and then if when it shoots back
up the improved payment make sure a lag of again one two or three days even and
that is normal it’s nothing to panic or worry about but with this kind of drop
obviously there’s already a lot of nervousness building up and then again
it dropped and at this point there was a major
surge in social media comments by people say oh bitcoin is dying and all kinds of
people saying you’re right bro a Cheeto so did bro and I’ll be bro abroad pie
and pie everywhere I’m sorry guys but you know if everybody was an expert at
all of this you know they would have all spent some time in a proper trading or
surely right just learning a bit of ethics from a computer somewhere and
some backwater somewhere that doesn’t make anybody an expert no doubt you can
learn and become proficient in what you do but you know traders don’t panic like
this it’s only learn really markets go bad that’s when I’ve you know the
criticizing people throw phones and telephone books at each other and all
that but realistically what happens on on social media Facebook Twitter and so
on is the problem has made much worse your nervousness is increased for people
who don’t really necessarily know what they’re reporting biggest spreading fear
for no reason and that is not right this printer up here is from today
segregated witness this whole green bar you see are the people who have already
committed support the blue bar are people who are already prepared and
ready for the software upgrade okay very few opposing eighty-six percent it only
needs four more percent and boom they’re in there and out of this the chances of
the red increasing are very low so we almost there and looks like ciliated
will go ahead and basically the version which activates the cigarette is still
in discussion but that you know we don’t need to get into that detail like you
can discuss each of these separately but the point simply is that you have now
understood that the Bitcoin core community backs Bitcoin core and does
not like the idea of console they do not what the heart folk
they also are dependent on Bitcoin continued success for its a a and its
price to continue in a positive way so lastly just two days actually this
week in fact 13th of July it took a massive static set nosedive to the 16th
of July circuit to succeed July and then from the 16 July Oh bill bill I there I
think you’ve unmuted yourself just yes of noise that’s all thanks so yeah 32
said drop and then two days later 30 except increased today the 19th of July
hovering around the earth on two thousand three hundred and something 400
level yeah now what I wanted to show here is that when it dropped this much
over the last few days between these two dates you’re mining was still returning
roughly 72 percent per annum yes I appreciate a lot of people are concerned
that I was earning $14 before and now I’m earning less than 10 yes there’s a
number of factors that play in but even the 10 that you’re actually earning is
still several times higher than what your bank is able to do for you excuse
me and then within two days when it shot up again the reading was 89 percent
roughly annualized obviously the annual figures come from nothing just a
reference point because you don’t know whether they’re going to be very good
with two months from now there’s no point in talking on an annualized rate
the reason it’s put in this way is because so you have a reference point as
to the term potential so the return potential of 72 percent down here jumped
up to about 89 percent in just two days right so why panic when we know that
there are the right people behind the bulk of bitcoins infrastructure they are
not supporting this traitor because they don’t want the
contrail he wants to come to sell so he could have a year bitcoin where he has
more control so the majority consensus is is with the people V the people this
is truly people power in play but what happened here there’s another nasty
little thing which is basically the signal for the big print Improvement
Plan 91 it came around the 16th of July there’s no reason for that signal to
come 16th of July it could have come 11th of July or 2nd of July so basically
those who signaled with that Improvement Plan which will then kick start either
that or the other little kick start cigarette that improvement plan was
signaled here for the first time saying hey we’re going to do this proposal and
we’re going to support Sunita Witness and that’s what it started moving in the
positive territory again right but there’s no reason for them to have done
it here rather than here except even they might have thought well let the
sphere continue its so now when it drops a little more when they pick up more
cheaply so even the segregated with the side aren’t necessarily all angels
they’re also humans and you know they also they operated some kind of small
mob mentality but at least on the broad perspective they are the right people
and they’re the one we want to support to be honest because the scalability
option is discussion is going to be an ongoing issue but it should the hard
folk discussion and coin splitting should not really destroy or interfere
with bitcoins true potential and it doesn’t have to be that way excuse me
come so here’s a quote from John McAfee on Twitter that a decently I’ve got a
dr. ated point-set topology to me that’s mass and it predicts the coin at two million
four hundred thirty one thousand and thirteen dollars per coin in three years
other math systems between one point nine million at three point six million
per Bitcoin in three years neither he is being overconfident or
he’s just doing what he does for the PhD in topology you know he’s just telling
you look according to my numbers because he was well what is that so guys get
yourself on Bitcoin and do the mining but you know in all of this
dropping of the coins value and also in the perceived destruction of the
profitability of mining came a lot of fear and a lot of questions so I just
wanted to clarify this why is my payout decreasing this is
literally copy pasted from the genesis mining website and it tells very clearly
did not control deviation you cannot control the payouts the payouts are
controlled by the algorithm the difficulty rate no single miner has
control on it and I will cover that in a short moment but nobody has control over
the profitability of Bitcoin mining on top of that it is important to note
again from the Genesis website is that they will charge zero point zero zero
zero to eight per gig a hash per second per day ok this will not change where
the Bitcoin is profitable to you by a hundred percent or a thousand percent
every extra bit of profit that comes as a result of the Bitcoin price is yours
to keep they are only charging a fixed
maintenance fee they could have charged the percentage basis right so if you
made a hundred they would take ten if you made a thousand they would take a
hundred if you make ten thousand they would take a thousand we could have done
that they could have followed the price of the
coin and taking a percentage basis but now they’re keeping it flat and this is
very very important because this is how you know how just how critical it is to
be with the company that enable you to make a fortune just by partnering with
them to risk go global of course but the point is you have overheads are fixed it
difficulty keep very the profitability will keep varying but really it is never
being anytime to water your panic whatsoever in my view anyway now excuse
me when this so we get a witness happens or
something changes drastically or something goes wrong what are you
supposed to do what are your options excuse me
what are you supposed to do with your coins I mean other safe what do you do
with them so here are some options for everybody in the world
get a hard wallet and especially if you are in our chat group if you’re not in
our chat group and yet you are a member of our Cisco global team or any Cisco
global team anywhere in the world if you would like to stay in touch with some
very friendly enthusiastic people who keep it bombing each other what constant
developments and things that are happening and you know the team that is
actively chatting away in the group they already have discussed and covered all
of this so in a way my presentation to you today is kind of futile because they
are already way ahead of it you know I haven’t had a chance to comment myself
yet because of you reading what people are saying you know in hundreds of
messages in a day pile up and a lot of content is shared a lot of people who
raise questions are usually help whatever we can but you know get a hard
wallet is one solution for everybody else
kreso and legs are the popular ones then maybe two or three others but these are
the current ones that are the hard wallet they forgive Bitcoin loaded into
a little stick device plugged into the side of your computer then the Bitcoin
is loaded in there put it out and now your Bitcoin in that little stick
instead of your computer anywhere else spread out to old coins well if you’re
panicking about Bitcoin crushing it again go to the idiom like when – when
buying different coin trouble is usually when Bitcoin is down all others are also
down so they are really closely correlated but if you wanted to spread
your risk away from the coin that is when you take this option you could
simply sell okay if you thought okay this is getting
nervous again and this is not really ideal right now and I want to you know
and I think I think it’ll crash if you feel that and it is going down instead
of waiting on it and panicked panicking yourselves and hoping it will come up
the next day but seeing it even further down well you know if you really nervous
and if you think your dollars are better with you that just you know sell and
wait and then buy back except I’m not going to tell you when to buy back
because for that you have to be trading mind that you actually monitor the real
lows and I’m not going to do that myself so then you’re pretty much on your own
we’ll end up asking other people who may actually end up miss penny but the
better choice but that’s one thing you can do get their dollars out yeah get
paper keys you can actually print your Bitcoin the code the keys of your
Bitcoin out on a piece of paper and now your bitcoins on paper it’s not
enlisting anywhere else except on paper if you want to make this district code
or you can download a wallet some downloadable wallet into the Exodus and
electrum and you go wallets that you can literally download onto your computer so
they’re like your coin base or whatever but instead of being held with someone
else they actually being held on your computer so it’s not when it’s entirely
your problem we can get it online wallet that is ready for a change
so canvas for example that sites and red coin bit is not ready
they haven’t signaled either way I don’t think they have yet anyway
but while excise what it says you know is unlimited comes along we’ll be ready
for it but if chorus core stays we’re ready for
that too so you know you just find out which online wallet is doing what and
accordingly you get into the right wallet because it will take you a few
days to set it up correctly if they ask the verifications and all that usually
it’s much faster than that but if it takes time you know if you don’t know
what else to do with your Bitcoin well spend it on mining
because it’s good to give you a return do not spend it on any trading program
without proof of trading but spend the remaining well means but you know what
this is why everyone else we can do all of this but we have one additional
option this is very very important and this is incredibly critical to recognize
what this is you see you haven’t missed this chart heavier I hope you haven’t
overlooked the significance of this chart thirty percent down here another
two percent down here like you know forty five percent down in one month
just over a month that doesn’t look good on any commodity and that’s when all the
critics come and they said booing you right so what can you do here is what
you can do it’s a 40 percent drop in a month if you had a thousand dollars a
Bitcoin you suddenly have 600 remaining showing you a wallet not very good is it
it’s a 40 percent drop but if around here we’re getting nervous in the first
time it crushed and came back up and you thought it might crash again if you
wanted to if you hadn’t moved that a good gold and this is this is what we do
this is why we exist and I don’t want to say that you should do this every time
there’s a panic in the market no not at all but you should do that some of your
Bitcoin you must do this just to preserve an asset that doesn’t fluctuate
so much because in the exact same period of time in 11th of June I’m using a
British Pound Sterling price for gold here simply because a thousand pound
this you see a good idea of the percentage crop and it’s only a six
percent drop from thousand pound to nine hundred forty pound so roughly about
1200 with something give out lemon are in something in dollars right so a
thousand power dollars in gold would leave you still of 940 reserve over the
same period of time and when you’re ready to buy back
think it’s going to go up again it should when you are able to read the
data coming out on websites like coin dot dance then you get to that level of
understanding that you realize that okay this is good news too because of effort
should be turning and should be going up now I think now is a good time to build
a Bitcoin if you learnt to read that a little bit that is the time you’re able
to sell back your growth as zero percent mission and get back at the Bitcoin
issues so choose obviously there are transaction costs here and there but you
know without those transaction costs no business would be profitable anyway so
as far as the mining contracts are concerned it’s a farhad folk happens
genesis has confirmed that they will switch to the dominant crane they
couldn’t care less actually they do care they are on the
blue side there are the blue a bitcoin core side and they don’t like the
bitcoin red side okay the unlimited side they don’t but if that’s what the
majority system yeah okay well if that’s what the public wants and that’s what
people up and switch there’s the slushy makers remember I
show you a picture of the red of a blue slushie machine right where they have
both ability so it doesn’t matter to them so you know if they were to switch
to the dominant one whatever the dominant runners is a hot what happens
you are in the right place right surely but to know that this giant player in
the market actually has their priority right and supporting the original
conceptual idea of Bitcoin itself you should know that this is a good company
that we do what is right for Bitcoin itself per se because they’re better on
Bitcoin they cannot take an axe of chocolate on feed off that will be too
foolish for a company with a hundred two hundred million dollar balance sheet now
the support integrity which is what I just mentioned
of the Bitcoin community so you don’t have to worry about where their priority
lies but it’s necessary in the roads which we don’t know
nobody knows right now but if if the time comes you don’t have to worry by
being a member of the mining operation now they will maintain a fixed fee and
any excess is Yuans because what I was going to tell you is
why it’s so important to realize that so somebody not somebody a few people
actually ask me my payments are less just because bitcoin is going down as
Genesis decided to take more money from me
no vfe is fixed the reason you’re getting less is because of the way in
which mining operates if the price of Bitcoin is down your mining rewards are
lower if the difficulty is high regardless of
the price you’re mining yeah lower so those two things come in come into play
so slow global will not interfere in your daily or periodic tailed so when
the back-office shows you know pending payment and again it’s not Cisco and
global holding it back so it’s called global cannot hold it back so also
spillover like dad is got a little code of connects to the Genesis system and it
reads the same daytime displays it to you in your back office that’s all it
does Cisco global is not a Bitcoin wallet they cannot hold any coin they
must not even paid out to you exactly Genesis that tea without to straight
away into your wallet it is reflected as a mirror image of the back-office
and that’s all it is so there’s no interference on Cisco global your
payments don’t go up or down because of SGG and your contract is not the Cisco
global anyway so there’s no question of SDG tryna take more or keeping more or
whatever is just absolutely not even a discussion because they have just an
agency that’s four words a fantastic service to you
and because we have an agreement with the supplier they say okay look if your
people bring more to us we’ll give you a shot a bonus better you earn 5% on every
single contract that is purchased through Cisco global instead of two and
a half on Genesis is own website Genesis does have higher pay scales for bigger
packages so directly on Genesis yes they do but we have advantages that they
don’t Genesis can’t offer you gold in summer at all the constant prices as a
safe-haven one of the reasons by the way I wanted to show you this also is like
this if this happens a Bitcoin and you have the ability to put it into
something that doesn’t really budge much 6% it is not a big deal over a month is
it really 6% up 6% down in a month it’s not a big deal
it’s nothing like 40% so if this happens with any other product so it’s a
commodity or any kind of securitize investment guess where that money ought
to be or could be not that people are going to do it but it should be in a
relative safe defensive asset such as gold but you’re then able to take the
system and share it with people I tell them that we have this unique ability
nobody else currently offers this and we do now Cisco global do not penalize you
in case of lapsed memberships a lot of people keep asking anything oh I
couldn’t pay my membership fee does that mean my mining payment will stop no it
won’t your contracted with Genesis so if you’re doing a payment Genesis will tell
you directly you only need to login to Cisco global
to see when at what time you got paid and or how much you are being old and if
it is too little and if those transaction fees are so fat that it’s
just not worth sending a payment to you then yes of course it will be held back
will be held back two days three days four days by this rate it’s a small
thirty dollar contract the daily production is so small
may be held back seven eight nine ten days of 14 days before it is paid out to
you I mean you can put in thirty dollars how much really were you expecting to
make over a year through general mining when are the systems that take more but
then again they could then prove to you how they make their money so it could be
a Ponzi scheme that is a bit more likely is but here it’s general mining and
payment is in direct relation to the amount of money you put it in the first
place so astutely do not penalize you and
you’re not contracting for mining with sqg the way to miss roogey and
contracting with genesis they just to make that a little clearer so this is
something I’ve been wanting to cover for a while actually way way back 2009 and
the twin is born we call it Eva one the first era of Bitcoin mining there were
50 bitcoins per block being made and that’s a just under four year span of
time and that was the most profitable so you could just spend a few hundred
dollars I will be making tens and tens and hundreds of Bitcoin per day that’s
how much Bitcoin is being spat out little bit blue layer is practically
shot on the floor it’s just stuck to the brown level all the way up to maybe
January 14 one begins to pick up a little bit in the second era and then I
having event even after the having it was still incredibly profitable if you
knew what you were doing way way back then which clearly most of us didn’t
otherwise we will be doing this business would be you know killing the world like
Roger there and trying to rally support comput god I’ve learned it maybe not all
of us I wouldn’t but you get the point you’re second having event happened
around here which is middle of 2016 and that big
the third leader of the claim we are right now in the third year of the claim
the fourth era of Bitcoin will begin in a thousand and sixty five days the first
year of 50 the current document twenty five and half to twelve and a half in
June 2020 a thousand and sixty five days from today than I did that July 2017
Bitcoin blocks will be halved but what happened here is this difficulty rate
only started picking up because of the number of new – joining the platform and
it came to a point where it began to suddenly shrieked up like this and this
is the graph of Bitcoin difficulty rate right now this blue line up here is a
difficulty rate right now this will be all-time difficulty chart okay look it
up yourselves coined of dance as a nice chart as well but when Cisco global
added mining we were telling people you can get about fifty fifty five percent
per year people and again were not really interesting with it but at that
point is the point difficulty was around this level there is returning fifty five
percent then – shut up to this level around April is
returning around 70% then now in July it’s a region of negative set so when
people say or difficulty rate going up makes it less profitable every day that
peers like that but the fractions you are getting are words that much more
remember Bitcoin here was just a few dollars and the difficulty weight didn’t matter but
the difficulty rate going up have made mining less profitable all of a sudden
it’s made it more profitable look at the numbers and we can work things out
yourselves and those of us that have been members since before November 2016
we know when the first mining packages were launched we worked it out 5050 five
to seven okay be happy with this you know it might take close to just over a
year and a bit by compounding to actually overcome the or recover your
initial capital etc you’re discussing that and then in April Lewis they go wow
look at seven do you know that the price has really gone up and it’s more than
2,000 and some miracles happen around December January because really made it
really big splash and capture everybody’s attention now to wrap this
up Bitcoin depends on the community its
integrity is tied to the community and the community includes miners those who
operate wallets which are not necessarily exchanges then there are the
exchanges – mainly exchanges but not necessarily wallet that you can still
hold your Bitcoin in an exchange and then there are they node than the
developers the nodes are actually the same as you and me
but with an added function of being involved in the actual governance of
Bitcoin by being involved in the voting process it’s okay you can become them if
you want to I know in Chris and I know most people don’t we don’t want to get
too technical lipids but excuse me but the miners otherwise
that have spent the most capital hundreds of millions of dollars
collectively into the life and soul of Bitcoin the wallet and exchanges exist
because it contains them to be a commission so they want Bitcoin to go up
in price to be valuable they hate the idea of losing because the
whole business model is based on transactional charges and making money
or making Bitcoin and the more Bitcoin fraction forget the more money they make
so it stands to reason they’re not against us they’re not in favor of the
split now then the developers and the entire human team of brains behind the
coin are all volunteers nobody pays them a salary that’s right decentralized and
a lot of them have developed their federal little websites that do very
nice information friendly belongs at forums and everything else but they have
absolutely no interest in seeing Bitcoin sale so when all the main components of
the Bitcoin community the miners the wallets exchanges and the developers all
put together need to cred to succeed in order for them contain the usefulness of
the capital will turn on their original capital the income that comes through
the Commission and the fact that they’re volunteers basically means that you then
come to a large degree and in fortunes depend on Bitcoin none of these people
wanted to split there are a few greedy ones that will Bend and try and do
things but guys listen when Bitcoin mining has gone cross
go from 65 to 90 percent in the same time that you see the steepest rise in
become difficulty rate I don’t think we need to run a toy why are you worried in
fact you know one thousand and sixty five days to make the most of the mining
power you have now after the June 2020 split overnight the mining power will be
hard so basically if you had one Terra hash of mining power suddenly you’re
going to need to Terra hash overnight to produce the same results as yesterday
but that’s all it means these are step increases why why do you
have this second why this difficulty with that is to prevent what the rap
nation runner that do-nothing manufacture that they produce nothing
but a whole millions of people is sitting around twiddling thumbs and
trophy you know wrongly from big dollar got them the page started mining
randomly on their own computer they’ll be more valuable to point B is worthless
sand so the difficulty rate ensures that the point has an intrinsic value on
their foot the difficulty rate is our friend and you need to blast this idea I
believe in order to appreciate difficulties on our side if you think
the increasing is not a bad thing because by difficulty increasing it
automatically pushes the price up we only want to see but the price keeps
jumping and staying way ahead of specificity rate and doesn’t drop back
that’s the catch it doesn’t drop back below a certain level which right now I
believe is just over $700 to Bitcoin I really don’t see the connection under
dollars unless Roger ver type of people force its destruction for their own
personal game and he’s already got enough money why he’s doing all this
nobody really knows except he’s got really serious integrity issues he can
cry all the crocodile tears on TV about you know
politics and banking and everything else all that it’s fine what he’s doing to
the large ability of miners of nodes and developers etc it’s just unfair ugly so
don’t panic my favorite movie tombstone Doc Holliday played by Val Kilmer and he
says daily if you do so I’d like to end my presentation today there is a second
part to this but too much content I believe would probably make you cringe
so I’ve made the stop sharing this check with my friend the robot or is it okay
and we have any comments or any concerns or anything yeah it is fantastic
actually um I think it’s addressed a lot of questions that people would have
there’s quite a few comments in in the chatroom and a few questions as well so
if you’ve got to I would like to try and address some of those questions yeah now
Scott did have a question Scott Lang but I think he’s happy you’ve addressed the
question he had but let me just have a quick look and I’ll read them out one
second just going up so from Judy Tucker if soft Fork Sedgwick occurs but occur
automatically without the minor or the holder of the coin having to do anything
thoughts on what it’s just discussed already but she particularly says
thoughts on the wallet where the bitcoins holder doesn’t have the keys okay so the Judy this is what have
actually been discussed quite a lot in the telegram group as well as the other
chat group so to be very clear about this you have nothing to do except to
make sure that your coin wallet whatever that is signal
saying we are ready we are ready for this a good Softsoap update yeah because
that is the way it is going right now percentage time so we don’t have to
worry about the hard folk right now but the hard-fought discussion will come up
again November the 1st or there abouts this problem isn’t going to go away the
great issue isn’t going to go away neither is the scalability hurdle that
the code automatically has and you want to go away but one of the updates right
now is integrating or the proposal is to integrate and that’s how you put so many
different little proposals one of them they want to integrate the Lightning
Network which is what like clearances so if you have like kind Selleck it’s going
to go down because of that reason so when lightning is implemented like
when they can be irrelevant and Bitcoin takes its place and speedily comes right
well as far as your wallet and the keys are concerned don’t worry about it your
wallet isn’t going to disappear just don’t do any transactions and if you’re
expecting money coming in you know you still have a few days in my case I set
up two extra accounts I’ve got myself two separate ATM cards both of which
already yeah so yrx for example is a one mention earlier presentation just a few
days two or three days before this takes this activation takes place I’m going to
take my wire X card address and stick it into the back office so that I know from
which period of time the daily payments are going into my wire X card if
anything goes wrong it’s only a little bit but the main holding remains in
mundane wallet yeah and you don’t have to want in your panic about it anymore
go to coin dot dance with a whole bunch of statistics there you can see life
updates when people are reporting the consensus is now at 86% 87% whatever
what are they getting their information from it’s already available so I hope
that answer your question we don’t need to get all technical about it and worry
about you know having private key etc yes if you want to cut a key that is a
way google it you’ll find out how to print your bitcoin even if it’s a
fraction it doesn’t have to be hundreds and hundreds of dollars you know even if
it’s two dollars worth you can actually take that and stick it on to a little
barcode and printed off the printer now you have that in the piece of paper I
did but I think it done just make sure you don’t burn it okay but you can have
that it’s printed off and now you don’t need keys and it’s not with any other
wallet so there’s a there are many ways of doing this but it’s your choice we
can cover this again if you want let’s say but any other questions bill yes
just one four more here actually premier shell Carter does each currency have his
own blockchain blockchain can handle multiple currencies but each of the
currencies has its own way of transmitting so for example if you had a
cerium it’s a chain is different from Bitcoin there’s no cross wires there and
that’s why there are multiple chains and there are different proposals that’s our
lightning is useful like light coins for example and wasn’t being used for
different so far that’s simply function of being a different chain but yes in
theory all a one blockchain can handle is meant to handle multiple functions at
the same time but different coins do actually have different traits yes
that’s my understanding I could be completely
vulnerable plumbing should smooth ahead and tell you idiot but you know as far
as my knowledge goes okay thanks from I mean I just say we have some very good
comments to that I think it’s very enjoyable session
I think it’s answered all the questions that people had and we actually had a
thumbs down as well on YouTube so Steve Lawson’s putted this out and obviously
surprised by that because the value is coming through his is free is
educational when anyone who’s in a crypto world should be taking interest
in the subject matter we have so that we understand the what’s behind that but
anyway we’ve got a chap called Derek Mann malenda he’s asking where can we
find a link to your discussion group which I think you must be in the
Facebook group okay so we have a Facebook group which you will find on
this YouTube channel if you look at the various options with a Facebook group
link already there and you can join us that if you are not a member yet why
don’t you join the group is a number of people active in the group and if any of
them are common friends and that would be an ideal way for you to connect with
the common friend and ask them for a link if you want to join our opportunity
but other than that you know comment after this video is over and about ten
minutes later when the video is actually live you’re able to comment in the
section below when you do that I’ll show you that the group is sure
okay so thinker but probably we there’s been such torture 211 almost it’s been a
yeah it doesn’t feel as but belong alone one actually said obviously it’s gone
down well so um I guess we’re cool a night and wish them well yes thank you
everybody and thanks for your patience early so long I there was a lot more
content to be honest I literally removed twenty other pages to how to bow so next
time we can do more if there’s a lot more to discuss because abduction itself
has so many different functions but if you’re aware of what it is
capable of I would also like to discuss some other coins because I think there
is some very very nice potential from from other coins one of them hasn’t
launched it but it is not a payment system that is actually quite ingenious
does pay you know when that materializes I think it’s going to be revolutionary
I’m personally not involved in the opportunity side because if my time I’ve
had to dedicate to one thing focused but that I know a number of people involved
with it and if it takes off when it takes off I think that should be very
interesting and I think we need to discuss these things and I’ll bring it
out and be open so this could be a game changer
it may be worth putting something in there passively but on the other hand
there are other coins that need to be discussed and I believe should need to
be exposed for what they are simply because you know when somebody says our
value keeps going up no matter what look the credit being up and down we
just keep going up and then they can’t explain where that value is coming from
well nobody can actually buy it on any open exchange where the value of that
connected sum from other than being upon the stream so you know there are pros
and cons to a number of systems and I think if this can be discussed openly
without me being called a hater or anything then we need to have an adult
conversation about this and I think this would give value to you and your
audience if you can take this a video downloaded Grippit do whatever you want
and share it anyhow you like if it is value and if it is useful to you you can
have a lot more of this going on so thanks again for being here and we’ll
catch up soon okay Tristram bye bye

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