The Decrypt Daily: Bitcoin & Cryptocurrency News Podcast - Feb 2: IDEX on Binance Smart Chain, Litecoin Privacy, More Sex Less #BTC?

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Content Keywords: idexx holder
00:00:00
From the Crypt media. This is the decrypt daily and my name is Matthew Aaron today in the show coinbase is going to direct list on NASDAQ. NYU. Professor says men should start having more sex and stop staring at the Bitcoin price and we welcome the CEO of I text Alex Warren. I'm the show to talk about their move to binance chain and other chains coming up today on the decrypt a lie.

00:00:26
Good morning, everyone. Welcome to the show. Today is Tuesday, February 2nd. 2021. Damn. I'm in a good mood today. I woke up hit the gym shovel my snow took out the trash made some breakfast. And now I'm podcasting can't get any better than that. When you wake up you feel productive you are productive and you get green across the board littlefield's crypto prices.

00:00:52
Can we do money talk in this at 10:30 Eastern Standard Time Bitcoin is sitting at $35,050.88 up 4.72% from yesterday. Aetherium. $1,434 up 9.5% Litecoin 14280 up 10.12 lessons call it 11% chain link 2292 up 4.9% at xrp 38.3 cents down 12.5% total market cap for all cryptocurrency person that 1.039 trillion dollars up 4.2% from yesterday with the BTC dominance of 62.2 Sands. We are definitely seeing some old Skyrocket the only read in the top-20 ardos and xrp, that should tell you something.

00:01:43
Give me internet conversation today. I'm talking to Alex were in the CEO of idexx and where to talk about their migration to different chains and their expansion of their decks years Alex about thanks preciate you having me on almost done what I was just a welcome back to the show. But yeah, it's a welcome back to the show right now. We didn't want a couple months ago think it was the history of the decks or how Texas work or something like that in anyway. I love you and I always appreciate talking to you about what we talked about today is going to talk about the evolution of idek's you guys going to be multi chain or talk about buying a smart chain, aetherium still a layer to be working on tell me about what is going to be popping off today. Yeah. That's exactly right. So our goal is to be the fastest most secure decentralized exchange and that really consists of two parts. So first off you have to be a DEX Wichita LS mean smart contract based custody. So we never control your funds no matter what happens. The end-user is always in control of their

00:02:43
What assets the second piece for us is that the exchange should perform like a centralized exchange and there's no shortage of conversation around some of the drawbacks of frost, you know that the exchange should be able to match the performance of your talk to your centralized exchanges which means tens of thousands of orders per second a great UI API Advanced order tide if I stop loss all the things that Traders have come to know and love and so we have both of those pieces today that centralized exchange performance and a smart contract based custody the decentralized custody, but they're kind of 1/3 and that it also needs to be affordable. So you think about centralized exchanges they don't have a gas be associated with settling in at once you're in the exchange buy conversation around the cost and how expensive is become to use aetherium base applications. So I'll for us we look at this launch as and binance Mark deymaz.

00:03:43
You're one of a couple different ways that works boring of up solving this affordability crisis. So we have our own Lair to and development which will help lower the transaction cost on aetherium. But we're all so excited to announce that we're deploying are the same application on binance Smart Shade starting later this afternoon. So this is kind of another way to give users that great user experience, but with a much more affordable and acting, so we're doing some tests this morning and it cost about $0.15 / trade versus anywhere from 10 to $50 on aetherium, depending on what the current congestion is. The last piece that was at this also allows us to open up new assets to customers. So you're seeing a lot of projects that are deploying on binance Smart chain, exclusively and this will allow us to give customers access to those markets really quick favor is to please just to find a DEX vs. Likewise. I think you still call it a hybrid decks for us.

00:04:43
The core kind of component is that you don't trust someone else with your funds. But if you think about an exchange, there's a lot of different pieces. There's custody which is who controls the cryptocurrencies during the training process. There's also seems like the order book the matching process that you lie, and all of those can be run in a decentralized manner or in a centralized pattern every exchange even more decentralized decentralized exchanges have the UI centralized. So if you go to any website today, that's going to be a centralized URI to the question Dennis things like the mass shooting and execution process is that be centralized and in our case, we are running that matching engine. Now the flip side is that because we are actually operating that component of the exchange that's how we're able to give users that experience of a centralized exchange. So we really tried to find that balance centralizing the components that actually make the

00:05:43
Experience better, you know what prevents things like front-running or trade collisions while at the same time keeping that core part of custody decentralised. So that users will never have to practice with their funds no matter what happens if there's two aspects of what you said that I really want to touch on really quick is 180 getting everybody who's Goku's like the unit swap or something like that has transactions that didn't go through yet. The gas was still spent and it's just the most frustrating annoying thing that ever happens if we're trying to buy some coins, but the reason why people keep going back to like you to swap or 1 inch or what it would have you that they are putting any crap coin that you want to be to gamble with their platform. You can just watch it on Eunice swap write-up first. My current profession is Milo Murphy's in you're talking about a decks. Are you going to stop all of those problems that you might have on you as well portrayed exit don't go through but you're still paying a crap ton of money trying to get your your shitcoin. And the other one is is how much flexibility is the

00:06:43
But you know how to launch their token on your decks and just go for it. Yes. So first question, the the fact that we have the matching engine that we're operating eliminates all those issues that you that you load it to you in terms of the problem. So there are no trade failure. There's not that situation where you think you got a certain price and I don't actually didn't go through but you're not going to get front run right? That's another big problem is in in you can think about what is the front-runner? Sorry. What is run run? Yeah, so don't run is when someone else sees your incoming transaction and it says we jumped in front of it front runs the transaction resulting on you getting a worst price so you can actually watch some of these Dexter's you'll see a transaction come in increasing the price for you when you're through with your cell goes through and then they'll sell it back to the contract as soon as you're done the purpose to enrich themselves at the to the user. So we're dressing all of those issues that

00:07:43
This on on current the second piece around the sting any asset Works flooring that off for now there isn't an open permissions listing policy. We think it's kind of a double-edged sword. It's is definitely a good for projects that you're kind of lower the barrier to getting their out their application or their token out there. But if you've noticed there's still a perception of graduating with in crypto exchanges, you do people trade on Eunice lot. But as soon as it's on a kind of you call it up better or you know, an exchanged at Trader's are familiar with that has the user experience that they've come to expect many people will move over and you typically see that the volumes move with it. So, you know, we think that the success has been great for the growth of these Technologies. It's really showing the promise but if it's going after a bit of a different Market, our goal is to compete with those top centralized exchanges, but but in a way that users never have to trust them with their

00:08:43
Find ever again why you shouldn't have these issues where an executive is taken into custody and people can't get their funds out for 30 days. Just did the concept that you know, you have this decentralized movements where people are supposed to be able to take control and intake power but kind of all concentrated in these Solutions associate with these exchanges. It's it's not the messy the way these assets permits to be traded. My last question to you is your token my friend. Look I can't get on binance because I am America and so I'm like where can I get the token and now that you're say that you're running on different chains, does that mean that you were to have like a bet to idexx token in it a story or c20i text Hope Ore-Ida token are they the same price they working with each other and what can I do with it with your question allows users to steak and earn 50% of the trade fees from The Exchange so as volume on the exchange.

00:09:43
Rose so will that Revenue stream back to those that are staking the stickers are helping actually decentralized the application. There's a couple things they're doing now, you can learn more at I text iOS / taking if you're curious on the mechanics of what a Stager is doing now, those same features and functionality need to be replicated on the binance marching and you can't you use for a host of reasons the same token that's on aetherium are both in terms of kind of a security implications as well as the economics. It requires a new token a Knight XV as we're calling it for ibs-c distributed and we thought the fairest way was to airdrop it 1212 existing idexx holders. So we're doing that over a. Of time. So if you're an existing idexx holder on I-10 East and you'll be getting the eidechse finest Mark Chambers in over the next couple of years. So just to be clear I'd XB is separate than the eidechse teeth.

00:10:43
And then they're going to be actually trading probably at two different prices. Is that correct? Yeah, that's the expectation. Right and each one is allow you to stay can earn fees from the corresponding version on that that particular one and I'd XB and I'd SF is both going to be available on idex. That's exactly right from today live that will be going live in the next couple of weeks. So we're rolling out the exchange first and then the token will launch a couple weeks later. Awesome. I like I'm looking forward to this and look and see how this works out for you and I'm looking to also to see how are the token goes elsewhere and CEO of idek's thanks for coming on the show.

00:11:25
And another news National digital currencies Prime 2 flop says researchers many countries are researching and experimenting with CBD seeds or Central Bank digital currencies Economist peterbald finger and Thomas Hobbes argue. The cdc's May Fail as a medium of exchange because of competition with private things. However, they say firms and large investors. I think that you don't know nobody knows how this new technology is going to play out. Look we didn't know how the iPad wasn't be used every looks like it's not going to work. It's just a big iPhone, but you can call from it. And now imagine taking a flight with your kids without an iPad. We don't know we didn't know that get alternate use it for their supposed to use it for me to know kids are going to love it so much do parents really need it so much obviously an iPad is not currency. But what I'm trying to say is it seems like a very viable option for governments that want cheaper way.

00:12:25
To print the hell out of money and transact in general. Also, it's going to be a great store value but it's going to be really competitive to other stores of value gold silver other Commodities or Bitcoin or other digital currencies. I think that we're only going to have to wait and see how everything develops and while you're doing that as an investor or SMI just curious about the economy take a look to keep your eye on how the shift start to happen. Sometimes you make it to him and you just don't know how it can be used after months of speculation San francisco-based crypto exchange coinbase recently announced his plans to go public via direct listing the black reports that the company will list. It shares on NASDAQ coinbase quietly filed with the SEC back in December and direct listing was officially announced last week. It was a Reason by P O, but I'm like an IPO direct listing doesn't involve creating new shares his also launched a secondary market for his private shares with nasdaq's private Market service, which already has implied that the evaluation for

00:13:25
Play bass. Will you be around 50 billion dollars so that we don't know when this is going to take place. But keep an eye out for coinbase the first cryptocurrency exchange. Actually, I think the first cryptocurrency anything on the stock market and this just adds to the bullish news.

00:13:44
Are unofficial homie Michael Saylor the CEO of microstrategy has just bought 10 million dollars more of Bitcoin. How much is $10 in Bitcoin? That's 295 Bitcoin at an average price of $33,808, which now they hodl 71079 Bitcoins would be required for 1.145 billion dollars at an average price of $16,109 per Bitcoin yowzers. Again, that is very bullish news. But what is even more bullish news is that Michael Saylor starts tomorrow his courses for corporations to get into Bitcoin. You can register as a corporation or as a company and learn how to leverage your Holdings your cash Holdings into cryptocurrencies or Bitcoin and he's doing this with apparently thousands of companies over the course of this month. All of this information is going to be free and accessible to anybody that wants it again.

00:14:44
You getting more boys than this?

00:14:47
Jack Elway is Professor of marketing at NYU Stern boat by the red and blue Spike on the price of GameStop in AMC on MSNBC and name check Bitcoin. He said a quote the biggest lost Capital here will be the loss of human capital of young men who are sitting around staring at their phones and watching the price of Bitcoin in the price of AMC you continue to say and ask yourself. Would you be better off taking that one two or three hours a day working out trying to form relationships with mentors romantic relationships relationships with people at work getting great at something so you could be the person on the other side of that trade and and he sent a tweet that basically sums up that whole interaction. What happened here. I eat GameStop, it's about sex specifically young men not having enough sex sex leads to relationships obligations and guardrails. Don't get into fights. We need you don't gamble your paycheck. We need you to save for house and tweet my thoughts on this is yeah, I agree with you, but you don't have to just do one thing or

00:15:47
You can trade Bitcoin in stocks and also have romantic relationships and have mentors in workout. You can do all of this at the same time. It's just that one of the other I think that he should have said don't just do this, but do all these other things to build wealth by trading and investment stocks and and learn new things about the market while doing these other things and get a mentor to help you trade better. Hey get a girlfriend at Lake citrate to and maybe have sex while you're buying Bitcoin.

00:16:15
And finally, like when he's getting closer to adding mimblewimble privacy features, mingle jingle is a redesign of the original members of wimble protocol. The code is not ready for testing and will be submitted for review next month. And when I saw this news, I was like look, why would they even do this as we saw and if you've been listening to the news everyday, you know that privacy coins are under scrutiny by Finn said the feds the FBI everybody and some exchanges are actually be listing them Monero zcash and so on. So why would like Wayne add a privacy feature that would just maybe get them to you list different platforms. And so I reached out to it like Quint Advocate John Kim and a smell like yo, could this be a problem for listings? And he said man quote no because it's not in the exchange doesn't have to accept mimblewimble Litecoin if they don't want to we spoke with the exchanges before working on it and quote. Well, there you go.

00:17:12
It often like voice don't like when it just has a feature that you can add to it. And apparently the exchanges have the option to accept it or not, which they probably won't but if they don't you still have your liquidity you still have your table like going and everything is just like normal with an added feature that you can use if you so choose.

00:17:34
Are you listening to this episode of the decrypt daily? My name is Matthew Aaron Diemer. My last name is Deemer Diemer. I never see my last name, but I said it today one of those little things that you probably won't know unless you just listen to episodes every day, and if you like these episodes and you like my last name go to Apple podcast, like subscribe and share and please leave a comment that helps to stay visible and it gives people confidence to click on this show to know that they're going to get the best news in the crypto space. I'll see you tomorrow. Happy Halloween everyone.
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