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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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