Bitcoin Lightning Network, Internet Privacy, Gemini, and more! (Crypto Over Coffee Ep.1)

by birtanpublished on October 1, 2020

ladies and gentlemen people of the
internet welcome to the very first
episode of an ongoing series that I will
be posting every Friday called crypto
over coffee in these videos I'll pick
out interesting news current events
announcements in the cryptocurrency
world and the innovative technology
world and break them down for you over a
cup of delicious coffee we'll also be
doing giveaways like today so stick
around for that of cool products and
cryptocurrency so make sure you hit
subscribe and stop by every single
Friday so you don't miss out on all that
good stuff without further ado let's
dive into it I'll be kicking these
episodes off every single week with some
questions from the community on Twitter
or the YouTube comments yes I read them
as many as I possibly can so if you have
one you want answered comment down below
or tweet me at hash Shoshi
for on Twitter digi Lite 2020 asks best
resources to teach your kids coding
that's a very interesting question so
for me my favorite resources out there
to teach your kids to start coding I
would say start them off with apps that
are very much like games there's a
really cool app that I've actually used
before just to brush up on my own skills
learning something new called me mo mi M
Oh fantastic way to get started there's
a bunch of stuff online if you look up
teaching kids to code they have like
kits to help you build hardware stuff
they have little games to help you learn
coding at a young age as you get older I
think things like Skillshare which I'll
leave a link down below for I think code
Academy comm fantastic and also
udemy.com ude my comm fantastic
resources that would be where I go for
that
thank you very much delight 2020 on
Twitter lovely Lea D's on or dies on
asks do you think what happened between
the u.s. and Iran will have an impact on
bitcoins price personally I do not think
that that will have a substantive impact
on bitcoins price that's just my opinion
I think global conflict and a global
financial meltdown is not a good thing
for crypto because I
unknowns and when people are fearful the
last place they put their money is in
speculative assets or what they believe
to be a speculative asset that's just my
opinion people may differ on that but
thank you very much for your question
Lia Kali coin twenty-eight asks a very
good question what Beck's bitcoins value
does Bitcoin have any other use cases
besides money
why can't Bitcoin already be used as a
unit of account if it's max supply is
already known now some of that question
is a little confusing but I think it's
still a great question what box bitcoins
value well first and foremost supply and
demand backs bitcoins value there is a
fixed supply that sort of trickles in
over time we have the halving coming up
so less will be added to the supply on
every single block which is a good thing
that makes over time inflation grows far
less in the Bitcoin network which is
very good so what drives value is as
that supply is constrained most of the
time demand has outstripped the growth
in supply also the idea is very much
like you would say for gold on earth we
have a very limited supply of gold it's
difficult to obtain with mining it's
difficult to obtain Bitcoin I think
there are a lot of parallels there gold
has value because people believe it has
value people want to hold on to it as a
store of value I think bitcoin is very
much that way Bitcoin just has this
benefit though of being easy to transact
as well and cheap to transact as well
that's also a great benefit so great
question
why can't Bitcoin be used as a unit of
account I think it can be I think it's
not because to a lot of people it's
still speculative the user experience
isn't perfect yet it's getting there I
think that's what it's going to take to
get us across the finish line and make
it a standard unit of account and other
use cases besides money I think store of
value is a big one I think Bitcoin can
be a store of value I think it's
naturally a good store of value that's
just my personal opinion thanks very
much for the questions guys let's move
on to the news and announcements the
first order of business is
is also one that leads to our giveaway
so make sure you stick around for that
unstoppable domains dot crypto domain
names are now live I've made a video
about that I can link that up for people
to watch here I've claimed mine as
Shoshi crypto and I'm working on getting
my own website hosted on ipfs and routed
using this decentralized domain there
are dozens of wallet providers that now
resolve these human readable domain
names to various crypto addresses
including my ether wallet which is a
huge huge addition to the family for
unstoppable domains and I have a great
user base of people with crypto with
these dot crypto domains and the
resolution and ownership being hosted on
the etherion blockchain your
decentralized domain is yours to control
and yours alone I was a big fan of
unstoppable domains when they first
announced their project and now that
they've delivered and I'm actually
getting to use the thing that I
purchased I'm very excited because you
can type in that human readable name it
resolves two of the crypto address that
you would want it to write it decides
hey are you sending ether okay let's
resolve to the etherium address that's
associated with this domain it works the
same way that DNS does for websites now
to celebrate their launch of dot crypto
domains I'm partnering with unstoppable
domains to give away $200 in a crypto
currency of your choice to one lucky
winner all you have to do is grab a dot
crypto domain using the link in the
description down below and then comment
the dot crypto domain that you have in
the comments down below on this video if
you already have a dot crypto domain yes
please comment below you do qualify I'll
pick a random winner from the comments
and announce it in next week's episode
of crypto over coffee so best of luck to
you and again 200 dollars up for grabs
check out the link in the description
below now the next thing I wanted to
talk about is a short story about why
privacy matters in our world today
especially in the technology space
I read a truly terrifying tale on
Twitter yesterday about a Chinese
college student going to school at the
University of Minnesota who opened a
pseudonymous Twitter account on which he
posted tweets and memes that criticized
and satirized Chinese President Xi
Jinping
upon travel back to China for what I
assumed was a break in school the
student was arrested and sentenced to
six months imprisonment for his activity
on Twitter for many the idea of privacy
free speech and why it should matter
that we can protect our information and
our privacy online gets tossed aside and
people say I have nothing to hide or the
government already watches everything
you do or all of these different things
that you say to say well I don't care
about it however this is just a clear
example albeit extreme of why these
topics do matter to all of us the
questions linger how did Chinese
authorities identify and find these
disparaging comments on a Twitter
account that was meant to be anonymous
what can modern social platforms do to
protect individuals from this type of
thing there are many questions of course
people would say from a moral standpoint
simple criticism of someone is not an
imprison offense but obviously rules
that we have here in the West or in the
u.s. may not apply in other places very
interesting very scary and another
reason why we should be talking about at
least having a conversation about
privacy online in other news there was
talk about the digital dollar project at
the World Economic Forum 2020 event
former Commodity Futures Trading
Commission Chairman J Christopher
Giancarlo spoke of his project exploring
efforts to digitize the US dollar
giancarlo is often referred to as crypto
dad Duda was overall friendly stature
towards crypto while serving as a
chairman of the CFTC this is quite
interesting given the vehement
negativity there was towards the stable
coin project Facebook's
Libre I'm very curious to hear whether
or not a true cryptocurrency style
implementation is even in the cards or
in the conversation here for a digital
US dollar a lot of what the US dollar is
is digital today bank accounts are
digital banking in general is digital
transactions are digital we have
physical analog currency still but I
don't know what big changes would happen
if we didn't move to a cryptocurrency
style implementation on a blockchain
furthermore would a cryptocurrency style
US dollar bring more net positives to
the mix
over the analogue dollar I can see the
cost savings and no longer having to
maintain physical currency and process
physical currencies at the business
level and the banking level like it also
mean that there's more centralized data
with which advertisers and others could
track spending of consumers and
potential information security risks
this is improperly implemented and not
protected properly speaking of
implementation and cyber security cyber
risk gemini recently flexed its cyber
risk stature in an announcement that
they just passed a sock to type to audit
gemini popular crypto exchange founded
by the Winklevoss twins just past their
sock – type 2 audit which is an in-depth
review and accreditation of cyber risk
management processes of the companies
instituted within their exchange this
rigorous audit processes really a means
by which Jem and I can prove its claim
of high security for users who entrust
it to hold their crypto assets as
custodians the thing that people always
see when you go on an exchange is oh
we're the most secure exchange oh we
take security very seriously but there's
very little transparency into how
they're actually going about security
behind the scenes so Gemini here is
killing two birds with one stone they're
getting a highly coveted sock to audit
past they did type 1 and type 2 now and
they're differentiating themselves from
other exchanges who don't have this
third party audit under their belt and
now people can say oh now I have a
substantive claim or understanding of
what you're doing behind the scenes to
secure our crypto assets and that is
definitely a point positive for Gemini
the next order of business today is Jack
Dorsey's Bitcoin Superfriends they have
a plan this week we got news that Jack
Dorsey's payment processing company and
famous Bitcoin purchasing app that I
mentioned in this video right here
Square has won a patent for a technology
that permits a first party to pay in any
currency and then permits the second
party to be paid in any currency
subsequently now this is little worded a
little bit confusingly but this to me
sounds like a classic use case where I
go to a mom-and-pop shop in my hometown
that doesn't accept Bitcoin
I use an app and I pay in Bitcoin that
Bitcoin gets instantly sold to a Bitcoin
buyer on open exchange the mom-and-pop
gets the fiat currency from that
transaction I've paid with Bitcoin I get
my product and everyone wins now taking
this a step further squares new Bitcoin
developer team which I like to call Jack
Dorsey's Bitcoin Superfriends announced
their current project will be developing
a lightning developer kit which will
make safe robust and useful lightning
Network implementations far easier for
developers and wallet providers to
complete as a lover of developer kits
SDKs and kits of any kind
I think it's cool this is cool I'm
stoked to get to test this out
personally I think having a way that
lightning can be more accessible to
developers even with a small team
without a lot of experience makes a big
difference
lightning whether you like it or not as
important for the Bitcoin network and I
think it's a net positive if Square is
going to build out with this team
something that makes it easier to
implement for wallet providers of all
kinds so non bitcoin focused wallets can
now implement lightning functionality
which would be huge so I'm very stoked
about that so guys I hope you enjoyed
the very first episode of crypto over
coffee next week I'm gonna tweak the
format a little bit I'm gonna figure out
what's good what worked and this one
what didn't work in this one let me know
in the comments below also if you have
any suggestions to improve this series I
want to make it all about you guys make
sure you enjoy and you're getting a lot
out of it thanks again very much
and I hope you have a fantastic weekend
I'll see you next

you

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