The Decrypt Daily: Bitcoin & Cryptocurrency News Podcast - Nov 11: Ethereum Hard Fork? ShapeShift Delisting Privacy, Bitcoin not Gold

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00:00:00
Look at that CEO this is it a good daily. And my name is Matthew Aaron on the show cuz I'll know how much are under a CEO and founder of my ether wallet comes on the show to talk about the aetherium hard Fork That Never Was supposed to happen Ernesto Contreras head of business development of Dash pay talks about shape-shifting lifting privacy coins. And Michael sailor has big words for Bitcoin and gold coming out today on the decrypt a lie.

00:00:25
What's up, everybody? Welcome to the show. Today is Wednesday, November 11th. 2020 Veterans Day. I want to say thank you to all the veterans out there for serving signing on that dotted line something that I always regret that I didn't do. Everyone was 18 years old 9 years old. I thought about it quite a lot and looking back. I know that I would have excelled in the military and it probably would have got me to a different place my life right now for Better or For Worse. It'll I think they know I learned when I was in my late 20s early 30s that I would have been so much earlier if I was in the military discipline routine habit hard work. So what I'm trying to say is I respect everybody who served in the military. It's something that I wish I've always done but didn't do but one thing I am doing is remodeling my bathroom. Now, I have been gearing up for this project and now it's time to move out of the house. I have a boy and a half bath. That means my shower Zumiez duck on my toilet can be gone. I'm going to have to move to a new place. I am packing up my recording equipment tonight. So if you're Savvy, let's see how

00:01:25
Recording quality sounds through these transitions tomorrow's podcast will be from a different location. If you're on the Facebook group or page and UCR videos of the interviews, you will see a different background and we get to play the game of where is Matthew recording from today to see how this plays out. I doubt you would even notice the difference between thing. I do know that you have noticed is that Bitcoin is going to the Moon money talk in recording this at 2:59 a.m. We just called at 3:00 Matt recording this at 3 Eastern Standard Time Bitcoin is in at $15,835.35 up 4.7% from yesterday. If there is 46956 of 5.3% Litecoin 6023 up 3.5% chain link 1322 up 2.5% and X.

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RP 25.8 cents are stablecoin up .8% total market cap for all the currency is 455.2 billion dollars of the BTC dominance moving up a little bit to 64.3%

00:02:41
anniversary today Bitcoin and gold cannot coexist says microstrategy CEO Michael Saylor. He says in quote when the Bitcoin Dragon emerges from its Lair the first thing it will eat it the kingdom of gold that is some epic quoting right there. I wonder how that sounds in like Lord of the Rings voice.

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roma tomato the full stream

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Actually, I wonder how that sound them beat the boys boys.

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the big winter

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All right, that's enough of that. Anyway, Michael Saylor the CEO of business intelligence company microstrategy is heavily invested in Bitcoin today. He suggested that we aren't really similar country to the digital gold narrative. What is fully realize as an asset class? You will come at Gold expense. He says he's tweeted and I quote I agree with prompt that is dangerous to think that gold and Bitcoin are similar and complimentary investment. He says and quote in my two cents. And if you heard when it came to the David Morgan interview, I don't think anybody thinks that it's the same. We're just using it as marketing digital gold a place to store value. You hold it you how to let you make games. I don't think that anybody thinks that this is actually go and I don't think that anybody is, you know, kind of deceive that goes all dad goat Bitcoin same thing. So the statement in my opinion is just clickbait, like if you can have a diversified portfolio you can have Bitcoin gold stocks housing real estate and other Investments.

00:04:29
You're just kind of have Bitcoin or gold so I don't know why he said this means that instead of investing in gold but I don't see that. I think that you would have gold and not just be queen or gold before Astley never had gold never go buy gold. So it's not a problem. And if I'm investing in something because the end of the world of the end of the financial institutions as we know then I'm not buying gold. I mean to buy Bitcoin guns and ammo for cans of soup. I don't see that Julian said I was going to leave cold and go into Bitcoin is going to be this and it not either or so, I don't understand. Maybe Mike wants to come on the shelf and talk about it and I will use my Beastie Boys voice if he does.

00:05:15
The hard work that never was supposed to happen happened to Stella how much Andhra CEO and founder of my ether wallet explains what happened absolutely adore my bug briefly split the ethereum blockchain. It came out of nowhere. It halted some transactions and some dabs for sometime today and it all started at 7:10 a.m. UTC tell us what happened. So basically, yeah, just like you said 7-10 you that I am 710 you to see a whole bunch of dabs and whole bunch of exchange of centralized exchanges to went down because of this but the good news is only one of the service providers as far as I know so far only one affected by this bug and basically what happened at some point in time in the past go eat area, which is used by I think I don't like more than 80% of the people around the world fix the sudden bug and then he was included the fix was included in like all like all recent update release.

00:06:15
And everyone who had the latest update wasn't affected by this specific bug but unfortunately for certain features in the bathroom was using the old version of get fired because of that they they got affected by this bug and they offered a cost to change split because they maintain such a b o t support such a large amount of applications. Off sand-like exchanges. They actually because of that all those exchanges was like they ran into a different chain chain split and this is also like me all the lead developers are going to him calling it a technically and unannounced Hartford because they did not think when they fix this back that this will cost and actual change split or this will cost Hartford because it was such a mind about unfortunately that whole process led to what happened today and in Florida was affected by it now, they're like today

00:07:15
Kansas Dept back on track the life all get to go but thank you very much for coming on the show and explain this book one quick request. And I know that coinbase custodial wallet cryptokitty the metamax, they went down today for a little bit. Everybody's back up and running. Is that correct? Yeah. So everyone is on their way to the back up and running or they're already like normal and they're back up and running. Basically, it's like some some people might to say. Hey like why don't these big services or dabs just use their own notes because that's the best thing to do. So they don't have to rely on third-party. No service writer and this was the case even a mighty Wallet app until 2019. We used our own notes, but it became such a big hassle, like because maintaining these notes are laying updating them a trading them it become such a big part of your day today a task and like it request so much time from a from an engineer. So we decided to offer

00:08:15
I know it's not service providers because they are the expert in feura is definitely one of the good names out. There are no services and Alchemy is another good one and regret is an amazing one too. So we not so might as well that we kind of saw this happening at some point in time not just time but like maybe maybe in the future I'd my hype attic fan. So all the way of protecting our uses is not just depending on one service provided. We actually depends on three separate one. So it's not it's highly unlikely. All three of them will go down at the same time. So it's highly unlikely other users will be affected by this beside of issues. Thank you very much for coming on the show and explain all this to us so much for having me.

00:09:04
Kucoin recover is 236 million. Oz of a stolen funds from Attack that happened on September 26th. And I think that is damn impressive if you remember 281 billion dollars of funds were stolen from kucoin and they just tracked it all around the internet the co-founder later came out and said, hey, I think you got the funds and so far they recovered 84% of the affected asset and the top it off. They have resumed full service of 176 tokens and all others are scheduled to be reopened before November 22nd. So in summary Packers came into kucoin hack their exchange for 281 million dollars, they shut down the exchange. They did some smooth work some gumshoe work. They found their funds recover 84% of them and are opening back up the exchange in full service. This is one of those Happy Endings will at least 84% of a happy ending. Let's see if we can't go and get that other 16% to make it.

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ending

00:10:07
Shapeshifter lifting coins here to talk about it is Ernesto contrera as head of Business Development for dash pay thank you for having me. You're always welcome. You're always welcome anytime. You want to just come on out if I want to talk to you today about shape-shift confirming regulatory risk leading to privacy coin did this thing? They'd be listed zcash Monero and dash and I've basically want to ask you how did you feel about that when they do listed and how do you feel about it when they are confirming that they did? Yeah. Well, we tried reaching out to the shape-shift team and we haven't yet confirmation from them because we heard some of these rumors but on the website last time I checked they still hot. So we were hoping hoping that it's not going to come to fruition and if it does it do to a misconception about that where the first going to implement mixing

00:11:07
Teacher back in the day and that confuses people to believe the dash is a private lesson coin that she's not a privacy coins and one of the features that Dash past is mixing coin, which is something that it's also available for many Bitcoin wallets. The dock blockchain is fully transparent and anybody can go there and check what the transaction for Life allows for is for Neighbors not to see what are your dash balances or whether you're buying on the grocery store or not, but there are the tools that allow for regulators and exchanges to comply a hundred percent with regulation Hayward. CA email probably rule everything as a matter of fact when this year with hot confirmation from Chennai received that they have the tool to allow.

00:12:07
Outboard companies such as shape-shift to comply with AML and kyc regulation. We've had legal War coming out by perking cooie an order legal firms that confirm that - can comply that the the exchanges can comply with AML and kyc rules by using one of these tools. So it is, you know, at least according to the report from analysis. It is a misnomer to say that Dash is a privacy coin Dash has a privacy feature that can protect you no users from from nosy people to see your balances, but the regulators and the exchanges and wallets can be certain that they can comply with the law and we've been working hard to educate them to let them know that these tools are available and hopefully we can revert this.

00:13:07
I kind of feel like this is high school and high school what you would do without you walk in there and you'll see how they all your friends are. Some of your friends are part of the the bad kids and then they just left you in with the bad case you feel that dad's got lumped in with the bad kids for no reason. Yeah. Well, I would not necessarily say that privacy is a Bad Thing many people specially because we need privacy but it is important to know that most of the bad stuff that happens online does not happen with crypto. It happens with regular bangs and and and Fiat money, but that's a separate topic. It is in fact part of our we were initially known as a privacy coin because we innovate it in this feature off of mixing coins, but this mixing happens on chain, it is fully transparent and anybody that wants to record to authorities and comply

00:14:07
They can find the tools to do so. Yeah in a way. We we still have that that people know us as a privacy coin and we've been working hard to educate people regulators and companies that there is a spectrum of privacy and has an element of it that is good for protecting users. But it's also one-hundred-percent able to allow exchanges wallets and anybody to comply with lost so privacy having people out of your account is not this is nothing bad and it's certainly not something that would refrain an organization to complain with Regulators Ernesto Contreras head of Business Development for gaspe. Thank you very much for coming on in explaining that to us.

00:15:04
Thank you Matt. It's a pleasure.

00:15:07
Thank you for listening to this episode of the decrypt daily. Remember Apple podcast go to it like us subscribe and leave us a comment the comments help us know how we're doing and it also helps people find us. Happy houghtaling. I'll see you tomorrow.
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