The Decrypt Daily: Bitcoin & Cryptocurrency News Podcast - Mar 3: Web 3.0 101, I.D. on the Blockchain, & Pls Be Careful

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00:00:00
From the Crypt media. This is the recruit Bailey in my name is Matthew Aaron today in the show. We give you web 3.0 101. We talked about identity on the blockchain and we going to headlines that's coming up today on the decrypt Haley.

00:00:19
Good morning, everyone. Welcome to the show. Today is Wednesday, March 3rd, 2021 and I want to set the show today by saying a lot of questions for our Friday show. We started a listener questions Friday. I'm getting some questions so far really good and I was just wondering cuz everybody to keep bringing them in keep sending them in Matthew Aaron at the crypto Ico. And imma try to put them on the air on Friday to answer them for you. So please send me an email Matthew are inadequate. See you when I'm going to try to get your questions on the show and answer it and really quick before we get into the crypto prices if there is one headlines. I'm not going to say at the end of the show, but I'mma put now and it's another person send money to an Elon Musk. Am it's one of those things that you guys send you one Bitcoin. You'll send me to sort of thing and this person sent 5 Bitcoins or $243,000 to a confirm Elon Musk giveaway scam and it actually can echos a lot of things that are happening in my life the past week. I have been seeing people being taken advantage of

00:01:19
And Buckley nothing has happened, but I seen the path that they were going down and I've tried to step in and I've called you know different people to try to help them out. And I don't know if this person thought this was a good idea. I don't know if this is maybe the dude way scam sending money to this address to try to look like it's valid. I don't know what like anything behind this. But all I can think of is somebody that is when he knew to crypto or somebody that bought this be quite a while ago or an older person that maybe he's handling a little bit coin and they just didn't know any better and so I don't know who sent that Bitcoin and I hope that they didn't lose that between I hope that's why I didn't lose $243,000 of Bitcoin, but I guess I'm trying to say is if you know people that are getting in the space your mom your dad older people, even younger people whoever's getting in the space and then might be new and you have a little more experience just make sure that you helped me out, you know extend that offer to them like you owe if you're getting in the crypto space or if you're investing retail investigator on Robinhood.

00:02:19
Do any of these things, you know that, you know a little bit more just maybe get the two heads better than one sort of philosophy or maybe just, you know, help him walk it walk him through it or something like that. So making sure that people are protected so they don't fall for these things because we're the professionals making me scams and while I would protect against that and I know you do too and prices.

00:02:45
Burrito money talks, and I'm recording this at 10:30 Eastern Standard Time Bitcoin is the number one spot like always at $50,790 off of 2.5% from yesterday. If there ends up also about a half a percent at $1,595 in the number three spot at 123 down about 2% from yesterday while binance is still in the number four spot at 24525 down around 3.3% Heather's in the number 5 by but maybe not for long because polka. Is coming up at $37.39 5.1% from yesterday, but 7% in the past week total market cap for sitting at 1.54 trillion dollars with a BTC dominance of 61.2%

00:03:31
Getting into the first conversation group Nielsen co founder and president of parties up and he's going to tell me what is web 3.0 while I'm actually going to tell us what a Web 2.0 is I don't know either. We'll find out right now. How do you be a thank you for inviting me. Thank you for being here because I think you are going to answer when the most important question is that my listeners have right now because you keep talking about it. We keep hearing about it when 3.0 what is web 3.0 at even know what Web 2.0 is can you please just explain what is web 3.0? Maybe you can tell us what Web 2.0 is a complete consensus around these Concepts but a good price would probably be to start with what you do. So that wasn't more information Centre type of the Internet Protocol is very simple. So it's a free flow of information combined with the with business models and a strong network is like we have this huge concentration of the power and Deja.

00:04:31
At which we see today and I think a vet treat adult tree. Although. It's probably a reaction to that. So it's a about what we're doing today so bad mobile you transfer information transfer and it's about a user Centric approach. So it's a decentralized infrastructure that empowers me individuals. So people know if if I can summarize this is a decentralized value transfer tool would be that's my interpretation of the concept and that's what we doing. So we find the individual blockchains a good step in that direction. But without the real privacy you not really have this empowerment of the individuals which we are building in 222. Blockchain is so how do you trust this system? I mean we're talking about decentralized in and how does how do you build around a system of the things that they say in the you know, the parking spaces? Don't trust verify

00:05:31
Assume that this is going to be a very decentralized Veri verification heavy trust system. Can you explain how that would work? So you have some phone calls that it that allowed no single point of frost allows for no single point of trust you the same side type of decentralized approach to privacy meaning that you have a private session in a decentralized fashion such that no, none of the parties that is Computing on the privatization know anything about the guy said so so so and that's the trick to have decentralised lectures as well as essential as privacy guard is automated buy smart contracts that is wanting to try this conversation as what us the Republican vacations.

00:06:24
Okay. So what I heard there is that nobody owns any individual aspect of your web 3.0 presents that your dad and that your identity. This is what a year. So you have control of all of that information. It might work with this Rhythm that allows me to have like app for example private Ciara quotes to be in control of that data. What is Cotija multi-party computation all the way back actually the light ages and up to today and this is like a feel cold and it's about your invitation says it's about Computing on an encrypted numbers which is what allows for this. And so then what is the value proposition for a company that's going to build on what three panel right now we see that.

00:07:24
Google or Facebook have your data they sell your data that you monetize your dad. Are they use your data to sell products or give it to people so they can Target you or met many different things. We can go down that rabbit-hole all day. What is the value prop 10 / 3.00 something to people who are private privately owned. Another point is actually that you with this technology. You could actually have a better have a direct contact with the uses. You can allow the uses to bring the true preferences. Preferences that is introvert by Big Data on secondary days, but actually the people behind the the transactions of those that you want to interact with, you know, what you can do that without exposing the the privatization of the individuals.

00:08:16
It's opening up for a different types of neutral platforms, but it's what is scariest moving power to to the uses. So so that is probably a challenge I Buffet off model in the pieces matter. What is the value for somebody who's to look Galloping on it web 3.0 like I said on Facebook gets their money from advertisers and selling your data if I was going to develop Facebook 3.0 where the individual has the ability to really and that's totally but it really control the permission of their data their identity in the stuff that they are throwing out there on the interwebs. How does the company that belts that Facebook 3.0 make money ability cheat for the uses to get that power want to get that better connection, maybe between advertisers I end and uses so so that is a competitive.

00:09:16
The existing insulation belt and Times of actually a better match but also improve simply empowering the uses and that by getting a thesis a tracking app that uses. So if I was going to summarize web 3.0 is a decentralized school that's going to empower or put more balance of power into the users to attract more users into decentralized system to create a better user experience for all making up more equity and more value for all parties involved. Is that correct? That is correct. Maybe you'll be a week apart is what is the stronger parties today, which is the the the network the platform to the platform will become a more neutral platform. It would be more difficult to you about around and make a lot of money on on collecting data at this you have to compete on the surface layers and end up so much on having the most that they chat about.

00:10:16
Individuals can't wait to see what was 3.0 looks like in my nude apps on web 3.0 Kurt nilsen co-founder and president of parties of Black Sea and thank you very much for coming out of shell I get for having me.

00:10:30
Internet conversation. We talked to the founder of ontology Lee Joon who's going to tell us about identity the Box in which is one of my favorite use cases. I didn't have the lock changed. My number one and voting on The blockchain is my number to actually they're probably both didn't know my number one spot in his other ones as well. Those are my two favorite use cases of blacks in Tech and where you learn about identity right now until I die daily. Look what he said size Identity or identifying the blockchain is one of my favorite topics. I think it's super important to make sure that our identity is secure and also in our control, why do you think this is wise data is better than say centralized government lead data storage that makes sense by assuming so ever in The Bijou organization. They can control their own a data and people can do their corporation as if you sent florist approach result.

00:11:30
Annie Bakes centralized third-party sellers private so that his descent when we just do some crap crap. You just kind of see or maybe you just need address and I even cried it information coming and especially for example, you know decentralized Finance is quite Hot Topic it wasn't okay when you didn't see this kind of we just need an address you can participate in any kind of decent.

00:12:30
It's kind of trading you have to create a new race team formation by those cattle crowded Base information cannot depend on wild to centralize service only they need to control by the user by themselves and how to control that you need a candle off the index near the candle of Y sinx identity to manager on linked to all this kind of thing, So, he's quite important weird question and I'm asking anyway, there has been very popular. Tik tok's going around of deepfakes Tom Cruise. I don't know if you seen them Tom Cruise deepfakes, and honestly, I can't tell the difference between Tom Cruise deepfake or Tom Cruise real and I can only see that there going to be a slippery slope.

00:13:30
You know, maybe it's going to be a season peeing or President Joe Biden or whoever is going to be you know, he's doing beef franks when I give you to tell the difference can Identity On The blockchain Help Us identify different news or a people or Publishers or our social medias to make sure that they're authentic. Of course. They have three cans of Dimension was first why is that they can prove their approach is used to socialize socialized for your message Toyota Catherine's credit and espresso.

00:14:30
Verification service still can be used to control those kind of sense. For example. I say I'm up Alton Expo S500 appearance you maybe maybe this is not true. But you cannot verify that I can link all cancel verification information for you. Some information may be from Individual. They have the high reputation. Maybe it's from another traitor maybe from drinking maybe from my private company sees on cards you can prove those verify the information is true or not. But that is her balance between privacy and the how to get to know people know set apart service wear store. Those kind of information is in control of what is the timeline.

00:15:30
Actually rolling out something like this would identity and where you could it be done first China USU KING5. They have a pool in space on your credit information. That means you're just put fuel money to go to my money by to you need a new used essential to verify to prove yourself and the two got your credit information. So this kind of case I believe that's linked to the real as well become another pot field for the verify tutu cuts through the second auction for the assessment and even some sto the real story.

00:16:30
What real company on the blockchain?

00:16:45
And another news Exodus movement The Firm behind the popular Exodus wallet wants to get you to buy their shares and how they going to do that through their wallet. They want you to buy their through their wallet with cash but Bitcoin ethereum and usdc this nebraska-based firm has filed with the SEC or the Securities and Exchange Commission for permission to sell 75 million dollars in their shares other company that shows of the company will be going for $27.42 a pop with this rig a filing an directly following offers the retail investor the ability to buy stocks instead of just the printed basketball this year price is based on a 710 million dollar valuation for the company.

00:17:30
In a blue sign the total number of Bitcoin exchanges is starting to fall deeply having declined since the start of 2021 according to Glass node know how much Bitcoin exchanges can tell us a lot about the current state of the Bitcoin Market as well as in sight of what Bitcoin investors are thinking and so what does that mean? It means if you're keeping Bitcoin exchanges your kind of gear to sell at a drop of a dime boom. So you hear some of the news boom by and you're keeping it there for those transactions. If you're moving your Bitcoin off an exchange, you're more likely going to be have long-term houghtaling or at least kind of short and long-term Halloween. You're just put it there for a while for safekeeping cuz you think the Bitcoin price is going to go up or you want to take a longer position and you're not even thinking about selling it between February 23rd and March 2nd. There has been a 2% decline in Bitcoin how that exchanges this corresponds to about 52900 Bitcoin or 2.7 billion dollars. However, they're still 2.3 million Bitcoin onyx.

00:18:30
Which might sound like a lot but it's the lowest amount since July of 2018 and kind of related news. Did you know there are 3.3 million Bitcoin the haven't been moved for almost 7 years or about 17.9% of Bitcoin circulating Supply. Do you know how much 3.3 million - 160 billion dollars. Well how to gain is Halloween and their stacking stats and those hats equate to almost 18% of Bitcoins Supply.

00:19:03
Our boy Gary Gensler President Biden's nomination for a chairman of the SEC set today in his Senate confirmation hearing that cryptocurrencies have been in quote a catalyst for change continues to say Bitcoin and other cryptocurrencies have brought new think in two payments and financial inclusion, but they've also raise new issues of investor protection that we still need to attend to he continues to say it is to say that if he was confirmed it worked to both promote new innovation, but also at the core and sore investor protection this kind of goes back to what I was saying at the beginning of the show, I guess what I'm trying to say is get your crew together don't do it alone two heads are better than one and four heads might be better than to when you're new to this new investing saving Robinhood or maybe flipping houses or crypto. It's it's all foreign. It's all learning experience. And will your crew can help you out and talk about things to talk about things with them run through scenarios run through trays run through

00:20:03
Sending your Bitcoin to a wallet make sure you're doing it. Right and this will give you peace of mind. Also, it will educate everybody else at the same time. And it also prevents you from doing something and make a mistake. That could be very costly. I'm bullish that gains or thinks of cryptocurrency and blockchain and Bitcoin as Innovative and here to stay for the most part. We also looks that he needs to protect the investors. When will you protect yourself is getting your crew?

00:20:35
Figma listening to this episode of the decrypt daily. My name is Matthew Aaron. Don't forget go to Apple podcast like subscribe share and leave a comment tomorrow. I have a great conversation about coinbase. They're going to have a direct listing here pretty soon on the NASDAQ and I had questions executive editor. Jeff Roberts comes on the show to answer those question. That's tomorrow. I'm going to prove daily and until then Happy Holi.
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