 Hello everybody and welcome to the Bitcoin show today's Friday, July 1st. It's a whole new month. Can you believe that? 2 p.m. Eastern Time we're here as you know every weekday Monday through Friday at 2 p.m. Eastern Time Just go to dateandtime.com and find out what time that is where you live because we are a global We're not a local show. No, no, no, we're not a national show. We're a global television network for a new generation Isn't that right it? So as the chat room often reminds us you are everywhere and we are everywhere, right? But we are only one only one TV. So anyway, this is episode 19 of the Bitcoin show and So like I said every weekday 2 p.m. Eastern Time, that's New York time We are here for you with all kinds of breaking news and exciting stuff, but occasionally and a lot lately I think three or four times this week. We've actually done two shows a day. We did one last night Like at 8 p.m. Sometimes we'll have a guest that happens to live in Tokyo, Japan or Australia or something And we want to accommodate their schedule a little bit. So we're not actually taping a show With them at 4 a.m. Or something their time. So we'll do one in the evening like 8 or 9 or 10 p.m. Our time so sometimes we do this little bonus shows and we end up actually with more than five shows a week often And so that's gonna be the case tomorrow So if you're watching this live or if you get this in time be sure and check us out tomorrow on Saturday the second We're gonna have a very important show same time 2 p.m. On Saturday There's we're just throwing in extra shows all the time because there's so much happening every day. It's crazy We're gonna have to go to two shows a day. What is that? You know, there's just so much happening in the world of Bitcoin We just can't get it all in So there's that and then of course for the Spanish-speaking world, which is a huge, right? All of Central South America Spain, Mexico and the USA more and more We have a show especially for you and it's in Espanol. I'll show the Bitcoin Which is on Wednesdays 4 p.m. Weekly that one's just weekly so far. So Today I want to first I want you to thank our sponsors for for us being here If it weren't for our sponsors, obviously, we wouldn't be here to report the news and to interview cool people and talk about such amazing things I got so many things in the works. It's unbelievable We're hiring a new vice president of operations is gonna start in two weeks and I'll surprise you with who it is It's someone actually that you may know and he's gonna be starting here in two weeks And he's just whoa. He is full of skills and brilliance. So he's gonna really help us launch 31 shows all together so really really exciting news there and some of the show topics and guests that we have coming are Phenomenal really cool twist. We're gonna have special segments specifically about the world of mining specifically about You know Bitcoin for beginners Security all sorts of specialized topics and interesting twists on things. So anyway, stay tuned for that today We have a special guest with us who is launching a Oh, I didn't think our sponsors. I was that's where I went to go thanking our sponsors Whoa, I got completely off topic our sponsors are the reason we're here I'm so anxious to jump into what we're here to talk about But the sponsors are the ones who make all this possible They are today's episode is brought to you by us gold coins us gold coins calm That's Andy gals He is our the most brilliant person in the world is in my book when it comes to money in general money monetary systems Monetary history etc etc and he has a business called us gold coins calm and he will help you invest and diversify your investments Into rare at they call it numismatic rare us gold and silver coins Which hold value two ways both because of the metal the rare gold and silver and also because they're rare so it's a great way to diversify your investments don't put everything into one coin basket and Also The world's first restaurant that accepts bitcoin right there at the cash register great big decal right above mastercard visa and all the rest They've got we accept bitcoin Actually, it's bigger than all the rest and that's why reporters are going in and out of there all the time going Wow, this is so cool NPR was there the other day and someone was ahead of them in line also paying with bitcoin How cool is that if you're in new york or if you're passing through new york It's just a few blocks south of columbus circle stop in at mesi grill me zee grill.com check out their website They have the most amazing food. 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They're busy their their volume is it is just exploding off the charts over there And uh, they're hiring people like crazy, but what it is trade hill dot com is the The convenient way to buy and sell bitcoins online From the comfort of your own home without you know without even going out and meeting someone You could literally buy get money in and out through many different currencies many different methods And you can save 10 off your trade fees for life if you use the referral code for the bitcoin show Which is on your screen there th dash r 1 4 1 So jot that down th as in trade hill dash r like referral 1 4 1 you'll be supporting only one tv and the bitcoin show and uh Thank trade hill for sponsoring us and our newest sponsor Today is mount gox mount gox. You already know if you're in the bitcoin world Who doesn't know mount gox? They have a huge market share and uh mark has been a guest on our show And uh, they are they're you know, I have a great personal relationship with with them They're trusted members of the community. They also have had all kinds of Disasterous problems with this hacking attempt, but you know the fact is that they're back. They're resilient they're in this for the long haul and they've relaunched a new site that has better security and As I said, they're in this for the long haul They could have just run away with everyone's bitcoins, but they didn't do that They're they you know, you fall down with something new a new launch and it's with explosive growth And you pick yourself up and brush yourself off and do it again. So they're back and uh more resilient than ever And uh, most people are still, you know trusting them. They still have a vast majority market share So mount gox is our newest sponsor. We welcome them We welcome everyone because everybody is in this for the benefit of bitcoin the bitcoin community The bitcoin economy we all stick together and we thank mount gox for also supporting the bitcoin show and only one tv so today We have with us Amazing guest thomas Benoit because this tea is silent, right? Oh, we lost him. All right. We're getting him back Anyway, that's all right. I'll keep talking about thomas benoit. He's uh, he's launching a new site I'm going to let him tell you all about it But uh, he didn't want to wait until until monday or tuesday because the site is ready now And it's really really exciting This is going to rock the mining world and not just mining As in the specialized industry that is mining but mining for you you as an individual As you know in the first phase I call it the first phase of bitcoin You can just install the app and start mining and it was really cool because like I remember I ran it for like two days And I got 50 bitcoin. I was like wow that was worth like, you know 20 bucks at that time And I was like, this is pretty cool. Maybe I should go and buy 10 computers. Maybe I should buy 100 computers You know, I was thinking it through and doing the math Of course, all that's changed because the difficulty is increased Meanwhile the value of bitcoin is increased But um, you know the cost of electricity and so on and so on it's become a real specialized industry How so what that has done is that it's knocked the Individual layman kind of out of the field of mining But not anymore because thomas's new startup is called bitdriller.com b i t d r i l l e r bitdriller.com And it's going to bring mining to the ordinary common person In a very unique way. So we do we have thomas back? Yep. Yeah, oh there you are. Okay, cool. Cool. All right. We like a little technical difficulty. Thank you, skype Technical difficulty sponsored by skype. Anyway thomas you're joining us from where where are you again? I'm in kebac canada Quebec I've never been there. I've always wanted to go there. I've heard that's like an amazing french party town, right? Yeah, yeah Okay, so I already gave a great introduction to how your new startup bitdriller.com is going to Give the common ordinary consumer a person individual access to the mining industry So tell us exactly what bitdriller is going to do Okay. Well, yeah bitdriller is a really huge project So far we've seen for anybody who follows a few Either individuals or maybe small groups of people We're offering what's called mining contracts Where somebody pays, you know, us dollars or some other currency and somebody To rent out basically hashing power to mine bitcoins So it's not a new concept. It's been around for a while. However, what we're trying to do is make it Easily accessible to just anybody who wants to try it out And so we're going to be doing that by offering very small contracts as well as very large contracts So that you know, even if you just want a two-week contract for let's say a hundred mega hash, which is really nothing Um, you'd be able to do that or you'd be able to invest, you know as much as you wanted really So for the the layman out there I mean, obviously the people in the mining industry know what that means But for the layman what it what it really means is As as hopefully you know this much that Mining comes from the computational power that that a pc Does to process Hashing which is basically like creating numbers. Okay, and it's super simplified form So when that happens the more hashing ability the the more return on investment with mining Yeah, that's right. Okay, cool. All right. So the hashing power is basically just the amount of computational Power that's being used for that purpose Yeah, I guess it's uh, sort of the speed at which you'd be generating coins roughly Okay, roughly the speed. Okay, cool. So you can actually sell that you can quantify it as What do you call it a giga hash? Yeah, well the you have a mega hash and then there's a thousand mega hashes and a giga hash A thousand mega hashes and a giga hash. Okay, so it's a unit of measurement to measure The amount of processing power that you can get. Okay, which is a return on investment. So you can buy that in Is that sold like in a time increment then as well? Yeah, well the way we're working is Right now We're only offering pre-orders of the service. So the service isn't running up just yet Pre-orders will be a three month contract for one giga hash per second One giga hash per second Okay for a three month period That's right Okay, however, when we've got the rest of the service up and running You'll be able to go from anywhere from a hundred mega hashes to two weeks to easily over 10 giga hashes for a year Okay Now how would an ordinary person who doesn't really understand this at that level? How would they be able to determine? If that's profitable or how profitable it would be and the return on investment Do you do that for them or help them figure that out? Well, there's a lot of Calculators available online. We'll eventually have one directly on our site, but for now There is one. I forget what it's called. I think it's on the A-L-L-O-S-C-O-M-P is the website They've got a bitcoin calculator on There if you type that in google, it'll be the first First one. So you type your hash rate in and mega hashes And then the exchange rate and it'll tell you roughly what your expected returns would be Where is this again this this tool? A-L-L-O-S-C-O-M-P dot com Slash bitcoin slash calculator dot php Wow, okay So we'll put that we'll put that in the show notes so that people can access it. So that's not something you created That's just something. No, no, that's just a it's an easy tool There's quite a few of these things that exist, but this one's kind of the most straightforward um So yeah, that's that's what we'll be be doing In the the short term. Okay, so they can use that tool and they can calculate So, I mean I I've seen on the forums I mean, I I don't know that much about it, but I have Scrolled through and glanced and I've seen that people have been able to create charts And I assume it's like very complex lots of numbers go into it But it includes the value of bitcoin what the value of bitcoin is at the time The cost of electricity the difficulty rate that as you know determined by the biggest loss to you Right, okay, and then you can see this this chart that where the curve goes up and Are when it's most profitable to do mining and the valleys are when it's most profitable to do To actually buy them with cash And then the second opportunity is an investment opportunity as you're calling it, which is where basically the consumer buys the machine You don't have to actually physically buy it you you actually buy it for me And then the machine lives in in your place in your your server farm And you maintain it you operate it and all that but because I own it There is uh, there is the uh, what do you call it the luck of There's not a guaranteed rate or anything like that There's the luck of the natural machine itself running and you can sell You can use my machine to slice it up and sell out contracting services Which I get 80 of the revenue for or I can just use it all for my own mining Or divide it any way thereof or I can have it all used for my own mining And I can sell I can split it up among my friends who want a piece of this So it's two different things. So people are are paying for You're either paying for a contract Or you're buying the machine. It's not both and the electricity is included in either way. Is that right? Yeah, either way whether uh, whether you're mining You know as a contract or if you're an investor either way We're paying for everything so you don't have to pay a cent more Than the initial investment Okay, that's cool. So the electricity is included either way. All right. So it's already clear in the chat room about that Basically, you're paying somebody else to do mining for you. So you don't have to bother there's two ways I'll call it method a is where you're just buying a contract Which is like a like I think of it as a time share Like a is like a time share and b is where you actually buy the apartment So a is where you're just taking a slice of it a piece of it and uh, you pay for that and then You get the revenue that comes from that and option b is where you actually buy the physical hardware And uh, you get the reward back, right? No, I'd just like to clarify something I've seen in the chat a lot of is people saying Well right now a contract if you look at the current difficulty ratio and the expected profits Isn't profitable and I'd like to say first of all that is true Um at the current rates is not profitable However, if you look again, like I said a few weeks back The price of bitcoin was going up faster than the network was so over time you'd actually end up making more profit even if you were you know Actually getting less bitcoins. So What I like to say is yes, uh, you know, it's not as profitable right now However, if you do believe that bitcoin is going to pick up and start skyrocketing like I think it is It can eventually be a lot more profitable than buying Coins and the other thing is like I said these are brand newly minted coins, which you know kind of have a bit more value to some people um Who are looking for new coins particularly Okay, so the I mean someone's asking if you Are I mean if bitcoin value is going up and up and up Would it be more profitable just to buy bitcoins or to buy a contract? Um, well you'd end up paying less for the contract than you would for buying those bitcoins, right? Often it depends what period of time it is but if a bitcoins are A while back if you decided to buy a mining contract at this price it would have been A lot cheaper to do this mining contract than to do um Actually just buying them off the market and that's where it becomes kind of Interesting is for a certain amount of time. It's more profitable for you to buy I am I mean contract But that also means that we're kind of losing money because we could have just been mining for ourselves and made more money Right, but then on the flip side of that There's other periods of times in the sort of valleys of you know the charts Like right now where it's more profitable us for us to sell contracts than to mine And I think we're going to keep going through peaks and valleys like that And uh, so yeah, I think It's just going to keep going and you have to Know if you think it's going to go up then it's a good time to invest and we'll lose some money for it And if it's going down we'll then we'll gain a bit for it And so I think it equals out in the end right so I guess it just it's your it's it is speculative And it's it depends on your prediction and What you think it's going to do with difficulty and with the cost the price of bitcoin and whether you're right or not Exactly, and the I think one thing that's really important I think I mentioned it to you yesterday is if you're really serious about investing into bitcoin I really think that you should be investing in more than one place And I think this is a great way to do that where diversify Yeah, diversify because this doesn't entirely depend on the price of bitcoin So it doesn't vary in the same way that the market does necessarily. They're very interconnected But they don't follow each other, you know at times mining will be much more profitable at times. It'll be less profitable so it's you know It's up to you to figure out when to jump in and I think a three month contract is For starting out. It's probably the best way to do that, which is why we put it at three months Because I think in the next three months we'll really see pick up in bitcoin right you limit your risk and Yeah, the other thing that you had mentioned the other day when we talked was that you're also going to be Selling mining rigs outright. So if I want to buy a mining rig and install it at home You can sell it to me. Is that another Option. Yeah, that's right. That service is going to be coming a bit later But yeah, we will be doing that. We will be selling just straight up mining rigs and So that's our third sort of Business. Wow, you've got a lot going on. I don't know how you're gonna it seems like a very complex business and It's also got a Sort of a learning curve. Well, not so much a learning curve for you guys But a teaching curve for the customer. Yeah for sure. We're really working on getting it more accessible I think at first as of now It is more targeted. Not everybody's going to be able to jump in right now But thanks to the people who jump in early We're going to be able to bring this market to a lot of people who otherwise, you know, wouldn't have any idea of what's going on Right, right. Wow It's amazing. So, um, everybody check out Bitdriller.com they're launching today right now as we speak. It's b i t Driller b i t d r i l l e r dot com bitdriller.com and if you sign up It's a sort of a what is it initial pre offering If you sign up right now, you will actually be able to get a contract for three months And you're going to get 10 off. Am I right if you use the referral code only one tv It's a long right, but you'll remember it. It's all spelled out o n l y o n e tv Is the referral code for 10 off? So that's we appreciate you doing that And we really appreciate you being on the show today and explaining everything and giving us the exclusive If you're starting a startup, you know, make if it's really really cool Make sure we get the exclusive and that way the audience knows that you'll you'll always get the latest Hot hot news about in the bitcoin world by watching um the bitcoin show here at only one tv And thank you so much thomas. We really appreciate your time Thanks and explaining this so all right. We'll have you back on again soon. Yeah, um, yes, I think you should Sorry, I'm you're cutting out Go ahead All right Yeah, so I think that's what we've got planned in the near future that services. We're going to be offering But I really want people to be looking forward to Miners market, which is going to be opening a bit later. We still have to do a lot of work on that But that's actually going to allow you To sell buy and sell contracts buy and sell mining hardware and parts Buy and sell mining software or any related services And you're going to be able to open your sort of own online store there and sell all of those things I guess kind of along the lines of ebay, but uh, you know, not as frustrating in terms of payment options and Not taking as much of your profits. So it's a mining market. Is that is that what it's called or do we have a name for it? Yeah, well right now we're calling it the miners market the mining. What? Miners market miners market. Is that the domain? Uh, no, that's actually it's part of the bitdriller overall service. There's a tab for it So part of bitdriller is going to be the miners market and that's where you'd be able to buy and sell all sorts of mining gear Is it going to be like consumers sell like ebay like it's an auction site or Um, well, I don't think we're going to be doing auctions We're going to be more like a the only buy it now portion at least when we start up Um, but that just means that anybody if you've got some mining rigs at home And you want to sell some contracts for them, but you can do that if you're looking for contracts, but Uh, maybe we're not offering the exact contract you want or maybe you want a different features that we're not offering Well, maybe somebody on the miners market is So you can just go there Basically they're specialized classifieds for miners and mining equipment Yeah, we're going to allow you to actually open a full online store there for people who have maybe a bit more volume And for people like uh all our early adopters, we're going to be uh anybody who pre-orders We really want to reward any early adopters as much as possible So we are going to be setting them up with online stores and all that for free. Nice. Nice Cool. Okay. So check it out everybody bit driller.com launching right now as we speak This is breaking news on the bitcoin show Bit driller.com. Thank you. Thomas Benoit for joining us and we're out of time and we could talk forever But we'll definitely have you back on again. I want to I want a status update in a few weeks We'll see how it how it goes. We'll be watching so everybody join us again tomorrow. They're actually monday 2 p.m. Eastern See you then All right