Thank you, Peter. I'm a lowly btc miner (8 years) and node runner (5 years) in the US midwest. I have no one to talk to about this tech. Your pod means so much to me and my approach to btc. Again, thank you.
Curious how strong of an opinion did you allow yourself to have of him based on 15 second clips and what was your opinion then, if you don’t mind sharing?
WOW! Samson was an incredible interview, I’m more stoked than ever for Liquid btc to be a useful tool for exchanging services! Thank you so much for arranging this interview Peter ! 👍🏻✊🏻👊🏻🚀
Pete has been steadfast with his questioning around how far bitcoin can scale with sovereignty... over the last few months I've slowly shifted towards embracing liquid and aqua bcuz I'm realizing it's the best federation and easiest user experience right now... absolutely incredible interview guys! We can do it! Keep trudging!
Definitely. This conversation is relevant to that vision since fiat currencies backed by Bitcoin will likely require the use of things like side chains and chaumian mints etc to actually achieve in the backend
Peter and Samson often discount the risks of side chain bitcoin by saying it’s for spending money and you won’t put a lot there, because you own UTXOs. But these side chains have to have a more secure reputation for the people who won’t have the luxury of a UTXO, all of their money would be on the side chain or layer 2. To be clear, I’m optimistic on the security of these in the future. Like both said, the game theory is in the user’s favor
So many great topics discussed in one interview. Sampson is really spreading the bitcoin word in some high places which is great. So true that when BTC market cap is bigger than GLD the afterburners kick in on price appreciation. Thanks.
We could use stable coins as everyday currency, comparable to using dollars in daily transactions. However, it's crucial to ensure that the combined market capitalization of all stablecoins never surpasses that of Bitcoin. This regulation would maintain stability and prevent disruptions and manipulation in the value of the currency.
I'm curious, how do these solutions work if Visa starts to accept bitcoin? Is the intent to compete with Visa? Is it unlikely that Visa will even get involved in this?
Don't know about a million this year - seems like Hopium - but since last bull cycle was cut short, I could see this one being more like the 2017 bull run in terms of percentages. That would shatter the "diminishing returns" narrative. Bitcoin has a tendency to shatter narratives/patterns once we get too comfortable with them (eg. no new all time highs before the Halving - shattered; no going below the previous cycle's all time high - shattered; 4 year cycle - maybe shattered soon?; etc.)
This is a great idea. Most people will not want to learn about Bitcoin; they will want to use it. I will download AQUA and try it! I'm a BOOMER, but I like this techie stuff. Most are NOT going to understand or want to understand this.
How do we prevent Liquid and other similar services in the future to not issue more of their tokens than pegged via BTC? They would have the power to print money basically. And it WILL be used as always in history.
The most important part of the conversation was at the end (referring to block size). It feels like this segment of the conversation was rushed and no solution was proposed.
Temperature Check: Are we ready to accept that lightning was an either total trojan horse or failure? The elephant in the room of this entire conversation is how avoidable these scaling and security issues would be if the block size was incrementally increased as intended by Satoshi. The difference in tone from Samson on lightning is shocking.
but still, when bitcoin become fully adopted and it cost 50K just to transact in the base chain. everybody are forced to use liquid, which is not trustless. Samson said it's fine putting a small amount of money (1K) in liquid to do your day to day transactions. But what happens when it's fully adopted, and my whole live saving is just 200K sats? I can't put 200K sats as my main UTXO in the base chain because it's too expensive, and why would i put my life savings of 200K sats in liquid? liquid is not a trustless approach.
I should hold off until later in the segment when it’s inevitably answered, but are 1million sat utxo’s safe? That’s what I’ve got setup at the moment.
Bitcoin is the inverse of money devaluation. It's going for 60 Million in Argentina, it's going for 10 Million in Japan. 1 Million in the US is no biggie, countries have been there, done that.
I think he's right that there is a threshold when public sentiment completely flips and then people will rush to buy Bitcoin, Super FOMO. That's when Bitcoin price will really explode and it could happen this cycle
Maybe I'm wrong and maybe you guys out there can explain this to me but there's 19.6 million Bitcoin right now, if each Bitcoin were worth a million dollars, doesn't that mean there would be 19 trillion dollars invested into Bitcoin? Do people realize how unrealistic that is? Even at 100k, that's 1.9 trillion.
15 members are in COMPLETE control of the funds. Same way the Fed started... How does one apply to be one of the 15? With mining anyone can join and they CANNOT spend users funds.
This episode should be called "What Blockstream Did". The same guys who advocated against a bigger block size now have a commercial solution (which they can profit from) that... has a bigger block size! As a matter of fact, he even admits that a bigger block size allows for more transactions: @32:11
Of course bigger block size allows more transaction, zero people in the world deny that. It makes other trade offs though... I don't see anything controversial in having an opinion on the direction of bitcoin you would like to see and building in that direction. You're free to build your bigger block solutions and market will decide the winner 🤷🏼♂️
We got a bigger block size. It happened. The market rejected it. You can still buy and us et. And no shit would the block size increase allow for more information.
On hard forks... If you hold btc pre fork, you own it on both forks post split. If this happens do nothing. Wait. When a winner is clear then you can swap the loser for the winner and have more btc than pre split.
Yeah don’t mess with the parameters. Saylor’s analogy of the universal constants apply. God doesn’t change the speed of light or the gravitational constant for good reasons and because he knows better. Don’t mess with the fundamental building blocks of BTC…
There is no comparison between Blackrock and Michael Saylor. Blackrock's customers are buying the ETFs, and it is not Blackrocks' own money. When people say they are afraid of Blackrock its like saying you are afraid of an exchange like Coinbase or something. Makes 0 sense.
I'm a retail investor and I have no idea wtf they talking about.O ly thing I u derstood when Samson was asked to explain what Liquid is to his grandma "Its a faster bitcoin"
Can someone ELI5 utxo management? 9:51 "...small 50k sat utxo's which in high fee environments become unspendable..." My main wallet is made up of many small transfers from a cex. Is there something I can or should be doing now?
Yes. Google utxo consolidation. Unchained has good explanations, bitbox also, BTC sessions on youtube, take your pick. In short, even if you send to the same address, every transfer from your cex creates a separate utxo. If you have twenty 50k sats utxos, if you want to send all million of those sats somewhere, you will have to pay (very roughly) 20 times the fees compared to if they were all in one utxo. Consolidation is the act of putting them together in one utxo during low fee environments, so you don't have to pay for all 20 utxos when fees are high.
If you spend it you do not have to spend your energy to make what you buy. You convert it to energy when you spend it. Very equivalent to energy. If you lift an object you increase it's gravitational potential energy that physicists call actual energy. I think the reason you and Sampson disagree is because you are not engineers.
Poor old Peter Schiff. So close yet so far. BTC will slowly but surely start to surge as funds keep accumulating over time. And it will pass gold in market cap. I have looking forward to the price squeeze and it’s starting. *Bitcoin for money. Filecoin (FIL) for decentralised data. Both vital for humanity.
Thank you, Peter. I'm a lowly btc miner (8 years) and node runner (5 years) in the US midwest. I have no one to talk to about this tech. Your pod means so much to me and my approach to btc. Again, thank you.
You are hitting a number of Home Runs with all the interviews Peter. 😊
First time I've listen to Samson that wasn't a 15 minute clip. Totally changed my opinion on what he thinks. Great interview.
Very technically adept
Reminds me of Saylor. Tons of clips with no link to the original videos.
Curious how strong of an opinion did you allow yourself to have of him based on 15 second clips and what was your opinion then, if you don’t mind sharing?
I understood less than 1/2 of the technical stuff, but, Samson speaks with a very truthful, logical, and enthusiastic tone. Thank you for this.
Finally someone discussing the scalability reality of the Bitcoin blockchain. It really needs to be discussed more broadly and by more people
Well said
WOW! Samson was an incredible interview, I’m more stoked than ever for Liquid btc to be a useful tool for exchanging services! Thank you so much for arranging this interview Peter ! 👍🏻✊🏻👊🏻🚀
Pete has been steadfast with his questioning around how far bitcoin can scale with sovereignty... over the last few months I've slowly shifted towards embracing liquid and aqua bcuz I'm realizing it's the best federation and easiest user experience right now... absolutely incredible interview guys!
We can do it! Keep trudging!
Samson on another level.
Samsung mao is my favorite bullish bitcoiner
Damn, one of the best interviews I've heard thus far! Thanks guys 👍
Can we conceive of all of the currencies of the world being pegged to bitcoin rather than worry about using bitcoin on layer one to buy coffee?
Definitely. This conversation is relevant to that vision since fiat currencies backed by Bitcoin will likely require the use of things like side chains and chaumian mints etc to actually achieve in the backend
Peter and Samson often discount the risks of side chain bitcoin by saying it’s for spending money and you won’t put a lot there, because you own UTXOs. But these side chains have to have a more secure reputation for the people who won’t have the luxury of a UTXO, all of their money would be on the side chain or layer 2.
To be clear, I’m optimistic on the security of these in the future. Like both said, the game theory is in the user’s favor
They can also just use Etf stock to trade. It will work like notes for gold. No need to use block space then.
Would you trust a side chain run by Fidelity or Blackrock because they could easily spin up their own also.
Why so bearish
Reality
Samsung mao is my favorite bullish bitcoiner
Quit f---ng with the base protocol. Build second layer solutions like Liquid. Love this guest!
Great guest. I would love it if you could bring more technical people such as Samson.
Samson has been known to me for a while. He really needs to do more long form interviews like this one. What a great insight into BTC. Thanks.
Always an insightful look into the rabbit hole depths! Thanks 🙏
54:01 but HMRC apply an interest rate if you don’t pay, daily, compounded….
Great interview. Love the bullishness - for a change. The Bear was BRUTAL
samusng meow's 100 mill bitcoin call by yesterday was spot on, congrats!
"Eliminate waste and put any spare money into Bitcoin" would get my vote.
Bitcoin holder for 10 years. I still don't use lightening and am waiting until this gets easier.
So many great topics discussed in one interview. Sampson is really spreading the bitcoin word in some high places which is great. So true that when BTC market cap is bigger than GLD the afterburners kick in on price appreciation. Thanks.
Omega Candle coming! 💚
We could use stable coins as everyday currency, comparable to using dollars in daily transactions. However, it's crucial to ensure that the combined market capitalization of all stablecoins never surpasses that of Bitcoin. This regulation would maintain stability and prevent disruptions and manipulation in the value of the currency.
one of the best shows! make him a regular!
I'm curious, how do these solutions work if Visa starts to accept bitcoin? Is the intent to compete with Visa? Is it unlikely that Visa will even get involved in this?
Excellent conversation gentleman, thank you 👍👍👍
Samson is so excited when talking about this he is smiling like a kid in a candy shop
Wow, what a great interview, massive respect to all involved.
Will ETF demand remain constant this cycle or flatten out?
Here we go..some bullishness to make up for the 🥕
Samsung mao is my favorite bullish bitcoiner
Sounds like someone missed out
was the rational root not bullish?
What are u talking about, the carrot was ultra bullish
@@yvrytry5rcSamson
We'll be able to rebalance LN channels without closing them soon enough when we get LN Symmetry with a proposal that resembles something like LNHANCE.
Pete McCormack, UKBTC Party candidate and chairman 🎉❤🚀🙏
Don't know about a million this year - seems like Hopium - but since last bull cycle was cut short, I could see this one being more like the 2017 bull run in terms of percentages. That would shatter the "diminishing returns" narrative. Bitcoin has a tendency to shatter narratives/patterns once we get too comfortable with them (eg. no new all time highs before the Halving - shattered; no going below the previous cycle's all time high - shattered; 4 year cycle - maybe shattered soon?; etc.)
Awesome episode!!!
Very excited to learn more about liquid
(I almost didn’t click on the video because of the clickbaity title though)
Liquid is a great place to play during bull markets
Onchain is the place to rest during bear cycles
As the purchasing power a sat increases (deflation), the cost of a transaction will decrease. That's the way I see it.
All interview’s should start with “how would you explain that to your grandma?” 33:02
Can someone explain to me what they mean when they say UTXO?
Love Aqua. Helped my eighty year old Mom start an Aqua wallet today.
"I am more intrigued by Liquid" (Than Bitcoin) - Peter McCormack 15:13
This is a great idea. Most people will not want to learn about Bitcoin; they will want to use it. I will download AQUA and try it! I'm a BOOMER, but I like this techie stuff. Most are NOT going to understand or want to understand this.
How do we prevent Liquid and other similar services in the future to not issue more of their tokens than pegged via BTC? They would have the power to print money basically. And it WILL be used as always in history.
The most important part of the conversation was at the end (referring to block size). It feels like this segment of the conversation was rushed and no solution was proposed.
This is a great podcast
Great chat! Don’t know what they were talking about though.
Use speed lightening wallet. Super easy peasy
Temperature Check:
Are we ready to accept that lightning was an either total trojan horse or failure?
The elephant in the room of this entire conversation is how avoidable these scaling and security issues would be if the block size was incrementally increased as intended by Satoshi.
The difference in tone from Samson on lightning is shocking.
Big block shiller detected. Market will value your bigger blocks accordingly, you're free to fork off.
but still, when bitcoin become fully adopted and it cost 50K just to transact in the base chain. everybody are forced to use liquid, which is not trustless. Samson said it's fine putting a small amount of money (1K) in liquid to do your day to day transactions. But what happens when it's fully adopted, and my whole live saving is just 200K sats? I can't put 200K sats as my main UTXO in the base chain because it's too expensive, and why would i put my life savings of 200K sats in liquid? liquid is not a trustless approach.
Then market will build other solutions. Nobody is forced to use anything. You can spend your time and build stuff too. Will you?
I should hold off until later in the segment when it’s inevitably answered, but are 1million sat utxo’s safe? That’s what I’ve got setup at the moment.
"your own speculative attack on the fiat system" - made me chuckle
I'd respect Mow more if he didn't regulate who could respond to his Twitter posts.
Samson is great
Ooh… bang goes my evening
Just refactor for higher divisibility. No reason sats need to be the smallest unit.
Samson Mow 🦁, I miss the crypto friends....are you ever gonna get back together?
WE ARE SO EARLY !!!!
Love Aqua wallet but it really needs to display other currencies asap. Please :)
Very good. I like Samson
Bitcoin is the inverse of money devaluation. It's going for 60 Million in Argentina, it's going for 10 Million in Japan. 1 Million in the US is no biggie, countries have been there, done that.
Love Samson! 🚀
I think he's right that there is a threshold when public sentiment completely flips and then people will rush to buy Bitcoin, Super FOMO. That's when Bitcoin price will really explode and it could happen this cycle
6:03 Bitcoin Cash is the obvious alternative for clogged BTC blocks and high BTC fees.
LOL okay.
@@kaplada22 high fees aren't funny
Maybe I'm wrong and maybe you guys out there can explain this to me but there's 19.6 million Bitcoin right now, if each Bitcoin were worth a million dollars, doesn't that mean there would be 19 trillion dollars invested into Bitcoin? Do people realize how unrealistic that is? Even at 100k, that's 1.9 trillion.
It's ALREADY a a $million in Argentine pesos! We will ALL be millionaires if not yet, it's because we're currently basing value off monopoly money!
How does UTXO management work on ledger? I have a cold card and a ledger. The cold card shows me my UTXO. I can't see my UTXOs on ledger..?
Ledger is just the device, it's the wallet software that can give you such features. Sparrow seems to be the most recommended one.
Samson makes my expectations sound bearish 😂
best show!
15 members are in COMPLETE control of the funds. Same way the Fed started...
How does one apply to be one of the 15?
With mining anyone can join and they CANNOT spend users funds.
WTF is an "Omega Candle"?
Samson is the best 😎💥
This episode should be called "What Blockstream Did". The same guys who advocated against a bigger block size now have a commercial solution (which they can profit from) that... has a bigger block size!
As a matter of fact, he even admits that a bigger block size allows for more transactions: @32:11
Of course bigger block size allows more transaction, zero people in the world deny that. It makes other trade offs though... I don't see anything controversial in having an opinion on the direction of bitcoin you would like to see and building in that direction. You're free to build your bigger block solutions and market will decide the winner 🤷🏼♂️
We got a bigger block size. It happened. The market rejected it. You can still buy and us et. And no shit would the block size increase allow for more information.
why use liquid when there are so many similar (and better) options in the crypto world?
Thx
On hard forks... If you hold btc pre fork, you own it on both forks post split.
If this happens do nothing. Wait.
When a winner is clear then you can swap the loser for the winner and have more btc than pre split.
I didn't wait, sold immediately for the real thing 🙂
Not sure why the banking system in UK makes a person wait 2 days to get the money with debit cards. in Asia it happens instantly.
Yeah don’t mess with the parameters. Saylor’s analogy of the universal constants apply. God doesn’t change the speed of light or the gravitational constant for good reasons and because he knows better. Don’t mess with the fundamental building blocks of BTC…
I want to know what he says to the person that directly calls him. 53:59
I was one of the few who gave Peter dirty Euros for my Bedford hat.. coins and all 😂
Thank you for your dirty Euros
Why not just use LTC?
There is no comparison between Blackrock and Michael Saylor. Blackrock's customers are buying the ETFs, and it is not Blackrocks' own money. When people say they are afraid of Blackrock its like saying you are afraid of an exchange like Coinbase or something. Makes 0 sense.
You need to have Fred Krueger on to discuss the ETFs!
guy is a grifter
One million within a decade
What's the point of worrying about paying for coffee with btc when it's not even legal. Shops can't accept commodities as payment...
Liquid sounds good just need to realize that it's not Bitcoin and requires trust.
I'm a retail investor and I have no idea wtf they talking about.O ly thing I u derstood when Samson was asked to explain what Liquid is to his grandma "Its a faster bitcoin"
I wish I could bet a 100k against 1m, it would be a nice hedge.
Vote up this UA-cam comment to convince Pete to run for Bedford Maire then UK PM
I believe Saylor is for no changes to Bitcoin. Guess we will see.
No heros in bitcoin
I’ll run for Education Minister and roll out a kids’ economics, finance ,and bitcoin syllabus in all schools
Can someone ELI5 utxo management?
9:51 "...small 50k sat utxo's which in high fee environments become unspendable..."
My main wallet is made up of many small transfers from a cex. Is there something I can or should be doing now?
Yes. Google utxo consolidation. Unchained has good explanations, bitbox also, BTC sessions on youtube, take your pick. In short, even if you send to the same address, every transfer from your cex creates a separate utxo. If you have twenty 50k sats utxos, if you want to send all million of those sats somewhere, you will have to pay (very roughly) 20 times the fees compared to if they were all in one utxo. Consolidation is the act of putting them together in one utxo during low fee environments, so you don't have to pay for all 20 utxos when fees are high.
Sorry but you should know this already. Apparently
Community note: always skip the introduction
THIS WILL BE SO HUGE AND OPPS MISSED IN 5 YEARS
Fees are high. This is good. I like high fees.
If you spend it you do not have to spend your energy to make what you buy. You convert it to energy when you spend it. Very equivalent to energy. If you lift an object you increase it's gravitational potential energy that physicists call actual energy. I think the reason you and Sampson disagree is because you are not engineers.
Poor old Peter Schiff. So close yet so far. BTC will slowly but surely start to surge as funds keep accumulating over time. And it will pass gold in market cap. I have looking forward to the price squeeze and it’s starting.
*Bitcoin for money. Filecoin (FIL) for decentralised data. Both vital for humanity.
The day bitcoin flips gold is the sell signal
Why? Bitcoin deflates continously, gold inflates. Elaborate please.
I was on a promise. But then this!
2 cent fee, x10 20 cent fee is not good enough for coffee