1 00:00:00,000 --> 00:00:02,400 This episode of epicenter Bitcoin is brought to you by 2 00:00:02,700 --> 00:00:06,200 shape-shift, the io with no account or sign up required. 3 00:00:06,400 --> 00:00:10,300 It's the easiest way to buy and sell Litecoin Dogecoin dogcoin. 4 00:00:10,300 --> 00:00:12,600 And other leading cryptocurrencies, go to 5 00:00:12,600 --> 00:00:15,500 shape-shift dot IO to instantly convert all coins and to 6 00:00:15,508 --> 00:00:18,000 discover the future of crypto currency exchanges. 7 00:00:22,900 --> 00:00:25,200 All welcome to epicenter Bitcoin the show, which talks about the 8 00:00:25,200 --> 00:00:27,200 Technologies, projects and startups, driving 9 00:00:27,200 --> 00:00:30,400 decentralization, and the global cryptocurrency Revolution, my 10 00:00:30,400 --> 00:00:33,100 name is Sebastian with you. And my name is Bryan Ferry in 11 00:00:33,100 --> 00:00:35,600 creative. And today, we're here with Adam 12 00:00:36,100 --> 00:00:38,300 Levine. Adam Levine has sort of played 13 00:00:38,300 --> 00:00:41,000 a, very important role actually, in the history of epson a 14 00:00:41,008 --> 00:00:44,500 Bitcoin in that this wouldn't have happened without him. 15 00:00:44,500 --> 00:00:48,500 We met the first time. Sebastian died, last December on 16 00:00:48,500 --> 00:00:52,500 a conference call with Adam when the topic was too. 17 00:00:52,700 --> 00:00:56,800 To produce some new shows for a contest that let's talk pecan 18 00:00:56,900 --> 00:00:59,000 was launching and we were both from Europe. 19 00:00:59,000 --> 00:01:01,300 There's only four people on the call so he's like, let's try it 20 00:01:01,300 --> 00:01:05,099 together and that turn out very well. 21 00:01:05,099 --> 00:01:07,600 And we were very lucky that way because we really didn't know 22 00:01:07,600 --> 00:01:10,900 each other. So from a prudency perspective, 23 00:01:10,900 --> 00:01:14,600 perhaps, this is foolish. But as I really, really happy to 24 00:01:14,600 --> 00:01:16,900 have him on today. I mean, probably most of you 25 00:01:16,900 --> 00:01:20,700 will know Adam. He's he's really not known. 26 00:01:20,700 --> 00:01:23,800 Of course, for let's talk Bitcoin and Also been involved 27 00:01:23,800 --> 00:01:28,100 in all kinds of other projects in the cryptocurrency space. 28 00:01:28,700 --> 00:01:32,300 So, just before we get started with the conversation, I wanted 29 00:01:32,300 --> 00:01:34,900 to briefly mention inside Bitcoins Berlin. 30 00:01:35,200 --> 00:01:37,400 So, you know, many of you will know, the inside Bitcoins 31 00:01:37,400 --> 00:01:39,600 conference has. That's actually where we 32 00:01:39,600 --> 00:01:42,100 Sebastian, I met for the first time in real life. 33 00:01:42,100 --> 00:01:44,900 It was a year ago at last. Let's start with point a inside 34 00:01:44,900 --> 00:01:47,700 Bitcoins conference in Berlin. So, it's happening again, and 35 00:01:47,700 --> 00:01:49,700 it's going to be a March 5th and 6th. 36 00:01:50,500 --> 00:01:53,300 And if you want to, so we will both Be there. 37 00:01:53,400 --> 00:01:58,800 I will also be giving one of the keynote talks on sort of 38 00:01:58,800 --> 00:02:02,300 economic issues and Bitcoin and if you want to come to you with 39 00:02:02,300 --> 00:02:06,400 love to see you there, you can get off. 15% with the discount 40 00:02:06,400 --> 00:02:12,000 code, epicenter IBC, that's all in capitals and you can check 41 00:02:12,000 --> 00:02:14,800 out the event at the inside Bitcoins dot d e. 42 00:02:15,800 --> 00:02:19,700 So with that out of the way, thanks for joining us today and 43 00:02:20,700 --> 00:02:22,300 thank you, Brian. Thank you Sebastian. 44 00:02:22,800 --> 00:02:26,300 And I just want to point out, like, how instrumental you have 45 00:02:26,300 --> 00:02:28,800 been in, you know, this happening. 46 00:02:28,800 --> 00:02:33,000 I mean, if it wasn't for for you producing, your content and me 47 00:02:33,000 --> 00:02:36,300 like, at that exact time, getting interested in Bitcoin 48 00:02:36,600 --> 00:02:39,800 and seeking out podcasts and then Brian already being a 49 00:02:39,808 --> 00:02:40,800 listener. And that's meeting there. 50 00:02:40,800 --> 00:02:42,300 The none of this would have ever happened. 51 00:02:42,300 --> 00:02:47,000 And so I mean, I don't know what if we qualify you as some sort 52 00:02:47,000 --> 00:02:50,700 of, I don't know what that qualifies you but it does make 53 00:02:50,700 --> 00:02:54,200 you it important. Part of the epicenter Bitcoin 54 00:02:54,200 --> 00:02:58,100 experience and the success of what has happened since then. 55 00:02:58,100 --> 00:03:01,100 So very, very happy to have you on. 56 00:03:01,100 --> 00:03:02,700 Well, that's very flattering. Thank you. 57 00:03:02,700 --> 00:03:05,200 Thank you very much. We can that we can call you the 58 00:03:05,200 --> 00:03:07,200 spiritual grandfather, if you, there we go. 59 00:03:07,200 --> 00:03:08,200 There we go. Yeah. 60 00:03:08,200 --> 00:03:11,500 I like, I like to be a catalyst. That's what I really I really 61 00:03:11,500 --> 00:03:14,300 enjoy doing as I like setting off chain reactions, that then 62 00:03:14,300 --> 00:03:16,400 result in cool things happening that I don't really have to be 63 00:03:16,400 --> 00:03:18,400 involved in, you know, like we don't talk to, you know, like 64 00:03:18,400 --> 00:03:20,700 you guys just do your show, you never asked me for permission or 65 00:03:20,708 --> 00:03:22,400 anything. It was just like a suggestion. 66 00:03:22,700 --> 00:03:24,500 I'm really glad that it worked for you guys and I'm glad the 67 00:03:24,500 --> 00:03:27,600 charm good results. Yeah, absolutely well and with 68 00:03:27,600 --> 00:03:29,600 that, let's launch into integer show. 69 00:03:29,600 --> 00:03:32,200 Let's talk Bitcoin. Because I mean I ate was, you 70 00:03:32,200 --> 00:03:35,100 know, when I started becoming interested in Bitcoin, I was 71 00:03:35,100 --> 00:03:37,800 writing my Master's thesis and I was really, really busy. 72 00:03:38,500 --> 00:03:43,600 So I had like no time to read at all, but I was walking around 73 00:03:43,600 --> 00:03:47,300 quite a lot. So when I started initially, I 74 00:03:47,400 --> 00:03:51,900 just caught up on the few months of continued already do. 75 00:03:51,900 --> 00:03:54,900 So My, my initial knowledge, the first two months came purely 76 00:03:54,900 --> 00:03:59,400 from, That's So Bitcoin. So and you've done an absolutely 77 00:03:59,400 --> 00:04:01,500 great job. I think you've produced great 78 00:04:01,500 --> 00:04:06,100 content over a long time and, you know, some great guests. 79 00:04:09,200 --> 00:04:13,600 So can you tell us a bit like, how did you, how did you start? 80 00:04:13,600 --> 00:04:18,399 Let's not pick on sure first off, once again. 81 00:04:18,500 --> 00:04:20,899 Thank you. That was really flattering for 82 00:04:20,899 --> 00:04:22,500 both of you. I appreciate that. 83 00:04:22,700 --> 00:04:24,800 Um, I'm glad that. I'm glad. 84 00:04:24,800 --> 00:04:28,000 It's had a positive impact on you, you know, I make let's talk 85 00:04:28,000 --> 00:04:31,000 Bitcoin and I've always made, let's take Bitcoin because I'm 86 00:04:31,000 --> 00:04:34,600 interested in cryptocurrency and actually let's talk Bitcoin was 87 00:04:34,600 --> 00:04:37,900 the I can never remember if it's the second or third, the third 88 00:04:37,900 --> 00:04:40,300 or fourth Bitcoin podcast, I started. 89 00:04:40,400 --> 00:04:44,100 But it was not the first, you know, I and I started doing 90 00:04:44,100 --> 00:04:47,200 Bitcoin podcast but let's talk to Quinn started in 2013, spring 91 00:04:47,200 --> 00:04:53,100 of 2013 and before that I had done to podcasts in 2011, And 92 00:04:53,100 --> 00:04:56,800 then podcast right before it in 2013 to that sort of exploded 93 00:04:56,800 --> 00:04:58,300 right before we started, let's talk Bitcoin. 94 00:04:58,300 --> 00:05:01,900 So this is it was not something new to me and I've been doing 95 00:05:01,900 --> 00:05:04,400 podcast since 2005. So it's a really natural way for 96 00:05:04,400 --> 00:05:08,000 me to kind of just share my perspective with people and 97 00:05:08,000 --> 00:05:12,200 that's largely what it is. The podcast that I made until 98 00:05:12,200 --> 00:05:15,100 let's talk Bitcoin, we're almost entirely about me, sharing my 99 00:05:15,100 --> 00:05:19,300 perspective and about, you know, trying to help people complete 100 00:05:19,300 --> 00:05:20,700 the picture. So they could see it as I saw 101 00:05:20,700 --> 00:05:23,700 it, because I'm right about almost Everything he said 102 00:05:23,700 --> 00:05:27,900 jokingly. So let's talk the corn was a 103 00:05:27,907 --> 00:05:29,900 little bit different because let's talk back when I didn't 104 00:05:29,900 --> 00:05:31,700 know everything about it. And there were a lot of 105 00:05:31,700 --> 00:05:34,500 questions that I had that were really unanswered questions. 106 00:05:34,500 --> 00:05:38,000 And so I surrounded myself with experts and it was sort of it 107 00:05:38,000 --> 00:05:39,500 was a good way to kind of dive in. 108 00:05:39,500 --> 00:05:42,800 And yeah, those initial I mean, I was I just listened episode 13 109 00:05:42,800 --> 00:05:44,600 the other day. While I Was preparing for 110 00:05:44,800 --> 00:05:49,000 episode 183, which has Chris Odom on it, from open 111 00:05:49,000 --> 00:05:52,000 transactions and I was listening to it and I think I like the old 112 00:05:52,000 --> 00:05:54,400 show all Was better that I like the new show, you know. 113 00:05:54,400 --> 00:05:57,100 Like I was just I guess I was less tired at the time. 114 00:05:57,100 --> 00:06:01,200 I've been doing it for not quite as long but but you know we've 115 00:06:01,200 --> 00:06:04,600 just the journey has been that. It's been a journey. 116 00:06:04,600 --> 00:06:09,600 You know, we've it's been the show the network, everything has 117 00:06:09,600 --> 00:06:12,900 just kind of happened because it was the logical thing to happen 118 00:06:13,100 --> 00:06:15,800 in order to continue walking down the path that I've chosen 119 00:06:15,800 --> 00:06:19,600 to walk down, which is from my perspective to try and explore. 120 00:06:19,600 --> 00:06:22,000 As many of the possibilities that cryptocurrency presents as 121 00:06:22,000 --> 00:06:23,900 possible. Did that answer the question of 122 00:06:23,900 --> 00:06:25,900 might not have no. Absolutely. 123 00:06:26,500 --> 00:06:31,800 And so, what made you decide to want to start a network? 124 00:06:31,800 --> 00:06:34,000 No assets. That was sort of a. 125 00:06:34,100 --> 00:06:35,900 Well I didn't decide. I want to start a new book to be 126 00:06:35,900 --> 00:06:38,300 honest with you again, it was just sort of the next natural 127 00:06:38,300 --> 00:06:42,300 thing that happened. You know, in December of 2013. 128 00:06:42,600 --> 00:06:46,200 I was, you know I was traveling a lot for conferences at that 129 00:06:46,200 --> 00:06:51,300 point and I was unhappy with the amount of Bitcoin podcast that 130 00:06:51,308 --> 00:06:52,400 we're out there. Besides, let's talk. 131 00:06:52,600 --> 00:06:54,700 A coin. And I had been a big fan of the 132 00:06:54,700 --> 00:06:59,900 Edmund, Ethan Bitcoin report and the plan B from Jupiter 133 00:06:59,900 --> 00:07:01,900 broadcasting. And there was one other one, 134 00:07:01,900 --> 00:07:04,800 whose name I can't remember. And they all had discontinued 135 00:07:04,800 --> 00:07:08,000 because the because it was hard, you know, because it's hard to 136 00:07:08,008 --> 00:07:10,900 do something speculative without monetizing it and I again never 137 00:07:10,900 --> 00:07:13,200 cared for me. It was always just I'm doing it 138 00:07:13,200 --> 00:07:15,400 anyway. So I might as well might as well 139 00:07:15,400 --> 00:07:17,800 share this with everybody else so that they can kind of share 140 00:07:17,800 --> 00:07:19,600 my perspective and journey through the whole thing. 141 00:07:19,900 --> 00:07:24,200 So, so the network Happens because we did this contest 142 00:07:24,200 --> 00:07:26,100 because I was like, well, there aren't enough Bitcoin podcast 143 00:07:26,100 --> 00:07:28,800 tool, you know, Bitcoin was super valuable that point was 144 00:07:28,800 --> 00:07:32,300 over a thousand dollars. So we offered a one Bitcoin, one 145 00:07:32,300 --> 00:07:35,500 Bitcoin prize and got like 15 or 20 and trees. 146 00:07:35,700 --> 00:07:38,200 And a lot of them were really good. 147 00:07:38,400 --> 00:07:43,400 And so what wound up happening is, you know, we invited one 148 00:07:43,400 --> 00:07:47,800 person who actually won the contest and he joined and then 149 00:07:47,900 --> 00:07:51,200 pretty quickly we brought a few others and we basically just it 150 00:07:51,200 --> 00:07:54,900 became less about It became less about where you ranked 151 00:07:54,900 --> 00:07:57,200 relatively speaking and more if you did it. 152 00:07:57,200 --> 00:08:00,600 And if you want it to and if you wanted to and you asked long 153 00:08:00,600 --> 00:08:03,200 enough that eventually you got in and that's not an ideal 154 00:08:03,200 --> 00:08:06,200 situation, that's something that really made me realize that. 155 00:08:06,900 --> 00:08:10,900 That in a lot of ways, I become the bottleneck, right? 156 00:08:10,900 --> 00:08:13,700 If I'm the one that has to be responsible for approving things 157 00:08:13,700 --> 00:08:15,500 or saying, no, that's not right or whatever. 158 00:08:15,600 --> 00:08:19,700 Then it really does rely on me. And at this point, I mean, you 159 00:08:19,700 --> 00:08:24,200 know, at that time I was so Leslie overbooked that it was 160 00:08:24,200 --> 00:08:27,200 not even funny and that got to be more true as time went on. 161 00:08:27,200 --> 00:08:30,300 So this is a long way of saying the network happens because 162 00:08:30,300 --> 00:08:33,299 there were a lot of podcasts that have the choice of starting 163 00:08:33,299 --> 00:08:37,000 over, you know, and building as let's talk Bitcoin had done from 164 00:08:37,000 --> 00:08:41,400 the ground up in audience, that listens or to piggyback on what 165 00:08:41,400 --> 00:08:44,100 we were doing and start with our audience and essentially 166 00:08:44,100 --> 00:08:46,300 bootstrap up several thousand initial listeners. 167 00:08:46,500 --> 00:08:48,700 It didn't guarantee that people were going to listen every one 168 00:08:48,700 --> 00:08:51,800 of your episodes, but it meant that, it was presented to them. 169 00:08:51,800 --> 00:08:54,500 Where otherwise, Why's it would have been quite expensive and 170 00:08:54,500 --> 00:08:56,800 quite time consuming in order to gather, that sort of initial 171 00:08:56,800 --> 00:09:01,600 audience as he no way with. So almost a year, I mean, I've 172 00:09:01,600 --> 00:09:05,100 probably got about a year now since the LTE network started 173 00:09:05,100 --> 00:09:07,600 off with its initial roster of shows and you've brought on 174 00:09:07,600 --> 00:09:11,400 other shows since then tell us about how that how that has 175 00:09:12,200 --> 00:09:15,100 worked out over the last year. What is their experience been 176 00:09:15,100 --> 00:09:18,800 with the network, my experience has been that I need to be more 177 00:09:20,200 --> 00:09:22,400 transparent to a fault about most things. 178 00:09:22,600 --> 00:09:24,400 Regards to the network. If somebody asks me something I 179 00:09:24,408 --> 00:09:27,900 tend to tell them if they don't ask me that I don't necessarily 180 00:09:27,900 --> 00:09:30,700 tend to tell them so that again means that people who ask these 181 00:09:30,700 --> 00:09:33,200 stuff get you know get to know what's up and people don't ask 182 00:09:33,200 --> 00:09:34,200 me stuff. Don't necessarily get to know 183 00:09:34,208 --> 00:09:37,700 it's up. It's not ideal with the network. 184 00:09:37,700 --> 00:09:40,000 I really wanted to help people monetize. 185 00:09:40,000 --> 00:09:43,400 We had monetized well in November of 2013 because as you 186 00:09:43,400 --> 00:09:45,500 know, the Bitcoin price had skyrocketed up and suddenly 187 00:09:45,500 --> 00:09:48,400 everybody felt like they were rich and so we had for two 188 00:09:48,400 --> 00:09:51,400 months or three months been basically completely booked and 189 00:09:51,400 --> 00:09:55,600 towards the end of Of towards the end of January, I finished 190 00:09:55,600 --> 00:10:01,500 negotiating a deal with with the crypto kit guys to, you know, 191 00:10:01,500 --> 00:10:04,900 sponsor the show for basically a full year, which is just now 192 00:10:04,900 --> 00:10:07,400 kind of coming up to its endpoint. 193 00:10:07,400 --> 00:10:10,800 So I was like well darn, you know, I mean like we that was 194 00:10:10,800 --> 00:10:12,900 easy, you know, it wasn't difficult, everybody's feels 195 00:10:12,900 --> 00:10:15,100 like they've got a lot of money and so you know we can totally 196 00:10:15,100 --> 00:10:17,400 share the wealth and help other people do the same thing too. 197 00:10:17,700 --> 00:10:19,600 And then the price, you know, continue to go down over the 198 00:10:19,608 --> 00:10:22,400 year and as basically as soon as the price dropped. 199 00:10:22,900 --> 00:10:26,000 Like $900 everybody suddenly, it was like well you know, we 200 00:10:26,000 --> 00:10:27,800 probably shouldn't spend any money because it's going to go 201 00:10:27,800 --> 00:10:30,800 back over a thousand dollars and that kind of continued was my 202 00:10:30,800 --> 00:10:33,900 experience, but the other part about it, is that it was hard, 203 00:10:33,900 --> 00:10:36,100 right? Where before it had been easy. 204 00:10:36,100 --> 00:10:38,200 And so when something is easy, I tend to do it. 205 00:10:38,200 --> 00:10:40,300 And when something is hard, then I have to really weigh it to 206 00:10:40,308 --> 00:10:42,400 determine if it's, you know, going to be worth the amount of 207 00:10:42,400 --> 00:10:45,600 time that it's going to take. So that was the monetization 208 00:10:45,600 --> 00:10:50,700 side in Spring, we started we basically launched the new 209 00:10:50,700 --> 00:10:55,000 website and the new Site, we are switching from WordPress on to 210 00:10:55,000 --> 00:10:58,200 an entirely custom platform that has become the token Lee 211 00:10:58,200 --> 00:11:01,500 platform. That is essentially, it's like a 212 00:11:01,500 --> 00:11:04,500 Content management system and a community platform that's 213 00:11:04,500 --> 00:11:07,000 designed from the ground up to incorporate, not just 214 00:11:07,000 --> 00:11:10,200 cryptocurrency, but also tokens and not just to accept them and 215 00:11:10,200 --> 00:11:11,600 to let you spend them or whatever. 216 00:11:11,700 --> 00:11:14,600 But to also, let individuals within them, make their own 217 00:11:14,600 --> 00:11:18,900 token, powerful on our platform. That's, that's kind of the 218 00:11:18,900 --> 00:11:22,000 important part. So there was all this stuff 219 00:11:22,000 --> 00:11:25,600 right. And as usual, what happened was 220 00:11:25,600 --> 00:11:27,200 we just launched the network too early. 221 00:11:27,300 --> 00:11:30,100 And so people who were working with it with the expectation 222 00:11:30,100 --> 00:11:33,200 that they would, you know, be compensated because we had all 223 00:11:33,200 --> 00:11:36,600 these monetization plans. It didn't do so well necessarily 224 00:11:36,600 --> 00:11:38,800 because we never did monetize. And at that point, we were also 225 00:11:38,800 --> 00:11:43,000 on terrestrial radio in Southern California with this deal that 226 00:11:43,000 --> 00:11:44,900 we had made with them and all the shows were on that. 227 00:11:44,900 --> 00:11:47,300 So schedules were really crazy so they were like, crazy 228 00:11:47,300 --> 00:11:50,800 schedules combined with nobody getting paid and we didn't know 229 00:11:50,800 --> 00:11:52,000 of radio. I mean like we were talking 230 00:11:52,000 --> 00:11:53,900 about this. For the show podcasts. 231 00:11:53,900 --> 00:11:55,700 You have no idea how many people are listening. 232 00:11:55,700 --> 00:11:58,100 You can kind of guess at how many people have started 233 00:11:58,100 --> 00:12:00,000 listening. You can sort of guess it's some 234 00:12:00,000 --> 00:12:02,700 other things, but you never really know with radio. 235 00:12:02,700 --> 00:12:05,500 It's even more insane because you only know that it's being 236 00:12:05,500 --> 00:12:08,600 broadcast, you know, the area that the broadcast is covering 237 00:12:08,800 --> 00:12:11,300 and, you know, the potential number of people who could if 238 00:12:11,300 --> 00:12:13,700 they turn on the station, right? To your, you know, to what 239 00:12:13,700 --> 00:12:15,900 you're doing at that point. So it's it was completely 240 00:12:15,900 --> 00:12:17,300 insane. Sounds like an interesting 241 00:12:17,300 --> 00:12:19,400 business model for radio analytics know, sometimes you 242 00:12:19,400 --> 00:12:21,600 get on that. Well, that's actually part of 243 00:12:21,600 --> 00:12:23,800 the reason why man. Words with something that we 244 00:12:23,800 --> 00:12:26,700 wound up developing was because radio completely suffers. 245 00:12:26,700 --> 00:12:30,400 If you think about it, radio is the is the medium of Last 246 00:12:30,400 --> 00:12:32,800 Resort. You have no control over it and 247 00:12:32,800 --> 00:12:35,200 the only time people ever use it is when they literally have 248 00:12:35,200 --> 00:12:36,800 nothing else that they can do. So it's great. 249 00:12:36,800 --> 00:12:38,700 If you're multitasking or anything else like that. 250 00:12:38,700 --> 00:12:41,200 But but yeah, radio has a terrible listener engagement 251 00:12:41,200 --> 00:12:43,500 problems. So actually yeah, part of what 252 00:12:43,500 --> 00:12:48,400 we're doing has been to kind of develop this idea that really 253 00:12:48,400 --> 00:12:51,000 what you want to do with listeners isn't just you know 254 00:12:51,000 --> 00:12:53,800 give them something to listen to but you want to give them a good 255 00:12:53,800 --> 00:12:56,200 reason to also be part of your community. 256 00:12:56,200 --> 00:12:58,400 And then once the part of your community that it's much, much 257 00:12:58,400 --> 00:13:00,700 easier to see who's actually participating and how many 258 00:13:00,700 --> 00:13:02,500 people are actually listening and all these things. 259 00:13:02,700 --> 00:13:05,300 So a lot of what we've done has been about that. 260 00:13:05,500 --> 00:13:08,500 So this is, you know, I like I said, it's a long way of saying 261 00:13:08,500 --> 00:13:13,300 that the network has been what it is and people have chosen to 262 00:13:13,300 --> 00:13:16,300 join it because they chose that because they decided that it was 263 00:13:16,300 --> 00:13:18,700 to their advantage, to be able to speak to our audience. 264 00:13:18,700 --> 00:13:21,100 And I agreed that their content was high enough quality that, 265 00:13:21,400 --> 00:13:25,300 you know, we were able to Remind so one thing I recently did was 266 00:13:25,300 --> 00:13:28,300 I looked at Bitcoin podcast and have existed. 267 00:13:28,300 --> 00:13:32,300 So both on the LTE network and others that have been 268 00:13:32,300 --> 00:13:36,300 independent and, you know, some of them had heard of some of the 269 00:13:36,300 --> 00:13:41,100 mess hall and iTunes rankings. And when you go back to, it was 270 00:13:41,100 --> 00:13:43,200 pretty crazy. That almost all of them have 271 00:13:43,200 --> 00:13:49,300 been discontinued and and, including quite a few of the LTE 272 00:13:49,300 --> 00:13:51,800 network shows, why has that been the case? 273 00:13:51,800 --> 00:13:54,100 Yes. Because monetization is hard 274 00:13:54,500 --> 00:13:56,400 because the audience that's interested in this type of 275 00:13:56,400 --> 00:14:00,400 content is very small. The portion of that audience 276 00:14:00,600 --> 00:14:03,600 that is potentially interested in this type of content that is 277 00:14:03,600 --> 00:14:07,800 willing to listen to podcasts, which is to say to not do video 278 00:14:07,800 --> 00:14:09,800 or to read a transcript is very small. 279 00:14:09,800 --> 00:14:11,200 It's something like compared to video. 280 00:14:11,200 --> 00:14:15,100 It's like 75 percent of people on the net use video and only 281 00:14:15,100 --> 00:14:17,100 like 15 percent use audio. Right? 282 00:14:17,100 --> 00:14:20,300 Use all discrete audio formats and it's just a taste thing 283 00:14:20,500 --> 00:14:22,400 because a lot of times people can't multitask. 284 00:14:22,600 --> 00:14:25,600 So, I find that most of the people who listen to podcasts 285 00:14:25,600 --> 00:14:28,400 are people who really value or enjoy multitasking either 286 00:14:28,400 --> 00:14:30,500 because they're so busy or because they're, you know, 287 00:14:30,500 --> 00:14:32,700 working on something else in can't fully concentrate on the 288 00:14:32,700 --> 00:14:37,100 cars stuff like that. So you asked why have shows been 289 00:14:37,100 --> 00:14:39,800 discontinued shows them a discontinued because it's hard 290 00:14:39,800 --> 00:14:43,400 to do this speculative lie and consistently because stuff 291 00:14:43,400 --> 00:14:45,600 happens and your priorities change and your interest level 292 00:14:45,600 --> 00:14:48,500 changes and if you're not getting paid for then the 293 00:14:48,500 --> 00:14:51,200 impetus to keep doing, it isn't quite as strong. 294 00:14:51,500 --> 00:14:55,200 So I mean I'm crazy. That's the that's the flat truth 295 00:14:55,200 --> 00:14:56,900 of it is. I'm just nuts. 296 00:14:57,200 --> 00:14:59,700 I'd be doing this really regardless of what's happening 297 00:15:00,100 --> 00:15:03,600 so that I think is the key to let's talk Bitcoins continued 298 00:15:03,600 --> 00:15:07,100 success, it's crazy. I am crazy that we just do this. 299 00:15:08,400 --> 00:15:10,200 I think there's any the crazy part of it. 300 00:15:10,200 --> 00:15:12,900 I think you could attribute to be passionate about it. 301 00:15:12,900 --> 00:15:15,500 Yeah, I think that that's what has kept us going as being 302 00:15:15,500 --> 00:15:18,200 passionate about producing great content and I think you share 303 00:15:18,400 --> 00:15:22,800 that same that same passion. And, you know, I wish that Cared 304 00:15:22,800 --> 00:15:24,400 more about the great content part. 305 00:15:24,400 --> 00:15:27,000 I care about, I care about information, I care about 306 00:15:27,000 --> 00:15:28,800 knowing things. I care about people knowing 307 00:15:28,800 --> 00:15:31,800 things and people having the correct impression of things. 308 00:15:31,800 --> 00:15:34,800 So, for a lot of, you know, the other thing I care about is 309 00:15:34,800 --> 00:15:38,000 giving people the ability to share what they care about, 310 00:15:38,008 --> 00:15:39,800 right? I'm super passionate about this 311 00:15:39,800 --> 00:15:44,100 stuff but the way that my attention works is that either 312 00:15:44,100 --> 00:15:48,600 care about something, 100% completely ridiculously 313 00:15:48,600 --> 00:15:51,400 unapologetically or I don't care about it at all and that's 314 00:15:51,400 --> 00:15:53,200 because I only have Of those two settings. 315 00:15:53,200 --> 00:15:55,400 So if I like care about something just a little bit, 316 00:15:55,700 --> 00:15:58,800 then that means I basically care about it as if I cared about it 317 00:15:58,800 --> 00:16:00,000 fully. And so it's incredibly 318 00:16:00,000 --> 00:16:02,900 irritating trait to have. I have to tell you that sounds 319 00:16:02,900 --> 00:16:06,000 that sounds terrible. So when you see that stock 320 00:16:06,000 --> 00:16:10,500 Bitcoin going in the future is above the podcast itself and the 321 00:16:10,500 --> 00:16:12,000 network. Well. 322 00:16:12,000 --> 00:16:16,800 So a big part of the reason why the network has been difficult. 323 00:16:16,800 --> 00:16:18,600 Not. I mean, like as individual 324 00:16:18,600 --> 00:16:20,200 participants, I would I would argue. 325 00:16:20,200 --> 00:16:22,800 It's been difficult for individual podcasters That they 326 00:16:22,800 --> 00:16:26,000 get Advantage but they have to work within our system and 327 00:16:26,000 --> 00:16:28,900 that's been difficult. So what we've been doing for the 328 00:16:28,900 --> 00:16:35,200 last year is building out in part a new editorial system and 329 00:16:35,200 --> 00:16:38,300 the new edit, I'm sorry. What was your ex might be going 330 00:16:38,300 --> 00:16:41,000 into the wrong thing. So the question was like, wait, 331 00:16:41,000 --> 00:16:43,100 do you see? Let's go pick on going the 332 00:16:43,100 --> 00:16:47,400 podcast and the network. So where do you see this in the 333 00:16:47,400 --> 00:16:49,000 long? Like, let's say, two years down 334 00:16:49,000 --> 00:16:51,300 the line, if you can see, therefore, there was a reason I 335 00:16:51,308 --> 00:16:54,900 was talking about tools. So yeah, so I think that will be 336 00:16:54,900 --> 00:16:56,900 much more complete. I think that will be a much more 337 00:16:56,900 --> 00:17:00,800 feature complete platform that will allow its users to interact 338 00:17:00,800 --> 00:17:04,400 with each other with no, where the platform enables the 339 00:17:04,700 --> 00:17:09,400 enables, the the interactions and can enable the Commerce, but 340 00:17:09,400 --> 00:17:11,700 it's actually just happening between those two participants 341 00:17:11,700 --> 00:17:13,200 and they're making all the rules. 342 00:17:13,200 --> 00:17:15,599 You know, as they see fit and the best part about that is that 343 00:17:15,599 --> 00:17:18,200 if we make all of these things entirely voluntary, then there's 344 00:17:18,200 --> 00:17:21,500 literally no such thing as, you know, as a bad deal because 345 00:17:21,500 --> 00:17:24,200 somebody who doesn't want. It doesn't do it, you know 346 00:17:24,200 --> 00:17:26,400 somebody who doesn't want to work on a project and you know 347 00:17:26,500 --> 00:17:29,200 in order to facilitate that we need to build in reputation 348 00:17:29,200 --> 00:17:32,500 systems and we're working on a collaborative editorial system 349 00:17:32,500 --> 00:17:37,600 and a call and then beyond that. So let's talk Bitcoin right now 350 00:17:37,600 --> 00:17:40,600 is a front page that's powered by one Blog. 351 00:17:40,900 --> 00:17:44,100 The system that we're moving to next is one where anybody can 352 00:17:44,100 --> 00:17:47,700 make a Blog and then content can be curated up from all of those 353 00:17:47,700 --> 00:17:50,300 distributed blogs on to the front page and then the next 354 00:17:50,300 --> 00:17:52,600 phase after that. And actually, these will At the 355 00:17:52,600 --> 00:17:55,500 same time is that anybody who wants to take content created 356 00:17:55,500 --> 00:17:58,300 within the LTB environment and make their own front page, where 357 00:17:58,300 --> 00:18:00,900 they curate up their own? You know, other content from 358 00:18:00,900 --> 00:18:02,500 within the network based on their own standards? 359 00:18:02,700 --> 00:18:07,400 They'll be able to do that too. So some elements of Reddit and a 360 00:18:07,400 --> 00:18:10,000 community platform. Let's talk Bitcoin is a 361 00:18:10,000 --> 00:18:13,300 community platform part of that. Is publishing part of that is 362 00:18:13,300 --> 00:18:14,900 Commerce. Part of that is, you know, 363 00:18:14,900 --> 00:18:18,100 socializing part of that is project management. 364 00:18:18,100 --> 00:18:21,100 Part of that is plan. I mean, like there's you can 365 00:18:21,100 --> 00:18:26,000 think about it like We used to before the age of the internet. 366 00:18:26,000 --> 00:18:29,000 We used to go physical places and we used to meet people in, 367 00:18:29,200 --> 00:18:32,300 you know, bars or restaurants or town halls. 368 00:18:32,400 --> 00:18:35,500 And we used to be able to interact with people and conduct 369 00:18:35,500 --> 00:18:39,700 Commerce in public places and and that was easy and the 370 00:18:39,700 --> 00:18:41,500 internet has replaced that partly. 371 00:18:41,500 --> 00:18:43,800 But the part that it doesn't do well is it doesn't do anything 372 00:18:43,800 --> 00:18:45,500 that has anything to do with ownership or money? 373 00:18:45,500 --> 00:18:47,600 Well, because the only thing that you can do is give somebody 374 00:18:47,600 --> 00:18:53,200 else a debt which is not that useful so-so I think that that's 375 00:18:53,200 --> 00:18:55,300 that's really what's Happening. Here is the platform, the were 376 00:18:55,300 --> 00:18:57,400 designing, you know, we started designing it for let's talk 377 00:18:57,400 --> 00:19:01,600 Bitcoin but it is a generic Community platform in the same 378 00:19:01,600 --> 00:19:04,200 way that a town hall is a community platform, anything 379 00:19:04,200 --> 00:19:07,000 that you can do there, whether its funding something or, you 380 00:19:07,000 --> 00:19:09,500 know, talking to somebody or signing a contract with somebody 381 00:19:09,500 --> 00:19:11,600 or whatever. You can do it on this type of 382 00:19:11,600 --> 00:19:14,700 platform and more importantly, because of that, because that 383 00:19:14,700 --> 00:19:18,300 stops being the hard part, you can do anything on one of these 384 00:19:18,300 --> 00:19:21,700 platforms, literally anything, Well, we've got so much more to 385 00:19:21,700 --> 00:19:26,100 talk about including LTV coin, crowdfunding want to talk about 386 00:19:26,100 --> 00:19:27,700 content? Monetization models. 387 00:19:28,100 --> 00:19:30,100 But let's take a break for. We do that and talk about our 388 00:19:30,100 --> 00:19:33,400 sponsor shape-shift. So Chef is a fast and easy way 389 00:19:33,400 --> 00:19:36,300 to buy and sell altcoins and I'm curious. 390 00:19:37,500 --> 00:19:39,900 I haven't seen LTV coin on shape-shift. 391 00:19:39,900 --> 00:19:42,600 They've been adding all kinds of new coins, all the time and and 392 00:19:43,300 --> 00:19:45,900 but LT becomes not there. Yet, do they have counterparty 393 00:19:45,900 --> 00:19:47,300 yet? If they don't have counterparty 394 00:19:47,300 --> 00:19:49,400 or xcp then they wouldn't have us know. 395 00:19:49,400 --> 00:19:52,200 Yeah, I guess that's true. They don't have, they don't have 396 00:19:52,200 --> 00:19:54,300 counterparty yet. I mean that might come at some 397 00:19:54,300 --> 00:19:57,700 point but anyway so shape-shift is a fast and easy way to buy 398 00:19:57,700 --> 00:20:00,000 and sell altcoins. They support Bitcoin. 399 00:20:00,400 --> 00:20:05,600 They just added bitshares. They just added start coin 400 00:20:06,300 --> 00:20:08,700 namecoin XT. They're adding new coins every 401 00:20:08,700 --> 00:20:11,300 week so I can't even keep up. And last week, we try to do a 402 00:20:11,308 --> 00:20:18,500 demo touch to a demo with their shape shift lens plug-in, which 403 00:20:18,500 --> 00:20:20,800 is essentially a chrome plug-in, which allows you to You 404 00:20:20,800 --> 00:20:23,000 shape-shift on any website, it wasn't working. 405 00:20:23,000 --> 00:20:25,100 It was a bug. Unfortunately, it appears that 406 00:20:25,100 --> 00:20:28,100 they have fixed it. So we're going to go ahead and 407 00:20:28,400 --> 00:20:31,800 demo it this week and hopefully if we keep our fingers crossed 408 00:20:31,800 --> 00:20:34,800 and we printed the demo Gods, it will in fact work. 409 00:20:34,900 --> 00:20:41,100 So if if If we go to the LTB website. 410 00:20:41,100 --> 00:20:44,800 So we're going to donate to the last episode which is beyond the 411 00:20:44,800 --> 00:20:46,400 blockchain with open transactions. 412 00:20:46,600 --> 00:20:50,000 If we scroll down here we get the tip address right here. 413 00:20:50,000 --> 00:20:52,700 This is a Bitcoin tip address. I'm going to click on so I've 414 00:20:52,700 --> 00:20:56,300 got the shape shift lens plug-in install. 415 00:20:56,300 --> 00:21:00,000 I installed it with it's in the Chrome web store, you just look 416 00:21:00,000 --> 00:21:03,700 for shape shift lens and you'll see the little shape-shift Fox 417 00:21:03,700 --> 00:21:07,900 logo right here. So if I click that I get Will 418 00:21:07,900 --> 00:21:11,500 pop up and click pay with. I'm going to pay with Dogecoin. 419 00:21:14,600 --> 00:21:17,000 And so there's my those the destination address. 420 00:21:17,000 --> 00:21:20,500 So this is the Bitcoin address that we're donating to and I'm 421 00:21:20,500 --> 00:21:22,300 going to go ahead I'm not even going to put in an amount. 422 00:21:22,300 --> 00:21:26,000 I'm just going to set in my wallet what I said so let's pay. 423 00:21:26,000 --> 00:21:32,200 I'm going to get a QR code. I'll go ahead and scan that. 424 00:21:35,000 --> 00:21:39,900 with my Dogecoin wallet, and I'm going to send three dollars, 425 00:21:41,200 --> 00:21:44,300 There you go. So it's setting and you'll see 426 00:21:44,300 --> 00:21:45,900 here. It's a waiting for your 427 00:21:45,900 --> 00:21:51,400 Dogecoin. And just a few seconds, there 428 00:21:51,400 --> 00:21:52,600 you go. So payments been received and 429 00:21:52,600 --> 00:21:55,000 now we're just waiting for the confirmation and nice thing 430 00:21:55,000 --> 00:21:57,700 about shape-shift that it doesn't require any 431 00:21:57,700 --> 00:22:00,100 confirmation. So 0 confirmations, as soon as 432 00:22:00,100 --> 00:22:04,800 it receives the Bitcoins, it starts doing its thing. 433 00:22:05,200 --> 00:22:08,100 Converting those Bitcoin into Dogecoin, you met any other way, 434 00:22:08,100 --> 00:22:09,500 right? Or sorry, converting those 435 00:22:09,500 --> 00:22:14,600 Dogecoin into Bitcoin rather and in just a few seconds we'll be 436 00:22:14,600 --> 00:22:18,000 able to even will even be able to look at it on the blockchain 437 00:22:18,000 --> 00:22:21,500 and see that it's actually Trip. So it's just still awaiting 438 00:22:21,500 --> 00:22:23,600 confirmation. Stick will and and you don't 439 00:22:23,600 --> 00:22:25,900 need to make an account, but you can just get started and I think 440 00:22:25,900 --> 00:22:28,900 it's through know, there you go. So I just went through and in 441 00:22:28,900 --> 00:22:31,600 fact, so this is a nice feature here, you can get a receipt by 442 00:22:31,600 --> 00:22:35,100 email and if we look if we click here and we look at the 443 00:22:35,100 --> 00:22:38,100 blockchain will see that that come from that transaction is 444 00:22:38,100 --> 00:22:39,200 actually went through. So there you go. 445 00:22:39,200 --> 00:22:45,800 It took about 30 seconds to get Dogecoin sent to that the latest 446 00:22:45,800 --> 00:22:50,000 episodes Bitcoin address. So you should be getting that in 447 00:22:50,000 --> 00:22:52,300 your wallet very soon. That I should indeed. 448 00:22:52,300 --> 00:22:56,700 Very cool. So there you go ships. 449 00:22:56,700 --> 00:22:58,400 If dot IO? Give it a try. 450 00:22:58,400 --> 00:23:00,800 Tell us what you think. You don't even need to create an 451 00:23:00,800 --> 00:23:04,100 account as Brian mentioned and you only pay a small fee which 452 00:23:04,100 --> 00:23:06,700 is included in the price of the transaction ships. 453 00:23:06,700 --> 00:23:09,600 If that I owe the fast and easy way to convert all your alt 454 00:23:09,600 --> 00:23:15,300 coins, So moving on the next thing I want to talk about in 455 00:23:15,300 --> 00:23:18,800 this is very closely tied to what we were discussing earlier 456 00:23:18,800 --> 00:23:28,300 on the network is LTB coin. So in early 2014, you propose, I 457 00:23:28,300 --> 00:23:31,600 mean, you started thinking about creating a currency within the 458 00:23:31,600 --> 00:23:35,800 LTE network, which would be used to sort of the the economic 459 00:23:36,700 --> 00:23:40,400 while the currency, the currency with the which live inside the 460 00:23:40,400 --> 00:23:43,900 network and service. The LTE network for paying 461 00:23:44,100 --> 00:23:47,900 content producers, but we also serve advertisers to pay you to 462 00:23:47,900 --> 00:23:51,000 buy me donate and buy advertising for the show. 463 00:23:52,300 --> 00:23:55,100 What was the main thing that you were trying to accomplish when, 464 00:23:55,400 --> 00:23:58,100 when you first thought of a creating LTB point, I was trying 465 00:23:58,100 --> 00:24:03,200 to solve the bootstrap problem, which is what I called the, that 466 00:24:03,200 --> 00:24:05,600 like, the first thousand people who you are trying to get 467 00:24:05,600 --> 00:24:08,700 involved in a given in a given project that you are interested 468 00:24:08,700 --> 00:24:10,600 in. And the thing that Bitcoin did, 469 00:24:10,600 --> 00:24:14,200 well, that does not We Exist anywhere else is they came up 470 00:24:14,200 --> 00:24:19,000 with a way where you could create a token create a you know 471 00:24:19,000 --> 00:24:24,000 and I say that both technically a token but also a token of 472 00:24:24,000 --> 00:24:25,600 contribution. It's difficult. 473 00:24:25,600 --> 00:24:27,300 Kind of they're going to conceptualize that. 474 00:24:29,700 --> 00:24:33,600 So LTD coin, the value of it is very questionable but the value 475 00:24:33,600 --> 00:24:37,200 of it doesn't really matter from the, from my perspective. 476 00:24:37,200 --> 00:24:41,500 Because the thing that we used it for is to incentivize and the 477 00:24:41,500 --> 00:24:44,500 thing that we Use it for is to incentivize people to 478 00:24:44,500 --> 00:24:47,100 participate in our system. This is not to say that. 479 00:24:47,100 --> 00:24:49,300 It's the only way that you can interact with us. 480 00:24:49,500 --> 00:24:52,500 It's just the best way because it is the most cost-effective 481 00:24:52,500 --> 00:24:56,700 way relative to other options. So the reason why it's worth it 482 00:24:56,700 --> 00:25:00,100 to us to do that is because we have no cost when it comes to 483 00:25:00,100 --> 00:25:03,000 creating this and using it to administer our Rewards program. 484 00:25:03,200 --> 00:25:05,900 And you know I was just looking at this the other day we just 485 00:25:05,900 --> 00:25:09,200 did a distribution yesterday went out to over 1,000 people 486 00:25:09,200 --> 00:25:12,100 and I think it costs like .05 one. 487 00:25:12,200 --> 00:25:15,400 PTC or something like that which comes to like $11. 488 00:25:15,400 --> 00:25:19,300 So, you know, administering a Rewards program or weekly send 489 00:25:19,300 --> 00:25:22,100 out, you know, differing amounts of tokens to people, you know, 490 00:25:22,100 --> 00:25:25,400 automatically to people for less than $10 in terms of transaction 491 00:25:25,400 --> 00:25:29,100 fees and total cost is something that can really only be done 492 00:25:29,100 --> 00:25:31,300 with tokens. And it means that when people 493 00:25:31,300 --> 00:25:34,000 are, when people create something for us, we don't have 494 00:25:34,000 --> 00:25:36,500 to wait until we get paid Bitcoin for it because we're not 495 00:25:36,500 --> 00:25:40,000 paying them Bitcoin. We're passing along LTB coin and 496 00:25:40,000 --> 00:25:43,100 actually, it's not even passing it along when we 8l T be coin. 497 00:25:43,200 --> 00:25:46,200 It's distributed based on your contribution, right? 498 00:25:46,200 --> 00:25:48,800 So if you're part of the audience then there's a part of 499 00:25:48,800 --> 00:25:50,900 each weekly distribution that is created. 500 00:25:50,900 --> 00:25:54,000 That's given to you is the first user because you're valuable to 501 00:25:54,008 --> 00:25:56,600 the network, you're someone who's spending their time and 502 00:25:56,600 --> 00:25:59,100 making their choice to consume content that are content 503 00:25:59,100 --> 00:26:01,100 creators. And by our, I mean, people using 504 00:26:01,100 --> 00:26:03,700 our platform we have, we have no even formal agreements with 505 00:26:03,700 --> 00:26:08,400 anybody. It's just a platform people, use 506 00:26:08,400 --> 00:26:11,600 it because they have something to say and because we think that 507 00:26:11,600 --> 00:26:13,200 they're there. As they haven't, disqualified 508 00:26:13,200 --> 00:26:14,600 themselves is almost thing, right? 509 00:26:14,600 --> 00:26:17,600 I'm very, very laissez-faire. When it comes to allowing 510 00:26:17,600 --> 00:26:20,600 content onto our platform, it has to be at a certain quality 511 00:26:20,600 --> 00:26:24,000 level, but besides that it's been mostly about traffic 512 00:26:24,000 --> 00:26:28,700 control and then about, you know, people not, you know, 513 00:26:28,700 --> 00:26:30,900 breaking the few rules that we do have. 514 00:26:30,900 --> 00:26:34,100 We're very specific about the content that we allow on the 515 00:26:34,100 --> 00:26:35,600 network. I'm sorry, we're talking about 516 00:26:35,600 --> 00:26:37,700 LTB coin. So anyways, the relevant part of 517 00:26:37,700 --> 00:26:40,000 LTB coin is that it doesn't cost us anything. 518 00:26:40,000 --> 00:26:42,600 And so because it doesn't cost us anything just like Bitcoin 519 00:26:42,600 --> 00:26:45,200 can give it to the minors for free while even though they're 520 00:26:45,200 --> 00:26:47,600 providing a valuable service, it's free to the Bitcoin 521 00:26:47,600 --> 00:26:50,300 Network. We can do the same thing except 522 00:26:50,300 --> 00:26:52,400 it's with the audience, it's with content creators. 523 00:26:52,700 --> 00:26:57,800 And then there's a 10% that goes to the platform to so LTB coin 524 00:26:57,800 --> 00:27:02,800 has been, I don't know people. Again, focus a lot on the price 525 00:27:02,800 --> 00:27:05,500 and I think that that sort of misses the point when you create 526 00:27:05,500 --> 00:27:08,500 a token and LTB coin was one of the first tokens, not 527 00:27:08,500 --> 00:27:11,100 cryptocurrencies, but tokens ever created. 528 00:27:13,700 --> 00:27:15,300 There just wasn't anything you could do with them. 529 00:27:15,300 --> 00:27:20,700 And that was what we were in into is that, you know I was You 530 00:27:20,700 --> 00:27:24,700 can think about a token, right? Like a like a marble, or like a 531 00:27:25,200 --> 00:27:28,800 ball bearing, whatever it is very like that in that. 532 00:27:28,800 --> 00:27:30,800 If I hold it in my hand, I have it. 533 00:27:30,800 --> 00:27:32,700 If I give it to you, I no longer have it. 534 00:27:32,700 --> 00:27:36,600 It's no longer accessible to me. And by itself, it isn't really 535 00:27:36,600 --> 00:27:39,100 much of anything. It's this little thing that is 536 00:27:39,100 --> 00:27:40,400 itself, and that's pretty much it. 537 00:27:40,900 --> 00:27:44,500 But if you take that ball bearing or marble, and you put 538 00:27:44,500 --> 00:27:48,200 it at the top of a Rube Goldberg type machine that is designed 539 00:27:48,400 --> 00:27:51,800 to, you know, like make me Host and kick me out of bed and all 540 00:27:51,800 --> 00:27:53,900 that stuff. Then suddenly you could make the 541 00:27:53,900 --> 00:27:56,300 argument that that ball bearing has the ability to make me toast 542 00:27:56,300 --> 00:27:58,100 and get me out of bed. Even though the ball bearing 543 00:27:58,100 --> 00:28:00,800 itself, didn't actually have anything to do with it because 544 00:28:00,800 --> 00:28:04,400 it was placed in circumstance that was set up for it to 545 00:28:04,408 --> 00:28:07,200 trigger certain things. It actually causes that to 546 00:28:07,200 --> 00:28:08,700 happen. And then of course, it's also 547 00:28:08,700 --> 00:28:11,200 still a ball bearing. So it, you know, you can't make 548 00:28:11,200 --> 00:28:13,500 an arbitrary copy of it and then give it to, you know, let 549 00:28:13,500 --> 00:28:16,400 somebody else do it. So that's really what tokens are 550 00:28:16,400 --> 00:28:18,800 as far as I'm concerned. We now have 80 and that used to 551 00:28:18,808 --> 00:28:21,400 be impossible, right? Used to be impossible to make a 552 00:28:21,408 --> 00:28:22,900 token. You used to have to make an 553 00:28:22,908 --> 00:28:25,400 entire Block Chain and go through Mining and do all this 554 00:28:25,400 --> 00:28:27,600 other stuff. So the idea that you could make 555 00:28:27,600 --> 00:28:30,500 something for an arbitrary reason kind of wasn't ever 556 00:28:30,500 --> 00:28:34,200 really feasible until tokens, but once it is feasible then 557 00:28:34,200 --> 00:28:38,500 suddenly what was impossible, becomes the easy part and what 558 00:28:38,500 --> 00:28:41,700 was inconceivable. Because the thing that preceded 559 00:28:41,700 --> 00:28:44,800 it was impossible is suddenly now an incredibly obvious 560 00:28:44,800 --> 00:28:46,400 problem. And so, when we started, let's 561 00:28:46,400 --> 00:28:49,900 talk Bitcoin, like in order to do that, send out to a thousand 562 00:28:49,900 --> 00:28:51,500 people. Automatically and not have me 563 00:28:51,500 --> 00:28:54,600 sitting there doing every single transaction for, you know, 18 564 00:28:54,600 --> 00:28:56,200 hours a day on the days that we have to do this. 565 00:28:56,200 --> 00:28:59,600 We actually had to create an entirely new tool. 566 00:28:59,600 --> 00:29:04,400 That is essentially an automated distributor where you send all 567 00:29:04,400 --> 00:29:07,800 of the we're within our system. You give it all of the addresses 568 00:29:07,800 --> 00:29:11,500 or LTB usernames that you want to send to you, put in all the 569 00:29:11,500 --> 00:29:15,400 amounts or the percentage is next to what it is that next to 570 00:29:15,400 --> 00:29:17,300 each name, depending on how much they should get. 571 00:29:17,300 --> 00:29:20,300 And then the system gives you a single address to which CH you 572 00:29:20,300 --> 00:29:23,300 send the full amount of Bitcoin for the transaction fee and the 573 00:29:23,300 --> 00:29:24,800 full amount of whatever the token is that you're 574 00:29:24,800 --> 00:29:27,000 Distributing. And then it automatically goes, 575 00:29:27,000 --> 00:29:30,000 through sends out. All those transactions at a rate 576 00:29:30,000 --> 00:29:31,500 that doesn't overwhelm the network. 577 00:29:33,600 --> 00:29:36,100 Let's see here. Does it with fees that are less 578 00:29:36,100 --> 00:29:39,300 than half of what the standard counterparty fees are because 579 00:29:39,300 --> 00:29:42,200 again, like they're just fixed fees that since we built a 580 00:29:42,208 --> 00:29:44,600 custom tool, we were able to experiment with and see. 581 00:29:44,600 --> 00:29:46,600 Ok, well the network will deal with it here but it won't deal 582 00:29:46,600 --> 00:29:52,500 with it here and and it also Tracks confirmations and sends 583 00:29:52,500 --> 00:29:53,600 you a set. It gives you essentially, the 584 00:29:53,600 --> 00:29:56,500 ability to make sure that all the transactions actually did go 585 00:29:56,500 --> 00:30:00,000 through and it's auditable to. So that's something that like is 586 00:30:00,000 --> 00:30:02,200 so basic, right? Being able to send a bunch of 587 00:30:02,200 --> 00:30:04,800 tokens differing amounts of tokens to different people and 588 00:30:04,800 --> 00:30:06,400 not have it. Take a person all day or be a 589 00:30:06,400 --> 00:30:08,900 full-time job and yet until we created it. 590 00:30:08,900 --> 00:30:12,000 It did not exist. So it has led be coin. 591 00:30:12,000 --> 00:30:17,900 Worked has it succeeded and things you wanted it to do it, 592 00:30:17,900 --> 00:30:22,700 succeeded in that it let me In that it let me allocate Credit 593 00:30:22,700 --> 00:30:25,600 in a way that could later be valuable, right? 594 00:30:25,600 --> 00:30:27,800 Because if I just say, you know, if you help me with an episode a 595 00:30:27,800 --> 00:30:30,600 year ago and I say to you, thanks, I'm successful now. 596 00:30:30,608 --> 00:30:33,300 But, you know, thank you. You helped me get there, then 597 00:30:33,300 --> 00:30:35,900 that's great. But if instead you got paid LTB 598 00:30:35,900 --> 00:30:39,000 coin and then a year later, LTB coin was successful, because 599 00:30:39,000 --> 00:30:41,700 we're successful. Then that's something where your 600 00:30:41,700 --> 00:30:44,900 work earlier on actually had a very substantial impact for you 601 00:30:44,900 --> 00:30:46,700 and you actually can potentially profit. 602 00:30:46,700 --> 00:30:49,200 If you know what we're doing, doesn't wind up being valuable 603 00:30:49,200 --> 00:30:51,900 and it fails. Thing doesn't work, then doesn't 604 00:30:51,900 --> 00:30:53,700 matter to you. You know, you it was a volunteer 605 00:30:53,700 --> 00:30:56,700 effort essentially you did anyways and the token was just a 606 00:30:56,700 --> 00:30:59,600 volunteer token but if the project succeeds there is that 607 00:30:59,600 --> 00:31:02,200 potential for upside. So that's the thing is that we 608 00:31:02,200 --> 00:31:04,800 already I mean like you can already support things for 609 00:31:04,800 --> 00:31:06,800 volunteer for them. You can already, you know, give 610 00:31:06,800 --> 00:31:09,300 people money for free. The thing that you can't do is 611 00:31:09,300 --> 00:31:11,100 get a token back from that person. 612 00:31:11,200 --> 00:31:13,900 That represents something that could be valuable in the future 613 00:31:14,700 --> 00:31:16,900 without it costing that person. Because again, like you could do 614 00:31:16,900 --> 00:31:18,900 this with Kickstarter. You just would have to raise 615 00:31:18,900 --> 00:31:21,200 money with Kickstarter. In order to, then pay people 616 00:31:21,200 --> 00:31:23,300 back money with Kickstarter. So it doesn't make any sense, 617 00:31:23,400 --> 00:31:26,800 but if it's free, then why not? So you asked if it had been 618 00:31:26,800 --> 00:31:28,700 successful. I think that the time frame is 619 00:31:28,700 --> 00:31:30,600 too short to really make that sort of judgment. 620 00:31:30,600 --> 00:31:33,400 We're moving into a new phase of LTB coin. 621 00:31:33,400 --> 00:31:37,200 Now to this point, we've been Distributing it and there's been 622 00:31:37,200 --> 00:31:39,900 no utility for it. We've had you know we had no 623 00:31:39,900 --> 00:31:43,300 Redemption methods that were not completely manual. 624 00:31:43,700 --> 00:31:46,300 There was no good way to use it in a lot of capacities and so 625 00:31:46,300 --> 00:31:48,900 that, of course, something that doesn't have utility and has a 626 00:31:48,900 --> 00:31:51,700 lot of supply. Is going to be very low value, 627 00:31:51,900 --> 00:31:54,000 but that's the thing that's changed in the last two weeks. 628 00:31:54,000 --> 00:31:57,900 The last week, we rolled out the sponsor tool which lets people 629 00:31:57,900 --> 00:32:02,400 redeem, which lets people redeem LTB coin, or Bitcoin or a 630 00:32:02,408 --> 00:32:05,300 variety of other tokens that we accept for various things that 631 00:32:05,300 --> 00:32:07,200 we offer on the network like sponsorships on the show or 632 00:32:07,208 --> 00:32:08,900 display advertisements on the front page. 633 00:32:10,600 --> 00:32:14,700 And then yesterday, we rolled out, our essentially automated 634 00:32:14,700 --> 00:32:18,200 vending machine, a project we call swap bought and the vending 635 00:32:18,200 --> 00:32:21,600 machine lets you buy. EB coin for Bitcoin or for a 636 00:32:21,608 --> 00:32:25,700 variety of other tokens. Including storage is coin swarms 637 00:32:25,700 --> 00:32:29,600 coin xcp. You know, we're only compatible 638 00:32:29,600 --> 00:32:31,500 with counterparty tokens at this point, which are built on the 639 00:32:31,508 --> 00:32:35,100 Bitcoin blockchain. But but, but we already kind of 640 00:32:35,108 --> 00:32:38,100 have that sort of multi token and different tokens, achieve 641 00:32:38,100 --> 00:32:41,200 different prices, right? So we give a 40% discount when 642 00:32:41,200 --> 00:32:45,100 you buy something with LTB coin, but we actually charge 10% more 643 00:32:45,100 --> 00:32:46,600 when you want to spend swarm with us. 644 00:32:46,600 --> 00:32:48,400 Because swarm doesn't actually have that much utility. 645 00:32:48,400 --> 00:32:52,100 So I mean it's it's a Project will take it and will, you know, 646 00:32:52,100 --> 00:32:55,100 trade trade tokens for it but it's not the same as if you were 647 00:32:55,100 --> 00:32:56,800 using our token within our system. 648 00:32:57,300 --> 00:33:00,300 So that's the thing that's different now is that now 649 00:33:00,300 --> 00:33:01,700 there's actually something you can do with it. 650 00:33:01,700 --> 00:33:05,500 And indeed, since that happened, we've seen the amount of volume 651 00:33:05,500 --> 00:33:08,600 trading on the centralized markets, like Polonia X, where 652 00:33:08,600 --> 00:33:12,500 LTB coin is traded, go up quite a bit and it's been, it's been 653 00:33:12,500 --> 00:33:15,000 interesting watching you know because every time we do 654 00:33:15,000 --> 00:33:17,600 something, the ecosystem is still small enough that it 655 00:33:17,600 --> 00:33:20,300 causes big reverberations. So yesterday when we We rolled 656 00:33:20,300 --> 00:33:23,800 out the vending machine. We had been pricing LTB coin at 657 00:33:23,800 --> 00:33:26,500 20% above whatever the current market price was. 658 00:33:27,000 --> 00:33:30,800 But then somebody crashed the price because the market is 659 00:33:30,800 --> 00:33:33,800 small and so the price goes way down. 660 00:33:33,800 --> 00:33:36,500 Somebody comes over to, somebody comes over to the vending 661 00:33:36,500 --> 00:33:39,200 machine and they say, oh well this is 20% above the current 662 00:33:39,200 --> 00:33:42,000 super low price, but I can get, you know, a whole bunch of coins 663 00:33:42,000 --> 00:33:43,600 and I don't the worry about Market depth. 664 00:33:43,900 --> 00:33:46,500 So then they bought from us. So we had a conversation with 665 00:33:46,500 --> 00:33:48,400 him this morning were like how do you know what exactly did you 666 00:33:48,400 --> 00:33:49,300 do? And you know, so now we're 667 00:33:49,300 --> 00:33:50,800 going, we went through. And changed it. 668 00:33:50,800 --> 00:33:55,800 So that our price for LTB coin is pegged to the 24-hour high of 669 00:33:55,800 --> 00:33:58,200 LTB coin. Yeah, I'm so you don't really 670 00:33:58,200 --> 00:34:01,100 want to buy LTB coin from US unless you just want to use it 671 00:34:01,100 --> 00:34:02,700 right then and it's a convenience thing. 672 00:34:02,900 --> 00:34:05,600 But if you're going to spend ldb coin with us, then again, we're 673 00:34:05,600 --> 00:34:08,400 recognizing it. Not only with that 40% discount, 674 00:34:08,400 --> 00:34:10,900 but at that much higher price relatively speaking. 675 00:34:11,100 --> 00:34:15,199 So it's just such an experiment. As an experiment, LTB coin has 676 00:34:15,199 --> 00:34:18,699 been incredibly successful because it is shown me, all of 677 00:34:18,699 --> 00:34:21,300 the things that are impossible. Able to do with tokens because 678 00:34:21,300 --> 00:34:24,199 nobody has built that tool yet, and it's why indeed. 679 00:34:24,199 --> 00:34:26,900 We've wound up building token Lee as a project and as a 680 00:34:26,908 --> 00:34:29,800 platform and what I'm spending most of my time thinking about 681 00:34:29,800 --> 00:34:32,199 these days. Yeah, I mean, I've been asked by 682 00:34:32,199 --> 00:34:36,800 a few people about, you know, you know, with different 683 00:34:36,800 --> 00:34:40,500 projects I'll get couldn't we use a token and they hadn't 684 00:34:40,500 --> 00:34:43,300 known about LT because necessarily but, you know, could 685 00:34:43,300 --> 00:34:46,400 we create our own currency to incentivize people and stuff and 686 00:34:46,400 --> 00:34:49,300 I was like, yeah, that's a great idea, but you probably want to 687 00:34:49,300 --> 00:34:53,800 wait for At least a year because I could rewrite this so many 688 00:34:53,800 --> 00:34:57,100 different components that all have to be there otherwise it 689 00:34:57,100 --> 00:35:00,800 just doesn't work and you have had this sort of I guess 690 00:35:00,800 --> 00:35:04,200 interesting challenging but you know also difficult job of 691 00:35:04,200 --> 00:35:06,500 having to build all of this from scratch. 692 00:35:07,100 --> 00:35:10,100 Well to be clear, I'm not I'm not building it, I'm the Like 693 00:35:10,100 --> 00:35:14,000 Chief Visionary officer ideation guy, I come up with all the all 694 00:35:14,000 --> 00:35:17,200 the, you know, like big problems that I run into that are super 695 00:35:17,200 --> 00:35:20,200 annoying to me and I complain about I have Have. 696 00:35:20,200 --> 00:35:23,500 So I have two co-founders on the token, like project who are 697 00:35:23,700 --> 00:35:26,800 active working on it, Nick rathman and then Devon Weller 698 00:35:26,800 --> 00:35:30,500 both technical sides of that. So so we've been able to in the 699 00:35:30,500 --> 00:35:33,000 three months, we've been working on the token Lee Project as a 700 00:35:33,000 --> 00:35:36,700 formal project but able to make very very fast progress going 701 00:35:36,700 --> 00:35:39,000 through this. And actually I think that you 702 00:35:39,000 --> 00:35:42,200 know, I probably, you know, in hindsight if I had the 703 00:35:42,200 --> 00:35:44,700 opportunity to and still learn the lessons, I would have waited 704 00:35:44,700 --> 00:35:47,400 a year to launch LTB coin, because a lot of people didn't 705 00:35:47,400 --> 00:35:50,200 understand the timeframe we were on it, I didn't even really And 706 00:35:50,200 --> 00:35:52,600 the time frame that we were on, I had kind of assumed that we'd 707 00:35:52,600 --> 00:35:55,000 be able to build this stuff and have it out and, you know, three 708 00:35:55,000 --> 00:35:59,000 months and the reality of development just hits you in the 709 00:35:59,000 --> 00:36:02,600 face like a brick. Well, one thing you mentioned 710 00:36:02,600 --> 00:36:05,700 that that I really like is that, you know, the importance of all, 711 00:36:05,700 --> 00:36:09,100 this is the experiment. And and I think that the judging 712 00:36:09,100 --> 00:36:12,600 the success of a project or something like LTD coin, because 713 00:36:12,600 --> 00:36:17,700 of price or because of the wide user isn't probably not 714 00:36:17,700 --> 00:36:20,400 necessarily a good, a good. Decatur. 715 00:36:20,400 --> 00:36:23,700 And perhaps the, you know what you've learned from it is is 716 00:36:23,700 --> 00:36:27,400 definitely more valuable than any any of what that may 717 00:36:27,400 --> 00:36:29,900 accomplish. I'm very glad that we didn't, 718 00:36:29,900 --> 00:36:32,300 we'd never sold it. I was very important to me that 719 00:36:32,300 --> 00:36:35,400 it always be something that we give away to volunteers who were 720 00:36:35,400 --> 00:36:38,000 doing stuff for us. Anyways and not sell it simply 721 00:36:38,000 --> 00:36:40,800 because I was not convinced it was going to work, right? 722 00:36:40,800 --> 00:36:42,900 I was convinced that it was an experiment worth doing and I 723 00:36:42,900 --> 00:36:45,600 still I'm convinced it it's an experiment worth doing but 724 00:36:45,600 --> 00:36:46,700 nothing is simple. You know. 725 00:36:46,707 --> 00:36:49,500 I mean the thing about all of this stuff though is that like 726 00:36:49,500 --> 00:36:53,300 the Use the usability issues are the issue and it's not usability 727 00:36:53,300 --> 00:36:55,700 with LTB coin. It's not even really usability 728 00:36:55,700 --> 00:36:59,300 with tokens its usability with getting people into Bitcoin in 729 00:36:59,300 --> 00:37:01,600 the first place. As soon as that problem gets 730 00:37:01,600 --> 00:37:03,700 solved, the whole world is going to change because that is the 731 00:37:03,700 --> 00:37:05,800 thing that holds people back it's thing where if you hear 732 00:37:05,800 --> 00:37:07,900 something cool and want to look at, it's like, okay, well, but 733 00:37:08,500 --> 00:37:13,600 but this is hard and if it's hard, then why would you spend 734 00:37:13,600 --> 00:37:15,700 your time doing it? So I mean, that's the, that's 735 00:37:15,700 --> 00:37:17,900 the core problem, you know, is that like you've got Bitcoin, 736 00:37:17,900 --> 00:37:20,500 that's difficult counterparty. It's difficult. 737 00:37:20,500 --> 00:37:23,200 Their wallet has become increasingly slow as time has 738 00:37:23,200 --> 00:37:25,300 gone on. So I don't necessarily know if 739 00:37:25,300 --> 00:37:27,600 that's the you know. Best long-term solution Are All 740 00:37:27,600 --> 00:37:32,500 That Jazz. It's a it's just such a fluid 741 00:37:32,500 --> 00:37:33,900 situation. So that would be the thing. 742 00:37:33,900 --> 00:37:36,200 You know, for anybody out there, who's wondering what they should 743 00:37:36,200 --> 00:37:38,900 do, the thing that they should do is try and learn as much as 744 00:37:38,900 --> 00:37:40,900 possible about whatever it is that you're trying to do and try 745 00:37:40,900 --> 00:37:45,300 and avoid making decisions about which particular thing to cement 746 00:37:45,300 --> 00:37:47,400 yourself on. And that's the thing that I'm 747 00:37:47,408 --> 00:37:49,800 going to work on for the rest of my life because things change. 748 00:37:50,100 --> 00:37:53,900 And, you know, this is a, this is a big project, but I think 749 00:37:53,900 --> 00:37:56,400 that we're going to provide a lot of opportunities to a lot of 750 00:37:56,400 --> 00:37:58,600 different people to do things that I have no idea about it in 751 00:37:58,600 --> 00:38:01,400 much, the same way that, you know, we can the, I like to 752 00:38:01,400 --> 00:38:03,200 catalyze other things. I think that the token lie 753 00:38:03,200 --> 00:38:05,800 project in the platform really is going to provide 754 00:38:05,800 --> 00:38:07,900 opportunities to do whatever you want. 755 00:38:07,900 --> 00:38:11,100 And have it be easy? Yeah, I mean one advantage has 756 00:38:11,100 --> 00:38:15,000 well of not selling it. I think it's the whole legal 757 00:38:15,000 --> 00:38:18,900 liability site which I guess. We will see where that goes, 50 758 00:38:18,900 --> 00:38:22,300 crowdfunding projects. But speaking of crowdfunding, 759 00:38:23,300 --> 00:38:26,600 you will also launch another project called coin Powers. 760 00:38:26,600 --> 00:38:31,800 I mean, we once had actually Tatiana on ages ago and I think 761 00:38:31,800 --> 00:38:36,200 when she was launching her to her coin through coin Powers. 762 00:38:36,900 --> 00:38:39,100 So can you talk a little bit? But what's the role of 763 00:38:39,100 --> 00:38:45,000 crowdfunding in this and what what we the results you saw with 764 00:38:45,000 --> 00:38:50,200 with coin powers, So coin power is no longer exists and part of 765 00:38:50,207 --> 00:38:53,700 the reason why coin power is no longer exists in my opinion. 766 00:38:53,700 --> 00:38:57,700 And I want to be clear that I am, you know, I had very little 767 00:38:57,700 --> 00:38:59,400 to do with Korn Powers towards the end. 768 00:38:59,900 --> 00:39:03,400 I was mostly involved, helping Tatiana, go through her project. 769 00:39:03,400 --> 00:39:06,000 Essentially, I was a large part of my role and then I consulted 770 00:39:06,000 --> 00:39:10,000 with them because I saw cryptocurrency and crowd funding 771 00:39:10,000 --> 00:39:14,000 is being a very natural mating. One of the things that is 772 00:39:14,000 --> 00:39:17,200 interesting, if you think about it is that you don't We need a 773 00:39:17,207 --> 00:39:19,700 site like Kickstarter in order to crowdfund anymore. 774 00:39:20,000 --> 00:39:21,600 Why do you need a site like Kickstarter? 775 00:39:21,900 --> 00:39:24,500 You need a site like Kickstarter because they have a community 776 00:39:24,500 --> 00:39:27,000 supposedly, although it's not that valuable anymore. 777 00:39:27,000 --> 00:39:29,300 Since again, they have so many projects on it that it's very, 778 00:39:29,300 --> 00:39:32,800 very difficult to stand out. They charge money and they have 779 00:39:32,808 --> 00:39:35,500 a payment processor. So, and they can tell you that 780 00:39:35,500 --> 00:39:39,000 you can't list. So that payment processor is the 781 00:39:39,100 --> 00:39:41,600 pretty much single most important part about being a 782 00:39:41,600 --> 00:39:43,700 crowdfunding site. And if you're a crowdfunding 783 00:39:43,700 --> 00:39:46,100 site that uses tokens or uses Bitcoin than you don't need a 784 00:39:46,107 --> 00:39:47,900 payment, Assessor. And so, if you don't need a 785 00:39:47,908 --> 00:39:50,400 payment processor, then why do you have to have dedicated 786 00:39:50,400 --> 00:39:52,500 crowdfunding sites? Why aren't there crowdfunding 787 00:39:52,500 --> 00:39:55,000 blogs where people have crowdfunding campaigns that they 788 00:39:55,000 --> 00:39:57,400 run themselves? And then they incentivize people 789 00:39:57,400 --> 00:40:00,900 to promote it on their blogs and they get you know they get some 790 00:40:00,900 --> 00:40:02,800 sort of commission for things that come through. 791 00:40:02,900 --> 00:40:07,100 So that's the thing I think that that you know, coin Powers 792 00:40:07,700 --> 00:40:11,600 realized partly because I told it to him a whole bunch of times 793 00:40:12,400 --> 00:40:15,800 and the core problem I think there was their ability a closed 794 00:40:15,800 --> 00:40:18,100 platform. They're A closed source project 795 00:40:18,100 --> 00:40:21,000 and they wanted to be the definitive crowdfunding platform 796 00:40:21,100 --> 00:40:23,200 and I think that that's not really possible in a world that 797 00:40:23,200 --> 00:40:27,900 we're going into, so you know, the future of crowdfunding is, I 798 00:40:27,900 --> 00:40:30,900 see it there certainly will be, you know, projects and platforms 799 00:40:30,900 --> 00:40:33,300 like Kickstarter that people choose to use because they want 800 00:40:33,300 --> 00:40:35,900 to use them, but if you don't want to use them, then sites 801 00:40:35,900 --> 00:40:37,800 light, you know, the projects like Lighthouse have already 802 00:40:37,800 --> 00:40:39,800 started. To show us what you can do just 803 00:40:39,800 --> 00:40:42,600 with Bitcoin and that's of that was a great experience. 804 00:40:42,600 --> 00:40:44,800 I'm not sure if you guys have tried Lighthouse yet, it's a 805 00:40:44,800 --> 00:40:46,400 crowdfunding essentially Bitcoin. 806 00:40:46,700 --> 00:40:51,300 Yeah very very cool technology and again, probably fantastic. 807 00:40:51,300 --> 00:40:54,600 Know it will end and the other thing it does is it opens it 808 00:40:54,600 --> 00:40:59,800 asks the question if crowdfunding can be a wallet 809 00:41:00,200 --> 00:41:02,900 then can't a website. Be a wallet. 810 00:41:03,000 --> 00:41:06,600 I mean if we're trying to put wallets into websites right now 811 00:41:06,700 --> 00:41:09,000 that's what we're trying to do and it's hard because you have 812 00:41:09,000 --> 00:41:10,500 to do a whole bunch of client side stuff. 813 00:41:10,500 --> 00:41:12,100 Otherwise you have centralization of risk. 814 00:41:12,100 --> 00:41:15,400 If the if the website is compromised in the wall it can 815 00:41:15,400 --> 00:41:18,900 be compromised, but light Shows us that what if we instead just 816 00:41:18,900 --> 00:41:21,600 take the wrapper of a Bitcoin wallet and put communities 817 00:41:21,600 --> 00:41:23,900 inside of that? And so you just interact with 818 00:41:23,900 --> 00:41:28,300 the community there and because it's built into a wallet you can 819 00:41:28,300 --> 00:41:31,200 do all of these things and it is just as simple as Lighthouse. 820 00:41:31,200 --> 00:41:33,300 They don't the way for any confirmations because the wallet 821 00:41:33,300 --> 00:41:37,000 knows what it just did. So again like this, we have to 822 00:41:37,000 --> 00:41:39,900 reorient how we think about all of these things because the 823 00:41:39,900 --> 00:41:42,100 possibilities are fundamentally different. 824 00:41:42,700 --> 00:41:48,400 So back to crowdfunding. So have I mentioned swat-bot 825 00:41:48,400 --> 00:41:49,800 yet? I don't know. 826 00:41:50,600 --> 00:41:52,400 Yeah, okay. So anyways, you if you want to 827 00:41:52,400 --> 00:41:56,000 check out the most recent tool we've rolled out for token, Li 828 00:41:56,200 --> 00:41:58,600 you can check out swap bot. If you've heard of the vent 829 00:41:58,600 --> 00:42:02,900 project, ve + ND project which is again an automated token 830 00:42:02,900 --> 00:42:04,700 vending machine. It's quite similar to that 831 00:42:04,700 --> 00:42:08,400 except ours also has the ability to Peg to market prices and to 832 00:42:08,400 --> 00:42:11,600 accept multiple tokens at discounts or premiums relative 833 00:42:11,600 --> 00:42:15,400 to those market prices so due to do. 834 00:42:15,400 --> 00:42:19,000 So the thing that I'm bringing Here, is that once you have that 835 00:42:19,000 --> 00:42:20,800 basis, right? Once you have the ability to 836 00:42:20,800 --> 00:42:23,500 have an automated vending machine, then what is a 837 00:42:23,500 --> 00:42:25,100 threshold based crowdfunding campaign? 838 00:42:25,500 --> 00:42:29,400 A threshold based crowdfunding campaign is is logic. 839 00:42:29,400 --> 00:42:33,100 Basically for a vending machine that knows how much it's trying 840 00:42:33,100 --> 00:42:34,800 to raise. In terms of some value. 841 00:42:34,800 --> 00:42:36,300 Number in, whatever type of token. 842 00:42:36,300 --> 00:42:39,700 You want to think about value in, it knows what types of 843 00:42:39,700 --> 00:42:41,300 tokens. It's willing to accept and what 844 00:42:41,300 --> 00:42:44,200 discounts are premiums that it's willing to give for those 845 00:42:44,200 --> 00:42:46,600 because it might like Bitcoin more than it likes LT. 846 00:42:46,700 --> 00:42:50,800 Be coin or something like that. And you need to know the the 847 00:42:50,800 --> 00:42:53,600 date that it should close by. And you need to know the type of 848 00:42:53,600 --> 00:42:55,700 token that people get back, right? 849 00:42:55,700 --> 00:42:59,900 Because again you know like with the Tatiana coin thing, you the 850 00:42:59,900 --> 00:43:01,700 problem with Tatiana coin. Again, it's the same thing with 851 00:43:01,700 --> 00:43:04,500 all TB coin. It's that yeah, sure, you've got 852 00:43:04,500 --> 00:43:07,100 the coin out there but now the coin is the easy part and how do 853 00:43:07,100 --> 00:43:09,000 you do Redemption, how do you do Mass sends? 854 00:43:09,000 --> 00:43:10,500 How do you do anything? So, actually to do the 855 00:43:10,500 --> 00:43:13,800 distribution of Tatiana coin, we use the LTB distributor and it's 856 00:43:13,800 --> 00:43:15,700 been used by a lot of other projects for the same sort of 857 00:43:15,700 --> 00:43:18,400 thing. So, That's where again, I think 858 00:43:18,400 --> 00:43:22,300 we're going is that crowdfunding won't be won't be something that 859 00:43:22,300 --> 00:43:25,900 you go to a website for it'll be something that like if you want 860 00:43:25,900 --> 00:43:27,900 to be listed on a website you might even pay to have your 861 00:43:27,900 --> 00:43:31,500 project listed on the website. But then you've got your project 862 00:43:31,500 --> 00:43:34,100 list on the website and yet you still retain control over it. 863 00:43:34,300 --> 00:43:37,100 So instead all you do is just take a module, right? 864 00:43:37,100 --> 00:43:39,400 Take this chunk of code that has all this logic built into it 865 00:43:39,408 --> 00:43:41,300 that you've customized for all of your needs. 866 00:43:41,300 --> 00:43:43,900 You know, you put in the address, it's going to send the, 867 00:43:44,100 --> 00:43:49,300 it's going to send the Funds to when it's done and then you just 868 00:43:49,300 --> 00:43:51,000 let it go. And it's this little module that 869 00:43:51,000 --> 00:43:53,500 you plug in and people can choose to send money to it and 870 00:43:53,500 --> 00:43:55,900 they get tokens back. If the project successfully 871 00:43:55,900 --> 00:43:58,100 funds and if they don't then they get back their money. 872 00:43:58,600 --> 00:44:00,500 It's automated. So what you're saying is you're 873 00:44:00,500 --> 00:44:02,700 separating the funding from the crowdfunding. 874 00:44:02,700 --> 00:44:05,200 Basically, you're taking ownership of the funding in a 875 00:44:05,200 --> 00:44:06,500 way. Well, what you're doing is 876 00:44:06,500 --> 00:44:09,200 you're separating the funding from everything and that's 877 00:44:09,200 --> 00:44:10,600 that's the important takeaway here. 878 00:44:10,600 --> 00:44:14,500 Is that is that whatever you're doing whether it's crowdfunding 879 00:44:14,800 --> 00:44:19,700 or or anything you can Tate, you can separate the the token part, 880 00:44:19,700 --> 00:44:23,200 you can separate the payment from the engagement part and by 881 00:44:23,200 --> 00:44:25,400 doing that, you can make it so that you don't have to use a 882 00:44:25,400 --> 00:44:27,300 payment processor and because you don't have to use a payment 883 00:44:27,300 --> 00:44:30,900 processor, you don't have to do. Maybe you can do lots more 884 00:44:30,900 --> 00:44:33,100 stuff. You can do lots more stuff and 885 00:44:33,100 --> 00:44:35,900 more than that, you know, once you get past thinking about it 886 00:44:35,900 --> 00:44:39,100 like payments, then it's everything because anything can 887 00:44:39,100 --> 00:44:41,600 be represented as a token. Yeah, absolutely. 888 00:44:41,600 --> 00:44:44,600 I think really Lighthouse for me, like using it the first 889 00:44:44,600 --> 00:44:47,000 time. You know, sometimes, As you try 890 00:44:47,000 --> 00:44:50,600 to explain Bitcoin to people and like, why is this so special? 891 00:44:50,600 --> 00:44:54,000 And I think light causes like a great example where you could 892 00:44:54,000 --> 00:44:56,600 like show it to people and I think most people would 893 00:44:56,600 --> 00:44:58,500 understand what this is really novel. 894 00:44:58,500 --> 00:45:01,300 Like this is something that just cannot do otherwise. 895 00:45:02,000 --> 00:45:05,500 So I agree with me, it was also kind of a great experience 896 00:45:05,500 --> 00:45:08,900 coming back because I'd gone gotten so used to bitcoin and 897 00:45:08,900 --> 00:45:11,300 using Bitcoin, daddy become almost normal. 898 00:45:11,300 --> 00:45:14,800 And you think that God this is like, you know, it's like it's 899 00:45:14,800 --> 00:45:17,800 maybe not super now. Exciting anymore. 900 00:45:17,800 --> 00:45:20,400 You know, I it's been a while, but I think that's the sort of 901 00:45:20,400 --> 00:45:23,700 for me like using it the first time kind of rekindled that 902 00:45:25,200 --> 00:45:28,900 excitement. Now, I also wanted to, we also 903 00:45:28,900 --> 00:45:31,700 wanted to touch on another topic that I think you've been 904 00:45:31,700 --> 00:45:35,700 thinking about a lot, which is the content monetization and 905 00:45:35,700 --> 00:45:41,000 especially tipping. So I heard a lot of people say 906 00:45:41,200 --> 00:45:45,000 and I'm not sure if you were one of them that you know tipping 907 00:45:45,700 --> 00:45:47,800 was going to be the future. Sure and your Bitcoin makes it 908 00:45:47,800 --> 00:45:50,600 easy. And it makes that sort of to 909 00:45:50,600 --> 00:45:54,100 reality that may be the future. People couldn't produce content 910 00:45:54,500 --> 00:45:57,100 and pure live on donations. I mean, okay. 911 00:45:57,100 --> 00:46:00,000 Maybe some people are doing it today but that this would become 912 00:46:00,000 --> 00:46:03,300 a commonplace. I personally have always been 913 00:46:03,300 --> 00:46:06,600 very skeptical of that. But what has your experience 914 00:46:06,600 --> 00:46:10,700 been now with, let's talk Bitcoin and tipping, we really D 915 00:46:10,700 --> 00:46:12,600 emphasize tipping. We do. 916 00:46:12,600 --> 00:46:14,800 I'm sorry, I don't mean like we actively D emphasize that. 917 00:46:14,800 --> 00:46:17,300 I mean, the, when we switch to this new place, Form it became 918 00:46:17,300 --> 00:46:21,500 less of a priority for us so you know I mean is that we do it but 919 00:46:21,500 --> 00:46:25,200 it's really dependent on it's really dependent on the value of 920 00:46:25,200 --> 00:46:27,800 Bitcoin relatively speaking people give more when the value 921 00:46:27,800 --> 00:46:31,500 is lower compared to what it's higher and in the numbers can 922 00:46:31,500 --> 00:46:33,800 change you know but that's just true of Bitcoin in general. 923 00:46:34,300 --> 00:46:38,400 People are tied to the price and it makes it really difficult to 924 00:46:38,400 --> 00:46:40,700 do anything because it's not so much about what you're doing 925 00:46:40,700 --> 00:46:44,100 then so much as it is about how excited they are and therefore 926 00:46:44,100 --> 00:46:46,500 interested in your content. So like when the prices down, 927 00:46:46,600 --> 00:46:49,500 And you know, like we have you know, bad weeks relatively 928 00:46:49,500 --> 00:46:52,800 speaking in terms of listeners or in terms of overall site 929 00:46:52,800 --> 00:46:55,200 users and when the prices up than we have really, really good 930 00:46:55,200 --> 00:46:57,400 weeks. And it's, it's just sort of this 931 00:46:57,400 --> 00:47:00,700 funny thing. And so reality in the space, you 932 00:47:00,700 --> 00:47:06,300 asked about monetization also, monetization is a struggle, 933 00:47:07,300 --> 00:47:09,300 that's largely again. What we're trying to do, we're 934 00:47:09,300 --> 00:47:12,500 trying to give people the ability to create different 935 00:47:12,500 --> 00:47:15,400 monetization schemes. And it's again, it's not just 936 00:47:15,400 --> 00:47:16,500 about LT Beacon, I don't want to. 937 00:47:16,700 --> 00:47:20,000 That impression LT be coin is kind of like the, you can think 938 00:47:20,000 --> 00:47:22,800 about it, like, everything, the trades against Bitcoin, like, 939 00:47:22,900 --> 00:47:24,700 you know, everything you can buy with Bitcoin. 940 00:47:25,000 --> 00:47:27,900 Like that's what LTB coin is anything within our ecosystem? 941 00:47:27,900 --> 00:47:31,000 You can buy it with LTB coin, but it might not be the best 942 00:47:31,000 --> 00:47:33,100 price, you know, you might it, somebody might want dollars more 943 00:47:33,100 --> 00:47:35,400 than they want something else or whatever, and that sort of left 944 00:47:35,400 --> 00:47:38,400 up to the individual users. So in the future, what we're 945 00:47:38,400 --> 00:47:41,800 doing is we're continuing this this concept of ownership, we're 946 00:47:42,300 --> 00:47:45,200 going to be, you know, right now we're finally automating our 947 00:47:45,200 --> 00:47:48,000 advertising system. Our display advertising system 948 00:47:48,800 --> 00:47:52,500 and in the future we'll be offering individual spaces on 949 00:47:52,500 --> 00:47:54,900 individual articles. So basically like so when you 950 00:47:54,900 --> 00:47:57,500 post okay so you have to think about it like layers. 951 00:47:57,800 --> 00:48:02,900 So you wanted to I think explain how the monetization was going 952 00:48:02,900 --> 00:48:05,200 to work with the token list system. 953 00:48:05,200 --> 00:48:07,300 So right now on let's talk Bitcoin we only have 954 00:48:07,300 --> 00:48:09,500 advertisements on the front page, that's the only place 955 00:48:09,500 --> 00:48:11,800 you'll find any sort of display advertisements whatsoever. 956 00:48:11,900 --> 00:48:14,200 And it's not again intentional it's just that we didn't really 957 00:48:14,200 --> 00:48:15,800 know what we wanted to do. And it didn't really matter 958 00:48:15,800 --> 00:48:18,700 because we didn't really About monetizing in the future. 959 00:48:18,700 --> 00:48:22,300 What's going to happen is if you write an article or create a 960 00:48:22,308 --> 00:48:26,700 podcast, you will have essentially advertising space 961 00:48:27,000 --> 00:48:29,700 that you can sell or they can be redeemed for other things or 962 00:48:29,700 --> 00:48:32,600 where you can represent something that you want to sell 963 00:48:33,200 --> 00:48:35,600 in that space, or you can sell the space to somebody else. 964 00:48:37,200 --> 00:48:40,500 You'll then post that on a Blog and the blog itself will also 965 00:48:40,500 --> 00:48:43,700 have at least one ad space that they own. 966 00:48:43,700 --> 00:48:47,000 And so when they post your piece of content, you'll I have one 967 00:48:47,000 --> 00:48:49,400 thing that you own and can sell and do whatever you want with. 968 00:48:49,500 --> 00:48:51,700 They'll have one thing that they own and can do what they want 969 00:48:51,700 --> 00:48:53,600 with. And this also is true about the 970 00:48:53,600 --> 00:48:55,800 front page, then the front page. And so everybody essentially 971 00:48:55,800 --> 00:48:59,700 takes ownership of their particular part of the different 972 00:48:59,700 --> 00:49:03,200 of the advertisements monetize. It is monetizes it as they see 973 00:49:03,200 --> 00:49:05,300 fit. So you certainly could, you 974 00:49:05,308 --> 00:49:08,400 know, like you could in your post have a vending machine 975 00:49:08,400 --> 00:49:11,000 embedded, that sells tokens, that can be redeemed for ad 976 00:49:11,000 --> 00:49:13,300 space, in that ad that's right below or right at the top of the 977 00:49:13,300 --> 00:49:17,900 post, you could you Have a subscription program. 978 00:49:18,400 --> 00:49:20,200 We're at the bottom of your posts. 979 00:49:20,200 --> 00:49:22,600 You have a little you know, like here's what we were thinking. 980 00:49:22,600 --> 00:49:24,600 We were writing this that you don't want to show to everybody 981 00:49:24,600 --> 00:49:27,300 but people who are kind of in your fan club that can actually 982 00:49:27,300 --> 00:49:29,900 happen on the same page. And again these are things that 983 00:49:29,900 --> 00:49:32,400 aren't in yet but they're things that are that exist in Prototype 984 00:49:32,400 --> 00:49:33,800 form. So what I just described is a 985 00:49:33,808 --> 00:49:36,900 concept, we call token controlled access which is the 986 00:49:36,900 --> 00:49:42,300 idea that which is the idea that since people can in their 987 00:49:42,300 --> 00:49:45,300 wallets and their counterparty wallets have many, many, many 988 00:49:45,300 --> 00:49:46,900 types of tokens. Not just Bitcoin. 989 00:49:46,900 --> 00:49:49,400 That's why that's why tokens are so important is because you can 990 00:49:49,400 --> 00:49:52,500 have a single address a single Bitcoin address and it can have 991 00:49:52,500 --> 00:49:54,200 a thousand different types of tokens. 992 00:49:54,200 --> 00:49:57,200 Each one in different amounts and we all we have to do is a 993 00:49:57,207 --> 00:50:00,700 service is look at that address. We have you verify that you 994 00:50:00,700 --> 00:50:03,300 control that address and then once you do, we can basically 995 00:50:03,300 --> 00:50:04,900 just treat it. Like any thing that is in that 996 00:50:04,900 --> 00:50:07,900 address you own. And So within our system, then 997 00:50:07,900 --> 00:50:11,300 we say, okay, well, this token, this token that says, you know, 998 00:50:11,500 --> 00:50:14,100 early on it. This is a Founder token. 999 00:50:14,300 --> 00:50:17,100 And so when you have this in your wallet, You're on our 1000 00:50:17,100 --> 00:50:19,500 website then you can see the founder Forum. 1001 00:50:19,500 --> 00:50:21,600 That's only accessible to people who are founders. 1002 00:50:22,000 --> 00:50:24,400 And so that's that's like a we call it with the concept token 1003 00:50:24,400 --> 00:50:27,700 societies. The idea is that you look at the 1004 00:50:27,700 --> 00:50:32,100 same webpage as everybody else, but based on the content of your 1005 00:50:32,100 --> 00:50:35,300 inventory or Pockets, we're kind of going back and forth between 1006 00:50:35,300 --> 00:50:39,500 the different motifs. We want to use based on that. 1007 00:50:39,500 --> 00:50:42,700 You will see something different and the concept extends Beyond 1008 00:50:42,700 --> 00:50:44,800 this sort of basic. Oh, well, what you see on the 1009 00:50:44,800 --> 00:50:46,400 page, even again, we have these Vending. 1010 00:50:46,500 --> 00:50:48,400 Machines, right? So you can take that same type 1011 00:50:48,400 --> 00:50:51,100 of token, controlled-access concept, and pivot it a little 1012 00:50:51,100 --> 00:50:54,400 bit and turn it into roll coins and a roll coin, is something 1013 00:50:54,400 --> 00:50:56,600 that doesn't it, you don't see anything differently but when 1014 00:50:56,600 --> 00:50:59,500 you visit it, you know, the the vending machine or whatever. 1015 00:50:59,800 --> 00:51:03,900 Then it sees oh this person is a someone who should get a 10% 1016 00:51:03,900 --> 00:51:05,900 discount. So you visit the same store as 1017 00:51:05,900 --> 00:51:09,100 anybody else but because you have this token that they don't 1018 00:51:09,100 --> 00:51:10,800 have the system, treats, you differently. 1019 00:51:11,300 --> 00:51:13,600 So this idea of token controlled access. 1020 00:51:14,300 --> 00:51:19,100 It's not really So much attributed to tipping where like 1021 00:51:19,100 --> 00:51:22,700 you could use a busker, sort of as an analogy, but it's more of 1022 00:51:22,700 --> 00:51:24,800 a pay wall. We've moved Beyond tipping 1023 00:51:25,300 --> 00:51:27,400 tipping, implies that you're not giving value back tipping. 1024 00:51:27,400 --> 00:51:29,400 Implies that there's something that I mean, like tipping. 1025 00:51:29,400 --> 00:51:31,600 Again, it's not to say that we won't accept tips. 1026 00:51:31,600 --> 00:51:34,400 It's just to say that the type of people who will give tips are 1027 00:51:34,400 --> 00:51:37,700 specific and not everybody by any way, shape, or form. 1028 00:51:37,700 --> 00:51:39,700 So the token controlled-access just to come back to that. 1029 00:51:39,700 --> 00:51:42,300 If it's, it allows you to implement a pay wall 1030 00:51:42,300 --> 00:51:45,000 essentially, on your, yeah, it's more like an intelligent 1031 00:51:45,000 --> 00:51:48,400 membership site. And like really versatile, 1032 00:51:48,400 --> 00:51:49,600 right? Right now. 1033 00:51:50,300 --> 00:51:53,300 The only way really, really have to implement this intelligently. 1034 00:51:53,300 --> 00:51:55,600 I think is, it's true browser plug-ins? 1035 00:51:57,800 --> 00:52:00,600 Do you think that in the future? We might see some open 1036 00:52:00,600 --> 00:52:02,800 protocols, like, be integrated. I don't know. 1037 00:52:02,800 --> 00:52:09,900 In in like the HTML, APR, something where browsers much 1038 00:52:09,900 --> 00:52:12,800 like you see now, like when you use a browser and ask you for 1039 00:52:12,800 --> 00:52:17,300 your location access or it asks you to To have access to your 1040 00:52:17,300 --> 00:52:19,800 webcam. A browser would query you and 1041 00:52:19,800 --> 00:52:23,200 say, okay, this content says that you have to pay for it with 1042 00:52:23,200 --> 00:52:25,300 with a currency. This is the address is what you 1043 00:52:25,300 --> 00:52:28,200 need to send. Do you think that it's a 1044 00:52:28,207 --> 00:52:29,500 possibility in this, in the future? 1045 00:52:29,500 --> 00:52:32,200 We might see any more integrated access and more standardized 1046 00:52:32,200 --> 00:52:35,200 access to this type of payment under gration. 1047 00:52:35,200 --> 00:52:37,500 Yeah, absolutely. And again we don't really think 1048 00:52:37,500 --> 00:52:39,300 about it. Like it's a pay wall because 1049 00:52:39,300 --> 00:52:42,700 it's more because the mm. Okay, so a pay wall, you're 1050 00:52:42,700 --> 00:52:44,300 paying for access to something, right? 1051 00:52:44,300 --> 00:52:46,100 And once you've got access to it, then it's over. 1052 00:52:46,400 --> 00:52:48,300 But with this again their tokens. 1053 00:52:48,400 --> 00:52:53,000 So if you wanted one and it was valuable to you, then you 1054 00:52:53,000 --> 00:52:55,000 actually own something valuable, right? 1055 00:52:55,000 --> 00:52:57,000 Because if somebody else wants it and they don't have it, then 1056 00:52:57,000 --> 00:52:59,500 that's valuable. So that's that's the difference 1057 00:52:59,500 --> 00:53:02,200 again, it's this concept of ownership, it's more like you 1058 00:53:02,200 --> 00:53:04,100 get keys. And if you want to sell your key 1059 00:53:04,100 --> 00:53:06,100 to somebody else, you can sell your key to somebody else and 1060 00:53:06,100 --> 00:53:08,300 then you don't have it anymore and, and it's a thing. 1061 00:53:08,300 --> 00:53:11,400 But yeah, it's, it's very, very, very generic. 1062 00:53:11,700 --> 00:53:14,100 And you mentioned a browser plug-in. 1063 00:53:14,300 --> 00:53:16,200 This actually happens just through right now. 1064 00:53:16,300 --> 00:53:19,600 Now let's talk Bitcoin accounts. We're working on another branch 1065 00:53:19,600 --> 00:53:22,000 called a token Lee accounts. It's actually on, it's in our 1066 00:53:22,008 --> 00:53:25,700 GitHub. I believe it's called X off, and 1067 00:53:25,700 --> 00:53:29,300 that is a generic service. And it is literally, it's like 1068 00:53:29,300 --> 00:53:32,900 oauth, actually quite similar. You like, there's no Community 1069 00:53:32,900 --> 00:53:34,400 there. There's no real features there. 1070 00:53:34,400 --> 00:53:38,300 All you do is create an account and then associate your wallet, 1071 00:53:38,300 --> 00:53:40,100 so that it can become your inventory. 1072 00:53:40,400 --> 00:53:44,500 And then you'll use that to log in essentially at other 1073 00:53:44,500 --> 00:53:49,100 services, that choose to opt. In to get that cool. 1074 00:53:49,200 --> 00:53:50,600 Yeah. I mean, I remember the first 1075 00:53:50,600 --> 00:53:54,500 time I heard you talk about this on the list of pecan podcast. 1076 00:53:55,200 --> 00:53:59,700 You know, I really do. Think this is a huge potential 1077 00:54:00,000 --> 00:54:03,800 and could become in the future. How you've managed a lot of 1078 00:54:03,800 --> 00:54:06,800 interaction monetization and all that. 1079 00:54:07,000 --> 00:54:09,500 Of course, the it is a is a very big hurdle. 1080 00:54:09,500 --> 00:54:11,400 No. Because then you first need to 1081 00:54:11,400 --> 00:54:15,300 get people to to have a counterparty wallet and have 1082 00:54:15,800 --> 00:54:17,100 somehow. Even these tokens. 1083 00:54:17,100 --> 00:54:21,800 So it's very difficult to get. Started the having the 1084 00:54:21,800 --> 00:54:23,400 counterparty wallets, the hard part. 1085 00:54:23,400 --> 00:54:25,500 Once they have that, that everything is easy. 1086 00:54:25,500 --> 00:54:27,800 Everything is automated. All they have to do is show up, 1087 00:54:27,800 --> 00:54:30,400 but it's that it's that setting up the initial counterwallet and 1088 00:54:30,400 --> 00:54:32,900 then using counterwallet to, I mean, counterwallet, you know, 1089 00:54:32,900 --> 00:54:34,800 again likes, not the most user-friendly. 1090 00:54:35,100 --> 00:54:36,800 Yeah. It's it will, it's it, is it's 1091 00:54:36,800 --> 00:54:38,900 pretty user friendly, it's just slow, you know? 1092 00:54:38,900 --> 00:54:41,200 I mean, it just takes forever to do anything and sometimes it 1093 00:54:41,200 --> 00:54:43,300 fails and it's just, it's just new technology. 1094 00:54:43,600 --> 00:54:45,500 So yeah. I mean, you know, it's the best 1095 00:54:45,500 --> 00:54:48,200 that was out. At the time, but if we pick an 1096 00:54:48,200 --> 00:54:49,600 ear I don't know if that's gonna be the case. 1097 00:54:49,600 --> 00:54:52,800 So I'm very like my perspective is that it doesn't matter to me. 1098 00:54:52,800 --> 00:54:56,100 We are, we're like, they're all down here and they're competing 1099 00:54:56,100 --> 00:54:58,200 and we're just like up here and every time, you know, we just 1100 00:54:58,200 --> 00:55:01,800 connect down to them so we tied together tokens eventually. 1101 00:55:01,800 --> 00:55:03,700 You'll be able to take tokens created on the you know 1102 00:55:03,700 --> 00:55:06,600 bitshares system and they will be able to trade against an 1103 00:55:06,600 --> 00:55:10,000 interact with tokens on the you know on let's talk Bitcoin or 1104 00:55:10,000 --> 00:55:13,300 counterparty or all that stuff. So as a higher platform higher 1105 00:55:13,300 --> 00:55:15,900 level platform we actually have the ability to connect tokens in 1106 00:55:15,900 --> 00:55:17,500 a way. Way that, you know, they can't 1107 00:55:17,500 --> 00:55:22,200 Naturally by themselves. So before we are wrapping up, we 1108 00:55:22,200 --> 00:55:26,800 would like to talk a, take a bit of a step back, step back from, 1109 00:55:26,800 --> 00:55:31,700 let's talk Bitcoin and think, talk about Bitcoin in general, 1110 00:55:31,700 --> 00:55:36,000 and sort of, you know, where we're at in this technological 1111 00:55:36,000 --> 00:55:41,000 and economical and maybe social Evolution. 1112 00:55:41,100 --> 00:55:45,300 So, you know, as we all know, 2014 has been accompanied with 1113 00:55:45,300 --> 00:55:46,800 this massive price. Fine. 1114 00:55:47,800 --> 00:55:52,500 You know, whether this is sign something to worry about or not 1115 00:55:52,600 --> 00:55:54,600 I guess opinions differ on that one. 1116 00:55:55,400 --> 00:56:00,600 I do think we are seeing is relatively slow adoption. 1117 00:56:01,000 --> 00:56:06,300 Certainly slower than probably almost all of us anticipated a 1118 00:56:06,308 --> 00:56:10,100 year ago. So what's your take on? 1119 00:56:10,300 --> 00:56:13,300 Kind of where we are at and how things are going? 1120 00:56:14,600 --> 00:56:16,200 I think the word very healthy place. 1121 00:56:16,300 --> 00:56:19,600 So I think that we're, you know, going at the pace that things 1122 00:56:19,600 --> 00:56:24,200 need to go, you know, moving from being purely a commentator 1123 00:56:24,200 --> 00:56:28,100 to actually, you know, participating in the creation of 1124 00:56:28,100 --> 00:56:30,900 some, of these tools has really given me a greater appreciation 1125 00:56:30,900 --> 00:56:33,000 simply for the amount of complexity and the amount of 1126 00:56:33,000 --> 00:56:35,000 time required in order to build stuff that's new. 1127 00:56:35,300 --> 00:56:37,000 And when you're building something that nobody's built 1128 00:56:37,000 --> 00:56:39,300 before, it's really, really, really hard because you don't 1129 00:56:39,300 --> 00:56:41,500 know what to do. You just know that I have this 1130 00:56:41,500 --> 00:56:43,400 problem? Here's what my best guess. 1131 00:56:43,400 --> 00:56:44,800 Is that the solution and then you try? 1132 00:56:45,000 --> 00:56:47,600 That's really the thing that On his try to be as iterative as 1133 00:56:47,600 --> 00:56:52,600 possible, you know, and we and it's bad sometimes. 1134 00:56:52,600 --> 00:56:55,400 You know, I changed my mind about things and we you know, we 1135 00:56:55,400 --> 00:56:59,500 pivot because of that and it's a challenging environment to be 1136 00:56:59,500 --> 00:57:04,800 in, you know, the Bitcoin as a whole. 1137 00:57:04,800 --> 00:57:07,100 Like I said, I think that this is incredibly healthy and I 1138 00:57:07,107 --> 00:57:09,900 think it's healthy because the cycle is one that I've now seen 1139 00:57:09,900 --> 00:57:13,500 a number of times, the price goes up, people start doing 1140 00:57:13,500 --> 00:57:16,400 projects because they see the prices up in there, like Oh, 1141 00:57:16,400 --> 00:57:18,900 this is a great opportunity. Then the price comes down 1142 00:57:18,900 --> 00:57:21,100 because it takes a long time and there was a lot of hype about 1143 00:57:21,100 --> 00:57:23,700 the Project's initially. And then a lot of them fail 1144 00:57:23,700 --> 00:57:26,100 because they weren't very good ideas anyways or because things 1145 00:57:26,100 --> 00:57:28,800 petered out, once the price went down and then the ones that 1146 00:57:28,800 --> 00:57:31,000 survived come out. And I think that we saw that 1147 00:57:31,000 --> 00:57:34,900 very recently with like the The coinbase Exchange, you know. 1148 00:57:34,900 --> 00:57:36,900 I mean like that's certainly a project that's been in the works 1149 00:57:36,900 --> 00:57:40,700 for quite some time and it's one that will drive legitimacy quote 1150 00:57:40,700 --> 00:57:43,300 unquote and drive adoption quote unquote because it lowers the 1151 00:57:43,308 --> 00:57:46,200 barrier to be able to do this stuff for people who have the 1152 00:57:46,300 --> 00:57:50,300 Barrier. So that's that's where we are. 1153 00:57:50,300 --> 00:57:53,600 I think that we will we're about to as the price continues to go 1154 00:57:53,600 --> 00:57:56,300 down, you know, we will see over the next six months, a bunch of 1155 00:57:56,300 --> 00:57:59,100 really exciting projects come out that were started during the 1156 00:57:59,100 --> 00:58:03,900 bubble and that have been can you know, continued during this 1157 00:58:04,400 --> 00:58:07,200 drive down in price, much to the Chagrin of everybody who started 1158 00:58:07,200 --> 00:58:10,400 working on it but eventually it comes out and eventually it 1159 00:58:10,400 --> 00:58:12,500 makes a difference. So I feel like that that's 1160 00:58:12,500 --> 00:58:14,200 happening everywhere. Cool. 1161 00:58:14,200 --> 00:58:17,600 So one thing I've been wondering About thinking about a bit and I 1162 00:58:17,607 --> 00:58:23,400 don't know what your perspective on that is, is that maybe if you 1163 00:58:23,400 --> 00:58:26,300 take the larger picture, then this is all good. 1164 00:58:26,300 --> 00:58:30,300 Because obviously in terms of user user experience services, 1165 00:58:30,300 --> 00:58:35,100 like Bitcoins, not ready for the mainstream, but at the same 1166 00:58:35,100 --> 00:58:39,700 time, it seems that a lot of people expect it didn't expect 1167 00:58:39,700 --> 00:58:43,500 this, right? So regarding the Project's 1168 00:58:43,500 --> 00:58:48,600 failing, it Seems to me that this here. 1169 00:58:48,600 --> 00:58:51,500 A lot of project will have to fail, right? 1170 00:58:51,500 --> 00:58:53,600 I did. Because they were holding things 1171 00:58:53,600 --> 00:59:00,400 in Bitcoin and like, lost a ton of money or because they sort of 1172 00:59:01,500 --> 00:59:04,500 built in their models and their expectations that they would 1173 00:59:04,500 --> 00:59:08,000 actually be more user growth, and they would be off to some 1174 00:59:08,000 --> 00:59:10,900 start where, maybe it's still very much in the building phase 1175 00:59:11,300 --> 00:59:14,300 and the third part. And maybe you haven't seen that 1176 00:59:14,300 --> 00:59:16,700 so much. But I think if the Price 1177 00:59:17,300 --> 00:59:21,900 continues to be that low. Maybe it will also come, is that 1178 00:59:21,900 --> 00:59:24,700 maybe it will become more difficult to raise investment 1179 00:59:24,700 --> 00:59:26,600 money. And it may be to some extent. 1180 00:59:26,600 --> 00:59:29,600 We're seeing that already. Did you see those same things 1181 00:59:29,600 --> 00:59:32,200 happening like that? We have, you know, first of all, 1182 00:59:32,200 --> 00:59:36,000 startups, losing money, because they're holding Bitcoins that 1183 00:59:36,000 --> 00:59:38,500 you know, may be increasingly difficult fundraising 1184 00:59:38,500 --> 00:59:42,800 environment and also just that the growth isn't maybe as high 1185 00:59:42,800 --> 00:59:46,100 as it was expected. So that as a consequence we will 1186 00:59:46,300 --> 00:59:48,800 See a ton of projects and startups. 1187 00:59:48,800 --> 00:59:52,200 Fail this year. Yeah, projects sometimes should 1188 00:59:52,200 --> 00:59:54,200 fail. And that's a healthy thing. 1189 00:59:54,300 --> 00:59:56,100 Those people should go and work on other things. 1190 00:59:56,100 --> 00:59:57,500 That money should be used for other stuff. 1191 00:59:57,500 --> 00:59:59,400 I don't think that the price necessarily is going to 1192 00:59:59,400 --> 01:00:01,200 correlate with the ability to find funding. 1193 01:00:01,200 --> 01:00:05,400 I think that the price correlates with the requirement 1194 01:00:05,400 --> 01:00:08,400 to find funding. I think that, when the Bitcoin 1195 01:00:08,400 --> 01:00:11,700 price is high companies that are full-on believers in Bitcoin, 1196 01:00:11,700 --> 01:00:14,100 don't need any funding. And when the price is low, 1197 01:00:14,300 --> 01:00:17,200 that's the opportunity for four You know, people to essentially 1198 01:00:17,200 --> 01:00:19,200 buy into them. So yeah, I think that there will 1199 01:00:19,200 --> 01:00:21,600 be, you know, it's an opportunity is the way that I 1200 01:00:21,607 --> 01:00:23,000 kind of look at. And I think a lot of people are 1201 01:00:23,000 --> 01:00:25,500 going to be looking at is that with valuations like this, you 1202 01:00:25,500 --> 01:00:27,800 can buy Bitcoin a lot cheaper, but ultimately, it doesn't 1203 01:00:27,800 --> 01:00:30,400 matter because nobody prices in Bitcoin if you're creating a 1204 01:00:30,400 --> 01:00:32,400 start-up right now, your denominating your cost in 1205 01:00:32,400 --> 01:00:34,600 dollars and it doesn't matter what the price of Bitcoin is 1206 01:00:34,600 --> 01:00:37,000 until the at that actual moment. And then it only matters if 1207 01:00:37,000 --> 01:00:39,400 you're choosing to keep them instead of immediately selling 1208 01:00:39,400 --> 01:00:43,400 them with a service like bitpay. So, you know, I mean, it's not, 1209 01:00:43,400 --> 01:00:46,100 it's a healthy environment, it's a healthy environment. 1210 01:00:46,300 --> 01:00:48,500 Be better if the price was higher because we wouldn't need 1211 01:00:48,500 --> 01:00:50,900 so much Venture Capital, but I think that it will be even more 1212 01:00:50,900 --> 01:00:52,500 available now than it was last year. 1213 01:00:53,000 --> 01:00:56,200 So we're just about to wrap up. So you mentioned that your role 1214 01:00:56,200 --> 01:00:59,700 has evolved from a commentator in the space to an actor and 1215 01:00:59,700 --> 01:01:03,900 actually being involved in in many projects something perhaps 1216 01:01:03,900 --> 01:01:08,800 it's bright and I have not been so much doing and I do often 1217 01:01:08,900 --> 01:01:13,900 talked about how we may change our view of the ecosystem. 1218 01:01:14,400 --> 01:01:18,600 But so we were curious. Where you think your role will 1219 01:01:18,600 --> 01:01:21,100 be evolving? Where you think, how do you 1220 01:01:21,100 --> 01:01:23,400 think it would be evolving in the next year with regards to 1221 01:01:23,400 --> 01:01:24,700 LTB? And we're going to the other 1222 01:01:24,700 --> 01:01:26,500 projects that you're that you're working on. 1223 01:01:26,500 --> 01:01:28,100 I mean I know that a lot of the projects that you've been 1224 01:01:28,100 --> 01:01:34,200 working on sort of put on the side for lack of time and the 1225 01:01:34,200 --> 01:01:36,700 fizzled. So how do you see that evolving 1226 01:01:36,700 --> 01:01:40,500 over the next year? Yeah, that's the, that's the 1227 01:01:40,700 --> 01:01:43,200 that was the lesson for me for last year is that I took on too 1228 01:01:43,200 --> 01:01:46,100 many projects and so I backed way way off. 1229 01:01:46,200 --> 01:01:49,200 It's the end of the year and basically told everybody that if 1230 01:01:49,200 --> 01:01:51,300 they wanted to keep me around, you know, having regular time 1231 01:01:51,300 --> 01:01:53,500 they had to pay me. So that was a good way to clear 1232 01:01:53,500 --> 01:01:57,300 the decks and now I'm just focused on projects that I 1233 01:01:57,300 --> 01:01:59,300 really care about. That's that's, I think a lesson 1234 01:01:59,300 --> 01:02:02,400 that anybody who hasn't yet learned, I would really 1235 01:02:02,400 --> 01:02:05,100 encourage you to think strongly about is only spend time on 1236 01:02:05,100 --> 01:02:06,800 things that you really, really care about. 1237 01:02:06,800 --> 01:02:08,700 And if you don't care about something enough to, you know, 1238 01:02:09,000 --> 01:02:11,700 to really really care about it, then maybe it's not the best 1239 01:02:11,700 --> 01:02:12,900 project for you to be working on. 1240 01:02:13,100 --> 01:02:15,200 Maybe that's just me though. Like I said, I'm kind of crazy. 1241 01:02:16,200 --> 01:02:18,700 I think that my role of let's talk Bitcoin, I don't know how 1242 01:02:18,700 --> 01:02:21,300 long we're going to do the show, you know I might be doing it for 1243 01:02:21,300 --> 01:02:23,400 another you know five years might be doing it for another 1244 01:02:23,400 --> 01:02:25,800 two years might be doing it for another year, kind of depends on 1245 01:02:25,800 --> 01:02:29,800 how long it's required and even if I stop doing, it doesn't 1246 01:02:29,800 --> 01:02:31,800 necessarily mean that it will go away. 1247 01:02:32,100 --> 01:02:35,300 And indeed, it's my intention for all of these things to 1248 01:02:35,300 --> 01:02:37,900 continue long after I've ceased working on them. 1249 01:02:37,900 --> 01:02:41,300 My history is one of working on projects for three to five years 1250 01:02:41,700 --> 01:02:44,000 and then getting bored and wandering off because all of the 1251 01:02:44,000 --> 01:02:45,400 kind of basic stuff has happened. 1252 01:02:45,400 --> 01:02:48,100 So I think That in the future. My role is going to be morphing. 1253 01:02:48,100 --> 01:02:51,500 In the next year, my role will be morphing from editor-in-chief 1254 01:02:51,500 --> 01:02:53,700 of let's talk Bitcoin, probably to let somebody who's really 1255 01:02:53,700 --> 01:02:56,000 going to do, the job do that. And instead I'll move to curator 1256 01:02:56,000 --> 01:02:59,200 and chief because as I mentioned in addition to the new 1257 01:02:59,200 --> 01:03:01,700 collaborative editorial system or building, we're also building 1258 01:03:02,900 --> 01:03:06,800 curation system that lets you sort out and pull from you, no 1259 01:03:06,800 --> 01:03:09,300 further down the stack of content creation and then 1260 01:03:09,300 --> 01:03:12,300 highlight stuff that's good and also builds in you know social 1261 01:03:12,300 --> 01:03:15,200 metrics and things like that. So that's a slightly further out 1262 01:03:15,400 --> 01:03:17,400 version of what we're Doing. But that is where I think I'm 1263 01:03:17,400 --> 01:03:20,500 going to wind up being because I like to I like to lead from the 1264 01:03:20,500 --> 01:03:23,300 perspective of laying out the philosophy saying these are the 1265 01:03:23,300 --> 01:03:25,000 things that we value. These are the things that we do 1266 01:03:25,000 --> 01:03:27,400 if you want to associate with us associate with us, use this all 1267 01:03:27,400 --> 01:03:29,400 you want. If you don't then there are lots 1268 01:03:29,400 --> 01:03:32,000 of other people out there too. And that's a philosophy that 1269 01:03:32,000 --> 01:03:34,500 we're carrying over with token lie because I've been talking 1270 01:03:34,500 --> 01:03:36,500 about token lie as if it's, let's talk Bitcoin. 1271 01:03:36,500 --> 01:03:39,700 But the reality is that it's an open-source platform that has 1272 01:03:39,700 --> 01:03:42,200 all of these tools and capabilities built into it that 1273 01:03:42,200 --> 01:03:44,300 anybody can install and use themselves for free. 1274 01:03:44,400 --> 01:03:46,600 And really, what we're going to be doing with What? 1275 01:03:46,600 --> 01:03:49,700 I think that our future with token Lee is is to create a very 1276 01:03:49,700 --> 01:03:54,100 wordpress.com style model where if you just you know want to 1277 01:03:54,100 --> 01:03:56,800 roll your own and use all our tools then by all means go for 1278 01:03:56,800 --> 01:03:58,800 it. There will probably be some type 1279 01:03:58,800 --> 01:04:01,800 of App Store available for different modules because again 1280 01:04:01,800 --> 01:04:04,100 the whole idea here is to enable people to conduct commerce 1281 01:04:04,100 --> 01:04:07,200 between themselves and each other as they see fit and as is 1282 01:04:07,200 --> 01:04:10,600 in their own best interest and and then just be play. 1283 01:04:10,600 --> 01:04:14,300 So, in terms of the question, you will be focusing on it. 1284 01:04:14,800 --> 01:04:18,500 It is sort of that question. One of content monetization and 1285 01:04:18,500 --> 01:04:23,500 things you think will be preoccupying you through the 1286 01:04:23,500 --> 01:04:25,000 totally. Yeah. 1287 01:04:25,200 --> 01:04:27,600 That's that's my Edge. That's, that's the itch that I 1288 01:04:27,600 --> 01:04:30,000 am scratching for myself, personally, but the solution 1289 01:04:30,000 --> 01:04:34,300 that we are creating is regardless of content creation 1290 01:04:34,300 --> 01:04:35,600 content. Creation is a portion of 1291 01:04:35,600 --> 01:04:39,200 community, but again, it's the reinvention of community in the 1292 01:04:39,200 --> 01:04:42,300 same way that we used to have town halls and now we don't. 1293 01:04:42,500 --> 01:04:44,800 Now we have Internet websites, where you can do some of the 1294 01:04:44,800 --> 01:04:46,000 stuff that you can at a town hall. 1295 01:04:46,100 --> 01:04:48,900 But you can't do everything and you can't do it in a way. 1296 01:04:48,900 --> 01:04:50,900 That's trusted often because we don't really know. 1297 01:04:50,900 --> 01:04:53,400 Identity is a big question on the internet and token solve 1298 01:04:53,400 --> 01:04:55,800 that problem for. Now I think that's a, that's a 1299 01:04:55,800 --> 01:04:58,500 great way of thinking about it. I said of are being invented 1300 01:04:58,500 --> 01:05:01,200 community and it's interesting how also how that there's a 1301 01:05:01,207 --> 01:05:05,600 economic interaction, and those incentive things then, you know, 1302 01:05:05,600 --> 01:05:09,500 become a core part of it. I like to say that, let's talk 1303 01:05:09,500 --> 01:05:12,500 Bitcoin. Is that what we're doing is 1304 01:05:12,500 --> 01:05:14,600 we're not growing the world's tallest tree. 1305 01:05:14,600 --> 01:05:16,600 Let's talk Bitcoin isn't supposed to to become the 1306 01:05:16,600 --> 01:05:19,300 biggest website in the world. We're growing a forest and the 1307 01:05:19,300 --> 01:05:22,300 way that forests grow is that a tree grows to maturity and then 1308 01:05:22,300 --> 01:05:24,700 it's seeds all around it and then other trees grow up and, 1309 01:05:24,800 --> 01:05:26,300 you know, grow out, you grow horizontally. 1310 01:05:26,300 --> 01:05:28,400 Instead of vertically, that's the world that we're moving 1311 01:05:28,400 --> 01:05:30,100 towards. It's a very decentralized one. 1312 01:05:30,300 --> 01:05:32,200 And it's because we don't need to be centralized anymore. 1313 01:05:32,300 --> 01:05:34,800 We can associate with the people that we want and they can be 1314 01:05:34,800 --> 01:05:36,500 multiple groups of people. You can have multiple 1315 01:05:36,500 --> 01:05:38,200 identities, you can have the same identity, you can do 1316 01:05:38,200 --> 01:05:40,100 whatever you want. All this stuff will be possible 1317 01:05:40,100 --> 01:05:42,600 in the next couple of years. It's all Mabel by crypto cool. 1318 01:05:42,700 --> 01:05:44,400 Well I didn't thanks so much for joining us today. 1319 01:05:44,400 --> 01:05:45,700 It was really great talking to you. 1320 01:05:46,200 --> 01:05:48,100 Thank you guys. So just briefly. 1321 01:05:48,100 --> 01:05:51,400 Again if regarding an inside peek concerts inside Bitcoins, 1322 01:05:51,400 --> 01:05:55,900 the d.e.a. March 5 the 6th 56th and coupon 1323 01:05:55,900 --> 01:06:00,500 code was epicenter, IBC, all length Capital so you get 15% 1324 01:06:00,500 --> 01:06:03,000 off. So, thanks so much for listening 1325 01:06:03,400 --> 01:06:06,200 and if you want to support the show, of course, the nations are 1326 01:06:06,300 --> 01:06:08,700 appreciate it, Epson, become.com session tips. 1327 01:06:09,400 --> 01:06:12,000 You can also subscribe to a newsletter at Epsom Derby. 1328 01:06:12,000 --> 01:06:15,200 Kind of concessions letter and give us an iTunes review. 1329 01:06:16,100 --> 01:06:18,800 And that's all. So thanks so much and we look 1330 01:06:18,800 --> 01:06:19,700 forward to be back soon.