The Decrypt Daily: Bitcoin & Cryptocurrency News Podcast - Mar 21: BONUS!!! Meltem Demirors & Decrypt’s Jeff Benson

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Don't look at media. This is the chameleon. My name is Matthew Aaron in this is the Weekend Update or weekend edition today writer Jeff Benson interviews meltem demirors who just joined the stacks foundation and they're going to talk about that plus a lot of Bitcoin cheddar. They get really deep in the weeds and they have good debates. I really likes conversation. So please listen to it in its entirety because it is fun. But before we get into that conversation, let's get into those crypto prices Bitcoin is in a $57,292 down 3.5% from yesterday at their rooms at $1,790 down. 3.3% binance coin is down 2.4% at the number 32603 / 4 in cardano number 5 at one21 down 4.2% and polka-dot 3720 down 5.5% markup is still skyrocketing at 1.77 trillion dollars with the BTC dominance of 60.3% and now without more chitter-chatter and Bs.

and melt into mirrors

I'm excited. Yeah, and I'm so curious like tell me a little bit more about what blockstack does and what is really ideal for and then how the staff support.

Start as a sort of like the history of a stat. Started is as Lock Stock and I frequent the team in 2015 when I start working the crypto in the street and really the idea or the vision. I'm in need and Ryan had was you know, how can we bring identifiable objects and things like domain names and identities to the Bitcoin ecosystem, right? Cuz I'm Bitcoin at the time you to remember there were colored coins, but there were like four Computing colored coin standards, but there wasn't really a great way to bring credibility and extensibility. To bitcoin and in 2015, I would argue is even worse than it is now because you know Bitcoin for you know focused on consensus issues in in Bitcoin and ensuring consensus and the block size for us like fragmented that community and I think what was really cool

Time is on their building on top of Bitcoin. Right? So is a complementary ecosystems a Bitcoin which was really exciting for me because of the time is cerium Thunder Ico. Aetherium was about to launch 3rd Bento a lot of things that I want on bitcoin like I'm me and others but a lot of them just weren't really sustainable and didn't really bring new functionality a Bitcoin. So this idea of bringing identities and domains and programmability in this clue web-like functionality to bitcoin layer one was really compelling really interesting and then obviously washing them go through this Evolution over the last six years of Hino launching the one I remember the night view on launched. I sat in a bar with Larry, so we brought one of the developers. I we were hung Kong November 2017, and I was able to buy Bitcoins on ID.

So it's just been really fun, you know experimenting with it and watching the protocols. I threw some pollution and then when they launched be too late last year which effectively you know last people who are not long the claim to use their Bitcoin to stop at the bus stop and turn on stocks but also allows people in the sack because it's time to earn Bitcoin, you know this building this bridge between what's happening in other blockchain particularly theory on demand starting to think about how we build out Bitcoins lawyer to was really compelling them. Obviously. We seen a lot of Bitcoin move onto cerium in the form of rats Bitcoin weather that's done in a custodial manner or a non-custodial manner, but we haven't really seen a lot of people trying to bring some of aetherium functionality and simplicity in programming to bitcoin and Smiling Wood stocks doing is really novel and really interesting and will be

Is there an interesting Evolution to see how much activity will shift back over to bitcoin on because I do think there is a large group of people who wanted to see you know of a more robust application ecosystem on top of Bitcoin and to make it easier for developers to build with with Bitcoin. And right now just the lack of modularity and but coins code makes it really challenging to do that. So with the advance of clarity which has stopped programming language, you know, I'm really excited to see all the new ask the people are talking about launching the grants program rolling. Out and enabling people actually fill these iterations and prototypes and having the opportunity to see what can be bills if we can bring more about extensibility. I think you kind of hit on one of my questions in there which is like Bitcoin can do you start contract and do other stuff but is there a really is doing that right now? So my question was kind of like why not it seems like there's a lot

I have a question about the future of Bitcoin is a lot of people are viewing. It is kind of a digital Gold Store value this seems to open up the possibilities.

Bitcoin digital gold is the sense that because gold is gold is a Shiny Rock Bitcoin is not a rock.

It is not a fucking robbed Bitcoin is magical internet, right like the fission a lot of us always has. I think that it's completely fair to say one of the things aetherium did really well. It's been made it really easy for developers to build with if you're damn right solidity is very close in many ways to JavaScript. There are millions of JavaScript in the world. There are like a hundred Bitcoin startups in the world, right? So just in terms of building the ecosystem make it making it easier for people to build on top of Bitcoin and historically Deli on top of it has been really really hard extremely hard and the level of skill said that's required is extremely high and so would I would like to imagine blocks back and help do or just ask and I'll do is lower the barrier to entry for dads to the laptop with Bitcoin and the other thing we are seeing

Be completely Fair as well. As I think we're seeing a lot of people across player one networks realize that right now the bulk of developer mind sharing the bulk of like developer still said it is in that Siri. So if we can enable people to build a sky multiple layer one, I think that's definitely compelling right in at the end of the day or do you think we are starting to see more bridges between different layer ones and my goal, right and my objective always is to see each layer one of all around use cases that are in a position to specifically utilize those features without protocol one Bitcoin does better than any other digital asset than any other cryptocurrency is being so stubborn money. And so that's why I think a lot of the opportunity for a fast in the near-term is really around financial application because Bitcoin is the money that people want to hold her and we see this reflected in Bitcoins.

When we look at the money now list of cryptocurrencies Bitcoin is what people perceived as the quote-unquote gold standard, which is where I think the gold analogy comes from but not a rock, right and I think part of what frustrates me about the digital gold analogies, like using that analogy confined Bitcoin to the very marrow domain all we do with gold today, right if we take birth control and we shove them involves. The point of Bitcoin is not to take it and shove it in a call. Right? And so I think again what we're going through with Bitcoin is sort of this exploration of what what else is possible when we remove some of these constraints of the coins layer 1 and starts enable things like micropayments with lightning start enable Smart contract with stocks and there is a lot of different things that are being built a layer 2 level, but I save a big interest in the enlightening and I log using laughs or lightning ask I think they're awesome and

The experience of sending one stop to someone is buying Glory super fucking cool and that out in the other hand. You know, I'm with stacks of doing in terms of Bill of more complex logic with Bitcoin is is a really compelling contract caps and if she's with in between seat NFC

So when's the vein where are they on the board? And then Brittany who is the chair of the board? I don't all of them for the last six years and I think that's really valuable because we're my mindset is where my expertise is in what I'm thinking about, you know is how we bring liquidity to staff. How do we ensure there's adequate liquidity. How do we sit still at 8. I know the development of another sort of trading applications lending institutions are the types of things that you really need to boost a healthy Financial. That's why I think you know my skills that is just a friend of my perspective is different cuz I'm bringing by Marcus protective of my Mark is hot to this. So that's how through the board came about and I also just really enjoy working with all these people. Obviously you need the entire staff ecosystem and their work and they're probably three primary things. I'd love to

Brinks the Staffing of system and work with the board and the rest of the ecosystem a hero and the others start to really popular eyes and funds and helped develop development of a financial ecosystem on top of the stack protocol again, I think right now that really the primary use case for Bitcoin is still financed range and today for example, Tomic Finance launched. It's a non-custodial way to earn yield on your Bitcoin. I think there's definitely a lot of innovation happening around defy. But in a Bitcoin miners have very different principle that have. We're all friends and I sit in both worlds, but I think they're coin are certainly are much more preoccupied with the pink one important thing will be sort of thinking about how we can reconstruct the last movie Steve application with. Sitting that will be one important area will focus on

The second obviously, there's been a lot of interest in nfts. I've been in a few Clubhouse through recently where we've been talking about. NF cheese. I would say, you know bringing in Estes to decline to me doesn't mean to take me what's happening with a knife to use on Syrian War slow and just doing the same thing on top of Staff. It's really thinking about what an NFC is at its core level and I know she is really all about it write some provable claims. So we talked about bringing an excuse to stop what I'm really thinking about is how do we create a relationship between ownership IP rights and a Sachs address which then opens up a myriad of other applications weather there Financial whether they're creative Lai chi chi right sort of opportunities stomach is really reconceptualizing.

What's the price of Bitcoin you own really is an NST in a sense at all. You really own is an unfenced not zero balance utxo, which is the unique sort of token. What's a bitcoin itself is fungible. And so I think I'm just rethinking what we are talking about we say and if she isn't moving beyond like hey here is you know piece of art that I'm giving you the Disco write anything to be 9ft. Including our identities are wallets like different locations on change setting. We really exciting application really on that. I'm really excited about a thermal socks designs is the development of the underlined statistical infrastructure supporting both Bitcoin the staff because it's so the way we think about compute activities today rate is very much built around the central life platform and corporations to provide us with cloud-based services, but I think architecting a new peer-to-peer

We're not perfect really a hardware network is really important. And so I'm excited to see what role stats to play on service intersection with a Bitcoin mining Hardware build and Hardware build that will support these applications so that we can start to migrate away from these centralized service providers effectively own your entire, you know, Trevor Trevor and starts with pivot to a world where people just own incapacity more of their own data away. And so I think that's another exciting probably that I think definitely doesn't get talked about enough with any of these protocols with there is a physicality to doing anything that involves due to connectivity and it is just a really unique Place rethinking Andre architecting infrastructure to also bring in some of that Hardware narrative that I think you so missing from all of these other protocols today.

I stink early on kind of got a hundred million ft x tokens and the value of those tokens is now I think worth well over a hundred million dollars. So as you if I'm wrong, but did you look at at how to allocate that money? What becomes kind of priority number one for you and the team topics. I started talking with the foundation about a lot on the middle of last year, you know at that time the balance the stops they held was not worth as much as it is today. And one of the things we are absolutely disgusting at the board level is how to manage the foundations treasury in order to make it sustainable write the idea here is in the grants program so far, right we've given out very small brand. We're not giving out of a lot of capital on because I think the stage right now is we need to formulate a more cogent, you know and 220 year plan and Andrea.

Think about how to allocate the foundation's resources to not only invest in the ecosystem but also make the foundation and ecosystem is self-sustainable. So that means looking at different options, whether that means diversifying out of stocks or finding ways to generate yield on the stock the foundation hold so we can cover operational expenses. So that'll be a component of what we formulate over the next hour or so, and it'll be important also have Community involvement in that. So we do have a community seat on the board. All of us Tax Board calls are made public and all of the topics that are just got to share with the stock community and I do think as we start to formulate a plan for how we think that treasury could be utilized will want to share that with the community and get get their feedback as well as stewards for bringing our expertise and our insights to the foundation. They're really the foundation serves the broader stacked Unity. So I think a lot of what we do will really require input from the

Community has to do what they like what they don't like we're just there to advise sort of structure ideas and plans but one of the big areas I will focus on from an operational. What does the foundation do with a sizable Treasury? And again, I think the key there is you know, longevity and sustainability something that's been problematic. I think four foundations in treasuries in the past. I think we also need to be very clear like the foundation is not a venture funds the foundation's not an investment firm the foundation is he not a commercial entity spring that what we do with the treasure. He's really appropriate for with the role of the foundation should be in the ecosystem struggled with it all sounds very excited. May I talk to me to eat in the past and so excited to see what happened?

Excited and I think you'll like this. Story is still in its early iterations again. I think I asked you to start to recognize that big coin is not just a Shiny Rock not gold. The queen is nacho goal. And then just before I let you go I want to do list and I didn't do boats and then before that I read Snow Crash my wife read some of some of the other books like wool and the Margaret Atwood oryx do for a clogged up.

Yeah, I need to update the list. I haven't been as much reading in quarantine. I found a really hard to read some 14 started but there's a bunch of really cool new stuff that's come out and then obviously, you know, like this. She go word. Nebulous cries are typically my go to see who the finalists are. You sure. I just started working through the 20/20 list really very weird. Sci-fi that's coming out. I just think sci-fi is such an important part of what I do as a technology investor and sore someone who's trying to connect all these different. Sandy has a science fiction is really the only way we have to time travel today and to explore different versions of the future. And so it's really helpful to inform your perspective through reading all these really different Visions for the future and then being able to sort of tie them back to what you're experiencing stay and look sci-fi is present in so many ways because with Syfy

Riders are effectively trying to do is like take human history contextualize it and then projected forward into the future, which I think is a really cool exercise and like technological anthropology in a way. I'm really into it. I'll talk to you later so I can lend you so much everyone. Glad you both had a great time.

Thank you very much for listening to this episode of The Daily. My name is Matthew and I'll see you tomorrow with a normal show. Please go to Apple podcast like subscribe sure and leave the comment and happy houghtaling.

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