 This is St. Tech, Hawaii, Community Matters. Hey, hello, hon. How you doing? Welcome to Hibachi Talk. Gorda, the techs are here. Here with my good old buddy, Andrew the security guy. Andrew the security guy. I'm back. You weren't even here last week. We're glad to be here. The vacation is over. Vacation. I was working. Oh, yeah. Well, you've been gone for a long time. Holidays, as they say in Canada. You were on holidays. Those are holidays. And how's our favorite Canadian fans? Oh, the fans. Hamish and McGullible. Ivor McGullible. Ivor McGullible. Ivor McGullible are doing just fine. So grab yourself a live-action, pull up a chair, and join us. We have no guests today because we're going to be talking about my favorite, one of my favorite subjects. WTF? What the F? WTF? Cryptocurrencies and in particular Bitcoin because a lot's happened in that space right now. Yeah, I got to get back in the market. You need to come back in the market. This WTF stands for why the fork. Why the fork? What's the fork? Okay. And when was the fork? Well, fork you all and let's sit down here and we'll figure out what we're going to do when we talk about cryptocurrencies and Bitcoin. Right on. Do you have a security minute today as well? I didn't prepare myself. Okay. I always have security minutes. You know me. And in this exercise today, and we're going to do it in the second half of the show, as they have to watch the first half of the show, I'm going to give you real-time live a portion of the Bitcoin today. Yeah. You heard that. I'm getting some free Bitcoin. That's how you get in the game. That's about $2,700. If any of you get down here quick enough, we'll all give you some too, you know. So we're going to... How many you got in there, man? I'm a happy little camper. So anyway, we're going to talk about the fork and what happened in the end. Yeah, explain that. So, but let me go back just a little bit because... But it's a great question. Because not everybody even knows. So give us a... For those of you that may not have seen my first show on cryptocurrencies... Everybody did. I know. Oh, the hits are like... It's got like 8,000 hits. So I explained the blockchain and how the blockchain was used to track all the Bitcoin transactions. And so the Bitcoin is a 1 million character or 1 million byte stream of data that is used to track and authenticate the transactions that goes on. Well, what's happened is, and I'm going to put this in real-life person's terms, what's happened is that transactions are supposed to be accounted for like that very quickly. But there's so much going on now that that blockchain is not processing the transactions like that. They're taking upwards of a couple of minutes. So for the miners and those that are involved in keeping this thing working, which is global, that's not fast enough. So there was a lots of dispute and debate on what was the best way to improve the speed of the transactions. Because people want their money. Well, they want it to happen quickly and they want it to happen at a reasonable cost. That's true. It does need to be... Yeah, because they're not paying for the transaction fee right now. Yeah. Or they're paying a very, very little... Or they're paying a very, very little... ...prepared to like. So speed is money. Speed is money. That's how I look at it. That's business. So there's a couple of trains of thought. One was you break that blockchain into two blocks. And my simple analysis on that is, so you can process the two blocks concurrently to speed up the transaction. Or the other one was, make the blockchain bigger, 8 meg is the number, so that can hold more data and you can process it faster that way. So on August the 1st, what the fork? So on August the 1st, it was announced that something would happen with Bitcoin when it came to the fork. Now it had already moved towards the separate blocks, the two separate blocks. But there was this desire on a large organization and groups of miners who wanted to create a larger blockchain. So what this essentially would do if this was to take off, would give you more Bitcoin. Like double the amount. Double the number of Bitcoins, but who knows the value. But half the value. Don't even... It's like a split. It's demand-based. It's like a stock split. But usually when a stock split happens, a dollar splits, you get two for one and it's 50 cents, 50 cents. In this case, no one knows what the value of that Bitcoin split would be. Could be. It's called Bitcoin Cash. Bitcoin Cash is the new one. That's the new split. Yeah, BCH if you look it up. So no one knew whether this would take off, when it would take off, because it was going to get launched by the miners and get launched. So on August 1st at 12 something, UTC, the launch occurred and then everybody's sitting watching to see when the first transaction will get authenticated on the new block. So now you're sitting on... Are these miners, the same miners, are now handling transactions for both? Both. So they're in early? So they're in early? In early. And it's a very interesting amount of discussion and there's all kinds of debate and I don't pick any side of whether they should have gone with the segwit, which was the split or with the 8 meg block. I'm not going to get and pick one side or the other because I'm not smart enough. I'm really not smart enough to say which one is better than the other. So it's like... Loan. Loan and behold. So anyway, so on August 1st, I'm up at UTC, 12-10, watch the fork, what the fork? Nothing happens. Right? Nothing. I'm sitting there and nothing is happening. So that's not good. Or maybe it's good for Bitcoin, but not for cash. Again, lack of understanding, well it takes transactions, right? Some transactions have to occur, have to occur. There was lots of websites, live websites, live fork parties. Fork parties. There was fork parties. What the fork party? What the fork parties. There was what the fork parties and there was all kinds of stuff going on all over the globe and blogs, live blogs, people talking about what's happening. Wow. And finally one hit. There's about seven hours into the switch and around that. So transaction has been noticed up on the web because you can track all these transactions that are going on. Sure. These ones. Okay, here's one. Okay, then that creates another one. So now the momentum starts. And this is the transfer of volume of Bitcoin cash. It's actually essentially the creation of a new form of Bitcoin. So there's no transfer, great question. So when the transactions start happening though? Those are new transactions using the new blockchain, which is in fact a new form of Bitcoin. So it was just like one? Or were there an equivalent amount when they split? I guess I'm not clear on the volume of it. Yes, there is. So let's just say there were a million Bitcoin, now there are a million. 16 million Bitcoin. Okay. And 16 million Bitcoin cash. Bitcoin cash. But no one knew if they're worth anything until we transacted. Until we, exactly. You nailed it. I got it. Great. No wonder we don't need a guess. So if there's demand for them. If I want some. Yes. All right. And so the first transaction was cheapest? Who knows? Who knows? It's all speculative. It's all speculative. But you know, right now Bitcoin cash is the number third, number three market cap transacted. So it took seven hours for the first one? Seven hours for the first transaction. To show up. And then the transaction started. Started to pile in. And this is the reporting of them. They had occurred already. They had occurred. Somewhere, but they have to get posted on the board. So here's the interesting thing. So now we'll just back up a little bit because this occurred. But I'm sitting on Bitcoin and I have them in different locations. I have them in a wallet, which I'm going to move some to you. I have them in exchanges. So what happened is the exchanges, at least the ones I was involved with, all said that when August 1 comes along for a certain period of time before August 1 and a certain period of time after August 1, we're not going to allow any exchanges because we don't know what's going to happen. Any transactions. Any transactions. On Bitcoin. On Bitcoin. Okay. So I could use Ethereum. I could do Ethereum. But they didn't want to. But they didn't want to mess around. The volatility. The volatility could get hacked because you're splitting the keys. Your private key could get divulged. So there was a big concern on that. So a lot of us move stuff into private wallets. I left a little bit in the exchange because I wanted to see what was going to happen. Because they just said, well, what's the difference going to be? And so on. And just watched over time. Yeah. Because it has an, have any of the other ones ever split? Let me ask you that question. Has there been another fork? Not necessarily a fork, but a similar type of litecoin. So there's Bitcoin and there's litecoin, which was created for the same, similar reason, make the transactions faster. So litecoin is another form of bitcoin that's out there that was created to establish faster transaction processing. And did it, and it's forked in its lifetime? It didn't fork. I wasn't there when it happened. We'll just say it was another kind of split. Okay. I'll just call it from Bitcoin. Oh, I got you. It's okay. So I'm looking at my phone here because I want to just see what's happening. Because litecoin is still one of the ones that's, it's still very much in the hunt of what's going on. But it's the number, so litecoin now is the one, two, three, four, fifth largest cryptocurrency in the market today trading at about $42 a litecoin. Okay. Not bad. Well, I mean, since the inception of Bitcoin itself started in the 2009, half a penny or a penny or whatever it was, the volume, the value is very low. The value is very low. So this litecoin's done amazing. So it's done, like it's done amazing. So I'm just looking here, Bitcoin cash now is at $414. Seriously. So when, so the split was August one. That was yesterday, dude. That was yesterday. And so as of this right now, Bitcoin cash is trading at $500. I want you to give me some of that pretty soon because by the time the show is over, it might be $500. So here's what's interesting. So two of my exchanges announced that when the Bitcoin fork would happen, they would accept it. Afterwards. The new currency. The new currency. They would accept it. And so you would get an equivalent number of Bitcoin cash coins, not dollar value but coins. So if I had five Bitcoin or whatever your volume of Bitcoin, on August one, you got an equal number. So in August three or four or whatever, I'll get five more Bitcoin cash. So now I have 10. So it's for no charge. For no charge. Well, that's interesting. It's just creating currency, but the value is from the demand. I got to remember what creates the value for it. So here we go. My brain don't work that well. It's tough. My brain don't work that way. So here I'm sitting now on and my third exchange just sent me an email about a half an hour ago saying you were wondering what we're going to do. We've announced that on August 4th, for everything that you had in your Bitcoin account on August 1st, at the time of the fork, we're going to give you an equivalent number of Bitcoin cash. And so is that, will it be value based? So let me ask you a question. So for example, if you had $1,000 worth of Bitcoin, and let's say that's one, and let's just say, for example, that Bitcoin cash was worth $500, would you get two Bitcoins, two Bitcoin cashes? No, you'd get one Bitcoin cash. So one to one. One to one. Not the dollar. Or the, gotcha. Okay. So if it was a thousand. Interesting. Yeah, so that leaves it, that's interesting because it keeps that speculative piece in there. Could be not worth much, or it could be worth whatever the demand become. I had no idea. So I had no idea. You could like double your money. Well, how about you go 50%, 50% percent. Yeah. That's crazy. Or 25%. Yeah. Or whatever. Or 10%. But now you're sitting on this thing that's still new, and how fast, or can I move it to fiat currency? Yeah. Like to setting real money. Yeah, yeah. So how fast can that happen? Oh, so is that still to be determined? Well, it's still to be. It's taking it out of the Bitcoin Cash environment. There's billions of dollars for the B in market cap in Bitcoin Cash already in a couple of days. Really? In two days. It didn't even been two days. It's been two days. It's been a half. We're in Hawaii. We're in Hawaii. Wow. And I know this is like mind boggling, right? Well, it's value creation from nothing other than demand. Supply and demand. And so now I can convert, well, I will be able to take my Bitcoin Cash and convert it to Bitcoin. Bitcoins. Which is Bitcoin. Would be smarter or not. Which might not be a bad idea. But it might. It's hard to say. It depends. It depends on your investment, right? Whether it goes up and down or whatever. And so there's the other. Ethereum. Can you convert Ethereum to Bitcoin as well? Yes. And I can do Bitcoin to Ethereum. So when this comes out, who likes what? Could be. I mean, if everybody decided to use Ethereum, then the other ones would be valueless and the Ethereum would be valueless. But the whole world would move. But it's like I'm going to buy yen versus rupees or whatever or pay sales or whatever. It's whatever you want to go. And it started with no cash. Some people have bought it. Well, the investors invested. There was an initial investment. Oh yeah, there's always been an initial investment. Of how much? Do you know? Millions. In Bitcoin. To create it. Yeah, because you had to come up with a base cash. I see. Where'd that go? It's like this. Into the ether. Lots of it. And I don't know how they taxed it. Anyway, we're getting, and I love this conversation because it's two people that are not experts in it. I'm learning. But we're learning about the whole thing and how it works. Anyway, Gordo the tech star here, Andrew the security guy. We're talking about what the fork and what's been happening with Bitcoin over the past couple of days. We'll be back in a minute. With Angus. You're watching think tech Hawaii, which dreams live on thinktechhoai.com, uploads to YouTube and broadcasts on cable OC 16 and a Lullo 54. Great content for Hawaii from think tech. Aloha, my name is Raya Salter, and I'm the host of Power Up Hawaii, which you can see live from one to one 30 every Tuesday at thinktechhoai.com and then later on YouTube. I am an energy attorney, clean energy advocate and community outreach specialist. And on Power Up Hawaii, we come together to talk about how can Hawaii walk towards a clean, renewable and just energy future. To do that, we talk to stakeholders all over the spectrum from clean energy technology folks to community groups to politicians to regulators to the utility. So please join us Tuesdays at one o'clock for us. Hey, welcome back to think tech Hawaii. This is Hibachi Talk and today me, the tech czar, and Angus is here off the beach and we are talking about what the fork cryptocurrency. What's up, Angus? How are you, buddy? It's awesome. What did you bring some gadgets for us today? Let me fix your tie a little bit. No, no, I haven't traveled. I missed you, man. I was in Canada. You guys travel a lot. Yes, I'm a gullible in the forklift. And how are they? They're doing just fine. I think they're watching today. We're giving a shout out. We had a few beers. Oh, I bet you did. You have a few beers everywhere you go. Hey, so, Drew, I'm going to leave it pissed off at you right now. What for? Yeah, because I just understand that my favorite gadget of the week, Kopey, is a Kopey wallet. I keep my cryptocurrencies on my Kopey wallet. Yeah. And I understand that Glendon is going to give you a Bitcoin on your Kopey wallet. Well, that's what I understand. You never gave me any. But don't be mad at me. You're a cheap son of a gun. Well, you never gave me any. But we're related. Anyway, it's going to give me a few Bitcoins. It's going to tell you what you're going to do. Next time you're going to give me a few Bitcoins. Yeah, we'll swap them around. Okay, good idea. That's what you should do is share my things. That's a great idea, lad. Yeah. Let your share. Let your share. Okay, that's all I got for my gadget of the week. And I say it every show. Let your Bitcoin game free when I air your beat. Hello? Angus Wilson, Kopey. Hey, if you want to make a donation to Think Tech CoI, send Angus some Bitcoin. I'm sure he'll distribute it fairly, amicably, whatever the word. And whatever we'll do. We'll put Angus's public key up online at the beginning of every show. And you can scan and donate some Bitcoin. Yeah, sending him a tenth of a Bitcoin. Yes, going to be fun. I hope he got out. All right, we're talking cryptocurrency today. Cryptocurrency. Cryptocurrency. Cryptocurrency. Cryptocurrency. Cryptocurrency. Cryptocurrency today. Cryptocurrency, the fork of Bitcoin and what's happening in the industry. And, you know, a couple of weeks ago we had Russell Kossig-Narrow on and he talked about, you know, the three different ways you can get Bitcoin. One is you can do a transfer like we're going to do in a minute. Okay. You can go to an exchange or you can go to an ATM machine and there used to be one and there may still be one at the coin shop up on Bishop Street. I've got to go up there and check. And you can put money in. You can put money in and get a key. And you close your, it shows you something. Something. Something you're going to do. Yeah. So, we're going to show, so... So, if you want to know how to get some Bitcoin, find Gordo. Horace gives it away. Actually, there's, if there's websites and I don't necessarily encourage this. There's websites where actually there's people on websites, like Craigslist saying, I've got some Bitcoin for sale. I'll sell them to you. For cash. For cash. And then you do a funds transfer from your PayPal account and then they'll send you, but you're dealing with individuals. Why would you do that? Well, because you don't know how to get Bitcoin. Oh. Or you don't know anyone. Well, we know, we know on Hibachi Talk, you can get it from Gordo. This is the trick. But you can't get it from Angel. Anyway, I'm going to move this out of the way. So, anyway, I don't know if you can see this, but right here, here's my iPhone. Let me put mine in receive mode. Okay. And this is mine. This is my key. I'm going to send Andrew some Bitcoin. So, you can see there's Andrew's key and here's my key. And we're going to send Andrew some Bitcoin. So, all I'm going to do is I'm going to send. This is how you get paid on Hibachi Talk. I'm going to send Andrew. So, I'm going to look at, I'm going to scan his key right now. Okay. Just scan it. I did it that fast. Yeah. And I'm going to send you .005. .005 of a Bitcoin. So, I'm going to send you .005 of a Bitcoin. I'm going to do that right now. Sending it. I'm going to slide the transaction over. And it's creating the transaction right now. It says the transaction has now been created. That's awesome. Payment sent. I'll say okay. And within a few seconds, you should be getting... There it is. So, right in that period of time, I sent Andrew. .005 Bitcoin. Yeah. I sent him .005 Bitcoin. And this is actually worth about $13, we think. Yeah. Well, we have to go back and see what the market is. So, try to transfer that kind of money using a bank. Yeah. How long does that take you? Oh, yeah. I'll be a nightmare. And I just picked that dollar amount. I could send him $1,000, $10,000. It probably cost me less than a dollar to send him this. And if it was $1,000, it was the same amount. Yeah. Last week, he showed us the transaction fee for the one that you got. He sent you like $0.50 or something. Yeah. And then that transaction fee was like .00012. So, .005 right now is $13.40 US. Thank you. So, you have enough to pay for your parking. I'll just take you out for a live-action. Yeah. Yeah. That'll cover up for your parking. But I don't know if my parking attendant will take Bitcoin. But they should. But they should. See? That's how easy that was. Because imagine you have to put the Visa card in there. So, I imagine... It's not that I don't like Visa. Yeah. Well, guess what? I just ordered a Bitcoin Visa card. Is it have lower transaction fees? Or is Visa does Bitcoin? Well, this is a Visa... How's this work? Yeah. How's this work? And I just ordered it. I'm going to get it in seven days. I loaded it up with Bitcoin and equivalent US dollars. I will now take that debit card and be able to go to anywhere like it was my debit card. The dollar amount on it is actually Bitcoin. Right, right. But... And I'll scan it in. And whatever the value of Bitcoin is at that point in time of the transaction is what the retailer will get credit in US cash. Wow. From my... So, there's a lot happening there. Bit... How's that... So, who owns... Is that an exchange that owns that? Or a service? So, it's an organization and a group called Uphold, which is another... You can go to Uphold. Uphold, okay. Uphold. And Russell talked about that on the show. Yeah, that's pretty smart. Yeah. So, I actually have that app for my business and my app for myself. So, if someone wanted to pay me in Bitcoin... Any client wants to pay me for services in Bitcoin, I give them a 10% discount. That's awesome. So, if you're going to pay me in cryptocurrency, you get a 10% discount on your bill. You heard it right here. Right then and there. You can get the man. Get the man. So, because I'm willing to play that opportunity, right? Yeah, yeah. And so, remember, Russell was talking about Wampum, which is the name of this company. They're going out and starting to move into retail stores. Yeah, he's trying to get POS systems that convert to systems that would use a card like the one you're going to have. Yeah, the one I'm going to have. Or this. Or even better. Can you imagine when we talked about parking? So, I imagine if I could drop off to the parking station and it said, oh, we accept Bitcoin here and I hit the button and their key comes up. And I go like this. Yeah. And out I go. And go. Done. And I'll put the ticket and put the card and all the things. I guess they might still need the ticket, but... Still need the ticket on what's going to go on. Yeah, yeah. But, I mean, so this is an example of how you and I just did a financial transaction with no third party. And look how easy. No bank. And totally ledger. Maybe we should talk about the ledger a little bit. So the ledger is the blockchain. Yeah. And so this transaction is defined. It can't be faked. It can't be owned. The volume of it, when it occurred, all that stuff is handled by this ledger. And the ledger is publicly available for anyone to look at any time to see. They could see this transaction of ours on these ledgers, right? Right. That are certain exchanges support ledger viewing or whatever. I remember him talking about that. I don't... So let me just go and check and see. Where is the Bitcoin ledger? Is it like on Google? Can you Google Bitcoin ledger? Yeah, there is. There's a... Go back and look at our other show. We mentioned one of the websites you can go to. Okay. And it shows all the transactions that are going on. I should have filled up. Millions, I mean, I'm sure. But nonetheless, we can find it. So remember, we talked about the first half of the show, the dilemma about... It takes long for the Bitcoin transaction to get authenticated. Okay. And why the blockchain... Okay. We go to the two blockchains or the one. So here's what it says on yours. Even though you've got the cryptocurrency in your wallet, and mine says confirmation, it's still unconfirmed. Okay. So the mining... It takes time. It takes time. Lo and behold, the reason why they wanted... What, the fork? Why they wanted... Do you throw your glasses on the ground? No, I'm not that world. The reason for the fork was they want this to not have to be waiting this long. Yeah, yeah. It's supposed to be happening at this point in time. Because transactions, especially financial transactions, need to be able to be done at speed. If you're ever going to buy a stock or something like that, you've got to be able to... Okay. There's a whole thing in this copay wallet that's called view the blockchain. So you can actually view the blockchain. It's insight. It's called insight. And you can go into insight. And it shows you actually the transaction as it's sitting out there on the web waiting to be processed. And that transaction cost me 0.00132 of a bitcoin. Whatever hell that would be. But anyway, so that transaction is still pending waiting for a miner to authenticate it. Okay. And multiple miners... Do they did to do authentication or is it just like... First in, first out... FIFO, okay. And if you... Let me talk about this in one of my earlier shows. The miner that authenticates it also gets rewarded with... A little piece. A little piece. Oh, he gets some of that point. Some of that... You'll get that fee. And so he gets the fee. And so... Are there miners here? You know, there may be, but the big miners now are North Korea, interesting. And China. Interesting. They have got data centers that do nothing but crank to authenticate these transactions because they get a piece of them. It's a way to generate revenue. Can anybody do it? Well, it used to be easier earlier on. I could set up a mining computer and it would do it. But now, because of the big guys and the processing power they've got in there, they're beating us to the punch because we're small. We can't look at all these transactions that are going on and authenticate them as fast as they can. They've got the processing power. Yeah. But how's the... Do they just get round robin? I mean, I don't understand how they... No, it's like first in, first out. Whoever saw this transaction first, not necessarily saw it, they all saw this transaction, whoever's mining saw this transaction. Now, whoever verifies it, which is called hashing first, they got to hash it. Whoever verifies it, hashes it first, is the one that authenticates that transaction. And then from that transaction creates another transaction, which also has to be authenticated. We need to get a couple of them old craze, man, out of the basement. You bring, do something and have them crank up. But there's mining pools now where you can go become a member of a mining pool. Okay. I hope that... So they're consolidating... It reminds me of... Remember when we used to... The guys that used to listen for UFOs, everybody shared? Yeah. That's what it reminds me of a little bit, like that kind of idea. But it sounds like some people are taking it over, right? They're not allowing the transaction to trickle down to the little guy. Well, they want to do it first. Yeah. It's in there. The big guys, the powerful guys are in there. So it's going to be interesting. So right now, 300,000 retailers in Japan take Bitcoin. 300,000 retailers. And Amazon takes it? Amazon takes it. And they do it through a gift card. And does Apple? Yep. Microsoft. Microsoft. Walmart. Kmart. There you go. Costco. Depending where you live. Costco. All kinds of... Remax London for real estate deals. And almost anyone would take this card that you're getting, because it's actually like a cash card. It's a cash card. But it's just funded with Bitcoin. Funded with Bitcoin. So you got it, right? Do you think our viewers can... Well, I got a little bit. Yeah. I got to get started. Anyway, so this is Andrew and I having this conversation about Bitcoin cryptocurrency and what's happening in the market. What I find interesting is that I'm having these conversations all over town. There's not that many people, maybe around less than 10 million people worldwide that are still in this business. It could be more after this weekend, but who knows. In Bitcoin? In Bitcoin. Cryptocurrency. All combined. That's what I read last night. Oh, wow. 10 million. That's not a lot of people. So you can still get in. Well, yeah. Well, I don't tell anybody how to invest their money. I didn't say you should. I said you could. Anyway, so I hope you enjoyed the show. I mean, add this to the ones that we've done before. This is number five, I believe, in the series on crypto. We might have to call it Hibachi Crypto, man. Yeah, whatever we'll call it. So anyway, thanks for joining us. It's been kind of fun. Go to the text out here. Enter the security guy. And like we say at the end of every show, how you doing? How you doing?