E033: “Eurocrat Confusion”

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BTC Status Update as of 2/1/2017
Bitstamp $970
Okcoin ¥6811
Localbitcoins vol (7d) $17.5 mil
Network vol (24h) $156.3 mil
Difficulty est. +11.6%
Segwit 23%

Sources: PricesLocalBitcoinsBlockchain VolumeDifficulty, SegWit

Antifragility is a property of systems that increase in capability, resilience, or robustness as a result of stressors, shocks, volatility, noise, mistakes, faults, attacks, or failures. It is a concept developed by Professor Nassim Nicholas Taleb in his book, Antifragile and in technical papers. As Taleb explains in his book, antifragility is fundamentally different from the concepts of resiliency (i.e. the ability to recover from failure) and robustness (that is, the ability to resist failure). The concept has been applied in risk analysis, physics, molecular biology, transportation planning, engineering, Aerospace (NASA), and computer science.


Trending Topics BU accidental hard fork, USD, BTC price, segwit

Quick Monero Commentary 
BItcoin Unlimited Screwed Up

BU forked the bitcoin blockchain on the first day of their full release. It was hilarious but dangerous. I’m going to increase the pressure and tell people that they are risking the entire project if they support or use BU. When the public starts to realize BU is a shit solution, the miners won’t have a serious implementation to protest with. Miners signaling BU are dangerous. BU is dangerous. Don’t give this implementation your vote, you are creating a divide in the community that’s not really there.

Greg Maxwell on Reddit explaining what happened with the bugc specifically that BU didn’t include the coinbase transaction at part of the 1MB block, so they forked with a 1.000023 MB block. At least 13.2 btc lost by bitcoin.com pool.

Basel Institute, Interpol, Europol, and the European Commission

I go deeply into two sources about European stance on cash and bitcoin. The European Commission is studying the options to go to a cashless society. They consider declarations, complete or partial restrictions on cash. They mention bitcoin and show that they have no idea what bitcoin is, and why people use bitcoin. My overall impression was that these Eurocrats think that people love them and want to support everything they come up with.

The Basel Institute with Interpol and Europol had an internation conference in Doha, Qatar in January about digital currencies and how to fight them. I breakdown a couple points they stressed on their press release about it. They really hate coinjoin and tumblers, calling them out and saying “they should not be tolerated”. I go through all points on this report on the Patreon half of the show.

Ethereum Classic DAO “White Hat Coins”

The coins that the white hat hackers “rescued” from the DAO are about to become available from their DAO contract in a couple of weeks. I’m watching this closely for price implications.

Paxful’s Virtual Bitcoin Kiosk

Paxful is a newer rival to localbitcoins.com. They have about 15% of localbitcoins volume, but they are doing some great things. The Virtual Bitcoin Kiosk is a widget where visitors to your website can buy bitcoins directly. The owner of the website gets a 2% affiliate cut.

Wallets

I discuss hardware wallets and the pointless nature of adding altcoin support. I haven’t seen much innovation in the last year in hardware wallets other than that. I think Exodus.io is a better solution for your altcoins because they are available to be traded/swapped right from the desktop client.

Samourai has introduced a new transaction type, and now paymentcode.io where you can discover payment codes for people. These guys are so innovative, I can’t wait to see what they come up with next.


Patreon Companion Episode

Today is the first Patreon only episode. Here’s what I’ll cover there.

  • Segwit Talk from Phil Potter of Bitfinex about Satoshi Roundtable
  • ASICS manufacturing and connection with Bitcoin Unlimited
  • Ethereum Classic Technical Analysis
  • Points from the Basel Institute thing
    • “Unexplained wealth”, they aren’t looking for small fish, they are looking for income.
    • Startup ideas

Thanks for listening!!

Ansel Lindner Written by:

Ansel is a bitcoin specialist, economist, and podcast host.