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Speaker 1: The Coin Bureau Podcast is a production of I Heart Radio.

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Speaker 1: When you think of the resources that someone like the

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Speaker 1: US has to throw out these things, you know, the

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Speaker 1: National Security Agency, the n s A will have all

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Speaker 1: sorts of funky computers and very clever people and all

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Speaker 1: this sort of stuff and still hasn't been able to

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Speaker 1: crack Manero. Welcome everyone to the Coin euro podcast. My

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Speaker 1: name is Guy and this is my dear friend, Mad

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Speaker 1: Mike Mooch. Here we are again, Mad Mike. Today we

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Speaker 1: are going to talk about the rise of the old coins,

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Speaker 1: um so the yeah, the rise of the old coins.

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Speaker 1: Because we finished with Bitcoin in the last episode, we

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Speaker 1: sort of brought it up to date and I was

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Speaker 1: going to move on and talk about the E word,

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Speaker 1: the talk about ethereum. But then when I thought about it,

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Speaker 1: I thought, actually, there's a lot more to cover before

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Speaker 1: get there. Because the situation now is that Ethereum is

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Speaker 1: the number one alt coin, and as you remember, an

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Speaker 1: old coin is basically any cryptocurrency that's not a bit

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Speaker 1: coin exactly. So Ethereum now is the big daddy of

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Speaker 1: the old coins, but it wasn't always so, so I

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Speaker 1: thought it would be really interesting to cover the alt

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Speaker 1: coins that came sort of between Bitcoin and Ethereum, So

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Speaker 1: this will take us up to well, Ethereum came out

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Speaker 1: Ethereum was launched in although the idea had been knocking

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Speaker 1: around for a little a couple of years before that,

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Speaker 1: but I thought we'd sort of get up to Ethereum's

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Speaker 1: debut on the scene in two thousands and fifteen, so

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Speaker 1: sort of prior to that. So let's start with two

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Speaker 1: of the first coins to come on the scene. So

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Speaker 1: today I should say there are thousands of cryptocurrencies and

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Speaker 1: their number just keep on growing, and we'll get into

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Speaker 1: the reason why there are so many thousands later because

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Speaker 1: this will sort of nicely sort of tie off the episode.

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Speaker 1: But it's safe to say that there are thousands upon

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Speaker 1: thousands upon thousands of them now, and many of them

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Speaker 1: are completely useless, and yeah, there are a lot of

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Speaker 1: them are a bit of a joke, really, and it

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Speaker 1: does kind of give crypto a bad name because there

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Speaker 1: are in a way with with a lot of people

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Speaker 1: because there are so many just silly coins and tokens

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Speaker 1: out there, so it can be kind of hard to

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Speaker 1: believe that for a couple of years after the appearance

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Speaker 1: of bitcoin, in two thousand and nine that it was

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Speaker 1: really the only cryptocurrency going. There was no competition, there

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Speaker 1: was no alternative. But this changed in April eleven with

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Speaker 1: the release of name coin. Name coin. Yeah, now how

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Speaker 1: did they name that? Did? Name coin is name coins fillabell.

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Speaker 1: Name coin does still exist. It's a kind of shadow

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Speaker 1: of its former self. We'll get we'll get to the

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Speaker 1: wise of that in a minute. But yes, so name

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Speaker 1: coin is a walk of Bitcoin. So what that means

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Speaker 1: is it uses Bitcoin's original source code, which is obviously

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Speaker 1: open source, so anyone can see it and copy it

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Speaker 1: if they so desire, But it makes some changes to

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Speaker 1: that source code in order to be a different product,

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Speaker 1: because there's no point making a nug exactly the same thing, yeah,

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Speaker 1: identical bitcoin, because no one would bother with it. So

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Speaker 1: it obviously because of this, it has similarities to Bitcoin.

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Speaker 1: So it uses the same proof of work mechanism, and

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Speaker 1: it has the same hashing algorithm, which, as you might remember,

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Speaker 1: is SHA to five six, the arguably the best hashing

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Speaker 1: algorithm out there, and it also has a twenty one

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Speaker 1: million coin limit. So a lot of similarities. But name

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Speaker 1: coin was built with a completely different purpose in mind.

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Speaker 1: It was built as a decentralized domain name service or

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Speaker 1: d n S. Do you are you familiar with d NS?

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Speaker 1: Is how they are, what they do? So it's it's

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Speaker 1: his website, um, so that you can do DOS attack

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Speaker 1: DNS attack. Yeah, So well basically the answer is no,

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Speaker 1: I'm not I've heard it before years in a sentence,

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Speaker 1: but I have no idea what it is. Okay, it's

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Speaker 1: good domain name server? Is that domain name service? Did

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Speaker 1: you say that already? Yes? You don't get any points

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Speaker 1: for that basic listening and remembering. This is episode ten.

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Speaker 1: I'm not just gonna oh, yes, a domain name service? Yes,

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Speaker 1: like you said two seconds ago. Yeah, what's the deal

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Speaker 1: with the DNS? Okay, So when you're trying to visit

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Speaker 1: a website, what you're actually looking for is it's IP address,

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Speaker 1: And the IP address is basically a fairly long string

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Speaker 1: of numbers, and no one can remember a long string

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Speaker 1: of numbers. So what you need is a memorable word

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Speaker 1: in order to in order to access the site. So

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Speaker 1: a DNS acts like a bit like a contact list

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Speaker 1: on your phone. So I've got your number saved as

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Speaker 1: mad Mike, but I can't remember, you know, I can

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Speaker 1: remember oh seven, but I can't remember any any other,

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Speaker 1: any other bit of it, so I save it under

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Speaker 1: mad Mike. Now, this is similar to what a d

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Speaker 1: n S does. It kind of acts as an address

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Speaker 1: book if if you like, so you type in the

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Speaker 1: name you can remember. So let's say coin Bureau dot com,

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Speaker 1: and the DNS server basically finds the IP address of

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Speaker 1: that site and fetches the data for you, basically links

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Speaker 1: you to the site. So it makes life a heck

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Speaker 1: of a lot easier, okay, rather than having to go

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Speaker 1: all right, I need to go to Google one zero

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Speaker 1: zero three. So that's what a d n S does.

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Speaker 1: So a bit like yeah, a bit like saving a

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Speaker 1: person's phone number under their name. But because d n

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Speaker 1: s is are quite centralized, it makes censorship very easy.

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Speaker 1: So governments can fall Internet service providers. Now that's that's

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Speaker 1: basically the people who connect you up, so that would

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Speaker 1: be you know, like your BT or your Verizon if

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Speaker 1: you're in the US. They can they can force internet

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Speaker 1: service providers to restrict access to d n S sentries,

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Speaker 1: and that is basically how the Great Firewall of China works.

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Speaker 1: So how yeah, the Chinese government is able to restrict

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Speaker 1: its citizens access to the Internet by targeting d n

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Speaker 1: s's domain name services. So the idea behind name coin

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Speaker 1: was to provide an unsensorible domain name service and you

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Speaker 1: could register the IP address of your website on the

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Speaker 1: name coin blockchain. And as we know from talking about

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Speaker 1: blockchains for a couple of episodes recently, block they are

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Speaker 1: super secure, they can't be hacked, and they can't be

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Speaker 1: altered retrospectively. So if you save your if you register

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Speaker 1: the IP address of your website on name coin blockchain,

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Speaker 1: there's no there's no messing with it. It's there. So

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Speaker 1: name coin enabled people to basically build websites that couldn't

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Speaker 1: be censored because there was no centralized authority to go

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Speaker 1: back and or to go and restrict people's access to it.

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Speaker 1: And it also later began to offer a service for

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Speaker 1: registering those websites too. So let's talk about registering briefly.

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Speaker 1: Say you wanted to start your own website. Let's say

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Speaker 1: mad Mike mooch. Yeah, I think that would be quite good,

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Speaker 1: lots of nice alliteration. You need to buy your domain name. Now,

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Speaker 1: a domain name is basically your dot com or your

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Speaker 1: dot org. You'd need to buy that from a registrar.

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Speaker 1: This is another sort of centralized company. I find this

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Speaker 1: really interesting because this is one of those This is

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Speaker 1: one of those sorts of facets of modern life that

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Speaker 1: no one ought, not no one. But it's quite easy

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Speaker 1: to sort of take for granted. We just go, oh,

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Speaker 1: all right, that's a dot com website, without thinking where

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Speaker 1: that Who's making all these dot com Yeah? Who decides?

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Speaker 1: Who decides what gets dot com and dot organ Who

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Speaker 1: controls all this? Because there's got to be some sort

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Speaker 1: of entity behind it after all. And as I recall,

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Speaker 1: dot com is currently run by a company called very

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Speaker 1: Sign very Sign Yeah V E R I S I

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Speaker 1: g N, which, again, for me, is one of those

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Speaker 1: companies that probably is plays a very important role in

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Speaker 1: our lives, but we don't really know all that much

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Speaker 1: about it. I don't think many people would have heard

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Speaker 1: of it. I certainly hadn't heard of it until I

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Speaker 1: looked it up. So these registrars, like very Sign, they

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Speaker 1: are centralized entities themselves, and they are also all overseen

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Speaker 1: by the catch lely titled Internet Corporation for Assigned Names

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Speaker 1: and Numbers, which is shortened shortened to the acronym I

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Speaker 1: can with two ends, so you have the same problem

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Speaker 1: that you have with centralized d n s s. I

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Speaker 1: can can shut down websites using any of the domain

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Speaker 1: names it controls, which is basically most of them. So

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Speaker 1: if the powers that be, if I can decided that

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Speaker 1: it wasn't all that keen on Mad Mike mooch dot com,

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Speaker 1: or the government came knocking and said you can't the

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Speaker 1: world isn't ready for Mad Mike mouch dot you shut

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Speaker 1: it down. They could come along and that would be it.

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Speaker 1: That would be it for you for your website. Certainly.

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Speaker 1: So with name coin, users were able to register their

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Speaker 1: websites under the dot bit domain, so you could set

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Speaker 1: up Mad Mike mooch dot bit, put all of your

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Speaker 1: nonsense up on it, and it would still be It

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Speaker 1: would be untake downable, unsensible. Yeah, no one would be

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Speaker 1: able to mess with it, which is a pretty terrifying thought.

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Speaker 1: So you'd pay for the service using the nmc coin,

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Speaker 1: which obviously the native coin of the name coin blockchain,

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Speaker 1: the same way that the BTC coin is the native

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Speaker 1: coin of the Bitcoin blockchain, and so on. So that

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Speaker 1: was how name coin worked. I think it's quite a

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Speaker 1: good idea. It certainly had it certainly had a use

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Speaker 1: case name. I see, No, I suppose it's not, because

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Speaker 1: you're giving the name of the U r L. Yeah,

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Speaker 1: I get it. It all makes sense now that I

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Speaker 1: feel stupid for mocking them earlier. Well they've had their revenge,

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Speaker 1: or have they? So it was a good idea, but

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Speaker 1: it didn't catch on, and there was a kind of

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Speaker 1: yeah because nowhere because it's not many people have heard

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Speaker 1: of it, and you had a bit of a vicious

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Speaker 1: circle going on because you had to be running the

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Speaker 1: name coin software to visit a dot bit site. So yeah,

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Speaker 1: that kind of is quite prohibitive. Yeah, this two. In

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Speaker 1: order to run that software, you need it needs quite

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Speaker 1: a lot of setting up, and you needed a bit

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Speaker 1: of technical know how, which obviously not most people have.

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Speaker 1: So not many people registered their sites under the dot

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Speaker 1: bit domain because they didn't think that many people would

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Speaker 1: bother to use name coin. So I guess, yeah, a

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Speaker 1: kind of chicken and egg, Yeah exactly, so people. Yeah,

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Speaker 1: people didn't use it because people were weren't using it.

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Speaker 1: So and this brings us back. Do you remember when

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Speaker 1: we talked about the cipher punks and this whole idea

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Speaker 1: of privacy and how they were obviously obsessed with it,

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Speaker 1: and it was it was a really fundamental fundamental I

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Speaker 1: think Hill are on there. Yeah, yeah, this comes back

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Speaker 1: to I think we touched on this when we when

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Speaker 1: we talked about them, because not everyone cares all that

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Speaker 1: much about privacy. No, I think more people do now

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Speaker 1: than they did in two thousand and eleven, that's for sure. Yeah,

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Speaker 1: Like I think, you know, it's come to light a

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Speaker 1: bit more um with with you know, how powerful data

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Speaker 1: can be an information on you. But I think I

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Speaker 1: think back then we're a bit more blase about it.

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Speaker 1: I think so, I don't think the world had had

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Speaker 1: woken up so much to what people like Facebook and

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Speaker 1: that and that bunch we're up to this idea that

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Speaker 1: everything that we put on the Internet was not only

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Speaker 1: there forever, but was owned basically by these other companies,

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Speaker 1: by these big entities that we're selling it on and

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Speaker 1: basically monetizing our data. So yeah, I think back then,

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Speaker 1: and as you say, people are a lot more aware

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Speaker 1: of it now because of all the scandals, because of

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Speaker 1: all the awareness, and also because of the growth of crypto.

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Speaker 1: I think that's been a big that's been a big

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Speaker 1: factor in it. But yes, back then, yeah, not enough

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Speaker 1: people cared about privacy, even though it's a longstanding issue

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Speaker 1: in crypto and blockchain, which was I think again one

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Speaker 1: of the failings of name coin. Not enough people were

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Speaker 1: sort of prepared to make the effort to build and

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Speaker 1: also use unsensible websites. And I mean there is a

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Speaker 1: debate to be had had here because is all website

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Speaker 1: censorship bad because we like, we like the idea of

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Speaker 1: of not being able to censor the likes of wiki leaks,

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Speaker 1: for example, or news sites. But I mean, I think

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Speaker 1: we can agree that there are certain websites out there

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Speaker 1: that probably should be censored. I mean I'm thinking more

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Speaker 1: sort of you know, the kind of darker end of

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Speaker 1: the spectrum that yeah, yeah, we weren't we weren't touching it.

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Speaker 1: But yeah, yeah, yeah, So I think there is there

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Speaker 1: is a debate to be had around that, and it

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Speaker 1: is it is something what what if someone was able

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Speaker 1: to put up a website that really is better off

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Speaker 1: not being viewable by anyone? So it's an interesting it's

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Speaker 1: an interesting point. But yeah, name coin itself actually still exists,

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Speaker 1: but it's virtually no market cap and very little exchange support,

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Speaker 1: So if you wanted to buy some n m C,

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Speaker 1: you'd be hard pressed to find an exchange to buy something. Yeah,

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Speaker 1: and it wouldn't be really worth your while because there

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Speaker 1: wouldn't be very many people willing to set it off

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Speaker 1: your hands. Um, and that exchanges that an adopt bit.

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Speaker 1: I don't think it is, actually no, I'll have to

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Speaker 1: check that. One of the interesting things I saw about

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Speaker 1: the whole name coin thing was that like a tiny

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Speaker 1: number of people actually bothered to create dot bit websites,

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Speaker 1: and I think quite a lot of the ones that

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Speaker 1: were actually created were people basically cyber squatting on the

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Speaker 1: dot bit domain. So there was like Nike dot bit. Yeah.

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Speaker 1: I think people were coming up with Facebook dot bit

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Speaker 1: or whatever hoping that it would catch on and Facebook

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Speaker 1: would be forced to stump up x million dollars in

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Speaker 1: order to buy the domain from them, which is I mean,

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Speaker 1: it's a clever idea, isn't it. But it was it

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Speaker 1: didn't help the name coin cause because no one was

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Speaker 1: actually using it, they were just sort of parking these

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Speaker 1: these r l s, yeah, basically empty empty u r

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Speaker 1: l's just sitting there. So that has sort of contributed

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Speaker 1: to its demise as well. And remember in the last

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Speaker 1: episode we talked about some of the crypto terms and jargon. Well,

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Speaker 1: I think this is a good example of yeah, wrecked

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Speaker 1: and also n g M I not going to make it. Yeah,

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Speaker 1: I think in the long term, name coin not going

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Speaker 1: to make it, even though it is still going, still going,

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Speaker 1: which is more than could be said for some of

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Speaker 1: the other old coins. But actually today that the old

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Speaker 1: coins that I want to kind of focus on are

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Speaker 1: more of the ones that have actually made it, that

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Speaker 1: are still around, because they're generally tend to be more

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Speaker 1: that didn't and I think it's quite instructive to see

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Speaker 1: which one survived and which and why especially. But the

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Speaker 1: next one that we're going to look at also came

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Speaker 1: in eleven, a little later on in the year, and

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Speaker 1: this is one that is still going strong. And this

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Speaker 1: one is light coin. Yes. Now, light Coin again is

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Speaker 1: a fork of Bitcoin, and it has a lot of

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Speaker 1: similarities to it. Again, it uses proof of work, but

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Speaker 1: there are a few key differences. So the first thing

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Speaker 1: to note about light coin is that it too has

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Speaker 1: a limited supply, but instead of twenty one million like

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Speaker 1: Bitcoin has, light coins supply is capped at eighty four million,

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Speaker 1: exactly four times bitcoins. And light coin also uses a

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Speaker 1: different hashing algorithm, uses one called script spelled with a

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Speaker 1: y instead of an eye instead of good old shar

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Speaker 1: to five six, and it was light Coin was designed

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Speaker 1: to be easier to mine than Bitcoin. By this point

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Speaker 1: when light coin appeared, Bitcoin was being mined using GPUs

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Speaker 1: by that point, thanks so good old laslow han y x.

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Speaker 1: And light coin produces blocks more regularly every two and

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Speaker 1: a half minutes, which makes it four times faster than Bitcoin,

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Speaker 1: which only produces blocks every ten minutes. So quicker transactions.

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Speaker 1: Quicker transactions, yeah, and hence the name so bitcoin a

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Speaker 1: light Coin was designed to be a kind of lighter

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Speaker 1: version of Bitcoin and therefore faster and easier to use.

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Speaker 1: And it was designed and built by a chap called

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Speaker 1: Charlie Lee, who was an engineer at Google, and he

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Speaker 1: was one of the guys who worked on building Google Chrome,

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Speaker 1: the operating system. So he's got some he's got some

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Speaker 1: pretty good pedicals and credentials exactly, and he also went

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Speaker 1: on to work for coin base, so he's he's a

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Speaker 1: fairly well known figure in the crypto community. And he

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Speaker 1: basically designed light coin to be that. They often used

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Speaker 1: quote that you'll hear about light coin is the silver

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Speaker 1: to Bitcoin's gold, and if you sort of transplant that

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Speaker 1: into a kind of regular currency terms, perhaps you know,

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Speaker 1: just a little bit easier, smaller, smaller bits, easier to use.

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Speaker 1: And it's was launched in a similarly kind of fair

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Speaker 1: way that Bitcoin was, so there was no pre mind,

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Speaker 1: no allocation of tokens or coins or anything like that,

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Speaker 1: which is a thing that happens basically all a bit

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Speaker 1: more honest. Yeah, what happens nowadays with virtually any crypto

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Speaker 1: project that appears on the scene, whether it's a coin

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Speaker 1: on its own blockchain or it's a token that's hosted

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Speaker 1: on another blockchain, you'll have this thing most of the

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Speaker 1: time called a pre mind, which is where that a

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Speaker 1: certain number of coins are created at the very start.

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Speaker 1: Quite often you will be able to actually then mind

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Speaker 1: them later on, but there'll there'll be this pre mind,

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Speaker 1: so lots suddenly appear pretty much out of nowhere, and

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Speaker 1: they are then allocated to various entities. So maybe that well,

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Speaker 1: quite often the founders, the team, various new investors, this

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Speaker 1: sort of thing. And this this is a pretty controversial

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Speaker 1: thing in crypto. A lot of bitcoiners will say that this,

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Speaker 1: this is beyond the pale, because yeah, it's it's as

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Speaker 1: you say, it's kind of not fair. And the great

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Speaker 1: thing about bitcoin and also like coin as well, the

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Speaker 1: code was put out there by Satoshi and by Charlie

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Speaker 1: Lee and like coin's case, and it was a case

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Speaker 1: of right, here's the coat, have a look, here's how

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Speaker 1: you mine it. Yeah, off you go, which is which

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Speaker 1: is a lot more fair, and it means that it

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Speaker 1: means that sort of big venture capitalists or big entities

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Speaker 1: can't just come along hoover up a whole load of

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Speaker 1: coins at the start and sort of squint the pitch

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Speaker 1: for everyone else if he likes. So this was this

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Speaker 1: was another similarity that like coin had with Bitcoin. It

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Speaker 1: was a fair launch we call it. It was just

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Speaker 1: put out into the world and then people got on

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Speaker 1: with it. Now, Charlie Lee himself, he controversially sold almost

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Speaker 1: all his coins. He he started mining with everyone else,

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Speaker 1: and obviously because he was first to know about it,

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Speaker 1: he was able to mine a fair few, which is

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Speaker 1: I think only only right kind of the same way

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Speaker 1: Setoshi did. Tosi is thought to have mined somewhere in

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Speaker 1: the region of a million bitcoins, which is a lot exactly.

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Speaker 1: Um So, Charlie Lee. There was a bit of controversy

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Speaker 1: in eighteen he sold almost all of his coins, which

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Speaker 1: happened to be around the time that the last ballmark.

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Speaker 1: It was really speak but he did have he did

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Speaker 1: have a fair point. He said that he was selling

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Speaker 1: them because he felt that he personally had too much

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Speaker 1: influence over the price of light coin. He was, he

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Speaker 1: was active on Twitter, he was a big sort of

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Speaker 1: crypto personality, and his argument was, look, I can I

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Speaker 1: have too much effect over the price and if I

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Speaker 1: keep hold of all my coins, then I have too

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Speaker 1: much skin in the game. So that was his that

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Speaker 1: was his reason for selling, and I think that's a

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Speaker 1: fair Yeah, as long as he didn't buy them all

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Speaker 1: and pop them into million different wallets. I don't think

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Speaker 1: he did. Yeah, So there was He sounds like he's

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Speaker 1: probably quite well off already and it's it's not money motivated,

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Speaker 1: I think so. I think so, especially if he's sold

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Speaker 1: in two thousan not anymore. He so he would have

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Speaker 1: made he would have made a fair bit because light

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Speaker 1: coin was light Coin was going gangbusters around the time,

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Speaker 1: and it didn't go down too well with the rest

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Speaker 1: of the crypto community. He was seen some Some accused

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Speaker 1: him of profiteering, others accused him of sort of jumping ship.

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Speaker 1: It's like, right, I've created this thing and now I'm

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Speaker 1: I'm out. But did he sell all of it or

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Speaker 1: did he just sell chunk of it? I think he

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Speaker 1: sold the vast majority of it. I think he may

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Speaker 1: have kept a tiny handful, but you know, a negligible

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Speaker 1: amount really compared to what he had before. And I think,

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Speaker 1: if I'm riting remembering, this earned him the title of

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Speaker 1: the most hated man in crypto. I didn't know that

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Speaker 1: was an award. Well, no, I'm not sure. I'm not

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Speaker 1: sure if it's a regular thing. Um, but look, Mike,

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Speaker 1: you know this is something that you could dedication and determination.

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Speaker 1: It's Is it a Tony? Is that what the Tonys are?

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Speaker 1: The Tony Awards for football? Tonies are for acting, aren't they? Yeah?

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Speaker 1: But what's there's a there's the crap one. Oh, the Razzies,

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Speaker 1: the Razzies. Is the Razzies the Raspberry Awards? Yea, yeah,

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Speaker 1: maybe that's it. Yeah, it's kind of yeah, it's kind

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Speaker 1: of cryptos Razzie you like. So that's I mean, that's

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Speaker 1: something you could aim for. You could aim for this

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Speaker 1: year's most Hated man in Crypto? How would you feel?

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Speaker 1: I think you've got a good shot. I generally wouldn't care.

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Speaker 1: You'd love it if I if I cashed out for

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Speaker 1: that amount, I'd call me whatever that Q one. I'm

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Speaker 1: the most related man. Yeah, boo hoo. I think I

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Speaker 1: can see you wearing that as a real badger pride.

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Speaker 1: Who cares? I mean? Oh sorry, some nerds don't like me.

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Speaker 1: Oh I'm sorry. Um so Charlie Lee, former most Hated

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Speaker 1: Man in Crypto. He now works full time for the

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Speaker 1: light Coin Foundation, which is a nonprofit organization which develops

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Speaker 1: and promotes like coin. And as I said, unlike a

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Speaker 1: lot of all poins that began to appear around this time,

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Speaker 1: light coin has managed to survive and it's managed to

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Speaker 1: keep evolving. It's not it's not the sort of big

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Speaker 1: big gun it used to be. It's still kind of

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Speaker 1: It's still within the top twenty coins by market cap,

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Speaker 1: which means it's a pretty big deal. And there is

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Speaker 1: still a lot going on with with the project itself.

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Speaker 1: So it recently implemented a privacy feature called mimble wimble.

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Speaker 1: Now mimble wimble when I first heard it was and

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Speaker 1: I'm the most hate one. So mimble wimble it's a

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Speaker 1: Verry Potter reference. Okay, if I remember right, I just

408
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Speaker 1: got no time for Harry Potter. But as I remember

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Speaker 1: mimble wimble, I think is a is a curse in

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Speaker 1: Harry Potter that renders someone tongue tied. I'm gonna have

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Speaker 1: to fact check the hell out of that, but that's

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Speaker 1: as I I'm sure someone will write an email and

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Speaker 1: informost if we're wrong. Yes, do a coin Bero podcast

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Speaker 1: and they should be mimble wimble. You will be getting

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Speaker 1: my vote for the most hated men in crypto. Um so, yes,

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Speaker 1: the mimble wimble is a privacy feature which kind of

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Speaker 1: opt in thing that is going to that can make

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Speaker 1: light coin transactions more private. So this is yeah, this

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Speaker 1: is This demonstrates that basically light coin is still very

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Speaker 1: much a going concern and it's also very widely used

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Speaker 1: and accepted. It's it's available at a lot of crypto

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Speaker 1: a t m s. It's one of the ones one

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Speaker 1: of the cryptos that PayPal gave access to four or five,

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Speaker 1: didn't they Yeah, it's usually when you see a company,

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Speaker 1: it's an old school one. It's kind of like it's

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Speaker 1: kind of a legacy coin, I think. Yeah, I think

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Speaker 1: that's a good way of a good way of describing it.

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Speaker 1: It's it's been around, it's kind of battle tested. It's

429
00:24:47,920 --> 00:24:51,080
Speaker 1: been around. Um, it may not go to the moon,

430
00:24:52,160 --> 00:24:56,240
Speaker 1: but it won't go to wrecked. It won't get wrecked.

431
00:24:56,280 --> 00:24:58,280
Speaker 1: It won't get recked, but maybe it will. You never know,

432
00:24:58,359 --> 00:25:01,320
Speaker 1: but it's it's probably if it's last all of these

433
00:25:02,080 --> 00:25:06,679
Speaker 1: sort of dips and is found in evolder use. So

434
00:25:07,320 --> 00:25:09,400
Speaker 1: what does it do again with member Wimble? So member

435
00:25:09,440 --> 00:25:12,560
Speaker 1: Wimble is a privacy thing, so it makes it basically harder,

436
00:25:12,640 --> 00:25:15,920
Speaker 1: too harder to for for people to track your transactions,

437
00:25:16,520 --> 00:25:20,080
Speaker 1: so which is quite controversial. We're going to talk about

438
00:25:20,119 --> 00:25:24,080
Speaker 1: some other privacy coins later on because this is a

439
00:25:24,160 --> 00:25:28,040
Speaker 1: manero Manero. Yeah, that's that's coming later. As you say,

440
00:25:28,119 --> 00:25:30,800
Speaker 1: light coin has kind of it's kind of kept going,

441
00:25:31,040 --> 00:25:33,840
Speaker 1: it's still around, it's got its thing. It's it's much

442
00:25:33,840 --> 00:25:36,720
Speaker 1: more useful for payments than bitcoin. As I said, its

443
00:25:36,720 --> 00:25:40,440
Speaker 1: transactions are faster, so it does kind of function more

444
00:25:40,480 --> 00:25:44,000
Speaker 1: as a kind of digital cash. And yeah, it's been

445
00:25:44,040 --> 00:25:48,000
Speaker 1: overtaken in market cap by sort of other shinier cryptos,

446
00:25:48,040 --> 00:25:50,840
Speaker 1: if you like, with perhaps more well a lot of

447
00:25:50,880 --> 00:25:54,240
Speaker 1: different cryptos, you know, I think things that cryptocurrencies that

448
00:25:54,320 --> 00:25:57,600
Speaker 1: do vastly different things from light coin. But yeah, it's

449
00:25:57,600 --> 00:26:00,280
Speaker 1: still going and I think it will. I think will

450
00:26:00,280 --> 00:26:02,240
Speaker 1: continue to be around for a long time. I think

451
00:26:02,240 --> 00:26:04,600
Speaker 1: it's got that kind of network effect. It's it's quite

452
00:26:04,640 --> 00:26:09,120
Speaker 1: widely used. Okay, that is name coin and light coin,

453
00:26:09,240 --> 00:26:11,800
Speaker 1: the first two all coins to emerge, one of which

454
00:26:12,119 --> 00:26:14,040
Speaker 1: is still with us and the other one is pretty

455
00:26:14,119 --> 00:26:17,560
Speaker 1: much d o A. Should we take a break, Let's

456
00:26:17,600 --> 00:26:34,440
Speaker 1: have a quick quick pint here we are folks, Part two,

457
00:26:34,520 --> 00:26:37,439
Speaker 1: Welcome back. At first, there was just a trickle of

458
00:26:37,480 --> 00:26:39,879
Speaker 1: all coins after Bitcoin, name coin and light coin, and

459
00:26:40,000 --> 00:26:41,600
Speaker 1: after that it was a bit quiet for a while.

460
00:26:41,640 --> 00:26:44,879
Speaker 1: There wasn't any sort of flood, even though at this

461
00:26:44,960 --> 00:26:47,600
Speaker 1: time hype was really starting to build up around Bitcoin.

462
00:26:47,720 --> 00:26:54,280
Speaker 1: Cryptocurrency was becoming popular, it was becoming a thing, a subgenre, subculture,

463
00:26:54,600 --> 00:26:57,879
Speaker 1: a subculture. Yeah, And I mean, like I said, there

464
00:26:57,920 --> 00:26:59,560
Speaker 1: isn't time to talk about all of them here, so

465
00:26:59,600 --> 00:27:02,080
Speaker 1: we'll still to the few that have managed to survive

466
00:27:02,119 --> 00:27:05,800
Speaker 1: big hitters. Yeah, that the real survivors. And the first

467
00:27:05,880 --> 00:27:11,520
Speaker 1: of the next ones to appear that in was XRP. Ripple. Yeah,

468
00:27:11,560 --> 00:27:15,240
Speaker 1: a cryptocurrency developed by Yeah, Ripple Labs. And I should

469
00:27:15,280 --> 00:27:17,119
Speaker 1: say that there's often a lot of confusion about this.

470
00:27:17,200 --> 00:27:21,280
Speaker 1: People often refer to the crypto itself, to the cryptocurrency

471
00:27:21,320 --> 00:27:25,760
Speaker 1: coin as Ripples. It's not. It's XRP. So Ripple is

472
00:27:25,800 --> 00:27:28,720
Speaker 1: the Ripple Labs is the developer, So clear up any

473
00:27:28,720 --> 00:27:31,600
Speaker 1: of that. And one of the people behind Ripple and

474
00:27:31,960 --> 00:27:38,000
Speaker 1: XRP is none other than good old Jed macalb. So

475
00:27:38,200 --> 00:27:41,639
Speaker 1: he was last seen selling the Mount Cox exchange that

476
00:27:41,680 --> 00:27:45,520
Speaker 1: he'd created to Mark Carpellas. It's like, welcome back Jed.

477
00:27:46,920 --> 00:27:50,680
Speaker 1: He he's such a fascinating character, like he Yeah, he's

478
00:27:50,720 --> 00:27:54,120
Speaker 1: sort of been involved with so many projects and kind

479
00:27:54,119 --> 00:27:57,240
Speaker 1: of pick them up and develop them, then moved on,

480
00:27:57,680 --> 00:28:02,840
Speaker 1: moved on again. He has he has and doing that. Well, yeah,

481
00:28:02,880 --> 00:28:04,359
Speaker 1: we'll mention that in a minute, because this is kind

482
00:28:04,400 --> 00:28:08,320
Speaker 1: of does he have a dot bit I'm not sure

483
00:28:08,720 --> 00:28:13,639
Speaker 1: he's yeah, he's he's doing something else now. So Ripple

484
00:28:13,960 --> 00:28:19,440
Speaker 1: was originally called new Coin, very very imaginative. Then they

485
00:28:19,480 --> 00:28:25,600
Speaker 1: tried open coin and then they settled on Ripple. Yeah, yeah, yeah,

486
00:28:25,720 --> 00:28:27,879
Speaker 1: it's this is this is a bit of a feature. Actually,

487
00:28:27,920 --> 00:28:29,840
Speaker 1: we see this a few times with some of the

488
00:28:29,880 --> 00:28:32,640
Speaker 1: coins branding. Yeah, they sort of come out, well there's

489
00:28:32,920 --> 00:28:36,560
Speaker 1: there's a good example a little later on and it's like, yeah,

490
00:28:36,600 --> 00:28:39,320
Speaker 1: we're gonna call it this Actually no, no, we'll try

491
00:28:39,360 --> 00:28:43,840
Speaker 1: this this but yeah, new coin is I think pretty unimagined.

492
00:28:44,320 --> 00:28:47,960
Speaker 1: But Ripple, yeah, I don't mind. Now this is a

493
00:28:48,080 --> 00:28:53,080
Speaker 1: markedly different project. So Ripple x RP is a markedly

494
00:28:53,200 --> 00:28:55,680
Speaker 1: different project a Bitcoin. And this is one of the

495
00:28:55,680 --> 00:28:57,800
Speaker 1: things that makes it noteworthy because as we've seen that

496
00:28:57,880 --> 00:29:01,000
Speaker 1: name coin and light coin, they were inspired by Bitcoin,

497
00:29:01,040 --> 00:29:03,200
Speaker 1: they were forks of it. They used the original code

498
00:29:03,200 --> 00:29:09,440
Speaker 1: and played around with it. Ripple now, So basically, Ripple

499
00:29:09,880 --> 00:29:15,760
Speaker 1: exists to process international money transfers between banks, and it's

500
00:29:15,800 --> 00:29:20,080
Speaker 1: an alternative to the SWIFT banking system. You've heard of

501
00:29:20,120 --> 00:29:22,680
Speaker 1: the SWIFT again, this is one of these things that

502
00:29:22,760 --> 00:29:26,680
Speaker 1: kind of underpins so much of our lives, and we

503
00:29:26,720 --> 00:29:29,240
Speaker 1: don't really know an awful lot about its SWIFT stands

504
00:29:29,280 --> 00:29:34,920
Speaker 1: for Society for Worldwide inter Bank Financial Telecommunication, which is

505
00:29:34,920 --> 00:29:37,880
Speaker 1: one of those clever acronyms that's sort of do you

506
00:29:37,920 --> 00:29:40,080
Speaker 1: think they sort of just went right cool? We're going

507
00:29:40,160 --> 00:29:42,160
Speaker 1: to need to think of a name that goes into swift.

508
00:29:42,480 --> 00:29:45,560
Speaker 1: I'd love to know what came first. Yeah, I think

509
00:29:45,600 --> 00:29:47,600
Speaker 1: they must have started that. They must have started with

510
00:29:47,640 --> 00:29:51,200
Speaker 1: the acronym and then paid someone to come up with it. Yeah,

511
00:29:51,280 --> 00:29:55,080
Speaker 1: it's like, here's ten grand, make this work well by

512
00:29:55,120 --> 00:30:00,440
Speaker 1: you via swift um. So yes. So Ift is the

513
00:30:00,440 --> 00:30:03,240
Speaker 1: system that's currently used and Ripple for for banks to

514
00:30:03,280 --> 00:30:09,280
Speaker 1: basically exchange money between themselves across borders. Ripple exists to

515
00:30:09,440 --> 00:30:13,760
Speaker 1: challenge that system. Yeah, as a challenger to the Swift system,

516
00:30:13,840 --> 00:30:17,560
Speaker 1: and it's very fast and very cheap. Now. XRP, this

517
00:30:17,680 --> 00:30:21,480
Speaker 1: cryptocurrency is used as the currency of the Ripple network

518
00:30:21,920 --> 00:30:25,240
Speaker 1: and users can hold it instead of fiat currencies. And

519
00:30:25,240 --> 00:30:29,480
Speaker 1: obviously we talked about the difficulty of moving Fiat currencies

520
00:30:29,880 --> 00:30:33,240
Speaker 1: and especially of moving across borders because it can get very,

521
00:30:33,360 --> 00:30:35,320
Speaker 1: very complicated, and this is one of the things that

522
00:30:35,400 --> 00:30:38,480
Speaker 1: Ripple was set up to make easier. So you can basically,

523
00:30:38,600 --> 00:30:41,680
Speaker 1: rather than having to move I don't know some pounds

524
00:30:42,160 --> 00:30:49,440
Speaker 1: over all those years ago, instead you can you can

525
00:30:49,440 --> 00:30:53,680
Speaker 1: do it using XRP or and and also other aspects

526
00:30:53,680 --> 00:30:57,640
Speaker 1: of Ripple's protocol. And for this reason it's sometimes referred

527
00:30:57,640 --> 00:31:00,440
Speaker 1: to XRP as a as a banker's coin, because it's

528
00:31:00,480 --> 00:31:05,840
Speaker 1: it's much more designed for institutional and it's very centralized

529
00:31:05,880 --> 00:31:09,800
Speaker 1: compared to the likes of Bitcoin. Completely different type of cryptocurrency,

530
00:31:09,840 --> 00:31:13,800
Speaker 1: a completely different use case. And yeah, obviously Ripple is

531
00:31:13,880 --> 00:31:17,680
Speaker 1: this big sort of overseeing authority. Even though XRP runs

532
00:31:17,800 --> 00:31:21,840
Speaker 1: on its own blockchain, it's very much overseen and controlled

533
00:31:21,880 --> 00:31:26,560
Speaker 1: by Ripple, and it uses a completely different how hashing

534
00:31:26,560 --> 00:31:31,480
Speaker 1: algorithm called e c d s A actors, and it's

535
00:31:31,520 --> 00:31:36,200
Speaker 1: consensus mech mechanism is different as well. It's just called consensus,

536
00:31:36,240 --> 00:31:40,040
Speaker 1: not very imaginative. And it also has a total supply

537
00:31:40,520 --> 00:31:44,440
Speaker 1: of one hundred billion XRP. And again this is something

538
00:31:44,480 --> 00:31:49,080
Speaker 1: that's a little controversial. So XRP, as you probably know,

539
00:31:49,480 --> 00:31:52,320
Speaker 1: is still going strong and it's a top ten crypto

540
00:31:52,360 --> 00:31:54,640
Speaker 1: by market captain. I think of all the cryptos, all

541
00:31:54,640 --> 00:31:56,920
Speaker 1: the old coins that we're looking at today, x RP

542
00:31:57,120 --> 00:32:01,719
Speaker 1: is the highest ranked and has a very large and

543
00:32:01,920 --> 00:32:08,360
Speaker 1: active community of investors and advocates. And it does have

544
00:32:08,680 --> 00:32:13,040
Speaker 1: its problems. So now Jed Mcalb left the project in

545
00:32:14,200 --> 00:32:17,240
Speaker 1: so not long after it went live, not long after

546
00:32:17,280 --> 00:32:22,760
Speaker 1: starting it, and founded Stella the following year. So, and

547
00:32:22,840 --> 00:32:26,120
Speaker 1: this is very similar to Ripple. It does it kind

548
00:32:26,120 --> 00:32:28,760
Speaker 1: of does a similar thing um and is a very

549
00:32:28,800 --> 00:32:31,240
Speaker 1: big rival. So that's kind of one of Ripple and

550
00:32:31,440 --> 00:32:36,760
Speaker 1: XRPS problems on the top twenty. Stella is a little

551
00:32:37,120 --> 00:32:39,600
Speaker 1: further down. I think it might be just outside the

552
00:32:39,640 --> 00:32:42,120
Speaker 1: top twenty. But it's still a pretty it's still a

553
00:32:42,120 --> 00:32:45,239
Speaker 1: pretty big deal. There was. He left under a bit

554
00:32:45,280 --> 00:32:47,520
Speaker 1: of a cloud. I think there has been some sort

555
00:32:47,520 --> 00:32:51,720
Speaker 1: of fairly hefty differences of opinion, and there was a

556
00:32:51,720 --> 00:32:54,160
Speaker 1: lot of controversy because he left with a hell of

557
00:32:54,160 --> 00:32:59,280
Speaker 1: a lot of XRP. And yeah, Jed mcaleb's XRP holdings

558
00:32:59,280 --> 00:33:02,280
Speaker 1: are a really little bit of a hot potato if

559
00:33:02,320 --> 00:33:06,040
Speaker 1: you like, in in that in that community. And then

560
00:33:06,320 --> 00:33:10,080
Speaker 1: in December of the Securities and Exchange Commission, the sec

561
00:33:10,280 --> 00:33:14,440
Speaker 1: and actually sued Ripple and it alleged that its executives

562
00:33:14,800 --> 00:33:17,880
Speaker 1: CHAP called Chris Larson and another CHAP called Brad garling

563
00:33:17,920 --> 00:33:23,240
Speaker 1: House had sold x RP as an unregistered security. Now,

564
00:33:23,320 --> 00:33:26,600
Speaker 1: this case, as we record this, this case is still

565
00:33:26,640 --> 00:33:29,440
Speaker 1: going on it's been going on for a long long

566
00:33:29,560 --> 00:33:33,000
Speaker 1: time and the outcome of it will be will be

567
00:33:33,280 --> 00:33:36,560
Speaker 1: very interesting for well, for Ripple especially, but for the

568
00:33:36,600 --> 00:33:40,040
Speaker 1: wider cryptocurrency industry. Are you familiar with the term security?

569
00:33:42,200 --> 00:33:46,719
Speaker 1: It's similar to DNS. I have no idea what good

570
00:33:47,040 --> 00:33:51,320
Speaker 1: So Yeah, security is any financial asset that can be traded,

571
00:33:51,400 --> 00:33:56,040
Speaker 1: so shares, securities, bonds of securities, etcetera, etcetera. But they

572
00:33:56,040 --> 00:33:58,400
Speaker 1: have to be regulated. Yeah, you have to have a

573
00:33:58,440 --> 00:34:02,320
Speaker 1: license to sell securities, and the sec the Securities and

574
00:34:02,400 --> 00:34:05,520
Speaker 1: Exchange Commission is the is the body in the United

575
00:34:05,560 --> 00:34:07,880
Speaker 1: States issues that license, and you can get in a

576
00:34:07,960 --> 00:34:11,360
Speaker 1: lot of trouble if you sell unregistered securities, which is

577
00:34:11,400 --> 00:34:17,040
Speaker 1: what Ripple are acute and its executives are accused of doing. So. Yeah,

578
00:34:17,080 --> 00:34:20,200
Speaker 1: but having said that, Ripple itself x r x r P,

579
00:34:20,280 --> 00:34:22,319
Speaker 1: I should say, I'm getting confused. Having said that, x

580
00:34:22,400 --> 00:34:26,319
Speaker 1: RP is still going pretty strong, and if it if

581
00:34:26,440 --> 00:34:29,640
Speaker 1: Ripple wins the case against the SEC that could be

582
00:34:29,800 --> 00:34:32,319
Speaker 1: pretty big for x RP. A lot of people are

583
00:34:32,320 --> 00:34:35,080
Speaker 1: always saying, oh, well, you know, if if Ripple wins

584
00:34:35,120 --> 00:34:37,480
Speaker 1: the case, then x RP will go to ten dollars

585
00:34:37,520 --> 00:34:39,520
Speaker 1: and all that sort of stuff. I don't for a

586
00:34:39,560 --> 00:34:44,520
Speaker 1: moment believe that is true because partly of yeah, there

587
00:34:44,560 --> 00:34:47,680
Speaker 1: are a hundred billion of them, so that would that

588
00:34:47,719 --> 00:34:50,960
Speaker 1: would give it an absolutely enormous market cap, which I'm

589
00:34:51,000 --> 00:34:52,759
Speaker 1: not sure certainly at this stage, I'm not sure it

590
00:34:52,800 --> 00:34:56,520
Speaker 1: really warrants um. And there is, as I say, a

591
00:34:56,520 --> 00:35:01,319
Speaker 1: lot of controversy because Chris Larson and Brad Garlinghouse they

592
00:35:01,360 --> 00:35:05,279
Speaker 1: do hold large amounts of x RP themselves and this

593
00:35:05,400 --> 00:35:07,799
Speaker 1: is part of their part of their pay package, if

594
00:35:07,800 --> 00:35:11,920
Speaker 1: you like, part of them being renumerated for being executives

595
00:35:12,040 --> 00:35:15,879
Speaker 1: of Ripple and Jed mcleb also left with quite a lot,

596
00:35:15,920 --> 00:35:17,960
Speaker 1: and there was a lot of concern that he would

597
00:35:17,960 --> 00:35:19,680
Speaker 1: just as soon as the price went up, he would

598
00:35:19,719 --> 00:35:21,440
Speaker 1: just dump it all on the market and that at

599
00:35:21,440 --> 00:35:24,560
Speaker 1: all and I think actually it was eventually agreed to

600
00:35:24,640 --> 00:35:27,560
Speaker 1: a vesting schedule he would only sell a certain amount,

601
00:35:27,719 --> 00:35:29,600
Speaker 1: he wouldn't he wasn't allowed to sell at all. At

602
00:35:29,600 --> 00:35:32,439
Speaker 1: the same time, but I recently checked there's a there's

603
00:35:32,440 --> 00:35:35,640
Speaker 1: a website where you can track Jed mcleb's XRP holdings

604
00:35:36,000 --> 00:35:40,080
Speaker 1: and he's selling about he's selling about three and a

605
00:35:40,160 --> 00:35:43,560
Speaker 1: half million every day. So it's quite a lot of

606
00:35:43,600 --> 00:35:45,799
Speaker 1: cell pressure. So yeah, this this was some This is

607
00:35:45,840 --> 00:35:48,840
Speaker 1: something that's as kind of ongoing controversy with XRP. But

608
00:35:48,880 --> 00:35:51,799
Speaker 1: as I say, nonetheless it is still going strong. But

609
00:35:51,840 --> 00:35:55,279
Speaker 1: if his team Stella, that makes sense, doesn't it. Yes,

610
00:35:55,360 --> 00:35:57,800
Speaker 1: I mean yeah, I think from from his perspective, he

611
00:35:57,840 --> 00:35:59,520
Speaker 1: would love to have been I guess, love to have

612
00:35:59,520 --> 00:36:01,680
Speaker 1: been able to dump it and hert x RP and

613
00:36:01,920 --> 00:36:06,160
Speaker 1: and give Stella a boost. But yeah, I think it's

614
00:36:06,200 --> 00:36:09,279
Speaker 1: been it's been decided that he shouldn't be allowed to

615
00:36:09,280 --> 00:36:12,160
Speaker 1: do that. So that's x r P, as I say,

616
00:36:12,239 --> 00:36:14,440
Speaker 1: still going strong. And the next one we're going to

617
00:36:14,480 --> 00:36:17,560
Speaker 1: talk about that also appeared around this time. In December

618
00:36:18,600 --> 00:36:22,840
Speaker 1: was when this particular coin emerged, and this is perhaps

619
00:36:22,880 --> 00:36:26,680
Speaker 1: the most famous or perhaps infamous one that we're going

620
00:36:26,719 --> 00:36:29,240
Speaker 1: to talk about today, certainly to appear around that time,

621
00:36:29,360 --> 00:36:35,440
Speaker 1: and this is doge coins coin. It was a very

622
00:36:35,480 --> 00:36:38,880
Speaker 1: half hearted. I didn't I didn't lump into this one.

623
00:36:38,880 --> 00:36:41,759
Speaker 1: So I'm not interested. Okay, you have you have no

624
00:36:42,000 --> 00:36:43,640
Speaker 1: you have no dog in this. No, I have no

625
00:36:44,600 --> 00:36:48,200
Speaker 1: in this point. So yeah, so doge coin first appeared

626
00:36:48,200 --> 00:36:53,520
Speaker 1: and unbelieved about this, Yeah, I can I can tell

627
00:36:53,560 --> 00:36:56,680
Speaker 1: this is weighing on you heavily. Doge Coin first appeared

628
00:36:56,680 --> 00:36:59,880
Speaker 1: in December, which is a surprise to a lot of

629
00:37:00,000 --> 00:37:02,319
Speaker 1: people because it's because the only game popular is a

630
00:37:02,320 --> 00:37:05,680
Speaker 1: bit later, didn't it, Well, yes, certainly, in certainly in

631
00:37:05,719 --> 00:37:09,920
Speaker 1: around kind one. Is this the first meme coin? Yes

632
00:37:10,040 --> 00:37:13,840
Speaker 1: it is. Yeah, and this is you know, this is

633
00:37:13,840 --> 00:37:16,800
Speaker 1: a big moment in the history of cryptocurrency because whether

634
00:37:16,840 --> 00:37:19,319
Speaker 1: you whether you like dose coin or not, you know,

635
00:37:19,400 --> 00:37:22,520
Speaker 1: and people it's kind of love it or hate it

636
00:37:22,680 --> 00:37:24,799
Speaker 1: kind of thing. People fought generally tend to fall into

637
00:37:24,800 --> 00:37:27,440
Speaker 1: one camp or another. But it's a big moment in

638
00:37:27,480 --> 00:37:29,799
Speaker 1: crypto because, as you say, yeah, it's the first, it's

639
00:37:29,840 --> 00:37:32,400
Speaker 1: the first meme coin. It's a totally new type of

640
00:37:32,440 --> 00:37:37,759
Speaker 1: cryptocurrency to emerge. So it was actually designed as a joke,

641
00:37:38,640 --> 00:37:42,200
Speaker 1: This is true. It was basically designed to kind of

642
00:37:42,239 --> 00:37:45,279
Speaker 1: satirize that the sort of crazy speculation that was going

643
00:37:45,360 --> 00:37:48,000
Speaker 1: on with bitcoin at the time, because at around this

644
00:37:48,040 --> 00:37:51,680
Speaker 1: time December, the bitcoin price was threatening to break the

645
00:37:51,680 --> 00:37:55,200
Speaker 1: thousand dollar mark. So as you can imagine, there was

646
00:37:55,239 --> 00:37:58,480
Speaker 1: a lot of excitement about it. And yeah, I don't

647
00:37:58,520 --> 00:38:00,279
Speaker 1: know if you sort of remember back to that time.

648
00:38:00,280 --> 00:38:02,400
Speaker 1: But yeah, this is when like loads of people started

649
00:38:02,440 --> 00:38:06,839
Speaker 1: to discover that. I discovered bitcoin around this time, and yeah,

650
00:38:06,920 --> 00:38:10,040
Speaker 1: it was it was just going crazy. So the two

651
00:38:10,120 --> 00:38:13,319
Speaker 1: chaps who developed it, a chap called Billy Marcus and

652
00:38:13,400 --> 00:38:16,719
Speaker 1: another called Jackson Palmer. Yeah, they decided to kind of

653
00:38:16,760 --> 00:38:19,279
Speaker 1: build this thing as a bit of a joke, but

654
00:38:19,400 --> 00:38:22,239
Speaker 1: it did kind of have a serious purpose. And this

655
00:38:22,320 --> 00:38:25,440
Speaker 1: is I think something to always remember about doge coin,

656
00:38:25,600 --> 00:38:27,880
Speaker 1: you know, before you write it off as just a

657
00:38:27,960 --> 00:38:31,040
Speaker 1: joke or a meme. It was kind of designed to

658
00:38:31,040 --> 00:38:37,040
Speaker 1: be more accessible and convenient than Bitcoin because one doge

659
00:38:37,080 --> 00:38:41,000
Speaker 1: coin block is produced every minute rather than every ten,

660
00:38:41,239 --> 00:38:45,879
Speaker 1: which means obviously it's a lot faster and easier to use. Now,

661
00:38:45,960 --> 00:38:49,320
Speaker 1: part of does dojes success, I think you can argue,

662
00:38:49,360 --> 00:38:51,920
Speaker 1: is the fact that that Billy and Jackson they used

663
00:38:51,920 --> 00:38:55,839
Speaker 1: this doge meme for its branding. So in the actual fact,

664
00:38:55,920 --> 00:39:00,439
Speaker 1: the branding kind of came before the coin. So let's

665
00:39:00,520 --> 00:39:03,040
Speaker 1: talk quickly talk about the doge meme. But I think

666
00:39:03,080 --> 00:39:06,680
Speaker 1: we've discussed this briefly before, and I think if people

667
00:39:07,040 --> 00:39:09,440
Speaker 1: what I will say is, if you go on Wikipedia

668
00:39:09,480 --> 00:39:11,799
Speaker 1: and look up the does d G, you will have

669
00:39:11,880 --> 00:39:14,120
Speaker 1: seen that if you've got if you've got an Instagram

670
00:39:14,160 --> 00:39:18,279
Speaker 1: account or or Twitter, you've probably seen that. If it

671
00:39:18,320 --> 00:39:20,480
Speaker 1: means nothing to you, then then do look it up

672
00:39:20,520 --> 00:39:24,160
Speaker 1: on Wikipedia because it's The doge meme page on Wikipedia

673
00:39:24,280 --> 00:39:27,359
Speaker 1: is very entertaining and also quite baffling, but it does

674
00:39:27,440 --> 00:39:31,400
Speaker 1: sort of explain this, this crazy meme. So yeah, if

675
00:39:31,440 --> 00:39:32,880
Speaker 1: you don't know what I'm talking about, this is the

676
00:39:32,920 --> 00:39:36,160
Speaker 1: does This is a smiling sheba e new dog and

677
00:39:36,160 --> 00:39:39,640
Speaker 1: it has these wonky English phrases in comic sands around it,

678
00:39:40,239 --> 00:39:42,680
Speaker 1: which I think apparently I supposed to sort of signify

679
00:39:42,719 --> 00:39:46,279
Speaker 1: it's in a monologue what this dog is thinking. It's

680
00:39:46,880 --> 00:39:53,560
Speaker 1: so bizarre. Yeah, and um Jackson Jackson Palmer had actually

681
00:39:53,640 --> 00:39:56,520
Speaker 1: registered the doze coin dot com domain, and he'd put

682
00:39:56,560 --> 00:40:00,359
Speaker 1: the doze logo on it, this meme on it. Billy

683
00:40:00,400 --> 00:40:04,879
Speaker 1: Marcus then saw the site, somehow somehow discovered the site,

684
00:40:05,200 --> 00:40:08,200
Speaker 1: got in touch, and they decided to collaborate on building

685
00:40:08,400 --> 00:40:11,839
Speaker 1: dog Coin. So yeah, the meme came first, and then

686
00:40:11,920 --> 00:40:15,759
Speaker 1: the website and then yeah, and it's like, right, let's

687
00:40:15,800 --> 00:40:19,800
Speaker 1: build this thing now. Dog Coin is actually a fork

688
00:40:20,040 --> 00:40:24,120
Speaker 1: of light coin and it uses the same script with

689
00:40:24,200 --> 00:40:29,440
Speaker 1: a y proof of work mining algorithm, and it's obviously

690
00:40:29,480 --> 00:40:32,560
Speaker 1: dog d. O g E is the native currency of

691
00:40:32,760 --> 00:40:36,080
Speaker 1: the doge coin blockchain, and it has been sort of used.

692
00:40:36,080 --> 00:40:38,520
Speaker 1: I think one of its one of its intended uses

693
00:40:39,080 --> 00:40:43,640
Speaker 1: was for tipping, amongst other things. So it was kind

694
00:40:43,680 --> 00:40:46,560
Speaker 1: of designed like, let's say you liked someone's post on

695
00:40:46,600 --> 00:40:49,160
Speaker 1: a particular forum, the idea was that you could tip

696
00:40:49,200 --> 00:40:52,279
Speaker 1: them in doge coin. And because it was because it

697
00:40:52,320 --> 00:40:55,840
Speaker 1: had a huge supply and it was very quick and easy,

698
00:40:55,960 --> 00:40:58,520
Speaker 1: you know, it could be used for sort of micro payments,

699
00:40:58,800 --> 00:41:00,359
Speaker 1: you say, like just you know, you want to give

700
00:41:00,360 --> 00:41:01,719
Speaker 1: someone a few cents, you don't want to give them

701
00:41:01,719 --> 00:41:03,560
Speaker 1: a whole dollar or something like that. You know, you

702
00:41:03,560 --> 00:41:05,919
Speaker 1: can tip them a couple of does and and they're

703
00:41:05,960 --> 00:41:10,560
Speaker 1: on and everyone's happy. And interestingly, does can be mined

704
00:41:10,719 --> 00:41:16,440
Speaker 1: alongside light coin, alongside LTC using the same machine, and

705
00:41:16,480 --> 00:41:20,279
Speaker 1: this is a process known as merged mining. And this

706
00:41:20,320 --> 00:41:22,399
Speaker 1: can get pretty technical, so we won't go too deep

707
00:41:22,400 --> 00:41:26,480
Speaker 1: into it here. But because just mining DOES wasn't profitable

708
00:41:26,520 --> 00:41:29,879
Speaker 1: at the beginning, merge mining was developed as a sort

709
00:41:29,920 --> 00:41:32,160
Speaker 1: of incentive so you could mine it alongside light coin

710
00:41:32,719 --> 00:41:36,200
Speaker 1: and if you weren't making any particular money from mining

711
00:41:36,239 --> 00:41:38,560
Speaker 1: does at least you are mining some LTC as well.

712
00:41:40,080 --> 00:41:43,719
Speaker 1: So does as I say, is radically different from any

713
00:41:43,760 --> 00:41:46,319
Speaker 1: crypto that came before it. It's it doesn't have a

714
00:41:46,360 --> 00:41:50,400
Speaker 1: cap supply, and there are currently over one billion coins

715
00:41:50,520 --> 00:41:53,720
Speaker 1: and counting in circulation. Now do you remember I said

716
00:41:54,280 --> 00:41:57,240
Speaker 1: a couple of minutes ago that a block is mind

717
00:41:57,360 --> 00:42:01,640
Speaker 1: every minute? Well, the block reward? Now do you remember

718
00:42:01,640 --> 00:42:06,359
Speaker 1: what the Bitcoin block reward is at the moment? It's

719
00:42:06,400 --> 00:42:11,680
Speaker 1: six thousand something six to five. That's so, yeah, sixty

720
00:42:12,840 --> 00:42:17,560
Speaker 1: with does you get ten thousand dos per block? Is

721
00:42:17,560 --> 00:42:20,600
Speaker 1: that the same? Or is that as far as I know? Yeah,

722
00:42:20,640 --> 00:42:23,040
Speaker 1: I don't think it halves like bitcoins does. I'll have

723
00:42:23,080 --> 00:42:26,120
Speaker 1: to check that actually, But this means because you've got

724
00:42:26,120 --> 00:42:27,920
Speaker 1: a new block every minute you do the maths on

725
00:42:27,960 --> 00:42:32,319
Speaker 1: the calculator, it means five billion new does every year.

726
00:42:33,440 --> 00:42:36,879
Speaker 1: So what's the total you can do? Well, I guess

727
00:42:36,880 --> 00:42:40,319
Speaker 1: it depends. It depends how many blocks you mind, But

728
00:42:40,480 --> 00:42:42,560
Speaker 1: there is there not a cap to its total. There's

729
00:42:42,600 --> 00:42:45,920
Speaker 1: no cap. It just keeps on growing. And this is

730
00:42:45,960 --> 00:42:49,200
Speaker 1: another reason why dog coin will not get to ten

731
00:42:49,239 --> 00:42:51,160
Speaker 1: dollars or something like that. But it did get close

732
00:42:51,200 --> 00:42:54,040
Speaker 1: to one dollar, which was crazy. We'll talk about that

733
00:42:54,080 --> 00:42:57,560
Speaker 1: in a minute. So, yeah, all of the coins we're

734
00:42:57,560 --> 00:43:00,080
Speaker 1: going to talk about, of all the coins were to

735
00:43:00,160 --> 00:43:03,640
Speaker 1: talk about today in detail, does really it's just is

736
00:43:03,640 --> 00:43:06,200
Speaker 1: one of the most successful as well. It just hasn't

737
00:43:06,239 --> 00:43:09,880
Speaker 1: gone away. And this is a source of a testament

738
00:43:09,920 --> 00:43:14,000
Speaker 1: to the power of branding. Yeah, yeah, you're right, it's

739
00:43:14,040 --> 00:43:16,799
Speaker 1: the power of a meme. And this I think can

740
00:43:16,840 --> 00:43:20,200
Speaker 1: be something that's difficult to get your head around, especially

741
00:43:20,200 --> 00:43:22,920
Speaker 1: if you're if you're new to crypto and it's like, well,

742
00:43:22,960 --> 00:43:26,920
Speaker 1: why is this dog coin so popular? Why? Because it

743
00:43:27,400 --> 00:43:29,719
Speaker 1: Why is the coin that was made on a joke?

744
00:43:30,200 --> 00:43:32,919
Speaker 1: And is because that's the whole point. It's a joke

745
00:43:33,320 --> 00:43:37,719
Speaker 1: and people like jokes. Yeah, it's yeah, it's an extraordinary thing.

746
00:43:37,840 --> 00:43:40,399
Speaker 1: And like I said, it was difficult for me to

747
00:43:40,440 --> 00:43:42,400
Speaker 1: get my head around this. It's like why why is it?

748
00:43:42,520 --> 00:43:44,920
Speaker 1: But yeah, you put it really well. People people just

749
00:43:45,040 --> 00:43:48,560
Speaker 1: people just love a loll and that's kind of sustained

750
00:43:48,680 --> 00:43:52,600
Speaker 1: doge coin for a long time. And um, it's got

751
00:43:52,600 --> 00:43:55,520
Speaker 1: a lot of community support because of this. The doge

752
00:43:55,520 --> 00:43:59,560
Speaker 1: coin community is very large and very dedicated, very passionate.

753
00:44:00,080 --> 00:44:02,719
Speaker 1: It also helped that it started to be endorsed by

754
00:44:02,760 --> 00:44:06,680
Speaker 1: Elon Musk. This was this was a real kind of

755
00:44:06,680 --> 00:44:09,600
Speaker 1: supercharger behind the Elon Musk is a big doge coin fan,

756
00:44:09,920 --> 00:44:13,759
Speaker 1: so much so that you can now buy Tesla merchandise

757
00:44:14,120 --> 00:44:17,759
Speaker 1: using DOES, So you can't actually buy a Tesla car,

758
00:44:17,840 --> 00:44:19,920
Speaker 1: yet you can buy the merch you can buy the

759
00:44:20,000 --> 00:44:25,120
Speaker 1: merch So you know, there's there's arguably there's arguably a

760
00:44:25,239 --> 00:44:29,120
Speaker 1: use case for Dose. And again I people say, oh, well,

761
00:44:29,120 --> 00:44:30,640
Speaker 1: this is surely this is going to go to zero

762
00:44:30,960 --> 00:44:33,719
Speaker 1: at some point, and again it's like, well, it's it's

763
00:44:33,800 --> 00:44:37,319
Speaker 1: stuck around and it's got like that. It's got lots

764
00:44:37,320 --> 00:44:40,680
Speaker 1: of support from Reddit users, other celebrities have kind of

765
00:44:41,120 --> 00:44:43,360
Speaker 1: put their put their hats into the ring for DOES.

766
00:44:43,800 --> 00:44:46,800
Speaker 1: And it's a kind of wild ride, as you'd expect

767
00:44:46,960 --> 00:44:49,480
Speaker 1: for a meme coin with no cap supply. I mean,

768
00:44:49,800 --> 00:44:53,400
Speaker 1: it reached an all time high in May seventy three cents,

769
00:44:54,280 --> 00:44:56,920
Speaker 1: and there was a big social media campaign, i think

770
00:44:56,960 --> 00:45:00,120
Speaker 1: mostly on Twitter to get DOES to a dollar and

771
00:45:00,560 --> 00:45:02,959
Speaker 1: they got Yeah, they got pretty close. I mean now

772
00:45:03,200 --> 00:45:07,560
Speaker 1: it's hovering around sort of ten twelve cents um so,

773
00:45:07,920 --> 00:45:10,760
Speaker 1: like a lot of cryptos, it's it's pretty wild swings,

774
00:45:10,800 --> 00:45:14,440
Speaker 1: it's it's graph is quite something to look at. And

775
00:45:14,560 --> 00:45:18,680
Speaker 1: again it's got its controversies. There are claims of price

776
00:45:18,800 --> 00:45:24,600
Speaker 1: manipulation by Wales basically those holders who hold a lot

777
00:45:24,640 --> 00:45:28,440
Speaker 1: of doge and it has to be said one particular wallet,

778
00:45:28,719 --> 00:45:31,040
Speaker 1: they're not they were. There was a lot of speculation

779
00:45:31,080 --> 00:45:33,440
Speaker 1: about who this wallet belonged to, but one while it

780
00:45:33,600 --> 00:45:39,200
Speaker 1: holds nearly of the circulating supply of now this apparently

781
00:45:39,920 --> 00:45:43,239
Speaker 1: belongs to the robin Hood trading platform because dog doge

782
00:45:43,280 --> 00:45:45,880
Speaker 1: coins is the one that we got was all naughty,

783
00:45:46,600 --> 00:45:49,520
Speaker 1: the one that was involved in the game stop. Yeah,

784
00:45:50,120 --> 00:45:54,000
Speaker 1: because robin Hood started offering crypto to its clients by

785
00:45:54,080 --> 00:45:58,040
Speaker 1: popular demand and doge coin was one of them. And

786
00:45:58,520 --> 00:46:01,880
Speaker 1: so yes, apparently it's it holds this massive wallet. There

787
00:46:01,920 --> 00:46:04,560
Speaker 1: was there was a lot of speculation that Elon Musk

788
00:46:04,680 --> 00:46:08,040
Speaker 1: was the doge whale for for a long time. Um,

789
00:46:08,160 --> 00:46:11,160
Speaker 1: but there's Yeah, there's a very heavy concentration of supply

790
00:46:11,320 --> 00:46:15,560
Speaker 1: around of the whole doge coin supply is concentrated in

791
00:46:15,800 --> 00:46:20,400
Speaker 1: the ten largest wallets, which yeah, as bitcoiners will tell you,

792
00:46:20,600 --> 00:46:26,200
Speaker 1: is is not it's not kosher, it's not cool. Yeah,

793
00:46:26,239 --> 00:46:28,680
Speaker 1: it's not on and what that means. It does have

794
00:46:28,960 --> 00:46:32,919
Speaker 1: serious implications because a whale, one of these holders could

795
00:46:33,000 --> 00:46:36,880
Speaker 1: decide to try and could decide to dumple their coins

796
00:46:36,920 --> 00:46:39,520
Speaker 1: on the market at one time, which would crash the price.

797
00:46:39,600 --> 00:46:42,200
Speaker 1: And there's a lot of manipulation by whales, not just

798
00:46:42,360 --> 00:46:45,840
Speaker 1: with DOES, but with cryptocurrencies in general. These large holders

799
00:46:45,880 --> 00:46:49,480
Speaker 1: who who know that if they if they sell their

800
00:46:49,520 --> 00:46:52,600
Speaker 1: coins at a certain time, then that can affect the

801
00:46:52,640 --> 00:46:56,879
Speaker 1: whole market because they have such big holdings. So doge coin, yeah,

802
00:46:57,200 --> 00:47:00,640
Speaker 1: is very controversial, but there is still elopment going on

803
00:47:00,760 --> 00:47:02,560
Speaker 1: with it. It's not just it's not just kind of

804
00:47:02,719 --> 00:47:07,200
Speaker 1: sitting there doing nothing. And the doge Coin Foundation coordinates

805
00:47:07,239 --> 00:47:09,200
Speaker 1: a bit like the light Coin Foundation and many other

806
00:47:09,360 --> 00:47:12,160
Speaker 1: foundations in crypto. There is still this body behind it

807
00:47:13,160 --> 00:47:16,360
Speaker 1: and again thanks to Elon Musk, it's actually financing a

808
00:47:16,440 --> 00:47:22,000
Speaker 1: SpaceX mission. This is mad. It is crazy, isn't it.

809
00:47:22,080 --> 00:47:26,480
Speaker 1: It is crazy UM and the founders of it UM,

810
00:47:27,200 --> 00:47:30,279
Speaker 1: Billy Marcus and Jackson Palmer have have i think since

811
00:47:30,360 --> 00:47:33,080
Speaker 1: moved on and the sort of you know that they've

812
00:47:33,160 --> 00:47:37,040
Speaker 1: kind of stepped away from from DOES now, but it's

813
00:47:37,080 --> 00:47:39,440
Speaker 1: still it's one of the most recognizable brands in all

814
00:47:39,480 --> 00:47:41,520
Speaker 1: of crypto. I would I would hazard a guess and

815
00:47:41,600 --> 00:47:44,160
Speaker 1: say it might even be second only to Bitcoin in

816
00:47:44,320 --> 00:47:47,560
Speaker 1: terms of how recognized I think. I think Ethereum's little

817
00:47:47,600 --> 00:47:54,240
Speaker 1: diamond thing is probably third. Yeah, probably, no, actually probably

818
00:47:55,160 --> 00:48:00,359
Speaker 1: because it's depressingly so yeah, it's I think. Yeah, if

819
00:48:00,360 --> 00:48:02,400
Speaker 1: you put that, if you put that dojmime, if you

820
00:48:02,480 --> 00:48:04,960
Speaker 1: put that little little picture of the smiling dog, I

821
00:48:05,040 --> 00:48:08,000
Speaker 1: think certainly amongst the youth. Yeah, I think more people

822
00:48:08,040 --> 00:48:10,879
Speaker 1: would pick that out of a lineup than Ethereum's kind

823
00:48:10,880 --> 00:48:15,319
Speaker 1: of Ethereum. I think it's two pyramids to triangles the base. Yeah,

824
00:48:15,440 --> 00:48:21,960
Speaker 1: it's it's crazy. So do these illuminati again manipulating the

825
00:48:22,000 --> 00:48:25,319
Speaker 1: prize of dog coin keeping us all hooked on it? Um? Okay,

826
00:48:25,360 --> 00:48:42,840
Speaker 1: should we take another break then? Yeah? Okay, okay, welcome

827
00:48:42,880 --> 00:48:46,640
Speaker 1: back to part three of our journey through the early

828
00:48:46,760 --> 00:48:51,360
Speaker 1: old coins. Let's pick up the thread by the growth

829
00:48:51,480 --> 00:48:54,680
Speaker 1: of all coins was really starting to speed up, because

830
00:48:54,800 --> 00:48:57,919
Speaker 1: this year also saw new crypto projects emerged that looked

831
00:48:57,960 --> 00:49:02,759
Speaker 1: to improve upon Bitcoin and add additional features. So, like

832
00:49:02,880 --> 00:49:04,920
Speaker 1: I said, a lot of the early ones had been

833
00:49:05,080 --> 00:49:07,880
Speaker 1: either forks of Bitcoin or taking their inspiration from Bitcoin,

834
00:49:08,280 --> 00:49:10,200
Speaker 1: and then you had the likes of Ripple with x

835
00:49:10,320 --> 00:49:12,280
Speaker 1: r p s or trying to do something a bit different,

836
00:49:13,160 --> 00:49:17,920
Speaker 1: and obviously light Coin and then Doge, you know, taking

837
00:49:18,000 --> 00:49:20,239
Speaker 1: going in a slightly different direction, but still kind of

838
00:49:20,400 --> 00:49:23,719
Speaker 1: staying true to a lot of what Bitcoin was about. Um,

839
00:49:24,200 --> 00:49:26,960
Speaker 1: but some of these newer old coins that came came

840
00:49:27,000 --> 00:49:31,000
Speaker 1: along in we're trying to do even more so. January

841
00:49:31,760 --> 00:49:34,400
Speaker 1: saw the release of something called x coin. Now this

842
00:49:34,640 --> 00:49:39,560
Speaker 1: was later rebranded to dark coin and all those dark

843
00:49:39,960 --> 00:49:43,760
Speaker 1: web activities exactly for all those dark net market places

844
00:49:43,800 --> 00:49:46,000
Speaker 1: out there. And yeah, this was a bit of a problem,

845
00:49:46,280 --> 00:49:50,200
Speaker 1: was that. Why was it for that? No, no, but

846
00:49:50,480 --> 00:49:51,920
Speaker 1: it just happened to be at the same time. And

847
00:49:52,000 --> 00:49:55,319
Speaker 1: then yeah, so this was obviously so the silk road

848
00:49:55,400 --> 00:49:58,279
Speaker 1: is kind of fresh in the memory. And yeah, so

849
00:49:58,400 --> 00:50:01,160
Speaker 1: you have this thing called dark coin, and yeah, people

850
00:50:01,200 --> 00:50:03,759
Speaker 1: are associating it with dark net marketplaces, which is not

851
00:50:03,840 --> 00:50:07,040
Speaker 1: what it was designed for. So it was rebranded again

852
00:50:07,320 --> 00:50:11,080
Speaker 1: to dash. Oh okay, and this is a kind of

853
00:50:11,120 --> 00:50:13,880
Speaker 1: shortened word, a portmanteau word, I think they call it

854
00:50:13,960 --> 00:50:18,680
Speaker 1: of digital cash. And that rebrand, final rebrand, happened in March.

855
00:50:19,520 --> 00:50:22,319
Speaker 1: But Dash is another fork of Bitcoin, but there are

856
00:50:22,400 --> 00:50:27,839
Speaker 1: some changes. So Dash is designed to allow for quicker

857
00:50:27,880 --> 00:50:31,200
Speaker 1: transactions a bit light lightcoin, as well as quicker and

858
00:50:31,480 --> 00:50:35,279
Speaker 1: more efficient governance. Now do you remember in I think

859
00:50:35,320 --> 00:50:37,520
Speaker 1: it was the last episode where we talked about bitcoin,

860
00:50:37,640 --> 00:50:40,880
Speaker 1: we we touched on the subject of bitcoin governance. Basically,

861
00:50:40,960 --> 00:50:43,840
Speaker 1: if you want to make any sort of upgrade or change,

862
00:50:43,920 --> 00:50:47,240
Speaker 1: there's a few people who Yeah, there's only a handful

863
00:50:47,239 --> 00:50:49,000
Speaker 1: of people who can do and did the miners all

864
00:50:49,080 --> 00:50:52,440
Speaker 1: vote or something. Yeah. Basically, any sort of changes need

865
00:50:52,520 --> 00:50:55,279
Speaker 1: to be approved, and this is a very long drawn

866
00:50:55,320 --> 00:50:58,279
Speaker 1: out process because you need to get a you need

867
00:50:58,320 --> 00:51:01,120
Speaker 1: to get a majority of miners approved approving it, and

868
00:51:01,440 --> 00:51:04,759
Speaker 1: there's a lot of disagreement on on what sort of

869
00:51:04,880 --> 00:51:07,480
Speaker 1: changes should be made, so it takes a long time.

870
00:51:07,600 --> 00:51:10,520
Speaker 1: It's very difficult to do. So part of the thinking

871
00:51:10,600 --> 00:51:13,880
Speaker 1: behind Dash was to try and make this governance process

872
00:51:14,040 --> 00:51:18,120
Speaker 1: a bit more efficient, a bit more streamlined. So the

873
00:51:18,360 --> 00:51:21,840
Speaker 1: Dash blockchain has nodes and minus like any proof of

874
00:51:21,880 --> 00:51:24,640
Speaker 1: work chain, Dashes a proof of work coin, but it

875
00:51:24,719 --> 00:51:28,520
Speaker 1: also has a group of users called master nodes, and

876
00:51:28,680 --> 00:51:32,640
Speaker 1: these master nodes are the ones that govern the Dash network,

877
00:51:33,480 --> 00:51:35,719
Speaker 1: and you can become a master node if you have

878
00:51:36,080 --> 00:51:39,959
Speaker 1: a thousand or more. And a big feature that master

879
00:51:40,120 --> 00:51:43,920
Speaker 1: nodes offer is optional privacy. Again, we touched upon this

880
00:51:44,000 --> 00:51:46,480
Speaker 1: with Light cooined and they can use a process known

881
00:51:46,680 --> 00:51:51,160
Speaker 1: as mixing, and this disguises where a Dash transaction has

882
00:51:51,200 --> 00:51:54,640
Speaker 1: come from. And so this is you can see with

883
00:51:54,840 --> 00:51:57,439
Speaker 1: Dash that it's trying to be although it's taken again,

884
00:51:57,480 --> 00:51:59,640
Speaker 1: it's taken its inspiration form Bitcoin and it's a fork

885
00:51:59,680 --> 00:52:02,160
Speaker 1: of it. It's trying to do things a bit different.

886
00:52:02,640 --> 00:52:05,759
Speaker 1: It's a slight variation, yeah, trying to add some some

887
00:52:05,920 --> 00:52:10,160
Speaker 1: kind of extra features. And Dash block rewards are also

888
00:52:10,400 --> 00:52:15,160
Speaker 1: distributed differently, mostly with Bitcoin and mins. Yeah, it goes

889
00:52:15,160 --> 00:52:19,280
Speaker 1: to the miners, but in this case goes to the miners.

890
00:52:19,920 --> 00:52:23,279
Speaker 1: Forty goes to these master nodes. Governing the next is

891
00:52:23,320 --> 00:52:25,879
Speaker 1: really quite beneficial as be a master Yeah, it makes

892
00:52:26,040 --> 00:52:29,080
Speaker 1: it makes sense. And then ten percent, the final ten

893
00:52:29,120 --> 00:52:32,840
Speaker 1: percent goes towards a governance budget, which is used to

894
00:52:33,080 --> 00:52:36,880
Speaker 1: pay for implementing any changes on the Dash network. So

895
00:52:37,080 --> 00:52:40,440
Speaker 1: those tax yeah, I suppose you could call it that, yeah,

896
00:52:41,400 --> 00:52:44,640
Speaker 1: a levy on in order to sort of keep the

897
00:52:45,040 --> 00:52:48,719
Speaker 1: keep the blockchain able to evolve. So clearly it's a

898
00:52:48,840 --> 00:52:52,400
Speaker 1: very different beast from different from previous crypto projects, and

899
00:52:52,680 --> 00:52:56,320
Speaker 1: especially with this focus on governance and master nodes and

900
00:52:56,440 --> 00:53:00,000
Speaker 1: opt in privacy features. So it's yeah, you could argue

901
00:53:00,160 --> 00:53:05,560
Speaker 1: that this is this is cryptocurrency evolving and trying new things. Now,

902
00:53:05,719 --> 00:53:08,960
Speaker 1: Dash was very popular for a while. It gained a

903
00:53:09,080 --> 00:53:10,719
Speaker 1: lot of traction. I think it was in the top

904
00:53:10,840 --> 00:53:13,239
Speaker 1: twelve coins. I'm not sure we've broken the top ten,

905
00:53:13,440 --> 00:53:15,799
Speaker 1: certainly in the top twelve for quite a long time,

906
00:53:15,840 --> 00:53:22,279
Speaker 1: and it became very popular in Venezuela, which they had

907
00:53:22,320 --> 00:53:26,200
Speaker 1: their own. It's some slight currency issues in Venezuela. So

908
00:53:26,360 --> 00:53:29,000
Speaker 1: Dash became very popular. Then it's kind of lost a

909
00:53:29,080 --> 00:53:32,040
Speaker 1: lot of grounds since then. In fact, it's just like Venezuela,

910
00:53:32,280 --> 00:53:37,879
Speaker 1: like neither have performed particularly well in the last few years. Yes,

911
00:53:37,960 --> 00:53:40,840
Speaker 1: so Dash now it's kind of only just sitting inside

912
00:53:40,880 --> 00:53:44,080
Speaker 1: the top one hundred coins by market cap. Now there

913
00:53:44,120 --> 00:53:46,520
Speaker 1: are a number of reasons for this. The first one

914
00:53:46,560 --> 00:53:49,120
Speaker 1: I should point out there was a mistake that took

915
00:53:49,160 --> 00:53:53,560
Speaker 1: place when it was released, and that mistake swore too

916
00:53:53,640 --> 00:53:57,439
Speaker 1: many coins distributed initially, and this meant that a lot

917
00:53:57,920 --> 00:54:00,400
Speaker 1: ended up in the hands of a small group of users.

918
00:54:00,760 --> 00:54:03,040
Speaker 1: So basically you can summarize back with that with the

919
00:54:03,080 --> 00:54:06,360
Speaker 1: word centralized. The main criticism I think of DASH is

920
00:54:06,440 --> 00:54:10,440
Speaker 1: that it is a very centralized thing, a very centralized project.

921
00:54:11,480 --> 00:54:15,839
Speaker 1: And also the privacy feature that it offered was soon

922
00:54:15,960 --> 00:54:20,560
Speaker 1: to be outdone by another coin around the same time,

923
00:54:20,719 --> 00:54:24,040
Speaker 1: just the one we were talking about before, Manero. Manero, Yeah, exactly,

924
00:54:24,760 --> 00:54:27,399
Speaker 1: so before we talk about Minero. Yeah, let's let's let's

925
00:54:27,480 --> 00:54:30,959
Speaker 1: look at the name. So, yeah, Manero is an Esperanto word.

926
00:54:31,280 --> 00:54:34,120
Speaker 1: What does that mean again, because it's like so Esperanto

927
00:54:34,600 --> 00:54:39,680
Speaker 1: was is a language that was specifically invented. I think

928
00:54:39,719 --> 00:54:42,120
Speaker 1: it was invented if I remember rightly, in the late

929
00:54:42,760 --> 00:54:45,640
Speaker 1: nineteenth century by I think it was a Polish chat

930
00:54:46,360 --> 00:54:48,640
Speaker 1: and the thought behind it was that it would become

931
00:54:48,680 --> 00:54:50,440
Speaker 1: a kind of Lingua Franco. It was a language that

932
00:54:50,520 --> 00:54:54,440
Speaker 1: everyone could learn and therefore and therefore speak to each other.

933
00:54:55,360 --> 00:54:59,200
Speaker 1: And it didn't really catch on. I mean, we're not

934
00:54:59,360 --> 00:55:02,040
Speaker 1: speaking as ranto. I didn't even know what it was there,

935
00:55:03,320 --> 00:55:06,960
Speaker 1: but yeah, that happens a lot. Yeah, it was. It

936
00:55:07,080 --> 00:55:09,600
Speaker 1: was designed to be very easy to learn, and it

937
00:55:09,920 --> 00:55:13,480
Speaker 1: kind of borrowed borrowed words from lots of different languages

938
00:55:13,880 --> 00:55:16,160
Speaker 1: to try and come up with this universal language. And

939
00:55:16,360 --> 00:55:18,880
Speaker 1: to be fair, although it didn't catch on that much,

940
00:55:18,960 --> 00:55:22,200
Speaker 1: it is still kind of spoken. It's not spoken in

941
00:55:22,280 --> 00:55:26,759
Speaker 1: any particular place, but there are Esperanto speakers across the

942
00:55:26,960 --> 00:55:29,080
Speaker 1: across the world. It's UM. I guess it's kind of

943
00:55:29,120 --> 00:55:33,120
Speaker 1: hobby language if you like um. But yeah, Manero, I

944
00:55:33,120 --> 00:55:36,520
Speaker 1: mean it kind of shows shows it works, doesn't it,

945
00:55:36,560 --> 00:55:39,120
Speaker 1: Because I think everyone could sort of understand what you're

946
00:55:39,120 --> 00:55:42,520
Speaker 1: talking about if you meant nero. So yeah, Manero took

947
00:55:42,560 --> 00:55:48,280
Speaker 1: its name from the esperanro, a portmanteau word of money,

948
00:55:48,640 --> 00:55:54,400
Speaker 1: and DeNiro ra monero Manero. Yeah, okay, so Minero. It

949
00:55:54,719 --> 00:55:59,840
Speaker 1: was released in April and it is still going strong.

950
00:56:00,000 --> 00:56:02,520
Speaker 1: It is the top privacy coin out there, and I'll

951
00:56:02,520 --> 00:56:07,239
Speaker 1: talk about how it achieves this privacy feature. But it's

952
00:56:07,280 --> 00:56:12,120
Speaker 1: development is coordinated by a group of unsurprisingly anonymous developers.

953
00:56:12,480 --> 00:56:14,880
Speaker 1: Weirdly enough, or funnily enough, the only person that we

954
00:56:14,960 --> 00:56:19,480
Speaker 1: sort of know of who's associated with Manero is a

955
00:56:19,560 --> 00:56:22,560
Speaker 1: developer is a guy who goes by the by the

956
00:56:22,640 --> 00:56:29,279
Speaker 1: name of Fluffy Pony, and here he's the sort of

957
00:56:29,320 --> 00:56:31,960
Speaker 1: public face of Manero. So he put you know, if

958
00:56:32,000 --> 00:56:34,120
Speaker 1: there's some if some sort of update, he'll talk about it.

959
00:56:34,160 --> 00:56:38,040
Speaker 1: But he was rather controversially arrested a while back and accused.

960
00:56:38,200 --> 00:56:41,560
Speaker 1: I think he was extradited from South Africa to the

961
00:56:41,719 --> 00:56:47,960
Speaker 1: United States to face some wine based crime charge and

962
00:56:48,120 --> 00:56:50,360
Speaker 1: it was it was something fairly innocuous, and it was

963
00:56:50,440 --> 00:56:54,960
Speaker 1: all very suspicious because I think that the US his

964
00:56:55,320 --> 00:57:00,160
Speaker 1: his arrest warrant was put out on a certain eight

965
00:57:00,400 --> 00:57:03,880
Speaker 1: and within a day or so the South African authorities

966
00:57:03,920 --> 00:57:06,640
Speaker 1: had acted on it and apparently, speaking to people who

967
00:57:06,680 --> 00:57:09,400
Speaker 1: are more well versed in this sort of thing, that

968
00:57:09,600 --> 00:57:12,520
Speaker 1: is unheard of. You know, if you put out in

969
00:57:12,560 --> 00:57:15,480
Speaker 1: a restaurant, it could take weeks or months. Yes, so

970
00:57:15,640 --> 00:57:19,080
Speaker 1: this this business with Fluffy Pony was all rather controversial,

971
00:57:19,440 --> 00:57:21,800
Speaker 1: but he does have one of the greatest names in cryptocurrency.

972
00:57:21,840 --> 00:57:27,080
Speaker 1: If you ask me anyhow, Manero has privacy built in

973
00:57:27,400 --> 00:57:31,120
Speaker 1: and in order to do this, it uses some seriously

974
00:57:31,200 --> 00:57:33,720
Speaker 1: clever tech. And I'm not going to go into detail

975
00:57:33,760 --> 00:57:36,720
Speaker 1: on it here because it's it's so complex and if

976
00:57:36,760 --> 00:57:39,320
Speaker 1: you try to explain it, you can you just sort

977
00:57:39,360 --> 00:57:42,520
Speaker 1: of have a brain. Yeah, yeah, it does hurt my

978
00:57:42,640 --> 00:57:44,600
Speaker 1: mind trying to sort of get my head around it.

979
00:57:44,680 --> 00:57:46,200
Speaker 1: Sometimes it can be a bit of a rabbit hole

980
00:57:46,240 --> 00:57:49,280
Speaker 1: as well. So it basically uses all these techniques. It

981
00:57:49,400 --> 00:57:53,400
Speaker 1: uses things like ring signatures, stealth addresses, and something called

982
00:57:53,480 --> 00:57:59,000
Speaker 1: flooding to basically disguised senders of Manero, protect the receivers

983
00:57:59,040 --> 00:58:02,919
Speaker 1: of Manera, and hide the IP addresses of users. It's

984
00:58:03,320 --> 00:58:08,080
Speaker 1: really really clever, complicated stuff. And yeah, as I say,

985
00:58:08,120 --> 00:58:11,000
Speaker 1: a discussion of Manara's tech would get far too technical,

986
00:58:11,280 --> 00:58:13,920
Speaker 1: far too quickly. So it's enough to say that this

987
00:58:14,080 --> 00:58:17,520
Speaker 1: tech is so clever that no one has yet been

988
00:58:17,520 --> 00:58:20,360
Speaker 1: able to crack it, and the US government, among others,

989
00:58:20,560 --> 00:58:24,320
Speaker 1: is very keen to do so. And there are I

990
00:58:24,360 --> 00:58:26,360
Speaker 1: think there are bug bounties out there if people there

991
00:58:26,400 --> 00:58:29,840
Speaker 1: are not bug bounties, just regular bounties out there for

992
00:58:30,560 --> 00:58:34,240
Speaker 1: people who can help crack the Manero code. And no

993
00:58:34,320 --> 00:58:37,160
Speaker 1: one has managed it. Yeah, and when you think of

994
00:58:37,280 --> 00:58:40,320
Speaker 1: the resources that someone like the US has to throw

995
00:58:40,360 --> 00:58:43,080
Speaker 1: out these things, you know that the National Security Agency,

996
00:58:43,120 --> 00:58:46,560
Speaker 1: the NSA will have all sorts of funky computers and

997
00:58:46,680 --> 00:58:48,760
Speaker 1: very clever people and all this sort of stuff and

998
00:58:48,880 --> 00:58:52,280
Speaker 1: still hasn't been able to crack Manero. Uh. And it's

999
00:58:52,280 --> 00:58:55,160
Speaker 1: also interestingly designed to be much easier to mine than

1000
00:58:55,200 --> 00:58:58,360
Speaker 1: Bitcoin and other proof of work cryptos. It's it's a

1001
00:58:58,480 --> 00:59:02,000
Speaker 1: sick resistance, you remember a sick. Are these special mining

1002
00:59:02,120 --> 00:59:05,560
Speaker 1: rigs that can process that can throw a lot of

1003
00:59:05,640 --> 00:59:09,520
Speaker 1: hashing the network very quickly. So basically all bitcoin mining

1004
00:59:09,600 --> 00:59:13,120
Speaker 1: is done using a six now, but Manaro is designed

1005
00:59:13,320 --> 00:59:15,240
Speaker 1: you can't use an a sick to do it, so

1006
00:59:15,360 --> 00:59:18,360
Speaker 1: you can mine it on a regular computer. And I'm

1007
00:59:18,400 --> 00:59:21,280
Speaker 1: actually mining some Manaro back at the office, back at

1008
00:59:21,320 --> 00:59:23,800
Speaker 1: the Coin Bureau office. Yeah, my my brother in law

1009
00:59:24,520 --> 00:59:26,600
Speaker 1: helped set me up, set me up with this one.

1010
00:59:26,640 --> 00:59:29,000
Speaker 1: You need just an anturn of four. You just need

1011
00:59:29,160 --> 00:59:32,920
Speaker 1: a you just need a regular computer with CPU. No,

1012
00:59:33,080 --> 00:59:38,919
Speaker 1: the the antennae. That's Helium, HNT, that's UM wireless, Yeah,

1013
00:59:39,400 --> 00:59:42,480
Speaker 1: wireless broadband. UM. We'll have to Yeah, we'll have to

1014
00:59:42,520 --> 00:59:45,720
Speaker 1: talk about Helium another time. It's really really clever UM.

1015
00:59:46,200 --> 00:59:50,920
Speaker 1: But yeah, so anyone can theoretically mine Minero. You don't

1016
00:59:50,960 --> 00:59:53,520
Speaker 1: need lots of equipment, And so far, I think we've

1017
00:59:53,600 --> 00:59:57,040
Speaker 1: mined about half and x mr. Xmr is the native

1018
00:59:57,080 --> 01:00:01,720
Speaker 1: coin of the Minero network. So Manero is very popular

1019
01:00:01,920 --> 01:00:07,120
Speaker 1: with cipher punks and others who value privacy because of

1020
01:00:07,240 --> 01:00:10,480
Speaker 1: this amazing tech that makes it so makes it impossible

1021
01:00:10,560 --> 01:00:17,360
Speaker 1: to trace. Unsurprisingly, again, it's also popular with baddies criminals.

1022
01:00:17,720 --> 01:00:20,560
Speaker 1: So this is obviously the controversial thing about Manero is

1023
01:00:20,640 --> 01:00:24,160
Speaker 1: that it's those those criminals who have woken up to

1024
01:00:24,240 --> 01:00:28,800
Speaker 1: the fact that actually using bitcoin is pretty risky because

1025
01:00:28,840 --> 01:00:30,800
Speaker 1: it can be tracked on chain. It's much easier to

1026
01:00:30,920 --> 01:00:34,440
Speaker 1: track bitcoin have switched to Mannero. And yes, so this

1027
01:00:34,600 --> 01:00:36,960
Speaker 1: is a this is a bit of a problem with Manero,

1028
01:00:37,120 --> 01:00:39,000
Speaker 1: but you know, you have to take your hands up,

1029
01:00:39,120 --> 01:00:40,400
Speaker 1: you have to take your hat off to the fact

1030
01:00:40,480 --> 01:00:45,040
Speaker 1: that that this privacy is just so well protected. Um

1031
01:00:45,520 --> 01:00:48,800
Speaker 1: and this has led this popularity amongst ne'er do wells,

1032
01:00:48,840 --> 01:00:52,640
Speaker 1: has led many exchanges to delist Manero, but it's still

1033
01:00:53,200 --> 01:00:56,000
Speaker 1: strongly established. I think it's still certainly in the top hunder.

1034
01:00:56,000 --> 01:01:00,320
Speaker 1: I think it's in the top fifty xmr so. And

1035
01:01:01,200 --> 01:01:03,120
Speaker 1: like I said, there are lots of There are lots

1036
01:01:03,160 --> 01:01:05,520
Speaker 1: of coins out there are lots of coins and tokens

1037
01:01:05,560 --> 01:01:08,960
Speaker 1: out there that have privacy features, and there are several

1038
01:01:09,080 --> 01:01:14,040
Speaker 1: other sort of privacy focused coins, but Manero is the

1039
01:01:14,120 --> 01:01:16,440
Speaker 1: king of them so far. And I don't think in

1040
01:01:16,520 --> 01:01:18,760
Speaker 1: the privacy coin niche. I don't think that's going to change,

1041
01:01:18,840 --> 01:01:23,720
Speaker 1: even even though light coin is implementing these privacy features

1042
01:01:23,720 --> 01:01:27,640
Speaker 1: and stuff. I think whipple purple or was it called

1043
01:01:28,280 --> 01:01:32,200
Speaker 1: wimble Nimble Wimble, I prefer whipple pipple, whipple purple. I

1044
01:01:32,280 --> 01:01:35,640
Speaker 1: must say, um, so that's Manera. I want to touch

1045
01:01:35,720 --> 01:01:38,200
Speaker 1: on one more before we before we wrap things up,

1046
01:01:38,440 --> 01:01:43,760
Speaker 1: and that is one called Neo. This emerged in it's

1047
01:01:43,840 --> 01:01:47,760
Speaker 1: still going. It was originally called ant Shares and it

1048
01:01:47,840 --> 01:01:52,480
Speaker 1: appeared in February as a blockchain platform to trade and

1049
01:01:52,640 --> 01:01:55,320
Speaker 1: manage digital assets, and it was basically kind of to

1050
01:01:55,400 --> 01:01:59,160
Speaker 1: act as a I guess, a smart economy, and in

1051
01:02:00,240 --> 01:02:04,360
Speaker 1: it rebranded to Neo. Now Neo is a Chinese project.

1052
01:02:04,520 --> 01:02:07,439
Speaker 1: It's created by two developers from Shanghai, a chap called

1053
01:02:07,560 --> 01:02:11,280
Speaker 1: dar Hong Fei and a chap called Eric Jang, and

1054
01:02:11,760 --> 01:02:15,520
Speaker 1: it was seen as being very centralized kind of right

1055
01:02:15,560 --> 01:02:18,360
Speaker 1: from the get go. And also, of course this association

1056
01:02:18,480 --> 01:02:22,120
Speaker 1: with China is pretty problematic, seeing as China has a

1057
01:02:22,400 --> 01:02:28,360
Speaker 1: troubled relationship with crypto at best. But people often refer

1058
01:02:28,480 --> 01:02:30,360
Speaker 1: to it, and I should say that Neo is is

1059
01:02:30,400 --> 01:02:34,200
Speaker 1: still going strong. It's still within the top one neo

1060
01:02:34,600 --> 01:02:39,000
Speaker 1: is often referred to as the Chinese Ethereum. Okay, So

1061
01:02:39,320 --> 01:02:41,480
Speaker 1: I want to bring the episode to a close by

1062
01:02:41,960 --> 01:02:44,800
Speaker 1: talking perhaps about the elephant in the room, and that

1063
01:02:45,000 --> 01:02:48,960
Speaker 1: is of course Ethereum, because we mentioned this at the

1064
01:02:49,040 --> 01:02:51,280
Speaker 1: top of the episode. But I wanted to the daddy

1065
01:02:51,320 --> 01:02:52,960
Speaker 1: of the old coin. It is the daddy of the

1066
01:02:53,000 --> 01:02:58,160
Speaker 1: old coins. Really do talk about this. So, as I said,

1067
01:02:58,240 --> 01:03:01,960
Speaker 1: the idea for Ethereum, it actually dates back to but

1068
01:03:02,520 --> 01:03:08,000
Speaker 1: Ethereum didn't emerge until at which point, after all these

1069
01:03:08,040 --> 01:03:10,280
Speaker 1: other cryptos that we've all these other old coins that

1070
01:03:10,320 --> 01:03:13,480
Speaker 1: we've talked about so far today, Now I want to

1071
01:03:13,520 --> 01:03:15,600
Speaker 1: wrap up at this point because firstly, as you say,

1072
01:03:15,680 --> 01:03:18,040
Speaker 1: Ethereum is just such a big project. There's so much

1073
01:03:18,120 --> 01:03:20,600
Speaker 1: going on that we need at least two or three

1074
01:03:20,640 --> 01:03:23,240
Speaker 1: episodes in order to do it justice. So now is

1075
01:03:23,360 --> 01:03:25,800
Speaker 1: certainly not the time to start digging down into what

1076
01:03:25,920 --> 01:03:31,200
Speaker 1: Ethereum is. But also it's really interesting because the release

1077
01:03:31,480 --> 01:03:36,920
Speaker 1: of Ethereum was what paved the way for a deluge,

1078
01:03:37,000 --> 01:03:42,320
Speaker 1: a flood of other old coins. Okay, because without going

1079
01:03:42,400 --> 01:03:45,640
Speaker 1: into too much detail, Ethereum basically makes it possible and

1080
01:03:45,960 --> 01:03:50,880
Speaker 1: very very easy to build tokens on the Ethereum blockchain,

1081
01:03:50,960 --> 01:03:52,520
Speaker 1: but we'll we'll get into that in a in a

1082
01:03:52,600 --> 01:03:56,600
Speaker 1: future episode. But the emergence of Ethereum is kind of

1083
01:03:56,680 --> 01:04:01,000
Speaker 1: what eventually opens the floodgates and means we have thousands

1084
01:04:01,120 --> 01:04:08,000
Speaker 1: upon thousands of all coins and tokens today. So before

1085
01:04:08,080 --> 01:04:10,600
Speaker 1: we go, I should say there are still some early

1086
01:04:10,880 --> 01:04:13,520
Speaker 1: coins that are still going but have been kind of

1087
01:04:13,600 --> 01:04:17,640
Speaker 1: overtaken by others that emerged after them. And like I said,

1088
01:04:17,680 --> 01:04:19,640
Speaker 1: there were others that we we could have talked about

1089
01:04:19,680 --> 01:04:23,240
Speaker 1: peer coin today. There was something called grid coin, a

1090
01:04:23,320 --> 01:04:26,160
Speaker 1: few others as well, but they haven't really they haven't

1091
01:04:26,200 --> 01:04:28,960
Speaker 1: really made it. But I do want to finish by

1092
01:04:29,240 --> 01:04:32,480
Speaker 1: giving a special mention to a coin that was designed

1093
01:04:32,520 --> 01:04:35,240
Speaker 1: to be used to pay for services in the adult

1094
01:04:35,400 --> 01:04:38,800
Speaker 1: entertainment industry. Would you like to hireh Hazard a guess

1095
01:04:38,840 --> 01:04:42,240
Speaker 1: at what this coin might be called coin? No, you're

1096
01:04:42,280 --> 01:04:46,280
Speaker 1: close blog coin, you're thinking too outside the box. It

1097
01:04:46,400 --> 01:04:51,400
Speaker 1: was called tit cooin. Do you remember we talked about

1098
01:04:51,440 --> 01:04:55,360
Speaker 1: when we were talking about in about crypto terms in

1099
01:04:55,400 --> 01:04:57,880
Speaker 1: the last episode, we talked about the term shiit coin

1100
01:04:58,760 --> 01:05:01,760
Speaker 1: and that actually it can be traced back that term

1101
01:05:01,840 --> 01:05:04,120
Speaker 1: to a post by Gavin and reason on the Bitcoin

1102
01:05:04,200 --> 01:05:07,280
Speaker 1: talk and titcoin was actually one of the ones that

1103
01:05:07,360 --> 01:05:09,840
Speaker 1: he sort of threw out there as a possible as

1104
01:05:09,840 --> 01:05:12,800
Speaker 1: a possible a coin, and someone clearly took him up

1105
01:05:12,800 --> 01:05:16,280
Speaker 1: on it. And would you like to guess the supply

1106
01:05:16,400 --> 01:05:24,400
Speaker 1: cap the number of tip coins that were two? So yeah,

1107
01:05:24,440 --> 01:05:28,160
Speaker 1: I wanted to finish on that sort of slightly smutter,

1108
01:05:28,920 --> 01:05:33,400
Speaker 1: not done well or no, titcoin is is dead? Is it? Yeah?

1109
01:05:34,240 --> 01:05:37,080
Speaker 1: There is nothing happening with their It's it's a very

1110
01:05:37,120 --> 01:05:41,760
Speaker 1: odd thing because of all the use cases for cryptocurrency,

1111
01:05:42,560 --> 01:05:45,840
Speaker 1: of all the problems that it's um that that these

1112
01:05:45,880 --> 01:05:49,280
Speaker 1: cryptos are designed to solve, one that keeps coming up

1113
01:05:49,720 --> 01:05:54,120
Speaker 1: is the kind of adult entertainment industry, the porn industry

1114
01:05:54,240 --> 01:05:56,520
Speaker 1: but also you know, the sex work industry and all

1115
01:05:56,600 --> 01:05:59,720
Speaker 1: this sort of stuff. The idea that there needs to

1116
01:05:59,760 --> 01:06:03,400
Speaker 1: be sort of cryptocurrency that serves this industry. And there

1117
01:06:03,520 --> 01:06:09,200
Speaker 1: is actually one called come rocket now and and several others. Ye.

1118
01:06:10,200 --> 01:06:12,640
Speaker 1: So but it's weird like this idea just sort of

1119
01:06:12,760 --> 01:06:17,440
Speaker 1: doesn't doesn't go away. And I mean it's because these

1120
01:06:17,480 --> 01:06:20,760
Speaker 1: people find it very hard to bank and when they do,

1121
01:06:21,160 --> 01:06:28,960
Speaker 1: the the extortionate fees that sort of financial institutions take

1122
01:06:29,240 --> 01:06:32,600
Speaker 1: is crazy. Yeah. Yeah, and I've I've heard stories not

1123
01:06:32,720 --> 01:06:36,800
Speaker 1: fair and really unfair. Yeah, because of because of people's

1124
01:06:36,840 --> 01:06:39,240
Speaker 1: got a lot of people's kind of pure tonical attitudes

1125
01:06:39,280 --> 01:06:42,320
Speaker 1: towards I get it, I understand, But why can't they

1126
01:06:42,360 --> 01:06:45,280
Speaker 1: use other Why can't monerrow or bitcoin or well, that's

1127
01:06:45,400 --> 01:06:47,160
Speaker 1: very much my thinking. You know, why why do we

1128
01:06:47,240 --> 01:06:51,160
Speaker 1: need a specific specific because that kind of just like

1129
01:06:51,280 --> 01:06:55,400
Speaker 1: if it's if it's mixed amongst other uses, then it's

1130
01:06:55,520 --> 01:06:57,760
Speaker 1: it's not because it's like, surely the same problem you

1131
01:06:57,800 --> 01:07:00,600
Speaker 1: will have is like cool, when you're at leasing come

1132
01:07:00,680 --> 01:07:05,160
Speaker 1: rocket or tipcoin into fat money, then that's going to

1133
01:07:05,160 --> 01:07:08,080
Speaker 1: be an issue. Yeah, and you don't want to if

1134
01:07:08,120 --> 01:07:10,760
Speaker 1: you're trying to develop a cryptocurrency, you really don't want

1135
01:07:10,800 --> 01:07:13,800
Speaker 1: to limit its use case too much. It's okay, so

1136
01:07:14,120 --> 01:07:17,760
Speaker 1: this is designed for use within you know, if someone's

1137
01:07:17,800 --> 01:07:19,920
Speaker 1: holding a lot of tipcoin, they're like, okay, cool, I

1138
01:07:20,000 --> 01:07:23,160
Speaker 1: know what he's up to. Yeah, it's it's it would

1139
01:07:23,200 --> 01:07:25,480
Speaker 1: perhaps to be better that people would perhaps prefer to

1140
01:07:25,840 --> 01:07:29,400
Speaker 1: be more anonymous. So yeah, I'm I'm always a bit

1141
01:07:29,440 --> 01:07:31,960
Speaker 1: baffled by how this this use case keeps coming out

1142
01:07:32,000 --> 01:07:34,320
Speaker 1: as you say, like people in that line of work

1143
01:07:34,600 --> 01:07:38,880
Speaker 1: are treated very unfairly. But yeah, I'm just not sure

1144
01:07:40,760 --> 01:07:45,280
Speaker 1: a special coin, a special cryptocurrency for them, is what's

1145
01:07:45,280 --> 01:07:48,400
Speaker 1: going to solve that particular issue. But we should. I

1146
01:07:48,520 --> 01:07:51,840
Speaker 1: think a great future episode would be if we could

1147
01:07:51,840 --> 01:07:54,640
Speaker 1: talk to someone who works in that industry. If you

1148
01:07:55,240 --> 01:07:59,480
Speaker 1: you do, okay, well you can, you can. Let's I

1149
01:07:59,600 --> 01:08:02,680
Speaker 1: know some one who is actually trying to set up

1150
01:08:02,920 --> 01:08:08,120
Speaker 1: a UM kind of an only fans that runs on crypto. Okay,

1151
01:08:08,600 --> 01:08:12,800
Speaker 1: well there would be a great person. Let's do that. Okay, alright,

1152
01:08:13,000 --> 01:08:15,680
Speaker 1: So folks, that was all coins. That was the rise

1153
01:08:15,800 --> 01:08:19,439
Speaker 1: of the old coins. And next time, I promise we

1154
01:08:19,560 --> 01:08:22,960
Speaker 1: will start talking about Ethereum the grant, the big daddy

1155
01:08:23,000 --> 01:08:25,479
Speaker 1: of the old coins. Um. Yeah, I thought that would

1156
01:08:25,479 --> 01:08:29,439
Speaker 1: be a useful little little way into bitcoin alternatives. Magic.

1157
01:08:29,760 --> 01:08:33,120
Speaker 1: Thanks for listening, folks, and we will see you next week.

1158
01:08:33,680 --> 01:08:36,720
Speaker 1: Wonder bar I'll be the thing. Thank you so much

1159
01:08:36,760 --> 01:08:39,280
Speaker 1: for listening to the Coin Bureau podcast. If you'd like

1160
01:08:39,360 --> 01:08:42,519
Speaker 1: to learn more about cryptocurrency, you can visit our YouTube

1161
01:08:42,600 --> 01:08:46,080
Speaker 1: channel at YouTube dot com forward slash coin Bureau. You

1162
01:08:46,160 --> 01:08:48,439
Speaker 1: can also go to coin bureau dot com for loads

1163
01:08:48,479 --> 01:08:51,439
Speaker 1: more information about all things crypto. You can follow me

1164
01:08:51,520 --> 01:08:53,800
Speaker 1: on Twitter and at coin Bureau, all on word, and

1165
01:08:53,960 --> 01:08:57,519
Speaker 1: I'm also active on TikTok and Instagram as well. First

1166
01:08:57,520 --> 01:09:00,920
Speaker 1: of all, it's not thank you for listening, welcome for

1167
01:09:01,160 --> 01:09:05,559
Speaker 1: great content. Yeah, like this is free and they're learning

1168
01:09:05,600 --> 01:09:09,160
Speaker 1: about a fairly great topic in a non boring way.

1169
01:09:09,560 --> 01:09:11,800
Speaker 1: If you'd like to visit me and hear more about me,

1170
01:09:12,600 --> 01:09:15,160
Speaker 1: go to mooch about m O O C H A

1171
01:09:15,360 --> 01:09:28,479
Speaker 1: b O U T or else. For more podcasts from

1172
01:09:28,520 --> 01:09:32,320
Speaker 1: I Heart Radio, visit the I heart Radio app, Apple Podcasts,

1173
01:09:32,560 --> 01:09:43,400
Speaker 1: or wherever we get your podcasts. The coin Gera podcast

1174
01:09:43,560 --> 01:10:06,519
Speaker 1: is a production of I Heart Radio. Go On