Bitcoin Halving 2020, Baseline Protocol, Unstoppable Domains & More! (Crypto Over Coffee Ep.7)

by birtanpublished on September 10, 2020

Ladies and gentlemen people of the internet welcome to yet another episode of an ongoing weekly series on this channel called crypto over coffee every Friday I pick out interesting news current events and announcements in the cryptocurrency and technology world then

I break them down for you over a cup of delicious coffee so today we're talking about Bitcoin mining the Bitcoin having internet privacy the new protocol designed by Yuna bright consensus chain-link and others and a whole bunch

More oh and by the way in future episodes I will be giving away products at peril crypto and more so make sure you hit that subscribe button and stop by every single Friday so you don't miss out but as always we will start the meat

And potatoes of today's episode with questions from the community on YouTube and Twitter so I'll head over to the good old iPad and get started with those questions most of them are from YouTube today but if you want to get your

Question answered about crypto or tech leave them in the comments below or tweet me at his show she for the first question is from zero Cory Yami I have a question which one is better for my CPU brave versus Chrome this is an

Interesting question and I get this one a fair bit comparing the two in terms of resource use both are going to be similar in terms of RAM usage although brave is much better optimized in my humble

Opinion in terms of CPU during the times where brave is calculating which ads to block using the adblock lists and their rust ad blocking engine you'll see CPU spike you also might see a CPU spike if you have scripts blocked on a page and

They keep trying to reset because the CPU is going to handle that otherwise brave is really really efficient in terms of your CPU usage so I would definitely recommend brave if you want something that's going to be less

Resource intensive on your computer granted Chrome is also a super super Ram hungry and CPU hungry browser so no matter which way you slice it chromium browsers underneath the hood are always going to be a little bit RAM hungry

Themselves so that being said brave does get the edge in terms of performance especially on mobile devices if you're on mobile you can compare the two your battery life is going to be way better we

Brave then it will be with chrome thank you for the question Shane M asks I thought coinbase only insured the USD in your account up to 250 K did that change to include crypto now and or is has it always been this

Way when did they announce insurance this is a great question and I want to mention this because the last time that I did a video off the top of my head someone asked me if crypto is insured on coinbase in other exchanges why do we

Have to take it off and put it into a hardware wallet my point was you should take it off into a hardware wallet regardless because then you own it what I didn't know is that coinbase does not actually insure your crypto whatsoever I

Went and read the policies on the website in depth and I found several references to the fact that coinbase only ensures either USD balance within your fiat wallet inside your coin base account that's because they use FDIC

Backed US banks that have 250 K worth of insurance on them so I will tell you make sure your crypto is off exchange your crypto is not insured there aren't you know insured at crypto exchanges but I don't necessarily trust that they are

Actually insured so your mileage may vary but thank you very much Shane M for bringing this to my attention and all the other folks in the comments who said hey I don't think crypto is insured I

Appreciate that thank you for checking my mistake next question Alex hey asks hey man thanks for all your work what are your thoughts on Nash so Nash is another exchange a decentralized exchange if you will and I don't really

Love Nash but I don't hate it either here's one of my issues in decentralized exchanges or Dex's for short a lot of times the actions and the things you can do on the exchange and the governance all happens using the token there are 50

Million Nash tokens out there on their ecosystem and 25 million of those so half of the tokens are still held by the team behind Nash or their partners and I definitely don't love that they also raised over 20 million dollars I believe

I remember the numbers correctly to build out their decks and early on in those days they were having issues with user registration they were having issues with scalability they were having issues with trades that's definitely not

A good look having raised that much money to build this product out that being said I'm happy to have competition in the deck space because I think the more that are built and the more people that work on Dex's the more quality

Products that will start to see come out because of that competition so from that perspective Nash itself is not an exchange that I would use but if you like it let me know in the comments down below why it is that you like it I'm

Very curious and maybe it'll change my mind thank you for the question to guys nattie asks cool vid as always thanks very much sir but been meaning to ask what kind of coffee great question details if you please I like mine

Straight black great question and I'm gonna try and bring more attention to my coffee in every episode here per your guys's request the dunder mifflin mug is back today I do love the office I drink my coffee straight black as well no

Cream no sugar none of that and I really really like single origin coffee blends from Red Rooster coffee in Floyd Virginia it's a local roaster really really love them and yeah that's why I made the series about coffee and crypto

And tech because I just love coffee so thanks very much for that question alright and I believe this is the last question from Chris McFadden Christmas Fadden asks this might be a dumb question

Of course it's not but how useful would it be to do a boot camp for full stack web development towards getting involved in the crypto community like to get more involved in actual code understanding and eventually creating but I have

Little experience again this is an awesome question and one that I'm very passionate about I definitely think doing a full stack development boot camp would be extremely helpful in getting involved in the

Crypto space from a development perspective it's also very important that you start with an understanding of what types of applications would benefit from blockchain and how blockchain applications are applied to real-world

Problems I think if you have some full stack development experience or even one side of the game you have back-end experience of using node.js for example in JavaScript or you have front-end experience using react react is huge so

For folks that are sitting there saying hey have a little web development experience or I want to get involved in coding pick a spot and go for it if I had to recommend something to you that will get you a job fairly instantly in

The crypto space or beyond if you can learn how to use one of the big UI frameworks especially react that would be a great place to start because you'd be highly employable especially if you have UX design work experience as well

Now in terms of building applications and getting experience the best teacher is always to go and just build something if you have an idea you want to build out an NFT go out there find the ERC 7:21 standard take it implement it build

It connect it to a front end and then start interacting and just break stuff it's going to be frustrating you're gonna hit walls that you're not going to be able to sort out but you'll eventually get there and once you do

That is the best experience and I guarantee you it's the coolest feeling that you will ever feel as a new developer when your stuff just works and your code compiles and everything works the way it's supposed to you know that

You built it and that's the coolest thing so reach out to folks online you can reach out to me if you need help but definitely do full stack boot camp if you want to do a react boot camp do a node.js boot camp and just build stuff

Build stuff in your spare time that is the key so thanks very much for your questions guys that will about wrap it up for the questions period but let's move on to the stories now the first story of the day is about unstoppable

Domains new Chrome extension that allows users to browse ipfs web sites that are resolved using the companies dot Zil and dot crypto domains these domains are hosted and resolved on the silica and aetherium blockchain respectively so

They cannot be taken away from you or shut down by any central party this is part of a larger push towards making us DC generalized non centrally hosted websites mainstream and easy to create

With domains easy to use website builder tools and hosting tools all provided by unstoppable domains you can get really serious about building your own website in a super quick and easy fashion and again I have a tutorial coming out on

How to do that yourself in a previous crypto over coffee episode you'll remember that I have my own website hosted on ipfs a decentralized file storage protocol and it's now viewable by typing in my unstoppable domain has

Shoshi crypto into unstoppable domains new IP FS browser however with this chrome extension they've now made it super easy to find mine and thousands of other IP FS hosted websites resolved using these docile and dot crypto

Domains use this Chrome extension in chromium browser of choice and then you can use it to navigate to these websites without downloading a brand new browser at all I will leave a link to the Chrome extension down below for you to check

Out as well as a link to unstoppable domains site in case you want to pick up a domain for yourself and set up your own decentralized web site again tutorial coming soon speaking of Chrome extensions though I want to bring your

Attention to a rising number of crypto scams happening using extensions recently a fake ledger live Chrome extension was found to be collecting users seed phrases and data to steal their crypto remember never ever punch

Your seed phrase into a service that you don't recognize and always verify the developer and release version of any software you're using nine point nine times out of ten it will not ask you for your seed phrase without your device

There to be the arbiter before you're using a piece of software a great rule of thumb is to just never put your seed phrase in at all most of the time it's a scam when you recover your keys using your seed phrase you almost always have

To use your wallet itself and never just punch in the plaintext words into a Chrome extension or an app so definitely have your wits about you be aware of scams and if you have questions or you're concerned about something you can

Reach out to me at info at his show ChiCom or to the companies that run these different hardware wallet softwares I want you guys to be safe and to protect your crypto so I'm here to help

Now I also wanted to touch on something pretty darn cool that you might not have heard of one of the first distributed networks that ever existed in the wild world of the Internet was called SETI at home and sadly it's shutting its doors

But what was this monumental project SETI at home or SETI at home is a project that enabled and encouraged users to contribute their computing power at home in a distributed pooled network in order to process data for

Research so you could lend your computing power at your computer from home to a pool of computing resources that were all used for a common goal however recently SETI at homes team announced that the project will close

Its doors and go on hiatus at the end of March 2024 me this is a sad day throughout the years this project has not only gotten people on board with distributed computing and created a variety of research projects they've

Also spawned several other distributed competing projects and likely inspired some of the projects we see in the cryptocurrency world today that rely on incentivized gamified data processing or computing power pooling one of the

Critical pieces of cryptocurrency projects in a decentralized or distributed computing environment is making sure the incentive structures line up for everyone involved so they do the right thing and they all work

Towards a common goal this project was one of the first that really took that and made that relevant inside a distributed competing environment so I'm sad to see this project closed its doors but I'm happy to see that other projects

Like folding at home are using distributed computing just like this to analyze the structure of the corona virus so there's cool stuff still happening in the distributed computing world and if you're interested

Definitely look it up online and see if you can get involved so moving on I wanted to address something somewhat under addressed that I think people are interested in and that is internet privacy and security

Recently a bill was introduced in the US that is referred to as the ernit Act which at face value is designed to fight against child predation and exploitation online I will make it very clear that I am 100% onboard with proactive measures

To stamp out this sort of crime one doubt about it however the legislation itself as written poses concerns for its impact on end-to-end encryption this ernit act will essentially require big tech companies

Like the googles and Facebooks of the world to earn their rights to indemnification in the case of child predation or other crime that's facilitated on their platform if they can prove that they took necessary

Measures and adequate steps outlined in the legislation to prevent that activity from taking place however this called and and encryption of user interactions and messaging into question because members of Congress

Have implied in the past or even more directly postulated that tech companies cannot adequately work to prevent these crimes on their platforms without being able to read user communications in RAW format this means that the

Communications wouldn't be encrypted or there would at least be a backdoor this implies to me that there is a possibility that any platforms that use end and encryption to protect our data could be held liable for crimes on their

Platforms which could obviously eventually lead to grounds for elimination event and encryption or companies giving it up altogether although companies like Facebook have also postulated that they can adequately

Filter out and stamp out crime without eroding the very basis of encryption on their platform which is something that I can get behind this is something to watch we must use technology to solve these problems new technology to solve

These problems not go backwards and remove technology that protects consumers already from hackers data scraping and crime in and of itself encryption is the bedrock of Internet security and privacy it has to be

Protected not at the expense of crime and child predation and all these things being allowed to flourish but we must use enginee and not fear to solve our problems with crime online so we need to come up with creative solutions and I

Hope that myself you watching this right now folks in the space that we can help with in the cryptocurrency space contribute creative cryptographic mechanisms that can help do this so I wanted to put that on your radar but

It's definitely something to watch and if we wanted to keep it in the internet privacy world the awesome non-tracking search engine DuckDuckGo recently released a web hosted list of domains and companies that are guilty of

Tracking you online think of this like the online naughty list of online tracking and privacy this new project is called tracker radar and it's continuously and automatically updated to give you an increasingly updated and

Up-to-date list of the notorious trackers of your data online this list can be used by developers of browsers apps and more to build tracker blocking features in their products using this list which I'm sure will see brave

Browser and other applications like it dive into in the near future if I were you I would start using DuckDuckGo as your search engine whenever you can they don't fingerprint you they don't track your IP or advertise to you based on

Your demographics or personal data they're just a solid easy to use search engine without the nonsense if you're a brave user you can go into your settings and change the default search engine to DuckDuckGo or in other browsers you can

Install the DuckDuckGo extension or install the app on your phone so you can use it yourself now let's pivot over to the world of Bitcoin mining I read a really interesting story today about a power plant in New York

That's being used because of its low cost energy in its area to generate and run over 7,000 Bitcoin mining devices for a nice earning of an average of $50,000 u.s. in Bitcoin per day of course you have all the Bitcoin haters

Online saying bitcoins a waste of electricity bitcoins terrible for the environment why are we wasting all this electricity at this power plant blah blah blah we get it do something about the actual environmental issues that we

Actually have like the piles of pure garbage laying on the streets and sidewalks of New York or the huge amount of energy waste that occurs while generating electricity at power plants all around the country but I digress

What's significant here is that a successful profitable mining operation in the USA which is pretty rare in and of itself is really really strong here in New York one of the least crypto friendly places on earth this

Potentially open more people's eyes to the fact that you can use abandoned power plants for manufacturing sites with cheap electricity and good facilities to mine Bitcoin in a profitable way what is even

More interesting here is that the operators claim that they will be profitable at this location in New York even after the Bitcoin having in May which is huge huge news a big concern about the having is that miners will

Abandon ship in mass because of the lack of profitability when the Bitcoin reward moves from twelve point five to six point two five Bitcoin per block in May of 2020 the fact that miners in the US can run a large-scale profitable

Operation even after the halving is a good sign we really really need to keep miners and that hash rate up after the having to make sure that we re cement the chain as a nice secure place to transact and so that we could see those

Price movements that we want in the upward trajectory that said I wanted to talk about what we can expect from the Bitcoin having I mean I think everyone's seeing online one or the other this black or white picture oh the having the

Golden day where Bitcoin instantly goes to the moon and then on the other side of that coin pun intended the halving will destroy Bitcoin and everything's going to zero those are like the two the duality the two things that we hear so

Much and it's funny how the internet works in that way in reality the halving is going to be well a mixed bag in my opinion I think we'll see a pretty reasonable hash rate drop right at the very beginning as some

Of the less invested miners drop out for greener more profitable pastures that's the way it goes and it's just like we saw with the light coin having however the good thing about Bitcoin is that the large pools the big operations they have

A lot of specialized hardware that's really really really good at mining Bitcoin and they're sitting on enough Bitcoin and they have a deep investment in this ecosystem and will continue mining even if it's at a small loss

Through a fair bit of time because they believe that the Bitcoin protocol is where they want to be and that it will accrue in value over time now that that inflation rate has decreased due to the having to me I think we see 2020 as a

Year of resetting for Bitcoin as miners get adjusted to the new reward the weaker parties get she in out and the stronger more invested miners cement their positions within the protocol we likely won't see crazy price

Jumps that everyone keeps promising online or at least there's no real indication that were guaranteed a twenty thousand dollar Bitcoin in June of 2020 if trends are followed from previous having's it could take months or years

To reap the rewards of the decreased rate of inflation and the increased scarcity of Bitcoin in terms of this price so maybe 2021 is our year for real Bitcoin price movement in a positive

Direction but my guess is as good as anyone elses so what do you think let me know in the comments below what you think about bitcoins price and where we're going based on the halving now I wanted to

Also talk about aetherium and a project within that ecosystem this week consensus Ernst & Young Microsoft and partners like chain link maker Dow and Yuna bright announced the development and impending release of something

Called the baseline protocol this is an enterprise focused protocol that will be hosted on the etherium main net by way of smart contracts the baseline protocol is a concerted effort to bring blockchain to an enterprise landscape

That is largely largely fearful of public transparent and wide-open nature that is the cryptocurrency space public block chains are wide open that's just the reality baseline features zero knowledge proof

Off chain data storage data Oracle's and adapters and all sorts of privacy and enterprise oriented features that enterprises will love we'll know a lot more about this implementation when its code releases to the public between now

And April I think it is but it sounds really promising to me I read that Microsoft feels that the era of intranet for blockchain is coming to an end likening this period of fear of the public network by enterprises to the

Early days of the Internet where many companies opted for a corporate intranet or private Internet rather than the big scary world wide web where all their information was public I for one am a believer that we will see a vast number

Of enterprises moving towards public blockchains and we'll see public block chains hosting the biggest companies information in transit channel data in the years to come this particular protocol would be very

Interesting because to be honest with you it comes from a pedigree that's pretty hard to deny it comes from multiple facets consensus which is really is cemented in the etherium and blockchain space especially in the

Public network world you have Ernst & Young who's been doing zero knowledge proof work and they're in the consulting space you also have Microsoft a big tech product company and then you have cryptocurrency partners like chain link

And yoonah bright etc that are helping guide this as well I would believe that this is probably a significant movement in the enterprise blockchain world to get enterprises on to the public main net for aetherium part of the strategy

For aetherium 2.0 is likely getting these enterprises into the mix beforehand so looking forward to this and I will keep you posted all along the way as I learn more as always folks I will link up some awesome content here

For you to watch like my past previous episodes from crypto over coffee series if you've got more time to watch but of course thanks so much for watching and until next time Cheers

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