Schedule a consultation with our team to learn how to secure your bitcoin, and use promo code KEYS for $100 off a bitcoin IRA: unchained.com/consultation?
@@CraigC55 It's possible, but it would undermine the decentralization of Bitcoin by as much as a 20:1 ratio. Decentralization was the primary reason for creating Bitcoin. Those addresses are known, and if a transaction occurs, everyone would see it. In my opinion, Satoshi Nakamoto is not just one person but a group known as cypherpunks, who were opposed to censorship and centralization. Therefore, I believe they simply deleted the keys to those Bitcoins, making them inaccessible to anyone.
@@CraigC55 Not really. What's the worst he could do? Dump it all? Highly unlikely but if he did, it would certain cause a temporary fall in price, but it wouldn't end bitcoin by any stretch. what's your concern that he owns the keys to this??
I’ve listened to thousands of hours of bitcoin content and never heard Parker speak. This was absolutely fascinating and I learned a ton of new things. Definitely gonna have to look more into unchained.
this was one of the best presentations I watched (the original not this Q&A). i dont necessarily agree with it but its a very clear well presented maxi perspective. indeed, with fiat, the fiat is manipulated to fit into the world. with bitcoin, the world is forced to fit into bitcoin.
I wonder if the US govt will find a way to move the Silk Road BTC onto the balance sheet. Or does it get sold to BlackRock in an OTC deal after the ETF is live ?
If lighting can settle a million transactions in one, does this reflect differently on chain? I.e., does lighting effectively scale Bitcoin to deliver more than the 7 tx/second? Is there a way to see this directly on chain or does the lighting settlement somehow settle less than the number of accounts involved? I could see running a tab at Starbucks and settling all 10 coffees at the end of the night, but it seems like you have many more transactions to settle if Starbucks tried to settle their days take everyday. Is it just one transaction against lighting and lightning settles how much each ‘account’ on their network still has?
Yes, lightning effectively scales bitcoin to deliver more than 7 tx/second. Opening a lightning channel and closing a lightning channel are on-chain transactions. In between those actions, the lightning channel can remain open as long as both parties want it to be, and can be used for any number of transactions. None of those lightning transactions are published on-chain.
Yes, lightning theoretically enables millions of transactions per second through a network of channels between lightning nodes, where each channel is opened with an on-chain transaction of a certain amount of “locked” Bitcoin. The parties to the channels can then transact indefinitely until the channel is closed, and all the lightning transactions are rolled up into a single on-chain transaction that rebalances the wallets involved according to the end state of the channel
I get that lightning is enabling many more transactions off chain. My root question is more so whether lightning can roll up transactions for more than one account in one bitcoin tx. If 100 customers open and close a lighting channel with Starbucks and Starbucks rolls it up each day, would there need to be 100 transactions to close out the 100 channels or is it one transaction where there are 100 inputs from individual customer accounts / tabs being closed going to one output to Starbucks and thus you could look at the bitcoin blockchain to see that the “one transaction” was actually made up of 100? Or is this unable to be untangled/distinguished from multiple accounts vs my own multiple UTXOs to compile a single larger transaction? In other words, is closing out 100 channels limited by Bitcoins 7tx/second limit?
The second layer does not physically speed up the base. The base has its same set of rules always. Layer 2 works sort of like a payment network where not all its transactions will immediately go to a block on base layer. Many will sit inside layer 2 channels until a tx requires it to go on-chain.
I’m confused on promoting a bitcoin Roth IRA if it holds its value why would I need to invest it into an account for someone else’s profit and not be able to spend it until the second half of my life. Maybe I’m naive 🤷🏻♂️
I understand your point. I personally am not currently interested in doing this but I can see a few reasons for it. 1) for those that currently have an IRA, they can gain exposure to bitcoin. 2) in a Roth IRA, the conversion to fiat (withdrawals) during retirement age will be tax free 3) many people have lots of money in IRA's and not nearly as much cash in the bank making it easier for them to invest into bitcoin using their IRA
The point that is most relevant is inside an Roth IRA when you trade, you don’t have to pay tax. So, for example, if you bought one bitcoin this time last year and you sold it right now you would’ve made like 250-300% on it. In your account or even in a regular IRA if you could do that, if you did that inside of a Roth IRA, you wouldn’t have to pay tax on it. You could be trading stocks, or whatever, same thing - that’s the Roth IRA no tax. The withdrawal is a different aspect of it. Even if you don’t withdraw you can grow your investment without paying tax along the way. It depends on your circumstances and investment goals of this may work for you but that’s appealing for crypto for some people. Hope this helps !
Listeners to this podcast could not hear the questions which were displayed silent. Its kind of a luxury to be sitting at the computer, most people are driving, walking, or doing some other task whilst listening. People just don't have that kind of time. Please no more silent videos.
Whats stopping someone else creating another ‘bitcoin’ program where only 20mil coins can be mined ? You can’t control creation of more alternative bitcoins…
It’s been tried a thousand times. Nothing is stopping it. But for your new bitcoin to be successful you have to get all of the miners to convert their machines over to the new bitcoin, which won’t ever happen because there’s zero incentive
Capital Gains Tax means you have to record and calculate capital gains for every single crypto transaction you make for life. If you make a single mistake, no matter how small, it throws out all subsequent calculations and you are in default to the tax authority and potentially subject to penalties, even criminal charges. This effectively means crypto is not usable at present, except for non-transaction based usages, such as long term store of value.
Only a genius crook could cash in on a unrealized gain ,¿ so when you fall asleep at the wheel you get your realized gain . And your the director and actor , producer in your dream , you always wake up in a drownding dream before you hit bottom.... mean while back at the ranch
Gold was the global reserve currency in the 19th century up until WW1, then after WW2 it backed the US dollar as world reserve currency until 1971, after which the USD was unpegged completely and all hell broke loose. The reason gold couldn’t sustain its role is because a credit system had to be built up around it to make up for its lack of portability in an age of instant information transmission. Bitcoin and lightning solve this problem by enabling instant payment and fast settlement thereby not requiring credit
we have an old boomer here, we dont expect him to understand, fiat and his country have given hima good life, "you get bitcoin at the price you deserve"
You sound like someone in the 1990s who thought the Internet would never really work or no one would really use the internet outside of email. Ask Blockbuster, Kodak, and countless other companies if the internet works. Many people also thought Amazon would only sell books and not worth investing in. Progress never stops.
Ok smartass, what exactly has he got wrong? A dilettante is someone who cultivates an area of interest without real commitment. There’s no way he could have delivered this presentation the way he did without a serious depth and breadth of commitment
Schedule a consultation with our team to learn how to secure your bitcoin, and use promo code KEYS for $100 off a bitcoin IRA: unchained.com/consultation?
Parker systematically breaks down each question into first principles and builds up a response from there. Truly a masterclass
Does it matter that Satoshi Nakamoto has the keys to 1 million Bitcoin? Is that not concerning?
@@CraigC55no
@@CraigC55 It's possible, but it would undermine the decentralization of Bitcoin by as much as a 20:1 ratio. Decentralization was the primary reason for creating Bitcoin. Those addresses are known, and if a transaction occurs, everyone would see it. In my opinion, Satoshi Nakamoto is not just one person but a group known as cypherpunks, who were opposed to censorship and centralization. Therefore, I believe they simply deleted the keys to those Bitcoins, making them inaccessible to anyone.
@@CraigC55 Not really. What's the worst he could do? Dump it all? Highly unlikely but if he did, it would certain cause a temporary fall in price, but it wouldn't end bitcoin by any stretch. what's your concern that he owns the keys to this??
I’ve listened to thousands of hours of bitcoin content and never heard Parker speak. This was absolutely fascinating and I learned a ton of new things. Definitely gonna have to look more into unchained.
Just watched the speech before the Q&A two days ago and now the Q&A is up! Nice!! Speech was great too!
This guy can't lose!
this was one of the best presentations I watched (the original not this Q&A). i dont necessarily agree with it but its a very clear well presented maxi perspective. indeed, with fiat, the fiat is manipulated to fit into the world. with bitcoin, the world is forced to fit into bitcoin.
Maxi perspective ?
@@markthelie666Bitcoin maximalist perspective i.e. belief in eventual hyperbitcoinisation of the world, which imo is a sound perspective
@@foxate oh okay that makes sense , yeah I agree with most of what he said also some stuff seems extreme but necessary based on our world today
It’s what is happening in slow motion
We are early
I wonder if the US govt will find a way to move the Silk Road BTC onto the balance sheet. Or does it get sold to BlackRock in an OTC deal after the ETF is live ?
Going all in. Parker Lewis can’t lose.
Refreshing. Keep stacking SATs
Great take on bitcoin👍
Are you saying Tether USDT isn't being printed out of Thin AIR and then being used to pump up BTC price ?? And this is supposed to be deflationary
Parker Lewis can't lose
If lighting can settle a million transactions in one, does this reflect differently on chain? I.e., does lighting effectively scale Bitcoin to deliver more than the 7 tx/second? Is there a way to see this directly on chain or does the lighting settlement somehow settle less than the number of accounts involved? I could see running a tab at Starbucks and settling all 10 coffees at the end of the night, but it seems like you have many more transactions to settle if Starbucks tried to settle their days take everyday. Is it just one transaction against lighting and lightning settles how much each ‘account’ on their network still has?
Yes, lightning effectively scales bitcoin to deliver more than 7 tx/second.
Opening a lightning channel and closing a lightning channel are on-chain transactions. In between those actions, the lightning channel can remain open as long as both parties want it to be, and can be used for any number of transactions. None of those lightning transactions are published on-chain.
Yes, lightning theoretically enables millions of transactions per second through a network of channels between lightning nodes, where each channel is opened with an on-chain transaction of a certain amount of “locked” Bitcoin. The parties to the channels can then transact indefinitely until the channel is closed, and all the lightning transactions are rolled up into a single on-chain transaction that rebalances the wallets involved according to the end state of the channel
I get that lightning is enabling many more transactions off chain. My root question is more so whether lightning can roll up transactions for more than one account in one bitcoin tx. If 100 customers open and close a lighting channel with Starbucks and Starbucks rolls it up each day, would there need to be 100 transactions to close out the 100 channels or is it one transaction where there are 100 inputs from individual customer accounts / tabs being closed going to one output to Starbucks and thus you could look at the bitcoin blockchain to see that the “one transaction” was actually made up of 100? Or is this unable to be untangled/distinguished from multiple accounts vs my own multiple UTXOs to compile a single larger transaction? In other words, is closing out 100 channels limited by Bitcoins 7tx/second limit?
The second layer does not physically speed up the base. The base has its same set of rules always. Layer 2 works sort of like a payment network where not all its transactions will immediately go to a block on base layer. Many will sit inside layer 2 channels until a tx requires it to go on-chain.
Awesome.Thank You.
volume too low... please re-upload.
This is great
Very good
I’m confused on promoting a bitcoin Roth IRA if it holds its value why would I need to invest it into an account for someone else’s profit and not be able to spend it until the second half of my life. Maybe I’m naive 🤷🏻♂️
I understand your point. I personally am not currently interested in doing this but I can see a few reasons for it. 1) for those that currently have an IRA, they can gain exposure to bitcoin. 2) in a Roth IRA, the conversion to fiat (withdrawals) during retirement age will be tax free 3) many people have lots of money in IRA's and not nearly as much cash in the bank making it easier for them to invest into bitcoin using their IRA
@@trevordorian7920 right, got it! yeah that makes a lot of sense. Thanks for responding.
The point that is most relevant is inside an Roth IRA when you trade, you don’t have to pay tax. So, for example, if you bought one bitcoin this time last year and you sold it right now you would’ve made like 250-300% on it. In your account or even in a regular IRA if you could do that, if you did that inside of a Roth IRA, you wouldn’t have to pay tax on it. You could be trading stocks, or whatever, same thing - that’s the Roth IRA no tax. The withdrawal is a different aspect of it. Even if you don’t withdraw you can grow your investment without paying tax along the way. It depends on your circumstances and investment goals of this may work for you but that’s appealing for crypto for some people. Hope this helps !
Zimbabwe has had eco cash digital currency for a long time but it is underpinned by Zim dollar!
What happens when everyone who owns Bitcoin decided to hold Bitcoin? No Bitcoin left to transact daily to purchase things.
It is a hedge.
Questions weren’t hard. Was there even an audience?
Listeners to this podcast could not hear the questions which were displayed silent. Its kind of a luxury to be sitting at the computer, most people are driving, walking, or doing some other task whilst listening. People just don't have that kind of time. Please no more silent videos.
The creatures of Jekyll Island had no plans to look after their own kind
A modern day bill gates of bitcoin
Whats stopping someone else creating another ‘bitcoin’ program where only 20mil coins can be mined ? You can’t control creation of more alternative bitcoins…
Nothing is stopping that. Nothing is stopping anyone starting the new google neither, but good luck with that. Look up network effect.
What is stopping someone from creating another iPhone? UA-cam? TikTok?
It’s been tried a thousand times. Nothing is stopping it.
But for your new bitcoin to be successful you have to get all of the miners to convert their machines over to the new bitcoin, which won’t ever happen because there’s zero incentive
Bitcoin has the first mover advantage.
Why isn’t there an Internet 2?
Why isn’t there a US dollar 2?
Like he knows what 8 billion people on this planet think give me a break
Capital Gains Tax means you have to record and calculate capital gains for every single crypto transaction you make for life. If you make a single mistake, no matter how small, it throws out all subsequent calculations and you are in default to the tax authority and potentially subject to penalties, even criminal charges. This effectively means crypto is not usable at present, except for non-transaction based usages, such as long term store of value.
I was just talking to a friend about this the other day. That's why we need privacy coins 😃
This is only if you sell. If you transact in bitcoin meaning moving from one wallet to another you’re not selling the asset subject to capital gains.
There are many software that calculate your taxes for crypto
Excellent point. I'll use fiat for Starbucks.
People should've picked prison over giving up their gold in 1930 same scenario will play again with Bitcoin
Dude does not get it that holding is adopting! And unrealized capital gains? What planet is he dreaming
Only a genius crook could cash in on a unrealized gain ,¿ so when you fall asleep at the wheel you get your realized gain . And your the director and actor , producer in your dream , you always wake up in a drownding dream before you hit bottom.... mean while back at the ranch
👍🏾👍🏾👍🏾👍🏾🙏🏽🙏🏽🙏🏽🙏🏽👍🏾👍🏾🙏🏽🙏🏽
Bitcoin will not be adopted as a global reserve currency esp if gold is not
Gold was the global reserve currency in the 19th century up until WW1, then after WW2 it backed the US dollar as world reserve currency until 1971, after which the USD was unpegged completely and all hell broke loose. The reason gold couldn’t sustain its role is because a credit system had to be built up around it to make up for its lack of portability in an age of instant information transmission. Bitcoin and lightning solve this problem by enabling instant payment and fast settlement thereby not requiring credit
Gold? Really? It had it's chance.....it failed!!
we have an old boomer here, we dont expect him to understand, fiat and his country have given hima good life, "you get bitcoin at the price you deserve"
@@nukkythompson419 exactly!!
This is all wishful thinking but nice 😊
You sound like someone in the 1990s who thought the Internet would never really work or no one would really use the internet outside of email. Ask Blockbuster, Kodak, and countless other companies if the internet works. Many people also thought Amazon would only sell books and not worth investing in. Progress never stops.
Yet another dilettante who thinks he knows Bitcoin but does not.
Let's hear you explain it better Einstein! This will be interesting!
Ok smartass, what exactly has he got wrong?
A dilettante is someone who cultivates an area of interest without real commitment. There’s no way he could have delivered this presentation the way he did without a serious depth and breadth of commitment
@@waynerichardson1051 BTC is not Bitcoin.
This guy explains it with the best of them.