Bitcoin Private Austin Conference #1 – What Makes Bitcoin Valuable?

All right. Thanks, guys, so I just bet Jake here. He said I’m gonna do the longest intro ever watch. It’s gonna take 20 minutes. Let’s see if you can do an intro for 20 minutes long, I owe you a Z classic, just like 20 seconds.

All right guys, is that big enough? Because I think it’s not outside, can you take a look at that? Alright, hold on real quick. This is the first time that I’ve had to broadcast in person guys and Livestream right here in front of the webcam here, so hello out there, guys.

Everybody that’s listening in is the live stream working? Good, okay. All right, guys maybe want to welcome everyone to the first official Bitcoin private conference here guys in Austin Texas.

Thank you. My name is Tai Zen, in case you’re new to cryptocurrency, right? First of all, before we start you guys see me sweating up here. It’s because we have been running at a hundred miles an hour.

You guys may not have seen it, but before we start, I really need to thank the people who just made this happen in the last like 4 hours that was in here setting up this whole thing. First of all, Jake. Everybody, give me a hand, guys.

Then, there are these other people. I’m gonna just name them out real quick and then we just applaud for them all at once a deep over here Texas Minor and then we got Clerk over there, and this whole role here from New York.

You guys don’t realize this, but this whole room here guys were filled with another party in here. They’re having some kind of Christian a pro-life group. These New York guys came in here and I told we need this room and they just came in here and just ran everybody out.

I’m like: “Hey man, be a gentleman. We’re in Texas, man”. And they’re like: “Don’t worry, man. We’ll clear it out”. They cleared out and helped us set all this up, so thanks to you guys a lot for flying in from New York to join this first of Bitcoin private conference.

Then the rest of my team back there Reegan. Thanks, Reegan, Danni, David, Eric and then Mariah out there. She did a great job of signing everyone in guys, and then back there also and then so give him a hand, guys.

So, the other person that we all need to thank is this gentleman right here. Raise your hand. You gonna do one of these. So, without Rhett Creighton here the founder of Bitcoin private Z classic and all that. We all wouldn’t be here and these guys wouldn’t be flying down from New York.

How many of you guys flew in from outside of Austin to be here from outside of the state? Look around guys, look around Rhett. Man, that’s huge. All right, so thanks for coming down, guys. Thanks for supporting Rhett.

Thanks for supporting Jake, our team and Bitcoin private and everything, okay? Let’s go ahead and so what we’re gonna do here is I’m gonna go over some of the Bitcoin stuff real quick, just basic stuff for the folks that are new to Bitcoin and cryptocurrencies.

One of the things that I always do is that when I come to a conference like this I always wanted to know who’s the guy up at the front talking running his mouth, so just real quick, guys. Before I get started quick disclosure that our lawyers want us to do. Basically, just says that whatever you hear me talk about, I’m invested into it, so that’s full disclosure.

Obviously, if we help put this event together Bitcoin private, it’s obvious we’re investing it. Here’s another disclosure saying that there could be a direct conflict of interest because we’re talking about something that we are invested in. All right, some quick house rules here guys for computer security reasons.

House rule number one, this is a conference, not a trading or investing conference. Do not ask for financial advice from me or anyone here. Do not ask any speaker here to buy, sell or hold advise, all right?

Also, do not send any Bitcoins or cryptocurrencies to anyone here, okay? If anyone from my staff or from Jake or anybody here asks you to send the Z classic or anything, Bitcoins or cryptocurrencies, do not do that, okay?

Do not show your cryptocurrency wallet to anyone here. Do not show your black folio. Do not show anything to anybody else here please, okay?

They might rob you out of the parking lot or something I don’t know, but do not ask anyone here to help you with your cryptocurrency wallet either. Don’t be sitting there. “Hey, I’m trying to download the Z classic wallet. Can you help me so I can send the Z classic here?”.

More than likely, they’ll probably here try to send it to this address first see if it works. Do not do that, okay? Let’s test it here first. Please do not do that.

All right, so there are 5 reasons why you should listen to us here and I’m not one of those Asian guys that’s good in math, science or technical stuff. That’s what Rhett is here for guys, so there are only 4 reasons.

Reason number one is that we have the first and oldest cryptocurrency investing channel that we know of. There’s like 25,000 subscribers we started back by 4,5 or 5 years ago. I started talking about Bitcoins, cryptocurrencies and good stuff, right

Reason number two, we made a bunch of documented calls on our Twitter, on our channel and everything that shows that we have some clue of what we’re doing with all the before and after right here. Also, Tai Zen’s most respectful man crypto.

I didn’t say that Bitcoin Meister said that and then Omar said that also. Don’t know why he said that while he was in bed but I’m gonna have to ask that so makes me nervous sometimes, man. When people have met other guys making Bitcoin videos about me while they’re in bed.

Reason number four why you should listen to us is because people trust it to alert them about scam coins. I talked about one coin back in as you can see at the bottom right there with the red arrows out on May 17th, 2016. Then, it wasn’t until like 5 months later before the virtual, I mean the financial conduct authority in Europe.

Announce that you shouldn’t be messing with one coin, so if they were to just follow our channel they could have been way ahead of the game, right? Look at the face I got in that thumbnail, man. All right, I was also voted the top 13 in the top 100 most influential people in cryptocurrency, so there it is reason number five.

That’s just a little about my background so that you know who I am from up here, but let’s go ahead and dive into what is Bitcoin. On the left-right there, by the way, I have to give credit to Robert, the chief technology architect at the DTCC.

In case you guys don’t know who DTCC is, they’re the largest stock clearing company in America. All the stocks that we trade in the stock market, it goes to them. You talk about centralized, that’s like heavily centralized.

This is one of the best slides I’ve seen anyone make where it really illustrates the unique nature of Bitcoin. In the past, we have a ledger of financial transactions and as you guys can see in the left picture there, under centralized there’s one focal point in the center and all the people, the users around it are connected to it.

What happens there is that one person is in control of all the financial transactions that are going on. The next evolution is where it’s decentralized where now you have multiple of these groups that are connected together but still, there’s one centralized area that’s controlling the data and they share it with others.

That would be an example of like if I use Chase Bank and then someone else is using Wells Fargo and someone else is using HSBC bank, so each one of those could represent each one of those networks. Then they connect together but still, the users on the outside still have to get permission to be able to use that network.

Now, we have evolved to the point where we have this financial ledger’s now where it’s distributed in the last column there where everyone is connected to each other and anyone can set up their own node and connect to another node without anyone’s permission, okay? So, in the world of cryptocurrencies, there’s like 1,500 cryptocurrencies out there according to coin market cap.

But according to the CEO of By Nance, I saw a video of him recently where he said that there may be 1,500 cryptocurrencies listed on the coin market cap. However, he says that there are like 5,000 applications to get cryptocurrencies listed on the By Nance exchange.

Apparently, there’s more that’s out there that we are not aware of. Coin market cap only shows the ones that we see that are listed on the exchanges. In the world of cryptocurrencies, we have on our team and on our channel cryptocurrency.market.

What we do is we split up all the cryptocurrencies into what we call buckets. In the currency bucket, you would have Bitcoin, Lite coin, Dogecoin, Tether, and all the baby Bitcoins would fall under that bucket. Then another example would be like the distributed computing bucket where you have cryptocurrencies such as Filecoin, Maidsafe, Golem, Gladius, things like that.

I made a mistake when I was trying to update the slides. I thought that the little glob ESO logo was transparent and then I went and put it on there. It covered up the rest and I had to put on the side. Then we got the privacy coin bucket where we have things such as Z cash, Nav coin, Pivots Monero, Komodo, Boo Berry, Particl.

When Bitcoin private comes out, it’ll go into that bucket as well because it’s considered to be in the privacy coin family. Then it can also fall in the currency too but it’s more focused on privacy, so we’ll put it in that bucket.

There are several reasons for businesses and individuals out there to use this blockchain Bitcoin technology. The first reason and it’s the most obvious one is the pesky middlemen. Every time we make a transaction like between me and a deep here who’s like laying real relaxing in front of everybody, he’s like: “You need a couch”.

Between me and this is Texas Miner here. In the past, when I make a financial transaction and I need to send it to him. I have to go through my Chase Bank first and then my Chase Bank will notify his bank what bank to use a deep chase.

Even though he’s with Chase, they’ll notify his account and then they’ll agree on it and then we transfer it. In this case, it’s because he and I used the same Chase Bank. It’s very easy, but if he was to use like HSBC bank or something, then my chase bank would have to notify his bank.

They agree that the transactions legit I’m a real person, he’s a real person to receive it and those two pesky middlemen agree on it. Then, they make them agree on the financial transaction. Then it gets completed.

Now, those people don’t do anything other than just take the money from my hand and then turn around and hand it to his bank and his bank hands it to him. Thanks to the blockchain and Bitcoins, we are able to eliminate the need for a middleman.

There most of the financial transactions that we do today, we have a middleman sitting in between us and by using the blockchain technology we can eliminate that. The second use for blockchains in business and in people’s personal lives is to be permissionless.

I come from Vietnam and if you’re from Vietnam and you want to send money to somebody in America you have to get permission from them first from the government to send money outside the country. We live in America where we’re so used to sending money to whoever we want that we forget that there are other countries out there in the world that cannot just send money outside of their borders.

That’s a huge hurdle for a lot of countries and they cannot do business with people outside their own borders unless the government gives them permission to do so. Using Bitcoin and the blockchain technology we have created a technology and a method to where we don’t need permission from the government anymore.

Transact with another human being on the planet. All right, the other thing too is that it’s censorship-resistant. If you guys are using the Fiat currency the US Dollar, what happens is every time the government does not like what you’re doing or the banks or the institutions they have the ability to freeze your account.

If you have used PayPal before in your business there was a stretch there when the internet people started doing business online and they would just freeze people’s accounts on PayPal. There’s nothing that you could do about it.

Because of this Bitcoin and blockchains, we don’t have that issue anymore. If some anode wants to censor your transactions, you can just simply set up your own node and then when the transaction yourself.

Reason number 4, it’s for clearing and settlement. If you guys have been watching my channel for a while you guys know that I put all my life savings nearly all of it into Bitcoins about 4 or 5 years ago. When I did that it was not because it was a currency.

A lot of people think that I did it because he was gonna replace a US Dollar. How many of you guys have been to San Diego? Have you guys have heard of San Diego? You see that word one time?

What happened was when you go down to San Diego, they have the aircraft carrier the USS Midway. America is one of the few countries in the world that can build ships like that. They can go and just really mess up a city right.

I mean lately, they parked that aircraft carrier outside your city by the coast. They start launching missiles and aircraft and all that stuff, your cities gonna be messed up. Because America has about a dozen of those protecting the US Dollar I do not foresee in my lifetime.

Bitcoin is gonna take over the US Dollar anytime soon. It might take over the Zimbabwe Dollar or something like that. It ain’t taking it over the US Dollar anytime soon in my lifetime. When I first got into Bitcoins, it was because of this right here.

How many of you guys have an account with like TD Ameritrade, Charles, Schwab, E-Trade or any of those? I used to use those services and whenever those brokerage services. If you buy or sell a stock and you make money on, it typically takes about 2 weeks from the time that you sell it and make the profit until the time that you can actually use that profit to go buy a cup of coffee or some food or some burritos or some tacos or Torchy’s tacos down here.

Because of that, when I first saw when my business partner and co-host on our Channel the Honorable Grandmaster LeonFu.com. By the way, I gotta send a shout out to LeonFu.com. He’s probably watching this right now.

I got a text from that he couldn’t make, he tried to but his daughter was just born just like I don’t know, let’s say like 20 hours ago. Congratulations Leon. In his place, he sent his former coworker. Dell Rupesh, raise your hand. I will put you on the spot.

Rupesh, we would consider a badass. I enjoyed a software engineer and he used to handle the Android side and then Leon would handle the iOS side at Dell computers. He sent Rupesh in his place to make sure I’m in place.

It was because of this clearing and settlement technology that I put everything into Bitcoins back then. Because of that, when Leon sent me the first fractions of a Bitcoin, I was sitting there on the phone with him and I asked him when can I send it back out. He said, “Just give it a few minutes”.

I said: “What do you mean?” and then after about 10, 12 minutes the transaction cleared and then I go: “Wait a minute”. I sent it back to him and he received it and he said I’ll just give it a few minutes. It’ll confirm and then we’re good to go and so I was sitting it back and forth to him and I couldn’t believe that someone had invented a financial network where I can just send something to anybody.

Then I said: “Hey, what do I send this to somebody like in Cuba and Vietnam or some communist country?” Here’s it doesn’t matter as long as they have a phone or an internet or a laptop and they can download the Bitcoin client they can receive it.

It just blew my mind that you can just send a financial transaction to somebody on the other side of the world and in about 10 minutes it would clear and settle and they can use it and send it back out again. I said: “There’s no way in the world that Wall Street is gonna see this?” It takes them 2 weeks of the clear transaction and they see this clear in 10 minutes.

There is no way in the world they’re just gonna sit on their butt and do nothing about it. That’s the reason why I put my life savings into it. That is not to be construed as financial advice. I’m just sharing with you what I did back then when I first encountered Bitcoins.

The 5th reason guys is to tokenize ownership of a business. This is extremely important. How many of you guys have used the Exodus desktop wallet? I’m curious what are you guys using over here on your desktop.

How many of you guys are not using any wallets? Hardware wallets? I just wanna make sure I’m like where are you keep your Bitcoins in your back pocket?

Tokenizing ownership of a business, so full disclosure guys we invested into the Exodus wallet, so I’m talking about it so there’s probably gonna be some type of conflict of interest there because we invested in the company and we’re talking about it. Back then, they just started, I think was like 2015 early 15 or 2016.

LeonFu.com show me this wallet called Exodus and I saw it, I downloaded, I opened it up and I was like: “Wait, this can’t be for real, either this is a joke wall or this thing is the real deal”. I didn’t have to read any tutorials.

I didn’t have to read any instructions. I just looked at the wall and I immediately knew how to use it. I said: “Man, this is gonna be the wave of the future because they had their portfolio set up, the little donut, a graph, and everything”. I said: “You know what? This is not just a Bitcoin wallet. I’ll bet you these guys are gonna make it so that you can manage your blockchain assets and all your cryptocurrencies inside this wallet”.

Back then, it only had Bitcoin, Litecoin and I think Dogecoin, those three. I said I’ll bet you these guys going to add more to it. This is gonna be the wave of the future and then we found out that they were doing a series fundraising so we contributed to our team contributed to it so we have a stake or equity in the Exodus wallet.

But the problem is we can’t do anything about it. We know that they’ve gotten hundreds of thousands of users, so we know that the value of the company has gone up 10, 20, 50 X probably. I don’t know what it is but I know it’s way more than what we originally put in, but can we do anything about it?

No, there’s nothing we can do about it because until somebody comes and buys them out and offers money for those shares that we own in that wallet service that we just have to wait. It doesn’t matter how good the company is we cannot liquidate our shares.

There are companies out there right now like polymath that are trying to tokenize businesses, the ownership of businesses, commercial buildings, all hedge funds, all kinds of different financial funds, polymath. In full disclosure, you guys remember anything I talked about you can safely assume I have money in it.

I don’t know what else, just like my lawyer said everything you talked about you got to disclose it to the public. Each time I say something like that I got to disclose, it so I don’t get in trouble. What they’re doing is companies like that, projects like that, they’re looking to tokenize it.

I want you guys to imagine this, take this whole building right here and let’s say that they want Crowne Plaza wants to build a Crowne Plaza in South Austin. Let’s just say that this thing costs a million Dollars, just so the math is easy, right?

They decide they’re gonna issue a million tokens for it and then we go in and then we take the tokens and then we have ownership of it. You put up $10 USD, your own 10 tokens of it. Anytime you can go into the exchanges or trade it with somebody else, you don’t have to wait for somebody to come in and buy the whole project out for you to profit or benefit from the tokens that you own, the shares that you own in this, the portion that you own in this hotel when they build it.

So, that right there I believe is going to be the next big thing in cryptocurrencies and blockchain technology is the ability for business owners, funds financial firms to tokenize their projects whether it’s a tangible asset such as a building like this or it can just be a financial product. Keep an eye out for those things like that.

There are other projects such as T0 that are being started by Patrick Byrne from overstock.com. They’re taking these businesses that are tokenizing it. They’re allowing it to be traded on their exchange.

This is reason number 6 for using blockchains and Bitcoin. This is probably the number 1 reason that matter of fact. This is the reason why I helped to sponsor this event and put this event together is because of this reason right here.

I believe and not just me but everyone on our team believes that with the invention of Bitcoin and with especially with Bitcoin private that ret is adding the Z cash technology to the privacy technology to it. What I believe and our team believes is that having the ability to have a private financial transaction is so important.

When I make a transaction with a deep right here and I give him some cash, no one has to know about it. I give it to him unless he tells somebody the only 2 people that know about it is the sender and the receiver, but right now the way that our financial system is set up, it’s designed so that every time we make an electronic transaction online, the government knows about it, the institutions know about it.

If we send a transaction that’s more than $10,000USD, then they have to notify all kinds of regulators all kinds of financial institutions. I don’t like that. I recently got a call from a financial institution and they were asking me if I was interested in taking some of the money that I had in my account and investing in 2 different products and services that they offered.

I did not like the fact the conversation went okay until they mentioned that: “We noticed that you have all these incoming transactions from coin base”. Now, how do you feel about that when somebody throws something like that out there at you?

Personally, I grew up in East of Houston, near Louisiana. I grew up in the projects out there and one of the things that we do in the projects is we don’t like it when somebody knows how much money we got. You don’t go up to somebody randomly in the projects are in the hood and ask somebody: “Hey, how much money you got bro?”

It’s none of your damn business us how much I got, okay? What happens here guys and the reason why we don’t want somebody to know how much money we have or how much we’re making is because somebody can come with that baseball bat and threaten us.

The guys I got robbed in the projects guess why they got robbed because everybody knew they had money. If nobody knows you have money then or nobody knows how much you’re transacting, can they come with the baseball bat and threaten you?

How like all these cryptographers and they say all: “This is uncrackable. You need some quantum computer to crack it”. No, you don’t.

I had some friends in very low places I have a baseball bat and they’ll come to crack that private key very quickly. So I’m gonna not go too much into these threats and bribes we actually brought Reegan. Please raise your hand, Reegan. Say a little, Reegan.

Reegan knows our lead privacy advocate on our channel and our team. We have such a strong belief in this. Me and Leon we do the trading investing on our channel, we talk about that all the time, but we have such a strong belief in a person’s privacy rights that we brought Reegan on full time to just broadcasts about privacy.

I’m really honored to have her on our team and she’s the lead privacy advocate for Bitcoin private. It’s something that she believes in already, so there’s a very natural process for her to transition into that role. So, Jake asked me to leave the Q&A at the end.

How many you guys have seen in Q&A before? We have Jake.  You’re next, right? If you guys want to follow us, there we are a cryptocurrency. market slash newsletter and then that’s my Twitter and that’s LeonFu.com Twitter right there.

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