 what's up guys and welcome back to another live Q&A this time a little bit different because I'm gonna start off for the topic and as you can see from the title of the video and be talking about centralized crypto exchanges versus decentralized like always a little bit house cleaning you guys can hear me say yes in chat box and if you guys can see me say yes in a chat box and so let me just close some windows over here cool alright guys so let me begin talking about centralized exchanges versus decentralized exchanges there's two trains of thoughts over here so number one what is a centralized exchange centralized exchange is a company that provides access and liquidity for cryptocurrencies there are two types of centralized exchanges there are crypto only centralized exchanges and then there's fiat gateway crypto centralized exchanges such as coinbase coin square etc versus for example bitrex so for example let's say centralized exchange you go on there you connect your credit card or you can do an e-transfer or you can do a wired transfer and you wait finally your fiat gets gets there for the most part people I don't know if it's your fiat they might be using for example tether you know each exchange is different whatever it's fiat currency there and then you make a trade right you want to buy some Bitcoin one by Smith or whatever you want to do and you hold it on there and so that's a chance central exchange they act as a gatekeeper for you to buy crypto and for you to sell crypto whether that is a fiat or crypto base centralized exchange then you have a decentralized exchange which there is no middleman it's a little bit more complicated they're the technology is quite not there yet the liquidity is quite not there yet obviously there's the issue with fiat gateways because it's almost nearly impossible for you to onboard your fiat towards the decentralized exchange at least for now companies like Xero X and Kyber are working on solutions for that anyways the purpose of this video is talking about listen at the end of the day what are cryptocurrencies well in my eyes if I'm looking at Bitcoin and if I'm looking at Monero and if I'm looking at let's say Zcash and I'm focusing more or less on the decentralized open source privacy versus in my privacy coins I'm looking the fact that they are they should be censorship resistant and they should be as Satoshi Nakamoto said in his white paper peer-to-peer the keyword here is peer-to-peer right and so for me even though I love centralized exchanges meaning there are great stepping stone for people to get wet meaning to first get a little bit taste of this ecosystem like I know a lot of people they don't like Coinbase but I'm on the opposite side I think Coinbase is amazing think of how many people they have onboarded right so people always look at the negativity at the beginning but you know if it wasn't for Coinbase I don't think so have to companies would exist today I don't think so have to mark you would be here if it wasn't for Coinbase right so yes you know Coinbase has done way more net utility benefit in the ecosystem as opposed to a lot of people talk about negative utility and so I love what they've done I love what CoinSquare has done I love what most centralized exchange specifically Coinbase however what if we want to progress with Bitcoin and Monero and Zcash and if you want to control your currencies your crypto it is of utmost importance that you control your private keys and of utmost importance that you can buy Bitcoin directly vis-a-vis peer-to-peer as I mentioned earlier this is why I love local Bitcoin I think they're awesome this is well like ATMs even though I'm not the biggest fan of there's some really cool ones I'm launching some soon which will be much cheaper than others ATMs to buy crypto because you don't have to go through any middleman per se and so that's I'm quite bullish on decentralized exchanges because it it actually aligns perfectly with how crypto should be where it's a peer-to-peer transaction where if I want to buy Bitcoin I can go on there with ether with Zcash with Monero with whatever token I have or crypto and I can say hey I want to buy Bitcoin for X I'm putting a buy order out there there's gonna be relays out there there's gonna be independent order bookkeepers out there then there's gonna be sellers of the crypto and so seller comes around but yeah I'm gonna fill that order for you I buy from him for whatever cost maybe say even like 0.1 point two percent way cheaper than centralized exchange is a charge like four to five percent for transaction fees which to make a killing that's your business model but this is where we need to go because for crypto currencies specifically the utility of it the safety of it the control of it needs to be in the control of you you need to control your private keys you need to have the option and I'm just a option I say with a plural optionality of different resources for you to buy crypto from individual or individuals and so where I think where we're gonna see in the future is where more and more decentralized exchanges go online with mainnet and more I would say players go in there not just liquidity I'm what I mean by players on buyers and sellers and relayers and nodes and order books etc and more and more interoperability with atomic swaps meaning I can literally in real time switch from ether to Bitcoin for free when we see that we will see it actually decline in profitability of centralized exchanges my prediction is more or less centralized exchange will be used for maybe retail and institutional investors and maybe mom and pop a majority of the crypto space will flow into decentralized exchanges for a couple of reasons as I mentioned number one it stays true to what cryptocurrency is meant to be in number two just based on money you know osmosis as I like to say why should I pay four to five percent and go through a gatekeeper when I can pay almost nothing or maybe even point one of a percent to get my crypto that's from a person to person and above all most important I keep my private keys I control my Bitcoin not somebody else right we don't want to monk gox again we don't want the government having backdoor in these exchanges and all sudden your crypto is gone you want to control your crypto so the future and this is why Benance in fact is building a decentralized exchange because you know their business model in the super super long run it's going to decrease and that's my prediction is saying the last year or so is like it's a race to the bottom with these big centralized exchanges they know it with us to atomic swaps and decentralized exchanges it's going to completely change the game so that's my quick rant about centralized versus decentralized we need decentralization you need to hold your private keys you know where's my little guy I don't care if you have a keep key a ledger a treasure but keep your private keys if you don't control your private keys you don't control your crypto I'm gonna repeat that again and if you're looking for this there's a link below this video where you can get the ledger if you don't control your private keys you do not control your crypto and now I'm going to switch it over to an AMA so if you guys have any questions for me in the chat box like always please put your questions and I'll take a look at them okay okay from dry dessert Komodo were the first with the atomic swaps I think the first time I heard it was actually with Charlie Lee with litecoin and decreed I believe I don't know if it's decreed I may be mistaken most would Charlie Lee litecoin to something but yeah atomic swaps I'm super bullish on them I can't wait you know creating a smart contract bridge between one chain to the next right in the bridge acts like an escrow so if I have an ether here I can put it over here it's an escrow while the next coin comes over then that would be burnt and then I'll get that over in real time it's awesome okay from a new pump a new Pam what do I think about exchanges which are built on eos actually don't know any I would say daps or whatever you want to call them being built on eos eos isn't even on mainnet yet until what sometime in June so I'm quite in dark of eos I have no comments or I don't have any opinion because I'm not educated on it but what I am I will tell you I mean what's your opinion asexually be concerned with centralization bit man haha look what I have in front of me so if you guys haven't read this article and this is a question from Israel it's by David Warwick go in medium and type in the state of cryptocurrency mining it's a fucking must read I mean I'm gonna read this couple times already knew this like even majority of algorithms to say they are asic-resistant they're not per se the hard work in bypass their software patches and so read this please read this by David Warwick the state of cryptocurrency mining from Luke Townley it's all very well having your own private key but have you really got monetary sovereignty if you don't run your own note well there's a complete difference what kind of node are you running are you running a full Bitcoin node are you running a full Ethereum node like what it is right now to even download a full Bitcoin Bitcoin size I didn't know how many what the size of it right now where the where is it it's 150 gigabytes right now or even more this is December it's like 160 gigabytes right now to download full node you could download your node but then again if someone breaks into your house and grabs your computer then what or grabs your server you know for the regular people for the most part and also depends on like your situation but for me I would have not just a cold storage like this I would have a symmetrical system where you have multi-six right where you have if you need multiple devices together to access everything so even if you lose one or two or let's say something happens to you all pieces must be there whether that is through private key seed phrases or devices to access the total amount so in the future crypto it's only going to be about asymmetrical attacks versus symmetrical tack meaning point of failures it's going to be really bad if someone just needs to get your password to access all your crypto or if somebody just gets your ledger and tells you give me your fucking password and get all your crypto that's bad so multi signatures is a must from estopa in a decentralized exchange that's going to be just between crypto pairs no fiat you think that we you think that we first have to tokenize a world before the step no 0x is live right now and decentralized exchange doesn't mean no fiat there is going to be a fiat gateway the fiat gateway there will be an independent gateway as opposed to bank or visa like you as an individual can become a fiat gateway Poloniax is centralized or decentralized this is from PIME Datto Poloniax is centralized and pretty sure who bought Poloniax this year four hundred million dollars yeah circle circle bought Poloniax in February for four hundred million dollars so now circle owns it smart move on them that's actually brilliant move oh my god so awesome from Negan what do I think about Zcash to Gemini is this a good thing for crypto I read in different places the catch is not provide the best privacy I think the more adoption is a great thing so it's not looking at just the snapshot of the story or the snapshot of if Zcash is going to Gemini you need to take a broader view of everything so looking at net utility benefit to the the greater ecosystem so what's gonna happen more people are exposed to Zcash more people will put into Zcash more people will understand what it is so when I'm looking at this I'm looking at net utility benefit in ecosystem the more people involved in the space especially specifically for privacy currencies and all people have different opinions on you know the ceremony of Zcash is the safer is it not with Zcash Snarks versus Manero with ring signatures I'm not even talking about that right now all I give a fuck about is actually more eyeballs are now exposed to privacy coins which is better in the long run this is from Aldo Villa Mila I need to learn programming yeah learn programming there's a bunch of free courses online for like Java JavaScript go Python etc go for it and then if you want to learn some blockchain go to BlockGeeks.com from Luke Tanley is Rootstock or EOS a theorem killer no because there is no theorem killer there's no absolutes even in business there is no X killer especially in this space where you have monetary value attached to businesses that's liquid it's not just money it's what is EOS doing to attract developers and why are developers going to program an EOS as opposed to Ethereum why do dApps make more sense on EOS and in general why do you mean dApps make sense I think for the most part in the short term not long term but in the short term dApps make no sense they're not they don't give me a you they don't give you a unique value proposition over regular businesses and so is a theorem killer no we're so early in the space so early in the space I I will personally say none of those are theorem killers they're all maybe actually beneficial to each other to see how they coordinate and correspond in this more more less open source ecosystem hourglass I mean how much DMT did I take before this livestream not enough from Ben Smith hey Amir what do you think will thrive more decentralized or centralized ICOs exchange in the future I hope I don't like the word I hope I would like to at least commit and and contribute and we are me my team and myself decentralized I think centralized obviously plays an important role of them a lot in the space but I think in the future for crypto to survive and for the cripples true purpose I think about it's an oxymoron like I need to go through gatekeepers to buy a decentralized open source coin makes no fucking sense in my head and so yes I'm very bullish on decentralized exchanges from dry desert I assume privacy coins will be eventually outlawed who knows maybe Bitcoin I think is outlawed in Venezuela Sino you know cryptography was outlawed in 70s it was illegal to do to export cryptographic code and they used to export it from t-shirts in the airport they'd actually print the code on the shirt from time a haul like Amir went back and watch a ton of your old videos I'm working towards better sleep and the one thing this week thank you for the service bro awesome man you actually get back into more biohacking videos Israel do I actually trade crypto no I don't trade I probably have four or five positions I've been holding for years and continue holding what do I think I'm a daffodil this is stuff 84 daffodil and cratum cratum I use a couple of times my daffodil views a bunch it all depends on your biochemistry your genetics and why are you using it those are last resort you should first fix your diet you should first fix your sleep you should first fix your stress meaning reduce your stress like seeps a big one I can't stress I mean people don't fuck asleep properties fucked up Luke Townley Amir do I follow K non I hope I pronounce that correctly with a Q as a K no I don't know he or she or they or what who or they came on is crypto nance what are your thoughts on polymath have you met the team since you're also I know polymath well I don't travel before the crypto days yeah they're company doing its thing I have no opinion about them I'm not into security token so I can't really say much this is from Eugene thoughts on Neo smart ecosystem their dapps actually look promising as opposed to theorems white paper or vaporware Neo I don't know as I heard you only have eight nodes running or something like that probably gonna be bullish for Neo for the Chinese market I guess that's what they're going for I haven't personally looked deep into Neo I don't know who runs Neo I don't know what their value prop is over anybody else but like I said the more players you have in this space the more developers building on all these platforms the more experiments we have the more feedback we have the more feedback we have the more knowledge we have the more knowledge we have the faster we grow and the more securely we grow so it's good crypto I see but what about all the hype being generated in the whole security tokens is blockheeks looking to maybe doing more research in security tokens on blockheeks you might do a guide but we just focus on training devs you know not into finances or any of that shit Stofa what do I think my real world asset token installation the only thing that I like currently that's actually solid legitimate fucking problem is fractional ownership of real estate I'm in real estate for investing like actually owning something for whether it's a multi phone multi-home unit whether it's any form whether it's land but I give you I'll give you an example you know in Toronto the average home is about 20 mil 20 I was gonna say 20% the average home in Toronto is a million dollars actually won't find a home cheaper in Toronto than a million dollars like that's a cheapest and so for you to buy that million dollar home you need 20% that means $200,000 I don't know about you but I don't know too many people walking around $2200 or $200,000 in a pocket and so this prices out a lot of people that means you gotta leave outside of Toronto etc to buy a home underneath a million so they can put 5% like 20k 30k which is doable for them but in Toronto 200k like no one's fucking rock walk around the cash so imagine like a group of five of us like okay well we're not gonna buy a house in Toronto but we want to invest in this like apartment unit or whatever maybe we know for a fact statistically speaking this neighborhood property has been going up like 12-14% per year compounded so it's a great bet against inflation and issues in the market and so here's an opportunity for Jane and Joan that doesn't have to be accredited investors which I think accredited investors is fucking retarded that's how I think like the whole security tokens like hey if you're gonna make security tokens in the future fuck the accreditation like if you have to be a credit investor then it defeats a whole fucking purpose of crypto in the first place so fuck that shit and so going back to the tokenization of real estate now you and I like hey man only got 3k but I want to invest 3k in this $2 million property and get my .2% of equity in it and where the power now comes in is you have liquidity so you can have clauses where it's like okay you can invest in you must hold for six to seven months now after six to seven months you have liquidity if you want to sell the value the property has gone up you can sell to your existing equity partners within that real estate whether it's a house or land whatever so gives accessibility and democratization and to people who would necessarily not have access to this and also gives accessibility and liquidation to cash that would be tied into capital the cash would be tied in the capital and the only way to actually redeem that capital would be selling the whole property now you can actually sell pieces of the property to your fellow equity stakeholders and imagine having this all on a decentralized platform run by smart contracts where deeds are actually transferred over from person to person fucking awesome um 1 million could buy 10 to 15 apartments in Argentina but it could I bet it could but that's the price and still Toronto compared to New York and San Francisco we're fucking dirt cheap I mean dirt cheap compared to San Fran in New York did you see the bankers against Bitcoin I did I tweeted that that was awesome so it was hired actors by disorganization I forget the name of them it was great good on them I love it from Hamid Hemet I live in San Francisco you're right yeah San Fran's fucking expensive man like if you do a google search right now square foot cost sand friend I don't know square foot cost price this is old let me see it's a thousand a square foot and I think Toronto's like 400 only or something yeah that's old I think San Francisco's like two three thousand and a thousand it's in Toronto yeah it's like triple do I know any tokens related to property thing you just talked about no because these tokens are not these tokens would be a regular lease for now would be a regulated token I guess I think these tokens are not liquid on fucking exchanges you're not just changing equity on fucking exchanges these tokens be locked that's the whole point of equity in the house or property in general Luke Townley censorship resistant money is a problem the crypto is solving what are the big problems are out there the crypto can realistically fix governance new ways of actually voting it's really interesting with a token model for voting not actually for speculating I think a lot of these speculation tokens will be gone and within a year or two or I'll say two three years but governance tokens are very fascinating things privacy and privacy same word with different different English language that is that is really important so controlling our speech you know more and more as you see what's happening social media censorship is happening political systems are coming but obviously there's a dark side I mentioned this earlier for example if you we do have censorship resistant social media platforms you know how do you stop sex trafficking you know how do you stop all these other issues and this is where you have self-governance with tokens coming like I think it's really hard to predict what's going to happen in the future but privacy identity and still the most important is a peer-to-peer currency that we can use that's fast cheap and reliable and stable hourglass I think most people are under looking the Asian market let's not forget fucking Samsung came from South Korea and China makes most of the U.S. goods you an icon will soar oh no doubt about that you know we're gonna have geographical I want to say winners but same thing in business you know geographical domination in certain areas always knew what actually makes a token more valuable in your opinion well one what the fuck's the purpose of the token majority's tokens are just there to do nothing they're utility tokens and so they're forcing me to buy their tokens just enter their ecosystem so I'm not going to use your token what makes token valuable is a intricate part of the ecosystem meaning and this is being honest with yourself and honest with the platform that you think needs a token if you take their token out of their system and 99% of them don't need a token and so you can ask yourself this question if you take their token other system does your system still work and 99% of time is yes it still works so there's no need for a token so tokens uh function in governance staking curation markets are interesting tokens majority of tokens you see today are payment tokens or utility tokens where they they call it utility it's not really a fucking utility they call it but it's not they're just a way to raise money that the token actually has no purpose legitimately and even Chris Berniske I was just watching his uh consensus video I was not Chris it was uh no Chris tweeted it it wasn't Chris there's somebody else a consensus right now was talking about the fact that it's doubling down on governance tokens Luke Townley how likely do you believe bitcoin has become the world's reserve asset I don't know it's hard to tell it's really hard to tell I'm not too sure big I you know I'm very bullish on bitcoin I want bitcoin to win and I want I don't want bitcoin to just be an asset I want bitcoin to be a currency I want bitcoin to be an immeasurable ledger uh that has censorship resistance that I can use to to operate in a free speech manner from people around the world from Russ how early are we in crypto advancement can you compare yeah I would say like we're in the 90s internet like Netscape times but we're exponentially faster because back then the internet didn't really exist and we're still back then you're still building it now we actually have the backbone of the internet so it's exponential effects right now yes this is from uh this is from our buddy Jeff who said this a new buff I'm sorry from a new buff sorry man if I've butchered your name but this is from our buddy Jeff who uh he said friends don't let friends create useless tokens this is from Edcon it's true friends don't let friends create useless garbage idiotic fucking tokens because that's what they are and remember I'm not I'm not hating on all the tokens I do believe some are really fucking good and have amazing teams but the majority of them out there are just like like baffles me people actually give people money I'm like what the fuck all right guys that's it I'm calling the day thank you so much for being on here listening to my crazy ass I'll see you guys in a bit peace and adios