- Hey guys, Luna here, and welcome to another episode
of That Crypto Hustle.
Super excited, today I have Kurt Braget from White Rabbit.
- Hello.
- Hey, what's up Kurt?
- How are you?
- Good, good, good.
- Cool.
- White Rabbit is an ICO news and listing site.
Encourage you guys to check it out.
Kurt, I wanted to have you on the show today because
I wanted to talk about whether or not bitcoin is still
a good investment, and talk about the future of bitcoin.
Interestingly enough, I went to TechCrunch
blockchain sessions conference a few weeks ago.
Essentially, what's really interesting is that a lot
of these different payment gateways are still
considering bitcoin, especially transaction
with bigger merchandisers.
However, bitcoin is not the best technology out there.
I'd love to hear your take, as a developer, why do you
think it's still a prominent payment solution and what,
I mean, obviously, what your predictions are
for the future and what not.
I guess the question is is it still a good investment
and what's the future entails, essentially?
- I'll try to answer simply first.
I think yes, it is a good investment and this is not
investment advice, which kinda sounds ridiculous because
I just said it's a good investment, so I don't even know
if I should say that, but I think yes, and it is.
But that being said, my simple answer of yes,
it's a very complex question and the answers
are very complex, too.
Let's start looking at the scope of these answers.
It's not good tech, it's not the latest and greatest,
and that's true in a way, but let's figure out what
that really means because there's all these
new kids on the block and their technology
isn't really tried and true.
One of the things about bitcoin is it's been around
for almost 10 years.
It's sort of like the tortoise in The Tortoise and the Hare
and this whole proof of work scheme, even though people
hate on it and knock it for electricity and all that shit.
I don't really care about that, honestly.
I think that proof of work is pretty awesome actually.
I think that it's tried and true, it hasn't been hacked.
Yeah, people hack it off of exchanges and stuff,
but the bitcoin network and the bitcoin blockchain
have never been hacked.
Not once ever.
A lot of people are gonna say well maybe there's gonna be
a 51% hack, and so when you're a big business and we start
talking about people who are gonna integrate this stuff
into their apps, 10 years, longstanding, secure network.
That's one part of it, it's a tried and true technology
and yeah, it might not be the fastest or whatever,
but that doesn't matter.
Another little point I would say about bitcoin is that
we are thinking, we are kind of on the cutting edge
of crypto, so we know about all this new shit
that's out there, but it kind of reminds me of why do
people still like the Rolling Stones?
There are so many bands out there that are way cooler
but it's just sort of like the way the mainstream
and these larger institutions come on to the markets.
They're not seeing all these latest and greatest cryptos.
Bitcoin is still, contrary to our belief and our context
that we have, bitcoin is still coming on
the radar for some people.
They're just learning about it
and they're just thinking about it.
They're not seeing all these cool, new technologies.
EOS is risky and they might not have even heard of it.
- Also something that's interesting is that a lot
of these bigger companies, like Amazon for instance,
probably will come out with their own coin in some future.
How will that impact bitcoin overall, if all these different
companies start tokenizing, essentially, what do you
think that's gonna look like?
- I think that a theme that we can cover here is building
up all these different arguments of really what come down
to levers on the price of bitcoin.
There's all these different factors and so.
Amazon, I think that this is a tricky question because
I don't really know whether or not they're gonna
be releasing their own token.
I've heard some rumors--
- I mean obviously it's speculation
and rumors, yeah (laughs).
- Yeah, yeah, yeah, but let's just say they did.
What does it mean?
I think that it could actually mean that the bitcoin
price would go up because, depending on how this token
is minted and what chain it's on, it likely, unless they
allow people to buy direct through their site which I feel
like would be a really risky venture for Amazon, honestly.
That token would have to go into a secondary market
and exchange and bitcoin still to this day, this is a huge
lever, actually, here, is the on ramping currency.
It's like bitcoin is the gateway drug, so if you want to get
on to an exchange to buy Amazon coin, a lot of times
you have to jump into bitcoin, throw your bitcoin
onto that exchange, so if anything you'd have all these
buyers buying in to Amazon crypto, but still on secondary
markets would still need to on ramp through bitcoin.
I think that that would mean good things for the price
of bitcoin, and I feel like this is actually one of the
biggest reasons why the price of bitcoin is
gonna constantly go up.
Because as new tokens come on the market, bitcoin is so
tried and true and so well-established as a trading pair
so if you hop into any of these exchanges you're gonna see
everything is trading for bitcoin, right?
- That's the baseline, yeah.
- Yeah.
- Why do you think we've seen such volatile market,
especially from what we saw in December 2017, January 2018,
to what's currently happening where the price just keeps on
going down and it's just been all over the place?
What do you think's currently happening?
- Have you ever seen this graph?
It's called the start-up graph, and it shows
the drop of despair and everything, I'll show it to
you guys later, maybe we can link to it or something.
It's like when things start out, they kind of skyrocket,
and then it fizzles out, and then it kinda has
these different stages.
I think the overall ICO market
was experiencing some of that.
Not bitcoin itself, but bitcoin is definitely tied to that.
I think that what happened was we were actually having
a lot of irrational speculation and really what that would
mean is that this is a kind of correction.
What we really need to do is look at, I like to look at
bitcoin as the tortoise from The Tortoise and the Hare,
as I suggested earlier.
Right now, bitcoin is around $7000 or something, or maybe
a little bit lower, but that's a lot higher than $5
when I first bought it.
Whatever, these markets can correct themselves,
but somebody who's in the HODL gang,
they're OK with what's going on right now.
It's just a correction, it's just another blip.
Me personally, I don't get wrapped up in it.
It's like getting wrapped up in drama.
I don't care about trading or anything like that,
I just care about the overall trajectory of these markets
over five to 10 years and this doesn't mean shit
that it's going down a lot.
- What do you think will be the solution to solve
some of these transaction per second issues?
What do you foresee could potentially happen?
As we see more and more
transaction happening through bitcoin.
- There's a lot of solutions that they proposed,
and I think that one of the problems with bitcoin
is that, and somebody described this to me in a really great
analogy that I'll share with you.
These tokens are like ships that are in the ocean
and the small ship is kind of just tossing around a lot,
but bitcoin is more like a yacht,
it's just kind of cruising.
It means that it can't really move.
Bitcoin is almost now like a large corporation that is not
very nimble and there's a lot of internal battles with it.
The issue of TPS, I believe that they will solve this,
I mean they might if the guys don't lose their patience.
As more companies onboard onto it,
and it's an opensource project, anybody can come along
and start creating proposals for how to solve
this TPS issue.
I think that what they will.
There's a few, Lightning Networks, SegWit,
a lot of these different proposed solutions that have
already been kind of implemented.
They have fixed it somewhat, but you have to think about
bitcoin, well this is the way I understand it
and it helps me, is that bitcoin is more like a yacht.
If you want to change the course of a yacht,
now you're moving a massive structure and it might
take a little bit more time.
Trust me, if they did make this kind of change,
and the TPS was higher, this could be pretty worrisome
for the rest of the market, for the other tokens
that are claiming to have high TPS.
Now they don't have the infrastructure or anything
that bitcoin has, right?
- Yeah, most definitely.
What about all these different forks that are in the market?
Could they potentially, bitcoin forks,
could they potentially be another form of currency
that could be used by bigger corporation?
Like Bitcoin Cash--
- I'd say that the most significant one right now
is probably Bitcoin Cash.
Somebody did an analysis of legitimate transactions
on Bitcoin Cash recently, I don't remember the numbers,
but Bitcoin Cash was supposed to be a true fork
that was supposed to honor Satoshi's vision
of it being a digital currency.
The Bitcoin Core guys really need to answer for this
and they kinda haven't is that Bitcoin Core isn't
the digital currency dream that everybody imagined.
It's just simply not.
It's digital gold and that's boring as fuck.
I'm thinking Bitcoin Cash is supposed to be the fork
that does that and Roger Ver's team and stuff.
The issue with that right now as it stands, as I can see,
is that they haven't really done a good job achieving
that either, but I know that they're trying harder
to achieve that mission of transactions a lot more
strongly than I think Bitcoin Core is doing.
The other forks in bitcoin, I'm not that excited about them.
They just seem like--
- Why not?
- Ways of copy and pasting your money into other networks,
that's what it is to me.
But those guys that are running those projects
would obviously hate me and want to kill me because,
I guess maybe bitcoin diving is the next sweet thing.
I don't really know but I doubt it.
- OK, cool.
Conclusion, bitcoin is still a good investment.
We're not giving investment advice by no means,
but if you're looking to, whether or not you still wanna
essentially be part of the revolution, invest in bitcoin.
You definitely should consider it and mainly because
it's still sort of the gold standard of cryptocurrency.
- Yeah, I would say that's a good way of describing it.
- (laughs) Awesome, thank you Kurt.
Where can we find you on social media?
- On twitter, kurtybot, and you can find our site
whiterabbiticos.com.
- You also have a YouTube channel.
- I do, that's White Rabbit on YouTube.
ICO Discovery.
- Awesome, and I'll make sure to include all the links
in the description.
Alright, thank you guys for watching.
Thanks, Kurt.
- Bye bye.
- Bye, guys, and make sure to subscribe dot cryptohustle.
See ya.
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