Bitcoin’s Bubble vs. Dash’s Killer App: Amanda B. Johnson at UNM

Thanks for coming y’all. And yes, I am Amanda B. Johnson. What I want to talk about is something that I think is not talked about nearly enough in crypto- currency — in digital — I’ll use the word “cryptocurrency” — everybody here knows what that is. I think a lot of newbies are like, crypt? Crypt what? You know it sounds scary. I don’t think it’s the proper word to use with them, but I’ll use it here. And I don’t know if economics is not talked about enough just because like, the space is made maybe mostly populated with either programmers or, you know, just maybe like tech guys who never like looked so much into it, but I think that a lack of sound economics — we’re already beginning to see what happens when economics are lacking in these networks — and I think that will continue to see what happens when sound economics principles are lacking in networks and I’ll get into what I mean. So right now, the reason any of these cryptocurrencies has any value — and I was actually discussing this in the car with Danny on the way here — so a grand total of what? Like 12- 13- billion dollar market cap for all of them combined? The reason that that money is in this space, is that money is betting that one or more of these crypto- currencies becomes widely used, and actually earns the title currency. Like I would, I would say it’s actually a misnomer to call any of them a currency right now because a currency by definition is a medium of exchange. And so until something is like a medium of exchange and I’m like hey, I can buy gas and dinner and socks with something it’s not actually currency yet. So all of this wealth and capital that in the space is basically making a bet that one or more of these networks actually earns the title of currency. It is my belief that we currently are experiencing — the vast bulk of these digital currencies, cryptocurrencies, have the aspirations of being like a PayPal but they have the functionality — and will continue to have the functionality of like PGP email encryption. Do any of you use — like on a practically daily basis — do any of you use PGP email encryption? I don’t either. I don’t either. I even have a PGP like, public/private key set. I don’t use it either. For anybody who might not know what that is, PGP email encryption is like a form of encryption that was invented in like, the nineties or something, by, was it Phil Zimmerman? And it’s a way to — it’s a cipher basically — it’s a way to share a lock with the world and only you have the key to that lock. So if you want to receive an email that like even the email provider cannot read, you send out this little mathematical lock to everybody and you say, hey like lock up the email that you send to me with this lock, and when I receive it, I’ll open it with my key because I’m the only one who has the key. And so you would think, oh this is like an awesome idea, right? Especially after like, the Snowden revelations, you would think that everybody would be using PGP email encryption because who among us wants to like wonder if our emails are being read, and like swiped up into these collection points on internet cables? I would be surprised if like one percent of the world used PGP email encryption. Why? Why is that? I don’t know if any of y’all ever heard the story but actually when Snowden, when Edward Snowden first decided to like leak his stuff, he wanted to do it privately right? He sent a 12-minute long video tutorial to the Guardian journalist Glenn Greenwald saying, this is how you set up PGP encryption and Glenn Greenwald could not figure it out. Like he almost didn’t get the Snowden story because he could not figure it out. And every single cryptocurrency today works like that. You would have to send somebody a 12-minute video tutorial to tell them how to download a wallet, what a blockchain is, how to generate new addresses, how to keep generating new addresses to protect their privacy, how to backup and secure their private key, and etc., etc. And if cryptocurrency remains in this state it will go the way of PGP, which is to say, probably no more than one percent of the world’s population will ever use it . And so if that is the case, what does that mean about this 13- billion dollars worth of capital that is betting that this stuff doesn’t feel like PGP but rather feels like PayPal? It means that it’s all in a bubble right now and we’re all going to lose our shirts. That’s what it means. It means that this all will likely go down in the history books as akin to tulip mania except maybe they’ll call it like, “crypto mania” in the history books. And our pictures might even be in there and that would be really embarrassing for us. And so what I want to talk about this evening is basically the reason I chose — the reason Pete and I chose to start working for Dash in particular — is because in my estimation it’s the only network that has lain the foundation — and I’ll talk to you about that, basically the backend foundation. The stuff that the end user is probably never gonna care about or even need to understand — and is going in a direction of usability that will ensure that this is not a bubble. That cryptocurrency in some form is saved and does not end up as a bubble. And let me define “bubble” before I continue. The definition of bubble that I use I got from economist Doug French. He defines a bubble as the state of, like the price of a commodity or whatever, when a large portion of the people buying that commodity are not buying it to use it, but are buying it because they expect that its price will go up. This was found quite commonly like in the lead-up to the 2008 housing bubble break, right? Like people were buying houses that they didn’t even live in. They just bought the house because they expected that the price of the house would go up and that they could flip it. Once enough of that starts happening around a certain commodity it enters bubble phase and it’s only a matter of time until it crashes. And everybody who was left owning any of it loses. And so using it that definition, I would say that all of these digital currencies — Dash included — we’re all holding them right now not for their utility, not because you bought your shoes with Dash or with Bitcoin — not because I didn’t either — but rather we expect that one day they will have utility. And so I want to basically just describe what is happening in Dash that I believe makes it the only crypto that I know of — and I’ve looked into, I’ve looked into most of them — the only crypto that I know of that is going in the direction that a person holding it will be holding it for its utility rather than speculating upon it. So I want to talk first about the backend of crypto, like the boring stuff that does not get a lot of headlines. Nobody calls us like from Forbes. Nobody calls us from Bloomberg. Or Yahoo Finance. Or any of these other outlets that like, they’ll sometimes write about the flashier stuff going on in crypto. You know like, they’ll write right about the DAO and they’ll write about you know, whatever is happening in Bitcoin price movement sometimes. The backend stuff is not glamorous but it is essential to the functioning of a network basically. The long-term functioning of a network. How do you make network-wide decisions with thousands of people you don’t know? Thousands of people you’ll probably never meet. Thousands of people whose names you don’t even know, right? Like people are using their handles online. When cryptocurrencies are based on consensus — whatever offering we present to the world we first had to come to consensus on it — how do you come to consensus? Without a formal governance mechanism in place the way it works is this: people go on reddit or they go on Twitter and they propose an idea. And people start arguing about that idea. And people start going back and forth on it. And you got to begin to wonder — ok so this ILoveBananas78 on reddit — like does this guy even own a Bitcoin? Does this guy run a full node? Does this guy have a miner? And all of a sudden you realize that like these million- and billion-dollar discussions going on online, you don’t even know if who you’re talking to is like a member of the network. You don’t know if they’re invested at all. And so the only form of governance that there is is just like hard forks. Is like, you’re with us or you’re against us. Like, fork or don’t. And that is, I mean, it’s just, it’s rudimentary. And it takes a long time. And it can result in highly undesirable results according to a lot of people. As a perfect example, when Ethereum hard forked to rewind the DAO-aster most people thought that everybody would switch. They thought that at the end of the day there would be just one Ethereum. But they failed to realize that there was not a consensus and so they forked. And now we have like Ethereum and Ethereum Classic. And it’s basically like the worst thing you can do — to hard fork and have half the network competing against the other half of the network. It’s… Basically these things can be avoided if you can just find a way to find out what the rest of the network wants like pre-fork. And ideally maybe no fork has to happen at all. So how do you do that? Like if you don’t know if ILoveBananas89 actually is running any infrastructure for your network, is like actually owning any of any coins at all, how can you figure out what all of the vested participants want? Dash has a great way of doing this. Anybody in Dash who runs what’s called a masternode — basically they do three things for the network, and in exchange for doing these three things for the network they get voting rights. And it is their votes which make all of our development decisions. One, they need to own a thousand Dash to prove that they are vested in the outcome of their votes. This basically protects us from… what would it… The icons of the world. It protects us from like the nothing at stake problem certainly. They need to be running of course a full node — full copy of the blockchain. And also in Dash we have two end-user functions which are like essential to our product, which is a coin-mixing for privacy, and which is instant confirmations to enable point-of-sale basically. They have like names for them, they call them like PrivateSend and InstantSend. And those functions are enabled by the masternode network. So, if a masternode has full copy of the blockchain, has proven that they own a thousand Dash — it’s like a cryptographic proof — and then runs PrivateSend and InstantSend, they get voting rights. So as a prime example of of how this voting mechanism like savedus scads of money and like eons of time, earlier this year Evan Duffield proposed to the network, should we raise our blocksize cap — which is one megabyte just like Bitcoin — should be raise our blocksize cap from one to two megabytes if and when the time arises that it is needed? And so all of these masternodes like voted and within 24 hours a large majority of the masternodes had voted yes, if we reach that point yes, bump up that block size cap. And it was done. Like consensus was reached within 24 hours. And so we see that just like this simple voting mechanism among like vested participants who are also you know, proving their service to the network — we don’t have to like get stuck on reddit being like, I don’t know about this ILoveBananas68 guy like, we can just clear through these potentially malicious actors actually and see what the network really wants. And and it seems like a small thing like this this whole voting thing, but it actually, I think, it may make all of the all of the difference. And like think about a centralized company. Like think about if you’re Samsung and your design department — like while they’re making a new phone or something — your design department conducts their meetings at like r/samsung. And anybody can go talk shit at r/samsung. And like these guys are like trying to make design decisions and all of these people are flooding in and it’s like, who works for Samsung? Who doesn’t? No, it’s crazy. Of course the design department at Samsung only takes the input of people who work at Samsung. And so, you know, with a decentralized cryptocurrency a new way just had to be invented of like having these discussions and coming to proven consensus. The second part of what I call, like, the boring backend — the stuff that Forbes and Bloomberg do not care about — is uh what I would call payroll. As I mentioned earlier, the Dash block reward, which is the new coins that are created per block — the inflation which is temporary until we reach a rate of zero inflation, and we’ll be left with roughly 19 million Dash — the Dash block reward is not consumed entirely by the miners like it is in pretty much every other network. And that is because we recognize that miners are just like one employee class that we need to function. There are two other employee classes that are vital to the functioning of a cryptocurrency. One of them is full nodes. And one of them is developers. Like core developers. And so the way — actually no, let me preface this with, okay what happens when miners do consume the entirety of new coins created? Let’s use Bitcoin as an example. They have the biggest market cap so it’s easiest to follow their developments as the most people notice them. So for example in Bitcoin, an 11 billion dollar network, miners consume the entirety of the block reward. That means that nodes are basically like volunteer. Like an attaboy thanks for supporting the network kind of position now. And so naturally it’s an economic law that whatever you subsidize you’ll get more of, whatever you tax you’ll get less of. So of course Bitcoins node count has dropped dramatically over the years, and will likely continue to drop because it’s a taxed position rather than a subsidized position the way mining is subsidized. In the development department we have seen that developers who are not getting paid from the block reward in order to have a livelihood, they have accepted sponsorship from third-party multinational corporations basically. It started out with the Bitcoin Foundation — that didn’t work so well. Then some developers took on sponsorship from MIT if I understand correctly. And then this newer company Blockstream is now paying a good portion of the core developers. And what is problematic is that decentralized profit models and centralized profit models are like this. They are like oil and water. There is no happy medium. There is no mixing of the two. Either the profits of a network are decentralized to all of its infrastructure or the profits of a network go to like the company, like the corporation, that is writing the paychecks for the core developers. Like there actually is no middle ground. And so that I believe, is the root of the Bitcoin blocksize debate. The decentralized profit model would be of cours,e to have no blocksize cap. And then the centralized profit model where say, for example, Blockstream needs to make a return on their investment — they’ve had a huge investment like what? Tens of millions, could it even have been hundreds of millions of dollars that was like, given to Block- stream? And of course the only way for them to pay back their investors is if they can find a way that the Bitcoin network can kick the majority of its profits back to Blockstreams like shareholders basically. Which is you know, that’s a way of doing things. But if Bitcoin doesn’t become a centralized company, if people like keep believing that it’s like decentralized peer-to-peer network, we’re going to continue having this problem because those two models just don’t mix. They’re like oil and water. So that is the kind of problem that arises if this third class of employees — developers — are not paid from the block reward either. And so that is the second way that I believe that Dash has knocked out these unglamorous fundamentals, which is to say that it pays forty-five percent of its block reward to its miners, forty-five percent of its blocke reward to its masternodes, and then ten percent is left, and we call that our treasury. And the masternodes vote on where to pay treasury funds to. So we’re currently — our largest treasury payout is going to our core development team. Masternodes vote on their salary. They can technically be fired. We could downvote their salary coming out of the treasury and we can hire a team who we think would do better. Pete and I are paid from the treasury. Our… There was a… I think there’s been wallet developers paid from the treasury. There’s this guy creating the Dash version of, he’s calling it Dashous. He’s being paid from the treasury. And in this way, all of our development efforts can remain like totally free of the influence of like third-party sponsors who naturally would like the profits of the network to go toward them, naturally. And so with governance knocked out and with the payroll — the problem of payroll knocked out — that has put Dash in a really good position to move into the space of, ok now how do we attract end-users? Like how do we stop feeling like PGP? How do we actually move in the direction that all of this capital in the space is betting that one of us is going to move in? And we are doing that with a layer of our block- chain that is set to launch in late 2017 in Alpha and it’s called Evolution. And I have dubbed it from the start like cryptocurrency your mother could use. And the way it will work will be very new, very unique to the space, in that the general… like the way we’re all used to logging into like online banking or PayPal or whatever, namely just like a basic user name and password and like the ability to say, conduct auto payments — like I pay you you know every month for whatever. I mean, think about how many payments in your life are like auto payments. It’s a lot. And no cryptocurrency can do auto payments right now, which already I think would leave us out of the running of global finance. And like the ability of say like, joint accounts, were like you and your wife can like share an account. These sorts of things that people are used to and that they expect. They will live in a layer on top of the Dash blockchain that’s being called Dash Drive and they will be directly accessible through what’s being called the world’s first decentralized API. So basically just using this decentralized API, DAPI, anybody will be able to launch a web or a mobile app and people can directly interface all without having to give your private keys to like any third-party service. It will be a way that people can feel like they’re using an online bank but they are their own bank. And even the private key won’t freak them out ,because it’s not going to be like 34798zr whatever, it’s gonna be just like a 12 word seed, or whatever, right? So when you start an Evolution account you create a name and password, it gives you a seed, and from there you can log into any Evolution wallet. Like if the person who was hosting that particular Evolution wallet, like if they go down, if they lose power, if they go out of business, if… whatever, like your data is not gone. It’s not like ooooh you know, like imagine how many people would be like devastated if Coinbase just like disappeared tomorrow. Or Poloniex disappeared tomorrow. That would be a problem. So with Evolution you can sign into any Evolution wallet. You hold your private keys, and your username and password are encrypted in the Dash Drive, so it’s like, not a problem. And… If you’re interested in seeing screenshots of this product, last week’s episode of DASH: Detailed featured screenshots of it. And then actually the episode I release tomorrow is an interview with Evan Duffield where he is going to go like screen-by-screen through the Evolution prototype and basically just describe what’s going on on the backend. The most —

00:25:04,070 –>00:25:09,530
no it’s not the most — the most exciting part of Evolution is the usability. But the part that I think will enable us to be a serious competitor with banks, to be like, to be a contender, to be like a real competitor out there, and we’ll also at the same time beautifully continue to basically decentralize our infrastructure, like continue to add infrastructure to our network, is what is being called Decentralized Masternodes Shares. Now from the user-end experience again, like the market we are hoping to get, like they might not even ever hear the word masternode, and we hope that they don’t need to hear the word master- node or anything, to use any of our products. But what it feels like on their end is like, in their Evolution wallet, if they put some Dash into a savings account that Dash can earn them what, maybe like 4- 5- percent, maybe even six- percent annual like return-on-investment? Like out-of-this-world way more than say what, like I don’t know, like Chase or Wells Fargo are paying on a savings account right now, or in some places in the world, isn’t it negative interest rates in banks now? Okay so this is like way outclassing that sort of model. And that’s what the user sees, they’re like, my god my savings account earning me six percent a year, this is awesome. What’s happening on the backend? Is that something like a secondary private key that basically just acts as a form that proves that they have like collateralized something in their savings account — they don’t know that they’re providing collateral but its collateral — its collateral for another masternode. So when a bunch of people put their savings, put Dash into a savings account, like a secondary private key is being combined with the secondary private keys of like a bunch of other users until a thousand Dash are reached, and then oh, what is that prime for? The launching of another masternode. Who launches the masternode? Certainly not average Joe user or like, your grandmother. I don’t even think I could launch a masternode it’s really complex — I’ve read through the guides. So what’s happening is that this collateral is now available to be launched up in a masternode by like some tech guy who just, he doesn’t have the collateral himself, but anybody who wants to launch a masternode and earn a portion of its rewards can pull from the collateral of any and all of our users, and then launched it that way. That way like, everybody wins. The masternode operator gets to keep a portion of the payouts even though he didn’t he didn’t have the full thousand Dash himself. And all of our users who didn’t have a full thousand Dash either, who just wanted to earn some return on their savings, they get a portion of that masternode payout also. And all the while this is just like growing our infrastructure, growing our infrastructure. And so, those reasons basically are why I think that Dash is the only major cryptocurrency right now heading in a way that is not a bubble. Because any network which does not break out of this like PGP phase, where like only nerds basically can grasp how to use it — or if you’re not a nerd you leave your coins in Coinbase because you can’t figure out like how to do backups yourself, and you can’t figure out how to like generate new addresses, and you wouldn’t know the word like Electrum if you heard it, right? That kind of stuff. Like your mom, think about your mom honestly. Dash is the only coin heading in a direction where your mom could legitimately use it. And if the capital in the space is betting that one of these networks will become usable as a currency the end… the user… usability at the end level will have to be like that. Because if not, if what people are hoping for is just that, oh everybody will use Coinbase or a competitor of Coinbase, like we will definitely have failed in the mission to be able to be your own bank . Like it’ll just be Bitcoin banks. I’ll be… That’s the stupidest thing I ever heard. So that, I mean, that’s why I’m so like bullish on Dash. And I’m like, willing to you know, like risk my personal reputation on it because I’m so interested in money. I’m so interested in this space succeeding. And I’m so interested in this not having turned into the equivalent of tulip mania where we were all like thinking, like this is the best thing ever, but you know, none of us thought to make it usable. So that’s really the majority of what I wanted to talk about tonight. If I had a note to end on it would be, I think that Dash is, right now, where Bitcoin was in 2012, in that it’s not like super easy to get yet, like there isn’t like a Coinbase of Dash. We’re just barely working on our first equivalent of So it’s kind of like the 2012 version of Bitcoin where you know, we maybe have like 60 merchants accepting it, that sort of thing. Except instead of how using Bitcoin still feels like using PGP, how it still felt like using PGP a year later in 2013, in a year from now Dash will feel like using PayPal. And you’ll get to, you’ll get to be your own bank. [Music]

100 thoughts on “Bitcoin’s Bubble vs. Dash’s Killer App: Amanda B. Johnson at UNM

  1. Usability is key for mass market, but also a trade off for security. She is a very good communicator.

  2. This is wrong. I use bitcoin to pay my bills and spend it with my bitpay card just like normal money. So….

  3. Learned how to use Bitcoin on my phone and create a paper wallet today. It took me only 5 minutes. Kids as young as 5 are using laptops. And PGP isn't that hard. I've been using it since the 90s. The reason why most people don't use PGP is because most people don't really care about the privacy about their cat photos. But, with their money, I'm sure they will go the extra mine. Her argument is incredibly weak. It's like arguing that people will never use computers in the 70s or the Internet in the 90s simply because it has a small learning curve to get the technology.

  4. Comment to PGP
    The only reason the people do not use PGP.
    Is that Microshoft have made it so difficult to install.
    I don't why they have made it so difficult.
    I have used it for years and in thuderbird it is just a module.
    But PGP should be a default when you install an email and if MS what you to use it would be easy for people to use it with out knowing it.

  5. Love you but your hair is creating uncertainty. If bangs means buy, and ponytail means sell, what does a hat mean!!!

  6. It's great that you can't mention the value or marketcap of cryptocurrencies, without it totally dating your video, like as if you were talking about VHS tapes or your new awesome iPod 😀

  7. This is just BS. I don't give a shit if someone else is reading my emails. I am right and I have nothing to hide. It's not the same thing for protecting my money.

  8. Economics is not talked about much because it is specifically omitted from mass education. The 99% know nothing about it beyond platitudes.

  9. This video is a right to talk about the basics of what currencies do, and why they exist at all. I look forward to Dash's new product, Evolution.

  10. You were so inspiring 🙁 I am a “older” future new dash participant and I loved your explanations. Can I talk to you sometime Amanda..

  11. Great talk! With all things considered, I thought I'd throw this out there 🙂

  12. Thiis is a Fantastic presentation. Every Crypto ICO fan boy should watch this presentation, Wonderful.

  13. Half of Ethereum Network is not competing with the other half, that is something very misleading to say. Ok next video…

  14. I cannot believe that there are people, sane rational people, people like Hilary Clinton, who do not use PGP.

    I contributed to Phil Zimmerman's defense fund way back when the US government was giving him all that grief.

    just my two cent's worth

  15. I stopped the video right when she said she would be surprised if 1% of people would be using PGP. Its like to say I doubt anyone uses flour today. Just because you buy your bread already baked, doesn't mean flour is a useless product.
    What you said is simply ignorant. You just proved to have no idea about encryption and its importance in the today world. And for your information, PGP, or some variation of it is still widely employed today.

  16. early heavy miners in dash (aka founding team) have way more dash than anyone else. thus they have way more maternodes. thus they control the votes. thus its not decentralized at all masternodes is a ponzi/pyramid structure that made early team/miners extremely rich. this has nothing to do with making a sound currency that people will use

  17. I'm afraid it's really difficult for me to trust so perfect a doll doing the talking. No quality of communication, regardless of what she's saying, exceeds her sex appeal. Bugger political correctness, there's just too much sex there. And then, in the end, she clearly primarily a promoter.

  18. but they own all the master nodes or the majority so technically if a vote comes into place they would have the deciding vote. 

    although i like he idea of dash it feels to much like a bank.

  19. Bold and beautiful idea and wonderful presentation.
    The awkwardness of bitcoin are clearly described and Amanda the Dash queen gives some thoughtful answers to them.
    It should not be surprising that bitcoin, as the first iteration of ecoins, could never be the most usable.
    Dash seems to spot on the major operational flaws of the father of all ecoins.
    The usability enhancement of dash to traditional blockchain technology makes it a viable alternative offspring among the many.

    Just one issue:
    The 'untraceability' built into the architecture makes Dash (and other untraceable ecoins) ideal tools for dirty money transfers, so a safe haven for organized crime, and a target for government agencies. Some regulations down the road may put an end to all X to $ transaction. No one knows for how long more the lack of regulations in this sector can such schemes to 'flourish'? The establishment is not happy with ecoins at all because it takes some of the authority to publish 'value' from them. For how long will they tolerate such unwanted guest to the international financial table?

    I don't know, but will certainly follow up Dash enthusiastically. Great Channel BTW.

  20. well, here we are 1 year later. Do you want to change your idea of this bubble? Crypto is here to stay. you can already spend bitcoin. Bitpay is a visa depit card that you load up with bitcoin and use it anywhere Visa debit cards are accepted. Stop scaring people from crypto and just explain its technology.

  21. Great video. Regading hlding a cryptcurrency for utility value, what about the Ethereum holders that are holding it to support the usage of a smart contract or dApp?

  22. each block mined is about 4000usd, block is mine at rate of about 3 minutes, about 2 million per day, treasury earn 15% of that which is 300k usd per day, masternodes earn 3x that amount. There is high possibility that this network will convert into proof of stakes instead of proof of work network since miner earns less. If it becomes POS there is higher incentive to hold the coin since the more you keep the more masternodes you can own and more voting power. Just my logic, i am sure someone will prove me wrong since i am not looking into dash in detailed yet.

  23. Dash seems pretty darned good and you are very intelligent and I have have owned dash for a very long time…. but…… the main thing I'm taking away from this is you Amanda are one super duper cutie.

  24. Only If Dash had not been pre and Insta mined in the beginning.
    Dash Would be an absolutely Phenomenal Project and Everyone would have accepted it with open arms and exponentially increase its network.
    Dash would have been the most trusted and most used and most invested Crypto.
    Just you didn't had Premined it and put them in Masternodes.

  25. I've got a silly question. When mining is completely finished then where do the masternodes, savings accounts, developers earn money?

    When there's no more Dash to give out. Sorry guys, I'm trying to wrap my mind around it all. Thanks 🙂

  26. The Biggest challenge Dash or any other business will be wide adoption. There are no CCs out there which have demonstrated this. And it will take YEARS to figure that reality out.So all these payments system will either wither away of become a store of value. There is no clear winner here as it is way too early to tell. But there will be the next Google in the fray one day. Hedge your bets now.

  27. How will you ever lower the masternode rule to 100 or 10dash, would These People realize at some Point that this is neccessary? And of Course to Share their power with Otters? You should have different masternode steps like Silver 10dash gold100dash platinum1000, you Need more People to Collect value added ideas. You will Need Lots more masternodes to Cover millions of Instant send requests… you Could Differ the Power by their Voting weight

  28. Hopefully, you have given up the valley girl "like" word in your speaking. You have a great talent speaking and teaching other than using "like" instead of "you know" "um" "ah" etc.

  29. The is better than wrestling; the war between cryptos. Is Satoshi  Nakamoto the government? How do you know?

  30. Bitcoin is a decentralized network, but that doesn't mean that using it can't be profitable for traditional centralized profit centers (i.e. corporations). Case & point, a company like Western Union could choose to transfer value using Bitcoin and charge a small fee for sending money. Bitcoin remains decentralized, the WU-like company is centralized and both the network & the corporation using it are making money – they're symbiotic.

    The problem is really the "regulatory capture" problem we face with centralized governments. If our theoretical WU-like company gets big enough, they naturally want the lowest possible transfer fees from the miners as possible, and so they would likely start trying to influence developers to choose network designs which made transfer fees cheaper. You could see the molding of the network by its benefactors as a positive in some ways, but usually that is not the case IMO. That's life. You think Dash will be different? If Dash becomes as popular as Bitcoin, it will suffer all the same problems. It doesn't matter some of the mining fee goes to support core developers… you can still have core developers on the take, just like senators and congressmen get their pockets lined by special interests. Thinking this won't happen because you're paying them a little something out of the mining reward is naïve at best.

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