Tai: When I see that they can hear it then we’ll start if you can do it’s a huge favor. Let us know when you can hear us and then we’ll get started. Okay, so we got confirmation that everyone can hear us now. The audio is good.
Yossi: Hello everyone.
Tai: Yossi reached out to me on Twitter, notice that I was talking about Bitcoin Private, interviewing Rhett, we did the conferences and we’re putting those videos up soon. So he wanted to reach out to me and have a discussion about Bitcoin Private for the Canadian community.
Yossi: My background is in the arts. I grew up to be an artist and then one day dad said I used to be a musician but then you were born and your sisters were born and I became an engineer.
Tai: So, you are currently in Toronto right now, correct?
Yossi: I’m in Toronto I work in real estate here. It’s booming city, it’s been booming for many many years. It’s an amazing place, it’s a place where anyone can come from all over the world. Everyone’s equal, everyone’s beautiful, everyone’s the same and we have a great community here.
And with the introduction of Cryptocurrency, it’s just more of the human to human connection and the investor community and that’s what wanna connect.
Tai: Is it true that the Chinese are all moving their money into like Vancouver and Toronto and they’re buying up all the condos out there like they’re coming in with suitcases of just cash and then just buying out the condos.
I mean that’s what I read about in the newspapers and online, I don’t know if it’s fake news, if it’s real, you’re in that space how real is that?
Yossi: Probably more on the Pacific side although you know the actual numbers show less than 5% of foreign money but my cousin from China, from Israel could serve me the money, now I can buy as a Canadian.
So it’s hard really to tell how the money flow goes but there’s definitely an Asian influence starting at the Vancouver and a Pacific side and then because Toronto is cheaper and is advancing these jobs here and it’s safe then people come here to not only for China but all over the world.
Tai: So your background is in real estate and so how did you get into Cryptos cause I just recently got into Cryptos, correct?
Yossi: We all heard about it for years and that crazy guy at the coffee shop talking about Crypto and all that stuff. And then I don’t know when they just hit me and when I go into a topic I go full-on and I try to learn as much as I can, as fast as I can and really try to understand every single aspect of it.
Like I got the bug and before it, I’m giving that lecture for 40 people which are a lot of my clients and you know we all very excited about this thing and we want to know more we want to learn more.
Tai: What prompted you to reach out to our Channel?
Yossi: Who knows divine intervention. I’m very curious about the whole Bitcoin thing and in how he works in privacy or isn’t becoming used to buy drugs and guns. And then I read I said you can track every address and you may not be able to track the name.
But if you have the one address and you can track the next one, it’s not impossible maybe harder but not impossible so then the privacy came and so that’s really interesting and then what’s gonna happen to the money when it’s moving from a monetary system into another system/
I start making this video it’s just like talking about what’s going to happen to the dollar and everyone ditching the dollar for Crypto or what can happen to Crypto if the government the bank’s the media and the whales decide to drop the Crypto.
So I started to play with these ideas in this concept and looking at what happened especially the last few weeks it’s so interesting to see what forces are working and try to understand what forces are working to move these around.
Tai: You reached out to me with a list of a thousand questions about Bitcoin Private, so let’s do you want to go ahead and get started with the questions or what do you want to get started at?
Yossi: Maybe like a 15 second, Tai if you can talk about yourself just for a minute for our Canadian friends and anyone there watching us that could we don’t know each other I reach out to you this is not promotion you’re not paying me I’m not paying you just real formation session.
Tai: So we started I got into our team started with me get working at an energy brokerage firm about 5 years ago back in 2012 and I worked in an energy brokerage firm in North Dallas in Dallas.
And what happened was they were not paying attention I noticed that the guys were making good money from the energy brokerage business but they were not paying attention to it they were more focused on mining Bitcoins and processing Bitcoin transactions.
And so I was interested in it, I thought they were crazy they told me to go look at the white paper I looked at the white paper I understood the summary but I did not understand the math and the computer code behind it so I sent it to my co-host Leon Fu Dot Com in Austin Texas and he looked at it and he went out and bought a bunch of Bitcoins right afterward.
And because he came from a database background he was doing creating databases for you know some of the big banks and institutions on Wall Street in his previous career in New York City.
So he had a background in software engineering and building bad databases so he saw that Bitcoin was a distributed database that everyone can have access to and it was censorship-resistant and he thought that was very innovative so he went out and bought a bunch of Bitcoins.
So when I called him back to see if he can tell me why that Bitcoin was a scam so I can tell the people that were working that the owners of the energy brokerage firm that it was a scam and leave it alone.
He instead of telling me it was a scam he told me to go out and buy some Bitcoins so I trusted him and so I went out and he helped me buy some of my first Bitcoin back in 2013. It’s we started telling everybody about Bitcoins when he first sent me a cent of fractions of a Bitcoin.
I asked him when it was going to clear and settle so that I can resend it back out to him, we were just sending it back and forth as a test transaction and what I discovered was that it settles and clears very instantly and you understand that you’re in real estate if I come and buy a condo from you in Toronto. It would take several weeks before the transaction is completed as you try to sell me $1million condo they would take 2, 3, 4 weeks or 5 weeks.
If it was fast I would say probably a month from the reason that I agreed it’s not a few minutes or a few days so that money gets trapped in there for a long time and in the finance world that gets trapped in there for several weeks and that cost people and businesses a lot of money.
So when I saw that Bitcoin clears and settles instantly, I decided to put nearly all my life savings into it at that time because I thought I was a trader in stocks futures and Forex at that time and so I understood the importance of being able to clear and settle a financial transaction, fast.
10,15 the transactions settled for like in within like 10,11 minutes and it was done and you can resend that Bitcoin back out and the cost of it was like at that time we didn’t pay anything it was like a few Satoshi.
It was just you didn’t even pay attention to it because it was nearly free at that time and at that time I saw $150 million transactions go through the Bitcoin network and somebody paid like 5 cents to make that transaction and I realized this was roughly revolutionary.
So we started making videos we actually started the first Bitcoin and Cryptocurrency trading and investment channel on the internet that I know of you know at that time nobody was talking about passing into Cryptocurrencies or trading Cryptocurrencies.
People only talked about Bitcoin and nobody had the courage of the guts to talk about any other Cryptocurrency besides Bitcoin and we were the first ones to talk about NXT later on.
We were the first ones to talk about you know investing in a project by a young kid named Vitalik Buterin called Ethereum. We made a video called how and why you should invest in Ethereum, people thought we were crazy back then because the concept of a pre-mine was forwarding to everyone back then and they thought it was crazy.
They thought we were nuts back then and now they look at us back then. Now they cause legends and OG of Crypto. So that’s how we got into it recently a new project so we saw we’ve been making videos to help the public get educated about cook the currency trading investing for the last almost 5 years.
Yossi: Hold on tight before you run there you just give our people our real estate investors and they’re not so technical it’s just a word of a fork and ZClassic just introduced these terms, please.
Tai: Okay, so there are right now on the market there are about 1500 Cryptocurrencies, just like we have like thousands of stocks out there on the stock market we have right now about 1500 Cryptocurrencies.
The last time I checked and so all these Cryptocurrencies are traded on the exchanges some of them are traded on very popular exchanges some of them are traded on very unpopular or smaller exchanges but these are things that you can trade.
Bitcoin is the number one traded Cryptocurrency in the world right now it’s the most popular and there are several versions of Bitcoin the version that I’m talking about I’m going to refer to it as Bitcoin Core so that everyone understands it the people in Bitcoin Core not going to like it because I call it Bitcoin Core because there’s a civil war going on.
Yossi: The Bitcoin Core is the BTC the top line at the coin market?
Tai: The one that the one that’s worth like $10,000 right now as we’re speaking right so that’s the one that I’m gonna I’m going to refer to as Bitcoin Core just to differentiate it from Bitcoin Cash, Bitcoin Gold, Bitcoin Diamond between Private, so that we know which ones.
Yossi: Which how many of these Bitcoins exist?
Tai: These Bitcoin exists because the the the problem with Bitcoin is that it does not have a final decision making and implementation process and in political science that’s called a governance process.
They don’t have a final decision-making process so a lot of people mistaken that the consensus algorithm or the consensus mathematical algorithm behind it the consensus is to agree on which transactions are added to the public ledger to the to the Bitcoin ledger but that does not determine how the entire network needs to be upgraded.
Some people mistakenly believe that the consensus algorithm is how the network gets upgraded but it’s not it’s to determine what transactions are correct and which ones are not.
If I send you a Bitcoin right the the the way that Bitcoin works are that it’s able to you know verify whether or not that Bitcoin that I sent you I actually have it and then I actually sent it to you and it’s verifying it’s recorded.
The consensus algorithm determines that portion but it doesn’t determine how the entire network gets upgraded the people that don’t understand what a governance process is they don’t realize what that means.
They think that there’s a way to upgrade the software right now the way that Bitcoin software is upgraded is that you submit what’s called a Bitcoin improvement proposal and you submit it to the network and if the people like it they’ll use it.
If you’re a minor and you agree with it then you upgrade and use that software but if you don’t like it then you don’t need to use it. A lot of people in the Bitcoin community think that’s a governance process and that’s just a volunteer program. If you want to you can use the new software if you don’t want then you don’t have to.
That would be the equivalent of in the U.S we have Trump and Hillary Clinton elected for president or running for president and we just say “If you want Trump to be president you can just assume that he’s the president. And if you want Hillary to be the president you just assume that she’s the president and listen to whatever she says and then listen” And that’s not how voting works.
Voting works is that we did there’s a time period where you can vote on who is the president and then once that vote is counted and tallied then regardless if you and I disagree that Hillary should be Clinton or not it does not matter.
The vote indicates that Trump is going to be president so we are going to make him the president and we don’t have that voting process in Bitcoin right now. So what happens is because we don’t have a voting process for people in the Bitcoin users to vote on what the software upgrade that they want is what that does is it causes a community split where some people want this feature.
And then this side wants this feature and because of that what happens is they decide that since you don’t want to implement this feature a that I want or you don’t want to implement this feature be that I want I’m gonna go and branch off and take the Bitcoin software because it’s a public software and anyone can use it.
They take it they branch off and when they branch off and update the software with feature a and then this side over here branches off and upgrades the software will feature be in the blockchain world that is called a fork so they branch off and they decide.
What I’m not gonna use your software I’m gonna go with this software version of Bitcoin and this version is called Bitcoin Core and this one over here is called Bitcoin Cash. To the untrained eye somebody that’s new to Bitcoin, we’ve been in it since almost near the beginning a Bitcoin so we’ve seen this civil war going on and a lot of people that are new to Bitcoin.
They don’t know that there’s a civil war a power struggle going on because 1 community 1 team wants to control the updating the Bitcoin software and the other team wants to control the updates to the software over here.
So what happens, they split off and now the 2 biggest versions of Bitcoin are one is called Bitcoin Core which is the one that’s $10,000 and the other one is called Bitcoin Cash which is around like $1,230 right now.
Yossi: It brings the private in so give me a bit of an idea so the private is gonna be another fork right it’s another implementation new features, right? So what happened? People don’t really understand when the fork and in the software they’re like where’s the money kind of thing.
Tai: Here’s something you have to understand in the world of it’s just like in real estate if you see somebody doing something and making money in real estate guess what’s gonna happen everyone else is gonna jump on it and do the same thing.
If you see somebody if you’re new, if you see your an experienced real estate if you see somebody else doing something that’s new and it works and you see that there’s an opportunity to make money here, you’re gonna jump on it.
So you’re not gonna say no to making money in real estate when you are in real estate to make money so when the community saw that when Bitcoin Cash when Bitcoin split into Bitcoin Core and Bitcoin Cash in and it was worth.
Like it went all the way up to Bitcoin Cash went up all the way up to like $3,007 then that triggers in everyone’s mind that hey there’s an opportunity to make money here if we for Bitcoin even if it’s not worth you know $10,011
It’s still worth $700. So all these Baby Bitcoins are now coming out and I anticipate and our team anticipates that there will be dozens and dozens and dozens and dozens of more Baby Bitcoins that come along from the original Satoshi’s a Bitcoin.
Then the reason why this will continue is because there’s no final decision-making process called a governance process in Bitcoin and in the future you know all these new Bitcoins like Bitcoin Cash between Private all these we can anticipate that somebody will try to fork that to simply because there’s money to be made in it so as long as an opportunity to make money in these Forks someone that knows what they’re doing will try to fork it and make money from it.
Yossi: That’s a good one. So, Private in and first of all we know nothing about private we hear it’s like it’s an amazing thing so maybe just like legally very simple overview of what is it for why should we pay attention to it what did you go and work with this, just kind of the story behind this thing.
Tai: So Bitcoin Private is originated from a Cryptocurrency called ZClassic, so you have to understand what ZClassic is ZClassic is a Cryptocurrency that came that forked off of that came from ZCash okay and then ZCash came from Bitcoin.
We started with Bitcoin over here right and then we went to ZCash and then we went to ZClassic and then now to Bitcoin Private. So originally the team his name is Zooko. He’s a mathematician, he’s a photographer very famous mathematician Cryptographer. He’s in that area computer science area from the prestigious university called MIT which is the Massachusetts Institute of Technology.
That’s like, in my opinion, the most prestigious university tech university in America and in the world. I read a survey one time where 100% of its graduates are guaranteed to get a job. Are they have a 100% employment rate when you graduate from MIT, with an MIT degree?
What happened there’s in in the world of Crypto this guy named Zooko proposed a privacy technology feature, in one of his proposals to be added to Bitcoin and the guys that were working on Bitcoin Core did not want that privacy technology. Because Bitcoin is not 100% private, it’s pseudonymous meaning that it’s not private.
The Bitcoin has never been private it has been a pseudonymous not anonymous pseudonymous means that you just don’t know who it’s just an account number that’s really long it’s just a fake, it’s just good, it’s just like a stage name.
Anonymous means that you don’t know who the person is you don’t know who the transaction amount is you don’t know where it’s going where it’s coming from so this guy Zooko proposed to add this privacy feature to it and they declined it right and so he went out and he took the Bitcoin software and started Zcash.
During that process, he set it up to here 20% of the block rewards go to him and the private investors who started ZCash and there were a lot of people in the community that disagreed with that they thought was unfair.
So there’s a huge issue in the Cryptocurrency community with being fair so that was something that they thought was unfair so they decided to this guy Rhett Creighton who was also a computer science individual computer scientist from MIT, he lives in Austin Texas right now.
And he decided what I don’t want to use a Bitcoin that has the privacy I want the ZCash he liked it but he said I don’t think it’s fair that they should take 20% of the block rewards of the new coins that are minted from the network so he created what’s called ZClassic which removes that 20% of the rewards that go to the private investors.
Yossi: Where are that rewards go now?
Tai: That’s why it doesn’t, it just it’s like Bitcoin it goes to the people the miners who volunteered their computers to process all the Bitcoin transactions. So original easy classic, it just whatever the mining rewards are or the rewards are the new coins are minted by the people who volunteer to use they’re giving up their computers to volunteer to process transactions and secure the network.
So recently ret the creator of ZClassic decided that what I want to add the ZClassic the Zcash privacy technology to Bitcoin so he decided that he announced in this member that he was going to fork into Bitcoin. this ZClassic privacy technology.
And this is new because most of the Bitcoin Forks or the most of the Baby Bitcoins and I guess the people who are technical in the blockchain world they’re gonna jump on my ass about this, but this is the easiest way for me to explain it so imagine Bitcoin Cash, Bitcoin Diamond, Bitcoin Gold, and all these Bitcoin Baby Bitcoins they’re coming from the original Satoshi Bitcoin.
They’re branching off so here are the original Baby Bitcoins, it’s Toshi and then the other ones are branching off of it. So that’s like having your you and your wife having your own kids your own baby now the way that Bitcoin Private is done is imagine if somebody comes and drops off a baby at your front door knocks on your door and drops off the baby at your front door.
So you’re getting a Baby Bitcoins but it’s a little bit different instead of your family producing the Baby Bitcoins someone else is dropping the Baby Bitcoins in front of your door.
So it’s the first time in blockchain history that this has been done, no one has ever done that before and so it’s a very ambitious attempt. I don’t know how it’s going to work but I’m willing to take a small bet on it to see that if it works out it ought to do well and full disclosure.
I’ve got to mention this disclosure earlier, I am an investor into Bitcoin Private and into ZClassic so it’s everything that I say is probably going to be what do you call that a direct conflict of interest in what I say about Bitcoin Private or ZClassic
I just want to make sure everybody understands that I am and your audience understands that I’m an investor in it so please be aware that everything I say is probably going to be a direct conflict of interest. Because I want the project to succeed.
Yossi: Fair enough, we just want your opinion here.
Tai: By the way, I’m not a licensed financial advisor in the U.S, so to give financial advice and everything I say is just random opinions and my thoughts they’re not recommendations to buy sell or hold ZClassic or Bitcoin Private, Bitcoin or any Cryptocurrencies same here.
Yossi: What’s unique about this coin? Why should people look into it there’s so many coins or 1,500 coins. It’s okay so you’re like where should we put our money like I don’t want to buy the whole condo but do you?
Tai: When you ask where to put the money like I just said I’m not a licensed financial adviser in the U.S, so I cannot tell you what to buy sell or hold in the Cryptocurrency space creatures like.
Yossi: What’s unique about it?
Tai: Okay so what got me interested in Bitcoin Private was several factors. I’ll just randomly list them off the top of my head they’re not in any like the order of importance. It’s just off the top of my head, the first thing is that I support any Cryptocurrency that deals with privacy that protects an individual’s financial privacy. So out of all the human rights that we have you see as the right to free speech the right to bear arms the right to not be detained right without proper cause and things like that.
The one human right that gets violated all the time every day 24 hours a day is the right to privacy. And the reason why we the government and institutions can violate our and businesses can violate our privacy is that it’s the only one that involves technology.
And what that means is that if you and I are out on the town in Toronto and we’re just walking down the street and I get detained by law enforcement or something and I get illegally detained you can see that why are you putting the handcuffs on tie or why are you putting him in the paddy wagon you can clearly see that when my rights are being violated.
Now if I go and I watch a video on YouTube and YouTube does not agree with me and they say that we’re not gonna make this video public you can clearly see that. So there’s evidence that I can show you that I’m being censored that I’m my freedom of speech is being violated.
When it comes to our rights to privacy being violated we cannot see that because it’s done with technology, so right now my phone my Samsung S7 active right here it’s the microphone could be on if the government can be listening to us Facebook can be listening to us Google can be listening to us.
There’s no way that we can stop that and there’s no way we can prevent that from happening because it’s using technology and the reason why our team supports any privacy coin out there is because we from Asia we have this saying that the way that you treat a poison a snakebite is with another poison.
Treating a poison with another poison is what we’re doing here right the way that we combat these government institutions these financial institutions and these big businesses from spying on us from listening to us and violating our privacy is by using a better technology than what they’re using and so projects such as ZCash ZClassic, Bitcoin Private, Monero, ViViX particle in any of these comodo any of these privacy projects they’re designed to prevent to protect our privacy rights, our financial privacy rights.
Yossi: Okay so in layman’s terms, what information let’s compare Bitcoin like become we all know to the new Bitcoin Private? What is Bitcoin exposing of my information and what will Bitcoin Private hold secure for me?
Tai: I’m not a software engineer, I’m a trader in an investor right but what Bitcoin Private attempts to do is what it’s called the term that I hate to use this term because it’s getting technical and I don’t want to get too technical on people here but the term that’s used is a few skates right and off you.
Skate means that you make it so that it’s so unclear that it’s not you can’t legally use that in court right. That so what happens is when I send you a Bitcoin Private transaction, the transaction will not reveal first of all will not reveal who the sender and the receiver are it will not reveal the quantity of the transaction and where the transaction is going and in the way that technology is used.
Yossi: That I say this moment address.
Tai: Okay so right now when I send you to let says let’s just use a current example right if I send you a US dollar to your bank account, the transaction everyone can determine who the sender and receiver is they can determine that “hey TaiZen sent it to Yossi Kaplan, they sent it from Dallas to Toronto. And only do they know the identity of the sender and the receiver but they also know the quantity of the transaction and the time of the transaction.
These are extremely important because what happens if let’s just say what happens if like I’ve had 3 heart attacks in my life already and let’s just say that I am applying for a job as an executive of a company and I want that information to be private. I don’t want people to know that I am buying right a heart medication from Toronto.
Let’s say you are a pharmacist in Toronto and I’m buying some heart medication from you let’s say that I don’t want that information leaked that I want that to be private. If I use a credit card or I use my bank account right now people can clearly see the transaction that I’m making to your pharmacy, but if I use something like Bitcoin Private and pay for the drug the heart medication then that’s a private transaction between you and I if you are pharmacy and you decide to leak out information that ties in is buying a blood thinner and cholesterol medication heart medication from you then that’s gonna hurt your business.
So that going to be prudent for you to maintain that privacy to maintain that client a business and client relationship make sense so that’s why we support anything that allows the individual end-user to maintain their privacy.
Yossi: Great, though I want to send you a Bitcoin Private and you’re gonna send me whatever is it like Bitcoin that is slow and expensive because right now I sent the other day $65 and I had to pay $9.75 to send $65.
Tai: So because of this civil war going on between the Bitcoin corporate team in the Bitcoin Cash community these 2 what your audience needs to be aware of because of this political civil war between which team is going to control the software updates to the Bitcoin network.
In my opinion, right they are purposely using very advanced techniques to spam each other to cause the transactions to be slower it to cause the transactions to be a higher cost for the end-user and the reason why they’re doing that is so that they can destroy the other version of Bitcoin.
Basically the people from the Bitcoin Cash community want to destroy the Bitcoin Core community and vice versa the people that support the Bitcoin Core community want to annihilate the Bitcoin Cash community.
Doing the very – these are two very it’s like putting two pit bulls against each other are two roosters against each other, they do not like each other, they do not support each other and if they can annihilate the other side with a nuclear bomb or something more than likely they will do it.
Yossi: Bitcoin Private is gonna these guys gonna start shooting at the Bitcoin private it wants to come out.
Tai: The reason why I support the Bitcoin private community is that it’s not related to either Bitcoin Core or Bitcoin Cash it’s not related it’s out of anywhere, it’s neutral. It’s a neutral team that is just trying to build a better Bitcoin right the so you have to understand where my stance is on this because you’ll hear a lot of people from the Bitcoin Core community tell you that Tai is full of about what are you saying but you have to understand why they’re saying that and why I’m saying what I’m saying and then you make your own decision.
I’m not here to tell people to invest in any Cryptocurrency I’m not here to our channels not here to tell people to invest in any Cryptocurrency. Our channels here to provide the facts that we research and let people make their own decision.
Right now the reason why I supported this Bitcoin and the private project is that it’s not involved in the political civil war that’s going on between Bitcoin Core and Bitcoin Cash.
Yossi: No there is a civil war between them.
Tai: There is the people that are new to Bitcoin don’t know that the people who got into Bitcoin in the last like 12 months, they don’t know that but the people who have been in Bitcoin since the beginning right know that they know that there’s a civil war going on between these two communities.
And neither community likes the other now we are traders and we are investors and we are extremely grateful that we got into it quaint early. Obviously we did well for ourselves trading Cryptocurrencies and you know we got into Bitcoin and Cryptocurrencies because we believe that it’s going to change the financial world and level the playing field for the little guys.
What happened is that there’s a civil war going on between the 2 communities and they are trying to annihilate the other community, so they remain the dominant Bitcoin. Because it pulls a value away from like right now like, for example, I Bitcoin Cash is worth like $1,100.
$1,100 should have been in Bitcoin Core, Bitcoin Gold is like $2 or $200 that $200 value should be attributed to Bitcoin Core.
Yossi: let takes away from the original head for it the weekend’s it. You pour the Bitcoin because that’s the core that’s the essence of the movement. You’d rather put all your resources into the one because that’s the one who’s already the most established the older the bigger the largest and of trying to kind of poke the dragon until he bleeds – use all this resource to make the dragon big and strong. So he can do what he needs to do which is to create a new world.
Tai: So your audience needs to be aware when they’re new to Crypto they need to be aware that the people in Bitcoin Core they’re never gonna say anything good about Bitcoin Cash. That they’re never gonna say that it’s good they’re always gonna say it’s garbage it’s a coin it’s it’s garbage you should dump it you should sell it right now you’re not gonna find anybody from Bitcoin Cash that’s ever gonna say anything good about Bitcoin Core.
You have to be neutral in this like how like you’re in real estate you’re investing into real estate you know you never want to be attached to a property you’re there to make money you’re not there, we have gone past the point of just making money in Crypto. We’re at a point now where we can actually we’ve made enough money to where we can actually have a voice in the Crypto space and actually make a change.
One of the reasons why we originally got into Crypto was that because we felt that Bitcoin was going to change the world by serving the unbanked, by serving you know as that being the Crypto currency the currency unit that the whole world can use. So that it can level the people level the playing field for people that’s in Southeast Asia in Africa and South America. We did not believe that the US alone should be in control of the almighty dollar right we believe that there should be a universal currency that everyone can use.
Right now the Bitcoin Cash team wants that Universal Currency and the Bitcoin Core team they wanted to but they have a different way of doing it so each team ultimately wants to become the main currency but they are doing taking a different route to do it but without that Bitcoin Cash is taking they claim is a shorter route to being able to serve all the unbanked people in the world. The route that Bitcoin Core is taking claims of it to behave longer-term sustainability so that’s where they conflict with each other also.
Yossi: I want to bring it back to the private so the private is gonna come and I heard that the fork is gonna be some sort of a fork I want to talk about how we get this coin.
Tai: There are 2 ways there are 2 groups of people that will receive the Bitcoin Private coins. There will be 2 communities, one will be the Bitcoin Core community so anyone that’s holding a Bitcoin Core will receive one Bitcoin Private. So you get coin core right now cost like around like $0.0009 right so if you own one Bitcoin Core you will automatically receive 1 Bitcoin Private.
Yossi: Do I have this with my guys asking me like where do I have to keep can I keep it on my ledger or do I have to have it at the exchange like how does it work?
Tai: You always want to keep your Cryptocurrencies on your wallet, you have control of it the private key whoever controls the private key to that Cryptocurrency is the one that will receive the Baby Bitcoins.
Yossi: Where you keep it you will receive as I keep it on off offline cold storage I’m still gonna get it? And don’t worry it’s connected from the network maybe they won’t see me because I’m not connected.
Tai: Let me explain who’s going to get it first and then let me explain the security precautions that a person needs to take in order to receive it. That way we don’t get the 2 confused. Like I said before the people who own one for everyone Bitcoin Core that you own and the Bitcoin Core are worth like at right now as we’re making this video around $9007.
Every Bitcoin Core you own you get one Bitcoin Private one-to-one and then every big ZClassic that you own over here you also get one Bitcoin private. So now why would you want to own the ZClassic versus the Bitcoin Core?
Well, the ZClassic is worth about $110 or now right so let’s just land it off. If you own 1 ZClassic that’s worth $100 you get 1 Bitcoin Private. If you own 1 Bitcoin Core that’s worth $10,000 you get 1 Bitcoin Private.
So if you look at the math it’s natural that people would want to go by the ZClassic tokens, so they can get it because for every ZClassic token to get you can get 1 Bitcoin Private more at a lower cost by buying the ZClassic tokens.
Yossi: So let’s say I want to blow up 1000 bucks I get 0 points, 1 Bitcoin rounded up more 10 ZClassic. We have the Bitcoin I’ll get 1 become private in I have the 10 ZClassic, I get 10 of the Bitcoin Private, but the ZClassic we look at the chart it was like very very low and then when the announcement came he went really really up.
After the announcement we go back down and kind of like the snake that kind of show the skin and this thing will go away and let’s say so what’s gonna happen to my thousand bucks if I bought the ZClass it could probably go back to 0 can I make that money on the Bitcoin Private or should I forget about it and invest in Bitcoin you don’t say.
Tai: Well, so that’s the risk that everyone takes.
Yossi: It takes the ZClassic. The risk that the ZClassic world will be back to do very low value once the birth of the forecast has happened.
Tai: So there are some people you know that believe that there are traders out there that believe that when ZClassic after the fork that the value of ZClassic will die out so it’ll you know go back down. You were was at around $3 $4 $5 before the announcement begins.
What happens is there are several scenarios here and I’m not this is not financial advice. I’m just speaking of like what could possibly happen the possibilities. So one possibility is that ZClassic will go upright and then after the birth of a Bitcoin Private. The value will transfer over to the Bitcoin Privates.
Let’s just say that ZClassic is at $100 right now some people speculate I don’t know this no nobody knows this, what he does there’s anyone that tells you they know that they’re full of course.
So no but nobody knows what’s going to happen, it’s all a speculation it’s all a guessing game nobody knows we don’t even though as long as we’ve been in Crypto and when people refer to my co-host as the Oracle of Crypto and they referred me as the OG of Crypto.
We still don’t know nobody freaking knows, so it’s just a witch it just depends upon where you see the value so we have a bias towards privacy. We have a bias so be aware of that that because we are biased and because we are invested into ZClassic and Bitcoin Private and into Bitcoin and we believe in the right to financial privacy.
We are going to be extremely biased and probably meet everything that we say is going to be a direct conflict of interest for your viewers and our viewers because we are biased about it.
Yossi: That’s okay! we appreciate all opinions.
Tai: So some people believe I don’t know if it’s true or not but some people believe that the value of ZClassic will transfer over to Bitcoin Private. So at a minimum, the Bitcoin Private will remain the same value as the ZClassic now there are some pie-in-the-sky dreamers that think that Bitcoin Private will be the same as Bitcoin Core value which is $10,000 and I don’t see how that’s gonna happen like I don’t see that anytime soon.
It could be in the future right but nobody knows I don’t know nobody knows and whatever I say about it is probably gonna not be true or not be realistic because the thing that viewers need to understand is that when someone puts their money into our project they’re gonna be biased towards it and there’s gonna be a conflict of interest in what they do or say because they have an interest in that project.
Just like if you invest in a specific condo unit in Toronto right you’re gonna be biased at hey this is the greatest condo unit in Toronto this is the greatest neighborhood and this whole best name it this is the best block and the best condo unit right here.
Yossi: I haven’t been wrong yet.
Tai: Okay times in trading, so now you have to understand what the different scenarios are.
Yossi: Let me ask you this is for me from, I’m a dinosaur an investor right behind dinosaur investors that’s how we know I’m with my dad though well one thing that you know dad would ask me I would be so what’s Bitcoin Private better than ZClassic.
Tai: So that’s a very valid question, that’s a great question that I had to ask myself too before I dive into the project right so what makes Bitcoin Private better than ZClassic okay so ZClassic does not have the community size like Bitcoin Core.
So out of all the different versions of Bitcoin the version that has the biggest communities are Bitcoin Core and Bitcoin Cash those 2 versions of Bitcoin have the biggest community. If you understand Crypto you will know that the success of that project is based on the community. The success of a Crypto project is based on the community and not on the technology.
We know that to be true because the bigger the community is the bigger the project is and the more the higher the chance that the project has of succeeding.
Just be aware of that and that’s the reason why you can have projects such as Litecoin and they have the exact same technology as a Bitcoin the exact and even better because the cost of the transaction speeds are faster leave that the network is faster the transaction fees are lower. But it doesn’t have the same community size as Bitcoin hence the reason why the value of it is not the same as Bitcoin Core or Bitcoin Cash.
Yossi: Are you basically saying that taking ZClassic and making it into Bitcoin private will somehow the size of the community?
Tai: It will increase the size of the community behind it.
Yossi: But if it’s the same coin a similar coin may am I improving am I like it is becoming private better technically, financially, more privacy like is it better features we need.
Tai: It’s supposed to be but we won’t know that until it actually comes out. The where I live in North Dallas, there’s an area of North Dallas called prosper, this is a very very small town and it’s like way outside of North Dallas it’s like 40 minutes outside of North Dallas and the owner of the Dallas Cowboys which is like one of the most famous American football teams the owner of that team, his name is Jerry Jones he bought up a bunch of land and property out there in the area around prosper like 2 decades ago.
Before anybody even knew what the name of that town was, he anticipated that the city of Dallas will grow further and further and further north and reaches prosper and then that land is gonna be extremely valuable and he’s gonna build houses shopping centers and all that stuff there and it turns out it was true.
He bought it 20 years ago and now the city of Dallas is growing so fast that by a time he gets up to that area around in North Dallas now that land is worth a gazillion dollars because he had the foresight to see that the city was growing towards that area.
Yossi: So you think it could be it could be a very successful project we just don’t know the timeline but I have to ask you again this. Besides the fact that maybe it’ll be, it’ll have like a greater acceptance social embracement whatever you want to call it what else is unique about it.
Tai: That the privacy is very huge right now and the fact that the community is all getting behind it, you that there is a huge demand for privacy and Bitcoin right now Bitcoin is not 100% private.
Yossi: Is it Bitcoin Private has more privacy features than ZClassic.
Tai: It’s the same privacy technology as the classic but applied on top of Bitcoin.
Yossi: In ZClassic but sort of all these questions I’m just representing all the investors in.
Tai: No absolutely you’re asking all the right questions that you see and the questions you’re asking are good questions because they’re not troll questions they’re legitimate questions. Keep it coming to Keep it coming.
Yossi: This is stuff that I talk with my guys, I talk to them asking this asking that asks him why is it better ask him why they need to fork him ask him like is it the name change in society.
Tai: Listen! Your audience needs to understand something there’s 1,500 Cryptocurrencies more than 1,500 Cryptocurrencies on the market they all swear that they’re better, they all swear they’re faster, they all swear they’re cheaper and they all swear they’re more private and they all swear that they do it better than the other 1,500 Cryptocurrencies.
We don’t know which one is going to be the success we don’t know nobody on this planet knows which of those 1500 plus Cryptocurrencies are going to become the Facebook or become the Google of a Cryptocurrency see nobody knows and if somebody tells you they know they’re full of they don’t know.
They nobody freaking knows, everybody tries to act like they’re smart everything and they know what’s gonna be the ultimate Cryptocurrency Facebook of Cryptos they don’t know. So as a trader we don’t care as a trader and as an investor we put a little bit in this one, we put a little bit in this one, we put a little bit in this one, and hopefully one of them makes it big.
The approach that we take is that who cares if it’s wrong, it’s okay we only bet such a small amount that they were wrong it’s not gonna destroy the right efforts.
If I was getting into real estate investing I’m sure you gonna let’s say if I have this much money you’re not gonna tell me to take all that money and put it on 1 condo unit and I’m if we’re wrong I’m gonna lose everything. I’m out of the game you probably don’t tell me “ hey man, hey Tai, take just a small amount and we’ll try it in this condo unit first and if it works out then we’ll go on to and we’ll increase it from there.”.
It’s the same thing in Crypto, so if anybody tells you got your audience needs to be aware of that the guys from Bitcoin Core, they’re gonna be diehard they’re gonna talk they’re not gonna say anything good about any Cryptocurrency. They’re not you’re not gonna find them say one good thing about any Cryptocurrency except for a Bitcoin Core.
Make sure you see but you need to be aware that these guys are diehard fans we call them Bitcoin maximalist. They’re diehard fans of Bitcoin Core and they don’t see any other Bitcoin versions of Cryptocurrency succeeding, even if they are succeeding around them, even if there’s a there’s like coin, there’s Dogecoin, I can name a hundred different Cryptocurrencies that have faster transactions and lower cost than Bitcoin Cre and these guys refuse to accept that they accept that whatever they want. You have to be aware of this and then the guys from Bitcoin Cash they’re gonna say the same thing.
Yossi: You basically preparing us to – a fact that like I’ll interpret completely for interpretation here cuz be neutral. I’m not neutral, I want to see where to go absolutely not neutral and I’m not objective, I’m 100% subjective you looking in my sight.
That for the right investment you know for the right shoot so basically like what I’m hearing from you is what pay attention to this one coin because maybe if it’s gonna get attacked by the rest of the community, maybe he’s got some really good so for me if they attack it’s actually pretty a good sign cuz I know I’m not a YouTuber, I don’t have thousands of followers but even the one time I do something I get haters even in the first one.
Tai: You don’t be aware of this, you gotta be aware of this since it’s good it’s new to Crypto and everybody’s new to Crypto. There are people that on every project have their troll army. You think this is funny but people are new like when I say people are new people that just got into Crypto the last like if you got into Crypto in 2017.
You’re new to Crypto and you’re not gonna be aware of these things are happening in the background like there are forces that are unseen they’re affecting things in the Crypto space that the community is not aware.
One is that you have the Bitcoin Core troll army they’re paid, like right now we got trolls right now listening to us right now that are paid they’re paid trolls by Bitcoin Core to call us because we’re talking about Bitcoin Private because the title of this video is what is Bitcoin Private so we got trolls from Bitcoin Private we got trolls that are paid they’re paid to come and listen to this and make stupid comments about Bitcoin Private.
Yossi: I hope they’re having a good coffee is mine.
Tai: So just like when we’re broadcasting that when we hosted and broadcast is the first official Bitcoin private conference just a few days of the last Sunday in arson.
We have thousands but hundreds of paid trolls that but we suspect are paid to troll Bitcoin Private as we are broadcasting and then we’re trying to influence the direction of Bitcoin Private and they and what with a lot of people in the Bitcoin Private community don’t understand is that those are paid roles. They are paid to steer the direction of Bitcoin Private in a different direction than what they need to be.
Yossi: I gotta tell you something you for my arts and media studios I can tell you from life. I can tell you that if you do something right, you can have a lot of people come out of the woodwork and start screaming and yelling. Because you’re terrified so actually I find that the trolls and the haters are very good because they actually do a lot of the marketing job for me or for you.
Somebody’s gonna come and he’s gonna trash-talk me or anyone actually doing them a favor because they’re sending them the energy they’re sending them it’s actually a wonderful thing so the more trolls actually show that they pay attention to you and these trolls actually get your project out in the open. If they completely ignored you no one would know but actually the trolls look perfect I love trolls bring him on bringing 1 million trolls because there will be more and more eyes more ears.
Tai: That’s 1 way to look at it from I guess from a marketing social media marketing perspective, I guess that’s one way to look at it I just look at it like this is that for anyone, for your audience that’s listening to our channel or following our channel or anyone on Crypto.
In the Crypto space, here are some suggestions that I would get shared with your audience one is that if somebody just bought their Bitcoins just 2 or 3 months ago. If they’ve been in the space for 3 or 4 years, they should be multimillionaires already and if they’re not I would hesitate to listen to them.
The other thing too is that if I listen to the people online I rarely listen a matter of fact I don’t recall following any trader online like if you notice on my Twitter the only people have to follow our projects because I want to keep updated on what the projects are doing I don’t follow any damn traders.
I already know how to trade I already know how to invest what I already know how to speak English, I don’t need to go follow somebody to teach you how to read write and speak English absolutely you know saying so I don’t need to do that.
If you’ll notice I don’t follow any traders out there, I don’t follow any billionaire traders I don’t follow any trick my team, I’ll put up my team against any traders out there. I don’t worry about that – is that if somebody doesn’t put their money on the line, I don’t listen to them.
Like if you tell me hey Tai I’m investing in this condo unit here because I believe it that this is gonna go up in value. My question is how many of those condo units did you buy. If you say I didn’t buy any, am I well I don’t need to listen to you. Put your money where your mouth.
Yossi: Is that you gotta say eat your own dog food?
Tai: I come from the projects, I come from the hood. If you’re a badass when some other guy challenges you, fight him! Don’t walk around like a badass and then when somebody challenges you or calls you out. You’re scared, you turn around to run and tuck your tail between your legs, so that’s me the mindset that I come from.
If you don’t put your money where your mouth is that there are guys that I talked to today that got into Bitcoin 4 or 5 years ago and I put nearly all my life savings into Bitcoin when I first got into it right and I see guys today that I meet at conferences and stuff and they’ve been in Bitcoin for 4 or 5 years and they say they they’re big proponents a Bitcoin and I asked him well how many Bitcoins did you buy back then they talk about they bought 1 Bitcoin but 2 Bitcoins.
I’m glad that you believe it but you probably didn’t have a strong enough belief in it grant. So now that’s what I would share with you is that any project where there’s Bitcoin Private or not is that I would only pay attention to the people that actually have skin in the game.
I don’t pay attention to anybody online that has no skin in the game and the more they troll online the more I don’t pay attention to them I look at is just humor I look at as I these guys are funny.
I’ll tell you what man I wish that there was a way to tag some of the trolls that troll on our channel cuz some among good like the professor was their good man all right. I don’t mind having those guys around because those guys man they come up with some good man but most of my amateurs and this is a message to any who went out there that’s any other trolls following us right now.
If you’re gonna be trolling me man step up your game man, I’m broadcasting for nearly 5 years now and I’ve seen all the trolls out there a man so you’re gonna be trolling my channel make sure you step up your game.
Yossi: So come out of the basement.
Tai: I don’t know the really good trolls they don’t use terms like coin or garbage and they’re actually trying to be professional they trying to elicit a response out of the amateur ones are the ones that use like profanity and all that other stuff the professional ones don’t use any of that because they gotta get past the radar.
So what other questions do you have about Bitcoin Private what I forgot to answer you this you are we talked about owning ZClassic and Bitcoin Core to get the Bitcoin Private tokens and then I think you asked me earlier and I don’t think I finished answering it you asked me about where to keep it.
So late now I’m not just full disclosure, I’m not a software engineer. So, I’m just sharing with you what I read online. So they recently released the electrum wallet and my understanding to my wallet the electrum wallet. If you go to the BTC Private I have it in the description btcprivate.org, they have information there about the new Electrum wallet that they just released that supports a Bitcoin Private.
So that’s the wallet that I that my understanding is that’s the wallet that you stored on do not store it, you should never store any coins on an exchange. The only time that I sinned, I put coins on the exchanges when I send it there to make a trade and the minute I finished making the trade I sent it back to my hardware wallet.
For beginners, I do not recommend any beginners get involved in any Cryptocurrency that does not have a hardware wallet. If you cannot store it on a hardware wallet I would not mess with it especially because I’ve every week we get notices from people who’ve lost thousands of dollars trying to get into ICO trying to get into all these different Cryptocurrencies.
I’m telling you, to be safe and here’s the other thing too when you get a Cryptocurrency from an exchange before you put $10,000 or $1million into any Cryptocurrency you make a test transaction with like $10. In other words get like $10 worth of that Cryptocurrency send it to you, the hardware wallet and then send it from the hardware walk back to the exchange.
And then from the exchange back to your hardware wallet my hardware wallet back to the exchange and do that about half a dozen or a dozen times until you mentally understand what’s going on and then once that proves that you understand what’s going on and it’s safe and you can actually transfer it back and forth at that point that’s when I would get the remaining balance.
That’s not financial advice, I’m just sharing with you that the computer security just does a little bit of a test small always test small.
Yossi: Maybe just 1 or 2 more things in and we rock it up.
Tai: While you looking at the questions I’ll tell the audience, if you have any questions for myself or Yossi, please put it in the chatbox and we’ll take the questions to live and also indicate the city or the country that you’re listening in from also that would help. Go ahead and drop the questions in and make sure it’s a question guys about Bitcoin Private.
If it’s something else I have to skip the question and answer it later in a different video. This video is about Bitcoin Private. The waiting for the questions to come in I also want to mention that if you’re listening to this, the Bitcoin Private community is going to run their first so we have the first official Bitcoin Private conference in Austin last Sunday in the next Saturday. They’re going to have the first it’s a second official of Bitcoin Private conference but it’s more of a dev conference.
Yossi: How did it go in Austin?
Tai: The one in Austin is fantastic we had a huge audience, we had to switch from a small room to a bigger room just to accommodate. Everyone and we should have the professional-grade videos out in the next couple of days after they finish editing.
Yossi: More of a technical conference or is more of an investing style conference.
Tai: No, it’s not an investing conference, it’s a technical dev conference for developers. I will not be there so just so if people are asking why I’m not there it is because I’m not a Deb I’m not a technical person.
Yossi: I really have like a couple more questions on behalf of our audience and I’ll give it both of you together and you can answer whichever way you want. They want to know they asked me if they can buy Bitcoin Private now or later?
Tai: You cannot buy Bitcoin Private if somebody tries to sell you a Bitcoin Private token, they’re full of and they’re trying to scam you there is no such thing.
Yossi: If they want to buy it, can they buy it? How do they buy it?
Tai: Then you cannot buy a Bitcoin Private token yet because it’s not available there’s no it’s the fork has not happened yet the snapshot date will happen on February 28th we renounce that at the first Bitcoin Private conference last Sunday and it will happen on the 28th and here’s something that your audience needs to be aware of it happens on the 28th they gotta take a snapshot that means that they’re gonna take a photo of the entire Bitcoin Core blockchain.
So they’ll know who to airdrop to drop the Bitcoin Privates into everyone’s a Bitcoin Core account then immediately after the Bitcoin Core snapshot is done they have to jump on it and then take a snapshot of the entire ZClassic blockchain.
Now the Bitcoin Private I mean the Bitcoin Core snapshot is they don’t know the exact time that’s going to take because that’s going to depend upon the difficulty of the entire Bitcoin Core network at that time. If the difficulty is low the snapshot will be a lot faster if the Bitcoin Core difficulty levels are high at that time, the snapshot will take a little bit longer.
So there’s no way that anyone can predict that they can but it’s not very accurate of how long that snapshot duration will take. After that’s done the ZClassic snapshot should be very quick because the difficulty levels in the ZClassic Network are much lower.
After that happens then the fork will happen at the beginning of after the snapshots for both of those blockchains are done then that’s when the fork will happen for Bitcoin Private and at that time then the Bitcoin Private tokens will be available so they need to become existence.
Yossi: Let’s say there’s a guy, they did they don’t have any ZClassic or Bitcoin but then they woke up on March the 1st and go “oh Bitcoin Private where do I buy it? so on March 1st.’ where do they get it?
Tai: So one way to get it is from another individual that owns Bitcoin Private at that point. There’s a lot of questions in the community about when will it be on an exchange. I need to answer this address, this issue because a lot of people are asking this question in the community and they don’t understand how the exchange listing process works.
The way that the coin gets listed on an exchange for anyone that’s new to Cryptocurrency is that someone has to submit a request or an application to list that specific. Let’s just call X Y Z coins. So to list X Y Z coins, they have to ascend that application in to request it once, that request is reviewed that application is reviewed that the exchange will review it and if it makes sense.
They’ll ask for additional information at some point in that review process they are going to require an NDA which is a nondisclosure agreement with the person or with the team. I am NOT requesting an exchange listing at the moment for Bitcoin Private and I do not know anyone that I am working within the Bitcoin Private community that is asking for is submitting an exchange listing.
I don’t know the answer to that but I do know this I know that whoever it is that’s doing it. If they are doing it I’m not saying that they are but if someone is doing it more than likely they are under a nondisclosure agreement and they cannot disclose it to the public.
Even if they are people whether it’s a Bitcoin Private investor or it’s someone that’s inside the Bitcoin Private community or anybody whoever it is that’s doing it they cannot disclose that to the public or else they’ll get sued for and they’ll get in trouble for it.
If they do disclose it to the public more than likely that exchange will not list that coin because you just violated their non-disclosure agreement. People out there tells you that they’re working on listing it or that here’s the status of the exchange listing process they’re full of.
Yossi: Because then they will pre-manipulate the price?
Tai: Exactly the exchange does not want people to pump and dump the coin they don’t want people to front-run the coin they don’t want any insider trading. So any type of activity that indicates that is happening they’re gonna just abandon that coin literally.
Yossi: Very good saying that diamond didn’t cut course with mine.
Tai: There’s no need for your audience or my audience to ask people in the Bitcoin Private community. “what change is gonna be listed on you shouldn’t ask that of anybody that’s involving that coin with any coin?”.
Because you’re putting them on the spot because if they are working with an exchange to list that coin, first of all, they’re not gonna tell you and if they do tell you that full of because none of the exchanges are gonna allow that to happen.
Yossi: It’s a good similar question from another perspective can you mine Bitcoin Private will you bill to mine it how is it gonna work yes you can mine ZClassic right now. If you mind ZClassic right now, you’re mining Bitcoin Private. If you’re mining Bitcoin Core right now are you also mining Bitcoin.
I did so if you want to wait until after the snapshot is done after the baby Bitcoin Private is born then and you want to mine it then you’re welcome to do that.
Yossi: You don’t need any permission you can just like equipment and do it. Thank you very much’ and iOpener.
Tai: We got some questions from the audience here, some of them are legit some of them are just like always right well I’m gonna screen it for the legit ones and just answer it real quick. Let me see so this is a question here from Finn various 777 he asked: “could Bitcoin private be bigger than Bitcoin Cash?”. Nobody knows it could be, it could not be. I mean that’s and nobody knows that
Yossi: Right here in the community support if more people don’t like it when they go there.
Tai: So from Ireland here Andy Patterson asked if ZClassic is kept on Cryptopia will Bitcoin Private get added there or must we be in the same wallet and this is from Ireland. So this is a good question here.
We don’t recommend anyone keep their coins on the exchange, the reason why is because when you keep your coins on the exchange is the one that’s in control of they have controlled your private keys and they have the ability to send or the tokens where they want to and not you.
What happened was the people who kept Bitcoin Core on coin base for example during the hard fork of Bitcoin Cash the people could not access the Bitcoin Cash until several months later right so because they didn’t control the private keys and usually you were at the mercy of coin base until they decided to release the Bitcoin Cash to you. We do not recommend keeping it on the exchange we suggest keeping it on your own wallet so that you control it and not someone else.
Ashbaj asks “How did you invest in Bitcoin Private”. I invested in BTC Private by holding a small number of Bitcoins and getting acquiring some ZClassic.
Anthony Pooler says “TaiZen, do you know about do not detain list so police cannot mess with you?”. I don’t know what country you’re in but in America, if the police wants to detain you they can detain you a trust me I grew up in the project I’ve been detained many times by the police there ain’t no do not detain list and there ain’t no rights when the police are handcuffing.
So all that sounds good in theory but when the cops are stomping on your head and putting handcuffs on you you’re gonna realize the truth that you have no rights when you’re breaking the law.
You have no rights in America so all that about you got rights of this and that goes out the window when you’re breaking the law when you’re living in the ghetto and breaking the law.
Let me see other questions here, Anthony Pooler asks for both the blockchains “How will we know when the snapshot is done after the fork”. What I do is I normally wait until after the fork is done, Anthony. I have not one of those people that rush out to move the new Baby Bitcoins like when Bitcoin Cash came out Bitcoin Gold came out.
I don’t bother moving any of those coins because I wait I my policy is I normally wait 90 days I wait 3 months for the dust to settle let somebody screw up and then report on it and let me know what to do and then I’ll go and take action on it.
Right now I keep my Bitcoins on a Hardware wallet and I don’t move anything I let everybody else cuz I’m over the years we started this channel we screwed up and we share with our audience our mistakes our screw-ups. So they can learn from it but there are certain things that I don’t want to screw up anymore.
Let somebody else there’s enough people out there in Crypto now. I’m gonna let some of them and then share with me and then I’ll turn around and use learn from their mistakes. At this point, some of these mistakes I just prefer somebody else make it before I do right.
I just leave it there, so that’s my policy is I don’t touch any of the Baby Bitcoins for at least 3 months and let the dust settle let people do what they want with it and some people say “hey what happens if the price drops or the price goes up”.
It doesn’t matter to me will be the reason why it is because if it was gonna succeed it’s gonna succeed and if it fails it was gonna fail regardless. If I have access to it in the first month or not.
Yossi: I bought it, you just got it.
Tai: You just got it exactly. Let me see why everybody’s talking about steam 4 and this video is about Bitcoin Private. Well no when the snapshot finishes on that day Anthony because more than likely the Bitcoin Private, Twitter will announce it and also my policy is if I wait 90 days for the snapshot the fork and all that to happen I really don’t care if it happens on that day I’m not gonna do anything.
I’m gonna do anything on the day that it forks other than probably talk about it but as far as moving coins around stuff like that to me that is too dangerous, too risky and the network is not stable yet and I’m not gonna go out there and lose all my Bitcoins or my Bitcoin Private or my ZClassic.
I’m not gonna lose anything doing that fork, I’m gonna let the dust settle and let the people who try they’re anxious and can’t sit still and are impatient let them mess up. Let them report on it and I’ll learn from it.
Let me see, this is a good question here, Yossi that your audience needs to be aware of Abdi Raman, from New York City asked: “If Bitcoin Private is going to be private by default”.
That is a really good question why don’t all these privacy coins make their privacy coin private 100% private by default. Why do they all have the feature to make it private 100% private or not. Why is that feature, they’re the reason why is because a lot of the exchanges to comply with KYC and AML laws in the U.S.
In most Western countries to comply with the know your customer and anti-money laundering laws of that country, it is mandatory that you have to know the customer that’s you’re making the transaction meaning that you have to know the identity and the quantity of that transaction.
So all the privacy coins most of them anyway do not have privacy by default on their wallet when you send it because if you send it to an exchange and it’s 100% private more than likely some of the exchanges will not accept it.
Because they don’t know you and they don’t know the quantity and things like that so to comply with financial laws in most Western countries they the creators of most of the privacy coins created it so that there’s a feature to make it 100%private or not.
Yossi: So you can turn it on and off.
Tai: Yes. Some of them you can, but most of them that I know if they do.
Yossi: Bitcoin Private will be similar?
Tai: I’m sure there is and the second reason for that is that it takes a long amount of time like for ZCash for ZClassic and ZCash to make a private transaction it eats up about like 3 gigs of RAM and it takes about like 2 or 3 minutes and then the Zcash team are working on it.
I think last time I talked to the rep he said that they were working on it to make it so that it’s down to like 60 seconds or something like that.
Because they have to off you scape they have to do a bunch of mathematical calculations to off you state the transaction of the state means to make unclear unlevel or unreadable. So that you cannot prove that it’s from that person or from that amount or that date and time or whatever data.
It mixes up the data somehow or scientifically, I don’t know but it off you skate it and hides it doesn’t hide it just makes it so it’s not legible. So that and that eats up a lot of computer resources and eats up a lot of time so you may not always want like if you send like if you assign up to one of our and purchase our home study course our or sign up and register to attend one of our 4 days Cryptocurrency investing boot camps and you pay with a privacy coin.
We don’t care if you send it 100% private or not because we’re gonna pay taxes on it we’re gonna report it to the IRS that we got this as revenues for our company. We don’t care if it’s private or not.
So you might as well just send it publicly and then that way the transaction is much faster. There’s no need to consume more resources then necessary to send that because we don’t the recipient which is us do not care if it’s private or not.
But if you send it to somebody else a friend or a colleague or another trader that wants privacy then you may want to activate the 100% privacy feature and then send it. So I’ll just take 1 more question here and then we’ll wrap it up.
Let me see, Darth Crypto here he says that “there’s no Cryptocurrency called Bitcoin Core”. Now, whenever I call it Bitcoin Core it really just pissed us off and frustrates the Bitcoin Core and supporters because they by doing that they feel that that’s an insult to them to call it Bitcoin Core.
He says that “Bitcoin Core is a Github repository and one of the many clients that are compatible with the consensus rules”. I agree with him I’m not disagreeing with him at all like what he says is 100% true. Darth Crypto if you’re listening to this you’re still here, 100%.
The reason why I refer to it as Bitcoin Core is not so that I can a trash Bitcoin Core or be negative towards them or none like I said I’m a trader I’m neutral towards any of these Baby Bitcoins or any versions a Bitcoin.
I don’t care, I just hope that one of them succeeds so it can help all the unbanked people in the world that’s all I care about right if one of them succeeds greatly if it’s Bitcoin Core, Bitcoin Cash. Because I’m private by all means whichever one succeeds great and if they all succeed that’s even better.
Now I call it Bitcoin Core so that my audience can differentiate which version of Bitcoin I’m talking about. Right now we have about half a dozen or 7 or 8 or 9 I lost count of how many versions how many Baby Bitcoins that are out there and how many versions of Bitcoin we have out there.
I refer to it as Bitcoin Core right now that’s though that I can badmouth them or anything. I just want my audience to be able to know which version of Bitcoin I’m referring to when I’m talking about it. Because in 2018 I expect dozens and dozens of Baby Bitcoins and different versions of Bitcoin to be created.
If I don’t distinguish that now later on a year from now when we have five dozen or 100 versions of Bitcoin on the market and people go back and watch my old videos they’re not going to know which version I’m talking about.
So I’m anticipating these hundreds of versions of Bitcoins coming out so I’m referring to it as Bitcoin Core so that future viewers will know which version I’m talking about when they go back to this video a year or 2 years 5 years from now.
The other question is BTC private going to utilize and Lightning Network. I don’t know more than likely if Lightning Network works and it proves to be secure because there are reports right now that people are losing money in the book or the Lightning Network which is supposed to be a second layer technology on top of the Bitcoin Core technology. That’s supposed to help make transactions faster and cheaper.
I have seen some test net demos of it online but I have not seen anybody a transfer large sums of money like millions of dollars through the Lightning and the people that created the Lightning Network are recommending that people don’t use it to make large transactions.
So if the people that are building the Lightning Network don’t have do not feel safe about using the Lightning Network, then I cannot recommend that or tell my audience or your audience to do it when the people that actually the engineers that are working building Lightning Network are not recommending it.
But they recommend using a small test transaction 5 or 10 bucks but don’t do anything more than that. Okay and I cannot comfortably go and tell people right about using something that the creator’s say that is unsafe.
I’m saying this is not like rumors or something the software engineers that are responsible for it are telling people don’t use it yet because they haven’t finished testing it to prove it’s safe.
Okay, that’s it guys thanks for watching a Yossi from Toronto. Myself today in this episode of what is Bitcoin Private and if you like these types of videos you can follow us at WWF don’t get a slash newsletter.
You can subscribe to our newsletter there and then you can also follow me on Twitter @HeyTaiZen and now where can people follow you, Kaplan, I put in the description that they can follow you @yossikaplan on Twitter and they can find you at Urban Realty Toronto. Is that correct?
Yossi: That’s very good.
Tai: That’s in the description guys thanks for watching this video. Hey, you know what if you don’t like Bitcoin Private then stop watching this video I want your audience to know this there’s a lot of people that are very passionate about those 1,500 Cryptocurrencies out there right some of them are so passionate about it.
The belt is about all the other ones and just be careful about those people that are so passionate about a Crypto that they ignore all the other ones. Just be really cautious about listening to those people okay just be neutral.
This is a new industry a new space just being neutral and I want to wrap this up with a final disclosure that I do invest into ZClassic, Bitcoin and every Cryptocurrency that we just talked about in this video, so expect a direct conflict of interest and what I do and say because it’s gonna be biased it’s probably not gonna be 100% accurate.
Just remember that I’m not a financial adviser do not listen to what I’m saying and use it as financial advice or I do not listen to what Yossi is saying and use it as financial advice neither one of us is licensed, financial advisors.
So be aware of that we’re telling, we’re just sharing with you our journey and what we’re doing in the Crypto space. That’s what you do is up to you. Thanks for joining here Yossi and I’ll see you, I think you did it right and this will conclude the broadcast.