I could listen to Harry, Saylor, Fred Thiel, Nic Carter, Jack Mallers, Jeff Booth, and Austin Hill all day long. (Peter, you have to get Fred on the show.) I have spent the last 3 decades in equities and have seen marginal advancements in thought leadership. However, with Bitcoin, I am blown away by the level of IQ the asset class attracts. In less than the next 10 years, I predict the world will be better off thanks to the capital allocation that follows Bitcoin's collective intellectual power.
Well said! Thanks for mentioning a couple of names I haven't followed...will check them out. Indeed, Bitcoin has given me hope for humanity. Such a convergence of often-brilliant minds.
Ethereum is unsustainable. You can take out any bitcoin maxi and btc will still live on, you take out vitalic and ethereum collapses, due to the centralism around it. Fees just looping back to miners.. it's not a burn mechanism but a centralised mechanism even worse than the fiat ponzi in my opinion. Nice talk again! Thanks!
Yup. ETH is so gross. ETH is much worse. It is confiscatable, reversible, pre mined, not immutable, permissionable. All horrible traits. It's the opposite of BTC which is crazy because its #2 in popularity! That scares me because most people in this space are to be honest, just plain stupid still.
There are plenty of reasons not to love Ethereum, but I'm not convinced of the 'founder risk'. With so many developers working on it, why do you think it would collapse without Buterin? When was the last time he even contributed code to the project? I'd like you to explain the "not a burn mechanism" part as well, if you can. I see base fees being burned on every transaction, as they're supposed to.
@@frmcf It would collapse because he is and has been thhe main contributer. In all honensty, he is so secretive about how code is contributed to ethereum, that I wouldn't have a clue. Yet, this is the problem. Once again, the secretivity around the protocols used in eth are out of boundary. Transaction fee mechanism, is used in eth. Which means part of the fees don't get burned, but instead go the miners. They say it's a burn mechanism, but in reality it's both. I wouldn't be suprised if more fees go to miners instead of getting burned.
I have a theory as it relates to effects of a black hole in relationship to Bitcoin. Black holes compress time and gravity. What if time is represented by the difficulty adjustment and gravity is represented by the halving? Time is fixed and every four years the force of gravity decreases in half = inverse of a black hole = expansion of the universe? Bitcoin expands in value over time, after all.
17:30 How could the answer be anything other than "10 minutes"? I'm not sure what other answer you were expecting. The target time is always 600 seconds. Of course, they can come faster or slower within a tolerance because of random fluctuations. But there's no mechanism for delaying and waiting, say, 11 minutes after the 9 minute block to make up the time. Difficulty is set every 2,016 blocks and that's that, the network doesn't 'know' how to compensate for a single block coming out fast. To stick with your 9-minute block example, it could be the case that if blocks are regularly coming out fast, there is significantly more hash power online than the difficulty was taking into account, so I guess there could be an argument that after one 9-minute block, you might expect to see more faster blocks, but the target is always ten minutes.
I can't remember where I heard this but, I heard that bitcoin miners are actually help stabilize the power grid from spikes also being able to free up power by turning the miners off in time of need. Amazing
The Nic Carter/Troy Cross WBD episode they discuss the insurance policies miners have with the grid in Texas (flexible demand for intermittent energy).
it makes it profitable for energy companies to overbuild capacity, they can make 100 times more electricity than needed, then use 1% to sell to consumers during the day and sell 0.5% to consumers at night while using 99% to mine all the time.
If a majority of energy produces have significant amount of hash rate and enable/disable the mine in response to demand does game theory emerge to take advantage of the increasing and decreasing hash rate? Does the Bitcoin network hash rate fluctuate with the sun, fluctuate with the seasons?
Mining difficulty adjusts every 2016 blocks or normally around 2 weeks. Seasons can definitely affect hashrate and after enough blocks, difficulty. Night/Day also influences electricity demand and price so can affect hashrate as miners turn on and off, however this gets smoothed out over a 2 week period and likely has no measurable impact on how difficulty adjusts over time.
To clarify, hashrate is a real thing that fluctuates but because of the random element involved in mining a valid block, we can only guess what an approximation of the hashrate is. That is because there is no way to know how much work is put into mining bitcoin other than looking at how fast or how slow the blocks are coming in relative to the 10 minute target. Sometimes a block doesn't get mined for an hour, and sometimes 4 blocks get mined in less than 100 seconds but this doesn't mean that suddenly there is a lot more hashrate, it just means some miners got lucky and found a block in a few seconds. Over 2 weeks however this evens out and difficulty adjusts based on the average hashrate for all 2016 blocks, which is probabilistically a good approximation.
Does he work for black rock they are angling for all energy infrastructure and will own this space. (“I’m not a macro guy”-Harry). Goes on to explain the macro-outlook for Btc. Why does it seem disingenuous?.
Love Harry. I agree that Bitcoin is not money per se. Bitcoin issuance allocates numerals. The market has placed a value on those numerals. Bitcoin didn't have market value in the early days before the first value transfer when Lazlo bought those pizzas :) transaction).
Great Discussion, and more will be coming. Bitcoin Mining will become different due to what we’re structuring with Lightning a new communications control and service with “InFlight” app processing. This also includes a new processor that will reduce power requirement based on hybrid photonics and new structures. We add on lightning network new onion routing processing based on our AI Routing. Construction starting soon.
POW and POS are the same thing just different mechanisms.. both require huge sums of money upfront to have a bigger influence on the system. PoS is direct monetary influence.. PoW is indirect monetary influence through having more money to buy more miners and have more nodes.. same shit
I understand your point, but the argument goes that PoW is fairer because miners have to expend more energy. There's less of a marginal cost to adding to your stake or running a validator node than to running mining machines. But, yes, fundamentally both systems deliver capital to those who already have capital. On the other hand, as a small holder, I can participate in PoS either through delegation or through running my own validator for relatively low cost (depending on the network). The cost barrier to entry for some PoS networks is very low. For PoW it's generally very, very high. I think it's fairly obvious at this point that both systems have their uses and will continue to exist for some time. PoW for Bitcoin seems like a good fit, and it's hard to imagine it using anything else. PoS works well for smart contract platforms like Tezos and layer-0s like Polkadot, so everyone can be happy.
HOW is it possible to continually increase the number of Mining Operations and for them to all stay profitable if : 1. Each block is mined at a constant rate of 10 minutes and 2. The Price of Bitcoin is going down (crypto winters)? During each halving cycle it seems that it would become even less profitable to mine Unless BTC can sustain a much higher price. It seems that there would be a point of market saturation where if there were TOO MANY Miners competing then most would not be sustainable and would shut down thus at some point it would be pointless for newcomers to Open a mining facility.
I must point out that in POS it's not controlled with capital. It's only the amount of capital that is required to run a node. If the minimum stake is low. That means more nodes running making it decentralized. When POS has a large capital minimum sure there's less nodes making it more centralized. None the less one node is one computer. If someone wants to spend the money to own thousands of computers to run thousands of nodes sure they can, but it's going to cost a lot of money to run so many computers just like spending capital to run GPU on POW. There's ways to make POS as safe as POW.
Does the enormous shitcoin community have no idea of these truth bombs? How can Charles Hoskinson of Cardano continue to play this game with a straight face? Bonkers.
Good luck with it, when flooding struck my region recently, guess what?. All lines were down, and no cash-ee, no buy-ee. ( Don’t worry, ppl kept checking their phones, it’s just that nothing was happening. Psychologists will be dealing with the ptsd for years).
Yeah - the buraucracy got even worse in post-communist countries like mine (Czech Republic) because people have zero financial education (unlike in USA) and young people mostly learn through podcasts. There is a very large and strong bureaucratic class - it's like average people got way too much power and too little responsibility. On the other hands - enterpreneurs like me have all the responsibility and very little power. And what's worse, mistakes are punished AS IF you were responsible in the first place. This can't go on forever.
i am always disappointed when two bitcoin guys try to explain why pow is so great because it consumes energy. take one step back and have a think would you? pow and pos are both proof of capital... one uses shitloads of power and requires useless supercomputing toasters the other doesn't
Agreed! And to spell it out further for the religious - needing to purchase very expensive equipment to build a mining rig in order to win the right to mint a block is a proof of capital
hey Peter, how come I cannot follow you anymore on twitter? I just realize. I don't think I ever sent any crap or disrespect you.... is a general thing? come on mate....
I could listen to Harry, Saylor, Fred Thiel, Nic Carter, Jack Mallers, Jeff Booth, and Austin Hill all day long. (Peter, you have to get Fred on the show.) I have spent the last 3 decades in equities and have seen marginal advancements in thought leadership. However, with Bitcoin, I am blown away by the level of IQ the asset class attracts. In less than the next 10 years, I predict the world will be better off thanks to the capital allocation that follows Bitcoin's collective intellectual power.
Well said! Thanks for mentioning a couple of names I haven't followed...will check them out. Indeed, Bitcoin has given me hope for humanity. Such a convergence of often-brilliant minds.
Harry's face and stache did not prepare me for the deep, soothing voice of a born radio host! Excellent video Peter!
Hey can you tell Harry I have a s19jpro I'd like to donate in exchange to split the profits it makes.
Thank you !
I thought the same thing.
I was thinking that. Well said lol
ugh the more I understand bitcoin the more I am so grateful for you guys thank you really
“We should routinely tell these people to eat a d**k and f**k off”. Peter, you crack me up. Genuinely laughed out loud at this.
This one is good. Enjoyed it. Love the topic of POW + difficulty adjustment. That’s what my wife guest speaks on in the Pomp crypto academy
Ethereum is unsustainable. You can take out any bitcoin maxi and btc will still live on, you take out vitalic and ethereum collapses, due to the centralism around it. Fees just looping back to miners.. it's not a burn mechanism but a centralised mechanism even worse than the fiat ponzi in my opinion. Nice talk again! Thanks!
Yup. ETH is so gross. ETH is much worse. It is confiscatable, reversible, pre mined, not immutable, permissionable. All horrible traits. It's the opposite of BTC which is crazy because its #2 in popularity! That scares me because most people in this space are to be honest, just plain stupid still.
There are plenty of reasons not to love Ethereum, but I'm not convinced of the 'founder risk'. With so many developers working on it, why do you think it would collapse without Buterin? When was the last time he even contributed code to the project?
I'd like you to explain the "not a burn mechanism" part as well, if you can. I see base fees being burned on every transaction, as they're supposed to.
but i like Eth :( and building and exploring new things.
@@adiintel1 you like paying high gas fees too? What is it about eth you really like?
@@frmcf It would collapse because he is and has been thhe main contributer. In all honensty, he is so secretive about how code is contributed to ethereum, that I wouldn't have a clue. Yet, this is the problem.
Once again, the secretivity around the protocols used in eth are out of boundary. Transaction fee mechanism, is used in eth. Which means part of the fees don't get burned, but instead go the miners. They say it's a burn mechanism, but in reality it's both. I wouldn't be suprised if more fees go to miners instead of getting burned.
I have a theory as it relates to effects of a black hole in relationship to Bitcoin. Black holes compress time and gravity. What if time is represented by the difficulty adjustment and gravity is represented by the halving? Time is fixed and every four years the force of gravity decreases in half = inverse of a black hole = expansion of the universe? Bitcoin expands in value over time, after all.
17:30 How could the answer be anything other than "10 minutes"? I'm not sure what other answer you were expecting. The target time is always 600 seconds. Of course, they can come faster or slower within a tolerance because of random fluctuations. But there's no mechanism for delaying and waiting, say, 11 minutes after the 9 minute block to make up the time. Difficulty is set every 2,016 blocks and that's that, the network doesn't 'know' how to compensate for a single block coming out fast.
To stick with your 9-minute block example, it could be the case that if blocks are regularly coming out fast, there is significantly more hash power online than the difficulty was taking into account, so I guess there could be an argument that after one 9-minute block, you might expect to see more faster blocks, but the target is always ten minutes.
You gotta work on your tone if you want to live in a society. Otherwise you'll end up being a dick somewhere all by yourself.
Great chat with Harry. Danny filter off the highs a bit and crank up the de-esser.
Great info. Really like these chats. Thanks Gents.
Danny should be asking more questions.
Enjoyed this, very interesting chat indeed
I can't remember where I heard this but, I heard that bitcoin miners are actually help stabilize the power grid from spikes also being able to free up power by turning the miners off in time of need. Amazing
they don't. they turn on the miners when its profitable and turn them off if its not. in the meantime they just stabilize high electricity prices
The Nic Carter/Troy Cross WBD episode they discuss the insurance policies miners have with the grid in Texas (flexible demand for intermittent energy).
it makes it profitable for energy companies to overbuild capacity, they can make 100 times more electricity than needed, then use 1% to sell to consumers during the day and sell 0.5% to consumers at night while using 99% to mine all the time.
What date was this interview recorded on?
before Tera died I guess :D
If a majority of energy produces have significant amount of hash rate and enable/disable the mine in response to demand does game theory emerge to take advantage of the increasing and decreasing hash rate?
Does the Bitcoin network hash rate fluctuate with the sun, fluctuate with the seasons?
Mining difficulty adjusts every 2016 blocks or normally around 2 weeks. Seasons can definitely affect hashrate and after enough blocks, difficulty. Night/Day also influences electricity demand and price so can affect hashrate as miners turn on and off, however this gets smoothed out over a 2 week period and likely has no measurable impact on how difficulty adjusts over time.
To clarify, hashrate is a real thing that fluctuates but because of the random element involved in mining a valid block, we can only guess what an approximation of the hashrate is. That is because there is no way to know how much work is put into mining bitcoin other than looking at how fast or how slow the blocks are coming in relative to the 10 minute target. Sometimes a block doesn't get mined for an hour, and sometimes 4 blocks get mined in less than 100 seconds but this doesn't mean that suddenly there is a lot more hashrate, it just means some miners got lucky and found a block in a few seconds. Over 2 weeks however this evens out and difficulty adjusts based on the average hashrate for all 2016 blocks, which is probabilistically a good approximation.
His voice is amazing.
You're killin it Peter! luv the channel
Yes!! Harry is one of my faves.
Does he work for black rock they are angling for all energy infrastructure and will own this space. (“I’m not a macro guy”-Harry).
Goes on to explain the macro-outlook for Btc. Why does it seem disingenuous?.
Love Harry. I agree that Bitcoin is not money per se. Bitcoin issuance allocates numerals. The market has placed a value on those numerals. Bitcoin didn't have market value in the early days before the first value transfer when Lazlo bought those pizzas :) transaction).
Great Discussion, and more will be coming. Bitcoin Mining will become different due to what we’re structuring with Lightning a new communications control and service with “InFlight” app processing. This also includes a new processor that will reduce power requirement based on hybrid photonics and new structures. We add on lightning network new onion routing processing based on our AI Routing. Construction starting soon.
Good content
harry has a great voice
Harry’s the man!
POW and POS are the same thing just different mechanisms.. both require huge sums of money upfront to have a bigger influence on the system. PoS is direct monetary influence.. PoW is indirect monetary influence through having more money to buy more miners and have more nodes.. same shit
essentially yes, but one is highly centralized, isn't censorship resistant and needs large amount of power.
I understand your point, but the argument goes that PoW is fairer because miners have to expend more energy. There's less of a marginal cost to adding to your stake or running a validator node than to running mining machines. But, yes, fundamentally both systems deliver capital to those who already have capital.
On the other hand, as a small holder, I can participate in PoS either through delegation or through running my own validator for relatively low cost (depending on the network). The cost barrier to entry for some PoS networks is very low. For PoW it's generally very, very high.
I think it's fairly obvious at this point that both systems have their uses and will continue to exist for some time. PoW for Bitcoin seems like a good fit, and it's hard to imagine it using anything else. PoS works well for smart contract platforms like Tezos and layer-0s like Polkadot, so everyone can be happy.
HOW is it possible to continually increase the number of Mining Operations and for them to all stay profitable if : 1. Each block is mined at a constant rate of 10 minutes and 2. The Price of Bitcoin is going down (crypto winters)? During each halving cycle it seems that it would become even less profitable to mine Unless BTC can sustain a much higher price. It seems that there would be a point of market saturation where if there were TOO MANY Miners competing then most would not be sustainable and would shut down thus at some point it would be pointless for newcomers to Open a mining facility.
I must point out that in POS it's not controlled with capital. It's only the amount of capital that is required to run a node. If the minimum stake is low. That means more nodes running making it decentralized. When POS has a large capital minimum sure there's less nodes making it more centralized. None the less one node is one computer. If someone wants to spend the money to own thousands of computers to run thousands of nodes sure they can, but it's going to cost a lot of money to run so many computers just like spending capital to run GPU on POW. There's ways to make POS as safe as POW.
you should learn about things like Virtual Machines. You can run hundreds or thousands of nodes on a single physical machine.
This guy on the right has the best radio voice
His name is Harry
Seriously? How can you even begin talking about Bitcoin without understanding the importance of the difficulty adjustment?
Does the enormous shitcoin community have no idea of these truth bombs? How can Charles Hoskinson of Cardano continue to play this game with a straight face? Bonkers.
I'll give you .5 btc for that beautiful orange mustache.
fiat is it's own finger trap ^∞
Idea: add BTC asics to home solar panel systems in ☀️ parts of the world.
All good
Get some bitcoin socks Danny 🤣👍keep up the hard work
Good luck with it, when flooding struck my region recently, guess what?. All lines were down, and no cash-ee, no buy-ee.
( Don’t worry, ppl kept checking their phones, it’s just that nothing was happening. Psychologists will be dealing with the ptsd for years).
Yeah - the buraucracy got even worse in post-communist countries like mine (Czech Republic) because people have zero financial education (unlike in USA) and young people mostly learn through podcasts. There is a very large and strong bureaucratic class - it's like average people got way too much power and too little responsibility. On the other hands - enterpreneurs like me have all the responsibility and very little power. And what's worse, mistakes are punished AS IF you were responsible in the first place. This can't go on forever.
Hasn't raoul pal been calling it a super massive black hole for like 2 years?
Bitcoin is like Elvis memorabilia, it’s just a story, and when people lose interest in the story, it dies ….
Solana is horrendously bad dude... Network goes down and now people can't get liquidated
“More people own stock than own dollars today.” What?? Ummmm no.
i am always disappointed when two bitcoin guys try to explain why pow is so great because it consumes energy. take one step back and have a think would you? pow and pos are both proof of capital... one uses shitloads of power and requires useless supercomputing toasters the other doesn't
Proof of stake is the fiat system. We are trying to get away from the fiat system.
You are certainly not wrong in what you said. But proof of stake is absolutely not the way to do it. Proof of work is the superior way to do it.
Agreed! And to spell it out further for the religious - needing to purchase very expensive equipment to build a mining rig in order to win the right to mint a block is a proof of capital
Are you one of the pre-mined beneficiaries ?
hey Peter, how come I cannot follow you anymore on twitter? I just realize. I don't think I ever sent any crap or disrespect you.... is a general thing? come on mate....
No idea, what is your handle? I only block people who are rude or promote HEX.
@@MrObnoxiousPod @Perpiolo I do have a shitty nft profile pic though..... 😅 thanks mate
oops, I do remember now I made a joke, but I didn't mean to be rude, sorry Peter my bad. Do what you must. Thanks for your content!
@@MrObnoxiousPod haha you know that’s a fair criteria to block people 😂😂
Unblocked
This season has been really great, I made massive profits on my crypto investment thanks to expert Roberts
This is the difference between bitcoin and shitcoins
Ummm, PoS = PoS.
why make the toilets flush
How many people have already lost money on cloud mining and staking… Use only cross staking
Stop being a numpty and change the name back to “what bitcoin did” not cool Peter!!!!
This bloke can't explain pow or pos. Average punters would've tuned out after 2 min.
hm i made it to 11:37. does this mean i am above average?
preaching to the choir anyways tho.