This week in Bitcoin- 3-13-2020- Everything you ever wanted to know about the wild BTC situation!

Hello everyone this is adam meister the
bitcoinmeister the disrupt meister welcome to this week in bitcoin today is
March the 13th Friday the 13th they say yeah that was a movie series once or
something 20 20 strong hand did you have a strong hand this week it was just a
normal week for me Golden Age of the 2020s no the world is
not anything people come on bitcoin is the next Bitcoin in motion I am offended
by selling oh and man favor why would some people selling for that that
vicious Fiat I don’t even know okay dudes Wow we is uncomplicated well they
cannot take it away from us and I’m really excited to have some awesome
guests here today for this week in Bitcoin we are we are gonna rip it up we
got guy Swann here we got BTC bene and we got Corey Clips Tim he’s making his
debut baby alright and let us let us start with Corey you had a tweet out
there and I am going to read in a second when I when I find it here where is a
obviously and this is linked to below well everything I talk about is linked
to below all these guys are linked to below pound that like button obviously
people short of cash are going to sell everything but that stage passes Bitcoin
is neither wrist on nor risk off it is uncorrelated Bitcoin gonna do what
Bitcoin gonna do so Corey tell us the situation why were people lot almost
something valuing their wealth in cash and what do you see for the future well
interestingly one of the best things about Bitcoin one of it’s you know the
thing that we think will take it to the moon is that it’s the most saleable good
or in in in the not-too-distant future it will be the most saleable good its
liquidity begets liquidity well that is true on the way down as well so it’s it
trades 24/7 and people who’s those of you know cielos or triple-b
bonds or you know leveraged Treasuries or whatever it is they’re kind of like
blowing up and they’re getting margin calls if they own some Bitcoin that’s
the one thing they can definitely sell after hours oh no Thursday night and
that’s basically what happened you had something that that was liquid and that
people could sell and and then of course there were some people that were you
know kind of just freaking out and selling and selling and some of it was
also just internal market dynamics on some of the exchanges as well so you had
you know basically just not enough not enough bids on the order book on bit Mex
which drives a lot of the volume with all the leverage traders and they
basically just had cascading liquidations going down down down down
down and until they hit a circuit breaker ostensibly for a hardware
failure so somebody should like do a we can get brekkie to do a drawing of you
know Arthur’s Arthur’s laptop breaking or something like they pulled the plug
and gave it just enough time for the price to recover on bit next and that
kind of led the charge back up from the depths and the threes up up back around
5k last night but um you know I think it’s a good lesson for for people in the
Bitcoin space to recognize that this is a long-term non-correlated asset in in a
world in which you know everything every asset basically is dollar denominated
including Bitcoin at this early stage in a crash you know all correlations go to
one in the short-term and you know I’ve definitely been vocal saying for a long
time that if there’s a market crash you know Bitcoin will in the short term be
very correlated to let’s say the S&P 500 but then it will uncorrelated the the
perfect storm that we’ve been waiting for in in the macro environment and with
the Fed printing money in QE for literally being announced yesterday I’m
gonna do sixty billion of taking more bonds onto the Fed balance sheet every
month for the foreseeable future so you know this is this is the time for the
bright orange coin to shine yeah it amazes me
people were uh they had margin calls and then I’m happy about that okay then
strong hands got a hold of their Bitcoin they were weekends now it’s since this
is this is lining up very nicely for the having now again people are very
short-term they just it looks like a disaster in terms of price now I want to
go back to something you said how big are the Big Macs situation I don’t get
it I don’t think it was if the plug didn’t get pulled or there wasn’t a
technical problem do you think the price would have gone down more is it that big
of a player yeah I mean just there’s so much so much leverage trading like the
price is the price on that exchange and so then the other exchange you know
people playing are of across the exchanges would have kept on going down
now at some point the bat-signal would have gone out and
if you got into like the twos of the ones I think literally every Bitcoin er
on the planet would have gotten the bit signal and backed up the truck yeah but
but you know I’d say like on balance it’s probably good that they either did
have or did fake a computer crash I definitely didn’t want to see a one
handle on Bitcoin last night I’m glad it stopped in the mid to upper 30s yeah it
was it was only there for like a few set I mean I didn’t actually see it happen
although I got in at the low fours that was realized anyway okay so let’s move
on BTC baby what did you what do you think about all this what were you doing
yesterday I was stacking the hell out of this dip I was I was just there hidden
Centanni transfers and loading up I actually to be honest this entire drop
down just even though it twists your gut in an absolute not to see how how
quickly it can move I mean it’s it’s a huge throwback to to how I felt years
ago you know in the past past few years it just it felt that that visceral like
oh my god what is happening but in PTSD yeah
a hundred percent but the beauty of it is having been through that before her I
was able to look at it and be like this is a hell of an opportunity in front of
me and I just started scaling in and I you know each day is like hourly DCA’s
just just bit by bit and you know you catch some of those swings you catch
some of the bounces but but man just just doing that and and and being okay
with it is is a beautiful thing like like at first you do get that PTSD but
then you’re just numb to the world and you’re just okay that’s kind of where
I’m at I’m happy happy with where that it was but the beautiful thing about it
is again yeah we had we had bit max shut off the lights for a little bit there
but I saw a gray dolphin Novak Tweed out hey this is this is what a free market
looks like and and while well it hurts sometimes it also gets us in a place
where we’re not being babysat a hundred percent of the time and where people
learn from these kinds of mistakes and they look and they go oh maybe I
shouldn’t over-leveraged myself and and you learn those hard lessons that you
know the the the New York Stock Exchange is not gonna let you learn when they cut
off all trading at seven percent and then print trillions of dollars to pump
into equities again so yeah I don’t know Bitcoin is Bitcoin it it does its thing
and I’m just happy to be along for the ride oh yeah I like that I had two
people pound that like button check out all these dudes below okay guy your turn
to tell us what you were doing yesterday and what’s your take on all this
probably my heart rate was probably over 100 for about 80% of the day but it was
a roller coaster man I definitely had I had my troughs and then went kind of
euphoric towards the afternoon it was like when it was dropping when the drop
was minor in the in the grand scheme of the whole
move like when we were moving down into like the low sevens and stuff I was
nervous and then and then I got super concerned
when like it just that that candle just blam blam I mean we went through six
without even thinking like it was just like whoosh and it was gone
and and that’s what had me worried that something had happened and I said in our
last chat that I just got off of but that I went hunting for a guy I went
google searching for sha-256 like like like most recent news items
and quantum computing like did somebody like break a key like you know is
anything fundamentally changed with Bitcoin and as nothing obviously I
didn’t really expect to find anything but I had to be at least a little bit
concerned and even tweeted about like could is this like some sort of
institutional investor that’s just jumping everything because you know they
got word that there’s gonna be some horrible regulation tomorrow morning I
think it was actually Cori you responded it’s like man they are way too busy like
it’s not gonna happen and but that was like kind of that period so we’re
whenever I tweeted that out that was like that period bra was like what is
actually happening here and then when I couldn’t find anything I was that’s when
that’s when the adrenaline just got got pumping and I was trying everything I
could do to buy and I’m absolutely shocked considering like my exposure to
Bitcoin right now how you actually just mentioned this Koree about how Bitcoin
is liquid like you can sell Bitcoin all day long all night and like 24/7 markets
but Fiat holy crap trying to move money to buy Bitcoin in like a couple hours
it’s a nightmare it is an absolute nightmare I’m still
I’d literally I was up late going through papers and of setting up online
accounts with retirement thing I still can’t figure out how to get get freaking
money out of it and it’s just all I can think is not my keys not my coins yeah I
could put like none of that money is mine until they give me permission
um but uh yeah I’ve tried I scrambled involved with as much Fiat and I had
available and I am desperately trying to get a big chunk into it and I just don’t
know how long it’s gonna take then I don’t I’m gonna be very sad if I’m this
if I miss this next level next level bit coining is something that almost none of
us are actually capable of doing I know I’m never able to which is actually
keeping Fiat on an exchange I know in case it dips like for a big buy it but
it’s like absolutely impossible because I listen to a damn podcast and I just
like smash by it like it’s all gone if somebody’s it’s tied to seeing the
chart for the first time in 24 hours the background shock they’re it’s it’s
probably on my end I think they’re actually all the way downstairs but yeah
schools are shot here in the LA area and I am here I’m gonna go close this door
I’ll be right back all right yeah so what caused the panic
BTC Benny obviously is the virus the virus situation and the president United
States is gonna make a speech in 13 minutes that should it Iraq the Bitcoin
market again so people if you’re checking the price now you’re probably
gonna get you know you’re gonna have a heart attack soon once you start
stalking it’s gonna go wild but I guess it’s not often this is this is short
term type of stuff but this unfortunately I believe people are just
panicked out of their minds so we’re gonna be dealing with this for a while
so what do you foresee economically here for the next month or two and in terms
of the virus BT cbenni yeah I mean honestly I think things will be worse
before they get better and part of it is there there hasn’t
been a lot of testing in the u.s. so already those just the stick
a shock of seeing those numbers will be panic-inducing probably for a lot of
people plus we’re starting to see you know NBA cancelling season NHL
cancelling you know some stuff like Tom Hanks wife has it the Prime Minister of
Canada actually his wife has it and he is now in self quarantine so he’s
checking to see if he’s got symptoms too and so you know you’re gonna continue to
see those things but it will it will make its rounds again like it’s it’s
nice to see that you know people are taking measures to try to not spread it
because obviously you don’t want the elderly or the immunocompromised to be
affected by this but you know you do what you can realistically it’s just
kind of a matter of time before it makes its rounds through just about everybody
but the markets are not going to be I don’t I don’t see them as as being
rational about this I mean we literally what they’re pumping what 1.5 trillion
into repo markets like today you know like it’s it’s it’s pretty wild it’s
pretty insane but like I don’t see it getting better in the near term but the
nice thing is the beautiful thing about this is in in the face of what is likely
to be some of the craziest QE we’ve ever seen Bitcoin will be tightening Bitcoin
will be reducing the supply of new coins it’s like and and that’s gotta grab
headlines that’s God I’ve turned some heads where people are saying wait we’re
about to print unprecedented amounts of money and bitcoin is tightening its
monetary supply what like and and that’s what it’s built for because nobody can
sweep in and change that issuance nobody can say hey guys you know what we gotta
print more of this stuff we got to keep ourselves safe we got to stop the market
from crashing print more formal nobody can do that and that’s what bitcoin is
for so that you don’t have somebody in a position of power going okay we need to
make a snap decision we got to change this it’s all bad we don’t have those
panic moves you the only panic you see is weak and selling and strong hands
buying I was panic buying through this so yeah man I like I it is it is get it
does get your heart racing but if you can learn to see past it and ask those
fundamental questions it is Bitcoin still functioning as it
should then what are you doing so yeah I’m happy to sit through it and and wash
it unfold excellent point you make there they can
try to cancel sports but first what the NBA NHC all have been delayed they’re
not counting the season aren’t canceled isn’t cancelled yet who knows but they
cannot cancel or delay the having that that is why bitcoin is virus resistant
it’s the only thing on the planet to everything else they’re rescheduling
they’re canceling etc it’s a Bitcoin having a so I the statistics you just
gave there I don’t know why anyone in their right mind would turn a Bitcoin
into something that’s being printed like mad now it seems so illogical but we are
clearly living in insane times just absolutely insane times so ok Corey your
take on the the virus or people going to keep panicking over this you see Bitcoin
affected by this some more having thoughts anything yeah I mean in as much
as like it does live in the world with people like obviously we’re being
affected we got affected pretty pretty drastically this week and and last night
I think overall like again Bitcoin is gonna do what bitcoin is gonna do the
the having was you know the having is gonna happen and you know this is
basically an adoption story I mean I think everyone who knows me and knows
what we’re working on with with swann Bitcoin understands that we believe the
the most important thing is getting lots more people to store a lot
more of their value in the Bitcoin protocol and that that this is really a
demand driven story the supply is fixed and known and it’s just being
distributed a little bit you know tick-tock next block over time as Jon
Vella says but this is really a demand story and it’s on us to go and recruit
new bitcoiners and get them to increase the size of their stacks
speaking of demand now is your operation open yet over there so we have a few
alpha testers coming in over the next few days and then we’ll be live to
everybody on March 25th so 49 US states excluding New York with the bit license
but you have people in 49 states will be live playing with Swan Bitcoin very very
soon very excited about it okay I mean who knows how long this sale will last
for the bitcoins oh I’m sure you guys I’ll preview it that’s the that’s the
actual app right now all right for all you people who don’t want to use
coinbase etc etc and we’ll talk about that more you’ll give us update at the
end of the show and everything like that I I I definitely want to hear more about
that so let’s uh let’s go down to guy here your your take on I mean you said
that ain’t you you they’re rumors that they might shut down your county put you
guys just a rumor but what’s your take on the future the near future of the
virus and the economic turmoil and the panic not just Bitcoin but but you know
the traditional financial markets – yeah I think so much of so much of the
confidence in the legacy markets has just been based on it’s been such a
bubble that like I think once that confidence has shaken I think it’s gonna
be really really hard to bring it back like it’s it’s like one of those things
like with it’s like at the Fed you know suddenly turned around tomorrow and was
like oh we’re gonna have a monetary tightening and we’re gonna be
responsible and nobody’s gonna run any debt it’s like nobody would believe it
you know like it would just be like that’s not that’s not what’s happening
here but as far as the virus is I have no idea to the severity of this
thing there’s a really interesting video I posted it in the chat actually just
found it again the three blue one Brown is that is that what the account is yeah
three blue one Brown I have a bunch of really great just math videos and
there’s really good went on like shot 256 and how much how much computing
power it was that’s where I found out about that YouTube channel but I
actually did one on the virus and kind of the expected numbers that we could
see and kind of when when we might actually see when it hits the occur the
part of the curve where it’s no longer accelerating but it’s turning into an
s-curve and that you know our behavior to you know flatten out the curve can
actually change that and there’s been a lot of adjustment in my local area until
this is the first time I’ve heard of like our local government actually like
taking moves to do something again it’s a rumors I I don’t really know but the
person who I heard it from is someone who would be in a position to overhear
it so but there’s been a lot of changes like I mentioned a handful of them like
my wife’s business is going fully remote already the local grocery stores like
everybody’s like running cleaning crews just like constantly through things like
my wife said like literally the cleaning crew is usually not there until you know
everybody closes down and they’re walking through the halls just cleaning
stuff all the time PRL and like disinfecting wipes are
available at the grocery stores are stopping all their samples and stuff
like there’s there’s been a pretty broad response to it and I’m I’m hoping you
know depending on the the degree of contagiousness of this virus that that
really does have a huge effect I mean I assess is obviously the very sort of
behavior on a pretty widespread kind of decentralized basis that would make a
move in something like that so aside from that though the markets
the markets are everybody scared to death
and I think that’s what a lot of this is is a flight to safety and probably what
precipitated the flash crash which bitcoin is that bitcoin is not except
for for us you know like bitcoins narrative and
bitcoins like fundamentals are not very well known it is a flight to safety for
me and that’s why you know a lot of us end up scrambling to buy some when a
price like this is shown to us but for the most part it’s a speculative asset
it’s this extra risk that they were taking during a bull market and now that
that is turned around they’re like alright I just need to get out of this
and go back to dollars and just I just need to be in cash I need to be not
exposed to all of this stuff but as you mentioned been just talking about
there’s gonna be trillions of dollars like we’re about to enter another
continuation of this unprecedented money printing and I think the idea that via
currency is that flight to safety he’s gonna start to be questioned people
can’t ignore I’m hearing it from people who had no business talking about it
friends who couldn’t have cared less a couple of years ago about talking about
how much money the Fed is printing and you you end up in a situation like this
and it can’t be ignored anymore suddenly monetary policy is a part of the
discussion suddenly what all this means and why
prices are the way there are it’s kind of like the I’ve been referring to our
age and all of this stuff that we’ve been going through it feels like the age
of disillusionment all of our narratives are breaking down we’re we no longer
have that cohesion of like over one country where the divisions are
increasing we’re separating into thousands of communities all with their
own there it is and things are just changing in an incredibly rapid pace and
part of that disillusionment is that our financial system is safe and trustworthy
and resilient because it’s not and we’re finding that out and no matter how long
another bear period may we may find ourselves
in and how serious this move in Bitcoin is I think having coming up will be such
a polar opposite perspective that it will just kind of sit there going yep
this is your problem yep don’t forget that while you’re doing all of this this
is what this is what we are doing and now that it’s come to the front of the
discussion I think bitcoin will continue to work its way like squeak its way in
to all of those conversations and if we find another boring period whether it be
at $3,000 for three months if it finds that floor of a job true–but corners
that our DC aying in and we now he got now we got Swan Bitcoin I’m waiting what
was it 25th you said 25th – to everybody in the US yeah everybody in the US all
right so what I have a I have a third call with the lawyers where we’re going
after UK Canada and Australia at the same time next awesome a guy I’d like
your your point how it’s it’s a flight to safety for you but and for a lot of
people in the big court but most people didn’t see it that way and that’s why
they’re running away they have to liquidate they were in over their heads
with all sorts of stuff and and but again it’s going into that people in the
chat had said this rocky says something like this
it’s going from weak hands who really didn’t understand what they were into to
strong hand – it’s a flight to say it’s you know this is safety this is a time
of you know the dollar is being printed away why would I want to be in the
dollar now especially with bitcoins on sale so this is such a unique
opportunity and a positive but I ever thought on that yes on that point and I
was just asking in your in your public chat how many Europeans we had in here
and bunch of them are chiming in I personally don’t think this is the
cycle that people flee the dollar I think the dollar is gonna be you know
the the flight to quality for the entire globe for the most part there’s not
nearly enough capacity in Bitcoin to handle all of the people that need to
store value somewhere so they’re going to keep on clamoring for dollars you’re
not going to be to stop the dollar from rising against
all these other fiat currencies for quite some time Treasuries are still
going to be you know the you know one of the pillars of the store value for a
long long time if you hear somebody like Nick Bhatia
talk about you know the three pillars of global liquidity will be gold Bitcoin
and US Treasuries for the next you know many decades what I do think is
potentially really interesting about this cycle with coronavirus tipping some
of these absolutely totally bankrupt non capitalized banks in the eurozone over
the edge which I think has a very likely chance of happening is that unlike in
the you know 2016-2017 cycle where Europe made up something like four to
six percent of market volume I think there’s a very good chance that Europe
tips over and becomes like this story of the next Bitcoin cycle and that you know
Europe might be something more like 20 or 25 percent of Bitcoin purchases in
this cycle because of what I think is likely to happen in Europe I think
they’re not handling coronavirus well and there’s you know 10 times 20 times
more fragile than the banking system and the economy of the u.s. that’s how I see
it there you hear you euro holders you valuing your wealth in Euro flight the
safety and the Bitcoin right now I do agree with you the dollar isn’t going
anywhere anytime soon but I just think a lot logically I don’t want to be holding
I know what’s better than the dollar okay most people aren’t gonna understand
what is better than the dollar that it’s big but to see the 1.5 trillion printing
out though I mean it’s amazing but you’re right it’s it’s the best of the
worst it’s the best of the fiat and it’s it’s gonna it’s I don’t predict dollar
class at all I know a lot of people love with your stuff like that but still just
because it’s not gonna collapse doesn’t mean that Bitcoin isn’t where you should
be it’s the best and on that note we’ve got a super chat from super for papi and
this is for BTC fat heap as we haven’t heard from you for a while here this guy
and thank you for it for the 5 euros this dude sent 5 euros thank you super
for papi he says Catelyn long says that we now face a period of deflation before
this turns into inflation Bitcoin suffers now
but this will not be forever what’s your take on that BTC bene I don’t have the
context of what Kailen long was talking about I’m assuming she means dollar
deflation because of the liquidity crunch which which yes yeah I mean a lot
of people weren’t expecting Bitcoin to dump with the markets but as we’ve been
discussing the whole show of course it’s if if you’re getting margin called and
you need liquid cash the coin is super easy to sell at any point in time and I
mean okay let’s go back to the 2008 financial crisis Gold’s got slammed then
to a lot of people forget that it wasn’t an instant increase in gold it was 2011
when gold was hitting all-time highs but when when the crisis first hit people
needed cash and so even the safe haven asset of the time before Bitcoin existed
you know that got slammed because people needed cash they needed to cover
positions they’ve you know they were hurting they needed cash and so what do
you do you go to whatever asset you can sell and safe-haven assets are you know
now I’m not saying that bitcoin is a safe haven asset I view it more as just
a strip well at least not yet anyways but it’s more of a just an
uncorrelated asset and and we’ve seen a lot of interesting things people will
zoom in on the chart over the course of a week or two days or something and say
like hey this is a this is clearly correlated to the stock markets without
without you know having any good you can zoom in at any point in time with any
other asset and and decide the correlation or non correlation if you
look close enough but really I I think that that’s that’s dead on obviously
Bitcoin gets slammed at the beginning of this but we’ve been saying the whole
show you’re going to be able to now in real
time contrast and compare how this crisis is dealt with with two polar
opposite ways of dealing with monetary policy and months years down the road
you’ll be able to look back to this point in time and say look at how far
these two systems have diverged from each other they were both trying to deal
with the same problem and got totally different results and I look forward to
seeing those results all right good positive future here dudes it’s a little
bit of turbulence but man if you’re in for the long term and if you’ve been
around for a while I got veterans here we’ve seen this all we’ve seen this
happen well not this exact thing happened before but we’ve been through
these uh these little panics and and speaking of these little people the
impulsive people out there they love the spread the FIDE and something that I saw
going on I couldn’t believe this one made a comeback I thought this room was
dead forever what do you think of the going to zero
fine who’s all of a sudden bag it being TC penny did you see some of that I
couldn’t believe it I saw I saw that paired with mining death spiral which
what is this is it 2016 is it 2012 like where what year is it it’s it’s insane I
mean going to zero you know what got brought out of the
archives the other day was Alex I’m forgetting his last name but anyways the
great the wonderful video of you don’t want to buy Bitcoin because you know
it’s gonna crash and he goes through all of the highs and lows and he said this
one time Bitcoin went to $30 and then it crashed down to $2 and then and he keeps
on going up with every new high and every new higher low like over the
course of years and he says so at the end he’s ending up at like you know
$1,200 and he’s like the moral of the story is you don’t want to buy Bitcoin
because you know it’s gonna crash and he pulled that one out of the the archives
the other day and it was just it was the perfect echo of all of
the sentiment that I’m hearing now I again there’s more toddlers of last
resort around now and obviously we have surrounded ourselves with those type of
people but you do see the mainstream sentiment as well it’s hard not to and
even in the chat there’s there’s people right now they’re here but they’re
freaking out they’re there wondering how can you still be bullish on Bitcoin at
this point in time like there’s a few people chatting in there and and they
were even around for the lows of December 2018 and they’re still freaked
you know other more scared now now part of that is probably because they’re more
exposed than they were a couple years prior and that’s part of it when you
have more capital in it even though you may have bought at lower prices and
dollar cost averaging it still it is a gut check to see it dip that much but
you know it you you over the years you become privy to the way things go and
even though it may be a little bit of a shock to the system you you get used to
it and this is the consequence of having a truly free market in Bitcoin and it
will continue to be this way and so the market cap is large enough that it
doesn’t get smacked around by a few people being over leveraged on bit max
so yeah I’m I’m happy to just witness this but yeah I mean everybody’s how
many people have owned Bitcoin ever there’s a lot more flood going 2-0
mining death spiral there’s a lot more of that to come even in the next decade
or two all right I was gonna ask guys wanna but his favorite a fun coming back
from the dead is but I don’t know way I want to focus on the positive you’re
Harold huh we go through that every time and it’s
funny I’m always I’m always lambasted with that one by people who haven’t been
through the previous two cycles like the last two having’s
and and it’s like oh no at this time it’s different because it’s getting cut
in half worse than the last time it’s kind of I didn’t it app I’m just like I
just do you not understand that the difficulty adjustment is is a very
simple very consistent mechanism that adjust for exactly the reason you claim
nothing is going to work and that this is going to die but whatever its it just
seems so silly to me it’s hard even address all right I real quick one thing
that us a few people are have brought up here and we’ll stick with guy I don’t
know if you have any thoughts on this the talk of the town’s obviously been
big point but it’s the whole the whole crypto market has has gone down I do you
see this a panic having any special effect on the all coins or will they
just continue to follow Bitcoin or is this their end I don’t know
ignorant can persist for a very very long time um I don’t think there is much
of anything and and in fact I actually think these centralized shit coins have
a better potential than decentralized ones because if it’s actually attached I
mean granted most of them there’s none of them really have any like fiduciary
duty but the more they’re actually attached to something that’s you can
easily define the less they’ll be in the runnings for being money like like the
less they’ll compete as a monetary but D Phi D Phi apparently just had a nuke go
off yesterday and another bug that I’m not sure if it was like a variation of
the same bug that happened last time when a whole bunch of people got just
obliterated of the money they had available up on it but like four million
dollars worth just got wiped out by somebody um and it just seems inherently
I have just the idea of defy a it’s clearly obviously not D the the
decentralized version of it obviously is highly highly questionable
the exact same time I don’t understand how you have a lender like a
creditor-debtor relationship with with no like it’s an inherently counterparty
risk like relationship so it doesn’t seem like it would make sense to like
decentralize the market you want plenty of alternatives and you know maybe you
want to do micro loans and all this stuff but I don’t see how you do that
without a trusted relationship it seems like a complete oxymoron and basically a
time bomb waiting for someone to exploit you know some sort of spread in your
contract or inevitably some sort of liquidity bug that you know what we have
what we had yesterday and just wipes it all out because you’re not caring who
you’re loaning to you know like it just I don’t know I don’t know the whole
thing well I was gonna say I’m not I’m not gonna hate on the idea of you know
some kind of like smart contract collateralized loan because I do think
we’ll see that in Bitcoin someday and I do think it will be like really valuable
for people to be able to get you know it instantly quiddity by posting you know
2x collateral or whatever it is and it’s a popular service among bitcoiners today
with centralized counterparties like you know unchained block by letting up in
Canada you know so it is being used by lots of bitcoiners to not have to sell
their Bitcoin and you know make a mortgage payment or whatever the case
may be fun to start up stuff like that so I’m not like necessarily against some
aspects of financialization around and on top of Bitcoin I think we’ll see lots
of it and will like it it’s just that the financial sector is going to be you
know probably one-fifth the size that it is today because you can’t
rehypothecation without people saying like well show me the reserves you can
always just walk away with your Bitcoin and and go and work with somebody else
but yeah so what specifically happened yesterday basically was as they were you
know essentially doing automatic you know fully fully automated margin calls
on this pile of ether that was backing some dye
there were just no buyers and so just like tracked all the way down and some
dev set a bunch of buys at like a penny and picked up four million dollars worth
of eath that quickly snapped back from you could just take the eath and then
move it off platform and you know eath bottom that like 85 yesterday and it’s
at 122 today and that guy’s got like six million dollars worth eat now Wow it’s a
Lackey world you didn’t think that you could make money and defy you can
definitely make money and defy you just need to take it from dummies that put
their money in defy you could definitely make money in Bigpoint goobers there are
a lot of dummies that are selling their Bitcoin now it’s ready all right Benny
do you’ve anything say on these all coin things or anything that was left out of
the whole this week craziness do you want to say yeah I did want a draw
attention to some sentiment that I saw coming out of what I believed to be more
people that are in the altcoin space as opposed to as opposed to kind of the
Bitcoin space a lot of the the bitcoiners are very like hey let it let
it do what its gonna do we don’t need to intervene here the
market will sort itself out it’s it’s very kind of a hands-off attitude from a
lot of bitcoiners and you know that kind of free market approach and there’s a
tweet that really bothered me that I just saw it kind of today I was talking
about how how these these crazy price moves are a quote unquote a strong
argument for industry-wide circuit breakers on on all exchanges and and I
was like I was like well that’s the total opposite of what needs to be done
and so like I quoted the tweet and I said call him out it’s Tushar Jane from
multi coin Capital yes it’s all in the title of the firm yeah yeah so so okay
I’m just gonna read his tweet and then I’ll read what I
I said so he said today’s price moves in crypto are a strong argument for
industry-wide circuit-breakers the crypto market structurally broke today
and leading exchanges need to work together to prevent a repeat any you
know tags basically all of the CEOs of the major exchanges and I i retweeted it
and I I commented this is the exact opposite of what needs to be done free
markets are a feature many people learn important lessons by not having their
hands held and thus make better decisions in the future that kind of
attitude that he has is the reason why the entire financial system today is
screwed and people need to get their heads on straight and learn hard lessons
from time to time so that they don’t take as many ridiculous risks I think I
think people need to learn on their own and people do how many how many XRP army
people have dropped off the face of the earth because they got rekt that’s how
you learn lessons so yeah that’s that’s my two cents that’s my hotcake
this is where the big boys play we don’t need some circuit breaker and if someone
wants to make their own private circuit breaker let them but know did you guys
have anything to add to that though yeah degree is a absolutely horrible idea and
it’s as stupid as trying to get the it’s attempting to create centralized points
of failures and centralized decision-making and management into the
industry which I think will actually lead to at least what we have in the
legacy market like eventually like it’s just a trend toward that direction of
complacency dependency and then a complete loss of resilience in the end
of robustness and I think what we need is and what Bitcoin has provided is
market lessons in the fact that there is always risk and to teach people you know
you’re not your keys not your coins like teach people not to over leverage and
there’s a very very long maturation process in that market and if we don’t
allow it to happen well then we’ll never solve the problem
so Corie your any thoughts on that multi
cooling uh tweet before we move on mm no I mean he got smacked down publicly and
privately pretty quickly for that one it was just a really wrongheaded stupid
reaction on his part alright so now that I got you here let tell us more about
your product Swan and obviously you mentioned some dates that are coming up
but anything else you add about it yeah no I’m gonna really we think the the
best product for buying Bitcoin would automate three things it would
automatically withdraw from your bank account it would automatically by the
Bitcoin and it would automatically withdraw that Bitcoin to you know the
address or wallet of your choice and so that’s the product that we’ve built we
were we’ll be testing it with some some close friends and some QA folks over the
next week and we’ll be live to everybody on March 25th and you know I think
people already know us pretty well from from being active with give Bitcoin
which was the product we put out last fall and using that to you know sort of
as a scaled evangelism product we mass of focus on education no no accident
that our CTO is John Pritzker wrote inventing Bitcoin and you know her head
of education is Brady from from citizen Bitcoin
I want to thank guy for licensing us his his name for free really really kind of
him I were just swan he’s Swan to the enth power
yeah I’m working on Kaptur for we’re gonna chat before right exactly yes so
he’s also the the voice of gift Bitcoin in the in the book that we’re writing
and putting out chapter by chapter for those people that receive Bitcoin gifts
through the platform but now I think we’re we’re eager to see this thing roll
out I’ve been wanting this service available for myself and for my family
and for my friends for a long long time something that’s you know Bitcoin only
and you know it’s just it’s not that this isn’t available in certain forms
through the exchanges it’s that if you have someone that you want to get into
Bitcoin and you don’t want them to be bombarded with you know free stellar if
you go through this tutorial or you don’t want them to go to you know
coinbase calm and have dollar cost averaging and debate
on being the number 14 action as you go from the top of the page the 14th thing
they suggest is storing some value in the Bitcoin protocol which is really
what it’s for you know so we just want to be you know right up front and center
as simple as can be just start stacking and make it super easy and we are also
launching with the lowest fees by far lower than square lower than River lower
than coinbase lower than Gemini lower than anybody in the US and also going
live to the entire country on day one other than New York so 49 states on the
25th Wow competition I love I love it thank you for that update and thank you
for being in motion and bringing a competition there are a lot of people to
just complain they’re like I hate coinbase well make your own coin Basin
this dude did so all right slot nice of you to license your name for free you
know you’re not suing anyone who’s going well I can’t I can’t say I can’t talk
about it right now he basically extorted us and said well
you have to sponsor the podcast say we really agreed to that yeah big boss
Swann all right and I’m looking forward to having yon on this show – one of
these days yeah and the chat that’ll be great
but we get we bring you the best guest in the freaking space you found that
like button now guys Juan people love when you talk about the latest uh the
latest in Lightning Network the latest in tech in Bitcoin let’s let’s hear some
tech news from from from big coin lands here instead of all this you know this
crazy money noise that we’ve been talking about all day well if you have
if you’ve established a position on lightning you’d like just just like
myself the min Pole right now because of all this chaos is like 60 Meg’s so there
is a huge backlog of transactions right now but all the stuff that I do on a
daily basis is on lightning and none of it matters and I absolutely love it that
it’s it’s it’s pretty amazing to to see just to see it actually like provide its
use case you know is that I can bounce between my
let’s and like I’ve been you know dropping them in pool stuff in our
telegram track chat and the Crypt economy crew and I’ve moved from you
know breeze my Casa wallet which I’m actually like shutting down to transfer
to a new a new machine both your machine hopefully with actually Casa on it but
yeah I’ve been bouncing around from that the LNT X spot in telegram and all this
stuff and it’s just kind of funny like I have five or six transactions maybe in
the last two or three days and all of the mental noise and all the like oh
what are the fees right now has just been has just been nothing to me
and it’s really really cool to see that do its thing and continue to work and
I’m super super excited about strike I literally think if strike turns out to
be as awesome as as I’m hoping probably Swann Bitcoin and strike will be the
only two things that I need like they will literally just be my whole set like
my strict like savings I don’t have to think about it because could got like
Cori like you said I can’t believe how long it has taken for somebody like what
have you been doing for all of this time I I’m super disappointed that you did
not provide me with the service in 2013 it was hard to see that this space was
available yeah like until you really get into it
and you start to understand like how coinbase just feels so big and feels so
unassailable and you just think there’s people already doing this and you know
it is kind of like in there and it’s buried and and you just don’t realize
how many people the groundswell of supportive people that just want
something simple that does only the thing that they want and even more so
how much they want to tell they want to have the top place to recommend to
everyone that they care about so that their friends don’t get confused and buy
the cheaper Bitcoin or get suckered in by ripple or you know whatever it is or
just get convinced that trading is something that Shay should do because
once those exchanges have your email address all they’re going to do is tell
you about all the money that you can make from
your friends and your family are going to get wrecked you know and they’re
gonna be constantly panicked and they’re gonna think it destroys the idea of
Bitcoin as and as a long-term investment and as any sort of a safe haven as far
as like the consistency of the protocol when you’re the second the second you
log in you see this big ridiculous chart with all these candles on it you know
and it just it never needed to be there and I never liked the way it was always
set up and I always just wanted to set it and forget it and there was this one
called lawnmower way back when that I used that I was loved and then they shut
down afternoon while they they turned into an exchange cuz they’re like oh my
god much more money doing this but it was it was a roundup thing every time I
make a transaction they would round it up I gave him full control over my bank
accounts for this surface but they would round up every transaction to the next
dollar amount and by that amount in Bitcoin and then like send it to me and
I was just like I’m done this is it this is how I’m gonna stack Bitcoin forever
indefinitely and I was so happy and it lasted like a couple of months before
they were like we’re fully exchanged you can buy sunk sand we’re cancelling this
service and all this stuff and I was like man I hate you it’s it’s really
astounding that there are so few methods to just like dca into Bitcoin right
without having to like duck into a dark alley and have some dude try to show you
like a bunch of hot garbage out of his jacket like it’s it’s crazy that you
have to navigate that space just to like get some regular Bitcoin here and
they’re like okay I should say that if people are like if somebody really
really likes to trade whatever it is be my guest but at the same time like I
think having it separated out is an important thing and having this is just
the responsible easy I’m just going to DC a Bitcoin but then like you know if
you’re being crazy and you’re rolling the dice then have it as its own
separate like out of the way like again that it’s it’s I would say it’s
I won’t say a crime but it’s like it’s really disheartening for that to be
people’s first experience in Bitcoin being like hey here’s Bitcoin like way
down here but like a look at all these and like the learn about this and maybe
buy and yeah I don’t know it’s just it’s too bad it was either mad or Marty that
said that discovering Bitcoin in exchange interface is immoral it was
yeah man O’Dell interesting very alright dudes we’re getting we’re getting toward
the end of the show here I want to hear everybody’s closing remarks and you know
anything that was left out anything they want a promo
we’ll start with Benny because you haven’t talked about you know what you
been doing if you want to share anything but I do want to have a bonus question
to six months from now is gonna be September the 13th
alright that’s six months right and everyone answer this question when they
you know promo and whatever they want to talk about on their final comments but
where do you see the market dead not in terms of price but are things back to
normal by that are we is this do we have a big smile on our face when we look
back on these last few days in back six months from now so Benny you you can
answer that question and tell us you know what was left off of the show one
dad yeah so yeah I think six months from now we’ll look back and be like man that
was that was a hell of a month that we had there I you know like I do see it
getting maybe not for Bitcoin I don’t know but I do see the kind of macro
system getting worse before it gets any better I don’t know that the macro like
the stock market will be in a much better place by then but I think we may
see Bitcoin start to decouple from that over the coming months it may follow it
down a little bit more but you know I think over time especially in the face
of the having happening regardless of of the insane policy is that I’m sure we’re
where we’ve already seen and will continue to see I think that will
definitely spark something interest outside of that one thing that
I was really happy about so I’ve been doing a little bit of work with bitsy
this past year where I guess the past few months I’ve been working with them
and just the other day a few days ago they announced that they dropped a TK
towards BTC pay server sponsoring one of the core devs say which is I think BTC
Pei is one of the best and most important projects in the space I was
super stoked to see that so now they’ve got one of their their core developers
that doesn’t have to think about anything and can just work on building
upon Bitcoin so super stoked developers name is Kuki Bo’s by cooks cucks I’m not
sure how to say it but anyways either either way
awesome booster cooks mr. Cox yes but he’s doing awesome work and I’m
super glad that now he can can just focus in on that work with BTC pay and
don’t have to worry about it for the foreseeable future so so kudos to that
team on all their awesome working awesome well thank you for returning to
the show you you’re awesome man and keep that strong keep that strong hand going
up there and cold Alberto baby alright let’s go to to guide six months from now
will we smile what will the big financial markets be
like well the stock markets still be down and your your conclusionary
thoughts anything that was left out anything you want the promo or add yeah
um I definitely think in six months we’ll be looking back on this as like
every other previous crash just like wow what a crazy time just like I’m I’m now
like all day yesterday I like thinking back on 2013 and the other times that
the couple of times that really I had that kind of underlying feeling of dread
and it gets it gets duller every single time we do this and becomes more of a
okay here we are again even though I do kind of like to ride the roller coaster
and get that adrenaline rush on occasion but I think
a crash is never fun you know like there’s a lot of people hurting and like
I don’t I don’t want to discount that and there’s a lot of people who like I
know from personal experience how miserable it is to learn these lessons
and I have learned them numerous ways in all the painful ways over the years but
this is a long-term game and so much of the core argument for the very value of
Bitcoin was in the the realization before everyone else before the
mainstream of the current macro environment and this is what Bitcoin has
have been talking about as an inevitability since 2009 like I mean
literally it is implied in the genesis plug it is stamped in the Genesis block
that this is the problem and all this all this turn of events with the corona
virus and the the shaking of our global financial system sucks miserably and you
know where we are right now in Bitcoin it might continue to suck more for a
little while but the value proposition I think is clearer than it’s ever been
I think it’s clearer than it was two weeks ago because the Austrian theory
the underlying need for Bitcoin in the first place
was just completely validated it’s like look at all this air that all this other
shit is propped up on and what we really need a serious stable robust monetary
policy and it’s the thing that we don’t have anywhere else so yeah I’m not
scared long term but yeah I know it’s gonna be a rough couple of weeks
all right guys one thank you thank you for returning to the show man always a
pleasure let’s get Cory he had been on the show
before you’re gonna wrap it up six months from now and anything else you
wanted to say I mean I’m just very interested to see how Bitcoin plays in
this in time this is its first test to see if it
does what it’s supposed to do in a situation like this you know any any
sort of asset that’s new and speculative can be you know high beta and perform
well in a risk on situation kind of at the out of the edge of people’s
portfolios when you’re in a bull market and people are seeking yield and that’s
where we’ve been since its inception you know it launched in the depths of the
last crisis and it’s been nothing but up for basically all assets ever since so
I’m just you know fascinated to see what happens with Bitcoin as we go you know
down in sideways and maybe see some pretty hairy things happen you know I
don’t want those things to happen I don’t like bad things happening to
people but you know from like a coldly rational and just like you know we are
the people that thought that there was something wrong we are the people that
you know saw the matrix for what it was and we are the people that have chosen a
different path and you know in particular the people that are you know
probably in this chat in and putting a good chunk of their lives toward you
know Bitcoin this is this is our opportunity to double down to work even
harder to spread the word faster and better and educate people more and be
there with a helping hand as people reach out and are curious about this
Bitcoin thing that they’ve been hearing about for the last few years and you
know didn’t need to worry about it cuz their 401k was going up and everything
seemed to just be fine and whatever they were doing for their job you know was
still working out because there was always work around the corner if it
stopped or whatever and you know all of those people are now thinking about that
Bitcoin buddy of theirs that was telling him you know Bitcoin was four times like
this so the influx of people that you’re
gonna have reaching out if they haven’t already started in the last couple days
is they have probably with most of us you know for everybody that’s watching
and listening your show Adam you know you’re gonna get questions about Bitcoin
and just be ready to steer them in the right direction and help them find the
right resources and steer them toward the right books and the right podcasts
and try to help them you know they they’re gonna inevitably
we learn a little bit about all coins here or there but you know just like a
parent saying like really you’re gonna disappoint me if you become a junkie you
know you may still experiment with some weed or whatever but like if you really
really like don’t want to disappoint your mom and dad you know you might stay
away from the harder stuff later in life it’s like that like just get in there a
year early and make sure that they incur on shit coins being shit coins and
ripple being a scam and aetherium being like a weird experiment from you know
some cult worshippers and you know just make sure that you’re in their ear first
and loudest with bitcoin is all that matters make sure they read at least
just read the first three chapters the Bitcoin standard like just get it done
they’re gonna read the whole thing you know you know send them your favorite
stuff on Lovera episodes send them your favorite you know readout from from guy
and and just just make sure they get started the right way and in unlike a
lot of other things where if you’re selling something you are you know
you’re spending some social capital or some relationship capital when you’re
selling things that aren’t necessarily good for somebody bitcoins very
different like you are selling them something that is good for them
that is only going to make them a better person that’s only going to open up
their aperture and make them look at the world more accurately and make them seek
truth and it’s going to change them for the better so you know you you if you
want to be you want to take that to its logical conclusion like you actually
have a moral responsibility to spread Bitcoin to your friends and family and
anybody that you meet oh wow you went there I love it
hey I hope everybody had a strong hand this week it might be a little wild and
bumpy but that’s what this a whole Bitcoin roller coaster is about we have
been through wild roller coasters like this before and they’ll be more in the
future so get used to it don’t don’t be scared off now this is the fun is just
beginning I hope ever had one had a great week
thank you and have a great next week guess you rocked best guest in the space
remember we do this show every Friday is this weekend Bitcoin here in the
bitcoinmeister channel there’s a new show every day so I will be back a
Saturday night for the beyond Bitcoin show i’m adam meister the bitcoinmeister
the disrupt meister remember subscribe the channel like the
share this video pound that like button bang that Bell button shabbat shalom
everyone we will see you tomorrow take care everybody do not you know stay
healthy strong hand bye bye see ya

14 thoughts on “This week in Bitcoin- 3-13-2020- Everything you ever wanted to know about the wild BTC situation!

  1. Adam, you joined us on @BTCSessions' channel last night and called 'me' mindless when I asked you about BTC Sessions' video post #DeleteCoinbase. It's his video, not mine, yet you have him on your channel immediately after…and I'm mindless for mentioning it?

    You also mocked me for trading fiat & BTC on Bisq, telling me it only supports BTC for alt coin trades. Look into it.

    What's wrong with you? No matter what bad things people do, you love 'em all like a 1960s hippy, as long as they love BTC. Yet you were being such a dick to me last night.

  2. Thought I was done accumulating. Bought .88 BTC . I try to always keep 6 months of cash on hand so couldn't do more. Disciplined budgets go a long way.

  3. I don't know exactly how markets works but is there anyone that can confirm this? I have a feeling that the "whales" are slamming the price using the CME PAPER futures market (where they don't control any private keys and is settled in cash) to force weak hands to sell their REAL BTC on the way down and they buy on the cheap. They profit on their paper shorts AND pick up real BTC at a huge discount. STRONG HANDS people!!!!

  4. Will NZ be included in the release of Swan along with Australia & UK ????

  5. For you conspiracy-minded types out there (where is Gabby Divine?), in October of last year, Johns Hopkins Uni (Meister’s neck of the woods) hosted a pandemic preparedness exercise. Watch this and fire your conspiracy-loving juices up.


    Try Plandemic.

  6. Bitcoin ☘️🌾 2020 spring mining reward halving closer every minute……

    Its important to remember that scanning for crypto payments is cleaner than cash or cards. Combat Corona with Crypto 🤺

  7. All you need to know about BTC is that
    1. Its not Bitcoin but SegWit fork of Bitcoin
    2. its nothing but a Ponzi, having nothing going for it, no scaling to use cases, no utility, its just survining (for little while longer) on Bitcoin label and there is just hype about it
    3. pretty much everything these people tell you is bollocks and propaganda… so be careful when you take any advice from them, most of these BTC shills are paid to lie to you

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