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DOLLAR COLLAPSING 2020!?! BUY BITCOIN, Who funds development – Programmer explains

VIDEO TRANSCRIPT

And we’re alive. Yes. Welcome to another episode of Good Morning Krypton here on an island on take we are of course broadcasting live straight out of Stockholm Sweden. And we do this show each and every day at 8:00 a.m. Central happy and summertime. Guys I’m coming to you like an atomic clock. Each and every day please be aware we switch to summertime see if your countries did not wish to summertime all streams are one hour earlier. Look we’re going to discuss the dollar because it’s not doing good guys at the end of the day it’s not doing good. And we’re going to go through some other world reserve currencies we’ve seen in the past and you will soon see that the time was limited for each world reserve currency and circumstances change very very very quickly. First and foremost if you look at the past century at the beginning of the past century you had the British pound completely dominating completely dominating the world. And you see how quickly British pound lost lost his position as number one and how dollar emerged very quickly because of certain circumstances in the world. And the same is happening right now. I do think that we’re witnessing a bolstered dollar world in the nearest future may be within maybe within menu of you who are watching lifetimes and maybe within even sooner than we think even within a timeframe that is even sooner sooner than many people think because this is what happened to the British pound nobody would have really imagined that it would disappear so quickly as no one. So that’s very important. Yes. And you understand that bitcoin is so key when we’re talking about this. This is the most important contest in terms of having a world where currency and where the state are two different things. Just like we discussed yesterday how religion sooner or later decoupled from the state in most countries religion and the state are two different things. Nowadays in most countries. The same is going to happen with currency with money. And we understand that money and currency are two different things here this currency. Bitcoin is money gold is money. So that’s going to be a big topic. Now we’re also going to discuss who funds Bitcoin. This is a big debate. This is a big question I always get. Who is funding these developers who are working on Bitcoin because it is open source. Nobody really gets paid from anyone. If you think about how open source works but obviously you do have companies sponsoring developers and in this episode we’re going to which companies sponsor which developers who develop bitcoin and how this whole industry really works. Because when you just learn about open source it might sound to that people are just racing without getting paid. Some of them are. Some of them are writing because they want respect. I mean to be honest with you when you look at what drives developers a lot of it is respect just the fact that you are contributing to Bitcoin. But then there are other things as well. That being said yes welcome everyone who is watching this live. Amazing to see all of you on. I don’t think that com slash life if you are watching this on YouTube. This is just a recording so you should go to. I went do that com slash live and subscribe over there right now. As soon as possible. That is the only way to see us live each and every day. And if you are here already. Be sure to check subscribe here. Be sure to check in there Bill web alerts. Be sure to check notifications. And obviously we have dark mode as always as always so be sure to do it straight away. Now I do see Matic I do see your leg crippled Yoda. Watch Dog Moss David Johnson five young guys hurry guys. George group the huddle free steak Edmond Slobodan Zoid some guys I see a lot a lot of use here. It’s so amazing. Let me know right now straight away. Where are you tuning in from this fine and fantastic Monday morning thing got this Monday. The world is coming back to work back to life. At least to the extent we’re capable to right now with the current currency situation and as always let me know what you’re drinking while London and Norway. Tunisian from the moon. That’s nice. That’s nice. OK let’s first of all cover some recent news and that is the fact that during the night we fell below 6k. And really many people were freaking out because we basically went to five point eight 8-K in bitcoin at one point eight U.S. dollars for one Bitcoin. The good thing is that we have completely completely recovered that loss very quickly. So we understand that basically now instead of seeing weakness we do see strength because when you look at the daily candle we have already recovered this loss from yesterday that was quite significant man. We went almost to five point eight but now we have completely recovered that. So it’s looking quite good because the fact that we’re able to hold it and maybe if we wouldn’t even if we can try to run for six point nine that would show strength in this market as we’re able to hold six game. That’s very very important. Now looking on the top 10 crypto currencies today as of this moment we have bitcoin minus zero point zero five percent. And that’s quite good to be honest because just a few hours ago as I told you it didn’t look good at all. It wouldn’t look good at all at least in this short short term Webb is at minus zero point sixteen quite stable overall. Overall looking at the top gainers we have energy start to squint and look at the top losers EDC. Guys I told you Look EDC it’s it’s some kind of Fisher thing going on here. I see it every day I stop the pumper with extremely low volume over seven days it’s still 500 percent. But please please be careful you will not be able to get out of this market with this low volume as C minus 13. Well still they have an issue obviously with hive because Sim has been more or less hijacked by Tron and Justin sun so steam is not really the steam that used to be steam is not really the steam it used to be in terms of community first and foremost because community is now in hive at least those guys who revolted against the takeover from from Tron. Well it turned out minus 12. And all and all quite good quite good markets quite fantastic time to be alive again. That’s the most important thing. And please keep in mind that we do have our collaboration with by bit. You use the link below you can get some ninety dollars to get started you can go long you can go short you can use leverage up to 100 dates and recently we’ve also onboard that fem mix as our collaboration as well. So you can do the same thing here and really they are quite similar by bit unfair mix but it’s very important to diversify. So if you have if you are already trading on one of them get the other and you can find the link below. They have great bonuses both of them. So definitely check them both out and if you have too much money on one of them just go to the other end diversify but please only use this if you are a professional trader because obviously trading with leverage is dangerous and you should not do it if you’re just starting out. Now before we get into the post the dollar world I want to remind you guys that we’ve had a situation with V a hash rate. We’ve had the situation with the fact that miners were basically going out of business and they struggled. So the most important thing to look at right now is that we did see a difficult adjustment happen and we saw difficult to adjust downwards right here on the 5th the 25th of March and the difficult difficulty you see this huge number this is how difficult it is to mine to mine the block and that really difficult to number one tell you a lot if you don’t size how proof of work works. You can go check out the middle time to the dot com a cardinal down to the com to check out our archives more with teach you all about that how difficult to works. But on the high level this is basically how difficult it is to mine and if the block time if the blocked them is higher than 10 minutes then the difficulty gets adjusted downward. Because we always want to have at 10 min at the block time and as you can see we did see this spike in in block interval and that’s where we had to correct. That’s what we had to correct on this one is in the minutes it seems like so as you can see when we spiked right here to nine hundred thirty five minutes we had to adjust the difficult to downwards because you know that we should average 600 or so seconds seconds second seconds not minutes seconds of course seconds because we should average 600 seconds which is 10 minutes. But here we had the 900. So yeah that’s why we did a fall in difficulty. And as you can see when the difficulty fell the revenue shot up instantly right here. So here’s where difficulty fell. And the same day revenue shot up. So this is how the network balances itself. Yeah exactly. Well I get seconds and seconds I see that and the same thing is obviously seen in all kinds of other proof of work chains proof of work chains. So it’s not only Bitcoin whenever you have proof of work chain this is how is going to be. And if you want to get these stats you can just go to Best Script of deals and you can get like a link to get free access to this. It’s completely free access and what’s good is now that they have this dashboard that I like. Last note for example you can get a dashboard with all kinds of on or on chain indicators and all and all the network is now stable. We’ve seen this hash rate drop. And especially seen if you look at the past a year that we’ve seen this speed peak and then in March we’ve been going down. But you understand that all in all when the halving happens usually usually the hash rate is not severely affected even though the reward is cut in half. But we had to adjust the difficulty quite significantly as you can see here and this is what I just discussed with you. But a bit more zoomed out version that this difficulty needs to be adjusted because some miners had to shut down the machines. So that’s the situation with mining. I know I know many people of you asked it and that’s why so important to clarify exactly what’s going on now in terms of the world situation. We have more and more action now being taken by the U.S. and this is very key to understand if you witnessing what’s going on in the world and you’re tracking it. So number one we have Trump changing his position a bit because he was a bit more relaxed up until right now and now he sees the real seriousness in the situation with Corona and then what we’re witnessing now is basically him saying that you need to be doing social distancing for longer for longer to the citizens. He is saying that yesterday we discussed that we may see a quarantine in New York and some other big cities New York New Jersey Connecticut I think as well. And now he is basically saying that look at the end of the day we need to stay alert and that we can not to reverse drastic measures that are in place by Easter like he said previously. Instead now he’s changing his mind a bit and saying that hey maybe it’s going to be until the end of April and therefore the economy is going to obviously take a hit. But that’s important in this period like more and more people are now coming to consensus. It’s important to stop the spread number one and then you can return to the economy. Otherwise nothing’s going to work out nothing nothing in the world is going to work. If the virus keeps growing. So the most important priority and more and more people are coming to consensus now is that we need to contain it by doing even more social distancing. But that is of course putting a lot of pressure on the dollar and that is of course something that we’ve got to discuss because they’re going to stimulate they’re going to stimulate there have already been stimulating by trillions. And it’s only the beginning. Slobodan says anyone seen Roger versed with the Koran. I’ve seen it. Yeah. He’s basically saying that it’s it’s all good. No need to worry a lot. Or a driver said on Twitter approximately something like that. But look at the end of the day. More and more people are coming to consensus that it is serious is extremely serious. And look my mom works in India in one of the biggest hospitals hearings in Sweden my mother and the E. It’s not a joke. Yes. It’s absolutely not a joke. This thing and especially now that we’re witnessing even young people pass away so we did see a 16 year old in France at the hospital where my mother works where the 13 year old also passing passing away. So it is. Yeah. It’s not only old people. Absolutely not. And now we’re seeing this seriousness even reached Trump and other and other people in high places so to speak who have been downplaying it is like Boris Johnson who also downplayed it in the beginning but then got infected himself. Because he shook hands in all hospitals with all Corona patients like you like you said previously I don’t know if you’ve seen it but it’s it’s something that we can really really not ignore right now what’s going on in the world. But the notion that this puts a pressure on the dollar and the circumstances really really really threaten the door’s position just like the first world war put the pressure on the pound as you will see this circumstances that we have in the world this black swan events are truly changing big things in ways nobody can predict. So one of the reasons why everyone right now is paying to bail out American companies the whole world is speaking not only the U.S. that’s important is because everyone has the U.S. dollar as their reserve currency. So a lot of people across the world a lot of banks hold the U.S. dollar in reserve. That’s just how it works. So as John Connolly junior Richard Nixon’s Treasury Secretary put in 1971. So this is actually from Nixon’s Treasury Secretary. The dollar is America’s currency but the world’s problem but the world’s problem. Why is it so. Well because when the Fed goes bananas when the Fed goes wild and they’re printing they’re having their printer go but you understand that it’s not only the U.S. that pays. Everyone pays because the U.S. dollar is the reserve currency. So hundreds of billions of dollars were injected into U.S. businesses to counter the effects of Corona. If the money came from taxation then the Americans are paying from their pocket but it’s not from taxation. But if it comes from the Federal Reserve then all nations are paying. So this is very important and obviously this undermines trust in the system because if you’re sitting there in whatever country and you have struggles of your own obviously everyone has struggles but then you have this unfair skew in the economical system that when we print money for example your central bank if you’re not living in the U.S. If you print money then it’s basically only your nation that is getting poorer it’s the citizens in your nation that they’re getting poorer because they hold the currency while when the U.S. prints money then everyone in the world loses wealth because everyone has their workers. And obviously this can continue for a while. If anyone in you maybe for a few decades which it has been now going on for a few decades and many people have been discussing this unfairness and really how the world really works. Cosmo DeLuca says yes we export inflation. That’s that’s true. And then at the end of the day something happens so severe that we reach a breaking point where nobody wants to continue anymore. Why is it so. Because we’ve seen that in the past as well. Look at how the U.S. dollar became the world’s reserve currency. Well it became world’s reserve currency when people basically lost all trust in the British pound and this had to do with the first world war. First and foremost but then with the second world war. So first thing we have to understand is that we had the gold standard and the many countries had the gold standard that they had to abandon in 1914 when the World War One really really started to show up on the horizon and they had to pay for military expenses. That is why central banking allows for a lot of conflicts because the governments can just fund their expenses their war expenses through inflation that would never be possible if everyone just use bitcoin or gold or something else. Now gold is not very practical but with bitcoin this would never be possible. So really when we’re talking about the new monetary paradigm we’re talking about a new paradigm where if you are a government you really need to be thinking carefully about going to what really really really carefully because you cannot just print new currency. That is how it will be in the future. Right now it’s obviously not like that still. Governments can print and go to war and do whatever they want really. But so three years into the war Britain which was the world’s reserve currency they still had the gold standard. They still maintain that because they wanted to still have a bit of trust. They wanted to keep their position as world reserve currency. Now this did not work. They had to borrow for the first time. And they understand that either you print for currency or you borrow or you take money from taxes you do something. So they tried to borrow to pay for their expenses. Never really worked out. So in not in 1919 they had finally abandoned the gold standard. They were forced which decimated the bank accounts of international merchants who traded in pounds. So look if you are in 1919 you have a lot of pounds and then Britain just abandons the gold standard because they have to pay for war then you are losing out because by having pounds you’re trusting Britain the same right now if you’re having dollars you’re trusting and all the world has dollars. So United States became the lender of choice for many countries that were willing to buy dollar denominated U.S. bonds. So this is where it really starts to shift. And right now we’re seeing a similar thing in the US as well. It isn’t a very difficult position just like Britain was in very difficult position during the First World War. And you know that any World War we’ve seen in the past decade we’ve had to. It was so devastating and it wasn’t really clear who’s going to win. Up until the end it wasn’t an easy task for anyone especially the First World War we had years of this trench wars and nobody really could move their positions. It was very long very difficult situation. And basically it cost Britain the world’s reserve currency. It cost Britain a lot. Absolutely a lot. So right now with everything that is going on the fact that the Fed just has to go better like crazy money printing gold say bananas. This is happening even more right now because the US is now understanding how severe it is and U.S. is growing exponentially more than anyone right now when it comes to infection. So we’re witnessing something that is unavoidable. You have to close down the country basically. But the way they’re supporting the markets the way they are debasing their currency is like we’ve never seen before. And just like in 1919 people are now questioning whether this will continue. And we’re seeing another potential paradigm shift. And so Britain has finally been forced to leave the gold standard. And by then the dollar had replaced the pound as world leading reserve. So it wasn’t really officially the world’s reserve currency but just by market mechanics it was the fact that more and more people had that had the dollar. But then during the Second World War the real thing happen because then the U.S. also got all the gold in the world basically and most of the gold in the world. Why is it so. Well because they didn’t enter at work. Look this is where you are smart. This is where USA as a country can make good decisions. If you don’t go to war and I mean it seems like the US completely shifted their strategy in the past century. Look at how great it worked out when you are on the sidelines and you’re just exporting stuff to people who actually want to fight. And that is what happened. The second World World War and the US could export supplies food medicine different kinds of commerce different kinds of metals commodities to Europe. And they ended up with the biggest gold reserve in the world. Thanks to that thanks to that. So look this is so significant when you are more peaceful and you trade in your thinking with more long term and you are constrained by sound money. This society develops way better. This is something we’ve seen. And look look at just how this has changed in the past time. So collecting much of the payments in gold by the end of the war the United States owned the vast majority of the world’s gold. This is unprecedented. This precluded a return to gold standard. And basically because the US had already older gold a dollar became the standard. And since then we’ve been living on this world reserve currency. Now the situation really changed when Nixon removed any connection to gold and that’s basically where we are right now. And as you can see we’ve now had 50 years of this world reserve dollar of fiat basically this is not the money it used to be because dollar was gold in the past it was backed. Now not anymore. And now it’s mainly based on trust. And as you can see it never lasts forever. I’ve shown you this picture in the past. Portugal was the world’s reserve currency Spain Netherlands France Britain and now we have the US. And question is how long will it continue for. Because the more people understand sound money because the more people understand how to use crypto because more people understand that this is not sustainable. And why in the world should they be forced to speculate with my money. Why can I just have my money. This is the most annoying thing that when you get paid your forest you’re absolutely forced to give it to Wall Street. What will you do otherwise. Most people do not have the funds to buy real estate to have like you know income producing rental properties. They cannot buy. They don’t want to hold their money either because then they are being robbed each and every year by inflation. So the only way they can protect themselves from that is going to shit. Now here you have to be like it because if you bought just a few months ago you have lost 30 percent. So look just by going there you have to be like you and obviously Wall Street will rip you off and all of the financial advisors. I mean their whole idea is to of course extract as much value as possible from their clients. Now in addition to that most people in the world do not have access to brokerages like you and I have. So most people in the world don’t even have the option to protect themselves from inflation. So this this whole situation really really has to change and that we’ve been discussing yesterday how knowledge how science really removed the church from government because people became smarter and more educated they start to understand that the universe is not the way the church has been telling us. It is actually based on other concepts and we can now calculate the stars we can see all of this and you understand that people started to believe other things it was easier to say it you see how the narrative pushed by the church to be empowered doesn’t hold in the same right now as happening to the central banking system to this Keynesian Keynesian paradigm. The more people educate the more their stock starts to see Wait wait wait what. Just because something is called a quantitative easing doesn’t mean that more normal people cannot understand that you’re just printing money. Why is it called quantitative easing and not money printing. So that sounds smart because when you hear a money printing you think about Zimbabwe. When you hear quantitative easing you think about some kind of smart people in suits making smart decisions about the economy. But now people are starting to realize that is not how it works. And this whole system is by design by design complicated so that people don’t ask questions. So it can continue to exist just like you see a lot of discussion right now happening with quantitative easing. It wasn’t happening 10 years ago in 2006 and 2007 quantitative easing didn’t have this very bad bad cling to it. But now most people most people who are at least a bit into economy understand that quantitative easing is printing money. So there we’ve done a tremendous education tremendous education and it’s still happening. And that is the best thing with bitcoin believe it or not the best thing with Bitcoin is not bitcoin it is the education that Bitcoin gives to people that people become interested they try to understand how it works that is the biggest thing guys. Man that was a big rant but it was an important rant. And obviously you understand that it’s only the beginning because nothing is out of the question for the Fed nothing at all. And they will continue going while to support the markets the less and the next thing on their agenda is to start buying stocks directly because nothing is out of the question now. This will require congressional approval and already they’re able to buy a corporate debt. And this is kind of kind of what to say. They have to be imaginative. They had to be imaginative how to be able to buy corporate debt because it’s not really clear that it is allowed in the Federal Reserve Act. But if you are creative that’s the word creative enough. You can make it so that it is. It is according to the law but is the question of are you reading what the law says or what the law intense. So this is the big thing. But buying corporate debt was OK for them. If you read what the law says but not what the law intense about buying stocks directly it’s not gonna be possible without congressional approval. And this is going to be a big test. What the U.S. is willing to risk because if they will start doing this even more trust is going to disappear in this system. And look you are risking your risking and you and you shift what is going to be bitcoin but there is going to be China. There is going to be something else. We don’t know. We don’t know. Probably is going to be bitcoin. Maybe it’s going to be some kind of gold thing. Gold the currency. Really. I hope it will be bitcoin but we’ll see. We’ll see. Yes. Let me know what you think in the chat or in the in the comments. They change the laws as circumstances warrant says Bernard Exactly exactly. But I think this will truly show the desperation of the situation because obviously nobody wants to lose their status as the world’s reserve currency because it puts you in a position where you can where you have more freedom to print without facing inflation because there’s so much inherent demand for your currency. And that is why right now we’re seeing deflation guys. And remember always deflation before hyperinflation Mike Malone you go watch hidden secrets of money. And so what’s happening right now is that a lot of demand right now is for the dollar because so much debt is dominated in the dollar. And many people are losing a lot of money in the markets there. That needs to be repaid. So they’re just dumping all assets they’re trying to get hold of the dollars to pay it back to pay their debts back. But at the end of the day people will be sitting there with their dollars that do not produce any income. There are no real assets there no asset that can actually give you a check every month. And most importantly it is not backed by anything. And most importantly it doesn’t even have the trust because they’re printing it by the trillions. Now Bitcoin also doesn’t give you a check like Warren Buffett said it doesn’t write you a check at the end of the month. And many people made fun of him. But look I understand what he means. He means that usually he likes to put capital in companies in real estate something that produces you something but in bitcoin you have digital scarcity that is the thing that is the thing is not about getting a check every month. Although it’s good to have also assets that give you a check every month whether it’s dividend stock or whether it’s a real estate. The issue with both stock market and Lucent is that it’s so manipulated and inflated and we don’t really know what anything is worth really. So the thing with bitcoin is that yes you don’t really have any backing except for limited supply except for a worldwide network of payments except for enormous liquidity and in itself that is extreme value. Just the basic properties of censorship resistance worldwide. Anyone can use it. It is very liquid. It’s 24/7 across countries across nations. And that in itself is the big thing. Look that is the real value and that’s why you have to get some bitcoin yes if you don’t have bitcoin yet you have to get it. You absolutely have to get it. OK. Yes. Moving on. Moving on what is happening in the jail guys. I recently saw gold silver silver at twelve weeks back or order and the 1000 minimum. Yeah. They’re running out they’re running out Zippy says defy dividend. Exactly. You can get dividends if you are using deep buy. Absolutely. And that is why you should check out our defy course if you haven’t yet in our academy. So to use union swap to synthetics to really use all of these applications and protocols we do have all explanations for you and it’s very easy to start and you do get faster results. That is a thing you can literally within a few hours already be quite efficient and proficient in the using unit swap device the X looping rather with Khyber cable and people are loving this course with just released it a few a few days ago. This guy is amazing Amadeo brands. He is working with maker Dow actually get educated by the people who have created all of this most of this because maker Dow is at the foundation of everything. And you get even the essentials insurance the essential synthetics the sensor as money markets and so on so for us to go check guys. I don’t think that’s come. If you haven’t yet if you haven’t yet. Now guys moving on today we’re talking about who funds Bitcoin development alum Ivan will I be able to enroll in D5 course using a basic plan. Unfortunately not not on basic but on premium a basic is only to get started and get to know decades I mean basically it’s kind of like a trial because at them they did the big things are happening in them in premium and basic plan in itself is big because you get so much content and knowledge but then imagine what the premium plan is because I’m telling you the basic is just kind of introduction but the basic is also just it is a huge just that just that is huge. But imagine the premium. It’s 100 times bigger. Look you gotta understand who funds bitcoin and how this system works because bitcoin is obviously open source. Anyone can contribute you and I can contribute. Anyone with a brain and programming skills and and the passion and understanding can contribute. So you have amazing research by bit makes being created who funds because most of the developers are basically independent. They’re not getting paid by anyone. They are incentivized because they want to be Bitcoin developers. Man if you go to any job interview and you say that you’re a bitcoin developer it’s respect and it actually gives you a lot of power. It gives you a lot of power in the industry that you can show on GitHub that you get got some committee into bitcoin. And look it’s not difficult to be honest with you. We saw for example Jimmy song that he just started with doing testing and if you know some basic testing can definitely get a few comments into bitcoin and then look they have compiled a list of different entities that fund the development. So you have block stream you have lighting labs square crypto and square. But I didn’t know that they were so big in comparison to Bloxham look square crypto is kind of like blocking them in size of funding a bit less but kind of you have M.I.T. DCI. So you do have University Association as well chain called Big when it comes to bitcoin. You have purse and purse. Is this what it’s called you get like free stuff for discounts did you lab async Bitcoin ex Bitcoin expire bigger as well and the bit makes OK so yeah I mean there are some companies that are funding this now. If you actually look at what’s going on in terms of bitcoin particular most of the developers are independent as you can see here it’s not that block stream funds everyone like a lot of misinformation is always spread that blocks from owns all Bitcoin developers guys. They don’t they don’t. Most of them are independent. The second place is actually chain code and then blocks Jim and then M.I.T. and then DG labs and then square crypto. So this is how it works. And then you understand that all in all they looked at the top 33 contributors by all time number of comets. And here is where. You see the different contributors. So eleven are independent. You see seven chain called blocks Bloxham only has three and believe it or not. Only three out of 33. So it’s like 10 percent or even less. So I guess that is how it works. And it is decentralized now. Why would somebody like for example chain called or block stream even put money into this. What is the idea kind of like why Microsoft is putting a lot of money into open source as well just like big corporations are putting a lot of money in open source because you understand that all software that is big right now is open source whether you’re talking about Linux all servers right now are basically Linux you do have a few still running Microsoft. I mean most of it is Linux is the biggest operating system in the world when it comes to when it comes to server infrastructure. Now most most phones are running Android also open source sense and that it’s so big. And Android is Linux under the hood now. And other thing is of course the fact that all tools for development are open source. Most of them most of the things used to program is open source at the world is open source. It’s. Thank God we are because it wasn’t a clear thing just 10 years ago. And I think Microsoft when they open source dot net platform that is when they truly capitulated and said All right now open source is is the way open source is the key. So more and more companies during the past 10 15 20 years have been adopting technology that is open source because their customers understand it because it’s easy to patch. You have the latest security updated you really get the smartest people working on your software so it doesn’t make sense for you if you’re a company to build your own stack. Why would you why would you. Now to this point the biggest producers of proprietary software if you look at the consumer electronics it’s gotta be Apple. I mean they are still not really open source and they have a long way to go to use open source technologies although in many ways they have also been using a lot of Unix based systems for quite some time if I use a Mac you know how easy it is to use for programming when use frigging windows. Way difficult although when Microsoft started to open source. Now you have a command line a Linux command line in them in windows as well on all windows nowadays. You do get Windows command line. So what am I what am I saying. Well look at the corporate world. Everyone is now doing open source that is the standard. And obviously you want to contribute because you want to show that you are the leader in the space you want to attract talent because talented developers they want to work on open source. They want to be part of open source and all of this projects. In many cases because they’re respected there’s big respect for open source in development community in other cases because they want to show that they have contributed they can not show if it is proprietary they contribute and it’s gone forever it’s not theirs. And obviously right now companies are fighting between each other to be the leaders of open source to kind of be the companies that work with all of these technologies that are open source because if you’re a customer you’re going to go to whoever is most credible because if you’re a customer and they want infrastructure I will go to guys who know how to run and maybe even developed it. So that’s why corporations are running in open source it’s clear now with bitcoin and with development here is the same thing. Obviously Bloxham is a port a for profit company. They want to attract their clients because they are part of the development as well. They have three developers on board chain go code probably the same. So it’s all about building this trust in the community and building this momentum and authority and the forest. And when people say hey Block’s stream is going to take over bit and get married they have three developers. Out of thirty three to hijack the development. It’s you know it’s not going to puzzle most of developers are independent. And that’s important. I think it’s still important that most developers are independent and that is the case right now. Right now yes. Finally before we go into the chat which is time check out. I think that comes large deals you can get all kinds of deals. You remember already by bid and femme ex you can find them also below cribs with com you get 50 dollars if you sign up and you get debit card you get like an app exchange they have a lot of things as all domains and glass not so glass note is basically you get access to this indicators for free when it comes to on chain and they have hundreds and hundreds and hundreds of them. It’s really like this the job they’ve done to develop this and create all of these indicators is amazing and it’s free if used the link in I was the com slash deals. So that being said guys let’s take a look in the chat. How are you guys doing. Glass node offer work. If I already have an account Yamaha it will work. Yes. If you have it or is an account you have access to it mostly. Yeah. Business is not trust us until the other question is answered. BTC has nothing to do with weather. How do you mean. In what way is it not trust us. If the other is involved the thing that is worrying is obviously whether the price is correct or not. Do you buy gold. Ivan how I mean to be honest I don’t have a physical and I should I should have physical. But for me as I discussed with Mike Maloney and also in the chat previously for me is the authenticity you like. How do I know that the gold is real. Especially you can buy a few coins now. Like if your clients and stuff that’s okay. But if you’re serious like if you’re gonna buy a big chunk How do you ensure. I don’t know how to insure it. I need to trust someone who can insure it. I need all I need to learn I need to learn how to insure it so that is why I mean yes I can buy like a few thousand dollars of gold just as a safety backup but it’s just. Yeah the thing is it’s trust it is trust me. I saw you guys writing that you can drill a hole in it and you can try to see what’s in the area. That’s why I think bitcoin will be number one because look I think that I’m representing the younger generation to a big extent. Although there is another generation that is even younger and they have all kinds of digital assets. But for me I don’t have the kind of the same appeal to gold. I don’t know like I want bitcoin to be the gold that that is worth because I can verify it and I can verify it anytime and I don’t know maybe it’s just me. Maybe other people in my age they they like gold more than bitcoin but just managed to have the right to have this golden rock I got. I get that it’s important but man Yeah I should get it. Bitcoin should be tethered to gold not you as that. Well you mean that the price we should compare price to gold. I can agree with you on that. Yes I can agree on you on that that we should measure the price in gold instead of dollars because your measurement scale is changing each and every day because it does get hyper inflated the dollar so is better to use while you guys were pumping. We are pumping both on families and the let’s see. I’m here using 30 minute. Yeah I mean looking at 30 minutes we are pumping we’re pumping so definitely keep that in mind. Yeah here it is. Good guys good good. Yes. And then you have to have the gold at all. I know crypto Yoda I know. And then you have to have this. This. Yeah. Gold coins are okay. Coinstar okay but also you’re paying a huge premium for coins. That’s that’s also thing. But I know my colleague the here phenol Philippi he has goo here he likes it he likes he likes it and he has been thinking about also he has the knowledge at least how to do it yeah. Buying gold does not recommend for guys who are active in the crypto revolution. I think it does look is good to have is good to have a bit of gold yeah is good. It’s good to have like I’m just saying that I’m not really there yet but I will be probably. Will. But you don’t get gold fever for a bitcoin look. Another thing is that I don’t think it’s a good idea to store your gold at home. Like why would you why. Why. It’s it’s Yeah. You gotta solve some kind of custody. You can store small amounts but larger. It won’t work. Yeah. Let’s see. But you don’t get gold. Oh yeah. Exactly. Lots of eyes are watching open source codes. If there is any exploit. Yeah. That’s a big thing. Absolutely. That’s why open source is so compelling compelling. Let’s see how you sure you don’t end up. With tungsten. It’s called tungsten. You know that. It’s like heavy stone in Swedish. Some some information for you because when I was studying chemistry by the way I was fine so I went to this English school called IAB or look actually in. Let me see let me see. So in Swedish it’s actually evolved from nowadays. Previously it was called this tombstone. Now it’s interesting so from is. Is is this thanks to steam. Yeah. OK. Very interesting. But this is anyway. This battle was invented baseball did not invent it was discovered by SP. Anyway the name is Swedish. I don’t really know how it got there but probably something has to do. Too late to get gold. The premiums are crazy high. Yes physical gold absolute physical gold. Absolutely. Whenever a ship was talking bad about bitcoin with pump did he come out recently actually he pumped bitcoin. He said there’s going to appreciate in the recession a D. I’m planning to move to Stockholm for work this summer. Hope I can visit that chasm woman. Yeah you should go. Yes you should go to Stockholm in the summer. Stockholm is insanely beautiful in the summer. Yes it’s insane. It’s insane because there’s like a lot of water a lot of islands and it’s green. Yeah I love Stockholm in the summer. Not all cities are prettier in the summer but in Stockholm you have this ratio between winter and summer. That is just insane. Like it’s a thousand times more beautiful in summer than in the winter in normal cities or like maybe like five times more beautiful in summer but definitely a go here in summer. Is there a way to physically preserve bitcoin transaction history in the event of ENP event. Well there are many Romanian notes there is a satellite. There will not be an MP event. Nuking everything so you will obviously have your history and this is verifiable is verifiable because you have all proof of work there. So absolutely. Four billion and other that goes down. Imagine if that goes down. I know. Yes. Is big is BIG Ivan. Imagine your ass astronaut. And then one week you are sent to outer space mission for 20 years. You travel nearly at the speed of light so you will be one day older when you get back. Not really sure how you mean. You will only be one day older you mean that the time is going differently when you are travelling at speed of light. Yes I have heard that that the when you are newly at the speed of light the time kind of stops for you. But I need to refresh exactly how that works for this task. You get million dollars today. What would you have. What would you do with a million dollars. I would buy real assets. Look I would buy Bitcoin. Absolutely but also I would buy real estate especially with crashes in the nearest time because I have this feeling that the real estate is next. Guys we’ve seen stock market minus 30 percent. I feel that real estate across the world is next. Why why why is it so. Well people are losing their jobs as so many companies are firing right now in Sweden they’re not really firing because the government steps in and pay salaries up to 92 percent. Ninety two point five and the people only have to work 40 percent of the time. So the employer is paying approximately 50 percent of the salary and he gets 40 percent of labor time. So it’s worse for an employee than before but then the state pays the rest 42 percent. So the worker only works 40 percent but gets paid 92 percent of his salary. That will not continue forever. Look that will end in. I don’t know how many months in Sweden. Not not not many months because obviously the government they will go broke in a second if this continues for longer. So obviously will see a tragic situation if this Corona thing doesn’t disappear quickly because people will obviously lose their job. Absolutely. And they will lose their income which is extremely tragic. I mean that is what I hope we can avoid. We need to avoid that as much as possible. But obviously is going to be difficult to pay mortgage and you will have to sell if you cannot pay it. So that is why I think there might be good opportunities. And look at when you sell out when stock market goes to all time high all the time because of hyperinflation. You want to be there. You want to be there. So I wouldn’t discount stocks altogether because they are real asset in the sense that they give you cash flow all the time. I mean they are producing income they’re producing youth a constant monthly income dividends. The issue with them is obviously that they’ve been hyper inflated so much you don’t win an end P E ratios are insane. There’s a lot of insanity there. The same with real estate by the same with real estate now that they’re kind of coming back to where they should be. I think the last thing you will want to have is dollar at the end of the day because that will be hyper inflate. So whether it’s real estate Bitcoin gold stock like something that is that is more real. Yeah but because I think is the best solution in terms of risk reward risk reward is best in bitcoin no question about that. Think of everyone credit ratings that are going to be destroyed. Exactly. Yes but the free market will also just because your credit rating is only relative to other crazy ratings. So if everyone’s credit rating is destroyed banks will still want to lend out money so they will give it to guys with the best one but not maybe the best one. Like it was hit a year ago or two years ago. So it’s a free market. There are the credit market. The value of the dividends are taken from the stock value not worth to buy stocks for dividends crippling. Not really sure if like the value of the. You mean that they are already in the price of the stock. Maybe that’s what you mean. And it is true. Like you got to look at the PE ratio some stocks they have dividends that are so small compared to the share price that it’s not even worth it. But as soon as you can as long as you can get 5 10 percent it is good like it’s good. But yes the situation is good news to come down now. Why. Look this is interesting to be honest with you I haven’t even gone to high of a lot let me actually check how my page looks because it is the fourth Summit. I didn’t even look at it but now I see you guys writing to me the link. Let me see it because I have I have seen it. Do I have this thing as well and how does it look like or is that it does. Oh yeah interesting. Very interesting. Yeah. I just don’t know where the hell the keys to decide. To be honest with you like I did the noob mistake of maybe losing my Smith gear and that’s the thing because you can see I haven’t been active in two years. But yes. OK. So this is the new steam it is called Hi blog. Very interesting. Very interesting. So are these like amounts in hive now or what is it worth so much because they just worked. That’s actually good. If it’s worth so much let’s see how it compares to stimulus in terms of the funds. Man I should like free money. What woman. Why am I not doing this more. I should get used to posting there as well because look why would I say so. OK. So let’s see this reversing it has 170 eight here on Steam it and then hive which is the fork. 70. Man. It cannot be like that. There are some issue here because why is it exactly the same. Because the currencies now are different. I will have to do a bit more digging into it because the numbers are exactly the same. But maybe the numbers are not absolute. All. Yes. And why is it’s not even the latest. Because here I have yours and there I don’t. I aim out or. Oh wait wait wait. Yeah. This is the old thumbnail. And then we remove the thumbnails because. Yeah we had issues with YouTube. So this is kind of the new update that I get. Anyway I’m gonna do some research is a dollar. Yeah but it was the hive address. Why one to only the new post get new. Okay got it. I hope you haven’t been on steam for like two years and you together back but are people still using it. That’s like the big big thing. Are people still using it. Well ideally I will create the is there isn’t there like a bot that can just put it automatically because I don’t want to click every day on upload. I just want to write the bot. Maybe we’ll do that. Everyone uses high of its 4th like BCI. Oh yeah. Now tell me IMF as they are. What do you want to know about that. Andrew. Do you have 200 a tooth. Yeah I should. I should pick it pick it out. But I don’t know if is that even if it’s worth that much because I understand that all of these amounts are from the bull markets. And I didn’t really attach them so I don’t know whether like people are saying it is the amount there is created at the time of posting or something. Yes. Can you talk a bit about saga with Saga saga saga is the one is the is the stable coin is a stable coin with different currencies. I think we covered that because remember we cover that to be honest. I looked it up because people were asking about stable coins but to my understanding it is the currency with different the backing side of stable coin. She should be that one. Worldwide the money. Exactly exactly exactly. So this one is back like by different stuff. It’s not only bagged by one. This is a basket of currencies. So let’s see. Let’s see how big they become. The good thing is that we have a lot of different stable coins that’s important because when you are trading you don’t want to be switching into real Fiat you want to have stable coins so that when you think that the price has gone down and you’re crazy and you don’t want to short you just want to get out of the market go into stable coins currency that’s how people do it. But now you basically have tether you have you as the CEO of a few others. So it’s good that you can be in it even more so you can diversify and diversification is important. Why is it. Because many people did just use one exchange like buy it and buy it. Is amazing. But there’s also fed mix that is very similar and they have a slightly bigger bonus. So buy it is still our number one choice but check out the mix as well. And if you’re using one of them get the other because you want to diversify and they are very very good both of them. So you can find the links below and you get bonuses for both. If you use the linked links below we’re entering the Great Depression on steroids could be good because it could be. Absolutely. Ivan what do you think about bitcoin in your wallet. How do you know that big and in your wallet are not. Oh that’s a good question. That’s a good question. Well you know it. Because you yourself can verify it. You yourself can verify it. You can run your a.. You can connect to the network yourself. You can get the block chain. Mathematically you can verify that that block chain has been mined with a lot of electricity. So that is actually baked into the blocks and that’s the most fascinating thing by just analyzing the blocks in you see how much electricity was put to mind the different blocks. So you see basically the difficulty for each block. So when you get the block chain you can say OK the last block was 10 minutes ago I can verify mathematically that a lot of energy was put into each block then to be sure you also double check with all other nodes so you get the same block shame. So I have everyone gives you the same answer. What the real block chain is and you basically keep asking until you are certain that that is the real block shame that you got from all of the nodes and you can verify yourself and then you see at the end of the block chain what is the amount in my address in my in in my UTF source. Because really you have a bunch of your texts and your wallet shows your balance which is just a sum of all your utensils and that is how we can verify. But the most important thing is that you can verify how much electricity has been put into the block chain. You can verify for ourselves that hey the only way to produce this data that they have in front of me which is this block shown is to spend a lot of electricity. I know it sounds crazy but that is how it works. That is how proof of work and hashing functions work and you see the difficulty in each of the. Of the blocks so you can for yourself know for sure 100 percent certainty that for this blocks to be produced somebody spent the tens of thousands of dollars. And that is what gives you the verification that the that the blocking is real and that is the main bitcoin blocks. Yes. That is how that is. If the world moves to another fiat currency other than us. What do you think it will be. You. Yeah I mean maybe you can but it would really be a shame if it was you. I don’t really I don’t think it’s going to be one. Why. Because not many people are trusting them will raise it like it’s not a lot. Just look at the current crisis with with the illness. People are speculating all the time that the numbers coming out from China are fake this and that. And who would really trust just that currency at the end of the day. I think it’s highly highly quite questionable. Another thing that is important is that it’s not really how they do business. You know that you and you cannot really transfer it out of the country. Now there is offshore. There is an offshore version. But if they become the world’s reserve currency. Now you know it will not really work together with the way they’re trying to close down their situation there. So I don’t think it’s going to be China. To be honest I don’t think so. I think it’s going to be either some kind of gold the currency again because you will have to reset maybe is going to be gold I hope. And I think there is a chance and non zero chance that it will be OK Bitcoin in some way in some way may be Bitcoin backed in some way. Now statistically statistically I think a gold version is more probable because they justify that. Gold is gold. I mean everyone knows that. And because at the same time people in power can still stay in power. So obviously they will prefer to have some kind of gold standard again because then they can redo the scam yet again. So statistically it might be gold but there is a non-zero chance that it will be Bitcoin. And the risk reward of that is is huge. It’s huge. And even if it’s not the reserve currency is it still going to be big because that is the only digital value you have that is that you’re certain of. So yeah. Is it’s gold it is gold bitcoin will die says safeguards in the moose. Really really really safe. I didn’t hear that situation safe so I so spontaneously I don’t really agree but I should interview safe and arms because that theory is interesting. People who want because look if a gold standard is basically the reason why I don’t agree with that statement that there was gonna be gold then bitcoin will die is because a gold standard changes nothing. It’s basically the same scam or all over again because they’re gonna remove the backing. Again just the question of time. So with a gold standard nothing really has changed. It’s just that it sounds it sounds better and it will be gold for a few years then they’re they to remove the banking yet again. It’s simple the gold is the defeat currently that system is the biggest the biggest reason why we have fiat right now. I mean sorry the fiat system is the biggest example of why gold has failed so gold is the biggest reason why Fiat. Yep. Switzerland is the best choice. Maybe Switzerland the franc let’s see how they perform against dollar because they are performing quite good good compared to other currencies. So that’s true. That’s true. Let’s see. So yeah I mean they’re not. It’s nothing drastic that we’re seeing that not nothing and nothing drastic that we’re seeing are actually left me doing a stunt it to C H F yeah I mean it’s even gone down since since March. But if you look at five year I mean yeah it’s quite stable quite stable and over time over time. It’s actually strengthening. So there you go guys. There we go guys. Now look at this disaster is it still a disaster actually. They have recovered so Norway man. Absolute disaster. What is this. It’s insane Norwegian people have lost they went from I mean at the beginning of 2019 it was eight point seven at the peak which we saw just. Here it was twelve almost man it’s from eight point seven to twelve almost. Can you imagine now. We’re not. We’re not too much better look but a bit more stable but still not very good. Swedish Crown the krona and not from good. What I’m surprised though this is these guys Denmark. What the hell. Performing quite well against the dollar. So yeah Norway. Not really good. I mean Norway is the worst. To be honest with you there at absolute worst. What is this. Sweden also bad a bit better a bit better and Denmark wins this race of not devaluing check it. Okay let me check. I will check. I know you have many more vision guys. You have oil you have oil so don’t don’t get mad. You have oil. So Yemen. Oh yeah. Would strengthen you. Look at this. Look at this. The the this. We should. So yeah. We should go to Norway. It’s a bit cheaper there now. Yeah. Anyway. Anyway I guess that’s actually I don’t know why why Norway is losing so much to be honest. Why are everyone dumping not Norway. I don’t know. But yeah the oil price of course. The oil price. Yeah exactly. Exactly. Yes guys. You’re completely correct. You’re completely. That is why the chatter so amazing. You guys are solving. Yeah of course. Oil. Yes yes yes yes yes yes yes of course yes. OK. Thank you so much. Yet again see you are contributing all to the streams. So that’s amazing. That’s amazing. Thank you so much for being here yet. So maybe does the collapse of Norway Sweden has been dreaming about for such a long time. I’m joking but it is true. Look it is true because in Sweden we have industry like it’s not even Swedish fully owned but you get the point like Volvo scan the electoral looks like there are so many things Spotify like there are a lot of industrial things coming out of Europe. Norway it’s mainly oil mainly oil Yeah. So we’ll see we’ll see. I’m obviously just joking. A seal tomorrow at 8 a.m. Central European Time summertime centripetal summertime big sovereign fund. I mean the good thing with Norway that is amazing is that actually people get the wealth of the country that is not the case in Russia for example. Like people don’t get the wealth of that there is no sovereign fund there. There is no. So that is what. And you know my relatives are from there. And yes that is kind of the thing you always the unfortunate people go go around saying that Russia is so rich in terms of resources but people are always so poor and yes it’s the structure the whole structure is bad. So that’s the biggest thing that Norway has done by the way. That is that fund and that it’s not going to disappear into the you know into the government officials pocket like unfortunately it doesn’t many other countries so say do so much very much for being here. I’ll see you all tomorrow 8:00 a.m. Central happy on summertime and have a good day. Enjoy your day. Check out baby check out fan mix. Great them great things in the description. Only if you’re experience and see old tomorrow. Have a good day and goodbye Yes. Goodbye goodbye goodbye.

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