YouSaid · the spoken record

Samson Mow

lines on the record: 64
first: 2020-12-16
most recent: 2020-12-16
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

“You can find me on Twitter. My handle is Excelian EXCELL ION. Blockstream is just blockstream. We're also on Facebook and LinkedIn and everywhere else. If you're interested in Infinite Fleet and the security token and the utility token, you can find out more at Infinitefleet, all one word. That's about it.”
2020-12-16 · We Study Billionaires · BTC004: Bitcoin Tech & Future Growth w/ Blockstream's Samson Mow (Bitcoin Podcast) · IDENTIFIED FROM THE TRANSCRIPT
“So we're filing for a reg A offering in the US with the SEC. So once that is done, it's effectively an IPO. They call a reg A plus a mini IPO. And it's really cool because then your tokens are freely tradable and there's no need for accredited investors. In the EU, we're working with Stalker. They're a platform. It's sort of like Kickstarter, but they support securities. So you can just go to stalker.io, register, and you can invest if you're a non-US resident. And if you're in the US, you can contact us directly. We can do a SAF before it's open. But once the filing is done and we're reggae approved, then you'll be able to buy on an exchange like INX or T0 or any other security token exchange.”
2020-12-16 · We Study Billionaires · BTC004: Bitcoin Tech & Future Growth w/ Blockstream's Samson Mow (Bitcoin Podcast) · IDENTIFIED FROM THE TRANSCRIPT
“So, this could be listed on an exchange because it's just a liquid asset like USDT or LCAT or anything. Or the players can trade peer-to-peer because it's all in the liquid network. It's freely movable and you have the benefit of confidentiality too. You don't really need it for a game currency, but I think it is good because you don't want people watching what you're doing. And the interesting thing here is the application to gaming. So in a lot of MMO games, we hear about crypto hacks all the time, but there's also hacks in MMO games too. where someone will join a guild and they infiltrate the guild and they steal money from the guild. This has happened a few times in EV Online. But with a crypto asset, you could actually create a multisig that would prevent someone from stealing it. The reason this happens in games now is because it's bound to an account and you generally give access to that account to somebody. That's how you manage the guild treasury. But this brings a little bit of the crypto security element to the game. And you could even put this.”
2020-12-16 · We Study Billionaires · BTC004: Bitcoin Tech & Future Growth w/ Blockstream's Samson Mow (Bitcoin Podcast) · IDENTIFIED FROM THE TRANSCRIPT
“Could use Satoshis, like all of the lightning games and reward players that way, but I think it takes away from immersion. So for MMO games of this genre, part of its role playing. You want to be immersed in the universe, immersed in the story, in the lore. And if you're playing this game and earning stats, which we could do, we could sell advertisements and then get money from sponsors and then distribute in sets. But then I think that takes away from the whole experience. The other part is that we want to run this sort of as an experiment to see what happens because typically MMO games don't embrace any kind of portability for their players. They don't want you to take anything out of the game. They want you to buy a premium currency and it's locked up forever. So my theory is that the freest money will win. That's why Bitcoin will win. And I believe the freest game that is open to secondary markets and open to letting players basically do more and trade freely will win too.”
2020-12-16 · We Study Billionaires · BTC004: Bitcoin Tech & Future Growth w/ Blockstream's Samson Mow (Bitcoin Podcast) · IDENTIFIED FROM THE TRANSCRIPT
“capital and there is a utility token that is replacing the in-game currency. So like World of Warcraft Gold, it's replaced with a crypto asset that is portable for the players. So for the security token side, we've already raised 3.1 million and we're going out to raise another 12 million. 8 million is slated for the EU and 4 million for the US. So this is taking advantage of that change in the regulatory landscape that I talked about where it's much easier and much more efficient to go the regulated route now. And by having this dual token model, we're not mixing it up. We're not selling a token that we stay as utility but could be construed to be a security down the road. It's just much more clean and well defined.”
2020-12-16 · We Study Billionaires · BTC004: Bitcoin Tech & Future Growth w/ Blockstream's Samson Mow (Bitcoin Podcast) · IDENTIFIED FROM THE TRANSCRIPT
“So, the game we're working on is called Infinite Fleet. It's an MMO strategy game. And for those that don't know, MMO stands for massively multiplayer online game. So these are games like World of Warcraft, Eve Online. They have a 10 to 20 year shelf life. And at their peak, they can generate hundreds of millions of dollars in revenue per year. And the development team we have behind this game is amazing. We've got top tier AAA talent. I personally have worked on company heroes, Dawn of War. A lot of our other developers have worked on top titles for Sega, Nintendo, EA. And we've actually got one of the developers from Altima Online, the original MMO game. This is like a top. And tying it all together, we're using a lot of the technology that Blockstream has been building. You could say we're commercializing a lot of the things. So it's running on a dual token model. There is a security token for raising.”
2020-12-16 · We Study Billionaires · BTC004: Bitcoin Tech & Future Growth w/ Blockstream's Samson Mow (Bitcoin Podcast) · IDENTIFIED FROM THE TRANSCRIPT
“There is a trade that happens all at once or not at all. So it's like Bitcoin for liquid UCT and it just Swaps, and then that's it. But with limit orders, you can do a partial atomic swap, so to say. So I think simplicity just opens the door for a lot more cool things you can do with Bitcoin. But for the average user, I think it's still some ways away, but it is there and it is coming.”
2020-12-16 · We Study Billionaires · BTC004: Bitcoin Tech & Future Growth w/ Blockstream's Samson Mow (Bitcoin Podcast) · IDENTIFIED FROM THE TRANSCRIPT
“As well. So it just makes Bitcoin more powerful. Things like Vaults. So a vault is, I guess, this analogy is a vault. You can put your Bitcoin into this vault. And when you default it, there's a time period and somebody can cancel the defaulting. So if you're using, I guess like, let's say a Bitcoin multisig to store funds for your company, you can have someone externally cancel the defaulting in case there was a security incident, like let's say someone compromised it and they got your employees took two of the three of the keys and they can withdraw from the vault. Well, somebody else could stop that withdrawal process from happening. So that's an important part of how we can evolve the security model of Bitcoin. The other thing is limit order. So right now, atomic swaps in the liquid network, it's like either the atomic swap is executed or it's not executed. So an atomic swap is where”
2020-12-16 · We Study Billionaires · BTC004: Bitcoin Tech & Future Growth w/ Blockstream's Samson Mow (Bitcoin Podcast) · IDENTIFIED FROM THE TRANSCRIPT
“So simplicity is a smart contracting language and it is a very, very low level. So the entire language will fit onto the back of a t-shirt. And we actually have t-shirts in our store with the simplicity on it. But what it does is it allows for smart contracts in Bitcoin. It won't be the same as, say, smart contracts in other protocols where they have a lot of complex logic, but it allows you to do very powerful things. So you can create vaults, limit orders, and you can do asset-based lending. So lending, I don't know, USCT for another asset. This is important because it adds more functionality to Bitcoin, but it's still not very accessible yet. We're working on some ways to basically get it into the hands of end users. And one of these avenues is with many script. So the idea is that you can compile Miniscript. It's a Bitcoin scripting language into Bitcoin opcodes and then also into simplifying.”
2020-12-16 · We Study Billionaires · BTC004: Bitcoin Tech & Future Growth w/ Blockstream's Samson Mow (Bitcoin Podcast) · IDENTIFIED FROM THE TRANSCRIPT
“Through the entire stack. And that is the main benefit. But actually, it benefits everyone else too. So a lot of people don't understand how all the different parts of what we're working on at Blockstream, how they all fit together. But you can also use the Blockstream satellite service for mining. So if you have access to cheap power in some place with poor internet or even no internet, let's say there's a solar farm installation in the desert, there's no internet. You can still mine there. You can broadcast the block you find over a cell phone signal and you can get the entire Bitcoin blockchain through satellite. So the cool thing is we've recently upgraded to Blockstream Satellite version 2.0. With this version, you can go into the middle of desert, set up a dish, download the entire Bitcoin blockchain from the Genesis block. Without any internet and keep in sync with the Bitcoin network through this service. So that's actually really cool.”
2020-12-16 · We Study Billionaires · BTC004: Bitcoin Tech & Future Growth w/ Blockstream's Samson Mow (Bitcoin Podcast) · IDENTIFIED FROM THE TRANSCRIPT
“So I think it comes down to it's augmenting the Bitcoin network. So the biggest benefit to the network of there being these Bitcoin satellites in space is that you can prevent network splits. So if an undersea cable is cut to some country or region and there's a decent amount of hashing power there, you can potentially be split off from the rest of the network and you might say a transaction is valid when it's not. But as long as one person in that region is running a blockstream satellite dish, then they can keep that whole area in sync with the rest of the network. And I think that's valuable, especially when we are spending and investing so much money in building on top of Bitcoin. If there are splits in the network, that will impact your peg in transactions on liquid. That'll impact a lot of things like Lightning and if we have securities issued on the liquid network that will impact those too. So we want to make sure we're stable all”
2020-12-16 · We Study Billionaires · BTC004: Bitcoin Tech & Future Growth w/ Blockstream's Samson Mow (Bitcoin Podcast) · IDENTIFIED FROM THE TRANSCRIPT
“To start mining. They can buy their equipment or they can contact Blockstream and we use our network to procure for them. But it's like an end-to-end solution. We can get your equipment set it up mine for you and you can mine with any pool that you want to. But it's opening the door for people to easily get access to Bitcoin mining that otherwise may not mine. So one of our customers is Reid Hoffman. So I don't think he would go and set up his own mining operation in his garage, but he'll host with us and put his miners here. Another one of our customers is Fidelity FCAT. So there is demand for this, institutional demand for mining and having this setup, it opens door for more people to get involved.”
2020-12-16 · We Study Billionaires · BTC004: Bitcoin Tech & Future Growth w/ Blockstream's Samson Mow (Bitcoin Podcast) · IDENTIFIED FROM THE TRANSCRIPT
“I think it has a lot to do with Bitcoin being counterintuitive. People don't think that they need to run a node. And people think they don't need to mine either. But for the security of the network, it's better that there are a lot of stakeholders with skin in the game that are mining because mining is ultimately securing the network. And you also want mining to be dispersed as much as possible. So again, like liquid, geopolitically and geographically dispersed. Having a large mining operation in North America like Blockstream has, we're at 300 megawatts now at total capacity, it is good for Bitcoin because then that means hash rate is not all centralized in one region. And I also think it's important that a lot of companies do mine. So what we actually offer is we do some prop mining, proprietary mining, mining our own Bitcoin, but we are primarily a hosting and service provider. So what we allow is for other companies.”
2020-12-16 · We Study Billionaires · BTC004: Bitcoin Tech & Future Growth w/ Blockstream's Samson Mow (Bitcoin Podcast) · IDENTIFIED FROM THE TRANSCRIPT
“Potentially, like the green is open source, the backend is not, but with Aqua, the backend is Electrum server, so it's all open source. You could totally use Aqua. You can take the code and reskin it and just only support your own central bank digital currency and use this for your country.”
2020-12-16 · We Study Billionaires · BTC004: Bitcoin Tech & Future Growth w/ Blockstream's Samson Mow (Bitcoin Podcast) · IDENTIFIED FROM THE TRANSCRIPT
“Yeah, so that's an interesting one. We're not directly engaged with them. It's Stablehouse, one of the liquid members, but they've been working with the government of Bermuda to do a stimulus token. And they're using Blockstream AMP and they're using Blockstream Green to do this. So it's stimulus token meant to pave the way for potentially a central bank digital currency. So what this is right now is you can spend at certain merchants because they're giving you this token that can be paying for certain things like food. but they don't want you to use it everywhere But it only works certain places. And the way you can do this is with Blockstream app issuing this managed asset. And we've also talked to some other people that want to do a central bank digital currencies on top of liquids. So it's very possible down the road that you might see this happen. Or they might set up their own liquid federation. But it would be like, that doesn't really matter because it's all Bitcoin-based tech. Everything is a fork of Bitcoin. So it's compatible.”
2020-12-16 · We Study Billionaires · BTC004: Bitcoin Tech & Future Growth w/ Blockstream's Samson Mow (Bitcoin Podcast) · IDENTIFIED FROM THE TRANSCRIPT
“I don't know if that's something we will focus on, but I know our partners are working on that. So Stocker, they have their platform to raise capital. And a lot of this is the legal side. And I don't know how much you can automate of that. But I think we're moving in the right direction. for their end users to be able to buy these security tokens they've made it pretty streamlined you can register and complete your application in a couple minutes and then you're good to go”
2020-12-16 · We Study Billionaires · BTC004: Bitcoin Tech & Future Growth w/ Blockstream's Samson Mow (Bitcoin Podcast) · IDENTIFIED FROM THE TRANSCRIPT
“Well, I believe they're embracing this. Otherwise, they wouldn't change the reg CF regs or allow for reg A. I think they want you to register and they want you to be compliant. And they'd rather you do it this way than run an ICO and then run away with people's money, which is what we saw in the past. So this is preferable. I believe that they're not worried about it because if you are doing these filings, you need to comply. You have to KYC your customers. You're a security, right? Ultimately, you can't just sell to anybody. But once you've set it up, so this is what Blockstream AMP enables. You can issue the token. And if the regulations change, you can change the rules that are applied to your token. So you can tighten the whitelist. You can freeze, you can reissue, you can manage these cryptographic tokens that are representing equity. And it's a very powerful thing. So you can evolve as a regulation evolves with this tool set.”
2020-12-16 · We Study Billionaires · BTC004: Bitcoin Tech & Future Growth w/ Blockstream's Samson Mow (Bitcoin Podcast) · IDENTIFIED FROM THE TRANSCRIPT
“The battery technology catching up to the point where Elon Musk can say, okay, now I can make electric cars cheap enough for the mass market. And then you put together a plan. You start with a roadster first and you sell a limited amount and you can go to another lower end vehicle. Well, not that low, but then you have the model S and then you have the X and then you get to mass market with the model three and Y. So it's just a path to the goal you want is now open because technology has enabled that. Same for Apple with the iPhone, right? Capacitive touch and better processing power means you can have a tablet that is now the size of a phone and it's responsive and it's the battery life lasts more than a couple hours. So it's a game changer. And I think for security tokens, we're seeing the same thing, which is the environment is now permitting them to flourish.”
2020-12-16 · We Study Billionaires · BTC004: Bitcoin Tech & Future Growth w/ Blockstream's Samson Mow (Bitcoin Podcast) · IDENTIFIED FROM THE TRANSCRIPT
“Piece of the puzzle is technology, which I believe that we can provide with liquid and blockstream amp for the issuance and management of these tokens. And then the final piece is venues. And is the thing you saw in the news a couple days ago, Bitrex announced that they are going to support tokenized stocks or trading of stocks, but there are many other exchanges working on being able to support the trading of security tokens, if not the issuance, then at least secondary markets. So with these three pieces, you have the perfect recipe for security tokens getting big. And the other part is tokenizing traditional equities. Like you said, Apple stock. I think that is coming too. Perhaps some bigger companies will allocate a portion of their stock to become security tokens. Reason why I'm excited about all this is because the environment has changed. And it's kind of like what led to Tesla being able to dominate, right?”
2020-12-16 · We Study Billionaires · BTC004: Bitcoin Tech & Future Growth w/ Blockstream's Samson Mow (Bitcoin Podcast) · IDENTIFIED FROM THE TRANSCRIPT
“I have a game company, Pixomatic, is issuing a security token for Infinite Fleet or Game. And we're working with Stalker out in Luxembourg who do a security token for Europe. And the whole regulatory process is not that cumbersome and not that time consuming. So within probably six to nine months, so we can get a prospectus out and it could be publicly offered. In the US, you have, you must know this one, like Reg CF was changed to allow up to 5 million in fundraising, right? You also have Reg D and Reg A regus filings that you can do. And those are not that cumbersome either. And the cost is not that extreme. So I could see a lot more companies going this route of regulated token issuance or security token to raise that capital. And with a reg A plus filing, it's tradable by anybody. There's no limits on trading. You're not bound to only accredited investors. So that is one piece of the puzzle.”
2020-12-16 · We Study Billionaires · BTC004: Bitcoin Tech & Future Growth w/ Blockstream's Samson Mow (Bitcoin Podcast) · IDENTIFIED FROM THE TRANSCRIPT
“Theoretically, yes, the question is do they accept that as payment? But you could have a middleman whiches it out or swaps it with something else for a different asset. But yeah, in theory, what you just said is possible. But I guess you could say the goal of Blockstream is that we would make the entire market into a dark pool. So nobody knows what anyone is trading with anyone else. And that would really democratize a lot of things. So first, security tokens, I think democratize a lot of capital formation and financing. You can tokenize your company's equity and offer it out. And I think the way that the winds are shifting now, we're starting to have the perfect landscape to be able to do this. So security tokens first started coming out a little bit in 2017, but they kind of fizzled out. But I think there were missing pieces. So the first big piece is the regulatory environment. And I believe the regulatory environment has shifted to become favorable for the issuance of security tokens.”
2020-12-16 · We Study Billionaires · BTC004: Bitcoin Tech & Future Growth w/ Blockstream's Samson Mow (Bitcoin Podcast) · IDENTIFIED FROM THE TRANSCRIPT
“You can also have lightning on top of liquid, on top of liquid Bitcoin, and on top of liquid assets. So imagine any stablecoin. You can have a lightning network for that stablecoin. And once you have that, you have enough TPS to service the world. You could use that to buy your coffee. And there's no barrier to that.”
2020-12-16 · We Study Billionaires · BTC004: Bitcoin Tech & Future Growth w/ Blockstream's Samson Mow (Bitcoin Podcast) · IDENTIFIED FROM THE TRANSCRIPT
“Near term, I'm very interested in security tokens, and I've steered Blockstream in the direction where we're working on products and tools that can enable that. But five to ten years out, I hope that we'll see more privacy becoming the norm. So we hope that with Liquid, it'll normalize that idea of confidential transactions and having people value privacy and confidentiality. And I think if you look at a lot of the stuff that Blockstream is doing, we're trying to re-architect financial markets and make everything compatible with Bitcoin. So liquid is a step in that direction. Lightning is a step in that direction. So you mentioned earlier about, Adam saying liquid is there 1.5. The reason for that is because liquid is its own chain. So it's not a layer two like lightning, but we can also have a layer two on top of liquid. So this is where it gets tricky for people to conceptualize because you can have lightning on top of Bitcoin.”
2020-12-16 · We Study Billionaires · BTC004: Bitcoin Tech & Future Growth w/ Blockstream's Samson Mow (Bitcoin Podcast) · IDENTIFIED FROM THE TRANSCRIPT
“Bunker of some sort. And all these other altcoins, they're cardboard boxes and they're stacking them next to this nuclear proof bunker. But when that nuke drops, they're just going to be blown away, right? They're not going to survive this thing. But they'll stand outside this bunker with some cardboard boxes stacked up next to it and say, oh, look at the dominance of Bitcoin is only 60% because of all these cardboard boxes next to it. But Bitcoin is no that those things don't matter. It's a different league.”
2020-12-16 · We Study Billionaires · BTC004: Bitcoin Tech & Future Growth w/ Blockstream's Samson Mow (Bitcoin Podcast) · IDENTIFIED FROM THE TRANSCRIPT
“I said before, Bitcoin rewards people that understand math. And I believe your network of listeners can do the math. You're buying some of these coins. I've done a talk before and I've presented, this is a couple years back, but I actually calculated everything out. And if you reduce the supply of those coins to 21 million, you're paying like maybe $1,000 for a ripple or some other altcoin because of that unit bias. So it's not cheap. It's actually very expensive. And people just don't do basic math to calculate it. And I think the other point you just touched on is dominance, right? Bitcoin dominance. But Bitcoin dominance, it's a really bad metric. If you look at Bitcoin, it has a very unique properties. It has a virgin birth. There's no corporation behind Bitcoin manipulating it and promoting it. It is decentralized and censorship resistant. So you could compare it to being a nuclear-proof fortress.”
2020-12-16 · We Study Billionaires · BTC004: Bitcoin Tech & Future Growth w/ Blockstream's Samson Mow (Bitcoin Podcast) · IDENTIFIED FROM THE TRANSCRIPT
“I agree. I think with Bitcoin's rise and it will continue to rise, I believe, in 2021, I think next year we're just going to see a wave of altcoins pumping and a frenzy. Another guilty party here is the mainstream media. They release things like saying, oh, this altcoin pump 200% and Bitcoin's only up this percent. But they just gloss over the fact that it's a very low cap low liquidity coin. The other thing that compounds the issue is unit bias. So I've known people in the past that have bought Ripple XRP and they just said it was so cheap. It's 25 cents, you know?”
2020-12-16 · We Study Billionaires · BTC004: Bitcoin Tech & Future Growth w/ Blockstream's Samson Mow (Bitcoin Podcast) · IDENTIFIED FROM THE TRANSCRIPT
“He had that whole thing where we were running the numbers, and a lot of Bitcoiners were running scripts on their full node to determine the supply of Bitcoin. And we can all tell you which block, what the supply is. But there's just nothing like that in Ethereum. And even though Vitalik accepted my challenge,”
2020-12-16 · We Study Billionaires · BTC004: Bitcoin Tech & Future Growth w/ Blockstream's Samson Mow (Bitcoin Podcast) · IDENTIFIED FROM THE TRANSCRIPT
“So they have this bomb in their code, which sets, I guess, a certain block height that they will essentially slow down transactions and block times to the point where it's almost stopped. And that's why it's called Ice Age. And that is meant to force them to transition to prove a stake. But over the past few years, they hit that deadline and they just punt it down the road. So effectively, anybody can modify that deadline and change the protocol. And in fact, they screwed it up once. So they had a double hard fork where they forgot to punt the deadline. So they did a hard fork for some reason and then they did another hard fork right after. But hard fork is basically rebooting the whole network. So it's not decentralized at all. You just rebooted everything and so told everyone switch to this thing but pretend it's the original.”
2020-12-16 · We Study Billionaires · BTC004: Bitcoin Tech & Future Growth w/ Blockstream's Samson Mow (Bitcoin Podcast) · IDENTIFIED FROM THE TRANSCRIPT
“Think there is a spectrum of decentralization. If you look at liquid, it's federated. It's still centralized, but it is somewhat centralized. But the problem is with Ethereum, it's not on that spectrum. It's not even anywhere close to being decentralized too. They change, they have, what was it, their ice age bomb or whatever, difficulty bomb. And that was supposed to be something to force the transition to proof of stake. And they just keep moving it.”
2020-12-16 · We Study Billionaires · BTC004: Bitcoin Tech & Future Growth w/ Blockstream's Samson Mow (Bitcoin Podcast) · IDENTIFIED FROM THE TRANSCRIPT
“A plan on terminology, but it's also very hard to run a full node. So talking to a lot of exchange operators, it's a constant battle for them to be able to run an Ethereum full node. And a lot of them probably just default to using Infera. So that is the full node as a service provider that essentially powers most of the Ethereum network. So everyone's just querying Infera and getting the data versus running their own and verifying their own. But it's a dangerous game, I think, because if Infera were to go down, Ethereum goes down. Actually, we saw that. I think there was an outage, an Amazon outage, which affected Infera and a lot of services were broken on Ethereum because it's largely centralized. And I think a lot of people take it for granted, like you hear their marketing and you just buy it. I was on another discussion panel with some academics and they were talking about Ethereum saying, well, it's decentralized, blah, blah, blah. They drank the Kool-Aid that Ethereum is decentralized. And they're just talking from that point. And I tried to correct them.”
2020-12-16 · We Study Billionaires · BTC004: Bitcoin Tech & Future Growth w/ Blockstream's Samson Mow (Bitcoin Podcast) · IDENTIFIED FROM THE TRANSCRIPT
“Going back to some of our early discussions about Bitcoin full nodes and why it's important to run it, Ethereum is essentially the opposite. So it's very difficult for someone to run an Ethereum full node. And if you remember the run the numbers stuff earlier this year, the lexicon of what they call a phone node is always in flux. And I don't even think they have a full agreement on what a full node is. So I was talking with Dalek on the podcast on McCormack's podcast, and he was saying, I run a Ethermine node. And I think a couple months after that, Ethermind nodes failed. But like I said, it's like kind of a science experiment. And because they...”
2020-12-16 · We Study Billionaires · BTC004: Bitcoin Tech & Future Growth w/ Blockstream's Samson Mow (Bitcoin Podcast) · IDENTIFIED FROM THE TRANSCRIPT
“I think in the long run, this will win out also because of better technology. Like a lot of the other protocols out there are more like science experiments, whereas liquid and elements which liquid is based off of is a fork of Bitcoin. So you're always moving Lux step with Bitcoin development. We can actually roll out new features on the liquid network first that would come out later on Bitcoin. So for example, we had SegWit first in Liquid and we are working on getting Taproot in Liquid. So I believe technologically it's more reliable, more robust, and more secure than a lot of the other options. But right now, security doesn't almost, it almost doesn't matter. Like if you take it to Ethereum as an example, looking at it realistically, you think after so many hacks and security issues and failures that people would not support it or buy their token, but that's not the case. It's almost like the more they get hacked, the more the price goes up.”
2020-12-16 · We Study Billionaires · BTC004: Bitcoin Tech & Future Growth w/ Blockstream's Samson Mow (Bitcoin Podcast) · IDENTIFIED FROM THE TRANSCRIPT
“Would think so, but I think it's far easier to print your own money. Like some of these other chains or protocols and have your own token and then wrap Bitcoin on your chain. Because then you have your own ore chest of your printed money out of thin air that you can use to incentivize adoption. So it's been a challenge for us to push for liquid adoption because a lot of these other protocols out there, they have their war chest and they can say to an exchange, well, integrate this thing and we'll pay you a couple million bucks and then they can push their adoption through essentially by force and then they can wrap Bitcoin on their protocols like say on Ethereum. But those are not decentralized in any way. It's like a single service provider. So wrapped Bitcoin or WBTC is Bitco. They're the custodian of that.”
2020-12-16 · We Study Billionaires · BTC004: Bitcoin Tech & Future Growth w/ Blockstream's Samson Mow (Bitcoin Podcast) · IDENTIFIED FROM THE TRANSCRIPT
“Think that's the primary use case. Or even if you're a trader and you don't want to keep your coins on exchange, like you're done trading for the day, you can take it off and put it back on. One apprehension that people have is if I take my coins off exchange, then I need to pay potentially high fees on the main chain and I need to wait for confirmation because block times on Bitcoin are not set. It's usually every 10 minutes, but it is not deterministic. Whereas in liquid, it's like a clockwork every minute there is a block because it is a federation signing those blocks. So you're guaranteed.”
2020-12-16 · We Study Billionaires · BTC004: Bitcoin Tech & Future Growth w/ Blockstream's Samson Mow (Bitcoin Podcast) · IDENTIFIED FROM THE TRANSCRIPT
“It's just a peg. So liquid does not have a token. There's a lot of projects out there. They have their own token, but the native currency of liquid is Bitcoin pegged into the network. So what you do is you create a peg-in transaction and the liquid blockchain watches the Bitcoin blockchain for that. So let's say you want to peg in 10 coins. You create a transaction to the liquid wallet. Liquid detects that, and then it'll issue you on the liquid side 10 liquid Bitcoin. And that's what you would transact in the network. The liquid Bitcoin pays for the fees of the liquid network as well. So that's the native currency. It is Bitcoin. It's a Bitcoin sidechain.”
2020-12-16 · We Study Billionaires · BTC004: Bitcoin Tech & Future Growth w/ Blockstream's Samson Mow (Bitcoin Podcast) · IDENTIFIED FROM THE TRANSCRIPT
“And I thought this has huge potential to improve liquidity between exchanges and being able to issue assets too. So the other thing is that you can issue assets on the liquid network like stablecoins, such as USDT. We have LCAD from Bull Bitcoin and a JPY stablecoin from crypto garage. But it's basically a way to move Bitcoin quickly from place to place. So the block times in liquid are one minute and you have full settlement in two minutes and you have confidential transactions, as well as confidential assets. So that means every transaction in liquid is private. So if you've seen on Twitter, when people send a large amount of Bitcoin to an exchange wallet, it's broadcasted out saying someone has sent $100 million to this exchange. And that allows you to front run or potentially trade against them. And that's the same case for stablecoins too, because they're all very transparent and public. But in Liquid, it's all encrypted. So nobody can see what you're sending to someone.”
2020-12-16 · We Study Billionaires · BTC004: Bitcoin Tech & Future Growth w/ Blockstream's Samson Mow (Bitcoin Podcast) · IDENTIFIED FROM THE TRANSCRIPT
“All right, so I guess the first starting point is liquid. So liquid is an inter-exchange settlement network. It's a sidechain. So it's a separate blockchain anchored to the Bitcoin blockchain by a federation. So it's not decentralized like Bitcoin. There is a federation of members and a subset of those members are running these functionary boxes that essentially serve as the miners. So these members are extending the liquid blockchain and they are geographically and geopolitically dispersed. So if you wanted to compare to Ethereum, I would say liquid is more decentralized than Ethereum is because you have this federation around the world versus one hosting provider in Fera. But the initial goal with Liquid was inter-exchange settlement. And this was actually how I first learned about Liquid. So I was at BTC at that time and we were one of the first members to join. So I saw this technology.”
2020-12-16 · We Study Billionaires · BTC004: Bitcoin Tech & Future Growth w/ Blockstream's Samson Mow (Bitcoin Podcast) · IDENTIFIED FROM THE TRANSCRIPT
“So I haven't actually played with it. I only saw it in passing and skimmed the article, so I'm not sure I can dive into their product. But even without their service, you can already do that just by opening up channels and routing for other people and earning sats on every routing payment, every routed payment.”
2020-12-16 · We Study Billionaires · BTC004: Bitcoin Tech & Future Growth w/ Blockstream's Samson Mow (Bitcoin Podcast) · IDENTIFIED FROM THE TRANSCRIPT
“Yeah, so I believe you can do that already by opening up channel capacity and letting people use your capacity. You can earn some sats on those transactions. And I recall Alex Bosworth. He's a developer at Lightning Labs. He's earned a decent chunk of change doing exactly that. And they recently launched a pool Lightning pool, which is a service that lets you basically earn DeFi type staking yields of your Lightning channels.”
2020-12-16 · We Study Billionaires · BTC004: Bitcoin Tech & Future Growth w/ Blockstream's Samson Mow (Bitcoin Podcast) · IDENTIFIED FROM THE TRANSCRIPT
“I think a lot of merchants are accepting lightning payments now. And basically anyone's selling something that is not very expensive should be able to use Lightning. So there are issues with Lightning Network, which is large payments have trouble routing through because you're pushing it through these pipes, for lack of a better analogy. You're pushing through pipes and there is capacity in the pipes. So imagine some liquid in the pipe. You're pushing it through. And if there's not enough capacity in the pipe, you won't be able to route your payment through to the destination. So you can fail when you're paying a couple hundred dollars. But if you're buying, I don't know, coffee, you could use it. You can use it to buy small things like stickers, pens, pencils. You could buy digital goods, songs. You could have iTunes supporting Lightning and pay for a song. So anything that's small is good for now. But as Bitcoin becomes more valuable, I think we'll see increased capacity in the channels and also more rollout.”
2020-12-16 · We Study Billionaires · BTC004: Bitcoin Tech & Future Growth w/ Blockstream's Samson Mow (Bitcoin Podcast) · IDENTIFIED FROM THE TRANSCRIPT
“Toilet paper. You can move 2,000 rolls of toilet paper. And if we run out of toilet paper, you can make more toilet paper. So incomparable. You can't compare the two things. Bitcoin is in a league of its own. All the altcoins that are high TPS, it's just irrelevant.”
2020-12-16 · We Study Billionaires · BTC004: Bitcoin Tech & Future Growth w/ Blockstream's Samson Mow (Bitcoin Podcast) · IDENTIFIED FROM THE TRANSCRIPT
“So actually before we get into that, it's important to talk too about why transactions per second are important. If it's for retail payments, then your transactions a second are important. So you said visa earlier with tens of thousands of transactions a second. Yes, because you're buying coffee with it. You're buying your newspaper, your bagel, or tacos or whatever. So you need to process a lot of transactions a second. But if you're digital gold or basically money, transactions a second are less important. So even though Bitcoin has 10 transactions a second, what is being moved during those transactions? You can visualize in your head. You're moving a bar of gold and each bar of gold is worth half a million dollars. So you're moving that. But if you're some altcoin with thousands of transactions a second, but you're only worth like 10 cents or 20 cents and you're centralized, they can print more of it at any time. It's kind of like you're moving.”
2020-12-16 · We Study Billionaires · BTC004: Bitcoin Tech & Future Growth w/ Blockstream's Samson Mow (Bitcoin Podcast) · IDENTIFIED FROM THE TRANSCRIPT
“Yeah, so Segwit is a bug fix that got rid of malleability. So that's the ability to basically sign something and have it change later. So with that, you could have Lightning Network, which the theoretical throughput of Lightning Network is millions of transactions a second because it's not being broadcast and locked into a blockchain where every transaction is recorded for all history. It's largely peer-to-peer and there is no upper bound to how much you can route through this network.”
2020-12-16 · We Study Billionaires · BTC004: Bitcoin Tech & Future Growth w/ Blockstream's Samson Mow (Bitcoin Podcast) · IDENTIFIED FROM THE TRANSCRIPT
“Ultimately, with Segwit 2x, that was a compromise. It was a brokered compromise from DCG or Barry, Barry Silbert. And basically it did a block size increase with SegWit. So I think his intentions were good, but I think misguided as well because you can't really compromise on Bitcoin's rule set. Otherwise, you could also compromise between the number of coins. So let's increase the supply cap, not 42, but 30. It's a nice number, right? But ultimately, the scaling solution there, but it's also a bug fix, was SegWit, and that did increase the block size to four megabytes of weight versus one megabyte in size. So it changed it a bit, and we can have more transactions a second now because of SegWit.”
2020-12-16 · We Study Billionaires · BTC004: Bitcoin Tech & Future Growth w/ Blockstream's Samson Mow (Bitcoin Podcast) · IDENTIFIED FROM THE TRANSCRIPT
“Add up together to make Bitcoin far greater than some of its parts. So there is really no comparison for a lot of these other projects that are largely centralized. And they like to market themselves kind of dishonestly. But Bitcoin is really the only one that matters.”
2020-12-16 · We Study Billionaires · BTC004: Bitcoin Tech & Future Growth w/ Blockstream's Samson Mow (Bitcoin Podcast) · IDENTIFIED FROM THE TRANSCRIPT
“Elephant. It's a cartoon. And there's several blind men touching different parts of the elephant, and they're saying, well, this is a tail, it's a snake. This is an ear and it's a wing or something like that, right? So altcoin marketing is kind of doing the same thing. They're just zeroing in a small part of Bitcoin and comparing themselves to that small part of Bitcoin. So I think there are other chains out there that say, you know, we have 100,000 nodes, but those are probably run in servers and centralized. They're not distributed all over the world, like Bitcoin nodes. There's just a lot of misleading stuff, and I'm hoping to counter that with this graphic. And your idea is great. I think we're going to crunch some of those numbers and figure out historically what that value transacted per second is or VTPS. The key thing here, I think, the valuable properties of Bitcoin are multiplicative. So hash rate, security, value of Bitcoin, like how much does a Bitcoin cost, liquidity, lightning network, a liquid network support, mining, what else? Satellites, all these things.”
2020-12-16 · We Study Billionaires · BTC004: Bitcoin Tech & Future Growth w/ Blockstream's Samson Mow (Bitcoin Podcast) · IDENTIFIED FROM THE TRANSCRIPT
“Bitcoins often compared based on transactions per second. So a lot of altcoin marketing is centered around they're always misleading in some way. So I think it's the high TPS coins. They like to say, you know, we have thousands of transactions a second. And look at Bitcoin. It's like a small trickle. It's only seven or 10 transactions a second. So what we did was we crunched some data on-chain transactions for various coins and we just showed like Bitcoin has 400 486,000 dollars transacted every single second. So close to half a million dollars a second. And some of the other chains with very high TPS or transactions a second are transacting maybe $2,000 a second. It's just illustrating very simply what the value proposition of Bitcoin is. And it's just countering misleading advertising. I think it's a common altcoin MO to, you know, that graphic where there's an L.”
2020-12-16 · We Study Billionaires · BTC004: Bitcoin Tech & Future Growth w/ Blockstream's Samson Mow (Bitcoin Podcast) · IDENTIFIED FROM THE TRANSCRIPT
“It end of story. So if the users say no, then the miners can only say, well, okay, then I will follow my beliefs and I just won't get paid. And that's fine. That's free market behavior.”
2020-12-16 · We Study Billionaires · BTC004: Bitcoin Tech & Future Growth w/ Blockstream's Samson Mow (Bitcoin Podcast) · IDENTIFIED FROM THE TRANSCRIPT
“So back then, during the four wars, it was a scary time. There were all these mining pools saying we're going to do something. We're going to upgrade to SegWit2X, right? The thing that people don't understand about mining is the pool operators are communicating, but the individual miners are still like regular people. They could be a small operation. They could be a big operation, but they don't have that same voice. So it's the pool operators in some sense taking advantage of the hash rate they have under their command, which is not their hash rate for the most part. Like some pools might own their own miners. But for large part, they're just providing a service to their customers. And during that time, they were actually misrepresenting a lot of the intent. So being in China and knowing a lot of the individual miners, that was not the case. They didn't want this thing. This was just somehow politicized like Bitmain and Jihan just got it into their heads that we want big blocks. And it didn't really ask.”
2020-12-16 · We Study Billionaires · BTC004: Bitcoin Tech & Future Growth w/ Blockstream's Samson Mow (Bitcoin Podcast) · IDENTIFIED FROM THE TRANSCRIPT
“With a lot of the populace because it sounds nice. When someone's offering you something for free, it's not always a good thing. There's always some cost involved. And I don't believe it during this period, this time period of Bitcoin's history, that everyone understood that dynamic or those trade-offs. But, you know, it's very difficult to understand. Like, I was actually a big blocker at first. So there's an article in Bitcoin magazine where I opined about it and I said, you know, we should increase the block size. It's not a good idea for the fee market to price people out at this time. And that was before I really understood it. And I had a long chat with Adam for a good couple hours. And he explained a lot of it to me. But the workings of Bitcoin are just counterintuitive. There's nothing like it. Nothing has existed like Bitcoin in history before Bitcoin. And it just takes a lot of time to wrap your head around those mechanics of why it works this way and why things are important. Like, why do I need to run a node? It doesn't make any sense at first. But when you really dive in and figure it out,”
2020-12-16 · We Study Billionaires · BTC004: Bitcoin Tech & Future Growth w/ Blockstream's Samson Mow (Bitcoin Podcast) · IDENTIFIED FROM THE TRANSCRIPT