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Hello and welcome to episode a 
Bitcoin episode 52. 

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My name is Brian David Crane and
today's August 10th 2014, 

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Sebastian is still on vacation, 
he's about to come back I think 

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tomorrow. 
So from next week on we will be 

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back in the server original 
constellation. 

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But this time again I'm sort of 
a sort of rose and I'm joined 

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today by two people and their 
ear are Miller and fair Stevens.

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Here is the CEO of coin support 
and report this wallet provider 

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Merchant solution that he found 
it together with Erik Voorhees 

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in 2012. 
So of course, Erik Voorhees is 

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very well known in the 
community, I think, primarily 

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for Satoshi dice. 
But but he's also been involved 

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in other projects. 
Instant kind of a spokesperson 

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for a long time and then prayers
a marketing specialist for 

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calling apple. 
And this is also the founder of 

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the Bitcoin UK podcast. 
So I still haven't actually 

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gotten around listening to 
another episode, but she has 

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great views of It's one of my 
goals as to see that as soon as 

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possible. 
So today we will be talking 

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about Corner pulled and 
especially by the new feature, 

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they launched was called locks 
and the locks features kind of 

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addressing a really key 
criticism that's often heaped on

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bitcoin which is the volatility.
And it's often seen as soon as a

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roadblock in the way of 
mainstream adoption. 

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So they're trying to address 
this with this, the locks 

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feature, and it's a really cool 
now. 

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Interesting. 
And they're also talking about a

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project called, Let It Drop. 
And the basic project, the basic

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idea of the project is to bring 
Bitcoin to Caribbean island. 

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So sounds of course we we cool. 
So, here are a, thanks so much 

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for joining me today. 
Hi, yes, you're welcome. 

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Thanks Brian. 
By the way, it's IRA. 

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Oh, a poultice Tyra. 
Yeah, no worries. 

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So I owe you down in Panama at 
the moment I am. 

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Yeah, it's a nice sunny day so 
let's just perhaps a dive in. 

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Can you tell us a bit about how 
do you get started with 

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pineapples? 
So Eric and I started Corner 

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Pole to in January of 2012 and 
it was designed just to be a 

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very, very simple wallet to 
allow people to introduce new 

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users, to bitcoin, by sending it
to Email or cell phone. 

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And it was really designed as 
the simplest possible way to do 

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this. 
So at, you know, the original 

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Quantum pulp.com just had a form
that said, email address message

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and then it would allow you to 
to deposit some Bitcoins to an 

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address for the recipient. 
We've taken that concept and 

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turn it into a much more 
sophisticated wallet service. 

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Now, with accounts and some 
Advanced hedging features like 

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you mentioned. 
So So what made you in 2012, 

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decide on starting a wallet 
service. 

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Did you feel that was a kind of 
a big gap at the time? 

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It was at the time actually we 
were the first I believe the 

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first Bitcoin over email service
and also the first SMS only 

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wallet. 
So you know, there a lot of 

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people that have wallets where 
you can send somebody an SMS and

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then it redirects them to a web 
page where they log in and start

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using, but They didn't have the 
internet then they wouldn't be 

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able to use it. 
Our system is different in that 

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it allows people to use Bitcoin 
using only SMS messages, but you

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still have to set up a wallet 
online. 

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Then, no, you don't. 
You can simply receive a text 

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message. 
It says, you know, welcome to 

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Kona pulled. 
You've got some Bitcoin when you

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want to send it to someone else,
you just text back to us, you 

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say, send it to this number, and
we sent a similar message to 

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them. 
Wow, that's really interesting. 

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So I guess that's slightly off 
topic. 

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Just as beginning but let's get 
into that. 

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Then you are you familiar with 
37 points and how does this 

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compare to the 37 coins service?
I am familiar with 37 coins, 

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they've got a great model and 
it's very similar. 

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I said we were the first such 
wallet but now there are others 

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popping up and they're very 
welcome. 

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This is very hard to do because 
you need tell Cam Partners in 

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various places and 37 points is 
picked a Innovative way of 

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getting around that by allowing 
their users in various countries

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to kind of become nodes for 
their, their Network. 

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Now, how cool. 
So, did you guys see any 

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traction with this SMS service? 
We saw some traction. 

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There have been, some people 
using it for in the last two 

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years. 
Since it came out, 

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unfortunately, due to our 
Telecom providers, we were only 

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able to launch it in the US and 
Canada over the last two years. 

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And it really just isn't a very 
good fit for those markets. 

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You know, most people in those 
markets have the internet and 

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have smartphones and can use 
more advanced Bitcoin wallets. 

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But we think that SMS is a great
fit. 

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It for Bitcoin overall. 
Because most of the unbanked 

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people in the world, well, maybe
not most, a lot of the unbanked 

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people in the world don't have 
internet access and they do have

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feature phones. 
So it can you talk a little bit 

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about how coin apples develop? 
So you originally there was this

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idea of having a really usable 
where wallet and the SMS thing 

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and I guess this was super early
for Bitcoin company know, it's 

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like more than two two and a 
half years ago. 

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Which is sort of dinosaur age in
the Bitcoin world. 

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So what has happened since then 
and how has your division for 

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coin Apple changed over time? 
Say, we initially launched, 

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these consumer wallet Services, 
the to allow people to send over

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email and SMS, we offered these 
services for free. 

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So basically, we didn't make any
money off of it. 

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To kind of help fun things and 
pay the bills feed us. 

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We started doing big business to
business services so people 

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could sign up with our API. 
II and send to their users over 

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SMS. 
And so on, after some time, we'd

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also developed some very 
sophisticated Market making 

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software, that would allow us to
buy and sell Bitcoin to 

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basically act as a broker. 
We did that for quite some time,

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maybe the last year and a half. 
We've been doing that sort of 

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business, for instance, you may 
have purchased, if you're in 

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Europe, Bitcoins from say 
fellow. 

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We help them acquire and clear 
all of their Bitcoins. 

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Basically, this Market making 
software that we used for 

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liquidity. 
Providing turned into our locks 

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technology that we're now, 
allowing all of our consumer 

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wallets to access. 
So is that market-making service

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are you doing with Arbitrage? 
So over you, were you using 

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different exchanges to Yo trade.
And basically, you are charged 

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on them or is that the software 
service you're providing to 

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exchanges or Guest Services 
likes, a fellow that directly 

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sell Bitcoins to Consumers. 
Yeah. 

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We provide services to 
companies, like so fellow that 

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need to buy and sell Bitcoins 
for their own business to work. 

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And we do do Arbitrage and trade
on all the, the major exchanges 

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in this way. 
We feel that we can get to a To 

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a very well-informed price, we 
can have a price that is more 

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average and more stable on a 
global scale than any single 

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given exchange. 
And when you, when you looked at

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kind of forward and to kind of 
poked and I guess two years down

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the line now, where would you 
like to see the company? 

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I like to see our SMS Services 
taking off and among the 

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unbanked. 
I think that Is the most 

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important thing for Bitcoin as a
whole is to bring new consumers 

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in and to grow access to 
bitcoin. 

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I think that so far Bitcoin has 
mainly gain traction, among 

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very, sophisticated educated, 
people who have very good 

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internet access who are not just
able to access the internet but 

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are typically the most Savvy 
people on the internet. 

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And I think that if we really 
want Bitcoins to succeed if we 

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want the price to go up and and 
more People to use it, we need 

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to expand our community beyond 
the most Savvy, early adopter 

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types, and we need to reach out 
to people who just want a simple

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services and aren't necessarily 
trying to to jump on the coolest

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new technology. 
Okay, cool. 

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So the focus is really kind of 
on especially adoption a 

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facilitating adoption and I 
guess, especially among on Bank 

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people or people that Are kind 
of outside of the privileged 

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first world educated 
computerized groups. 

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Exactly. 
I might just jump in here and 

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one of the reasons I got 
involved with coin a pulse is, 

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it's because, as you say, 
they've been in the Bitcoin seen

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for a while since the early 
days, when there was perhaps 

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more focus on the The promise of
Bitcoin is as the great 

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equalizer and yeah, just the, 
the Grand Vision for quino, 

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poult to my mind. 
And one reason I got involved 

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with it is is this expanding 
access to people who haven't 

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been in the financial system? 
Haven't had bank accounts and 

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just yeah, getting more people 
involved. 

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Sofia is how long have you been 
kind of involved with Bitcoin 

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projects? 
So I got involved at Christmas 

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last year. 
So yeah, I'm a relative new be, 

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but one of the things that 
attracted me to it was was the 

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the ability for Bitcoin to, you 
know, introduce more democratic 

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ways for people to get muddy. 
Does it seem Like a more 

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democratic system to me than the
sort of? 

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Well I most people know the 
story he listened to your 

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podcast, you know the bank's 
centralization of of wealth and 

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to you know privileged few. 
Yeah. 

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Okay. 
So you were attracted to that 

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side which I'm you know I'm sure
a lot of us are and then you saw

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that kind of encounter poke the 
company that's pursuing that 

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kind of vision and trying to 
realize that potential of 

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Bitcoin. 
Yeah. 

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You know they really are 
involved in the in the Go game, 

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you know, they're looking at 
ways to improve the Bitcoin 

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ecosystem, you know, in the long
run, you know, not just a 

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short-term profit making, you 
know, which I don't know about 

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increasingly. 
I see companies coming into 

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Bitcoin space, that you know, 
are seeing a short-term money 

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making opportunities and you 
know, it's nice to be involved 

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with a company that have that, 
you know, see, see the bigger 

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picture. 
Yeah absolutely. 

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Well let's kind of dive in a bit
more into how kind of holds 

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exactly works. 
So there's the locks thing which

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I want to talk about in a little
bit and then this obviously the 

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web wallet. 
Are you guys also working on 

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mobile wallets? 
We're not actually working on a 

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mobile application. 
At the moment I our main goal is

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to kind of grow access the 
Bitcoin ecosystem overall and 

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they're already a lot of really 
good. 

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Mobile apps out there in 
addition we've mobile optimized 

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our website. 
So any any mobile user can still

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use our wallet in a? 
We think a pretty good 

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interface, this kind of protects
them and us from say apple 

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changes their mind again and 
decides to kick all Bitcoin apps

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out of the store. 
Our users can still access their

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their wallets in their funds and
so on. 

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But I'm curious. 
So is there a QR code scanner 

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when you use it? 
On the web there's not that's 

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one. 
That's one thing that's 

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definitely missing and we will 
work on that. 

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Yeah, that seems like that 
should be. 

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Also, I guess something if 
especially if you Target and 

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consumer know that will be 
important in the future. 

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Absolutely. 
Okay. 

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So there is that and also I've 
also seen on your website that 

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you guys are offering some kind 
of merchant services is that 

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similar to let's say bitpay it 
is very similar to Sure. 

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To repay you. 
We will help your company 

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receive Bitcoin and then 
immediately convert it if you 

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wish or lock it to to gold so 
you can spend it later as 

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Bitcoin again. 
We also do the opposite so if 

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you're a company that wants to 
net purchase Bitcoin, you can 

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sign up with us, send us some 
wires and we'll help you 

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purchase when you're ready. 
So you guys are also providing 

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the service of. 
I'm a merchant, I get Bitcoin 

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and then you guys can take those
Bitcoins, sell them. 

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And basically give me, let's say
US dollars in the bank account 

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or you guys exactly? 
Okay. 

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So you can, I guess, choose 
either as a merchant, I do 

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receive the receive the u.s. 
dollars or like the fiat 

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currency or sort of get rid of 
the volatility, through the 

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locks ping, or just keep the 
Bitcoins. 

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Is that correct? 
Exactly, that's cool. 

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I guess that's a good segue into
into that locks feature. 

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That we should have mentioned a 
few times that I haven't really 

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gotten into it. 
Can you tell us what the locks 

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feature is? 
It's a lox is a volatility 

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00:14:26,800 --> 00:14:30,700
reduction tool. 
Basically, it allows anyone any 

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00:14:30,700 --> 00:14:34,100
kind of pulled user to deposit 
Bitcoins, into their account and

230
00:14:34,100 --> 00:14:39,100
then tie the value of those 
Bitcoins to stable asset of 

231
00:14:39,100 --> 00:14:41,900
their choice. 
So let's say that you really 

232
00:14:41,900 --> 00:14:49,100
like gold and you think that 
Bitcoin is very volatile and you

233
00:14:49,100 --> 00:14:52,900
wish that you could store some 
of your value in gold and and 

234
00:14:52,900 --> 00:14:54,100
have it fluctuate with the 
piranhanano. 

235
00:14:54,200 --> 00:14:56,300
Price of gold rather than with 
the price of Bitcoin. 

236
00:14:56,800 --> 00:15:01,700
You would then go to your flocks
page, unquote apple.com. 

237
00:15:02,200 --> 00:15:08,000
You would select block to Gold, 
say how much, how many ounces of

238
00:15:08,100 --> 00:15:11,600
gold you want to lock? 
And you can out, lock down to a 

239
00:15:11,600 --> 00:15:15,400
hundredth of an ounce of gold or
roughly $10 or $12. 

240
00:15:17,400 --> 00:15:20,600
When you click submit, it'll 
deducts, the Bitcoins or you can

241
00:15:20,600 --> 00:15:24,100
send it in from different wallet
if you want. 

242
00:15:24,200 --> 00:15:29,500
And then from so pardon me from 
that point on it's like, you 

243
00:15:29,500 --> 00:15:33,000
have say, one gram of gold at 
spendable on the Bitcoin 

244
00:15:33,000 --> 00:15:36,500
Network, anytime you want and as
the Bitcoin and gold prices 

245
00:15:36,500 --> 00:15:40,900
fluctuate, we will make sure 
that you always have exactly one

246
00:15:40,900 --> 00:15:44,100
gram of gold to spend. 
So for example, if the Bitcoin 

247
00:15:44,100 --> 00:15:48,500
price Falls in half and gold, 
stays roughly the same when you 

248
00:15:48,500 --> 00:15:51,300
unlock your one ounce of gold, 
you should get twice as much 

249
00:15:51,300 --> 00:15:54,400
Bitcoin back. 
Now, the downside of that is Is 

250
00:15:54,400 --> 00:15:58,800
if the price of Bitcoin doubles 
then you unlock your old, you 

251
00:15:58,800 --> 00:16:00,300
would get half as much Bitcoin 
back. 

252
00:16:01,100 --> 00:16:04,100
Yeah, so essentially, it's 
similar to, let's say, I get 

253
00:16:04,100 --> 00:16:08,500
some Bitcoins and I say I want 
to don't want to have the 

254
00:16:08,500 --> 00:16:11,300
volatility. 
I put it on bitstamp, I sell it 

255
00:16:11,400 --> 00:16:14,000
for US dollar and just hold the 
u.s. dollars there. 

256
00:16:14,200 --> 00:16:17,600
Of course in your case it's more
convenient because it's 

257
00:16:17,600 --> 00:16:20,300
integrated in the wallet but 
it's essentially a similar 

258
00:16:20,300 --> 00:16:22,900
thing, right? 
It is very similar thing. 

259
00:16:23,000 --> 00:16:27,400
Yes. 
I We think that we've basically 

260
00:16:27,400 --> 00:16:30,200
made this tool just easier and 
more accessible, you know, you 

261
00:16:30,200 --> 00:16:33,500
can take weeks to sign up and 
get approved for an account with

262
00:16:33,500 --> 00:16:36,000
an exchange. 
And then you have to know how to

263
00:16:36,008 --> 00:16:39,300
use an exchange, what our limit 
orders, what our Market orders, 

264
00:16:40,100 --> 00:16:42,800
you know, what does it mean to 
say that? 

265
00:16:43,200 --> 00:16:45,100
You know, there's this much 
volume at this price. 

266
00:16:45,500 --> 00:16:48,700
Most people don't want to have 
to learn all these things and 

267
00:16:48,700 --> 00:16:52,200
they're not traitors. 
So we really build blocks as a 

268
00:16:52,200 --> 00:16:57,200
tool for everyday users. 
So when you talk about, let's 

269
00:16:57,200 --> 00:16:59,500
say, I want to lock it to Gold 
because you guys. 

270
00:16:59,500 --> 00:17:00,900
Of course, I have to charge a 
fee. 

271
00:17:00,900 --> 00:17:02,500
No. 
Because essentially, on the back

272
00:17:02,500 --> 00:17:05,000
end, you are, you selling the 
Bitcoins? 

273
00:17:05,000 --> 00:17:06,800
No. 
And, for example, for US dollars

274
00:17:06,800 --> 00:17:09,099
or for gold? 
Yes, we are. 

275
00:17:09,400 --> 00:17:13,300
We are, when you block to an 
ounce of gold, we sell an 

276
00:17:13,300 --> 00:17:16,800
equivalent amount of Bitcoin as 
you gave to us to create the 

277
00:17:16,800 --> 00:17:21,000
lock and buy 1, ounce of gold. 
And in this way, this is how we 

278
00:17:21,000 --> 00:17:24,099
can guarantee the that will 
always have the right. 

279
00:17:24,200 --> 00:17:26,800
Right amount to give you in the 
future is because we hold a 

280
00:17:26,800 --> 00:17:30,500
hundred percent of the 
collateral as far as the the fee

281
00:17:30,500 --> 00:17:31,900
we charge. 
It's just a spread. 

282
00:17:32,400 --> 00:17:37,500
So there are no fees in the 
traditional sense, but there is 

283
00:17:37,500 --> 00:17:40,700
a difference in the bid and ask 
prices, typically, the 

284
00:17:40,700 --> 00:17:43,700
difference between the bid and 
ask prices is 2%. 

285
00:17:44,300 --> 00:17:48,900
So if you've locked and unlocked
immediately, you would have 

286
00:17:49,200 --> 00:17:51,800
roughly two percent less than 
you less Bitcoin than you 

287
00:17:51,800 --> 00:17:55,900
started with. 
Over clearly the service isn't 

288
00:17:55,900 --> 00:17:59,800
designed to be you know 
immediate lock and unlock that 

289
00:17:59,800 --> 00:18:04,000
doesn't serve you any any good 
it's for a limited eliminating 

290
00:18:04,000 --> 00:18:07,000
volatility over time. 
So we think that over the course

291
00:18:07,000 --> 00:18:12,100
of maybe a week or two this one 
or two percent is basically 

292
00:18:12,100 --> 00:18:14,300
wiped out by the natural 
volatility of Bitcoin. 

293
00:18:15,100 --> 00:18:17,700
Yeah. 
I mean I guess it last week and 

294
00:18:17,800 --> 00:18:21,600
it worked exactly the way the 
way advertised. 

295
00:18:21,600 --> 00:18:26,000
I just like a one dollar. 
Or to lock it to or one Bitcoin 

296
00:18:27,600 --> 00:18:31,000
$1 worth of bitcoin to lock it 
to dollar and then lock it back 

297
00:18:31,000 --> 00:18:34,200
and it costs exactly to sent in 
the end to do that. 

298
00:18:35,700 --> 00:18:38,700
So I also read afterwards, I 
went to the blockchain and I 

299
00:18:38,700 --> 00:18:41,900
checked, you know, what happened
to my coins and they never moved

300
00:18:41,900 --> 00:18:47,700
from at once I paid them in. 
So how does that exactly work? 

301
00:18:47,700 --> 00:18:54,800
You hold an amount of Bitcoin 
sort of on Nerve with exchanges 

302
00:18:55,300 --> 00:18:58,600
or it? 
Can you talk a bit about the 

303
00:18:58,600 --> 00:19:02,600
kind of what goes on behind the 
scenes when that happens? 

304
00:19:03,200 --> 00:19:05,400
Absolutely. 
So as I mentioned here, when you

305
00:19:05,400 --> 00:19:08,900
create a lock, we sell an 
equivalent amount of Bitcoins 

306
00:19:08,900 --> 00:19:12,100
and by the amount that you lock 
to. 

307
00:19:12,100 --> 00:19:14,700
So if you're locking an ounce of
gold to continue with our 

308
00:19:14,700 --> 00:19:19,700
example, and it's costing you to
point to Bitcoins today, which 

309
00:19:19,700 --> 00:19:24,600
is just a very rough estimate. 
We We'll sell 2.2 Bitcoins and 

310
00:19:24,600 --> 00:19:27,100
buy 1 ounce of gold upon 
locking. 

311
00:19:27,700 --> 00:19:30,600
And when you want to unlock, we 
will sell the one ounce of gold 

312
00:19:30,600 --> 00:19:34,500
and by however many Bitcoins. 
It is that that market price and

313
00:19:34,700 --> 00:19:41,500
make those available to you. 
We do have accounts on numerous 

314
00:19:41,500 --> 00:19:46,500
exchanges and other liquidity 
Bitcoin, liquidity providers to 

315
00:19:46,500 --> 00:19:50,300
be able to facilitate this and 
we do keep Bitcoins on reserved 

316
00:19:50,300 --> 00:19:55,500
for these our own Bitcoins for. 
Exactly for facilitating this 

317
00:19:55,500 --> 00:20:00,200
sort of liquidity. 
So Bitcoin that you sent us 

318
00:20:00,200 --> 00:20:04,600
initially goes into our shared 
wallet and it's not necessarily 

319
00:20:04,600 --> 00:20:06,200
that exact Bitcoin that we're 
promising. 

320
00:20:06,200 --> 00:20:08,700
You back were promising an 
equivalent amount of Bitcoin 

321
00:20:08,700 --> 00:20:12,800
back and yeah, absolutely. 
So if you talk about the the 

322
00:20:12,808 --> 00:20:14,700
silver thing I think that's 
interesting, right? 

323
00:20:14,700 --> 00:20:16,300
So because you offer gold and 
silver. 

324
00:20:16,300 --> 00:20:19,900
Now it makes sense to me that 
like the dollar is really easy 

325
00:20:19,900 --> 00:20:21,600
because there's a very liquid 
Market there. 

326
00:20:21,600 --> 00:20:24,700
But when you talk about Buy gold
and silver does that mean you're

327
00:20:24,700 --> 00:20:28,600
going to have to trade dollar 
for at the Bitcoin for dollar 

328
00:20:28,600 --> 00:20:32,900
and then the dollar for silver 
and does that mean the fees are 

329
00:20:32,900 --> 00:20:36,400
going to be much higher or you 
have some other ways of making 

330
00:20:36,400 --> 00:20:39,000
that work, you hit the nail on 
the head. 

331
00:20:39,000 --> 00:20:43,300
We do because of liquidity 
problem with between Bitcoin and

332
00:20:43,300 --> 00:20:47,100
silver. 
For instance, we do purchase the

333
00:20:47,100 --> 00:20:52,600
silver using dollars or euros 
and somewhere with gold but for 

334
00:20:52,600 --> 00:20:56,900
us Is this is not a significant 
cost, you know, once we've got 

335
00:20:56,900 --> 00:21:00,300
the infrastructure set up to do 
this and to do the accounting 

336
00:21:00,300 --> 00:21:04,400
for it, then it's very easy. 
It's not significantly harder 

337
00:21:04,400 --> 00:21:07,300
than locking. 
Two dollars or Euros or British 

338
00:21:07,300 --> 00:21:10,200
pounds for us. 
So we don't charge any more for 

339
00:21:10,200 --> 00:21:12,400
it. 
You get the same 2% spread 

340
00:21:12,800 --> 00:21:16,000
within your blocking silver or 
gold as you do with your locking

341
00:21:16,000 --> 00:21:18,800
dollars or euros. 
No, that's cool. 

342
00:21:18,800 --> 00:21:22,300
II will be expected that this 
would be more expensive. 

343
00:21:22,300 --> 00:21:25,800
No, because you have more liquid
markets, Etc, but that's really 

344
00:21:26,000 --> 00:21:29,500
cool that you able to do this 
for the same be thanks. 

345
00:21:29,500 --> 00:21:32,000
Yeah, I mean we're letting our 
liquidity just to provide the 

346
00:21:32,008 --> 00:21:39,800
best possible user experience So
there's one topic I kind of want

347
00:21:39,800 --> 00:21:43,300
to touch on, I guess before that
one, one more point on this. 

348
00:21:43,900 --> 00:21:46,000
This is that what about 
counterparty risk? 

349
00:21:46,000 --> 00:21:48,900
In this case? 
So it obviously you guys are web

350
00:21:48,900 --> 00:21:50,900
wallet. 
So, you know, anybody who sort 

351
00:21:50,900 --> 00:21:54,100
of understands how Bitcoin 
Works, they realize that well 

352
00:21:54,100 --> 00:21:55,600
there's a kind of party risk 
there. 

353
00:21:55,600 --> 00:21:58,600
I just the same as with coin 
based on cetera you know if 

354
00:21:58,600 --> 00:22:03,200
somebody hacked Sony pulled and 
well there's a risk but 

355
00:22:03,300 --> 00:22:08,500
essentially we Doubling the kind
of party with, no, because 

356
00:22:09,100 --> 00:22:11,800
there's a risk on your side. 
I guess, in one hand and there's

357
00:22:11,800 --> 00:22:16,700
also the risk on the side of the
parties that you guys hold those

358
00:22:16,700 --> 00:22:21,500
values with is that correct? 
That's one way to look at it. 

359
00:22:21,500 --> 00:22:27,200
I think that that can be we do a
lot to greatly reduce that and 

360
00:22:27,200 --> 00:22:29,900
in a lot of cases, the parties 
that we are holding for 

361
00:22:29,900 --> 00:22:35,300
instance, Euros with those 
accounts are actually insured to

362
00:22:35,300 --> 00:22:38,600
some degree and we're looking at
getting more advanced insurance 

363
00:22:38,600 --> 00:22:42,100
for them. 
So it's not necessarily doubling

364
00:22:42,100 --> 00:22:46,200
the risk in some ways, we hope 
to actually be able to greatly 

365
00:22:46,200 --> 00:22:50,000
reduce the risk. 
But yes, you know, anytime you 

366
00:22:50,000 --> 00:22:52,800
are using a service like this. 
There is some counterparty risk.

367
00:22:53,100 --> 00:22:56,700
We don't want to mislead people 
into believing that, you know, 

368
00:22:56,700 --> 00:22:58,300
more somehow getting rid of 
that. 

369
00:22:59,500 --> 00:23:04,200
And frankly, we just want to 
prove ourselves as a party. 

370
00:23:04,200 --> 00:23:09,100
That's worthy of that through 
good stewardship and following 

371
00:23:09,100 --> 00:23:12,100
through on our promises, he's 
also got to weigh it up against 

372
00:23:12,100 --> 00:23:15,300
the risk that people perceive in
entering the Bitcoin space in 

373
00:23:15,300 --> 00:23:18,400
the first place, which is is 
What we're really trying to 

374
00:23:18,400 --> 00:23:22,300
tackle the people that aren't in
Bitcoin at the moment, because 

375
00:23:22,300 --> 00:23:24,200
they see it as such a great 
risk. 

376
00:23:24,700 --> 00:23:29,400
So you know, if we can mitigate 
that risk, To some extent. 

377
00:23:29,400 --> 00:23:32,400
So I mean, that's I think that's
doing a service to the Bitcoin 

378
00:23:32,400 --> 00:23:35,300
ecosystem. 
Yeah, absolutely prayer. 

379
00:23:35,300 --> 00:23:37,300
That's a good point. 
And of course, another point is 

380
00:23:37,300 --> 00:23:40,600
that, you know, even if you hold
in your own computer, it takes a

381
00:23:40,600 --> 00:23:44,000
considerable expertise to do 
that in a way, that's actually 

382
00:23:44,000 --> 00:23:47,600
saved. 
So, in, in many cases, people 

383
00:23:47,600 --> 00:23:51,000
may be better off to keep their 
Bitcoins with a company like 

384
00:23:51,000 --> 00:23:54,900
Corner Pole to point base, or 
web wallet like that. 

385
00:23:56,300 --> 00:23:59,300
Yeah, absolutely. 
And As somebody who definitely 

386
00:23:59,700 --> 00:24:03,200
didn't come into Bitcoin with 
technical knowledge of how it 

387
00:24:03,200 --> 00:24:07,500
works. 
I'm a good time a good sort of 

388
00:24:08,100 --> 00:24:11,000
tester for their system. 
You know, if it makes sense to 

389
00:24:11,000 --> 00:24:14,100
me and and I find it easy and 
enjoy using the service. 

390
00:24:14,100 --> 00:24:18,000
That's always a two thumbs up 
that, you know, the general 

391
00:24:18,000 --> 00:24:20,700
public will will also think the 
same. 

392
00:24:21,500 --> 00:24:26,000
Yeah, absolutely. 
Now I'm really curious about 

393
00:24:26,000 --> 00:24:30,100
stomping so, And then I'm sure 
you guys have looked into that 

394
00:24:30,600 --> 00:24:33,900
because one on one of the 
promises says that has been in 

395
00:24:33,900 --> 00:24:36,800
you know in the air for a long 
time by projects like Master 

396
00:24:36,800 --> 00:24:39,500
coin. 
A lot of these other Bitcoin 2.0

397
00:24:39,700 --> 00:24:44,300
projects is to create cryptic 
currencies that are essentially 

398
00:24:44,500 --> 00:24:47,400
tracking or Peg to fiat 
currency. 

399
00:24:47,400 --> 00:24:53,700
So let's say the US dollar and I
think I get one way of doing 

400
00:24:53,700 --> 00:24:58,000
that is having some sort of 
contract for differences, or I 

401
00:24:58,000 --> 00:25:02,200
honestly haven't never looked 
deeply into how exactly, and 

402
00:25:02,200 --> 00:25:05,900
they were thinking of doing that
and I guess I'm not sure if 

403
00:25:05,900 --> 00:25:08,800
something like that exists, but 
have you looked into that? 

404
00:25:08,800 --> 00:25:11,500
Do you think that is it's 
possible? 

405
00:25:11,500 --> 00:25:16,000
Do you think that maybe 
something where you could go to 

406
00:25:16,000 --> 00:25:19,000
in the future? 
Yeah, we've looked into this 

407
00:25:19,000 --> 00:25:25,500
pretty extensively, and we think
that most of these systems are 

408
00:25:25,500 --> 00:25:29,000
still very early and they're not
actually addressing the 

409
00:25:29,000 --> 00:25:33,200
counterparty risk, which is kind
of their main claim is that 

410
00:25:33,200 --> 00:25:36,100
they're going to somehow reduce 
the counterparty risk. 

411
00:25:36,400 --> 00:25:41,000
But no matter what sort of 
contract you try to do, if the 

412
00:25:41,000 --> 00:25:45,700
other party is betting on, for 
instance, gold, and they don't 

413
00:25:45,700 --> 00:25:51,000
actually have the gold then Not 
going to be able to keep good on

414
00:25:51,000 --> 00:25:53,500
their end of the contract. 
So for instance, you mentioned 

415
00:25:53,500 --> 00:25:59,100
the contract for differences cfd
if the if you are making 

416
00:25:59,100 --> 00:26:02,900
contract for difference between 
Bitcoin and gold and you're on 

417
00:26:02,900 --> 00:26:07,400
the Bitcoin side and the other 
party doesn't actually have the 

418
00:26:07,400 --> 00:26:09,500
gold. 
I have an equivalent amount of 

419
00:26:09,500 --> 00:26:11,900
gold. 
They may not be able to make 

420
00:26:11,900 --> 00:26:17,000
good on their side of the 
contract and then a much simpler

421
00:26:17,000 --> 00:26:19,900
case than a A cfd, for instance,
on Ripple. 

422
00:26:19,900 --> 00:26:25,000
Now, there are people issuing, 
you know, gold-backed Ripple 

423
00:26:25,000 --> 00:26:29,100
tokens and and similar. 
But in these cases, it's even 

424
00:26:29,100 --> 00:26:31,000
more clear where the 
counterparty risk is its with 

425
00:26:31,000 --> 00:26:36,400
who the token issuer is who 
actually is holding gold and and

426
00:26:36,400 --> 00:26:41,700
issuing gold, Ripple tokens. 
And, you know, these transact 

427
00:26:41,700 --> 00:26:48,400
around the Ripple Network and 
yet they all everyone holding. 

428
00:26:48,400 --> 00:26:50,600
One of those are accepting. 
One of those is implicitly, 

429
00:26:50,600 --> 00:26:55,400
trusting the issuer and the 
continuer holder continual 

430
00:26:55,400 --> 00:26:58,300
holder of the underlying 
collateral the gold. 

431
00:26:58,700 --> 00:27:01,800
So really, we see locks as no 
different from these. 

432
00:27:02,400 --> 00:27:06,200
You know, we could easily issue 
a, you know, a gold Ripple or 

433
00:27:06,200 --> 00:27:08,700
Master coin, a colored coin, 
something like that. 

434
00:27:09,300 --> 00:27:12,300
But we wouldn't actually be 
solving any problems. 

435
00:27:12,300 --> 00:27:14,900
There would still be the exact 
same counterparty risk. 

436
00:27:15,900 --> 00:27:19,300
You the users would still be 
trusting Kona Pope and what's 

437
00:27:19,300 --> 00:27:22,900
more our users then wouldn't be 
able to use the Bitcoin Network.

438
00:27:22,900 --> 00:27:26,500
They would be stuck on one of 
these smaller less 

439
00:27:26,500 --> 00:27:30,900
well-connected less supported 
cryptocurrency networks. 

440
00:27:32,100 --> 00:27:35,700
So an example is with with coin 
upholds and a gold lock. 

441
00:27:36,100 --> 00:27:41,700
You could go to overstock.com 
and purchase a laptop directly 

442
00:27:41,800 --> 00:27:45,800
deducting from your goal block. 
So it's almost As far as you're 

443
00:27:45,800 --> 00:27:48,000
concerned, like you're 
purchasing a laptop for gold. 

444
00:27:48,800 --> 00:27:53,000
Whereas if you know you were 
using Ripple or real coin which 

445
00:27:53,000 --> 00:27:56,300
is a dollar back Master coin, 
that is announced. 

446
00:27:57,000 --> 00:28:01,900
You would have to first convert 
your master coins, or your 

447
00:28:02,000 --> 00:28:06,200
Ripple tokens to something that 
Overstock would accept Bitcoins 

448
00:28:06,200 --> 00:28:10,300
and then you would be able to go
and purchase your goods using 

449
00:28:10,300 --> 00:28:14,000
Bitcoin. 
There are some some retailers 

450
00:28:14,000 --> 00:28:17,500
that accept People and hopefully
soon there will be some that 

451
00:28:17,500 --> 00:28:21,700
except master coins but it's 
just a much smaller community. 

452
00:28:21,700 --> 00:28:24,000
And therefore, we think less 
valuable to our customers. 

453
00:28:25,000 --> 00:28:26,800
Yeah, absolutely. 
No nothing. 

454
00:28:26,800 --> 00:28:29,200
That makes total sense SOI. 
I mean, I've just always been 

455
00:28:29,200 --> 00:28:34,500
curious about this, you know, is
that actually possible and how 

456
00:28:34,500 --> 00:28:36,800
will this work? 
Of course, if it just sort of 

457
00:28:37,300 --> 00:28:41,200
shifts the counterparty risk 
somewhere else, you know, then 

458
00:28:41,200 --> 00:28:45,000
that's not necessarily, and 
that's not necessary. 

459
00:28:45,100 --> 00:28:47,700
We benefit at all. 
That's that's basically how we 

460
00:28:47,700 --> 00:28:52,800
feel. 
Now, I'm have you looked into 

461
00:28:52,900 --> 00:28:55,100
whether there is a way of 
decentralizing this. 

462
00:28:55,100 --> 00:28:58,700
Somehow when you say 
decentralize this, there are 

463
00:28:58,708 --> 00:29:02,500
few, there are few different 
risks, a few different steps 

464
00:29:02,500 --> 00:29:05,300
along the way, some of them can 
be decentralized. 

465
00:29:05,300 --> 00:29:09,600
Some of them, can I think the 
the biggest question that people

466
00:29:09,600 --> 00:29:12,400
have is for counterparty risk, 
like we've just been discussing 

467
00:29:12,500 --> 00:29:17,400
and I think that a lot of these 
Bitcoin 2.0 systems claim to be 

468
00:29:17,400 --> 00:29:21,200
reducing the counterparty risk. 
And we think that's pretty 

469
00:29:21,200 --> 00:29:24,300
misleading, because there's 
always another party to 

470
00:29:24,300 --> 00:29:27,100
transactions like this. 
And to say that you're not 

471
00:29:27,100 --> 00:29:30,200
trusting them is simply 
incorrect. 

472
00:29:30,900 --> 00:29:37,200
There are some things that can 
be decentralized about about 

473
00:29:37,200 --> 00:29:39,200
blocks or a similar sort of 
service. 

474
00:29:41,100 --> 00:29:44,100
In locks case. 
We are basically just plugging 

475
00:29:44,100 --> 00:29:46,800
into the Bitcoin protocol. 
Call which as you know is 

476
00:29:46,800 --> 00:29:52,400
already decentralized. 
So we're we're admitting that, 

477
00:29:52,400 --> 00:29:54,100
you know, we are the 
counterparty risk for when you 

478
00:29:54,100 --> 00:29:58,400
want to use to store your value 
in a centralized asset as there 

479
00:29:58,400 --> 00:30:00,100
is no other, there is no other 
way. 

480
00:30:00,600 --> 00:30:03,800
Aside from trusting, some 
counterparty, our goal isn't to 

481
00:30:03,800 --> 00:30:06,400
be a trusted counterparty to 
allow you to do this when you 

482
00:30:06,400 --> 00:30:08,600
want to. 
But when you don't want to, to 

483
00:30:08,600 --> 00:30:13,000
give you immediate access to the
decentralized network, where you

484
00:30:13,000 --> 00:30:17,700
then take full control again. 
It's a really the Bitcoin 

485
00:30:17,700 --> 00:30:23,900
protocol is our mechanism for 
allowing our customers to 

486
00:30:23,900 --> 00:30:27,300
decentralize their their assets 
whenever they choose to. 

487
00:30:28,100 --> 00:30:32,300
And the way that we've tried to 
connect, the two is to make it 

488
00:30:32,300 --> 00:30:36,200
as easy as possible to go from 
Bitcoin into a lock and out of 

489
00:30:36,200 --> 00:30:39,800
the lock, maybe even without 
signing up for an account. 

490
00:30:40,600 --> 00:30:42,800
You can fund a lock directly 
from the network. 

491
00:30:42,800 --> 00:30:44,900
You don't have to first deposit 
it into your clinic. 

492
00:30:45,100 --> 00:30:47,500
V account and then block it 
after. 

493
00:30:47,500 --> 00:30:50,200
And similarly you can withdraw 
it directly from a lock to any 

494
00:30:50,200 --> 00:30:53,700
other address on the network. 
Yeah, I'm cool know that. 

495
00:30:53,700 --> 00:30:58,100
I think that makes that makes 
sense and it's, I mean, I think,

496
00:30:58,400 --> 00:31:01,000
you know the way I guess I look 
at something like logs. 

497
00:31:01,000 --> 00:31:06,400
I think it's just a really, 
really nice and useful service 

498
00:31:06,400 --> 00:31:10,400
that deals with you know, deals 
with an obvious problem in 

499
00:31:10,400 --> 00:31:12,600
Bitcoin and you know it. 
Yeah. 

500
00:31:12,600 --> 00:31:14,600
I mean, I think so. 
I think that's something is 

501
00:31:14,600 --> 00:31:16,800
something Positive and are 
something I like a lot. 

502
00:31:16,800 --> 00:31:21,300
And I like a lot that you can 
essentially stay 100% in Bitcoin

503
00:31:22,500 --> 00:31:24,400
but get rid of some of the 
volatility, right? 

504
00:31:24,400 --> 00:31:27,900
So if you had say a merchant and
you accept Bitcoin and you don't

505
00:31:27,900 --> 00:31:30,500
like them all till the, but you 
still want to be 100% in 

506
00:31:30,500 --> 00:31:33,800
Bitcoin, you know, then that's 
something you can basically do 

507
00:31:33,800 --> 00:31:37,000
if this at, you know, pretty 
reasonable cost. 

508
00:31:37,000 --> 00:31:41,500
You 2% obviously, no cheap, but 
it has a big advantages because 

509
00:31:41,500 --> 00:31:44,400
if you know, with the high 
voltage lie, that Bitcoin has, 

510
00:31:44,600 --> 00:31:47,200
and I I don't personally, don't 
think it's going to go away 

511
00:31:47,600 --> 00:31:51,300
anytime soon then, you know, 
that's it real benefit. 

512
00:31:51,600 --> 00:31:52,700
Absolutely. 
You know, you mentioned 

513
00:31:52,700 --> 00:31:55,800
businesses, we think that this 
could be very interesting for 

514
00:31:56,200 --> 00:31:59,600
businesses as they start to 
complete their supply chain. 

515
00:32:00,300 --> 00:32:03,200
So for instance, there's been 
some speculation recently as 

516
00:32:03,300 --> 00:32:06,500
Overstock, accepts Bitcoin 
already. 

517
00:32:06,600 --> 00:32:10,900
And recently, Dell started 
accepting Bitcoin and Overstock 

518
00:32:10,900 --> 00:32:14,800
cells Dell products. 
So, one, one possibility now, 

519
00:32:15,100 --> 00:32:18,900
That Overstock can start to 
integrate their Bitcoin into 

520
00:32:18,900 --> 00:32:22,500
their supply chain. 
We called vertical integration 

521
00:32:23,500 --> 00:32:29,100
and purchasing their stock from 
Dell using Bitcoin. 

522
00:32:30,200 --> 00:32:33,000
This is just a I don't think 
either company has talked about 

523
00:32:33,000 --> 00:32:35,600
this but it's just a clear 
possibility at this point that 

524
00:32:35,600 --> 00:32:37,300
people in the community are 
talking about. 

525
00:32:38,100 --> 00:32:41,300
If that happens then Overstock 
may wish to use something like 

526
00:32:41,300 --> 00:32:44,900
locks in that case because they 
know that they're going to need.

527
00:32:45,000 --> 00:32:51,700
Some Bitcoin in the future for 
purchasing their their stock to 

528
00:32:51,700 --> 00:32:55,600
refill after purchases and 
rather than converting to 

529
00:32:55,600 --> 00:32:58,500
Dollars, which is what they do 
with most of the Bitcoins that 

530
00:32:58,500 --> 00:33:01,200
receive today. 
They would almost certainly 

531
00:33:01,200 --> 00:33:06,200
prefer to keep as much of it and
Bitcoin is the could to 

532
00:33:06,200 --> 00:33:09,600
facilitate this future 
transaction at that point, 

533
00:33:09,600 --> 00:33:12,200
though, they're exposing 
themselves to risk for, let's 

534
00:33:12,200 --> 00:33:15,400
say the one month in between, 
you know, when they Sell the 

535
00:33:15,400 --> 00:33:18,000
last laptop and when they need 
to pay for the next one that 

536
00:33:18,000 --> 00:33:19,900
they're buying to replace it in 
their stock. 

537
00:33:21,200 --> 00:33:25,200
They would, they could use a 
lock for that period to protect 

538
00:33:25,200 --> 00:33:31,100
the profits that they have. 
And at the time, when the bill 

539
00:33:31,100 --> 00:33:34,600
is due, they would simply unlock
pay over the Bitcoin Network, 

540
00:33:35,100 --> 00:33:39,800
and we would have hopefully a 
new level of integration in the 

541
00:33:39,800 --> 00:33:43,900
Bitcoin economy. 
It's an additional tool. 

542
00:33:43,900 --> 00:33:48,200
So we that's one use for it, but
we expect that the community 

543
00:33:48,200 --> 00:33:51,100
will find new uses for it that 
we perhaps haven't thought of 

544
00:33:51,100 --> 00:33:55,100
yet, you know, for business as 
an idea where they want to use 

545
00:33:55,100 --> 00:33:58,800
the Bitcoin network. 
But you know, obviously, the 

546
00:33:58,800 --> 00:34:02,200
price volatility is an issue. 
They can partner with us and 

547
00:34:02,200 --> 00:34:06,600
provide locks to their users. 
I've noticed when I signed up 

548
00:34:06,600 --> 00:34:10,900
there was a limit, it set of 
three thousand dollars that I 

549
00:34:11,300 --> 00:34:15,900
was able to lock, why is that 
you require some kind of a kyc 

550
00:34:16,000 --> 00:34:18,800
to go higher or how does that 
work? 

551
00:34:19,500 --> 00:34:22,000
Yeah we will be raising this in 
the future. 

552
00:34:22,699 --> 00:34:25,699
Three thousand dollars is 
actually per transaction so you 

553
00:34:25,699 --> 00:34:30,000
can lock I think up to 25,000 
dollars okay now but you can 

554
00:34:30,000 --> 00:34:31,300
only do three thousand at a 
time. 

555
00:34:32,500 --> 00:34:34,100
Okay. 
No, no that changes a bit. 

556
00:34:34,100 --> 00:34:38,600
The poor. 25,000 is a lot more 
than 3,000 that's actually per 

557
00:34:38,600 --> 00:34:40,900
asset. 
So there are five assets, gold 

558
00:34:40,900 --> 00:34:42,900
silver dollars, euros, and 
pounds. 

559
00:34:42,900 --> 00:34:45,800
So you can do 25 thousand 
dollars worth of each. 

560
00:34:46,500 --> 00:34:48,699
Yeah, too, right, yeah, of 
course, if you're targeting 

561
00:34:48,699 --> 00:34:53,100
businesses, then I guess in ten 
pence a lot, but I'm sure you 

562
00:34:53,100 --> 00:34:56,300
have been sort of individual 
conversations with those 

563
00:34:56,300 --> 00:34:58,000
businesses to have. 
Yes, absolutely. 

564
00:34:58,000 --> 00:34:59,800
Yeah. 
For businesses that are willing 

565
00:34:59,800 --> 00:35:02,300
to go through our kyc process, 
we can lift all these limits. 

566
00:35:03,000 --> 00:35:07,200
So a cave, I see process. 
He's talking interesting, is 

567
00:35:07,200 --> 00:35:11,000
there, does this have any kind 
of regulatory implications? 

568
00:35:11,000 --> 00:35:15,600
Do you guys have to is this 
financial services locks thing? 

569
00:35:15,900 --> 00:35:18,800
I mean, you guys are in Panama. 
I have, you know, I have no idea

570
00:35:19,500 --> 00:35:22,100
how this works down there, but 
it can you talk a little bit 

571
00:35:22,100 --> 00:35:23,000
about that? 
Sure. 

572
00:35:23,000 --> 00:35:26,800
Absolutely. 
We think that lux is basically a

573
00:35:26,800 --> 00:35:30,900
new service. 
It's a new type of tool. 

574
00:35:32,300 --> 00:35:36,200
We don't necessarily believe 
that that bit A coin is money or

575
00:35:36,200 --> 00:35:39,200
currency in a lot of places in 
the world, it's not legally 

576
00:35:39,200 --> 00:35:43,100
defined that way. 
There the landscape around 

577
00:35:43,100 --> 00:35:46,900
Bitcoin, legally is very diverse
though and so we look at it on a

578
00:35:46,908 --> 00:35:52,200
country-by-country basis and in 
areas where it looks like these 

579
00:35:52,200 --> 00:35:55,900
Services would be more 
regulated, we've taken a 

580
00:35:55,900 --> 00:35:58,400
wait-and-see approach and have 
blocked those markets. 

581
00:35:58,800 --> 00:36:02,800
So, indeed in the u.s. we have 
actually blocked, the US market 

582
00:36:03,500 --> 00:36:06,400
for the moment. 
As things like the bitlicense 

583
00:36:07,000 --> 00:36:09,900
are kind of flushed out and we 
see really, what the rules of 

584
00:36:09,908 --> 00:36:11,900
the road are going to be going 
forward. 

585
00:36:12,800 --> 00:36:15,300
So you do this by blocking the 
IP address. 

586
00:36:15,600 --> 00:36:18,000
Exactly. 
I guess out of that brings up 

587
00:36:18,000 --> 00:36:21,500
the topic that I wanted to touch
on as well. 

588
00:36:21,500 --> 00:36:24,900
And I, since the bitlicense 
proposals come out, I think 

589
00:36:24,900 --> 00:36:28,400
every one who's been on that 
sometimes startup, I've asked 

590
00:36:28,400 --> 00:36:31,400
about the bitlicense thing 
because they are ready to have a

591
00:36:31,400 --> 00:36:35,900
lot of attention. 
And I think it's a really, it 

592
00:36:35,900 --> 00:36:40,300
has in Crazy implications if one
thinks through all them, at 

593
00:36:40,300 --> 00:36:43,700
least if it goes through the 
way, it's been drafted. 

594
00:36:43,900 --> 00:36:47,600
So I guess I'm sure you guys 
don't want to get a bit license.

595
00:36:48,900 --> 00:36:54,800
So is your strategy to 
essentially a block American 

596
00:36:54,800 --> 00:36:59,700
users that for the moment is our
strategy and I'll say we 

597
00:36:59,700 --> 00:37:01,900
definitely do not want to get a 
bit licenses. 

598
00:37:01,900 --> 00:37:06,000
It's currently proposed. 
The current bitlicense is 

599
00:37:06,000 --> 00:37:10,000
basically a free giveaway of the
economy to the bank's. 

600
00:37:10,300 --> 00:37:14,700
You know they there's nothing in
it that's that's really 

601
00:37:14,700 --> 00:37:17,100
reasonable for a Bitcoin 
business. 

602
00:37:17,400 --> 00:37:20,800
Certainly not a Bitcoin startup 
you know and as this is a very 

603
00:37:20,800 --> 00:37:25,500
new space we hope that there are
many more startups and and much 

604
00:37:25,500 --> 00:37:27,300
more Innovation, that will 
continue to go on. 

605
00:37:27,300 --> 00:37:29,000
It shouldn't just stop at this 
point. 

606
00:37:29,000 --> 00:37:31,200
And if you don't have ten 
million dollars to spend on 

607
00:37:31,500 --> 00:37:35,800
licensing and compliance then, 
An Affleck get out of the 

608
00:37:35,800 --> 00:37:38,300
business. 
So yeah. 

609
00:37:38,300 --> 00:37:41,200
I mean we should think that the 
bitlicense is absolutely the 

610
00:37:41,200 --> 00:37:45,400
wrong direction to be going in. 
This technology is so new, no 

611
00:37:45,400 --> 00:37:50,300
one even knows what it's going 
to be used for in two years or 

612
00:37:50,300 --> 00:37:53,200
five years. 
So how can we make rules like 

613
00:37:53,200 --> 00:37:54,900
this for it? 
That are so incredibly 

614
00:37:54,900 --> 00:37:58,900
restrictive. 
You know, the use of blockchain 

615
00:37:58,900 --> 00:38:03,100
technology for messaging for 
contracts for completely non 

616
00:38:03,100 --> 00:38:07,000
monetary things is just starting
to really take off. 

617
00:38:07,900 --> 00:38:12,500
And in this way New York is, is 
basically trying to just crush 

618
00:38:12,500 --> 00:38:14,100
it. 
That's the only reasonable 

619
00:38:14,100 --> 00:38:16,200
explanation I Can See For why 
they would propose something 

620
00:38:16,200 --> 00:38:18,500
like this. 
They have no real interest in 

621
00:38:18,700 --> 00:38:23,400
facilitating this technology and
every interest in finding ways 

622
00:38:23,400 --> 00:38:27,100
to make it and unfeasible and 
unattractive. 

623
00:38:27,300 --> 00:38:30,500
The users. 
But do you guys think blocking 

624
00:38:30,500 --> 00:38:36,300
IP addresses enough? 
Because from my my understanding

625
00:38:36,300 --> 00:38:38,400
it probably is not know what you
mean. 

626
00:38:38,400 --> 00:38:41,100
Enough is enough legally. 
Yeah. 

627
00:38:41,100 --> 00:38:47,600
Because in the end if let's say 
a New York user mentioned was 

628
00:38:47,600 --> 00:38:52,900
using the Lock Service while 
they're not in u.s. so with 

629
00:38:52,900 --> 00:38:56,400
different IP address. 
So let's say the user some kind 

630
00:38:56,400 --> 00:38:58,600
of proxy. 
See a Pian. 

631
00:38:59,100 --> 00:39:03,600
Yeah, we've he and I think that 
probably wouldn't necessarily 

632
00:39:03,600 --> 00:39:06,300
protect you guys. 
That's that's not what we've 

633
00:39:06,300 --> 00:39:09,500
read and frankly. 
There's there's no, there's no 

634
00:39:09,500 --> 00:39:14,800
technologically feasible way to 
to make sure that somebody isn't

635
00:39:15,100 --> 00:39:19,600
you know, trying to fool us and 
using a VPN or something like 

636
00:39:19,600 --> 00:39:25,000
that, all we can do is kind of 
our best efforts and that's 

637
00:39:25,000 --> 00:39:28,100
that's what we've done with this
IP blocking and Similar stuff. 

638
00:39:30,400 --> 00:39:33,600
Now, this is just the general 
problem, this isn't a question 

639
00:39:33,600 --> 00:39:35,600
for us. 
It's a question for for been 

640
00:39:35,600 --> 00:39:39,500
loss key and those who would 
wish to regulate Bitcoin is. 

641
00:39:39,700 --> 00:39:42,900
Okay, you've got these rules now
how are you going to enforce 

642
00:39:42,900 --> 00:39:44,500
them? 
You know how are you actually 

643
00:39:44,900 --> 00:39:47,100
going to? 
Well they're not going to force 

644
00:39:47,100 --> 00:39:48,500
them at all there. 
How are you going to ask 

645
00:39:48,500 --> 00:39:51,900
companies to enforce this to do 
all this? 

646
00:39:52,300 --> 00:39:55,000
What I considered dirty work on 
their own customers. 

647
00:39:56,400 --> 00:40:00,500
The Bitcoin network doesn't even
provide a mechanism In most 

648
00:40:00,500 --> 00:40:03,900
cases, you know, for instance, 
someone sends you Bitcoin to pay

649
00:40:03,900 --> 00:40:09,900
for some Goods at a retail store
under the bit like this 

650
00:40:09,900 --> 00:40:13,500
proposal, you would be required 
to gather, you know, kyc 

651
00:40:13,500 --> 00:40:17,800
information on this user but the
Bitcoin protocol doesn't provide

652
00:40:17,800 --> 00:40:21,200
a mechanism for doing that. 
So it's really just the 

653
00:40:21,200 --> 00:40:28,800
unenforceable silly rule to 
quote, Steven pair the CTO of 

654
00:40:28,800 --> 00:40:30,000
bitpay. 
Why? 

655
00:40:30,200 --> 00:40:33,100
Don't they just put up a great 
firewall like China did. 

656
00:40:34,200 --> 00:40:39,700
If it's on them to enforce this,
it's also worth saying that our 

657
00:40:39,700 --> 00:40:44,800
goal is to is to maximize access
to our services and and, you 

658
00:40:44,800 --> 00:40:51,500
know, we are looking for ways to
help the u.s. into our, you 

659
00:40:51,500 --> 00:40:53,100
know, help them access our 
product. 

660
00:40:53,100 --> 00:40:58,000
So it's hopefully this is just a
temporary situation and then 

661
00:40:58,000 --> 00:41:01,000
we've got legal teams who are, 
you know, helping us navigate 

662
00:41:01,400 --> 00:41:04,600
sort of the tricky situation 
that The Regulators have put us 

663
00:41:04,600 --> 00:41:08,100
in really? 
Yeah and I completely agree with

664
00:41:08,400 --> 00:41:12,700
with both of you guys. 
I mean so in my view and in my 

665
00:41:12,700 --> 00:41:15,700
understanding of the bill 
license film you know one of the

666
00:41:15,700 --> 00:41:18,600
terms in there is that any 
company underbid? 

667
00:41:18,600 --> 00:41:22,200
License means to have a sort of 
a complete record of all the 

668
00:41:22,200 --> 00:41:28,200
parties of all the transactions 
but of course that is just 

669
00:41:28,200 --> 00:41:29,000
insane. 
Right? 

670
00:41:29,000 --> 00:41:34,200
Because the only way in my view 
to be truly Compliant with this.

671
00:41:34,200 --> 00:41:38,800
If it goes through the way it's 
proposed is it is a if everybody

672
00:41:38,800 --> 00:41:42,500
does kyc, even if you don't want
to get a bit license, just to 

673
00:41:42,508 --> 00:41:47,600
exclude the people and just to 
exclude the New Yorker. 

674
00:41:47,600 --> 00:41:51,100
So you can say, I, you know, I 
don't have to get one and then 

675
00:41:51,100 --> 00:41:55,700
you'd also have to sort of It's 
prevent transactions from 

676
00:41:55,700 --> 00:41:59,100
unknown addresses because of 
course, if it's not known 

677
00:41:59,100 --> 00:42:01,900
address, that's let's say paying
money into your wallet. 

678
00:42:02,200 --> 00:42:04,100
How do you know? 
It's not someone from New York 

679
00:42:04,700 --> 00:42:07,000
and then that's completely 
absurd, right. 

680
00:42:07,000 --> 00:42:10,100
It's literally impossible. 
But yeah. 

681
00:42:10,100 --> 00:42:12,900
Hopefully hopefully, they will 
sort of come around to something

682
00:42:12,900 --> 00:42:14,900
at least a little bit more 
reasonable that. 

683
00:42:14,900 --> 00:42:17,900
Then would at least not put as 
much of a burden on the 

684
00:42:17,900 --> 00:42:20,300
companies that don't want to get
a bit of license, but not to 

685
00:42:20,300 --> 00:42:24,400
mention the other customers. 
I mean, I'm surprised that there

686
00:42:24,400 --> 00:42:27,300
hasn't been more International 
backlash against this, because 

687
00:42:27,800 --> 00:42:31,300
if you're a customer from 
Europe, for instance, that uses 

688
00:42:31,300 --> 00:42:35,300
a service that also does 
business in New York, all of a 

689
00:42:35,308 --> 00:42:38,500
sudden, it's your privacy. 
It's when you want to do a 

690
00:42:38,500 --> 00:42:40,800
transaction, the future, they're
going to be asking for your 

691
00:42:41,400 --> 00:42:45,500
information. 
And so, you know, businesses are

692
00:42:45,508 --> 00:42:49,900
really being faced with this. 
Tough choice to either start 

693
00:42:49,900 --> 00:42:52,400
treating all of their consumers 
everywhere in the world, all 

694
00:42:52,400 --> 00:42:55,800
their customers. 
Everywhere in the world like 

695
00:42:56,200 --> 00:43:01,100
just like a bank or even 
stricter than a bank would or 

696
00:43:01,100 --> 00:43:04,200
block New York and for us it's a
very easy decision. 

697
00:43:04,200 --> 00:43:05,900
We don't want to treat our 
customers like that. 

698
00:43:06,500 --> 00:43:10,400
Yeah, absolutely. 
I mean I think if you look at it

699
00:43:10,400 --> 00:43:15,000
but it license thing, the 
implications kind of our that 

700
00:43:16,100 --> 00:43:18,900
any company that's going to 
comply with the bitlicense 

701
00:43:18,900 --> 00:43:23,000
thing, you're going to have to 
make their product a lot more. 

702
00:43:23,200 --> 00:43:27,400
Attractive. 
So I mean, in my case, I seems 

703
00:43:27,400 --> 00:43:30,600
very likely that if this go to 
coinbase left, a starts doing 

704
00:43:30,600 --> 00:43:33,200
the license. 
Well, I probably will stop using

705
00:43:33,200 --> 00:43:36,300
Conway's, right. 
So, it seems to me that even the

706
00:43:36,300 --> 00:43:38,800
companies that would have to get
one, should like a Lobby really 

707
00:43:38,800 --> 00:43:42,400
hard, not to you, not to do 
that. 

708
00:43:42,400 --> 00:43:45,000
And I think that even is true 
for companies that are like 

709
00:43:45,000 --> 00:43:49,600
really well funded and have lots
of money and For Whom the legal 

710
00:43:49,600 --> 00:43:53,000
costs are not such an issue. 
I think that you're an 

711
00:43:53,000 --> 00:43:54,800
alcoholic. 
Alice is very logical, Brian, 

712
00:43:54,900 --> 00:43:58,200
but I don't have faith that all 
of these. 

713
00:43:58,200 --> 00:44:00,300
These companies are actually 
lobbying against it. 

714
00:44:01,000 --> 00:44:03,900
Unfortunately, I think some of 
them see the opportunity to cut 

715
00:44:03,900 --> 00:44:07,600
out competition by raising the 
barrier to entry. 

716
00:44:08,100 --> 00:44:10,400
Yeah. 
Unfortunately, I'm afraid you 

717
00:44:10,400 --> 00:44:12,600
may be right, you know? 
We certainly haven't seen a lot 

718
00:44:12,600 --> 00:44:16,500
of backlash from any of the big 
companies. 

719
00:44:17,100 --> 00:44:21,400
So actually let me repay. 
Let's briefly go into a topic 

720
00:44:21,400 --> 00:44:24,400
that you know, you've been 
dealing on Is kind of a in your 

721
00:44:24,400 --> 00:44:30,900
work for coin, a pole, which is 
the marketing of Bitcoin 

722
00:44:30,900 --> 00:44:32,800
products. 
Can you tell us a bit about 

723
00:44:32,800 --> 00:44:36,500
that? 
Yeah, sure, yeah, it's 

724
00:44:36,500 --> 00:44:39,200
interesting. 
It's, um, it's still an emerging

725
00:44:39,200 --> 00:44:42,600
market. 
So there's a lot of audience 

726
00:44:42,600 --> 00:44:47,400
Discovery to do and, and coming 
from a previously working in 

727
00:44:47,400 --> 00:44:52,900
London for an advertising 
company in very well trodden. 

728
00:44:53,700 --> 00:44:58,900
Areas of marketing, the contrast
is massive, you know, so it's 

729
00:44:58,900 --> 00:45:00,800
quite exciting. 
This is about finding where 

730
00:45:00,800 --> 00:45:04,400
people are who might be 
potential Bitcoin users and 

731
00:45:04,500 --> 00:45:09,000
reaching out to those who 
already are and you know, we've 

732
00:45:09,000 --> 00:45:12,900
come up against some hurdles as 
in, where is there to advertise 

733
00:45:12,900 --> 00:45:16,700
them in the Bitcoin Community 
still quite small and the number

734
00:45:16,700 --> 00:45:21,300
of places to actually put advert
suppan and yeah I mean it's it's

735
00:45:21,300 --> 00:45:23,000
exciting stuff for me as I'm 
walking. 

736
00:45:24,200 --> 00:45:28,200
So what are some of those core 
differences between advertising 

737
00:45:28,200 --> 00:45:30,000
in an area? 
That's I guess, 

738
00:45:30,000 --> 00:45:33,200
well-established, versus 
something on bitcoin. 

739
00:45:33,700 --> 00:45:38,200
I mean, you mentioned, I guess 
lack of outlets media Outlets, 

740
00:45:38,200 --> 00:45:44,100
but what else is there? 
Well, I guess one of the big 

741
00:45:44,100 --> 00:45:47,800
differences is that you're not 
fighting a million companies to 

742
00:45:48,000 --> 00:45:50,100
for visibility as well, which is
pretty nice. 

743
00:45:51,500 --> 00:45:56,500
So, you know, there's There's 
the potential to, you know get 

744
00:45:56,500 --> 00:46:01,100
seen by the people that matter 
very quickly and that's nice 

745
00:46:01,100 --> 00:46:06,500
too. 
Yeah I mean it's a lot of it is 

746
00:46:07,100 --> 00:46:11,200
I think social media marketing 
based because of the lack of 

747
00:46:12,100 --> 00:46:15,700
media outlets and you know I 
mean you must know with your 

748
00:46:15,700 --> 00:46:20,600
show your there's there's your 
podcast and a handful of other 

749
00:46:20,600 --> 00:46:26,100
podcasts that are sort of Lee 
facing and you know, it's kind 

750
00:46:26,100 --> 00:46:29,800
of like that across the board 
really in the different areas so

751
00:46:29,800 --> 00:46:34,300
that the sort of the less plate,
there's less places to be seen, 

752
00:46:35,600 --> 00:46:39,600
is a big challenge. 
Must also be to just figure out 

753
00:46:39,600 --> 00:46:44,100
how to communicate, you know, 
like how do you explain 

754
00:46:44,100 --> 00:46:47,400
something like locks because 
it's you know, it's noon. 

755
00:46:47,400 --> 00:46:51,300
Oh yeah absolutely. 
Yeah and we've you know, we've 

756
00:46:51,300 --> 00:46:56,100
had talks about how How to reach
out about our products in and 

757
00:46:56,100 --> 00:46:58,500
get people to kind of understand
what we're doing. 

758
00:46:58,500 --> 00:47:04,800
And yeah we're hoping to do a 
series of webinars so people can

759
00:47:05,000 --> 00:47:08,200
people are interested but they 
perhaps don't quite understand 

760
00:47:08,600 --> 00:47:13,000
you know how it works. 
Then we can we're hoping to have

761
00:47:13,000 --> 00:47:19,600
some one-to-one sessions with 
people and you know and get 

762
00:47:19,600 --> 00:47:24,200
people to kind of come along to 
a webinar and We can explain a 

763
00:47:24,200 --> 00:47:26,100
bit more. 
Yeah, that sounds great. 

764
00:47:26,100 --> 00:47:28,600
Although that being said, I 
think you guys actually have 

765
00:47:28,600 --> 00:47:31,600
done a really good job and I 
think it's really intuitive and 

766
00:47:31,600 --> 00:47:35,100
easy to use and you know, I 
didn't have a lot of 

767
00:47:35,200 --> 00:47:38,800
difficulties figuring out, you 
know, how to use the corner bolt

768
00:47:39,400 --> 00:47:41,600
wallet and then including the 
locks thing. 

769
00:47:41,600 --> 00:47:43,500
So I think I think you've done a
good job there. 

770
00:47:44,100 --> 00:47:46,200
Yeah, great, thank you. 
I mean we we did do a lot of 

771
00:47:46,200 --> 00:47:51,600
work before putting before going
to launch to get the product 

772
00:47:51,600 --> 00:47:55,000
being really simple to use. 
Use it, you know, and Visually 

773
00:47:55,100 --> 00:47:58,100
really easy to navigate through,
you know? 

774
00:47:58,100 --> 00:48:02,800
And and I definitely had some 
things to say about that coming 

775
00:48:02,800 --> 00:48:06,100
coming into the space as a non 
techie, you know, it was I think

776
00:48:06,100 --> 00:48:10,400
it's quite helpful to have that 
perspective on things and say 

777
00:48:10,800 --> 00:48:13,900
you know this needs to be and we
need really big clear buttons. 

778
00:48:14,200 --> 00:48:17,800
That was so one of my my 
favorite things and I go to 

779
00:48:17,800 --> 00:48:21,100
website and need to see big 
buttons but yeah I mean it's 

780
00:48:21,200 --> 00:48:24,100
it's all those things. 
You know, we didn't, we didn't 

781
00:48:24,100 --> 00:48:27,400
go to lunch until we were happy 
that our product was gonna, you 

782
00:48:27,400 --> 00:48:30,900
know, it was going to be usable 
for, for the general public 

783
00:48:31,500 --> 00:48:35,300
cool. 
Well, I think it was really cool

784
00:48:35,300 --> 00:48:38,700
talking about the coin up old 
stuff and I really urge people 

785
00:48:38,700 --> 00:48:41,500
to check it out. 
So quintuple.com, and I think it

786
00:48:41,500 --> 00:48:46,100
can be especially interesting, 
especially interesting if you 

787
00:48:46,100 --> 00:48:49,500
hold a lot of money in Bitcoin, 
know if you receive your salary 

788
00:48:49,500 --> 00:48:52,700
in Bitcoin, if you get paid in 
Bitcoin, if you sell things for 

789
00:48:52,700 --> 00:48:56,600
big, Coin then I think things 
like the locks been can be super

790
00:48:56,600 --> 00:49:00,600
relevant so you know, urge 
anyone to check it out and you 

791
00:49:00,600 --> 00:49:06,700
know, give it a try. 
So before we kind of wrap up, 

792
00:49:06,900 --> 00:49:12,500
let's you guys have mentioned a 
really exciting project and and 

793
00:49:12,500 --> 00:49:15,200
I am super excited to talk about
it, so it's called elected bit 

794
00:49:15,200 --> 00:49:17,500
drop. 
Can you give us a bit of 

795
00:49:17,500 --> 00:49:19,800
background on it? 
Yes. 

796
00:49:19,900 --> 00:49:22,200
Sweeping working on the bit drop
for over a year. 

797
00:49:22,200 --> 00:49:26,500
Now, the basic idea is that we 
are going to send every single 

798
00:49:26,500 --> 00:49:31,600
person in an island nation, some
Bitcoin all at once. 

799
00:49:32,100 --> 00:49:35,000
So when we're done there, Tens 
of thousands. 

800
00:49:35,000 --> 00:49:37,200
At the end of that day, there 
will be tens of thousands of new

801
00:49:37,200 --> 00:49:40,900
Bitcoin users and it will 
instantly become the largest 

802
00:49:40,900 --> 00:49:44,300
highest density population of 
bitcoiners in the world. 

803
00:49:45,700 --> 00:49:50,400
We are going to do this in Q4. 
We are hoping in the next week 

804
00:49:50,600 --> 00:49:53,800
or maybe two weeks to announce 
the the specific date and the 

805
00:49:53,800 --> 00:49:59,100
name of the islands. 
We are we're going to throw a 

806
00:49:59,107 --> 00:50:01,700
party at the same time on the 
islands, where we'll have 

807
00:50:01,800 --> 00:50:06,000
educational materials Bitcoin 
ATMs, we're talking to local 

808
00:50:06,000 --> 00:50:10,600
vendors, to get them, to come 
out, and sell drinks and snacks,

809
00:50:10,600 --> 00:50:14,800
and things like that. 
And we're just hoping that it'll

810
00:50:14,800 --> 00:50:17,800
be a big Smash. 
And that these people that are 

811
00:50:17,800 --> 00:50:23,800
mostly unbanked will find some 
use for it and what kind of what

812
00:50:23,800 --> 00:50:25,800
amount will be given to the 
people. 

813
00:50:26,900 --> 00:50:29,200
We are just starting to 
fundraise. 

814
00:50:29,300 --> 00:50:34,000
So really, it depends on how 
much the community is willing to

815
00:50:34,000 --> 00:50:36,800
send to us. 
If you go to let the beat 

816
00:50:36,800 --> 00:50:40,400
drop.com, there's a donation 
address. 

817
00:50:40,800 --> 00:50:43,900
And if you donate more than like
one Bitcoins then we'll enter 

818
00:50:43,900 --> 00:50:46,700
you into a raffle and you can 
actually win tickets to come 

819
00:50:46,700 --> 00:50:53,300
down and enjoy the party on our 
beautiful Caribbean islands that

820
00:50:54,900 --> 00:50:59,900
the because it's been so so long
in the making, we haven't really

821
00:51:00,000 --> 00:51:03,200
set a final budget yet, you 
know, we kind of figured that 

822
00:51:03,200 --> 00:51:06,300
whatever the community is 
willing to give will will 

823
00:51:06,300 --> 00:51:09,300
distribute that to the 
Islanders, with some some amount

824
00:51:09,300 --> 00:51:14,200
set aside for making the For the
educational materials for 

825
00:51:14,200 --> 00:51:17,400
getting that ATMs and all that 
stuff down there, and just kind 

826
00:51:17,400 --> 00:51:21,800
of operations for the party. 
I think one interesting scenario

827
00:51:21,800 --> 00:51:25,000
for should be right side, like 
you giving out this money to the

828
00:51:25,000 --> 00:51:29,300
Islanders. 
And let's say it ends up being, 

829
00:51:29,700 --> 00:51:31,800
you know, three dollars per 
person. 

830
00:51:33,600 --> 00:51:36,500
You know then the question is 
what's going to happen with 

831
00:51:36,500 --> 00:51:38,600
that, right? 
Is this, that mean people are 

832
00:51:38,600 --> 00:51:42,400
going to start using it. 
And then they have to use Use it

833
00:51:42,400 --> 00:51:45,900
as a sort of to give it a value 
for it actually to be using 

834
00:51:45,900 --> 00:51:48,600
transactions, you know, is that 
something you guys have thought 

835
00:51:48,600 --> 00:51:49,900
about? 
Whether you may have like 

836
00:51:49,900 --> 00:51:53,400
totally different exchange rate 
in that Locale? 

837
00:51:53,400 --> 00:51:57,600
And I guess that, I guess I 
would only happen unless you 

838
00:51:57,600 --> 00:52:01,600
have a liquid Market or if the 
local currency to bitcoin, 

839
00:52:02,300 --> 00:52:04,700
that's very fascinating, you're 
weird. 

840
00:52:05,200 --> 00:52:08,400
Just curious, I guess as to how 
people are going to use this. 

841
00:52:08,400 --> 00:52:11,500
You know, most of these people 
don't have any access to 

842
00:52:11,500 --> 00:52:14,900
financial services right now. 
So it may be so for and that it 

843
00:52:14,900 --> 00:52:19,200
takes a while to really spread 
the knowledge of how to use it 

844
00:52:19,200 --> 00:52:22,900
and what the potential is to 
spread amongst the people, but 

845
00:52:22,900 --> 00:52:25,900
we do think they're going to be 
a core of people who do get it. 

846
00:52:25,900 --> 00:52:28,700
Maybe some of the business 
owners that were reaching out 

847
00:52:28,700 --> 00:52:31,900
to. 
Now, we'll continue to support 

848
00:52:31,900 --> 00:52:34,200
it. 
You know, we're leaving ATMs on 

849
00:52:34,200 --> 00:52:37,200
the island so it will be A 
relatively liquid Market, it 

850
00:52:37,200 --> 00:52:40,700
can't trade too far outside of 
the global range or else. 

851
00:52:40,700 --> 00:52:46,700
The ATM operators will pull pull
the islands Market back towards 

852
00:52:47,100 --> 00:52:49,000
the kind of international 
standard. 

853
00:52:50,300 --> 00:52:53,500
But really, yeah, we don't, we 
don't know no one, I don't think

854
00:52:53,500 --> 00:52:56,500
anybody knows because there 
hasn't been there hadn't. 

855
00:52:56,500 --> 00:53:00,100
Been this kind of Outreach to 
the unbanked communities, yet, 

856
00:53:00,100 --> 00:53:03,400
with Bitcoin. 
And so far, we've what we've 

857
00:53:03,400 --> 00:53:06,900
seen with Bitcoin is technically
Savvy. 

858
00:53:06,900 --> 00:53:11,700
Wealthy people and how they use 
it and they may think, oh, do I 

859
00:53:11,700 --> 00:53:14,400
want to pay with Visa today, or 
do I want to pay with Bitcoin? 

860
00:53:15,100 --> 00:53:19,700
But that simply isn't isn't even
an option for for these people? 

861
00:53:19,900 --> 00:53:25,000
So we're just looking forward to
watching and observing and you 

862
00:53:25,600 --> 00:53:31,100
the drop is plan to happen this 
the end of towards the end of 

863
00:53:31,100 --> 00:53:34,400
this year, right? 
Or yes, in q 4 q for cool. 

864
00:53:34,600 --> 00:53:37,600
I mean, I think this would be 
super fascinating to see what 

865
00:53:37,600 --> 00:53:39,800
comes out of that. 
Like, I really, I can't wait. 

866
00:53:39,800 --> 00:53:42,100
I think it's like an amazing 
experiment. 

867
00:53:42,200 --> 00:53:44,900
I think that the MIT thing is a 
bit similar, right? 

868
00:53:44,900 --> 00:53:48,200
Of course, it's totally 
different audience. 

869
00:53:50,600 --> 00:53:55,000
So it's great that, you know, to
similar so kind of like Drop 

870
00:53:55,000 --> 00:53:58,200
projects are happening at a 
similar time. 

871
00:53:58,400 --> 00:54:01,800
Everyone is your targeting, some
of the best educated. 

872
00:54:03,000 --> 00:54:09,400
Well off, most technologically 
savvy intelligent people. 

873
00:54:09,400 --> 00:54:13,100
And then you have another 
project that targeting really 

874
00:54:13,100 --> 00:54:18,900
like, low-tech, poor and 
unbanked people the bassoon. 

875
00:54:19,000 --> 00:54:22,200
So cool to see, you know, how 
we're kind of different uses 

876
00:54:22,200 --> 00:54:27,200
will see you a Bitcoin. 
I'm excited to see what how this

877
00:54:27,200 --> 00:54:30,500
will be different from that in 
terms of because the government 

878
00:54:30,500 --> 00:54:34,200
have got behind it. 
The local governments, you know,

879
00:54:34,200 --> 00:54:38,300
whether the fact that they will 
be sending out educational 

880
00:54:38,900 --> 00:54:42,900
materials to the pop the people 
whether that will have an impact

881
00:54:42,900 --> 00:54:45,800
at you know the impact 
differently on how the public 

882
00:54:45,800 --> 00:54:49,300
kind of take to bitcoin. 
That for me is to come out a 

883
00:54:49,300 --> 00:54:51,800
fascinating thing to to wait and
watch. 

884
00:54:52,300 --> 00:54:55,300
Yeah, absolutely. 
Yeah, it's cool that you guys 

885
00:54:55,300 --> 00:54:57,800
managed to kind of get the 
government behind that. 

886
00:54:57,900 --> 00:55:01,200
That's I think of course that 
makes it easier. 

887
00:55:01,200 --> 00:55:03,500
Also the like the smaller the 
place it go right. 

888
00:55:03,500 --> 00:55:06,800
The more effusive I think you 
will have less of a kind of 

889
00:55:06,800 --> 00:55:10,100
influence of Banks and the 
paranoia that perhaps makes this

890
00:55:10,100 --> 00:55:12,200
difficult in other places. 
Absolutely. 

891
00:55:12,200 --> 00:55:14,900
And the government's been very 
very nice to us. 

892
00:55:16,100 --> 00:55:18,800
You know, I think in addition 
The smaller, the government's 

893
00:55:18,800 --> 00:55:22,400
and the smaller the place, the 
more open, they are to 

894
00:55:22,500 --> 00:55:24,200
Innovation and trying new 
things. 

895
00:55:24,600 --> 00:55:26,200
And that's kind of what we're 
seeing here. 

896
00:55:26,300 --> 00:55:31,200
You know, this is a relatively 
poor country and they are 

897
00:55:31,200 --> 00:55:35,800
willing to try new things, to 
improve the economic conditions 

898
00:55:35,800 --> 00:55:38,700
that they have. 
And and frankly, I think that 

899
00:55:38,700 --> 00:55:40,700
they're going to succeed. 
Cool. 

900
00:55:41,000 --> 00:55:44,200
Well, I'm super. 
So if people want to check this 

901
00:55:44,200 --> 00:55:48,900
out and if they want to 
participate, It what are the 

902
00:55:48,900 --> 00:55:51,500
best ways they can do that? 
At the moment? 

903
00:55:52,100 --> 00:55:54,400
We're still working out some of 
the finer details. 

904
00:55:54,400 --> 00:55:58,700
So the best way to participate 
is to go to let the bit drop.com

905
00:55:59,800 --> 00:56:03,600
you can there donate and watch 
for more details. 

906
00:56:03,600 --> 00:56:06,200
You can follow us on Twitter. 
Our Twitter handle is the bit 

907
00:56:06,200 --> 00:56:09,300
drop. 
And, as I mentioned earlier, in 

908
00:56:09,300 --> 00:56:12,600
the next couple of weeks will be
coming out with much more 

909
00:56:12,600 --> 00:56:16,200
details, about the Project's, 
the name of the islands, the 

910
00:56:16,200 --> 00:56:20,000
date, Hopefully some of our 
musical guests and things like 

911
00:56:20,000 --> 00:56:22,400
that, that are going to be 
attending the party. 

912
00:56:23,300 --> 00:56:26,900
So yeah, just follow us on 
Twitter, check out our website, 

913
00:56:26,900 --> 00:56:30,100
let the bit drop.com and we'll 
keep you up to date. 

914
00:56:30,200 --> 00:56:31,900
Cool. 
Well, thanks so much for joining

915
00:56:31,900 --> 00:56:35,800
us today guys. 
Perhaps before we wrap up, 

916
00:56:38,000 --> 00:56:40,900
Freya, do you want to talk a 
little bit about tell us a bit 

917
00:56:40,900 --> 00:56:43,300
more about the podcast you've 
been doing? 

918
00:56:44,600 --> 00:56:47,200
Yeah, I can't do so. 
Yeah, I've just been running a 

919
00:56:47,200 --> 00:56:52,900
podcast for about four months 
now and I was, I got into 

920
00:56:52,900 --> 00:56:57,800
Bitcoin listening to podcasts 
that we're coming out of the USA

921
00:56:58,300 --> 00:57:03,700
and and and they really got me 
fired fired up and excited about

922
00:57:03,700 --> 00:57:06,500
Bitcoin. 
And so, you know, I just I 

923
00:57:06,600 --> 00:57:10,200
thought perhaps would be good to
have different voices in the 

924
00:57:10,200 --> 00:57:11,700
mix. 
So yeah. 

925
00:57:11,700 --> 00:57:16,000
So I thought doing my podcast, 
which is a Bitcoin UK podcast 

926
00:57:16,000 --> 00:57:19,400
and would be a good idea to kind
of, yeah. 

927
00:57:19,400 --> 00:57:25,000
Just to expand, you know, the 
number of places where people 

928
00:57:25,000 --> 00:57:28,300
can go to get information and, 
and that, you know, focus on 

929
00:57:28,500 --> 00:57:30,000
what's happening in the UK as 
well. 

930
00:57:31,000 --> 00:57:33,100
It's a lot of good stuff going 
down, you know. 

931
00:57:33,107 --> 00:57:34,900
Absolutely. 
And I think those are very huge 

932
00:57:34,900 --> 00:57:38,700
podcast in Europe and And 
there's, you know, mean assembly

933
00:57:38,700 --> 00:57:41,400
both in Europe and this year's. 
I don't know if there are any 

934
00:57:41,400 --> 00:57:42,700
other. 
Well, notice there's some 

935
00:57:42,700 --> 00:57:44,500
Moore's. 
This one nostril and there's 

936
00:57:44,500 --> 00:57:48,400
another one in Germany. 
I know, at least but they say, 

937
00:57:48,400 --> 00:57:51,700
yeah, this definitely not as 
much as in u.s. 

938
00:57:51,700 --> 00:57:56,000
So I think it's great to see 
another European focused podcast

939
00:57:56,000 --> 00:57:58,100
as well. 
Absolutely. 

940
00:57:58,100 --> 00:58:00,300
And then there's room for even 
still. 

941
00:58:01,100 --> 00:58:04,200
Yeah, absolutely. 
Well, and thanks so much for 

942
00:58:04,200 --> 00:58:06,400
joining us today, guys. 
You know, we speak great to talk

943
00:58:06,400 --> 00:58:10,100
about the corner pole talk about
regulations, and let the beat 

944
00:58:10,100 --> 00:58:13,300
drop a project. 
So yeah, thanks so much for 

945
00:58:13,300 --> 00:58:16,100
joining. 
Thanks for having us, Brian. 

946
00:58:16,200 --> 00:58:19,100
Yeah, and of course, what's the 
thanks for listening to the 

947
00:58:19,100 --> 00:58:21,600
show. 
If you want to support us, you 

948
00:58:21,600 --> 00:58:24,300
can do so by donating and you 
can either the Epson a 

949
00:58:24,308 --> 00:58:28,600
Bitcoin.com tips. 
And also follow us on Twitter at

950
00:58:28,600 --> 00:58:29,700
Epsom Derby. 
He see. 

951
00:58:30,400 --> 00:58:33,400
And if you what's also very 
helpful, This leaving us in 

952
00:58:33,400 --> 00:58:37,800
iTunes for you so people that I 
can find the show and also let 

953
00:58:37,800 --> 00:58:39,800
us know what we do. 
You know what you like about the

954
00:58:39,808 --> 00:58:42,400
show and what we can do better. 
So thanks so much for listening 

955
00:58:42,400 --> 00:58:33,900
and we'll be back next week. 
This leaving us in iTunes for 

956
00:58:33,900 --> 00:58:38,200
you so people that I can find 
the show and also let us know 

957
00:58:38,200 --> 00:58:39,800
what we do. 
You know what you like about the

958
00:58:39,808 --> 00:58:42,400
show and what we can do better. 
So thanks so much for listening 

959
00:58:42,400 --> 00:58:43,500
and we'll be back next week.