CryptoBasic Podcast

Your source for all Cryptocurrency information, made for the novice investor. 

Episode 166 - Adam Levy is Back, the Crypto Movie is coming, and was NEO down?

166 Flagship.png
  • Rapid Fire
  • This Stupid Ass Movie - Shoutout @anthony in the CB Discord.

    https://www.youtube.com/watch?v=kYZut3DWvek

  • The NEO Blockchain was DOWN for over an hour. (BULLISH OR BULLSHIT) - Brent

    • This was because of ONE node.
    • Obviously the response was "centralized POS"
    • But, this is what we're supposed to get.
    • The way their consensus works is that if they do have a downed node, they keep trying until they get consensus. If they don't get it, they try 15 seconds later, then 30, then 60, then 120, then 240 etc.
    • They is actually based on probability - once a node goes down this starts firing and most of the time it happens on the first try, but it COULD go as high as 10 retrys in a very unlucky scenario which would be over 4 hours.
    • NEO is still centralized, and that's part of your tradeoff.
  • Binance adding Ripple to their Trust Wallet. Also, credit card support available. Brent
    • Their trust wallet is similar to other offerings by coinbase, ENJ, etc. It's in the app store.
    • They have plans for web, desktop, and hardware wallets.
    • There's a bunch of coins in this one - ETH, ETH Classic, Gochain, POA Network, Vechain, Tron, Wanchain, Callisto, ICON, Bitcoin, Litecoin, BitcoinCash, TomoChain, Dash, Zcash, Zcoin, XRP - Legit don't even know what half of those are.
    • The person that nails this first could be the paypal.
    • Metamask is continually improving their experience though.
    • Coinbase has something similar.
  • ETH Is not a security @Karim Baruque this looks like it's all you

    • Story starts with a comment back in June of 2018 from the SECs Director of Corporate Finance (William Hinman)
    • "Based on my understanding of the present state of Ether, the Ethereum network and its decentralized structure, current offers and sales of Ether are not securities transactions."
    • Remember the Howey test?

      • Citrus farmers in FL 1946, went to the supreme court after SEC sued
      • SC developed landmark test. :A transaction is an investment contract if...
        1. It is an investment of money
        1. There is an expectation of profits from investment
        1. the investment of money is in a common enterprise
        1. Any profit comes from the efforts of a promoter or 3rd party
    • "When the efforts of the third party are no longer a key factor for determining the enterprise’s success, material information asymmetries recede. ... the ability to identify an issuer or promoter to make the requisite disclosures becomes difficult, and less meaningful."

    • A group wrote a letter to the SEC Chairman to see if this was just an opinion or represents position of the SEC
    • "I agree with Director Hinman's explanation of how a digital asset transaction may no longer represent an investment contract if, for example, purchasers would no longer reasonably expect a person or group to carry out the essential managerial or entrepreneurial efforts. Under those circumstances, the digital asset may not represent an investment contract under the Howey framework."
  • Adoption Segment. @Adam Levy
    • Implementation of crypto in the real world.
    • $0.40 off per gallon if you use btc. What other use cases are there?
    • Austria has advertisements in subways for Bitcoin (bitpanda)
    • there is a website called shitexpress.com where you can buy a pile of dung and send it to someone you don't like using bit coin.
    • yoga studios, restaurants, coffee shops, escape rooms—basically savvy business owners are starting to pop up with more options of payment—some crypto over credit cards
    • first time seeing payment in an SF coffee shop in 2014
    • can any business use Cash app for bitcoin?
  • Cool chart of crypto ownership in America @Adam Levy
    • 8% of Americans own crypto—think it was closer to 1-2% in early 2017
    • too difficult to understand and too complicated to understand is a solid portion of . I can sympathize as it is not intuitve at all but once you learn it, it becomes second nature. Think going from windows to ios
    • most are just "not interested"
    • some say it's too high risk which, fair enough
    • During the 2017 boom, there were roughly 40k new CB users a week signing up. I'd say 8% seems about right.
  • https://cointelegraph.com/news/us-state-of-colorado-passes-crypto-exemptions-bill-into-law
    • Colorado Digital Token Act. Colorado is "trying to provide clarity for the sector. That doesn't mean charlatans can violate security laws"
    • "digital token" as “a digital unit with specified characteristics, secured through a decentralized ledger or database, exchangeable for goods or services, and capable of being traded or transferred between persons without an intermediary or custodian of value

Crypto Around the World

  • Mailbag

    From the zman in CB Discord:

    with all the hype surrounding game of thrones return in april, the BBs were wondering:

    1. which GOT character do you believe you are most like? and
    2. which GOT character reminds you the most of your co-host(s)?
  • Rants

    Brent hates Enjin (not quite)

    Samsung Blockchain Wallet Less Shitty

    • ETH, TUSD, BAT, REP, REVAIN, Chainlink, Aeternity, Paxos, Maker, USDC, PundiX, BNB, CosmoCoin, Bytom, OMG, Pupulous, Vechain, ZRX (NO TETHER)
  • Patreon
  • Exit

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