This week in Bitcoin- 5-18-2018- Simon Dixon and Giacomo Zucco! Strong hand!

Hello everyone this is Adam Meister the
bitcoinmeister the disrupt meister
welcome to this week in bitcoin today is
May the 18th 2018 strong hand long-term
thinking international guests of mystery
no these guys aren’t mysterious guess
you know who these guys are
and they’re so huge in this space I
can’t have more than two people on one
when they’re on dudes
so it’s Simon Dixon is here and he’s in
the Isle of Man today he’s gonna talk
about that later
jacquimo Zuko is coming from Italy so
they can eat more mysterious like it was
very mysterious well but look this has
been a week of well there has been that
much mystery this week it’s been pretty
straight up I mean we had an event in
New York and what and the Peraino
everyone’s worried about the Fiat price
but here you go I want to start out with
Giacomo Zuko here because there are a
lot of people a technical analysis a lot
of people are into technical analysis
and I think that it plays a role in you
know knowing about cryptocurrency and
there’s some great guys that do
technical analysis but then we’ve got
these people who are obsessed with it I
think are living their lives vicariously
through technical analysis like giving
them excuses why they’re no coiners or
why they’re not going to buy big and
just they get caught up in a soap opera
they want to hear the next prediction
maybe these people aren’t bold people
they can’t make their own predictions
they want to hear some formula make
predictions for them Giacomo what do you
think about tactical analysis and its
role in cryptocurrency and Bitcoin is it
overblown are people too obsessed with
it hmm very interesting question so in
general I think that technical analysis
can work mostly because of
self-fulfilling prophecies basically
people coordinate
/ psychological threshold of
psychological barriers and so technical
analysis cannot predict the future so
cannot predict the trend but inside the
trend can actually predict where a
majority of the players are likely to
move in one direction or the other that
it can possibly help you to to imagine
panic bias panic cells of psychological
threshold and stuff like that I think
that that kind of analysis is more if it
is more efficient as more realistic when
there is a lot of uneducated traders so
predictable traders which are not doing
a technical nasod themselves that they
are not trying to beat the market they
are a very very ingenious very very
unsophisticated market and so an analyst
can predict what the monkeys will do
what what a very what a very weak hands
will do in Bitcoin that’s basically the
case because although there are
professional traders and and funds that
are starting trading with it there is
still a very very huge amount of
technically little of economically
literate financially illiterate people
trading and so it’s probably I mean it’s
easy to the same way it is easy to
organize pump and dump and market
manipulation it’s also easy to apply
this kind of common sense
pattern recognition which with a some
level as I said is a self fulfilling
like if everybody thinks that the taa is
working it will work yeah there you go
i I couldn’t send it better myself I
before I get the Simon here you brought
up actually the next question here you
talk about an unsophisticated market
there are a lot of unsophisticated
people in in Bitcoin who now they think
they’re traders or they think that’s why
you get into Bitcoin is because of
trading in the cryptocurrency ecosystem
would you say I mean what I would I’d
we’re not seeing more and more is that
we’re in the minority that most people
in cryptocurrency are totally
unsophisticated and and can be fooled
very easily
are you getting this vibe – yeah yeah
absolutely but I’m I mean stupid
I am totally unsophisticated as well
that when it comes to trading I
participated I used to participate every
day with the tone base in his in his
podcast that this week I couldn’t for
personal reasons but I will and when I
follow him I I see that I I really don’t
understand anything about ei and if I
was a trader I would be the monkey I
would be the very weak and which is
easily played by the professional
because one thing is knowing Bitcoin one
thing is knowing ta which is a separate
argument the overlapping is is
incredibly small and also many other
kind of fundamental wealth he in encrypt
all and fundamental analysis is two
things one understanding Bitcoin to
understanding marketing’s do during
irrational bubbles which is everything
else and then there is a TA on top of
that I’m kind of good with the first
thing I mean I’m relatively speaking
food in I’m starting to get get
understanding some Bitcoin I’m very bad
in understanding irrational marketing so
I can’t understand all coins trading and
I’m very bad at technical analysis so we
are kind of old and sophisticated
yeah well I will I will say this I I
don’t see cryptocurrency as a place what
that I’m interested in trading at all so
for me tactical analysis is totally
noise to me for me it’s about having a
strong hand they’re just holding onto it
Simon Dixon what did you think about
technical analysis is it a tool in your
arsenal or is just something that’s out
there and it’s confusing a lot of people
these days
well ta is not something I personally
use but it is something I know because I
did used to be a trader and I was a
trader for an investment bank ABC and I
was a market maker for a couple of years
which was scalping you know putting
together buyers and sellers and creating
the quiddity in these markets
I think it’s quite interesting you were
talking about Tony earlier because a
memory just flashed by me I think it was
2013 I think it was Tony’s first
conference where he was hosting a panel
and I was one of the panelists and he
was in Hong Kong it was a conference
called inside bitcoins and yeah I think
this exact subject came up and I’ll give
the same answer but I think I gave back
there and that is technical analysis is
merely a visual representation of the
emotion of fear and greed and fear and
greed is what drives all market
movements when you’re talking about
candlesticks when you’re talking about
patterns they’re just simply
representations of psychological points
that humans remember from the past for
example right now a psychological point
will be 8,000 big $8,000 a Bitcoin and
people will be thinking if it goes below
that all rush of cell if it goes above
that maybe it’s a turn around you know
so these whole numbers is different
things and then there’s different
emphasis on different points dependent
upon how much volume so people look at
volume and they place more importance on
a different indicator based upon how
many people remember that psychological
point because they were participating in
that yeah but here’s the game of trading
and and I did spend many years studying
and working in the trading markets and I
put it down to the following if you want
to be a successful trader actually it’s
nothing to do with technical analysis
it’s nothing to do with the things that
you think it is it’s actually all to do
with psychology the the game of what
makes a successful trader is the same
that what makes a successful human is a
psychology game and the psychology game
is that can you stick to a strategy
despite all the emotion and fudge and
everything else that happens around you
if you can you only need a strategy that
works 50% of the time and if you’ve got
a strategy that works 50% of the time
then you just need to manage your risk
around that and then you just need a
strategy and a strategy might be every
time this pattern happens I buy and if
it doesn’t happen and I have a stoploss
where I minimize my loss and that really
is what technical analysis is it puts
lots of complications what
indicators around a visual
representation of the emotion of fear
and greed and the reality is it doesn’t
matter how much you learn about
technical analysis it’s the psychology
that determines whether you will succeed
or fail now most people don’t have what
it takes to be a successful trader
because the psychology of a successful
trader is actually the opposite to how
humans work you have to eliminate those
emotions of fear and greed you have to
act like a robot you have to be systemic
and you have to stick to the strategy
most people can’t do that that’s why
more people are successful as investors
and they are as traders and being a
successful investor is a pretty hard one
but in crypto market it gave just the
most easy investment strategy in the
world and the investment strategy is as
there’s only 21 million bitcoins there
will never be more there will never be
less and as long as those bitcoins
become more useful to more people every
year then just don’t sell them and that
is the easiest investment strategy that
has ever happened and it’s an
opportunity that everyone can get
involved with right now and people ask
well what’s the utility well most people
are speculating with these things well
ok that’s alright that’s a user case off
Bitcoin but the most important user case
is that it gives you the ability to earn
your own money spend your own money and
a monetary policy that is a based upon
savings rather than debt and once you
understand that once you understand
those three forces and the fact there’s
only 21 million you’re soon to come to
realize that every year Bitcoin will be
more useful now it might be less useful
to all the speculators this year than it
was last year because the markets going
down rather than not but that doesn’t
really matter because the long-term
fundamentals is what drive the
investment strategy if you want to be a
short-term speculator if you want to be
a short-term trader then yeah you do
need to learn ta but understand the
technical analysis is just a visual
representation of the emotion of fear
and greed 50% of time you get it wrong
50% right you need to learn risk
management and and then you just need to
you know that’s exactly what it is but
most people can’t do that which is why
10% of traders make money at the expense
of them 90% in a lesson zero-sum game
when the investment bank the market
makers the hedge funds and the insiders
make most of the money at the expense of
everyone else and 10% of the mine Wow
emotional representative representative
of fear and greed
dude you’re coming out I I knew I could
count on you hey Andy Hoffman if you’re
watching this take some of those lines
right there he I mean he’s producing
some great ones here today Simon Dixon
is everyone pound that like button if
you like that
what was just said by Simon oh we’re on
fire hey I want to stay close one in
this in the super chat thank you for the
50 bucks
he said deke red profits go here one of
those wild and wacky Dee Craig guys
Simon I do want to go back on one thing
you said that you used to trade in the
traditional markets and you used to use
technical analysis and you also made it
the great point that only 10% of the
traders are gonna make money here I mean
it’s I don’t know why anybody want to
even get into it but in terms of
technical analysis in the traditional
market versus technical analysis in the
Bitcoin market do you feel that I don’t
know that it’s not as reliable in the
Bitcoin market as it is in the
traditional market or or should it be as
reliable I’d say it’s pretty reliable in
the Bitcoin market because it’s getting
fairly liquid now so technical analysis
really depends upon liquidity and so in
the early days of Bitcoin you know
technical analysis was useless but now I
think it has it does actually have some
merit because there’s a lot of people
looking at the same thing that are
actually creating these self-fulfilling
prophecies based upon the emotion or
fear and greed and so it is it is
relevant in Bitcoin I’d say it’s
relevant in aetherium and it might be
relevant on a few days in terms of some
of the all coins but the less liquid the
market the less relevant it is the more
liquid the market the more relevantly
actually becomes so liquidity is the
driver of the you know the success of
technical analysis remember guys one
Bitcoin equals one Bitcoin I wanted to
remind everyone of that don’t worry
about your your fiat value it’s still
one Bitcoin always
one Bitcoin and very interesting it
Simon brings up if you’re trading those
other ones other than the theorem in
Bitcoin whoa we’ve got some liquidity
issues and it’s not very predictable and
you never know you never know what what
news is gonna come the next day I want
to go you know Simon run off bus
psychology and and giacomo I want to ask
you this people say to me that they like
to watch my show because I keep their
hands strong you know I what what
psychological techniques do you help
keep your hand strong I mean is there a
did you could you have a certain mindset
that keeps you in a long-term thinking
mode that keeps you from from selling or
is that just your natural way no I think
it’s at the beginning I I remember the
the first Bitcoin I had well first of
all if there is any law enforcement
agency watching I don’t have Bitcoin I
I’ve lost all my Bitcoin is saying
boating accident accident that that cost
at the fluffy pony all these moon arrows
so I wasn’t on the other boat that the
question him so I don’t have big current
now but when I did have Bitcoin back in
2012 for example I used to to feel
selling pressure more often because I
was the most here by by by crashes I do
that they the psychological shelling
point of everybody agreeing on the fact
that bitcoin is the digital gold just
like people do agree on the fact that
gold is physical gold there are there
are metals that are even more scarce
than Gordon sometimes even more
malleable more easy to trade but but
there is a selling point on God for many
many reasons the same shining shining
point have been created has been created
on Bitcoin but at the beginning I was
scared the cool the fadeaway and maybe
we could just lose this kind of common
focus on Bitcoin now I’m not when I mean
when the price goes down and I usually I
will buy
and of course I don’t because I don’t
own any big gun but uh but I would buy
and and I think that I mean looking at
Bitcoin or obituaries is a very good
habit when you’re scared you look at you
look there you see the the past crashes
you see that the Posche at the past fqd
you understand that everything is
happening now that could that could
sound a bit bearish is nothing compared
to what we just overcame like b2x attack
and the USASF change and there have been
a lot of shit going on very very scary
maybe I will be a little bit scared for
a proof of world change attempt by some
of the devs that proposed it but other
than that really
now it’s easy to stay for the long term
and the long term idea is what Simon
said before scarcity utility do your
mouth alright like that tip for
everybody out there just check out a big
coin of Vichy where ease people that’ll
calm you down then I’ll keep your hands
strong Simon to you video tips like that
everyday tips for people or you reveal
what keeps you uh psychologically strong
keeps your hand strong ok two different
questions things say what keeps me
strong is a couple of principles that
govern me this is just what works for me
mission and calmer is kind of my
governing principles so I’m governed by
a mission and for whatever reason I felt
that I was brought to this earth to work
on the disruption of the banking system
I’ve been working on that ever since I
started in banking in 2000 were since I
left banking in 2006 and Bitcoin was
just this amazing gift that was given to
the world that when you know we were
working on many things we were trying to
build actually you know our original
vision of what we tried to build at the
bank to the future was a non fractional
reserve bank and then we just realized
that the insistant the system is just
entrenched and as soon as whenever
you’re dealing with fear
a technological innovation just drove
the banking sector because then they
could just take cut off your accounts
and you know we were looking at things
like peer-to-peer lending and all sorts
of stuff but then Bitcoin came along and
just created this protocol where people
could be able to build upon and just
created everyone the ability to owner
and when you spend their own money and
have a sound monetary policy and an
economy based upon savings rather than
their so I see Bitcoin as this gift that
the world gave is semi-religious for me
I respect it I feel offended by selling
it you know I I do spend it because I
believe that is my second governing
principle karma I believe that you know
you give you get back what you give and
so I do like to spend Bitcoin I do like
to share it around and out people to you
know experience it but what’s what’s the
tip in terms of how do you have strong
hands so those are might just do things
governing principles of mission and
karma but I’d say the tip is the way to
not care about price is actually just
earn Bitcoin the reason I say that
because then you never need to buy you
just whatever the price is you receive
your Bitcoin so if you’re getting your
wages in dollars or pounds then name the
price is crashing you’re gonna get more
Bitcoin if the price is going up you’re
gonna get less but it’s worth more in in
those terms so you know what what I’m
really excited about at the moment is
this industry is experiencing an
incredible recruitment drive there is so
many jobs being created in this industry
right now you know I’m all I see from
all the companies that we’re involved to
if that we’re invested in is just
challenges around for Krugman and
finding the right people and you know
appalling customer service because
they’ve only got 200 of staff and they
need 400 you know and so we’ve got this
amazing recruitment drive and a lot of
these companies are willing to pay you a
percentage of your salary in Bitcoin and
if you receive a percentage of it you
know in crypto then you’re you really
don’t care about prices because whenever
it’s crashing it means you get more
crypto whoever is going up it means your
crypto is worth more so you get a wealth
both ways so my tip is enter the economy
participate in the economy and if your
job isn’t willing to pay you in crypto
then maybe find a job that will well
what we’re getting some great tips here
today and by the way I love that saying
you’re offended by selling it people get
into that mindset be offended by sell
like me I’m offended they’re offended by
selling yes that’s gonna be my thing
yeah all right well speaking about being
offended over on Twitter and in the you
know in social media you have been a lot
of people it seem like they are offended
by a certain event that took what
certain cryptocurrency event that took
place in New York this week and it’s a
it’s a criminal currency Oh Ben it was a
consensus I mean it’s not trying to be a
Bitcoin event and most people that are
in the cryptocurrency now are into I
CEOs and stuff so jack of all let me
start with you what do you think about
events cryptocurrency events are they
blown out of proportion should people
just be like yeah that’s a corporate
event let him do what they’re gonna do
right that’s that um Bitcoin hmm I don’t
know I still feel some mixed feelings I
mean I’m not easily offended but when I
when I was at consensus last time I was
kind of annoyed there is a lot of people
that owe his position their position to
Bitcoin to the bit colorevolution
even they they hype the day I SEOs and
the blockchain companies are parasitic
right now this hype exists it’s mostly a
racial irrational it’s mostly
unjustified but it exists only because
of Bitcoin so while I think that it’s a
kind of inevitable that some kind of
parasite business activity can can focus
on scams art coins ICO private
at least they should probably try to be
respectful of the real stuff as it’s on
your t-shirt right because the real star
is the real thing so there is the
thing exactly by an hood there is a real
thing it generated a lot of interest on
top of this interest a lot of noise was
created and on top of this NAR there is
an industry of nothing which is which is
that it just based on on empty marketing
so at least they should probably try to
to keep a some kind of attention toward
the original real thing and I don’t
think so that the last two time the last
year and the year before was at
consensus and I and I’ve just seen a
scam show basically everything was about
stupid tokens without any meaning or
private blockchain without any meanings
and a few paintings about Bitcoin were
actually run by dist cast or a
controversial or compromised Bitcoin
figures don’t forget that last year
consensus was used in order to organize
an actual attack against the coin so
this year I didn’t in I I didn’t mean to
go to consensus anyway but I did mean to
go to New York City because what is
beautiful about consensus is that it is
a selling point of interesting people so
everybody is in New York in that week so
the smartest move at of all is to go to
New York and on that week to not
participate in consensus and just meet
in the sides inside events and and go
out dinner with with very very good
people which because it will not be easy
to replicate that kind of shelling point
with with other conferences so consensus
has a special place in the ecosystem
because it was one of the first the best
funded it happens in New York which is
the center of the world so it’s not easy
to to to replace that but itself the
conference’s I mean they told me that
this year it was a little better than
what jimmy song saying something
rational during the conference that
there have been I’ve seen Andrew poster
with a skanking bought t-shirt so a
funny things happen but
I know there is some kind of ingratitude
it’s like some some of these compresses
feels to me like little bit of not very
grateful to what created all that stuff
well I do like your idea of having like
alternative gatherings in New York
during this week the week and I know
some people did that some people just
went and hung out in New York cause they
knew other people were gonna be around
hey it saves them some money they don’t
pay to attend it and then they just get
to hang out with the people afterwards
Simon what are your thoughts on
cryptocurrency like these cryptocurrency
events not Bitcoin events but
cryptocurrency events well I guess what
is something that we will go through I I
have to deal with and I have to remind
myself about quite often that you know
we the adoption comes with like all
sorts of side effects which are a bit
strange for you to feel again this
returns the psychology seems to be the
theme of this one I didn’t talk about
psychology that much but hey it seems to
be going there with this one you bring
out of me Adam but in thinking of
psychology you know you’re involved in
the niche community not many people
believed in it it was a very small thing
it was a very few people I I remember
the days when we were all Alliance with
a common belief about what this meant to
disrupt banking and Bitcoin was the
thing that was going to disrupt banking
it was a crazy vision it was something
that very few people could buy into but
anyone that did we were kind of aligned
around this common vision but then the
industry got adoption the industry gets
growth and you start to find all these
different types of people the in your
mind you start you start to think do
they really deserve to be here were they
around in the beginning and you start to
actually go anti adoption where you do
the opposite of adoption where you you
start getting concerned about other
people being involved in newbies and all
this stuff and really this is called
adoption this is what we’ve wanted we
you know back in those days we just
wanted nothing more than more and more
people to be involved and so you do
start to feel this this this crazy love
hate relationship with newbies and new
adoption and new growth where
you kind of fell in love with what it
used to be but then you know it can
never stay that way because you want the
whole world to use it and if you want
the whole world to use it then you know
you’re gonna have all of these things
and all of these different beliefs and
all of these different you know there’s
people that are going to come to this
for many many different reasons and so
you know I think we’ve all got to come
to terms with that actually all of this
has favored Bitcoin in you and all of
this has favored if you look at the
growth of Bitcoin as a result of the
growth of the cryptocurrency and
blockchain seta it’s been nothing but
positive you know when when no VC would
invest in a Bitcoin company and suddenly
VC started investing they also started
telling banks and all banks started
telling the world the oh there’s not
this thing called Bitcoin as a single
blockchain and then everyone would go
out and talk about blockchain and every
fortune 500 company in every footsie 100
company and every government and every
central bank in the world was into
blockchain but there was only really one
blockchain that was working and that was
Bitcoin so it drove a lot of adoption to
Bitcoin because it all drives back to
Bitcoin in the end because everyone
tries to understand Bitcoin in order to
try and understand blockchain in order
to try and understand ICS and all these
different things then you know a theory
and cons along and that leads to
disruption in capital markets and ICS
and new funding mechanism but we never
saw more growth in our industry at the
same time and that’s all because
everything had a way of getting funding
it was touching more people it was
bringing more people in and because you
know and a lot of those we’re getting
back to Bitcoin a lot of this stuff is
traded against Bitcoin and it will
continue to go through that cycle now
we’ve got all the investment banks
coming along you know the trading desks
the the farm managers that custodian
relationships all the institutional
money that’s going to be coming in over
the next few years and all of that while
they won’t be holding it in a you know
hardware wallet or trying to disrupt
banking but eventually a lot of these
people will find the user cases and
everything does point back towards
because the user case of being able to
earn your own money spend your own money
and have a monetary policy based upon
savings rather than debt is something
that everybody is
need at some point and so while you
might invest in in an ICO that goes
wrong you might invest in a Ponzi scheme
you might invest in something you know
that is build upon a theorem you will
find your way back to Bitcoin you will
find your way back to the cryptocurrency
sector and eventually you’re either
going to leave the market or you’re
gonna get all your money stolen with
someone else looking after it and
eventually you’re going to find a
hardware wallet and you’re going to
learn the true value of owning your own
money spending your own money and being
able to have financial independence and
freedom so a long way of saying I have
come to terms with embrace it all it all
it all it is all leading to growth in
our industry
it might seem you know originally I do
remember when a theorem was at some
point seen as an attack against Bitcoin
and it was going to take a lot of mining
power but it turned out it wasn’t that
to blockchains came along and they had
different user cases completely
different things and they drove lots of
people to the market so I’m kind of
getting round to the fact that just in
you know embrace it all
it helps my mind to believe that
everything does come back around and
this is growth and it is it’s all a good
thing so when conferences like consensus
I remember after the mount gorks hack I
think it was 2013 2014 there was a time
back to the original conference I was
talking about with Tony vase inside
Bitcoin went bust because they could not
attract more than 200 people to their
conference and there was a time when you
couldn’t sell any tickets and nothing
could happen but now we’ve got like what
eight to ten thousand people turning up
in New York you know that’s that’s
that’s an incredible thing that’s just
such a great thing for our industry
despite the fact that they might be
going they’re learning about different
things coming at the strange level but
let’s hope that their education does
lead back to the core principles of what
this can and I do believe it will
because at some point everyone is going
to need the original user case and that
user case will come you know will be
important to so many people and it’s
utility the
increase the more people get involved
and they come in at different levels
well hey everyone he talked about
stories there remember links below if
you want to get Tresor legend nano also
links to these guys are listed below and
links to the archives you can watch last
week’s this week in Bitcoin that was a
pretty wild time whoa now but yeah check
out the links below as usual okay uh I
don’t know if I’m gonna go to Simon or
Giacomo right now uh Giacomo you you had
a story what was that with the China and
the altcoins that you were talking about
with me
I hadn’t heard that story yet because
I’ve been kind of Hannibal loop the last
24 hours that’s great so I will I will
copy past the the Twitter on on the chat
so you can share it if you want on the
public chat it was a May 16 so it’s
today so it actually but we are starting
getting fun with it just just now so
basically they the the China means
Ministry of innovation and the Ministry
of Industry and Information Technology
relays released the research with the
ratings of cryptocurrencies and it was
so fun for everybody because this rating
do not have any kind of possibles
they’re pure entropy like pure
randomness something which is very
difficult to recreate the computer
science they created pure randomness so
like if you look at this dis table the
first critical also Bitcoin like the
first cryptocurrency the more
capitalized they want the only one with
the best engineers in the world the only
one which is decentralized and not
depending on a single company or a
single leader the only one which has
each financial instruments on top of it
like future markets the only one with
the giant infrastructure which
beaming blocks down by the space a
Bitcoin that’s number 13 and before
either our pit share quantum Stratus
monaro iota cardano’s teller Komodo neo
Liske steam and helium which is like
that the number one cryptocurrency and
so if you will see there are there also
sub index which are very very funny like
the number one for technology is
actually steam so a Ponzi scheme used to
to create a clone of medium which which
have attached with the tuchas Ponzi
scheme is basically 82.6 of Technology
score again is Bitcoin which is just
thirty nine point four so it’s like neo
neo is actually a clone of the Bitcoin
repository it was supposed to be the
Chinese aterial but it’s not a clone of
a theorem is a clone of Bitcoin with few
modification which do not even work and
it isn’t 69.2
of technology and batter ball like a
Bitcoin the only critique currency which
is used by people to buy stuff in the
real world
I used beacon to pay for my VPN I used
becoming to pay for hotel supplies often
I get all my wage in Bitcoin people is
using Bitcoin to counteract inflation as
a score of application of 13.1 while for
example neo the new cryptocurrencies as
an application point of twenty six point
six so it’s it’s it’s very very funny
you have to check it out exactly I’m not
I’m looking at it right now
and I don’t even know why the Chinese
government did this I mean this just
shows you how efficient governments are
I don’t I don’t even get their point of
even I don’t know maybe they want to
seem relevant
i I do I don’t get this at all again you
can’t put them on pedestals people that
that’s the reminder remember you
mentioned actually Neto and this is a
great case a point everyone says neo is
so great because the Chinese
government’s interested in it yeah you
think a governor that comes up with a
list like this in terms of
cryptocurrency it’s a good thing that
they care about neo I mean that would
make me run for the hills if I heard
that the Chinese government was but even
look even if there was an explanation
that was like Chinese government is
trying to punch anestine I would be fine
with it like Chinese government will put
neo first or be cash second and Bitcoin
third but they are not even doing that
there this is just complete randomness
but that’s one of the reason I do not
completely agree with with Simon about
what he said if you just a few minutes
ago because this kind of noise I mean it
is somehow also a zero-sum game there
are scarce resources of attention of my
own share of of also developers and even
if eventually they will come back to to
the real thing in the end because of
because of natural selection in the
short term this kind of nonsensical
noise can create a lot of diversion of
scarce resources like I think about
institutional money that diverter to
this kind of stuff because they are
following the official Chinese
government rating which doesn’t make any
and also when people will realize that
all this noise is based on nothing it
will not come down as as a they will not
be able to differentiate a bit coming
for the rest so yeah it was everywhere
everything was a scam now let’s get back
to Bitcoin because if a for a for a for
some amount for a period of time will
become will be buried under the the
crash of the nonsense bubble just as it
happening with internet after the
dot-com bubble burst the internet
development itself was hurt by the by
decried by the crumbling of the dot-com bubble so I’m not
so optimist about these noises is funny
I mean III have some good luck when I
look at it but III don’t think it will
not create damage well I’ll say this
it’s people have to have personal
responsibility here to they cannot
blindly follow what a government says
and put put certain people on pedestals
I mean muammar qaddafi search and again
there are going to be there’s a lot of
crypto noise out there there’s a
tremendous amount of cryptid noise out
there that’s why people cannot be
impulsive they have to take their time
and learn about this stuff and most
people aren’t going to take their time
most people are going to be impulsive
and they’re going to get into things
like this and yeah there are gonna be
some develop even developer type of
people who maybe want a quick buck and
just like hey this sounds cool and
they’re they’re gonna devote their
resources to things like this when they
should be devoting them to other things
but hey it’s their choice it’s their
mistake and well we will have to deal
with it they’ll have to deal with it the
worst I mean the people’s the people
staying on the straight and narrow using
their heads not being impulsive
long-term thinking take take that route
Simon any any thoughts to that and what
he just said but also when we’re talking
about countries you’re in the Isle of
Man so you’ve got something to say about
the Isle of Man and I want you to share
that but any any reply to what Giacomo
said and then take it away with the Isle
of Man yeah I mean it does remind me of
I spent a lot of time in take you and
trying to understand the regulations and
what they’re doing out there like the
adoption is fantastic in Japan compared
to the rest of the world some of the
things they’re doing out there is you
know is you see billboards with Bitcoin
and all sorts of stuff you see shops
with Bitcoin it’s really an amazing
place to go and experience but I
remember we were doing a lot of due
diligence on the regulations out there
and there’s an approximately 16
regulated exchange they’ve got a really
clear you know really clear regulatory
guidelines where you know a prior to
coin check they were the the coin tech
hack they were taking on you know lots
licences for that now they’re having a
bit of a readjustment as a result of the
two largest hacks happening in Japan but
one of the things that really made me
chuckle was they had a really clear list
of the crypto currencies that the
regulated crypto exchanges were allowed
to list and there was I think it was
like twenty eight twenty different
crypto currencies so you’d expect the
ones that were you know kind of their
own block chains like Bitcoin and
aetherium and I owed her and Cardona and
all these types of things but then there
were some really random ones that just
made the list and you’re like how does
this get there Pepe cash was an
authorized crypto currency for a
regulated crypto currency exchange in
Japan to list on their exchange you know
that’s where does this stuff come from
and it’s just really really funny and I
was reading through the list and then
there was a couple that I’ve just never
heard of the you know III think you know
my job is full time to know what’s going
on in a crypto market and there was
still currencies on that list of the top
20 that was supposedly regulated
exchange could have that I’d never even
heard of it was the first time I heard
of it so you know it is it is pretty
funny of what happens when governments
get involved in this market but hey you
know it this is genuinely a free market
that means that banks can be involved
governments can be involved central
banks can be involved everyone can do
what they want and that is kind of a
side effect to that and I guess it’s
just up to people giving good education
and people learning through the
experience of hard knocks and hopefully
they didn’t get knocked so hard that
they never returned but this is this is
that this is a genuine free-market
experiment where there’s competition in
all financial markets like we’ve never
seen before and that does involve lots
of bad players lots of good players lots
of people doing things for reasons that
you don’t like and everyone being able
to be a participant so it’s just
fascinating um speaking of oil man yeah
I know man’s a little bit of a become a
little bit of an expert
and for what I think is it’s just a
really interesting user case say the
island man is 85,000 people and they
have a great dependency upon the Bank of
England when they were the first
government in the world to actually try
and support the crypto industry they get
Bitcoin when you speak to politicians
out here they don’t talk about Bitcoin
in the way that every other politician
I’ve ever spoken to you talks about they
talk about well why can’t it be used in
a way it was actually designed to be
used where is decentralized and people
own their own money
and they don’t talk about how to do it
in relation with the banks and so what
I’m really excited about with the Isle
of Man is that it’s got this interesting
user case where the island man has a
version of the pound called the Manx
pound they can print their own notes and
coins and there’s all the farmers out
here so you still need paper money
because they like that paper money but
in terms of the digital money anytime
the iron man tries to implement their
own policy in order to support the
crypto industry you know they get a call
from the Bank of England saying hey we
can remove all clearing to your eyelids
and remove the ability for your banks to
support so even banks out here wanted to
support the crypto industry and wanted
to serve some of these businesses we’d
get the Bank of England calling them
saying hey this isn’t in line with our
goals we’re going to pull your clearing
to your banking system but what do they
find you know what you know we’re now in
this day and age where people are you
know people really slag off things like
stable coins and things like that but I
think it’s great that now somebody else
can issue the pound somebody else can
issue the dollar the Fed is use the
dollar but so does BitFenix they offer a
you know issued US dollar tether and now
so do circle they are issuing their own
version of the dollar and so could the
Japanese government and so could the
Isle of Man government if they wanted so
now we do not have a monopoly on the
so the Federal Reserve can do what they
want with the dollar but everyone else
can create their own version and is
pegged to the political you know
monetary policy and fiscal policy of
whatever the u.s. does with their
they’re cryptocurrency and so I’m really
excited by the thought of what
governments can do when they back there
you know when they Craig kryptos backed
pegged by somebody else’s currency and
then maybe the Isle of Man could
completely remove their dependency they
could become an independent Island they
could create you know the only reason
that they got strong-armed from you know
I spoke at the isle of man Krypto Valley
Conference in 2014 when they were trying
to support this industry and all the
exchanges came over and you know the and
they were really were trying to push you
this but the Bank of England halted
everything and so what if there isn’t a
monopoly on the printing of money where
they can print their own coins in cash
and then there’s not a monopoly on
digital money because they can create
their own pound peg to you know the and
then they can integrate that with their
own financial system and then they can
really they can get independence here
and I think that that’s just a really
interesting thing and then what if you
can create your own you know every
single asset class in the world gold oil
real estate everything is being actually
traded through these tokens and they’ve
traded against Bitcoin they’re traded
against aetherium then they’re no longer
priced in dollar they’re no longer were
dependent upon the dollar to derive
value which means that you then have
competition in all of the assets of the
world you have competition against a
bowler you have competition in Silicon
Valley you have competition against Wall
Street and therefore David can finally I
believe have a really good shot at
trying to beat Goliath because there’s
competition in all these markets and
this is why I believe there is a bigger
market than just thinking a Bitcoin
Bitcoin is so important to me it’s a
global savings account it’s it gives you
it does all the things that no other
cryptocurrency can do but by taking all
this token economy and everything that
came out of atheria and everyone all the
capital markets and all the world taking
all these assets and all the financial
tokenizing them trading them against
bitcoin trading them against aetherium
means that every single participant
every single country can do that and
finally get a level of independence
because the currency that
between all these things is no longer
attached to any country that has any
political agenda and that is what
Bitcoin could do Bitcoin can be
something that everything is traded
against that has no political agenda and
so I see this personally as the you know
David being able to beat Goliath and
that’s why I’m really excited about the
opportunities in a country like I have a
man to be able to experiment a little
bit more and all of these smaller
countries will because the ones that
have the country that has the most to
lose from crypto adoption while they
might capture the regulated market and
the regulated market in crypto will
still be huge you know Japan’s showing
that you can capture the regulated
market and but the decentralized market
Bitcoin the way it was designed to be
none of that’s gonna go away that’s all
still going to exist and you know these
smaller countries can attack the dollar
can attack Wall Street can attack
Silicon Valley the country with the most
to lose is you didn’t see the country
United States of America that’s my
thought that they’ve got the dollar
they’ve got Wall Street they got Silicon
Valley and every asset you know you’ve
got to look at where did America get its
power well it negotiated agreement to
make the US dollar the most important
thing on the fall of the British Empire
when the when at the end of the world
wars and those Bretton Woods schemes
those negotiations made the US dollar
the most important currency in the world
when it left the gold standard because
gold was originally attempting to do
what Bitcoin did it was a system whereby
everything was traded against gold so
that you could keep the central bank’s
honest but now bitcoin is actually doing
that in a decentralized way and so you
know the I do believe that the country
that has the most to lose out of crypto
adoption is the United States but I also
think it will make the United States a
better country because they’ll have to
rein in on their debt they’ll actually
have to not print unlimited money
because there is competition on the
dollar and they will have to compete
against these you know without an unfair
advantage because the ball that happens
to be the most able useful currency in
the world and that’s the exciting thing
and I think that’s good for America and
American people in yen
because it keeps politicians honest it
keeps governments honest
it keeps central banks on this – keeps
capital markets on this and that is good
for America and the rest of the world
independence can bring hard love to the
United States like that okay I see where
you’re going with that all right well
we’re getting toward the end of the show
Jockamo do you have any follow up
statements anything you want to add any
stories you want to tell the world the
floor is yours you’ve been awesome today
thank you no not really I as I told you
at the beginning of the podcast my main
focus in this week is changing diapers
so I I don’t have many other commitments
I feel I mean I hope to see a lot of
people in building on Bitcoin conference
in July in Lisbon it will be cool and
and it would be a great year for not
scammy conferences actually they would
be the second edition of Baltic Ollie
badger I will be also at poverty Polly’s
archaea conference in October so it
would be very nice six months in the in
the future so I hope to see people there
starting from July I will take back my
my traveling lifestyle hopefully we will
see and and thank you for having me here
and and Thank You Simon great really
great insights hey I’d love Lisbon what
when is that conference in Lisbon July
what it should be July July the 2nd July
the 4th probably third fourth there is
also in a cocoon before death starting
like 29th anyway the name is building on
Bitcoin Bob is the same people that that
were they were doing break in Bitcoin
but breaking was in Paree that was
but breaking was more like a security
oriented adversarial thinking thread
more than security problems while in
this case building Ambedkar
a little bit more constructive like a
six-layer lightning Bitcoin based assets
and stuff like that
awesome awesome all right Simon you’ve
got the floor you can have anything
conclusionary thoughts take it away
okay remember there’s only going to be
21 million bitcoins the cheaper it gets
the more opportunity you get to
accumulate the cheaper it gets the more
opportunity you get to actually save
rather than spend because you might have
been tempted to sell and spend so you
know just thank your lucky stars if it
gets down to 2,000 because then you’ll
be able to accumulate a lot more Bitcoin
in there’s only 21 million of them and a
lot of people will get scared of that go
back to Adam and listen to the strong
hands and see if you can do that so you
know everyone was waiting for that
I think everyone always talks about you
know if only I was around in Bitcoin
when it was 20,000 they said if only I
was around Bitcoin when it was $8,000
you know well now you are exactly and
remember people remember something that
Simon said offended offended by selling
people offended by selling alright well
that’s it this was an awesome frickin
show man and there were only two guests
you only need two of guys of this
caliber here baby
well I want to thank everyone that’s
watching closed one again thank you very
much for that $50.00 super chat yes I
mentioned deke red for you I know you’re
a d cred fan hey everybody remember to
pound that like button subscribe to this
channel spread the word we’ll be back
tomorrow for the bean on Bitcoin show I
post a new show here every day this week
in Bitcoin is every Friday the time
varies we got international guests like
this we got us guest North America got
it all going on everybody
so thanks a lot have a great weekend
everybody I’ll see you later thank you
guess buh-bye


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