The Problem with Bitcoin | Charles Hoskinson and Lex Fridman

Lex Fridman Podcast full episode: • Charles Hoskinson: Car...
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GUEST BIO:
Charles Hoskinson is the founder of Cardano, co-founder of Ethereum, a mathematician, and a farmer.
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[@timf7813]

The simplicity of BTC is one of it's greatest features.

[@ByGraceThroughFaith777]

Simple yes, but slow, energy-inefficient, hard to upgrade, unminable for most regular people, and with zero privacy. All of those properties have already been improved by orders of magnitudes by other projects. Once BTC stops being no 1 in Market Cap who's gonna want to own it?

[@letgomyego8133]

@@ByGraceThroughFaith777 "Once BTC stops being no 1 in Market Cap who's gonna want to own it?" Agreed.

[@letgomyego8133]

Do you use the Exodus wallet? Add "Nano" to the main portfolio, then go into the Nano wallet, copy and paste the Nano public address here, and I'll send you some Nano. Then you decide which is better for real world transactions and store of value. This isn't financial advice. Do your Due Diligence.

[@ulfdahl2262]

Like a tractor

[@letgomyego8133]

@Smokestack Lightnin' Explain. I'm open to learning if mistaken.

[@TelThomas]

"There's no way to change the system" Well thank god for that!!

[@assholepencil3329]

i mean that's exactly the point

[@TelThomas]

@@mattpkp wrong. They added new features. The monetary rules are the same.

[@musikinspace]

If he wants to be a power hungry nerd who gets hard only when bending networks to his will, he should work at the Alphabet companies. That's where his gang is.

[@nerolowell2320]

@@mattpkp in which planet do you live ? When did the core system of blockchain and mining change on earth ?

[@cryptocrunch413]

then it becomes a legacy.. tech that does not evolve is not relevant. Horse and cart, ICE engine, Mainframe computers, tapes, CD's, records, list goes on, and BTC will be on that list if it cannot evolve and move with the market.

[@eddieserrano2792]

It's not about how capable it is. it is about being completely absolutely decentralized

[@paulg451]

It's not decentralized

[@eddieserrano2792]

@@paulg451 it is, there is no choke point, no CEO.

[@cryptocrunch413]

Yes very decentralized with most of the miners being in China! haha (or used to be) .. however to mine you have to have alot of money, which puts it in the hands of the few. That to me is not decentralized.

[@arthurgeier2545]

You are 100% clueless on Bitcoin. Bitcoin core is controlled by Blockstream. They have butchered a great invention.

[@arthurgeier2545]

@@eddieserrano2792 Research Blockstream and BTC. That should tell you how "decentralized" BTC is.

[@johntempest267]

All the "problems" he described spell one thing to me, security.

[@davidjackowski4336]

I'm big on ADA, but I fully agree. Security through simplicity.

[@TheMonkeygrunt]

I don't think you know how to spell very well.

[@trustno1830]

Is Charles going crazy?...Glass half full perspective: Bitcoin is base monetary layer with Cardano and Ethereum application layer built on top. Charles sees the evolution without the organism niches. The religious aspect is a feature fueling the game theory not a bug. Bitcoin is the best store value across time and space. 'It's too slow' is loser think with Bitcoin Network maturing in front of our eyes, how about Lightning & Sovryn? Come for the speculation, stay for the monetary policy.

[@TheNassimissan]

You’re missing the points on smart contracts, mining centralization, and transaction latency.

[@mightystronk4361]

@@trustno1830 Yeah and we should follow your logic and build modern cars on top of steam engines.

[@bitcoingear5292]

The essence is that the bitcoin community wants to ensure that any individual on earth with a decent internet connection can run a full node; this is only possible by keeping the block size small and therefore if scaling happens on layer 2, not on the main chain. Today, as an individual it is almost impossible to run your own ethereum node, which is bad for decentralization.

[@geometerfpv2804]

This is a joke, you'd need tens of thousands of dollars in Asics to have any legitimate non-zero probability of your node ever minting a block. Sure, this was the intent, but there was never intended to be this much processing power on the network. The exact opposite has happened: the network is centralized in asic farms in one region in China. People just need to recognize that this didn't work. Many, many superior solutions have been developed. There's even an entire academic field devoted to studying blockchain consensus mechanisms. We have solutions in spades, and many have already been implemented. There's no reason to still care about Bitcoin, except that it's so full of hype that you can make a buck speculating...if you get out in time. It already crashed when people learned about the (very real) electricity issue. Who knows if it will come back? If it does, it will only be to die later when more people learn how old-fashioned it is. Name recognition isn't everything.

[@bitcoingear5292]

@@geometerfpv2804 You're mistaken. We're talking about full nodes, NOT mining nodes. Full nodes are nodes that keep their own record of the bitcoin blockchain and who enforce the consensus rules. You can run a full node for $200; all you need is a raspberry pi and a 1TB memory card, that's it. This is not possible with ethereum.

[@Ba55gui]

To add to your point, to run a full Bitcoin node takes about 400 GB of space right now while Ethereum (Archive node) is 7.5TB. This has caused complete Ethereum nodes to most of the time be run on cloud servers that are subject to cease and desist orders by sovereign nations, or corporations that own them disallowing their continued use. This is very bad for decentralization because now the only ones that can verify account balances on Ethereum are large entities as opposed to any average person with a $200 setup or even existing computer in most cases.

[@vgeorge101]

@@Ba55gui Average person can do bit coin mining on a $200 set up? Are you a moron?

[@Ba55gui]

@@vgeorge101 Not mining, a full node. Nodes verify the blockchain and enforce consensus rules on the network. It’s equally as important as mining but for different reasons

[@truthseeker9701]

The biggest problem that I have and most people have with bitcoin is that I didn’t invest in it when it was .25 cents a coin!!

[@catiex8826]

this is the reason any bitcoin video cant have decent comment discussion, its just shitheads already invested trying to keep the hype up. yes we get it, but maybe we can talk about some of the actual things he said instead of using every bitcoin video comment section as an advertisement for bitcoin

[@tillasmax]

I was in the game back then. there were no exchanges available. so everybody mined.

[@ifh4030]

@@catiex8826 There is no arguing against things these days. All you can really do is build/support something better and encourage people in that direction. Instead of constantly telling someone not to do stupid thing after stupid thing get them doing something good that can keep their focus and stop them from doing all the dumb stuff.

[@mast3rmind949]

Feels bad. Hopefully, you will become a future millionaire!

[@ByGraceThroughFaith777]

@@catiex8826 totally agree, everyone tries defend their investments, but BTC maxies arguments are falling short for why BTC is and will always be the KING, and all they do these days is repeat and repeat the same rhetoric they hear from Pomp and other youtubers preaching to the choir. The BTC community has slowly shifted from a beautiful thing a few years ago to a toxic environment full of Pomps and Keisers going on tours to promote BTC with titles like "F*ck Elon", and calling any blockchain innovation a shitcoin while reluctantly oppose to any change to improve the thing they love for the better.

[@fariszengi]

Ego will kill this guy

[@WhateverWasLeft]

I'm actually glad I traded all of my ADA bags for BTC not too long ago before the crash.

[@typicalhog]

Good bear market move. I wonder how that might age in the bull tho.

[@MrSheptical]

"Can't do anything interesting or unique there." Well, we've had nearly a god damn century of Wall Street, hedge funds, corporations, governments, and the FED doing "interesting" and "unique" things with and to the money supply. Maybe having a simple, hard, sound, scarce, and predictable money supply is the most interesting and unique thing we have left.

[@pyorba]

"You have to ask yourself, what incentive does the system have to evolve?" None Charles. BTC has reinvented money. That is enough.

[@danielkrall6501]

Has it? But really, has it? It's only 1% of global transactions, and it's been around now for 10 years. It hasn't really reinvented anything except its own Bro culture.

[@Igor_054]

BTC has not reinvented money. It would be so if people actually used it as money, but they don't, because bitcoin sucks at processing transactions.

[@4lugan]

Btc is NOT money, and has not reinvented money

[@martinlutherkingjr.5582]

@@Igor_054It’s more secure than USD is for settlement.

[@joeydawg5925]

Paying for a coffee or a new phone ia overrated. Btc is a store of value, it’s reinvented gold. It’s because of golds inconvenience to be used as a currency why we switched to fiat standard. Btc is the moat scarse property known to man kind. Cardano is a centralised scam. Time will tell.

[@petersp8]

Charles: Layer 1 is hard to change Me: Good. I don’t want me money easy to change

[@dawnphantom2439]

More like don't change my money, but, if something unforeseen happens and my money does need to change, it shouldn't be nearly impossible to change it. He has a point, and that's proven by the Taproot upgrade.

[@TTS888]

it wont die. it will coexist. like what paul tudor jones say: bitcoin is precious crypto. the rest will be transactional crypto. i totally agree this will be the future.

[@gsovereignty]

Paul Tudor Jones doesn't understand the possibilities of Layer 2.

[@saiine]

Precious Crypto? What..lol Brb, buying my GF some Bitcoin jewlery. If you want to know the truth, the price of Crypto has a lot to do with it trading on an unregulated market.

[@TTS888]

@@saiine sour grape

[@typicalhog]

The best one will win. By win I mean - become the largest.

[@Belleville197]

Everyone still measures the 'success' of crypto currencies in government backed fiat currencies.

[@h0rve995]

You have a better sugestion ?

[@CwarnerHAD]

I think the point is that it’s not actually backed, at least for the full valuation of the fiat amount

[@PepsiFuture]

No, you do. Projection. Smart people measure it in terms of purchasing power - since the narrative is a store of value

[@pmc9194]

Point being? People also measure house valuation in terms of government-backed fiat currencies. You're free to use another denominator (though doing so might put you out of sync with the crypto trading market).

[@Belleville197]

@@pmc9194 'point being' that crypto is often heralded as a superior form of currency which will replace government fiat... and yet if you couldn't exchange crypto for government fiat, nobody would want it.

[@jeffmillar1833]

Proof of stake centralizes control. It’s that simple

[@asumamonsta]

Too bad most people dont realised it

[@asumamonsta]

@Tom Gadbois so what?? Bitcoin nodes are spread far and wide. ADA main nodes? (Only IOHK and cardano holds them) opps

[@asumamonsta]

@Tom Gadbois we buy bitcoin to escape the FED, not to join a new FED (ADA/IONK/ fed chairman Charles hoskinson)

[@asumamonsta]

@Tom Gadbois whats the difference?.. proof of stake is literally printing coins from thin air.. like the fed money printer goess Bbbbrrrrrrr

[@asumamonsta]

@Tom Gadbois POS is very centralised system..those who hv more ADA will get more ADA from staking.. that equals to more power in governance..guess who has the most ADA? Hint: the founders

[@fotoyartefotoyarte1044]

I kinda get his point but......did the gold reserve really not work? or the problem was it worked too well and they had to bring it down?

[@gokkmokk1]

Dollar was redeemable with gold to the point they had to many Dollars vs gold. Solution: Fiat. So in a sense it failed. In both scenarios printing too much currency is not good

[@thephilosopher7173]

@@gokkmokk1 So it must naturally be asked, doesn't this mean a similar fate for Bitcoin? My guess is Legacy Finance is going to have their own centralized coin(s).

[@zedzed5276]

The gold standard failed because the US was trusted to hold all the gold and not print fiat unbacked by gold. The US could not be trusted.

[@gokkmokk1]

@@thephilosopher7173 That is a good guess

[@zaproodas9626]

@@zedzed5276 I think maybe exchange the word “US”with “bankers” . Unfair to paint an entire nation with the one brush

[@justink2803]

I believe Robert Breedlove would say something here along the lines of ,"What you are failing to realize, is that the first to marketability on a protocol network will reign supreme in a world of protocol." Amongst other amazing advancements and things like Jack Mallers and his work in Lightning and how true Defi can only be built on the Bitcoin blockchain, it is also a shame to hear Charles speak hastily with such emotion against inevitability. As Yassine from ARK would say, "don't bite the hand that feeds you." Bitcoin is freedom.

[@bujin5455]

6:33. Yes, repeatedly. There are many examples of successful nations built off of the gold standard. There are no examples of successful nations built off of fiat. Nations start on hard money, then they move to soft money, then they die. Bitcoin is designed to be the hardest money, and to not have the attack vectors which allow the transition from hard to soft in the first place.

[@TheMonkeygrunt]

What successful nations have been built off the gold standard?

[@bujin5455]

@@TheMonkeygrunt The United States of America for starters. America only STARTED to depart from the gold standard in the early 20th century, and only just fully left it in 1971. In fact, most of all of Europe was on a gold standard leading up to WWI. Going further back. Rome was on a gold standard. Florence was on a gold standard. Both failed after they started to debase it. History keeps repeating this theme over and over and over again. You may benefit from reading "The Bitcoin Standard" by Saifedean Ammous.

[@bujin5455]

@ILoveTacoTuesday I guess you didn't read my comments. We started on the gold standard, we have since been slowly transitioned to a fiat standard, and now everything is becoming unstable. (Also Florence maintained their gold standard for over 500 years, so hard money works as long as you stay on it.)

[@bujin5455]

@ILoveTacoTuesday Anything 'could' happen, however, things are looking very promising for Bitcoin. The item I find more concerning isn't so much the "if" we transition to Bitcoin (hard to really see it going any other way), but more under what terms. Usually monetary transitions are VERY painful. Now, on the plus side, things are shaping up in such a way that a smoother transition is looking possible. That's what I'm hoping for.

[@bujin5455]

@ILoveTacoTuesday The reason that the market always centers on the hardest money has nothing to do with whether people have any power or not. It's just like how free markets always outcompete planned markets. Like I recommended before in this thread, I believe you'd benefit greatly from a deep dive into Austrian economics, and The Bitcoin Standard would be a good jumping off spot. Unless you really want to jump into the deep end with Mises and Human Action.

[@knockoutfever4]

21 million in an inflationary fiat tidal wave... Bitcoin remains king due to network effect and scarcity. It is digital gold.

[@crotchy7667]

People seem to believe that the wealthy elite wouldn't be able to hoard Bitcoin. What's left for the paupers when that happens?

[@SAL-fs1mr]

@@crotchy7667 good thing bitcoin isn't proof of stake.

[@nerolowell2320]

@@crotchy7667 the hedge funds hoarding bitcoin for them and thats how they manipulate the crypto market

[@superhachimitsu3795]

How's btc king when it was outperformed by almost every big cap alt coin this bull run?

[@guruouroborosbukelenakamot8498]

Schor sigs are being put in place with Taproot in November.

[@michaelcruztheman]

when was this interview please?

[@hankson5002]

Im not an expert and no native speaker. But did they mention one of the biggest Pro´s for Bitcoin - the decentralization? That´s a rly important USP for BTC. A system of rules instead of system leaded by rulers. That´s one of the main differences to our current Money-System, which makes it beside the mathematical limitation (scarcity) so valueable.

[@bujin5455]

5:32. This is profoundly disingenuous. Plenty of people can tell you what Bitcoin is for. It's to provide a "truly" decentralized monetary foundation which is beyond the reach of corruptive entities, and every engineering trade off was made to that end. It wasn't trying to be all things to all people, it was trying to solve the fundamental attack vectors of gold, which always resulted in gold being disintermediated as the monetary foundation of society. Bitcoin is designed to be everything gold always wanted to be and strong enough to hold on if it ever makes it to that status. Cardano and Ethereum on the other hand are the entities which are suffering from an identity crisis, as they try to be all things to all people.

[@RubesTune]

This is profound. That's what i was caught thinking, "why does he expect btc to do so much?" It's doing what it needs to do. It's like expecting the internet to BE youtube, google, apple and amazon all at once. Do you have a twitter?

[@typicalhog]

Can you explain why ADA can't do what BTC can?

[@bmxdima]

5:55 thanks Lex for using the appropriate language xD

[@bmxdima]

@Hans Coventrierengemacht Hodl

[@Bfjakwfu]

I hate that shit

[@mikaelfloden151]

Bitcoins aim to be the hardest Asset in the universe, so ofc you can't just change it. If Bitcoin is not hard to change it wouldn't live up to it's goal. When a decentraliserad system that promise on a monetary policy that should not change succeed - you get a system that will not change. What's so hard to understand about that? What Bitcoin has to do is to move the Assets transactions to a different layer. The Asset should be hard, the network should be open for innovationen. Guess what? This is happening.

[@mikaelfloden151]

@Travel City How it's taxed depends on the rules in your country, has nothing with Bitcoin to do and nowdays it's not traceable. You can teleport your coins around in the Lightning Network, try trace that...

[@mikaelfloden151]

@Travel City that's not true. Bitcoin allow your UTXO to escape in different layers where they cannot be tracked. On the blockchain this look like your UTXO is not moving, but in reality you can move your funds in the speed of light!

[@mikaelfloden151]

@Travel City You can use Bitcoin in many different ways. If you buy with KYC on an exchange and use it normally you will leave a trace back to your identity. If you coin join and/or use Lightning your trail will fade away..

[@arthurgeier2545]

@Travel City you forgot to mention Blockstream.

[@arthurgeier2545]

Blockstream =/= decentralization.

[@jordandaniel414]

How do I start earning well from investing in trades ? 🤔

[@clackadam5663]

Get yourself a good/and trustedTrader

[@jordandaniel414]

@@clackadam5663 yeah but my former trader didn’t impress me much, I lost a lot 😡

[@clackadam5663]

I realize i could turn trading from a passive income to my huge main source of income and was able to do so after i met with Mrs Tory she is a professional 💯🥰

[@ryanfaust5984]

@@clackadam5663 I'm new at this, How can i reach your broker.

[@clackadam5663]

You can reach her on TeIegram @ investwithtory

[@quicksandslowly]

The main problem with Bitcoin is Charles won't get rich if you buy BTC over ADA.

[@dawnphantom2439]

He has enough money. XD

[@Pucktechnology]

His kids kids could be sipping margaritas with no worries at its current price.

[@mati1979b]

Charles is a billionaire, he couldn't care less.

[@vega21]

Charles already a billionaire.

[@typicalhog]

You realize he has a bunch of BTC, right? Bitcoin has SO SO SO SO SO many problems that Cardano is trying to solve.

[@MichelangeloBeats]

I love lex but I cant watch him unless it’s at 1.5x

[@sethbracken]

Amen brother.

[@kynchan3332]

Imagine if he took cannabis. You'd have to listen at 2x.

[@emanuelschuchart1788]

Lags Freedman

[@RideTheTrack]

Bitcoin only needs to exist, and it needs to work. ALWAYS. It forms the concrete foundation upon which every other cryptocurrency derives it's legitimacy. Leave it be, and leave the innovation to every other project

[@davidanderson3756]

This is a super insightful comment. Thank you.

[@kennethmayor3596]

Just like the internet... Innovations and USP's becomes irrelevant if the underlying protocol ceases to exist. Comparing BTC to a programming language or a football star Is the dumbest thing I have heard from a billionaire.

[@JacobSutley]

You know what's great about #bitcoin. Guys like this can't fuck it up.

[@carlkligerman1981]

As the Fonz would say: exactamondo!

[@ColinStuckert]

amen

[@spleenware]

Yes. It's the ONLY decentralised coin. All the others just need a knock on the door of their San Fran 'headquarters' by the FBI and it's all over.

[@ErikTheViking92]

Imagine thinking Bitcoin was decentralized xD: 4 pools own over 54% of the computing power in the network right now.

[@Knarft]

@@spleenware this is not true, even if Charles dies cardano will exist... Even the FBI can't shut it down now.

[@sethbracken]

Has this dude not heard of Lightning Network or Strike?

[@mati1979b]

hahaha, your funny

[@JohnDobbertin]

BCH can do all of that on layer 1. Lightning network and Strike are scams

[@mati1979b]

@@kevinteo8149 some L1 are scaling in such a way that also makes them insecure. They give up security on L1 for speed.

[@SuicidalBabyTTV]

@@JohnDobbertin its not gonna happen for you friend. I'm sorry.

[@miraculixxs]

Mainframes are not slow!

[@nikoxidas]

Super cool that you interview a guy like CH on here! I love to see it! I think the thing he misses about Bitcoin is its immutability. He spends most of this segment talking about all the extra amazing things other chains can do and how they’re all built upon the bedrock of developmental growth. And then says “I can’t for the life of me understand the point of Bitcoin.” The point is that Bitcoin doesn’t change. And when something doesn’t change we give it our trust. And when we can trust something it is natural to invest in it.

[@Btcboy29]

Idk when he recorded this podcast but charles saying “bitcoin hasnt gotten any more adoption”. Buddy a whole ass country just adopted it and many too follow

[@josuardgonzalesmedia]

After El Salvador

[@geometerfpv2804]

The adoption by El Salvador is not exactly genius...it's more of a publicity stunt than anything, they are trying to get people to use them as an off-shore crypto haven to bring money into the country. A huge number of people in El Salvador don't even have basic bank accounts.

[@DorfoPorra]

@@geometerfpv2804 The fact they don't have basic bank accounts is the reason they need bitcoin

[@asumamonsta]

@@geometerfpv2804 your comment wont age well. Once other countries in that area adopts bitcoin

[@mistahozzy]

@@geometerfpv2804 yeah but the ones that do have a bank account use bitcoin.

[@mattercreator1]

Anyone here actually tried creating a contract on the marlowe playground? If your serious about cardano and not experienced with coding I suggest trying to create a smart contract with blockly in the marlowe playground. If your watching this interview you have extra time on your hands!

[@DanielYusim]

With all respect to Cardano people, why does Bitcoin actually need to do any of that crap? So that random people who don't even want to design anything of their own can make low-effort Ponzi Tokens like Shib and Hokk and whatever else there is? Security and resistance against government regulation are the most important. Staking is great to benefit and get funding from rich VC's but with so many coins held on centralized exchanges (subject to political pressure, corruption and coercion) and the disproportionate allocation of governance to rich interests, they really they really can't compare to a well-adopted, fairly-mined POW system. Charles should ask actual ETH miners what they think of EIP-1559 and POS if he thinks they love upgrading so much lol.

[@Miroshen]

“I can’t for the life of me understand the point of bitcoin,” 😂. It’s the reserve currency for the digital monetary system. Simple. Complete.

[@cryptocrunch413]

That another crypto asset can perform ... along with OTHER utility haha.. That is the whole point you clowns are not getting..

[@Miroshen]

@NEW no I got tired of listening

[@segura9]

@@Miroshen yeah, it shows

[@kennethmayor3596]

@@cryptocrunch413 you probably don't understand what it means to be the reserve currency yet... Historically, reserve currencies have been backed by immense political power. Your gold is worthless if the state can seize it at the ports. Btc provides a completely different way to think of what backs a reserve currency... And that is: *immutability* at the protocol level. This is the only feature that no shitcoin or cbdc will implement... Immutability is the alternative to strong political power. How? Imagine for a second that the US is replaced as the global leader. The USD crumbles under its debt weight. Being a global reserve currency as a political and military force is great... However, the position of the global world leader isnt permanent. Hence storing wealth beyond a millennia becomes impossible. Unless of course you had a protocol that is independent of any state, Central Bank , and is also immutable for a 100 years. If it wasn't, then BTC protocol will change under immense political pressure. It is vitally important that the leader of the decentralised digital Economy stays immutable. Then we can have layer2's, altcoins, shitcoins, third-party services and exchanges... experiment with varying levels of security and immutability. As they continue to introduce BTC to the world. Money is simply a database of transactions. Your USD, dollars etc is worth nothing in an island with no economic activity.

[@cryptocrunch413]

@@kennethmayor3596 It remains to be seen if the BTC protocol has not actually fked itself already. How will it reward miners to secure the network when there is not much left to mine, and LN pays them nothing. I think this is important to think about, and how POS networks are superior in their design, by rewarding stakers to secure the network. The fact that BTC is extremely hard to change does not bode well into the future.

[@robertbecerra1019]

Do these ppl not understand Ada had a late start?! Lol Charles also doesn’t want to put out a half ass product. I’m good with that. You ppl are the NOW NOW NOW generation. With his market cap holding him at #4 Coin. Where’s the hurry?! Lol you guys are ridiculous. He’s coming out with updates all summer. Get off his nuts.

[@holson2112]

Seems like valuation and hype may be lil ahead of the project but thats not uncommon in cryptos

[@raybonn]

It's an obvious scam

[@SuicidalBabyTTV]

and this is you missing the point. The problem they have with Charles here is that he's being dishonest when it comes to talking about Bitcoin. Discounting facts and in some cases lying directly to Lex and the audience when he doesn't have to. The method of talking he's using here is a big tell.

[@Johnny1.0]

My biggest problem with BTC is not having enough.

[@jasondoolin6476]

This guy’s resume is epic

[@gravyau]

Charles will do what’s best for us. We can trust him.

[@pyorba]

Thanks Lex for pressing the issue of bitcoin and digital gold. This is the first time that Hoskinson has seemed very transparent to me. Really appreciate your work and your integrity.

[@alexalexander3140]

Mr. Hoskins I don’t think we did actually ever try going back to the gold standard.

[@jerensteffen]

Lol yeah, and it "didn't work" because it limited governernments ability to print unlimited money.

[@yrrahyrrah]

​@@jerensteffen Indeed. It's not like the general public got to vote on it and got rid of the gold standard by consensus. It's all decisions made by unelected private companies, a.k.a central banks.

[@PeakPBD]

News flash everyone. They are different things with different use cases! Feel free to come down from your high horses. Careful you don't turn into the tyrant you are trying to escape from. You're allowed to have and like both. Gotta love that democracy stuff 😉

[@BoeingPrototype]

A big portion of KZbin holders don’t actually like bitcoin, they just want to get rich off of it.

[@johnrodriguez7099]

Cardano is a government sponsored project meant to divide and conquer the crypto community

[@binni89]

@@johnrodriguez7099 I think you mean Bitcoin. Have you heard Bitcoin maxis talk about shitcoins and scamcoins? Heard "Bitcoin not blockchain"? :)

[@Ezrashah]

The most level-headed comment I’ve come across in months

[@damonburgess9631]

Charles is making a huge mistake by not making a really important distinction - Cardano and BTC are not alike, they are both categorically different. We will have and should have a space with multiple block chains that are working together not trying to win 1st place, that in itself is a type of centralization where one option exists and everything else is fundamentally subpar in all categories.

[@collinblatchford]

One can exist if it's not a security. Bitcoin isn't everything else worth mentioning is. If someone controls the money without sacrificing anything why even switch from fiat.

[@HimanenTV]

@@collinblatchford you are saying that "one money is only legit if the US government approve its usage" funny. i don`t need US permission. also competition is always good for the users. this idea that maxis have that only should exist btc is totalitarian shit. let the markets decide which will be more valuable

[@typicalhog]

Maybe because FIAT is not capped supply but ADA and BTC are?@@collinblatchford

[@typicalhog]

It's just natural that the better one will take suck up the majority of liquidity.

[@Matheusreisl]

Gold standard was the best system ever build..

[@bujin5455]

It sure WAS.

[@Jane_under_a_tree_with_a_book]

I don't disagree with you. However, gold had one enormous flaw - governments were able to interfere and regulate it, make laws that undermined its natural market value, hobble ownership, confiscate it in wartime, forbid its transfer, write promissory notes that were not honoured, and finally replaced it with an arbitrary inflationary fiat. They will probably do the same with Bitcoin - ban the sale of it, forbid exchanges to sell it, close BTC ATMS, increase taxes on transactions, increase capital gains... etc. Power is ruthless and doesn't give it up easily.

[@hernerweisenberg7052]

@@Jane_under_a_tree_with_a_book Governments can *not* interfere with it, thats the problem. Gold worked for thousands of years but modern governments are to expensive to run on gold, so they invented currency. If they need to spend more then they have, they print more of it and spend it. Because now there is more of it around its value decreases aka inflation. The cost of the inflation is payed by the population, as their "money" is now worth less. They can't simply print more gold tho. In wartime or during economic crisis, other countries shit on your worthless currency so you need gold to buy stuff. For that reason Roosevelt for example outlawed possession of gold coin and bullion in 1933, people had to sell it to the government for currency.

[@Jane_under_a_tree_with_a_book]

@@hernerweisenberg7052 It is silly to say governments cannot interfere with BTC when they already have/are, on many levels, in various countries and jurisdictions. Although they cannot touch the actual protocol, they can dampen people's ability to trade with it. Cryptocurrencies are easily delisted from exchanges making it difficult to trade - the USA treatment of XRP comes to mind. Payment of BTC for goods or services is illegal in Russia. Politicians can spread significant FUD - for example Warren (USA). In 1933, it was a criminal offense for US citizens to own or trade gold anywhere in the world (with exceptions for some jewelry) - they could do the same to BTC using, for example, terrorism laws. I am pro-BTC and buy as much as I can - but I am not blind to the ways that governments and the banking systems can dampen mass adoption when the owners of the financial systems are threatened.

[@hernerweisenberg7052]

@@Jane_under_a_tree_with_a_book I didn't say anything about crypto currency.

[@sang3Eta]

Any coin pre-mined or having a private ICO, pre public market, is designed to make insiders wealthy, not you! Bitcoin is a fair distribution until year 2140, currently 900 coins issued per day, set at free market price.

[@trustno1830]

Taproot?

[@adelinaquijano1083]

I follow your command

[@chris_sndw]

Could you interview someone from the monero core developer team? This coin does not get enough attention jet its the one that models paper money like anonymity.

[@terpkilla6674]

Gold is still gold last few 1000 years

[@ioanaioana8815]

@Lex, still no news about Grigori Pelerman? Please have the interview in Russian. I do not care. I just want to understand better how he solved the Poincare conjecture. Pretty please, Lex 🙈

[@travismonk2804]

LOL nobody in the comments who feel salty about his answer actually providing a counterargument

[@MisteMiner]

His argument is basically "bitcoin is old and slow to change". Nothing to argue about there. But actually, that's exactly what most people like about bitcoin, it's stable, it's thoughtful, it's careful. Also every sovereign currency that goes off the gold standard eventually fails, that will eventually apply to the USD.

[@travismonk2804]

@@MisteMiner i agree. Nice actual counterargument. I am a huge ADA bull but I didn't like his argument here. Charles argues that Bitcoin doesn't evolve and then asks why Lightning is being developed. He can't have it both ways.

[@BTCSRB]

Bitcoin is practically finished product on the main chain. It serves its purpose as store of value perfectly. Almost all other coins are not finished products. Cardano is practically still a ghost chain! Even ETH is unfinished product. The current price of Cardano is just a market expectation about its future!

[@caninebureau]

Im holding everything

[@MrTimothWind]

I guess people have different opinions on what bitcoin is however I agree with you.

[@JamesBlacklock]

I mean if you listen to Hoskinson's argument, his whole point (and I'd agree) is that Bitcoin is *not* (or at least should not be) a finished product. If it does not improve, it will eventually, inevitably, be left in the dust, because many superior ideas have been developed since Bitcoin came out. It may take a long time for other coins to "catch up," but they eventually will. Yes, Bitcoin does work. It works great, and personally I believe it is here to stay for the foreseeable future. But it cannot do what many other coins can do. And unless people stop viewing it as "finished," it never will. Again, that doesn't mean Bitcoin will die; it *does* mean that there is room for other coins that do more than Bitcoin can. EDIT: I should also address the comment about price--price is an irrelevant factor when it comes to the success of the technology. If the goal is to move away from fiat, then the goal is only reached once the fiat price of the coin is unimportant. As long as the fiat price of the coin is an important factor, that means the mission has not yet succeeded. Obviously it has made a bunch of people really wealthy, and that's great for them--I have no issue with that. But it's not relevant to the ultimate success or failure of any of these technologies.

[@submariner1348]

@@JamesBlacklock Exactly, and if anyone says Ethereum is not currently performing is deluded. Unfortunately for Bitcoin a Cult like following has/is developing around it which is very, very bad for not just BTC but the space in general. I really hope they don't indirectly set BTC up to fail and drag the entire Blockchain industry down with it.

[@BTCSRB]

@@JamesBlacklock That is nice and found response but I said that BTC is finished on the main chain. Lets see what developer can give to us on layer 2 or side chains. We already have the lightning network and lets see what developers can do about BTC smart contracts (Stacks). There is plent of room to grow on BTC layer 2 areas.

[@okthennone]

So buy more Bitcoin, right?

[@jackp2884]

To be honest, if Bitcoin succeeds, there is no need for Cardano. So he does have to try and bad mouth Bitcoin.

[@fabiosilva9637]

if

[@jackp2884]

@@fabiosilva9637 oops I meant when

[@christopherscott8675]

"if" hahaha ya ok

[@tilley7242]

That’s just not true they can coexist

[@christopherscott8675]

@@tilley7242 keep holding onto your Cardano to the moon dreams, its ok

[@thotaramesh1234]

At 6:06, it clearly shows that Charles is clearly afraid of lightning network as it suppose to be.

[@user-he2zl2br2k]

Thanks for watching and leaving a comment. You have been selected for my biggest cryptocurrency giveaway,,,WhatsApp me above👆👆👆

[@kungfujoe2136]

everyone knows the best system doesnt always win "being the best" is not always the desiding factor you don't understand the naure of power

[@ig7567]

being the first most time is the most deciding factor

[@Atilakus]

@@ig7567 name me one industry where the first stayed on top. Maybe there is one but 99.9% the first one is not on top after some time.

[@ig7567]

@@Atilakus apple and their wildly integrated ecosystem, they were the first. also, the iPhone is by far the phone that accounts for the majority of money made within the business. The vast majority of manufacturers make no money or worst sell at a loss.

[@ig7567]

and for the record I don't have an iPhone nor I love apple

[@tasilijah]

@@ig7567 In which industry was Apple the first one? Not PCs, media devices or mobile phones, but successful in learning from the competition, and becoming relentless innovators. It’s hard for me to think of a first comer in any industry that’s still on top. If you’re not innovating, you’re gone.

[@5280ryan]

If you know very little about Bitcoin - this guy sounds like he is making a ton of sense. If you know a lot about Bitcoin - you’re sitting here thinking something quite different. It’s difficult to describe how little sense he makes.

[@typicalhog]

Can you point out a single thing he said that "doesn't make sense"?

[@reignvry6725]

He created the Bitcoin education project that had over 70,000 participants 🤷🏿‍♂️ 😊

[@KyngD469]

@@reignvry6725 and yet he is deliberately downplaying the store of value aspect of bitcoin, the immutability aspect of bitcoin, the fact that it has no centralized authority to change it. You should watch some videos on why Bitcoin is different than Ethereum and other cryptocurrencies so you can see him for what he is. It doesnt matter what he participated in, if he is projecting a message that is ultimately deceiving for his own personal gain.

[@KyngD469]

@@typicalhog That people doesnt understand Bitcoin. Which fair enough, but he's framing it in a way that is to get people off of Bitcoin and on to his platform.

[@typicalhog]

@@KyngD469 Yeah, because Bitcoin has flaws and "his platform" improves on Bitcoin and is IMO better.

[@muatafaalahmid7467]

I still can't see smart contracts on Cardano

[@giovannicassanelli121]

“You come to me on the day of my daughter’s wedding”

[@dragons10000]

Bitcoin has so much security built into it for all those years mining it, it dwarfs every other coin or token.

[@dmtd2388]

Until Cardano or Eth will replace it BTC will stare just as store of value

[@faceplants2]

Use the Lightning network if it's too slow? The fact it's been around for over a decade is what gives BTC such credibility. Etherium doesn't even have built in parity checks for wallet addresses. So easy to send Ether to the void; gone forever.

[@mackwitdavortexx]

Depends. If your sending it somewhere centralized you may be good

[@workingtools2999]

Charles makes some good points. But then price of ADA vs BTC.......

[@Jericho642]

If you’re comparing prices, i would strongly suggest you refrain from investing before you understand crypto properly. Price comparisons are absolutely irrelevant

[@workingtools2999]

@@Jericho642 I don't even have to reply to your assumptions but I'll tell you a little bit. Been into crypto since 2016. I have Several alts in my hardwallet. Most of them are the tried and tested by time (BTC, ETH, LTC). Don't just assume.

[@workingtools2999]

@@Jericho642 You advise me to refrain from Investing?. I'm not sure you understand what Investment means?. Its goal is to generate income. So now, If you look at it in an investment point of view, BTC vs ADA.

[@denzilbuchner6596]

You can implement all of these things on top of bitcoin, just not on the base layer. Why is this a problem?

[@typicalhog]

Maybe cause it's either too hard, or you need to sacrifice security or decentralization...

[@chrismello4806]

Bring on Gavin Wood!

[@JackSparrow-cx4wd]

Rule Nr 1 of crypto club: Never Bet Against Bitcoin

[@ASimoneau]

Rule Nr 2: Don't bet on it either.

[@hermannschmidt9788]

Mainframes have not died for decades, because they WORK and, surprise, the programs running on them are quick. Not oversophisticated, boring user interface, but efficient.

[@JesusChrist-zj7xw]

Y'all heard of Matador on BSC (bsc's mostly scams I know) and eViral on Etherium Network? The best hodl defis around! Check out the tokenomics before you buy. Matador, 30% tax, 20% redistribution, 5% burn, 5% liquidity. eViral, low tax on buys, exponentially higher tax on sells based off time between sells with a price impact limit of 2.718% per sell. 5 sells per 24 hours limited,. 1 hour wait for 1st sell to the second and more time in between. Both have AMAs on telegram voice chat almost nightly. Evirals not on CMC or coin gecko yet. Matadors had several audit even by competitor currencies.

[@johnroff2704]

I respect Charles but I think he underestimates the importance of the Bitcoin protocol being outside the reach of "the powers that be". Then, he talks highly of ETH which would be extremely easy to cease control of or shut down. This is what "shit coin" refers to. These projects are new technology but all built within reach of the same corrupt individuals who control the current system.

[@anastasiawhite7482]

To take control of ethereum you need to invest $400 billion. Very easy lol

[@MrElliottMckenzie]

@@anastasiawhite7482 to individuals. Not a group, institution or country

[@manmorg]

5:19 has he even read the white paper?!

[@ncrujaki259]

he meant now not then, he got into this by bitcoin he mentions that

[@manmorg]

@@ncrujaki259 What?! He says he doesn't understand what the point of bitcoin is.

[@thedarkpill3590]

All due respect, academics wanting to 'evolve' Bitcoin again. While Core team tried it's hardest to NOT evolve it, thus creating a number of forks and L1s whose main marketing is 'evolved bitcoin'.

[@essassasassaass]

"there is no second best"

[@ttuxmascot]

Money is not just technology. It is a belief system. If it’s only value is the state of the art technology behind it, your money will be replaced/disrupted every 4 years by more advanced technology. Hodl BTC. It’s almost a religion at this point.

[@HugodoPrado]

These aren't issues, these are features

[@NEEDcreations]

Charles says he doesn't understand the direction of Bitcoin, Lex points him in the direction, and Charles dismisses it. He's blinding himself from Bitcoin. He's ngmi

[@jordanmichael9463]

Literally the purpose is a deflationary asset against hyper inflation…….what else do you need? Y’all all chasing your tail in the circle not occurring any value…

[@Ivan2Jura]

What he is talking about as an "improvement" was done by many, yet people keep holding BTC and not switching. Why? Maybe a lucky mistake or maybe by design, it's digital gold. And id we did what he proposed it would turn to just another coin. (saying this as a Cardano believer)

[@WarMachine309]

Look, I loved the old Nokia 5510, it was a classic piece of hardware! But thanks to my Samsung S20, I am now able to watch and reply to this clip.

[@JackFate61]

Hey Charles Do you have 1 smart contract?

[@rehanmunshi85]

the bitcoin community is trying to establish a precedence for upgrades - meaning how will we implements updates in the future that is fair, and without contention. that's why Taproot and Schnorr sigs are taking so long

[@ifh4030]

Taproot is already fully signaled for.

[@rehanmunshi85]

@@ifh4030 Yes - but they’re trying to decide how to go about the process of implementing future upgrades. Nic Carter talks about this on another one of Lex’s podcasts

[@dsanti4069]

Cardano has a CEO; BITCOIN doesn’t . Thats where the value is .

[@AnthromancerOfficial]

We all crave a righteous king

[@Profanity42069]

Preach! You can’t sue Bitcoin. Decentralization is king!

[@bmxdima]

@@labradorviewer2789 xDD

[@victork2641]

Exactly. CEOs are corruptible and I am not gonna put my life savings into something that is owned by a government entity or a ceo.

[@Surfer_Jay]

WRONG!! Cardano is the MOST decentralised blockchain and by its nature has NO centralised point of control or “CEO” Charles Hoskinson is the CEO of IOHK!!

[@Ninjahankin]

Now I understand how religions are made. Just take a good look at this comment section.

[@KokoFixed]

even the likes and dislikes lol

[@arnoldmarcus3634]

He’s right. I think BTC will stagnate as holders realize it’s only demand is as a limited edition collectible. The demand will wane. Blockchains that have some useful utility to generate demand will be the winners in the long run.

[@Lightrunnerr]

Its slow for a reason. Run your own node.

[@arnstucki8641]

“Just buy and hold”… “I believe it’s Hodl”. Haha the smirk as he says it, hilarious 😏

[@mercurynfo]

Thought I really wanted ADA, now Im not so sure anymore.

[@freshoxygen2176]

Yeah i don’t think I believe your comment. Sounds sus.

[@Jose-rl8gk]

It's garbage. It's a fiat

[@makeitso3424]

@Vincent S Snake Oil Salesman, same thing I guess though

[@TheMonkeygrunt]

Lol then you should definitely stay away.

[@ronwindsor2356]

@@XxChuyoxX he is even worse... imo .. I do not like either one of them and is the reason I have not invested.. Now I do like $THETA

[@playaaa22]

....or maybe it is good that you cannot change it, it shoulnd be changed, it function perfectly like this for 13 years. Let it be store of value.

[@JW-um5pg]

What if one day people just move to a different coin and people just get bored of Bitcoin? At least with Eth and Cardano their value derives from their use cases. Bitcoin's value is just ascribed from thin air at this point.

[@cma2380]

What did he described gives Bitcoin it's security and decentralization things that ADA does not have in fact after watching this video I swapped my ada for more BTC

[@squeegeedee]

The biggest and most obvious weakness of ADA is sitting in front of you trying to tell you how great it is. He is the influential frontman, the leverage point, the center of attacks. This applies to EVERY other coin, token or crypto company except bitcoin.

[@JackFate61]

Lightning Network

[@eanerickson8915]

God damn that Cardano drop has gotta hurt.

[@typicalhog]

fr. It's called a bear market. Fun fact. Smaller coins drop way more than BTC in a bear market and go up way more than BTC in a bear market. They are more volatile cuz there is less liquidity.

[@freshoxygen2176]

Holy crap this comment section somehow actually sees Atari as superior to PS5. This won’t age well

[@mattizzle81]

That's not a proper comparison. It is more complex than that. There are trade-offs with these "new" systems. They are not all benefits with no drawbacks.

[@DOGee-hq7pt]

Lol I just compared it to ps4 had no idea the ps5 already came out

[@bujin5455]

This comment section overwhelmingly understands the difference between layered protocols and end products. Protocols aren't supposed to change, products are.

[@asumamonsta]

No way ADA is superior.. nobody uses ADA. Alot people use bitcoin. Bitcoin aiming to be a global monetary reserve. ADA?

[@lukahead6]

What people in the Bitcoin space fail to see, which is not addressed by Breedlove, Saylor, Kaiser and other thought leaders is that immutability is a double edged sword. Yes this provides stability and security today, but it will lay bare some catastrophic vulnerabilities to the security of the entire network when quantum computers become mainstream. We are about 15 years away, perhaps less, from logical cubits that have conquered quantum noise and distortions, at which point a single quantum computer with about 4000 logical cubits will be able to solve RSA-2048 encryption, at which point with a snap of a finger, the entire Bitcoin network can be hacked. Post-quantum crypto is coming, and having governance systems embedded into the very blockchain tech you use will be vital to ensure juggernaut cryptocurrencies that exist today can not just be ragdolled by quantum computers. Most cryptos don't even think about these kinds of problems, and bitcoin least of all. It really is built for the modern age today, but waves of innovation are coming that will expose Bitcoin's inadequacies in the future. Don't ever trust people telling you immutable layer 1 technology could hold millions or billions of dollars for hundreds of thousands of years in the future when 20 years from now a single quantum computer will be able to bamboozle the whole network.

[@lukahead6]

​@@kha_2428 That's true my friend, but even though in the age before insulation and fire we feared the cold, we still knew winter would come, which required making preparations ahead of time. The sooner you do this, the better because just like developing applications on top of C++ or Python, one update to C++ or Python can lead to a cascading of errors through the app sphere since interdependencies and libraries and function calls are all written based on previous language versions, you could have a similar problem with layer 2 tech failing from updates to layer 1. This is why Ethereum is migrating to Ethereum 2 since the entangled, dangling mess of products and companies built on top of Ethereum 1 prevent any change. How do you expect Bitcoin to adjust its course when the tidal wave of quantum computing looms in the distance? Its like trying to steer a fleet of fishing boats all ensnared together by fishing nets, some boats will go left, some right, some will stay the course, but because of entanglement, they share a common destiny. Please, please, please let's toggle the maximalism, certain cryptos like Bitcoin have become religions which is fine, but as we've seen from how the crowds grabbed their pitchforks and torches when Robert Breedlove dared to explore non-Bitcoin currencies, we could be dooming ourselves. Blockchain is a god-like alien technology and yet many of us (i'm guilty of this too) revert to tribal and apish tendencies around it.

[@rickross9962]

@@lukahead6 ion kno where u from but where my family has always lived its HOT year round but it rains ALOT im sure you could guess which continent im talkin bout

[@tillasmax]

quantum computing is similar to fusion energy. Everyone saying it is just 10 years away and 30 years have passed. btw when quantum computing does arrive you are screwed because no transaction anywhere on the internet will be secure and you can say goodby to your personal privacy.

[@johntempest267]

Quantum hacking can't touch my cold wallet. Fiat is no safer from Quantum computers, unless you stuff your mattress. Even then there's no protection from the fed printing your savings into worthlessness.

[@typicalhog]

Except Cardano is already thinking how to transition to quantum resistant crypto primitives. We'll be fine.@@tillasmax

[@shashipancholi]

Goodfellas is dopamine. Godfather is serotonin

[@boxofpleasure]

The problem with bitcoin is that anyone who has any is not us and we ain't having it

[@Jericho642]

It is perfectly Ok to disagree with Charles on as many areas as you want, but to suggest he doesn’t understand bitcoin etc…. The mind boggles.

[@KokoFixed]

it really boggles the mind. this man spent a good chunk of his life dedicated to crypto and people still suggest that he knows nothing

[@carloslaend1635]

Well charles... Btc is really decentralized and commited to the highest security possible.. That is why it is slow. And you 💯 know it. On the other hand, ada, witch I hold btw, is far from it.

[@TheMonkeygrunt]

Lol then i don't think you know much about ADA.

[@carloslaend1635]

@@TheMonkeygrunt Ok ada fanboy, care to elaborate then? Just ask yourself one question, could ada be technically "switched off" and its creators identified and prosecuted if any agency deemed it to dangerous for the Establishment?

[@kevinteo8149]

Btc is highly centralized in terms of the hashing power from mining pools. It is getting worse due to ASICs...

[@mothergaia8590]

Ada!!

[@ryanjobb6403]

It’s money it shouldn’t be “for” anything...it’s just wealth period and we like that.

[@ryanjobb6403]

@▫️Lex. Fridman. indeed, I just don’t think everything needs an agenda or symbol. Maybe that’s what it stands for?