YouSaid · the spoken record

Charlie Lee

lines on the record
57
first
2017-10-13
most recent
2017-10-13
sittings or episodes
1
sources
podcast

Every line below is reproduced as it was said and linked to the record it came from. Nothing here is summarised or generated. Directory · Search · Corrections

  1. “Well, I hope everyone has enjoyed this mastermind discussion. If you're looking to learn more about Bitcoin and cryptocurrencies in general, I'm going to have a bunch of free sources listed in our show notes. So if you guys want to check that out, I think it's going to be a great resource for you to dig into this more. Specifically, I'll have that link to the 20 plus hours of free classes that Princeton University has posted online about Bitcoin and cryptocurrency and blockchain technology. Additionally, if you guys are enjoying the show, please let us know what you think by going to iTunes and leaving us a review. That helps us out so much, and we're always so thankful for all the people in our community that are always helping to try to make the show a success. So with all that said, thanks for listening, and we'll see you guys again next week.”

    2017-10-13 · We Study Billionaires · TIP160: Bitcoin, Ethereum, Segwit 2X, Atomic Swaps, Lightning Network, and Blockchain Technology w/ Charlie Lee and Tuur Demeester (Business Podcast) · IDENTIFIED FROM THE TRANSCRIPT

  2. “Charlie Tur, thank you guys so much for coming on the show and talking this stuff. This was so much fun for me to talk to you guys specifically because you guys are a huge force in this movement. And I just really appreciate your time because I know it's extremely valuable.”

    2017-10-13 · We Study Billionaires · TIP160: Bitcoin, Ethereum, Segwit 2X, Atomic Swaps, Lightning Network, and Blockchain Technology w/ Charlie Lee and Tuur Demeester (Business Podcast) · IDENTIFIED FROM THE TRANSCRIPT

  3. “All right, guys, so this is the last one that I want to talk about, and this is what for you is a narrative or something that you feel is really important that no one's talking about in this space?”

    2017-10-13 · We Study Billionaires · TIP160: Bitcoin, Ethereum, Segwit 2X, Atomic Swaps, Lightning Network, and Blockchain Technology w/ Charlie Lee and Tuur Demeester (Business Podcast) · IDENTIFIED FROM THE TRANSCRIPT

  4. “It almost seems like they're trying to do a little too much at the foundational level, and it's going to make things perform more like a Rube Goldberg machine than something that's clean and secure and stacked, I guess, in the appropriate manner and getting the network effects in the right order. Do you guys see the transition, if you had to bet against or for Ethereum in the future, what would you say?”

    2017-10-13 · We Study Billionaires · TIP160: Bitcoin, Ethereum, Segwit 2X, Atomic Swaps, Lightning Network, and Blockchain Technology w/ Charlie Lee and Tuur Demeester (Business Podcast) · IDENTIFIED FROM THE TRANSCRIPT

  5. “This be more appropriate on a second layer, though do you really think that that needs to be done on a foundational protocol layer?”

    2017-10-13 · We Study Billionaires · TIP160: Bitcoin, Ethereum, Segwit 2X, Atomic Swaps, Lightning Network, and Blockchain Technology w/ Charlie Lee and Tuur Demeester (Business Podcast) · IDENTIFIED FROM THE TRANSCRIPT

  6. “So, guys, I want to talk about the Ethereum blockchain because so many people out there have Ethereum. It has a large market cap. But I constantly hear about how big the block size is and how it's unlimited. And it seems like the blocks are getting so huge that to me, it sounds scary, but for you guys, it might not. I'm curious to hear your thoughts on this on the scaling piece of this.”

    2017-10-13 · We Study Billionaires · TIP160: Bitcoin, Ethereum, Segwit 2X, Atomic Swaps, Lightning Network, and Blockchain Technology w/ Charlie Lee and Tuur Demeester (Business Podcast) · IDENTIFIED FROM THE TRANSCRIPT

  7. “So going back to what we were originally saying, if at the end of this and we're looking at what emerges as the winner 10 years from now from a pure user standpoint of what they desire security applications and low fees are the things that really kind of are going to emerge out of this, the question then becomes isn't 2x bad for the security part doesn't it make the Bitcoin blockchain less secure if you go to 2x blocks?”

    2017-10-13 · We Study Billionaires · TIP160: Bitcoin, Ethereum, Segwit 2X, Atomic Swaps, Lightning Network, and Blockchain Technology w/ Charlie Lee and Tuur Demeester (Business Podcast) · IDENTIFIED FROM THE TRANSCRIPT

  8. “So lower cost. So you're buying coffee, you're going to use Litecoin. But if you're buying a house, you're just doing it right straight through Bitcoin, correct? Unbeliev”

    2017-10-13 · We Study Billionaires · TIP160: Bitcoin, Ethereum, Segwit 2X, Atomic Swaps, Lightning Network, and Blockchain Technology w/ Charlie Lee and Tuur Demeester (Business Podcast) · IDENTIFIED FROM THE TRANSCRIPT

  9. “So, when I'm thinking through this long term, we fast forward ten years into the future. The thing that would be valuable to me would be a blockchain that had a lot of security. And then the next part is something that had a lot of application, or you were calling them DAPS, decentralized applications that I could use. So if there's a lot of people using Ethereum doing options or derivatives or whatever, and there's a ton of inflows to that, I would think that that would bring up the value of whatever Ether is. So those would be the two things that I would think would emerge in the end would be applications and security. Would you agree with that? Or do you see it being a little bit different in the future?”

    2017-10-13 · We Study Billionaires · TIP160: Bitcoin, Ethereum, Segwit 2X, Atomic Swaps, Lightning Network, and Blockchain Technology w/ Charlie Lee and Tuur Demeester (Business Podcast) · IDENTIFIED FROM THE TRANSCRIPT

  10. “This stuff is absolutely muddy. Now it seems like if you're a minor and you're jumping down to the let's just say dash is one of the crypto coins out there and dash is being projected to be very favorable for a miner to be mining coins on dash because it's financially beneficial for them compared to bitcoin so they move all their hashing power down to dash they're they're mining these coins and then they're just doing atomic swaps back into bitcoin is that kind of how you see this playing out”

    2017-10-13 · We Study Billionaires · TIP160: Bitcoin, Ethereum, Segwit 2X, Atomic Swaps, Lightning Network, and Blockchain Technology w/ Charlie Lee and Tuur Demeester (Business Podcast) · IDENTIFIED FROM THE TRANSCRIPT

  11. “That's a really interesting point. So let me transition into another subject that kind of relates to what we're talking about here. So we've got all these altcoins. When you look at the market cap of all the coins combined, it's $142 billion today. And Bitcoin makes up $70 billion of that. So about half of the overall market cap for all crypto is Bitcoin. And there's hundreds of coins. Charlie, I know you've done some things called atomic swaps. So talk to our audience about what an atomic swap is and how when you get all these miners on all these different coins and when you think about what an atomic swap is and how it might allow people to convert those coins as altcoins into Bitcoin, I find this idea really fascinating. So explain this to our audience of what this is.”

    2017-10-13 · We Study Billionaires · TIP160: Bitcoin, Ethereum, Segwit 2X, Atomic Swaps, Lightning Network, and Blockchain Technology w/ Charlie Lee and Tuur Demeester (Business Podcast) · IDENTIFIED FROM THE TRANSCRIPT

  12. “So let me ask you guys this question because I think anybody listening to this is saying this is nuts. This is crazy that all these forks can happen. Is this, and this is a, I don't know how you'd answer this question Is this good for Bitcoin in general moving forward in five years from now, or is this really bad? Is this totally destructive?”

    2017-10-13 · We Study Billionaires · TIP160: Bitcoin, Ethereum, Segwit 2X, Atomic Swaps, Lightning Network, and Blockchain Technology w/ Charlie Lee and Tuur Demeester (Business Podcast) · IDENTIFIED FROM THE TRANSCRIPT

  13. “Just to give the audience a little context. So back in August, when Bitcoin and BCA basically had their fork and they split, today we're recording this in October 2017, Bitcoin's market cap today is $70 billion and BCAS market cap is $6 billion. So it's less than 10% of the value of Bitcoin, even though as soon as that split happened, that's whenever everything just kind of went crazy and all the prices were all over the place. But now after it settled down for a little bit, it's less than 10% of the value. Would you guys expect the same kind of dynamic to play out here in November with the 2x and the legacy chain as far as not saying which one's going to win, but would you see a similar market cap valuation to be one be worth 10% of the other one?”

    2017-10-13 · We Study Billionaires · TIP160: Bitcoin, Ethereum, Segwit 2X, Atomic Swaps, Lightning Network, and Blockchain Technology w/ Charlie Lee and Tuur Demeester (Business Podcast) · IDENTIFIED FROM THE TRANSCRIPT

  14. “I think the Know better than to just list one or the other. I think they'd have such a massive fallout. Would you agree with that, Charlie?”

    2017-10-13 · We Study Billionaires · TIP160: Bitcoin, Ethereum, Segwit 2X, Atomic Swaps, Lightning Network, and Blockchain Technology w/ Charlie Lee and Tuur Demeester (Business Podcast) · IDENTIFIED FROM THE TRANSCRIPT

  15. “Okay, so who's. Who's going to win in November if you had to put your money on one side or the other? Is it going to be the legacy chain or is it going to be the 2X chain?”

    2017-10-13 · We Study Billionaires · TIP160: Bitcoin, Ethereum, Segwit 2X, Atomic Swaps, Lightning Network, and Blockchain Technology w/ Charlie Lee and Tuur Demeester (Business Podcast) · IDENTIFIED FROM THE TRANSCRIPT

  16. “So, this is what I don't understand with all of this now that Segwit is activated, we can do lightning on the Bitcoin network, and we can do these very cheap transactions, we can do an abundance of them. Why do we still need the 2x on the blockchain that we were talking about in the first segment of this growth? Why does that even required? It doesn't make any sense.”

    2017-10-13 · We Study Billionaires · TIP160: Bitcoin, Ethereum, Segwit 2X, Atomic Swaps, Lightning Network, and Blockchain Technology w/ Charlie Lee and Tuur Demeester (Business Podcast) · IDENTIFIED FROM THE TRANSCRIPT

  17. “So something I don't understand is who's paying for those resources because when you're on the blockchain, it's the miners, they're getting rewards for that, but how is somebody incentivized to run the computers and the resources that are allowing the ledger of these transactions to occur?”

    2017-10-13 · We Study Billionaires · TIP160: Bitcoin, Ethereum, Segwit 2X, Atomic Swaps, Lightning Network, and Blockchain Technology w/ Charlie Lee and Tuur Demeester (Business Podcast) · IDENTIFIED FROM THE TRANSCRIPT

  18. “So is that Lightning Network still decentralized, or is there going to have to be some type of organization at a local level that handles all those IOUs that are happening and then broadcast those back up into the blockchain? How does that work?”

    2017-10-13 · We Study Billionaires · TIP160: Bitcoin, Ethereum, Segwit 2X, Atomic Swaps, Lightning Network, and Blockchain Technology w/ Charlie Lee and Tuur Demeester (Business Podcast) · IDENTIFIED FROM THE TRANSCRIPT

  19. “But you're definitely one of the very earliest people to start playing around with. So now explain to our audience what this is, because this stuff is beyond fascinating. I can't wait for the audience to hear this.”

    2017-10-13 · We Study Billionaires · TIP160: Bitcoin, Ethereum, Segwit 2X, Atomic Swaps, Lightning Network, and Blockchain Technology w/ Charlie Lee and Tuur Demeester (Business Podcast) · IDENTIFIED FROM THE TRANSCRIPT

  20. “Awesome guys. So that's some good information for a lot of people out there that are listening to this. So the next thing I want to talk about today is the Lightning Network. And I am so excited to ask Charlie about this because Charlie, is this a correct statement? Are you the first person to ever do a transaction on the Lightning Network?”

    2017-10-13 · We Study Billionaires · TIP160: Bitcoin, Ethereum, Segwit 2X, Atomic Swaps, Lightning Network, and Blockchain Technology w/ Charlie Lee and Tuur Demeester (Business Podcast) · IDENTIFIED FROM THE TRANSCRIPT

  21. “And Charlie, do you agree with that, or do you think people run the risk of not knowing what they're doing and sending things to the wrong addresses because now they're dealing with multiple coins at this point”

    2017-10-13 · We Study Billionaires · TIP160: Bitcoin, Ethereum, Segwit 2X, Atomic Swaps, Lightning Network, and Blockchain Technology w/ Charlie Lee and Tuur Demeester (Business Podcast) · IDENTIFIED FROM THE TRANSCRIPT

  22. “So I'm sure if a person has a couple Bitcoins in their Coinbase account or wherever they're at and they've been riding this massive wave of value for the last couple years, they're hearing this and they're probably very concerned. So like how does a person like that treat it? Do they just continue to hodl their coins and not do anything and just sit back and let everything work its way out because you're going to effectively going to have coins on both chains, whether you go with the 2x or the legacy? Do you just sit back and let this thing duke itself out or is there a better approach?”

    2017-10-13 · We Study Billionaires · TIP160: Bitcoin, Ethereum, Segwit 2X, Atomic Swaps, Lightning Network, and Blockchain Technology w/ Charlie Lee and Tuur Demeester (Business Podcast) · IDENTIFIED FROM THE TRANSCRIPT

  23. “You're saying so that if the miners are all over on the 2x side and only a few people are hashing over on the legacy chain, it could be susceptible to a 51% attack. Is that what you're saying?”

    2017-10-13 · We Study Billionaires · TIP160: Bitcoin, Ethereum, Segwit 2X, Atomic Swaps, Lightning Network, and Blockchain Technology w/ Charlie Lee and Tuur Demeester (Business Podcast) · IDENTIFIED FROM THE TRANSCRIPT

  24. “So, guys, talk me through how does the voting rights, if you will, from the core developers that are pushing these changes through? How does that occur? To me, whenever I see the chatter on Twitter of everyone there, I mean, there's a lot of people saying that they don't want this. So if that's a representative body of the people that are using Bitcoin, how could a change that so many people don't want get pushed through? I don't understand that.”

    2017-10-13 · We Study Billionaires · TIP160: Bitcoin, Ethereum, Segwit 2X, Atomic Swaps, Lightning Network, and Blockchain Technology w/ Charlie Lee and Tuur Demeester (Business Podcast) · IDENTIFIED FROM THE TRANSCRIPT

  25. “Wow. So that's how you see it happening in November. Charlie, I'm curious if you see a similar dynamic playing out in November.”

    2017-10-13 · We Study Billionaires · TIP160: Bitcoin, Ethereum, Segwit 2X, Atomic Swaps, Lightning Network, and Blockchain Technology w/ Charlie Lee and Tuur Demeester (Business Podcast) · IDENTIFIED FROM THE TRANSCRIPT

  26. “But when we go to November and we're talking about this 2x hard fork, they're not putting replay protection in it, correct?”

    2017-10-13 · We Study Billionaires · TIP160: Bitcoin, Ethereum, Segwit 2X, Atomic Swaps, Lightning Network, and Blockchain Technology w/ Charlie Lee and Tuur Demeester (Business Podcast) · IDENTIFIED FROM THE TRANSCRIPT

  27. “So, guys, talk to me about one of the other things in there is replay protection. So I get very confused when I'm hearing people say there's replay protection and what the impact is in November. So can you guys first explain what it is and then explain what the impact might be whenever November hits?”

    2017-10-13 · We Study Billionaires · TIP160: Bitcoin, Ethereum, Segwit 2X, Atomic Swaps, Lightning Network, and Blockchain Technology w/ Charlie Lee and Tuur Demeester (Business Podcast) · IDENTIFIED FROM THE TRANSCRIPT

  28. “So when I hear that, wouldn't making the block size even bigger be even a larger problem for that because now they can even spam it harder? Or am I out in left field?”

    2017-10-13 · We Study Billionaires · TIP160: Bitcoin, Ethereum, Segwit 2X, Atomic Swaps, Lightning Network, and Blockchain Technology w/ Charlie Lee and Tuur Demeester (Business Podcast) · IDENTIFIED FROM THE TRANSCRIPT

  29. “I mean, that sounds crazy to me. So immediately my reaction to that would be it'd have to be somebody who was part of the original development of this, who has just a ridiculous amount of Bitcoins and a ridiculous amount of wealth in order to spoof that. Would that be a good assumption? Or do you think that people are just wanting to spend money to spend? I mean, that doesn't make any sense.”

    2017-10-13 · We Study Billionaires · TIP160: Bitcoin, Ethereum, Segwit 2X, Atomic Swaps, Lightning Network, and Blockchain Technology w/ Charlie Lee and Tuur Demeester (Business Podcast) · IDENTIFIED FROM THE TRANSCRIPT

  30. “So, Turt, let me ask you this. So, when you're saying the word scaling, you're really talking about the transaction cost that it costs for somebody to transact. So if I want to send you Bitcoin and I want to send you money for me to conduct that transaction, it was costing a lot of money because there wasn't enough space on the block for people to all fit on the block. So what happened was people were tacking on fees, correct, and those fees were rising at a rapid rate. And so the core developers and all the people that are preparing the code for this introduced this SegWit update, which then allowed people to conduct transactions off the blockchain, and then they would be, and this gets very technical, but then those would be added into the blockchain at a much more affordable price. Have we seen the fees come down since August, since they implemented the Segwit in August?”

    2017-10-13 · We Study Billionaires · TIP160: Bitcoin, Ethereum, Segwit 2X, Atomic Swaps, Lightning Network, and Blockchain Technology w/ Charlie Lee and Tuur Demeester (Business Podcast) · IDENTIFIED FROM THE TRANSCRIPT

  31. “The generic version that might not be up to speed as to what it is. And then we're going to dive a lot deeper into this 2X debate.”

    2017-10-13 · We Study Billionaires · TIP160: Bitcoin, Ethereum, Segwit 2X, Atomic Swaps, Lightning Network, and Blockchain Technology w/ Charlie Lee and Tuur Demeester (Business Podcast) · IDENTIFIED FROM THE TRANSCRIPT

  32. “Even though this Segwit thing has already happened and it's already alleviated a lot of the pressure for the transactions being fit into the block. So that's where this is going to pick up. And although we don't know how this is all going to end up, we do know one thing. And I'd like to steal a quote from Bill Gates whenever he said, blockchain technology is a tour de force. And we couldn't agree more with Bill Gates on that. So I hope you guys enjoy this mastermind discussion. All right, so guys, such a pleasure to have you today. I don't feel like I could be talking to a better group of people about what's happening right now in the cryptocurrency space than you guys. So let's just jump right into this. There's a 2x debate that's happening right now, specifically on the Bitcoin blockchain in November, Tur, can you take us through kind of the basics of what's happening and why this is a big deal, what led up to it. Kind of give everybody the...”

    2017-10-13 · We Study Billionaires · TIP160: Bitcoin, Ethereum, Segwit 2X, Atomic Swaps, Lightning Network, and Blockchain Technology w/ Charlie Lee and Tuur Demeester (Business Podcast) · IDENTIFIED FROM THE TRANSCRIPT

  33. “Is because now people weren't shooting as many transactions onto the blockchain. They were doing them off blockchain since August. And so this is still developing. This is not anywhere fully matured. This is like 7% of these transactions are happening off the blockchain from the SIGWIT update from August. As a result of this change since the scaling agreement, many people in the community want to avoid conducting the upgrade in November for the 2x part because they don't feel like there's really a need for it anymore because now people were doing these off-block transactions and”

    2017-10-13 · We Study Billionaires · TIP160: Bitcoin, Ethereum, Segwit 2X, Atomic Swaps, Lightning Network, and Blockchain Technology w/ Charlie Lee and Tuur Demeester (Business Podcast) · IDENTIFIED FROM THE TRANSCRIPT

  34. “Is this really interesting idea, and we're going to talk about it in the mastermind portion here. But what it is, is it allows people to do off-block transactions. So if I want to have a transaction with one of my friends in Bitcoin, we could conduct that transaction. We could conduct a couple different transactions. And then after, you know, a certain amount of time, the difference between all those transactions, say I sent my buddy 100 Bitcoins and then he sent me back 50 Bitcoins, the balance would be 50 Bitcoins. And that transaction difference is what then would be shot up into the blockchain. And this would be all off the chain. And this is called the Lightning Network is what we're talking about. And this is all a part of the Segwit upgrade that happened in August. So by allowing these off-chain transactions, there was an enormous alleviation of the need for larger blockchains.”

    2017-10-13 · We Study Billionaires · TIP160: Bitcoin, Ethereum, Segwit 2X, Atomic Swaps, Lightning Network, and Blockchain Technology w/ Charlie Lee and Tuur Demeester (Business Podcast) · IDENTIFIED FROM THE TRANSCRIPT

  35. “This. It was a bottleneck for the amount of space that was available on each block. And so this caused the decentralized group of programmers that work on Bitcoin to develop a solution. And the solution was a thing called Segwit2X. The solution was broken down into two parts. The first part is the Segwit part, which stands for segregated witness, and then the second part was the 2x part, which was the increase of the actual block size so that it was bigger than one megabyte. So after this agreement was reached on updating the protocol, the solution would occur at two different points in time. The first point was the Segwit part, and that would be done in August. And it was, it's complete. It has already happened. And then the 2x part was phased later, and it's expected to occur in November of 2017, so next month is when that's supposed to happen, the 2x part. So the first part of the software update, the Segwit part,”

    2017-10-13 · We Study Billionaires · TIP160: Bitcoin, Ethereum, Segwit 2X, Atomic Swaps, Lightning Network, and Blockchain Technology w/ Charlie Lee and Tuur Demeester (Business Podcast) · IDENTIFIED FROM THE TRANSCRIPT

  36. “If I include a tip, like, hey, here's an extra dollar, here's an extra two dollars for this transaction I'm trying to have with my buddy, that tip went to the miners, which I'm not even going to get into the discussion about miners here, but that tip would go to the people that are basically processing the transaction through the encryption. So the tips were starting to go up. The fees were going up for these transactions. And so a lot of people that were, you know, using Bitcoin are like, this is not a good thing here, that people were having to pay large fees that conduct transactions because now this is no better than fiat currency because it's costing so much to conduct transactions. So there was a ton of interest in this. And the Bitcoin community saw this coming a mile away. They saw the transactions increasing. They saw it approaching that one megabyte threshold for the block size. And so there was a solution that was resolved for this bottleneck. And I think that's the best way to really describe.”

    2017-10-13 · We Study Billionaires · TIP160: Bitcoin, Ethereum, Segwit 2X, Atomic Swaps, Lightning Network, and Blockchain Technology w/ Charlie Lee and Tuur Demeester (Business Podcast) · IDENTIFIED FROM THE TRANSCRIPT

  37. “We're talking about a thing called Seguit 2X. When Bitcoin was originally introduced, it had a one megabyte block with the protocol block is produced every 10 minutes with the Bitcoin protocol it's every 10 minutes. Inside of each one of those blocks are a bunch of transactions that took place. So recently within the past year the number of transactions that are occurring in each one of these blocks have become so numerous and large that the one megabit amount of space that was allocated for each block wasn't enough to fit all the transactions into it. And so as a result people were having to increase the transaction fees, which I think the easiest way for people to understand is to think of it as like a tip. So if I wanted to have a transaction with you and I wanted it to be included on the blockchain, but they're running out of space on the blockchain.”

    2017-10-13 · We Study Billionaires · TIP160: Bitcoin, Ethereum, Segwit 2X, Atomic Swaps, Lightning Network, and Blockchain Technology w/ Charlie Lee and Tuur Demeester (Business Podcast) · IDENTIFIED FROM THE TRANSCRIPT

  38. “Very interesting here because I know when Jim talks about it, he isn't necessarily tying in the crypto piece to this, and this is something that is emerging out of the IMF just in the last few months and last few quarters. So what's so interesting here is that on one side we have Silicon Valley working at a rapid pace to create this new digital cryptocurrency. And we also have governments and global authorities looking into the implications of using the similar technology, whether it's the IMF or other central banks around the world that are talking about using some form of crypto to back their monetary baseline. Now let me give you a little prep into the conversation you're about to hear. So this gets very technical at various points, but I think it's important for people to hear because they can really quickly learn how real this stuff is. At the start of our mastermind discussion,”

    2017-10-13 · We Study Billionaires · TIP160: Bitcoin, Ethereum, Segwit 2X, Atomic Swaps, Lightning Network, and Blockchain Technology w/ Charlie Lee and Tuur Demeester (Business Podcast) · IDENTIFIED FROM THE TRANSCRIPT

  39. “Searched things on Google right now. So if you think that what I'm saying here is a little far-fetched about all this cryptocurrency stuff, on the 6th of October in 2017, the Wall Street Journal had a large and significant article about the International Monetary Fund looking into the idea of turning their special drawing rights or SDRs into some form of blockchain or cryptocurrency. In fact, the chief of the IMF, Christine Lagarde, has written the following. It may not be wise to dismiss virtual currencies. Instead, citizens may one day prefer virtual currencies. And that's the end of the quote. Now, we've had people like Jim Rickards on our show numerous times in the thesis that he keeps talking about is that the IMF is the only central bank, which is a global central bank, and it's going to bail out all the domestic central bank during the next crisis. Jim suggests that the SDR is the currency that will allow all that to happen. So what we're seeing is something that's very...”

    2017-10-13 · We Study Billionaires · TIP160: Bitcoin, Ethereum, Segwit 2X, Atomic Swaps, Lightning Network, and Blockchain Technology w/ Charlie Lee and Tuur Demeester (Business Podcast) · IDENTIFIED FROM THE TRANSCRIPT

  40. “If enough people continue to do this, then the price of each Bitcoin or crypto coin or something. So now, when we think about how big this market could get, because I mean, we're really talking about replacing fiat currency in the world right now. So when we talk about how big that market cap could be, there's people throwing around trillions of dollars as figures that are in the realm of possible here. So, I mean, call it $1 trillion to in excess of $100 trillion is where this thing could go. And it's only at $70 billion today. So there's a lot of people that think there's an asymmetrical upside to a lot of this, which even further makes this such an interesting discussion and study for somebody out there that's just newly learning about this. That's why Bitcoin is so important to understand and why it has become such a big deal and why you're seeing it in all the news and you're seeing this thing on, you know, it's one of the most”

    2017-10-13 · We Study Billionaires · TIP160: Bitcoin, Ethereum, Segwit 2X, Atomic Swaps, Lightning Network, and Blockchain Technology w/ Charlie Lee and Tuur Demeester (Business Podcast) · IDENTIFIED FROM THE TRANSCRIPT

  41. “Is such a fabulous resource. You're going to learn everything you need to learn about blockchain and how it works and the encryption behind it, the hashing and the miners, all that kind of stuff. It's all in this course. And I'm telling you folks, whether you buy Bitcoins or you find it just interesting and you don't ever want to buy it, it doesn't matter. I would tell you to take this course because it's so worth your time to learn about this stuff. It is just fascinating. So if this internet money that we're talking about here in fact proves to be a better store of value because the monetary baseline can't be manipulated and increased every time a country outspends its tax revenues, then there's a potential for citizens, businesses, and even governments around the world to start using this technology. This means people can take their fiat money and exchange it for this internet money or this Bitcoin or any other crypto coin that we're talking about.”

    2017-10-13 · We Study Billionaires · TIP160: Bitcoin, Ethereum, Segwit 2X, Atomic Swaps, Lightning Network, and Blockchain Technology w/ Charlie Lee and Tuur Demeester (Business Podcast) · IDENTIFIED FROM THE TRANSCRIPT

  42. “Through encryption and the blockchain technology that's been invented with this protocol. So with this technology, there's no need for a clearinghouse and everyone that participates on the network effectively has a bank in their pocket. If the technology behind what I'm describing sounds fascinating, I don't know how you couldn't think that this is fascinating, but I'm really excited to say that we found an amazing resource on the web that people can use and learn a lot of this blockchain technology completely for free. And it's by Princeton University, they've built a 65 video lesson on how Bitcoin and blockchain works. And I mean, it is 100% free. It's on Coursera. We'll have a link for this course in our show notes, and I would strongly encourage people, if this stuff sounds interesting and you want to learn more about this, this course is...”

    2017-10-13 · We Study Billionaires · TIP160: Bitcoin, Ethereum, Segwit 2X, Atomic Swaps, Lightning Network, and Blockchain Technology w/ Charlie Lee and Tuur Demeester (Business Podcast) · IDENTIFIED FROM THE TRANSCRIPT

  43. “That's a protocol. You got there's protocols for email. There's protocols for all this kind of stuff. But Bitcoin is a protocol and it uses this blockchain technology that solves a mathematical problem to prove that something can't be copied or reproduced. So if you have one unit or you have one Bitcoin on this protocol and I send that Bitcoin to another person, I can't now literally do not have that unit, that digital unit in my name or in my possession, in my digital wallet any further. The person that I sent it to is the only one who has that. And that's what's so fascinating. Everyone probably hears blockchain blockchain. They don't understand what that really represents. But what it represents is this idea that I can't replicate or I can't copy that Bitcoin and keep one for myself and send it to another person. That can't be done anymore.”

    2017-10-13 · We Study Billionaires · TIP160: Bitcoin, Ethereum, Segwit 2X, Atomic Swaps, Lightning Network, and Blockchain Technology w/ Charlie Lee and Tuur Demeester (Business Podcast) · IDENTIFIED FROM THE TRANSCRIPT

  44. “Send an exchange via smartphone. You can send it to the other side of the globe instantaneously without having the physically move it. So in the past this could never be done because no one had ever figured out how to ensure a digital file was unique and uncopyable. And so, for example, if you and I were standing in a vault and I gave you one ounce of gold, there's no way anyone could argue that I still possessed the ounce of gold because I physically don't have it. But when you're moving into the digital space, this was very difficult to replicate. And so in 2008, a guy named Satoshi Nakamoto, or at least that's what he goes by, invented a thing called blockchain technology. And so blockchain technology is what solves this issue in the digital space. So the blockchain is a software protocol. Think like HTTPS, which is the protocol that's used to run the internet.”

    2017-10-13 · We Study Billionaires · TIP160: Bitcoin, Ethereum, Segwit 2X, Atomic Swaps, Lightning Network, and Blockchain Technology w/ Charlie Lee and Tuur Demeester (Business Podcast) · IDENTIFIED FROM THE TRANSCRIPT

  45. “Is kept in check, but if there's no peg, then there's no incentive to do that. There's only an incentive to debase the currency. So that's where this Bitcoin and everything kind of comes into play here is because that's what Bitcoin is really ultimately trying to solve. It's trying to become a digital gold and a digital global currency that will peg all these fiat currencies and basically hold all the governments behind the fiat currencies responsible for their decision making and their debasement. So the idea of Bitcoin is fairly simple, but its application and definitely the technical side of it is anything but simple. The only difference between gold and Bitcoin or cryptocurrencies is that you can spend it with a smartphone instead of like actually having to deliver physical gold.”

    2017-10-13 · We Study Billionaires · TIP160: Bitcoin, Ethereum, Segwit 2X, Atomic Swaps, Lightning Network, and Blockchain Technology w/ Charlie Lee and Tuur Demeester (Business Podcast) · IDENTIFIED FROM THE TRANSCRIPT

  46. “To gold, which has a fixed supply, you find that you don't have these big slow gradual bubbles. They're more abrupt because you're seeing these people can basically exchange their fiat for gold at that point. And it keeps everything in check and it keeps it all pegged. So whenever you don't have that peg any longer, which is what we've basically had since 1971 here in the United States, that creates the situation that we're seeing today. And I'm not one of these big gold bugs, but I definitely feel like there's an advantage to having a pegged currency because it forces decision makers within the country to spend reasonably. Because whenever they don't, what happens is the currency devalues, everyone will then suck the gold out of the country. And that's how it basically is.”

    2017-10-13 · We Study Billionaires · TIP160: Bitcoin, Ethereum, Segwit 2X, Atomic Swaps, Lightning Network, and Blockchain Technology w/ Charlie Lee and Tuur Demeester (Business Podcast) · IDENTIFIED FROM THE TRANSCRIPT

  47. “Currencies that are devaluing faster than others is that the fiat currency is a terrible store of value. And the buying power for people of these countries just continues to disappear. This is why when you look at the price of gold back in like 1960, it was $35, and today it's $1,300. And the gold supply has barely changed, relatively speaking. But what has changed is the enormous amount of fiat currency that's been added to the system. So that's why you're seeing the price go up is, you know, there's no more gold, no more, no less of the gold, but there's a lot more of the supply of the cash, and that's why you've seen the price go from $35 to $1,300. So since there's no global pegs, and when we go back in time and we look at whenever there's a peg, a currency that's pegged.”

    2017-10-13 · We Study Billionaires · TIP160: Bitcoin, Ethereum, Segwit 2X, Atomic Swaps, Lightning Network, and Blockchain Technology w/ Charlie Lee and Tuur Demeester (Business Podcast) · IDENTIFIED FROM THE TRANSCRIPT

  48. “The person in front of you stands up. The only way you're going to be able to see it is that if you're behind them, then you've got to stand up. And the next thing you know, everyone in the entire auditorium or wherever they're watching this is now standing up. And the only thing that's happening is that everyone's legs are getting weaker and they're more annoyed that they're having to stand up and that they can't get high enough to see the show because everyone around them is taking advantage of this. And so what he's explaining in that example is this idea that all these central banks around the world are trying to devalue their currency and they're just trying to devalue it faster than the next guy. And because that creates domestic growth inside of their country whenever they do that at the expense of everybody else that's in the global economy. So the issue for the people around the world at this point that especially the ones that are dealing with these”

    2017-10-13 · We Study Billionaires · TIP160: Bitcoin, Ethereum, Segwit 2X, Atomic Swaps, Lightning Network, and Blockchain Technology w/ Charlie Lee and Tuur Demeester (Business Podcast) · IDENTIFIED FROM THE TRANSCRIPT

  49. “Talking about Japan, for them to debase the currency and make it the currency cheaper is a good thing because that creates this inflow of international investment into the country because they're able to get labor cheaper. They're able to get goods cheaper because the currency is cheap. And so like Larry Summers has a perfect example. He describes this process that everyone's basically competing to devalue their currency and he describes it as you're watching a show”

    2017-10-13 · We Study Billionaires · TIP160: Bitcoin, Ethereum, Segwit 2X, Atomic Swaps, Lightning Network, and Blockchain Technology w/ Charlie Lee and Tuur Demeester (Business Podcast) · IDENTIFIED FROM THE TRANSCRIPT

  50. “The problem with this approach is that it manipulates the markets so that they're not free and open like they used to be if you go back a couple decades ago. In fact, since the 2008 crash, these central banks have been buying so rampant in the US, Japan, and Europe that I think if you go back and you look at the numbers of how much trillions of dollars they've spent, it's somewhat mind-blowing. So here's where Bitcoin and any cryptocurrency comes into the picture of what I'm describing here. So we've described all these major economies, the ones that are really having a big impact on the world, these big giant global economies, have no incentive to have a strong currency, the debasement and continual printing appears to be the only solution to create growth inside of their own country.”

    2017-10-13 · We Study Billionaires · TIP160: Bitcoin, Ethereum, Segwit 2X, Atomic Swaps, Lightning Network, and Blockchain Technology w/ Charlie Lee and Tuur Demeester (Business Podcast) · IDENTIFIED FROM THE TRANSCRIPT