Building and Scaling: a Bitcoin Conversation | Bitcoin Brainstorm 01

Since inception, ARK has researched and published thoughts on the cryptocurrency ecosystem within Big Ideas and through articles, whitepapers, monthly Bitcoin reports and podcasts. Now, in coordination with Bitcoin Park, ARK is pleased to introduce a monthly conversation with leaders in the Bitcoin space, to discuss everything happening in the rapidly-changing and still nascent Bitcoin space. Published through the For Your innovation podcast channels, this monthly series aims to be informative and enlightening, including experts with diverse viewpoints.
Guests on this month’s Bitcoin Brainstorm include:
Preston Pysh - Show Host and Co-Founder, The Investor’s Podcast Network and Advisor, Ego Death Capital
Jack Mallers - CEO and Founder, Strike
Obi Nwosu - CEO and Co-Founder, Fedi
Rod Roudi - Co-Founder, Bitcoin Park
Harry Sudock - Chief Strategy Officer, GRIID and Partner, Bitcoin Park
Cathie Wood - CEO, CIO and Founder, ARK Invest
Yassine Elmandjra - Crypto Lead, ARK Invest
Key Points From This Episode:
00:00:00 Intro to the Bitcoin Brainstorm and Bitcoin Park in Nashville
00:04:30 Our panel discusses Jack Dorsey’s thoughts on Bitcoin as the currency of the internet
00:08:30 Dr. Art Laffer’s discovery and interest in Bitcoin
00:10:30 How Bitcoin can potentially benefit communities like those in Kenya
00:19:00 What countries are moving the fastest to adopt Bitcoin as a currency and how does the global south view Bitcoin generally
00:26:20 Jack’s thoughts on the modern day monetary policy and why it may be destroying the middle class
00:28:31 Why Bitcoin might be too volatile for many people living in poverty, but crypto solutions like stablecoins could be a better option
00:30:35 Potential routes of scalability for Bitcoin, including the potential for a third layer, beyond Lightning
00:35:20 Comparing Visa’s network to the Lightning network and the argument that Bitcoin does not have a scaling problem
00:39:26 How Jack Dorsey and Block are working to grow the Lightning network
00:44:39 The cooperation that exists within the Bitcoin ecosystem and why
00:49:10 Bitcoin’s role in enabling businesses to reach more people globally
00:54:38 The comparison of Lightning channels to traditional fiat channels
00:56:30 Why Bitcoin might be the most inclusive currency
01:00:49 How Bitcoin could be unlocking a new customer that was otherwise unwilling to bank, similar to how Robinhood unlocked a new investor base with lower barriers to entry
01:03:42 The ability to focus on markets that other people are unable to focus on may be one of Bitcoin’s most valuable current features
01:06:15 Obi’s recounting of Gridless, a Kenyan Bitcoin mining company that has transformed villages in Africa
01:10:00 Preston’s comparison of Bitcoin to Mitochondria
01:11:02 Conclusion, and final thoughts from Harry, Preston, Obi, Yassine, Jack and Cathie
Show Notes:
June ARK Invest Bitcoin Monthly - ark-invest.com/crypto-reports...
Money Matters Podcast with Jack Mallers and guest Jack Dorsey podcasts.apple.com/us/podcast...
Ai4ALL Hackathon - bolt.fun/tournaments/ai4all/o...
To learn more about Bitcoin Park - bitcoinpark.co
More FYI Podcasts: ark-invest.com/podcasts/
To learn more about ARK: arkinv.st/ARKInvest
For more updates, follow us on:
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Disclosure: arkinv.st/39rzF94

[@oj7227]

How lucky are we to have such an esteemed panel discussing this. It was fascinating and very educational. I am so grateful to all of you who work in this space, with the goal of providing global and fair financial access. Hats off to you all.

[@fscott1134]

I’m an american living in argentina. You missed the use case where inflation forces the search for a new system. Argentina, as you know, leads the world in inflation ant well over 100% annually. Crypto penetration here is estimated at about 20%, probably representing a leadership in crypto.

[@hobokenslayer]

Crazy to think it’s only 20% adoption with that type of in your face inflation

[@robertmiller4217]

yet Milei plans to go to the U.S. DOLLAR! NOT BTC or any other crypto. he speaks of austerity. not a change to btc

[@sarnoldus7]

I say - Bitcoin is the Power Grid for Peace, for the Earth, and The People’s Money? This was an awesome explanation of the benefits of bitcoin use, beyond just the value proposition of money, which obviously, is a huge feature. Thanks much all, excellent video!

[@CallMeNighthawk_]

This is an important tool. Doing it monthly... 👏🏽Thank you all.

[@A92_]

Can we have more videos with Tasha Keeney please... hehehe

[@2LiL-BiT]

I heard so many incredible things from you all! Thank you and keep it up!

[@sonulgulati99]

Excited for this series!

[@waseemqaraguli2990]

Brilliant brainstorm and looking forward to more in this evolving space. Thanks for making this happen

[@KotoriOnWheels]

The brightest minds in the Bitcoin space! 🎉

[@patricks607]

Yes!!! Thank you! Keep doing more episodes. 🧡🧡🧡

[@JB026]

Great chat!

[@AKA47estd]

Great discussion on value of lightning and global south. Thank you.

[@finglisCave]

Obi Really gets this, what an inspiration to help others with my small amount of BTC - Awesome!¬

[@John-wf5if]

Great panel.

[@mr_digdeeper]

Amazing!!

[@tyenh4191]

Listening back to Preston after COVID, he is still good, best in the episode. Nonetheless, this episode shows me how disconnected the Bitcoin-only camp is from the 'reality' or crypto development in the space. Bitcoin will become/is one of the most important distruptive technologies, but most of what have been imagined in this podcast are highly likely not going to happen.

[@edawg654]

This is brilliant. Thank you for putting this up.

[@maudo2077]

Great informative video. I appreciate it

[@fscott1134]

Bit use for resolution will increase as more wallets are linked to debit cards allowing more people an ability to avoid the fiat banking system. Also, it is critical for someone to develop an exchange point, ‘in the street’ for ‘depositing fiat’, digitizing fiat, to allow purchase of crypto. Many fiat banks will not allow their debit cards to be used on crypto platforms. In the usa, I am only aware of usbank allowing crypto transactions. I have had 2 other banks inform me it is not allowed.

[@finglisCave]

Jack Mallers is right "Collaborative advantage" trumps "Competitive advantage" Economy of Scope NOT Scale this is a new economy with very different rules hard wired to the thing running the money/Value in the Network.

[@moisesespiritosanto2195]

Hi, I'm from São Paulo!

[@mr_digdeeper]

I heard Cathie say 4 important words which one was the 5th?

[@DonMcAllister]

First, Global, Digital, rules-based, monetary system.

[@Shizzymynizzy]

For the algo

[@alexchristian5567]

Fantastic - sans the Jack lol that dude is full of it

[@alexchristian5567]

Also much of the global south has a major education and tech gap…

[@georgegale6084]

What was “New?”

[@caparn100]

Bitcoin and other cryptocurrencies have so many problems. 1. The money is not evenly distributed. Most of Bitcoin is owned by relatively few Bitcoin-billionaires who got there just by getting in early. 2. A Bitcoin transaction uses over 1000 kWh of electricity, only half of which is from renewables. That's more electricity than the average American household uses in one month. So buy a coffee using Bitcoin and you have used more electricity than your house uses in one month. 3. If you lose your password you have lost your Bitcoin and it can never be retrieved. 4. There might be a limit to the number of Bitcoins that can ever exist but there is no limit to the number of cryptocurrencies that can be created as competition to each other, this is a type of inflation of unlimited proportions.

[@S54VR6]

Conflating bitcoin and crypto shows how ignorant you are. NeverMind the rest of your moronic points.

[@atangbingana283]

My boy Yasin in Ibiza 😂

[@robhonda2]

Will you be using these learnings to turn around the ARK collection of EFTs to return all the lost value of poor investment choices? I'm down 57% on my investments with you all over 3 years.

[@richbirecki]

Obi, send me your address and I’ll buy you a mic! I love your story about the stranded energy but it was hard to make out

[@fscott1134]

As an example, I just checked, stripe in not available in Argentina (where it’s needed most). Why not? Honest answers,only please - is it the government corruption? Banking system? Other?

[@robertmiller4217]

question: If we use btc as a P2P payment system "over the web" or whatever.. wouldn't one have to pay 20% cap gains to even use it as a currency?? if true.. why would someone do ANYTHING other than HODL?? seems like a conundrum in my mind a mental block. I get that it's "digital" but most US Dollars are mostly digital.. so i don't see what makes it special in terms of it being digital. this language used like "laws of thermodynamics" or "cut it in half and you have MORE" "digital property" -- these words hit me more and more of just hyperbole ... I WANT to believe ! I'm just having a hard time. again.. I understand HODL bc number go up! but beyond that.. i'm struggling guys.. people who live under dictatorships or have NO BANK can manage a smart phone.. a cold wallet and seed phrases??? yikes man... people here talking about north koreans using btc!!! WHAAAT!!??? omg

[@mcgems754]

Then why is $SQ down 20% this week??

[@Hopmad]

Can you do a video on a scenario when Homeland Security decides to release the information and reveal to the public who the 4 Satoshi are? Without this clarity addressed I don’t see mainstream adoption.

[@talktoh]

Alot of common sense, but some wild claims also - Kathy, could you bring a Bitcoin non-believer expert for the sake of impartiality and to have a different view.

[@maladaptedmalarkey]

I had to skip the awkward/weird hyperbole at the beginning. Just be straight with people. It’s enough to say that Bitcoin is the most secure, most distributed, requiring the least trust between all participants when compared to all other alternatives. Is there a mathematical proof that Bitcoin is the only solution for trustless exchange?

[@futuristudios]

more bitcoin cope. 🤦🏾‍♂ if only they could get their heads out of the sand and reason from first principles… at least obi seems to when he pointed out what the btc luddites are blind to

[@user-rc5lp5kk6w]

$14B AUM...you need a real mic.

[@codyr2318]

I wish Obi did a better job explaining what FediMint actually is, rather than talking like a marketer.

[@UserName________]

@18:00 that's pretty racist. The "so called" global South has world class engineers and everyone has a phone, most have a computer.

[@Mooria]

Dees noobs

[@macharlem]

Didn’t Kathie, Jack and Elon do this a few years back? Same idealistic tone ? How about concrete steps for the listener? Can’t you study the demographics of the people who listen to this pod cast, hint we don’t look like Kathie. What should we do?

[@jamierego]

Obi's mic is 1990s grade