 Mm-hmm and we are live. What's up ladies and gentlemen, it's been a crazy week and I want to do one of these Q&A's with you guys again. It's been a while So I'm double-check my audio if you guys can hear me. Okay. Just say yes in the chat box Because I've been having some issues with my Mic lately. Let me double check my sound. I think so. I think that's working So we got the audio working. We got the mic. We got the sound and And then we're gonna get the question. So if you guys got a question for me Just put it in the chat box and like the theme of this video is generally speaking Corrections bubbles for monomics here missing out and people just being silly human beings and following the herd as opposed to having their own information and doing their own due diligence Okay, so we get the first question from Roger Tiwari. Litecoin is the next Bitcoin. Sure. It seems that way Listen guys, you you can't compare One coin to the next or one blockchain platform to the next each of them has their own background story Each of them has a different use case each of them has their own agenda each of them has a different dev team Each of them has a different. Let's say social Perception and at the end of the what is reality reality is perception of the people So right now Bitcoin is perceived as a store of value It's not perceived for example as a currency which was originally attended by Satoshi Nakamoto in life, and if you look at nature and my firm believer in studying nature and And seeing what happens in nature in nature There's something called homeostasis and also something called the osmotic effect and over time through symbiotic Relationship with different elements in nature things tend to evolve together So it starts off about one thing for example, we started off as a single cellular organism and now we're multi-cellular organism So Bitcoin started off as a currency that was attended to and over time because of the value adding up Also some technical issues or I'm gonna say technical issues a technical difficulties to change the the Ecosystem of Bitcoin which is quite difficult People saw that as a switch from an actual currency to a store of value So it's hard to actually state that you're gonna compare one thing to the next like you can't compare either to Bitcoin There are two different things in Rekate Will Bitcoin and Ethereum be the only top two cryptos allowed in the SDR with a new currency shift? I have no idea to the truth I Think in the future you're gonna have You're gonna have thousands of thousands of different altcoins obviously thousands of thousands of coins will fail My prediction is based on the tokens today and just based on a couple of things So if you look at any pioneering technology first generation second generation They're usually the worst because they're pioneering the way also use case timing of the ecosystem Adaptability ease of use etc. So I think many of the tokens that you see today will disappear in our lifetime Maybe even sooner maybe four or five years of go to zero and they're gonna have third generation fourth generation fifth generation tokens actually make sense so I Think we're gonna have many many different variations of tokens many different variations of decentralized crypto But just like you have in the Fiat game where you have for example the greenback the British pound Maybe the brim and be maybe the euro who are kind of like the top leading and one money supply We can possibly see that in the crypto space for example currently we have the decentralized networks which Bitcoin is like for me I'm very bullish on decentralized open source uncontrolled Systems such as Bitcoin such as Monero like I love those types of systems And so I think we might see maybe three four maybe even five type of those systems in the future Sounds going crazy calling me Off off. Okay. As for the bubble thing. Okay, so in the last two weeks The prices have gone ridiculous in the whole Crypto market market cap even though market cap is not really a good measurement of total value You know token velocity hash rate the other transaction use these are much more. Let's say Valuable information than actual total market cap and market cap can be manipulated by the way So that really doesn't mean anything as for a bubble and you have to define what a bubble is is a correction of bubble No, is a bubble a pop to zero may be maybe not for example, 2011 2014 Bitcoin went through the same thing this time obviously is much bigger this time You have many more different cryptocurrencies and tokens in the market cap is five hundred billion dollars I do believe that many people who have entered in the last year or so Aren't emotionally ready to withstand drops of 15 20 30 percent This goes to say with any type of investment whether investing in real estate whether investing in a stock startup or stocks if your Investment vehicle whether your asset or commodity Has dropped went within 20 30 percent most people will be scared and they will sell Most people are emotionally tied when it comes to their money and if you want to read a really good book about investing I would read seeking wisdom by Peter Bevelan and Chronicles Charlie Munger and Warren Buffett's Intake or thought process on stoic philosophy business investment and how do they make money? But the bottom line is you have to devoid yourself of emotions when it comes to investing regardless of what's going on So to go back to your question about a bubble I think in any market whether it's crypto whether it's housing market for example 2008 and it's going to happen again Whether it's going to be this financial student market so student debt Whether it's going to be any type of market. There's corrections all the time Ahem Bitcoin could easily dip to 10,000 before we're going back to 40,000 I think Bitcoin might go to 32 32,000 before we see 10,000 It wouldn't be surprised. I would not be shocked if Bitcoin even dips below 10,000 tell you the truth What are my thoughts on? XRP iota Bitcoin cash iota They rolled their own crypto and they have tertiary logic. I know they're trying to do interesting things I'm just going to sit back and see what they got to do. So that's it as for Bitcoin cash I know there's a lot of camps. I had my buddy Brad Mills on here. My buddy Matt Burns on here as well As for Bitcoin cash, listen, it's it's a laissez-faire Catalystic system meaning if you really believe that you have a better value proposition With your decentralized open source platform to go do it and win the crowd right win the crowd What's not good is if we see a tax on the mem pool where we see people spamming the Bitcoin network But then again, that's business and a lot of people that's not business That's dirty business and a lot of people like to play in that field the dirty business So I always say the best product at the end of the day wins And so that's up to you guys what the best product is and what do you see value in for you as an individual? As opposed to what the network promises you Bitcoin cash will be next on Coinbase. Maybe Coinbase is sitting on ridiculous amounts of Bitcoin cash And I know they said in their email that they're gonna release that in January to everybody and that being said it would not surprise me Right would be smarter than me for if you're thinking from a business perspective, right to make transaction fees right percentage Because I think Coinbase is three to four percent and forget so that would not shock me And I think it would be a wise move on their end to get more revenue for their investors to list Bitcoin cash Do you do I think the bubble so this is from iron works? Do I do I think the bubble burst is necessarily soon you think the price of Bitcoin truly justifies its worth listen? Beauty is in the eye to beholder like for example in Toronto There's small houses that are going for 1.4 million dollars for you It's really expensive but somebody coming from say Hong Kong with that same houses for five million dollars or even San Francisco or New York Where square footage is roughly $1800 in New York depending where you are. It's a bargain, right? So it's all perceptions some people perceive that right now Bitcoin's too much of 17,000 my humble opinion I think it's undervalued tell you the truth. I do like to see more use cases for it And that's why I'm really excited about second layer third layer Infrastructure such as lightning network or even in the theory and protocol such as plasma and Casper, so I actually want to see people use it at the end of the day I want people to come to have commerce with crypto. I want people to exchange with crypto I want people to use it to to maximize their their optionalities and abilities for an economic gain around the world excuse me This cryptocurrency stable will define stability If we're looking at other markets, no Other markets don't move 20 30% day-to-day some stocks do but Not to this degree that the whole market cap moves And I think we will in our lifetime Maybe a couple years and now stable coins are coming out such as the maker Dow and other ones who are working on stable coins pegged to either Other cryptos are pegged to physical assets are pegged to some form of anchoring So that'll be interesting once these stable coins actually come out and those stable coins They actually might serve a very good purpose when it comes to like e-commerce or when it comes to trade between people around the world So the whole idea is like for example, let's give you example Bitcoin right now Let's say I have an Amazon like store and I'm selling my products for Bitcoin Right and then a buyer comes around and wants to buy my product and it's priced in the USD But they're paying in Bitcoin. So it's 10 bucks, right? So let's say that person pays 10 bucks worth of Bitcoin to send it the cost them X amount transaction fees right now Might be cheaper if they're for both using said with clients and then basically the confirmation times takes a while But within those confirmation times maybe the price changes, right? And as a e-commerce store owner and I used to be an e-commerce business you need speed I need to order right away. I need to send it to my logistics factory. The factory needs to send it out I need to send them to receive like it's quick man And also from people cycle a psychological point of view they're used to Amazon instant gratification right away So you can't have systems. They're even delayed by 15 20 seconds. It has to be instantaneous That's why it's very interesting when it comes to the lightning network It's too slow and transaction fees are high right now. It is like Bitcoin is very slow It's more than 10 minutes usually depending on what wallets you're using and it's extremely slow and transaction fees Aren't crazy crazy what people are talking about depending on kind of wallet you but yet they're very high to send Yes, so it's not Economically viable for most people to be sending Bitcoin all around because it's too slow and it's expensive Do you think the Monero's this is from Ahmed Duvall? Do you think Monero is undervalued? I really like Monero So I'm not gonna talk about pricing. I'm not a trader. I'm not a speculator. I don't talk about pricing I talk about Perception of value when it comes to what makes something valuable. So for me, I really love What Monero is first of all, I love the fact that they have amazing dev team I love the fact they have amazing use case right now And I love the fact that they're pushing the boundaries of cryptography like Figuring out how can we make ring signatures better? How can we make Monero better? How can we make cryptography better like right now? They're talking about adding memble-wimble type of Optionality onto Monero and really making it the most secure anonymous Decentralized crypto for users who really want privacy or as a Brit say privacy Verge is the fastest. Yeah, I looked at verge a little bit. I think they're on They're on tour if I'm not mistaken. I forget Stacks token will solve merchant to business will get paid in the local currency state channel Well stacks doesn't have a true state channels. That's not it. So that's kind of false. It's not they're not running generalized state channels How do I feel about the recent cheddar interview with Joseph Lubin where he indirectly said it during futures We're coming out very soon. I said about the Bitcoin futures Bitcoin futures are out. People are going crazy I don't think so you can accurately short Bitcoin or Ethereum so It's interesting. It's only been like a week or maybe less than a week I think the futures came on 8th 9 10 11 12 things like four or five days out Sit back and relax and we'll see you think a bear markets coming. Listen It's not about if it's coming. It's when it's coming every market has a correction Every market has a bull market and a bear market. It's that simple. It's not if it's when and smart people people who really believe in the knowledge they've gained and accumulated so if you guys really want to understand about And this applies to life in general. So once again, I mentioned a book earlier seeking wisdom by Peter Bevelin talking about Charlie Munger Second book would be zero to one by Peter Thiel in the third book would be this Principles by Ray Dalio, right? Really good part in here. Where is it? You can also get the PDF, but this is has a little bit more details PDF is Where where is that one section? Those are diagrams he has Anyways, I'll do another video about the diagrams Understand it's all about collecting the data and triangulating your data, right? You have your own opinion, right? You're gonna go to somebody that has opinion against you So it's really really important to have a devil's advocate in your circle Don't be in a co-he this echo chamber of yes, man That everyone's agreeing upon and number three somebody you guys don't know that has an unbiased opinion So then basically you have your opinion your your devil's advocate opinion and a random person opinion Oh, obviously all in the same industry and you want to triangulate the commonalities among each of your guys input and Collect as much data as possible to figure out what is the best means of distributing your resources out there? So what Ray Dalio does and I'm not I'm not a financial advisor, so bear with me What Ray Dalio does in his bridgewater system? And he causes the old weather portfolio is every so often I think every quarter he He looks at his profits. He looks at his losses He looks at different baskets that he has within his portfolio and he just rebalances everything Right based on the information. He's acquired through triangulating his opinion one second questions are coming in really fast Okay decentralized exchanges such as cyber network waves omise go Yeah, so and also 0x and just yeah, there's a bunch other ones. Um, we're still a while away I think the fur the the one that's really pushing it and actually in production is 0x cyber network is a while away Amici go still needs, you know needs plasma network, right? So that's a while away as well the thing with the decentralized exchange is a very clunky and hard to use And it still doesn't solve the two main issues in crypto for people that actually need Crypto the most and that is the onboarding process and the last mile process The onboarding process is how do you take feet? Right into crypto easily and the last mile process is how do I take crypto into fiat? So it can buy food or pay for rent, right? So the people that need to the most like in North Americans We don't need crypto that much in Canada. We have a good banking system. Everything's pretty stable We look at people like in Venezuela Latin America places in Africa India for example Places in Eastern Europe as well. Like they still you need feet to live. You can't be paying things in crypto So that last mile thing is a big problem these centralized exchanges. Yes, you can have atomic swaps They're almost free pretty much free, but still doesn't solve the problem How do I go on the this decentralized exchange with my feet and how do I cash out? Do I think Ethereum will outperform Bitcoin in the long run? I will not answer that but I will say as I really I Think Bitcoin has amazing devs They're working hard on problems. I think Ethereum has great devs. They're working hard on problems And I think they're different use cases So it's like me comparing a banana to an apple they're two completely different things And I think both of them serve a purpose in this ecosystem Blockchain TV and my new subscriber to your channel. You guys are crushing it. Thanks boss lady Cardano a that yeah, I'm a I actually want to set up a meeting with Charles Hodgkins and talk about cardano So guys understand like if I speak about for example, Ethereum and Bitcoin and even Monero like I've met with some devs I've spent my time doing due diligence and I've taken my time to understand what's it about It's not simply looking at most people and this how most people behave is you read a headline on an article and like oh, I know what I'm talking about and I try not to give an opinion on something. I don't know it's not fair to the organization it's not fair to the project and It's me just pretending to be an expert when I'm not like you it takes time to do your due diligence Really understand what you're speaking about any comments about Roger Ver and Bitcoin cash Let him do what he's doing. Like I said, it's a capitalistic system. If he wants to do what he wants to do Go do it any suggestion for best wallet. Yeah, I use here we go. I Use the ledger nano Hard wallet. I don't use any mobile actually. I don't use any desktop wallets I use a mobile wallet But I use it to give out crypto to people that people don't have it because it irritates me Like oh, how do I get in and people are slow? My god, listen down on blockchain dot info because it just had to eat there and most people I just tell Bitcoin to eat There anyways, right? It's simple to use and I usually send them like two three bucks or five bucks or whatever, but Everything else is a hard wallet. So ledger nano. There's a link actually below this video I think the ledger nano as I use and Trezor is good as well. So those two are pretty good actually pretty much the best. Do I think all coins are dying? Defined dying. I think many tokens will go to zero. That's my humble opinion. Yes Do I know exactly which tokens? No, but I think the majority of tokens. I said where your utility tokens will go to zero There's no value to it. It's a joke Any good test of sites to cash out crypto? Remember to cash out crypto you need to go to AML and KYC anti money laundering policy and know your customer policy This is all about money laundering and drug money and terrorist money, okay? That being said you go to a regulated exchange Such as Kraken or such as coin square in Canada for the state's Coinbase Quadriga as well all depends on the country living in go through the process of AML and KYC to get registered And usually that's process of passport Driver's license hydro bill like utilities bill takes usually maybe a couple of days give or take to process you and then basically to cash out They will send a wire transfer to your bank and vice versa if you want to cash in whether whatever amount you want to cash in It's usually a wire transfer I think north of like two three thousand bucks underneath that you can do probably like e-transfer like debit card or something like that And then you do a wire transfer to the bank. I suggested so this from Dolpho Suggests as golem as a promising token. No, I suggested the golem as a promising project. I think Okay, so this might take in a few. Okay, so golems take is They will share resources of hard drives around the world for computation Now resource sharing principles where you have a token to track usage to track Identity and to pay the individual who's actually putting into the network is interesting But I really believe in the future. We will not have hard drives More and more we're going to the cloud like for example, even my most my business is done on my phone And actually I'm getting a bigger phone and no date after this right as a pain. I can do more stuff I don't even care run a laptop per se, right? If you look at even like bunch of these new Mac books where it comes like video editing It's usually online is cloud. So I'm actually betting on the fact that we won't have hard drives But the idea of creating a technology to crowd source Resources is very interesting to me extremely extremely interesting to me that can be applied to many different variations of Verticals out there for example magic I'm combining this information into people that have Stores of data online when it comes like medical information to maybe do crowd sourcing of Diagnosities of certain lab results and these lab results have been hashed and encrypted So we actually don't know the identity of the individual But we're looking for the best means of understanding what is on these labs And so we can crowdsource this and the people that have the best database online can donate there I want to say donate but give their information to it and get maybe pieces of token So the whole idea of crowdsourcing resources online is fascinating and T who here sorry if I butchered in but thank you so much for that comment Frank Cardano is a glue Be the glue sticks everything together. Yeah, like I briefly read Cardano. I like I said, I want to meet Charles I'm gonna talk to the team. I want to see exactly what they're doing But for my brief brief glance it seems interesting project and they're really That they're I like their professionalism. They've hired a bunch of PhD cryptographers. They're taking their time. They're not rushing. They're really I would say Doubling down on the science and the Vitalik and Vlad and even people like Greg Maxwell have spoke about this in the crypto space Like listen, the greed is outpacing the academia and we need more talented people in the space who really do the work Tim, do I actually use cryptocurrency daily in my life me personally? I don't use it My business uses it so I use it to pay freelancers around the world because that's what they want to get paid in so me personally I don't use it in Canada. In fact, I wish I could it's actually quite difficult to use it here We don't have any Like the real systems aren't here yet. A lot of stores don't accept it here yet But for for globally speaking, yeah, you know, I maybe bought a couple of products with it But for my business like blocky we use it quite often For Andre may mono Would you agree with those who say that given the ever-increasing resource needed for Bitcoin mining? There is a risk of becoming non-profitable No, so Bitcoin mining will happen until like 2100 which you and I probably won't be around maybe with CRISPR and other technologies and The proposition for once mining is done mining would be transaction fee as a profit method for mining But also then difficulty levels will score be changed as well What is my opinion on so this from Dan said what is my opinion on? Depos a dedicated proof of state. It's interesting. So for example in EOS, they would delegate 21 masternodes and Then so there's this couple of concerns. I have a long range of tax for proof of stake Issue so more money I have I can do longer for long range of tax number two a big big issue is if you can identify these masternodes that can be bribed into Coversion within a consensus model Number three would be the voting turnout because for these masternodes to have power The holders of the tokens would vote for these masternodes. So just like in any voting system around the world It's not a hundred percent of people show up to vote and in these proof of stake models People that have more tokens have more voting rights as far as I'm concerned That might be different or depending on the platform But the thing is like even though it let's say you have a hundred people the whole tokens in this ecosystem Hundred people won't show up to vote. Maybe 30 40 people show up to vote Right. So these 30 40 people can can can dictate what's gonna happen for the rest of the 70 people, right? You see there's a lot of like these human psychology human behavior mechanisms that aren't aren't aligned properly with a Decentralized decentralized system that would work efficiently, but that's not to say it won't work I'm maybe people working on to fix that but that's kind of like the flaws. I see What is your opinion of voice? It's now a member EA. I don't even know you mean members of the theorem alliance There is there's so many I can't keep guys. I can't keep up a project I'm very busy building blockings if you guys haven't built a startup Then it's hard to kind of relate because you're working like people understand I work a hundred hours a week And that's the truth. It's very very difficult to build a startup that's successful extremely difficult And all your time and energy goes towards that Like some days. I'm just fucking tired. I'm just gonna be honest with you What is opinion on scaling issues facing coin square and coin base? I Can't speak for coin base because I don't know The main guys in coin base. I know coin square guys They just did a big round so congratulate congratulations to them and I think they're gonna be scaling quite fine in 2018 They have a great team brand new office. So all the power to them. What's so this is from? KRL e25 a to my thoughts on Tezos. Oh, well, they're in a big legal issue right now they just picked up Cooley as a representative for the law firm and Yeah, they're gonna be in court for a long time. So we'll see what happens But my take is I don't think so we should have foundations and non-profit charities as a token holder to escape securities I think that method in the future as a business is ridiculous. I know it's necessary now Do you do laws and regulations but moving forward? I think it's ridiculous a Rush where can I read about your blockchain startup is block geeks? There's a link below this video. We train depths where the world's biggest online educator blockchain When will a theorem start scaling? That's a good question. There's two proof of stakes systems. There's metallics and there's VLADs Talax is more hands-on blood. It's more theoretical. They go well together It's very complicated But I don't know maybe sometime next year. They're gonna start releasing Parallel chains so basically they'll do a hybrid variation on test and main it and Then basically the proof of stake chain will run parallel with the proof of work chain In every 100th block, there'll be a epoch where proof of stake block will be there I guess that's gonna run for a little bit to test out how that works and eventually slowly more more blocks become proof of stake and Then eventually the proof of work Chain will be eliminated for proof of stake chain And then a sharding would come in eventually. So it's a wall away guys. Let me put it that way a wall away Yeah This block geeks do in-person classes. No, we're 100% online But we do workshops for free in Toronto every couple of weeks in our office Do you need programming experience? Yes, so if you want to learn programming such as C++ and Bitcoin or solidity or some crypto economics You do need a background But we will be launching soon a very basic plan that does non-technical stuff Basically, you know high-level stuff for people soon 1000 people own 40% of Bitcoin is that worrying for you? No, it's not worrying for me It's called skin in the game incentive. Plus if you look at Pareto's principles Also like any ends. This is time and time again in mathematics. It's there is a curve a curvature of usually 80% of a network is owned by 20% of people or 20% of effort gives 80% return It's 1050 guys I literally have to leave in five minutes because I have a call at 11 o'clock a.m. Bitcoin news. Thanks Appreciate that We are not in a bubble, but we were heading for one Bubble correction, you know, these words are misplaced misused Like I said, no matter what market we're looking at there's going to be ebbs and flows There's going to be corrections. There's also going to be black swan events that we can't let's say predict Let's say one of the exchanges get attacked like Biffen X or Kraken or something like that another mount gox. What would happen to the market? Everything would go down and you can't predict that So always be prepared for black swan events. Remember goes back to emotions don't emotionally tie yourself to anything if you're emotionally tied to money You should not be in any investment deal or in any investment vehicle or investing in general period You cannot have your emotions run you Is there any difference between a coin a token in my eyes? Yes a Cryptocurrency is a decentralized open source currency That did not go through an ICO a Token in my eyes is something like an ERC 20 built on top of Ethereum. That is more or less centralized Is EOS better than ETH you can't make that statement And I'll tell you why because EOS is not alive yet and ETH it hasn't evolved yet So once these two ecosystems are mature enough working together then once we have more information about it about them and seeing how they're actually Applicable in real-world applications then we can make those statements Okay, guys, I'm out thoughts on you last question. I just wrote a blog or we wrote a blog on block eeks Check it out. All right guys. Talk to you soon. Peace