Let’s Talk Bitcoin Episode 007 - “Ripple & the Deflationary Business Model”

[internationalaw]

Let's Talk Bitcoin! is a show for users new and old of Cryptocurrencies and the current king of them all, Bitcoin!   Episodes range from 55 minutes to a little over an hour, and include news, analysis and original interviews in a clean, audio-magazine format..  

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Hosts:
Adam B. Levine
Stephanie Murphy,PhD
Andreas M.
Antonopoulos

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Shownotes for Episode 7 - “Ripple & The Deflationary Business Model ”

Listener Mail: Coldwallets & Hidden Features
Learning Ripple with Chief Cryptographer David Schwartz
The Power of Exchanges and Bitcoins AOL moment
Apple’s doesn’t like competition - Motives, Walled Gardens, and the amazing features of a Deflationary Currency Business Models
The Humble Bundle Breakthrough & the other shoe drops

[internationalaw]

bump

[smoothie]

Love the show keep up the good work.

[ihsotas]

Great interview with David about Ripple. Really probing questions compared to what else is out there right now.

[internationalaw]

Love the show keep up the good work.

Thank you. 

[internationalaw]

Great interview with David about Ripple. Really probing questions compared to what else is out there right now.

It was a great interview, but I still think there is more room for clarity on ripple. Hopefully we will be able to do so in the future.

[ihsotas]

Great interview with David about Ripple. Really probing questions compared to what else is out there right now.

It was a great interview, but I still think there is more room for clarity on ripple. Hopefully we will be able to do so in the future.

Yeah, their documentation is the worst I have ever seen from a Series A funded startup. Most of their core wiki pages start with some detail and then quickly verge into empty headers and unpunctuated half-ideas for possible features.

[mindtomatter]

Great interview with David about Ripple. Really probing questions compared to what else is out there right now.

Thank you!  I try to ask the obvious questions, it helps when I'm clueless myself and learning as we go.  I think that process of watching someone else learn is really valuable.

Great interview with David about Ripple. Really probing questions compared to what else is out there right now.

It was a great interview, but I still think there is more room for clarity on ripple. Hopefully we will be able to do so in the future.

Absolutely.  David will be back, I need a few weeks to wrap my lemon wedge around the gold brick that is ripple, then I'll have followup questions.

[El Dude]

great show , keep it up !

[waxwing]

A couple of comments:
 -The Times of London, not the New York Times. Here's the article:
http://www.thetimes.co.uk/tto/business/industries/banking/article2160028.ece

(Can't believe neither of you knew that!)

-Interesting in depth discussion of Ripple. May have missed it, but if not, I'm disappointed you didn't quiz him on why the code is not open source, and whether Ripple's (currently) centralized nature is not a big issue. I'm one of many who think it is. I appreciate that you were trying to go for a more discursive, explain the architecture thing than an adversarial journalism type approach, but that's what a lot of us want to knw.

-Stephanie's voice really is liquid gold .. or should that be liquid Bitcoin

-Andreas makes really interesting comments, I loved the way he described the pre-AOL internet. Really makes you think.

Thanks again.

[Grafzep]

A couple of comments:
 -The Times of London, not the New York Times. Here's the article:
http://www.thetimes.co.uk/tto/business/industries/banking/article2160028.ece

(Can't believe neither of you knew that!)

...and in the same item, quoting the newspaper is not to show that the block was created "before that date", but the exact opposite: to show that it was not created before that date. Duh. (i.e. no pre-mining happened)

[mindtomatter]

A couple of comments:
 -The Times of London, not the New York Times. Here's the article:
http://www.thetimes.co.uk/tto/business/industries/banking/article2160028.ece

(Can't believe neither of you knew that!)

-Interesting in depth discussion of Ripple. May have missed it, but if not, I'm disappointed you didn't quiz him on why the code is not open source, and whether Ripple's (currently) centralized nature is not a big issue. I'm one of many who think it is. I appreciate that you were trying to go for a more discursive, explain the architecture thing than an adversarial journalism type approach, but that's what a lot of us want to knw.

-Stephanie's voice really is liquid gold .. or should that be liquid Bitcoin

-Andreas makes really interesting comments, I loved the way he described the pre-AOL internet. Really makes you think.

Thanks again.

The focus on the interview was me trying to understand the system.  There were several topics we did not have time to get into.  The centralized aspect they hope to remove themselves from and provide essentially a federated, transparent system (opposed to OT's federated, membership system)

Really though I did not understand Ripple and was trying to learn.  I think thats a very good way to help other people learn complicated topics.

[cypherdoc]

You mentioned a couple times about destroying private keys, such after redeeming a physical bitcoin.  There is no reason to destroy the keys after transferring the coins out.  If somehow coins were sent to that address again they would be lost.  as long as you move the coins out there is no reason to destroy keys or wallets.

Also, you mentioned the message in the genesis block put there by satoshi.  You can see it here:

http://blockexplorer.com/rawblock/000000000019d6689c085ae165831e934ff763ae46a2a6c172b3f1b60a8ce26f

Look at the "Coinbase" field.  The message is in there in hex.

Look at block 1 and you can see a much shorter string in the coinbase field.

http://blockexplorer.com/rawblock/00000000839a8e6886ab5951d76f411475428afc90947ee320161bbf18eb6048

take us through exactly how to extract the message.

[cypherdoc]

(i.e. no pre-mining happened)

pre-mining?  who does that anymore...?

...oh wait.

[internationalaw]

We really appreciate all of your comments pertaining to the show!

[mindtomatter]

You mentioned a couple times about destroying private keys, such after redeeming a physical bitcoin.  There is no reason to destroy the keys after transferring the coins out.  If somehow coins were sent to that address again they would be lost.  as long as you move the coins out there is no reason to destroy keys or wallets.

Also, you mentioned the message in the genesis block put there by satoshi.  You can see it here:

http://blockexplorer.com/rawblock/000000000019d6689c085ae165831e934ff763ae46a2a6c172b3f1b60a8ce26f

Look at the "Coinbase" field.  The message is in there in hex.

Look at block 1 and you can see a much shorter string in the coinbase field.

http://blockexplorer.com/rawblock/00000000839a8e6886ab5951d76f411475428afc90947ee320161bbf18eb6048

take us through exactly how to extract the message.

I put it together in an article

http://cointext.com/decoding-messages-in-the-bitcoin-blockchain/

Great Article MB!  I didn't realize it required an extra conversion step before you could read the stowaway text.

Cypherdoc: Great to meet you! What did you think of the conference?

[cypherdoc]

Cypherdoc: Great to meet you! What did you think of the conference?

i thought it was great and your meetup was the perfect kickoff.  really enjoyed meeting you, Andreas, and Stephanie.  you're all great ppl and are contributing to Bitcoin in a super way.

[Impaler]

WOOOO, DO NOT TELL PEOPLE TO NOT REPORT THEIR EARNINGS TO THE IRS!!! Stephanie Murphy IS FLAT OUT WRONG.  This is a classic example of people with a PhD. being idiots yet thinking they know better.  You guys should not even be repeating her bullshit, though you did at least give Antonopoulos's correction.

[mindtomatter]

WOOOO, DO NOT TELL PEOPLE TO NOT REPORT THEIR EARNINGS TO THE IRS!!! Stephanie Murphy IS FLAT OUT WRONG.  This is a classic example of people with a PhD. being idiots yet thinking they know better.  You guys should not even be repeating her bullshit, though you did at least give Antonopoulos's correction.

We flatly told people to report their income.  Stephanie represents a very liberty oriented point of view and while you may disagree with it, it's her right to be wrong and to present that as her perspective.  Both Andreas & I agree with your broad point - It is foolish and shortsighted to view tax evasion as a cost-savings, and to that end we both jump through the hoops to be in compliance.  Stephanie does too, its just a question of what you consider income.

While we were at the conference, after I gave my talk on content monetization (you can find the prepared notes here https://docs.google.com/document/d/1GpxDkFNHpBMfl-qqv8neDkIy-Dj18yqg7ph6SZLORbw/edit?usp=sharing) I was approached by a gentleman who explained, quoting chapter and verse how paying taxes at all were unneccesary, and how he was proof after something to do with declaring bankruptcy and collapsing a trust, which somehow enabled him to avoid paying taxes yet not be hassled by the IRS.  I have no idea how that works, and frankly it sounds like a lot of work to me that functionally makes you an enormous target.  I wish I had the luxury of not having to pay taxes, but as a public face for a cryptocurrency it's just not in the cards.

[mindtomatter]

Amusingly, I'm a member of the Lifeboat New Monetary Board among others.   They have interesting goals, I participate to provide perspective when helpful.  Honestly I do not think I'm going to have any time to devote to it from here on out though.